UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-00242
Natixis Funds Trust II
(Exact name of Registrant as specified in charter)
888 Boylston Street, Suite 800 Boston, Massachusetts 02199-8197
(Address of principal executive offices) (Zip code)
Susan McWhan Tobin, Esq.
Natixis Distribution, LLC
888 Boylston Street, Suite 800
Boston, Massachusetts 02199-8197
(Name and address of agent for service)
Registrant’s telephone number, including area code: (617) 449-2139
Date of fiscal year end: November 30
Date of reporting period: May 31, 2024
Item 1. Reports to Stockholders.
(a) | The Registrant’s Tailored Shareholder Reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are as follows: |
Class N
VNSNX
Vaughan Nelson Select Fund
Semi-annual Shareholder Report - May 31, 2024
This Semi-annual report contains important information about Vaughan Nelson Select Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments.You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class N | $42 | 0.80% |
Key Fund Statistics
Total Net Assets | $760,352,001 |
# of Portfolio Holdings | 26 |
Portfolio Turnover Rate | 41% |
Total Advisory Fees Paid | $2,434,812 |
What did the Fund invest in? (% of Net Assets)
Industry Summary
Value | Value |
---|---|
Other investments less than 3% of net assetsFootnote Reference* | 7.1% |
Short-Term Investments | 3.1% |
Insurance | 3.2% |
Capital Markets | 3.5% |
Specialty Retail | 3.6% |
Health Care Equipment & Supplies | 3.7% |
Financial Services | 3.9% |
Entertainment | 3.9% |
Pharmaceuticals | 4.5% |
Oil, Gas & Consumable Fuels | 4.7% |
Life Sciences Tools & Services | 5.0% |
Banks | 5.2% |
Broadline Retail | 5.7% |
Chemicals | 6.0% |
Interactive Media & Services | 6.1% |
Ground Transportation | 6.2% |
Software | 9.0% |
Semiconductors & Semiconductor Equipment | 15.6% |
Footnote | Description |
Footnote* | Net of other assets less liabilities |
Top Ten Holdings
Microsoft Corp. | 7.1% |
NVIDIA Corp. | 6.3% |
Alphabet, Inc., Class A | 6.1% |
Amazon.com, Inc. | 5.8% |
Monolithic Power Systems, Inc. | 5.2% |
JPMorgan Chase & Co. | 5.2% |
Danaher Corp. | 5.0% |
Zoetis, Inc. | 4.5% |
ON Semiconductor Corp. | 4.1% |
Walt Disney Co. | 3.9% |
Material Fund Changes
There are no material fund changes during the period.
There were no changes in or disagreements with Accountants during the period.
Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
TVS88N-0524
Class Y
VNSYX
Vaughan Nelson Select Fund
Semi-annual Shareholder Report - May 31, 2024
This Semi-annual report contains important information about Vaughan Nelson Select Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments.You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class Y | $44 | 0.85% |
Key Fund Statistics
Total Net Assets | $760,352,001 |
# of Portfolio Holdings | 26 |
Portfolio Turnover Rate | 41% |
Total Advisory Fees Paid | $2,434,812 |
What did the Fund invest in? (% of Net Assets)
Industry Summary
Value | Value |
---|---|
Other investments less than 3% of net assetsFootnote Reference* | 7.1% |
Short-Term Investments | 3.1% |
Insurance | 3.2% |
Capital Markets | 3.5% |
Specialty Retail | 3.6% |
Health Care Equipment & Supplies | 3.7% |
Financial Services | 3.9% |
Entertainment | 3.9% |
Pharmaceuticals | 4.5% |
Oil, Gas & Consumable Fuels | 4.7% |
Life Sciences Tools & Services | 5.0% |
Banks | 5.2% |
Broadline Retail | 5.7% |
Chemicals | 6.0% |
Interactive Media & Services | 6.1% |
Ground Transportation | 6.2% |
Software | 9.0% |
Semiconductors & Semiconductor Equipment | 15.6% |
Footnote | Description |
Footnote* | Net of other assets less liabilities |
Top Ten Holdings
Microsoft Corp. | 7.1% |
NVIDIA Corp. | 6.3% |
Alphabet, Inc., Class A | 6.1% |
Amazon.com, Inc. | 5.8% |
Monolithic Power Systems, Inc. | 5.2% |
JPMorgan Chase & Co. | 5.2% |
Danaher Corp. | 5.0% |
Zoetis, Inc. | 4.5% |
ON Semiconductor Corp. | 4.1% |
Walt Disney Co. | 3.9% |
Material Fund Changes
There are no material fund changes during the period.
There were no changes in or disagreements with Accountants during the period.
Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
TVS88Y-0524
Class C
LSFCX
Loomis Sayles Senior Floating Rate and Fixed Income Fund
Semi-annual Shareholder Report - May 31, 2024
This Semi-annual report contains important information about Loomis Sayles Senior Floating Rate and Fixed Income Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments.You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly. This report describes changes to the Fund that occurred during the reporting period.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class C | $90 | 1.75% |
Key Fund Statistics
Total Net Assets | $813,711,453 |
# of Portfolio Holdings | 292 |
Portfolio Turnover Rate | 50% |
Total Advisory Fees Paid | $2,287,407 |
What did the Fund invest in? (% of Net Assets)
Industry Summary
Value | Value |
---|---|
Other investments less than 3% of net assetsFootnote Reference* | 30.3% |
Short-Term Investments | 9.6% |
Exchange-Traded Funds | 1.5% |
Consumer Products | 3.5% |
Property & Casualty Insurance | 3.7% |
Building Materials | 3.7% |
Brokerage | 4.1% |
Consumer Cyclical Services | 6.7% |
Retailers | 7.7% |
Media Entertainment | 7.7% |
Healthcare | 7.9% |
Technology | 13.6% |
Footnote | Description |
Footnote* | Net of other assets less liabilities |
Credit Quality
Value | Value |
---|---|
Cash & equivalents | 1.6 |
U.S. Treasury | 3.6 |
Not rated | 3.3 |
CCC | 8.3 |
B | 60.3 |
BB | 20.8 |
BBB | 2.1 |
Material Fund Changes
Effective July 1, 2024, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at 800-225-5478 or through your financial intermediary.
Expenses: The expense limit as a percentage of average daily net assets was reduced to 1.73% from 1.75%.
There were no changes in or disagreements with Accountants during the period.
Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
TLSFR88C-0524
Class A
LSAGX
Loomis Sayles Global Growth Fund
Semi-annual Shareholder Report - May 31, 2024
This Semi-annual report contains important information about Loomis Sayles Global Growth Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments.You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class A | $63 | 1.20% |
Key Fund Statistics
Total Net Assets | $95,166,661 |
# of Portfolio Holdings | 45 |
Portfolio Turnover Rate | 4% |
Total Advisory Fees Paid | $274,509 |
What did the Fund invest in? (% of Net Assets)
Industry Summary
Value | Value |
---|---|
Other investments less than 3% of net assetsFootnote Reference* | 15.5% |
Automobiles | 3.7% |
Aerospace & Defense | 3.8% |
Entertainment | 4.3% |
Hotels, Restaurants & Leisure | 4.8% |
Biotechnology | 5.0% |
Semiconductors & Semiconductor Equipment | 5.9% |
Financial Services | 7.9% |
Pharmaceuticals | 8.1% |
Software | 10.3% |
Broadline Retail | 14.0% |
Interactive Media & Services | 16.7% |
Footnote | Description |
Footnote* | Net of other assets less liabilities |
Top Ten Holdings
Meta Platforms, Inc., Class A | 7.1% |
MercadoLibre, Inc. | 6.7% |
Amazon.com, Inc. | 6.3% |
Alphabet, Inc., Class A | 5.8% |
Netflix, Inc. | 4.3% |
Microsoft Corp. | 4.1% |
Boeing Co. | 3.8% |
Tesla, Inc. | 3.7% |
Visa, Inc., Class A | 3.7% |
Novo Nordisk AS, Class B | 3.6% |
Country Weightings
Value | Value |
---|---|
Other investments less than 3% of net assetsFootnote Reference* | 7.2% |
Netherlands | 3.5% |
Denmark | 3.6% |
Switzerland | 4.9% |
Brazil | 8.5% |
China | 10.6% |
United States | 61.7% |
Footnote | Description |
Footnote* | Net of other assets less liabilities |
Material Fund Changes
There are no material fund changes during the period.
There were no changes in or disagreements with Accountants during the period.
Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
Class A
LSAGX
Loomis Sayles Global Growth Fund
Semi-annual Shareholder Report
May 31, 2024
TGG88A-0524
Class N
LSFNX
Loomis Sayles Senior Floating Rate and Fixed Income Fund
Semi-annual Shareholder Report - May 31, 2024
This Semi-annual report contains important information about Loomis Sayles Senior Floating Rate and Fixed Income Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments.You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly. This report describes changes to the Fund that occurred during the reporting period.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class N | $36 | 0.70% |
Key Fund Statistics
Total Net Assets | $813,711,453 |
# of Portfolio Holdings | 292 |
Portfolio Turnover Rate | 50% |
Total Advisory Fees Paid | $2,287,407 |
What did the Fund invest in? (% of Net Assets)
Industry Summary
Value | Value |
---|---|
Other investments less than 3% of net assetsFootnote Reference* | 30.3% |
Short-Term Investments | 9.6% |
Exchange-Traded Funds | 1.5% |
Consumer Products | 3.5% |
Property & Casualty Insurance | 3.7% |
Building Materials | 3.7% |
Brokerage | 4.1% |
Consumer Cyclical Services | 6.7% |
Retailers | 7.7% |
Media Entertainment | 7.7% |
Healthcare | 7.9% |
Technology | 13.6% |
Footnote | Description |
Footnote* | Net of other assets less liabilities |
Credit Quality
Value | Value |
---|---|
Cash & equivalents | 1.6 |
U.S. Treasury | 3.6 |
Not rated | 3.3 |
CCC | 8.3 |
B | 60.3 |
BB | 20.8 |
BBB | 2.1 |
Material Fund Changes
Effective July 1, 2024, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at 800-225-5478 or through your financial intermediary.
Expenses: The expense limit as a percentage of average daily net assets was reduced to 0.68% from 0.70%.
There were no changes in or disagreements with Accountants during the period.
Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
TLSFR88N-0524
Class Y
LSFYX
Loomis Sayles Senior Floating Rate and Fixed Income Fund
Semi-annual Shareholder Report - May 31, 2024
This Semi-annual report contains important information about Loomis Sayles Senior Floating Rate and Fixed Income Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments.You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly. This report describes changes to the Fund that occurred during the reporting period.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class Y | $38 | 0.75% |
Key Fund Statistics
Total Net Assets | $813,711,453 |
# of Portfolio Holdings | 292 |
Portfolio Turnover Rate | 50% |
Total Advisory Fees Paid | $2,287,407 |
What did the Fund invest in? (% of Net Assets)
Industry Summary
Value | Value |
---|---|
Other investments less than 3% of net assetsFootnote Reference* | 30.3% |
Short-Term Investments | 9.6% |
Exchange-Traded Funds | 1.5% |
Consumer Products | 3.5% |
Property & Casualty Insurance | 3.7% |
Building Materials | 3.7% |
Brokerage | 4.1% |
Consumer Cyclical Services | 6.7% |
Retailers | 7.7% |
Media Entertainment | 7.7% |
Healthcare | 7.9% |
Technology | 13.6% |
Footnote | Description |
Footnote* | Net of other assets less liabilities |
Credit Quality
Value | Value |
---|---|
Cash & equivalents | 1.6 |
U.S. Treasury | 3.6 |
Not rated | 3.3 |
CCC | 8.3 |
B | 60.3 |
BB | 20.8 |
BBB | 2.1 |
Material Fund Changes
Effective July 1, 2024, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at 800-225-5478 or through your financial intermediary.
Expenses: The expense limit as a percentage of average daily net assets was reduced to 0.73% from 0.75%.
There were no changes in or disagreements with Accountants during the period.
Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
TLSFR88Y-0524
Class A
VNSAX
Vaughan Nelson Select Fund
Semi-annual Shareholder Report - May 31, 2024
This Semi-annual report contains important information about Vaughan Nelson Select Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments.You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class A | $58 | 1.10% |
Key Fund Statistics
Total Net Assets | $760,352,001 |
# of Portfolio Holdings | 26 |
Portfolio Turnover Rate | 41% |
Total Advisory Fees Paid | $2,434,812 |
What did the Fund invest in? (% of Net Assets)
Industry Summary
Value | Value |
---|---|
Other investments less than 3% of net assetsFootnote Reference* | 7.1% |
Short-Term Investments | 3.1% |
Insurance | 3.2% |
Capital Markets | 3.5% |
Specialty Retail | 3.6% |
Health Care Equipment & Supplies | 3.7% |
Financial Services | 3.9% |
Entertainment | 3.9% |
Pharmaceuticals | 4.5% |
Oil, Gas & Consumable Fuels | 4.7% |
Life Sciences Tools & Services | 5.0% |
Banks | 5.2% |
Broadline Retail | 5.7% |
Chemicals | 6.0% |
Interactive Media & Services | 6.1% |
Ground Transportation | 6.2% |
Software | 9.0% |
Semiconductors & Semiconductor Equipment | 15.6% |
Footnote | Description |
Footnote* | Net of other assets less liabilities |
Top Ten Holdings
Microsoft Corp. | 7.1% |
NVIDIA Corp. | 6.3% |
Alphabet, Inc., Class A | 6.1% |
Amazon.com, Inc. | 5.8% |
Monolithic Power Systems, Inc. | 5.2% |
JPMorgan Chase & Co. | 5.2% |
Danaher Corp. | 5.0% |
Zoetis, Inc. | 4.5% |
ON Semiconductor Corp. | 4.1% |
Walt Disney Co. | 3.9% |
Material Fund Changes
There are no material fund changes during the period.
There were no changes in or disagreements with Accountants during the period.
Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
TVS88A-0524
Class C
LSCGX
Loomis Sayles Global Growth Fund
Semi-annual Shareholder Report - May 31, 2024
This Semi-annual report contains important information about Loomis Sayles Global Growth Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments.You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class C | $102 | 1.95% |
Key Fund Statistics
Total Net Assets | $95,166,661 |
# of Portfolio Holdings | 45 |
Portfolio Turnover Rate | 4% |
Total Advisory Fees Paid | $274,509 |
What did the Fund invest in? (% of Net Assets)
Industry Summary
Value | Value |
---|---|
Other investments less than 3% of net assetsFootnote Reference* | 15.5% |
Automobiles | 3.7% |
Aerospace & Defense | 3.8% |
Entertainment | 4.3% |
Hotels, Restaurants & Leisure | 4.8% |
Biotechnology | 5.0% |
Semiconductors & Semiconductor Equipment | 5.9% |
Financial Services | 7.9% |
Pharmaceuticals | 8.1% |
Software | 10.3% |
Broadline Retail | 14.0% |
Interactive Media & Services | 16.7% |
Footnote | Description |
Footnote* | Net of other assets less liabilities |
Top Ten Holdings
Meta Platforms, Inc., Class A | 7.1% |
MercadoLibre, Inc. | 6.7% |
Amazon.com, Inc. | 6.3% |
Alphabet, Inc., Class A | 5.8% |
Netflix, Inc. | 4.3% |
Microsoft Corp. | 4.1% |
Boeing Co. | 3.8% |
Tesla, Inc. | 3.7% |
Visa, Inc., Class A | 3.7% |
Novo Nordisk AS, Class B | 3.6% |
Country Weightings
Value | Value |
---|---|
Other investments less than 3% of net assetsFootnote Reference* | 7.2% |
Netherlands | 3.5% |
Denmark | 3.6% |
Switzerland | 4.9% |
Brazil | 8.5% |
China | 10.6% |
United States | 61.7% |
Footnote | Description |
Footnote* | Net of other assets less liabilities |
Material Fund Changes
There are no material fund changes during the period.
There were no changes in or disagreements with Accountants during the period.
Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
Class C
LSCGX
Loomis Sayles Global Growth Fund
Semi-annual Shareholder Report
May 31, 2024
TGG88C-0524
Class A
LSFAX
Loomis Sayles Senior Floating Rate and Fixed Income Fund
Semi-annual Shareholder Report - May 31, 2024
This Semi-annual report contains important information about Loomis Sayles Senior Floating Rate and Fixed Income Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments.You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly. This report describes changes to the Fund that occurred during the reporting period.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class A | $51 | 1.00% |
Key Fund Statistics
Total Net Assets | $813,711,453 |
# of Portfolio Holdings | 292 |
Portfolio Turnover Rate | 50% |
Total Advisory Fees Paid | $2,287,407 |
What did the Fund invest in? (% of Net Assets)
Industry Summary
Value | Value |
---|---|
Other investments less than 3% of net assetsFootnote Reference* | 30.3% |
Short-Term Investments | 9.6% |
Exchange-Traded Funds | 1.5% |
Consumer Products | 3.5% |
Property & Casualty Insurance | 3.7% |
Building Materials | 3.7% |
Brokerage | 4.1% |
Consumer Cyclical Services | 6.7% |
Retailers | 7.7% |
Media Entertainment | 7.7% |
Healthcare | 7.9% |
Technology | 13.6% |
Footnote | Description |
Footnote* | Net of other assets less liabilities |
Credit Quality
Value | Value |
---|---|
Cash & equivalents | 1.6 |
U.S. Treasury | 3.6 |
Not rated | 3.3 |
CCC | 8.3 |
B | 60.3 |
BB | 20.8 |
BBB | 2.1 |
Material Fund Changes
Effective July 1, 2024, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at 800-225-5478 or through your financial intermediary.
Expenses: The expense limit as a percentage of average daily net assets was reduced to 0.98% from 1.00%.
There were no changes in or disagreements with Accountants during the period.
Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
TLSFR88A-0524
Class C
VNSCX
Vaughan Nelson Select Fund
Semi-annual Shareholder Report - May 31, 2024
This Semi-annual report contains important information about Vaughan Nelson Select Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments.You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class C | $97 | 1.85% |
Key Fund Statistics
Total Net Assets | $760,352,001 |
# of Portfolio Holdings | 26 |
Portfolio Turnover Rate | 41% |
Total Advisory Fees Paid | $2,434,812 |
What did the Fund invest in? (% of Net Assets)
Industry Summary
Value | Value |
---|---|
Other investments less than 3% of net assetsFootnote Reference* | 7.1% |
Short-Term Investments | 3.1% |
Insurance | 3.2% |
Capital Markets | 3.5% |
Specialty Retail | 3.6% |
Health Care Equipment & Supplies | 3.7% |
Financial Services | 3.9% |
Entertainment | 3.9% |
Pharmaceuticals | 4.5% |
Oil, Gas & Consumable Fuels | 4.7% |
Life Sciences Tools & Services | 5.0% |
Banks | 5.2% |
Broadline Retail | 5.7% |
Chemicals | 6.0% |
Interactive Media & Services | 6.1% |
Ground Transportation | 6.2% |
Software | 9.0% |
Semiconductors & Semiconductor Equipment | 15.6% |
Footnote | Description |
Footnote* | Net of other assets less liabilities |
Top Ten Holdings
Microsoft Corp. | 7.1% |
NVIDIA Corp. | 6.3% |
Alphabet, Inc., Class A | 6.1% |
Amazon.com, Inc. | 5.8% |
Monolithic Power Systems, Inc. | 5.2% |
JPMorgan Chase & Co. | 5.2% |
Danaher Corp. | 5.0% |
Zoetis, Inc. | 4.5% |
ON Semiconductor Corp. | 4.1% |
Walt Disney Co. | 3.9% |
Material Fund Changes
There are no material fund changes during the period.
There were no changes in or disagreements with Accountants during the period.
Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
TVS88C-0524
Class N
LSNGX
Loomis Sayles Global Growth Fund
Semi-annual Shareholder Report - May 31, 2024
This Semi-annual report contains important information about Loomis Sayles Global Growth Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments.You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class N | $47 | 0.90% |
Key Fund Statistics
Total Net Assets | $95,166,661 |
# of Portfolio Holdings | 45 |
Portfolio Turnover Rate | 4% |
Total Advisory Fees Paid | $274,509 |
What did the Fund invest in? (% of Net Assets)
Industry Summary
Value | Value |
---|---|
Other investments less than 3% of net assetsFootnote Reference* | 15.5% |
Automobiles | 3.7% |
Aerospace & Defense | 3.8% |
Entertainment | 4.3% |
Hotels, Restaurants & Leisure | 4.8% |
Biotechnology | 5.0% |
Semiconductors & Semiconductor Equipment | 5.9% |
Financial Services | 7.9% |
Pharmaceuticals | 8.1% |
Software | 10.3% |
Broadline Retail | 14.0% |
Interactive Media & Services | 16.7% |
Footnote | Description |
Footnote* | Net of other assets less liabilities |
Top Ten Holdings
Meta Platforms, Inc., Class A | 7.1% |
MercadoLibre, Inc. | 6.7% |
Amazon.com, Inc. | 6.3% |
Alphabet, Inc., Class A | 5.8% |
Netflix, Inc. | 4.3% |
Microsoft Corp. | 4.1% |
Boeing Co. | 3.8% |
Tesla, Inc. | 3.7% |
Visa, Inc., Class A | 3.7% |
Novo Nordisk AS, Class B | 3.6% |
Country Weightings
Value | Value |
---|---|
Other investments less than 3% of net assetsFootnote Reference* | 7.2% |
Netherlands | 3.5% |
Denmark | 3.6% |
Switzerland | 4.9% |
Brazil | 8.5% |
China | 10.6% |
United States | 61.7% |
Footnote | Description |
Footnote* | Net of other assets less liabilities |
Material Fund Changes
There are no material fund changes during the period.
There were no changes in or disagreements with Accountants during the period.
Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
Class N
LSNGX
Loomis Sayles Global Growth Fund
Semi-annual Shareholder Report
May 31, 2024
TGG88N-0524
Class Y
LSGGX
Loomis Sayles Global Growth Fund
Semi-annual Shareholder Report - May 31, 2024
This Semi-annual report contains important information about Loomis Sayles Global Growth Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments.You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Class Y | $50 | 0.95% |
Key Fund Statistics
Total Net Assets | $95,166,661 |
# of Portfolio Holdings | 45 |
Portfolio Turnover Rate | 4% |
Total Advisory Fees Paid | $274,509 |
What did the Fund invest in? (% of Net Assets)
Industry Summary
Value | Value |
---|---|
Other investments less than 3% of net assetsFootnote Reference* | 15.5% |
Automobiles | 3.7% |
Aerospace & Defense | 3.8% |
Entertainment | 4.3% |
Hotels, Restaurants & Leisure | 4.8% |
Biotechnology | 5.0% |
Semiconductors & Semiconductor Equipment | 5.9% |
Financial Services | 7.9% |
Pharmaceuticals | 8.1% |
Software | 10.3% |
Broadline Retail | 14.0% |
Interactive Media & Services | 16.7% |
Footnote | Description |
Footnote* | Net of other assets less liabilities |
Top Ten Holdings
Meta Platforms, Inc., Class A | 7.1% |
MercadoLibre, Inc. | 6.7% |
Amazon.com, Inc. | 6.3% |
Alphabet, Inc., Class A | 5.8% |
Netflix, Inc. | 4.3% |
Microsoft Corp. | 4.1% |
Boeing Co. | 3.8% |
Tesla, Inc. | 3.7% |
Visa, Inc., Class A | 3.7% |
Novo Nordisk AS, Class B | 3.6% |
Country Weightings
Value | Value |
---|---|
Other investments less than 3% of net assetsFootnote Reference* | 7.2% |
Netherlands | 3.5% |
Denmark | 3.6% |
Switzerland | 4.9% |
Brazil | 8.5% |
China | 10.6% |
United States | 61.7% |
Footnote | Description |
Footnote* | Net of other assets less liabilities |
Material Fund Changes
There are no material fund changes during the period.
There were no changes in or disagreements with Accountants during the period.
Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
Class Y
LSGGX
Loomis Sayles Global Growth Fund
Semi-annual Shareholder Report
May 31, 2024
TGG88Y-0524
(b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
The Schedule of Investments are incorporated by reference as part of the Financial Statements and Other Important Information for Open-End Management Investment Companies filed as Item 7 herewith.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
The Registrant’s Financial Statements and Other Important Information are as follows:
Loomis Sayles Global Growth Fund |
Loomis Sayles Senior Floating Rate and Fixed Income Fund |
Vaughan Nelson Select Fund |
Shares | Description | Value (†) |
Common Stocks — 99.3% of Net Assets | ||
Brazil — 8.5% | ||
751,954 | Ambev SA, ADR | $1,669,338 |
3,697 | MercadoLibre, Inc.(a) | 6,379,469 |
8,048,807 | ||
Canada — 2.9% | ||
47,384 | Shopify, Inc., Class A(a) | 2,802,764 |
China — 10.6% | ||
12,012 | Alibaba Group Holding Ltd., ADR(b) | 941,020 |
11,651 | Baidu, Inc., ADR(a) | 1,132,477 |
130,732 | Budweiser Brewing Co. APAC Ltd.(b) | 165,972 |
7,208 | NXP Semiconductors NV | 1,961,297 |
54,500 | Tencent Holdings Ltd.(b) | 2,528,449 |
48,945 | Trip.com Group Ltd., ADR(a)(b) | 2,521,157 |
23,718 | Yum China Holdings, Inc. | 848,156 |
10,098,528 | ||
Denmark — 3.6% | ||
25,454 | Novo Nordisk AS, Class B | 3,448,714 |
France — 0.7% | ||
7,032 | Sodexo SA | 654,947 |
Japan — 1.8% | ||
59,500 | FANUC Corp. | 1,665,529 |
Netherlands — 3.5% | ||
2,395 | Adyen NV(a) | 3,105,796 |
7,032 | Pluxee NV(a) | 219,364 |
3,325,160 | ||
Switzerland — 4.9% | ||
27,004 | CRISPR Therapeutics AG(a) | 1,451,195 |
31,153 | Novartis AG, (Registered) | 3,224,271 |
4,675,466 | ||
United Kingdom — 1.1% | ||
5,225 | Reckitt Benckiser Group PLC | 299,044 |
13,078 | Unilever PLC | 715,540 |
1,014,584 | ||
United States — 61.7% | ||
9,940 | Alnylam Pharmaceuticals, Inc.(a) | 1,475,394 |
32,097 | Alphabet, Inc., Class A(a) | 5,536,733 |
33,924 | Amazon.com, Inc.(a) | 5,985,551 |
14,895 | ARM Holdings PLC, ADR(a) | 1,795,145 |
3,500 | Autodesk, Inc.(a) | 705,600 |
13,613 | Block, Inc.(a) | 872,321 |
20,175 | Boeing Co.(a) | 3,583,282 |
1,524 | Deere & Co. | 571,134 |
32,749 | Doximity, Inc., Class A(a) | 908,130 |
5,129 | Expeditors International of Washington, Inc. | 620,096 |
49,927 | Experian PLC | 2,313,524 |
14,524 | Meta Platforms, Inc., Class A | 6,780,239 |
9,514 | Microsoft Corp. | 3,949,547 |
7,804 | Nestle SA, (Registered) | 828,364 |
6,366 | Netflix, Inc.(a) | 4,084,553 |
28,270 | Oracle Corp. | 3,312,961 |
8,636 | QUALCOMM, Inc. | 1,762,176 |
4,235 | Roche Holding AG | 1,081,267 |
8,043 | Salesforce, Inc. | 1,885,601 |
10,928 | SEI Investments Co. | 739,935 |
19,653 | Tesla, Inc.(a) | 3,499,806 |
61,512 | Under Armour, Inc., Class A(a) | 442,271 |
4,192 | Vertex Pharmaceuticals, Inc.(a) | 1,908,785 |
Shares | Description | Value (†) |
United States — continued | ||
12,771 | Visa, Inc., Class A | $3,479,587 |
4,326 | Yum! Brands, Inc. | 594,522 |
58,716,524 | ||
Total Common Stocks (Identified Cost $71,921,003) | 94,451,023 |
Principal Amount | ||
Short-Term Investments — 0.6% | ||
$601,662 | Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 5/31/2024 at 3.500% to be repurchased at $601,837 on 6/03/2024 collateralized by $616,500 U.S. Treasury Note, 4.000% due 1/15/2027 valued at $613,834 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $601,662) | 601,662 |
Total Investments — 99.9% (Identified Cost $72,522,665) | 95,052,685 | |
Other assets less liabilities — 0.1% | 113,976 | |
Net Assets — 100.0% | $95,166,661 |
(†) | 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 9 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 | 16.7 % |
Broadline Retail | 14.0 |
Software | 10.3 |
Pharmaceuticals | 8.1 |
Financial Services | 7.9 |
Semiconductors & Semiconductor Equipment | 5.9 |
Biotechnology | 5.0 |
Hotels, Restaurants & Leisure | 4.8 |
Entertainment | 4.3 |
Aerospace & Defense | 3.8 |
Automobiles | 3.7 |
IT Services | 2.9 |
Professional Services | 2.4 |
Machinery | 2.4 |
Beverages | 2.0 |
Other Investments, less than 2% each | 5.1 |
Short-Term Investments | 0.6 |
Total Investments | 99.9 |
Other assets less liabilities | 0.1 |
Net Assets | 100.0 % |
United States Dollar | 78.6 % |
Swiss Franc | 5.4 |
Euro | 5.0 |
Danish Krone | 3.6 |
Hong Kong Dollar | 2.8 |
British Pound | 2.7 |
Japanese Yen | 1.8 |
Total Investments | 99.9 |
Other assets less liabilities | 0.1 |
Net Assets | 100.0 % |
Principal Amount (‡) | Description | Value (†) |
Senior Loans — 91.2% of Net Assets | ||
Aerospace & Defense — 1.8% | ||
$3,340,000 | Bleriot U.S. Bidco, Inc., 2023 Term Loan B, 10/31/2030(a) | $3,365,050 |
3,000,000 | Kaman Corp., 2024 Term Loan, 3 mo. USD SOFR + 3.500%, 8.827%, 4/21/2031(b)(c) | 3,018,750 |
1,855,369 | Spirit Aerosystems, Inc., 2022 Term Loan, 3 mo. USD SOFR + 4.250%, 9.580%, 1/15/2027(b)(c) | 1,864,647 |
3,849,460 | TransDigm, Inc., 2024 Term Loan I, 3 mo. USD SOFR + 2.750%, 8.059%, 8/24/2028(b)(c) | 3,865,935 |
2,288,500 | Vertex Aerospace Services Corp., 2024 Term Loan B, 12/06/2030(a) | 2,295,663 |
14,410,045 | ||
Airlines — 1.4% | ||
5,076,000 | American Airlines, Inc., 2021 Term Loan, 3 mo. USD SOFR + 4.750%, 10.336%, 4/20/2028(c) | 5,268,482 |
3,084,449 | LifeMiles Ltd., 2021 Term Loan B, 3 mo. USD SOFR + 5.250%, 10.859%, 8/30/2026(c) | 3,099,871 |
1,625,000 | Mileage Plus Holdings LLC, 2020 Term Loan B, 3 mo. USD SOFR + 5.250%, 10.733%, 6/21/2027(c) | 1,661,189 |
1,316,016 | SkyMiles IP Ltd., 2020 Skymiles Term Loan B, 3 mo. USD SOFR + 3.750%, 9.075%, 10/20/2027(b)(c) | 1,353,996 |
11,383,538 | ||
Automotive — 2.3% | ||
997,500 | Autokiniton U.S. Holdings, Inc., 2024 Term Loan B, 1 mo. USD SOFR + 4.000%, 9.444%, 4/06/2028(b)(c) | 1,004,981 |
2,981,000 | Clarios Global LP, 2024 Term Loan B, 1 mo. USD SOFR + 3.000%, 8.329%, 5/06/2030(b)(c) | 2,995,905 |
4,000,000 | First Brands Group LLC, 2021 2nd Lien Term Loan, 3 mo. USD SOFR + 8.500%, 14.141%, 3/30/2028(c) | 3,880,000 |
4,170,886 | First Brands Group LLC, 2021 Term Loan, 3 mo. USD SOFR + 5.000%, 10.591%, 3/30/2027(b)(c) | 4,122,461 |
4,590,383 | IXS Holdings, Inc., 2020 Term Loan B, 3 mo. USD SOFR + 4.250%, 9.697%, 3/05/2027(c) | 4,339,060 |
2,877,761 | Wheel Pros LLC, 2023 3rd Amendment Term Loan, 3 mo. USD SOFR + 4.500%, 10.058%, 5/11/2028(b)(c) | 1,708,153 |
517,141 | Wheel Pros LLC, 2023 FILO Term Loan, 3 mo. USD SOFR + 8.875%, 14.461%, 2/10/2028(b)(c) | 548,356 |
18,598,916 | ||
Banking — 0.3% | ||
2,277,502 | Schweitzer-Mauduit International, Inc., 2021 Term Loan B, 1 mo. USD SOFR + 3.750%, 9.194%, 4/20/2028(c) | 2,271,809 |
Brokerage — 4.1% | ||
4,863,999 | Citadel Securities LP, 2024 Term Loan B, 1 mo. USD SOFR + 2.250%, 7.579%, 7/29/2030(b)(c) | 4,890,751 |
3,502,533 | DRW Holdings LLC, 2021 Term Loan, 1 mo. USD SOFR + 3.750%, 9.192%, 3/01/2028(c) | 3,510,203 |
5,152,045 | Edelman Financial Center LLC, 2018 2nd Lien Term Loan, 1 mo. USD SOFR + 6.750%, 12.194%, 7/20/2026(c) | 5,152,869 |
3,500,000 | Edelman Financial Engines Center LLC, 2024 2nd Lien Term Loan, 10/20/2028(a) | 3,500,000 |
2,750,000 | Eisner Advisory Group LLC, 2024 Term Loan B, 1 mo. USD SOFR + 4.000%, 9.329%, 2/28/2031(b)(c) | 2,775,218 |
3,241,730 | Focus Financial Partners LLC, 2024 Term Loan B7, 1 mo. USD SOFR + 2.750%, 8.079%, 6/30/2028(b)(c) | 3,245,458 |
3,625,756 | Harbourvest Partners LLC, 2024 Term Loan B, 3 mo. USD SOFR + 2.500%, 7.829%, 4/18/2030(b)(c) | 3,630,288 |
1,992,340 | HighTower Holdings LLC, 2021 Term Loan B, 3 mo. USD SOFR + 4.000%, 9.586%, 4/21/2028(b)(c) | 2,002,302 |
Principal Amount (‡) | Description | Value (†) |
Brokerage — continued | ||
$2,607,319 | Resolute Investment Managers, Inc., 2023 Tranche C - 1st Lien Take Back Term Loan, 3 mo. USD SOFR + 6.500%, 12.071%, 4/30/2027(b)(c) | $2,558,432 |
1,822,000 | Teneo Holdings LLC, 2024 Term Loan B, 1 mo. USD SOFR + 4.750%, 10.072%, 3/13/2031(b)(c) | 1,835,665 |
33,101,186 | ||
Building Materials — 3.7% | ||
2,250,000 | Chamberlain Group, Inc., 2024 Incremental Term Loan B, 1 mo. USD SOFR + 3.750%, 9.079%, 11/03/2028(b)(c) | 2,258,032 |
2,650,514 | Foley Products Co. LLC, 2021 Term Loan, 3 mo. USD SOFR + 4.750%, 10.209%, 12/29/2028(b)(c) | 2,657,802 |
3,175,000 | Foundation Building Materials Holding Co. LLC, 2024 Term Loan B2, USD SOFR + 4.000%, 9.330%, 1/29/2031(b)(c) | 3,188,716 |
4,800,000 | Janus International Group LLC, 2024 Term Loan B, 8/03/2030(a) | 4,816,512 |
2,591,000 | Kodiak Building Partners, Inc., 2024 Term Loan B2, 3 mo. USD SOFR + 3.750%, 9.059%, 3/12/2028(b)(c) | 2,607,194 |
3,687,855 | LHS Borrower LLC, 2022 Term Loan B, 1 mo. USD SOFR + 4.750%, 10.179%, 2/16/2029(b)(c) | 3,537,059 |
1,733,982 | Mannington Mills, Inc., 2021 Term Loan B, 3 mo. USD SOFR + 3.750%, 9.321%, 8/06/2026(b)(c) | 1,660,288 |
1,279,000 | MI Windows & Doors LLC, 2024 Term Loan B2, 1 mo. USD SOFR + 3.500%, 8.829%, 3/28/2031(b)(c) | 1,287,800 |
2,750,000 | MI Windows and Doors LLC, 2024 Term Loan B2, 3/28/2031(a) | 2,768,920 |
2,595,952 | Oscar AcquisitionCo LLC, Term Loan B, 3 mo. USD SOFR + 4.500%, 9.902%, 4/29/2029(c) | 2,597,431 |
3,144,491 | U.S. Silica Co., 2023 Term Loan B, 1 mo. USD SOFR + 4.000%, 9.329%, 3/25/2030(b)(c) | 3,156,944 |
30,536,698 | ||
Cable Satellite — 1.8% | ||
1,000,000 | CSC Holdings LLC, 2019 Term Loan B5, 4/15/2027(a) | 787,630 |
800,000 | CSC Holdings LLC, 2022 Term Loan B6, 1/18/2028(a) | 768,288 |
7,319,253 | DirecTV Financing LLC, 2024 Term Loan, 1 mo. USD SOFR + 5.250%, 10.694%, 8/02/2029(b)(c) | 7,329,134 |
3,400,000 | Virgin Media Bristol LLC, USD Term Loan N, 1/31/2028(a) | 3,306,500 |
2,407,102 | WideOpenWest Finance LLC, 2021 Term Loan B, 3 mo. USD SOFR + 3.000%, 8.302%, 12/20/2028(b)(c) | 2,182,952 |
14,374,504 | ||
Chemicals — 1.9% | ||
1,375,000 | Aruba Investments Holdings LLC, 2020 2nd Lien Term Loan, 3 mo. USD SOFR + 7.750%, 13.179%, 11/24/2028(c) | 1,323,438 |
2,980,937 | Bakelite U.S. Holdco, Inc., 2024 Term Loan, 3 mo. USD SOFR + 3.500%, 8.824%, 5/29/2029(b)(c) | 2,998,316 |
2,431,850 | Chemours Co., 2023 USD Term Loan B, 1 mo. USD SOFR + 3.500%, 8.829%, 8/18/2028(b)(c) | 2,445,541 |
500,000 | GEON Performance Solutions LLC, 2021 Term Loan, 3 mo. USD SOFR + 4.250%, 9.571%, 8/18/2028(b)(c) | 501,875 |
3,424,049 | Groupe Solmax, Inc., Term Loan, 3 mo. USD SOFR + 4.750%, 10.252%, 5/29/2028(c) | 3,328,038 |
2,878,250 | LSF11 A5 Holdco LLC, 2023 Incremental Term Loan B, 1 mo. USD SOFR + 4.250%, 9.679%, 10/15/2028(c) | 2,883,661 |
1,987,516 | Windsor Holdings III LLC, 2024 USD Term Loan B, 1 yr. USD SOFR + 4.000%, 9.320%, 8/01/2030(b)(c) | 2,008,226 |
15,489,095 |
Principal Amount (‡) | Description | Value (†) |
Consumer Cyclical Services — 6.7% | ||
$3,000,000 | BIFM US Finance LLC, 2024 Term Loan, 1 mo. USD SOFR + 4.250%, 9.579%, 5/31/2028(b)(c) | $3,015,000 |
4,590,495 | CHG Healthcare Services, Inc., 2023 Incremental Term Loan, 1 mo. USD SOFR + 3.750%, 9.079%, 9/29/2028(b)(c) | 4,611,152 |
2,951,602 | Cushman & Wakefield U.S. Borrower LLC, 2024 Term Loan, 1 mo. USD SOFR + 3.750%, 9.079%, 1/31/2030(b)(c) | 2,970,050 |
2,480,953 | Galaxy U.S. Opco, Inc., Term Loan, 3 mo. USD SOFR + 4.750%, 10.080%, 4/29/2029(b)(c) | 2,189,441 |
4,100,000 | Grant Thornton Advisors LLC, Term Loan B, 6/02/2031(a) | 4,127,388 |
2,977,500 | Inmar, Inc., 2023 Term Loan, USD SOFR + 5.500%, 10.816%, 5/01/2026(b)(c) | 2,986,820 |
3,275,250 | Kingpin Intermediate Holdings LLC, 2023 Term Loan B, 1 mo. USD SOFR + 3.500%, 8.829%, 2/08/2028(b)(c) | 3,268,307 |
4,135,975 | Latham Pool Products, Inc., 2022 Term Loan B, 1 mo. USD SOFR + 4.000%, 9.425%, 2/23/2029(c) | 4,060,162 |
3,523,997 | OMNIA Partners LLC, 2024 Term Loan, 7/25/2030(a) | 3,535,239 |
5,911,640 | PUG LLC, 2024 Extended Term Loan B, 1 mo. USD SOFR + 4.750%, 10.079%, 3/15/2030(c) | 5,907,975 |
1,993,939 | R1 RCM, Inc., 2022 Term Loan B, 1 mo. USD SOFR + 3.000%, 8.329%, 6/21/2029(b)(c) | 2,004,407 |
315,429 | Ryan LLC, Delayed Draw Term Loan, 4.500%, 11/14/2030(d) | 316,848 |
2,996,571 | Ryan LLC, Term Loan, 11/14/2030(a) | 3,010,056 |
2,440,768 | Sweetwater Borrower LLC, Term Loan B, 1 mo. USD SOFR + 4.250%, 9.694%, 8/07/2028(c) | 2,445,844 |
2,650,150 | TTF Holdings LLC, Term Loan, 1 mo. USD SOFR + 4.000%, 9.444%, 3/31/2028(c) | 2,663,400 |
4,742,112 | Uber Technologies, Inc., 2023 Term Loan B, 3 mo. USD SOFR + 2.750%, 8.079%, 3/03/2030(b)(c) | 4,771,750 |
2,743,038 | Vistage Worldwide, Inc., Term Loan, 3 mo. USD SOFR + 4.750%, 10.052%, 7/13/2029(b)(c) | 2,734,480 |
54,618,319 | ||
Consumer Products — 3.3% | ||
2,872,644 | AI Aqua Merger Sub, Inc., 2021 1st Lien Term Loan B, 1 mo. USD SOFR + 4.000%, 9.320%, 7/31/2028(b)(c) | 2,883,819 |
1,000,000 | AI Aqua Merger Sub, Inc., 2023 Incremental Term Loan, 1 mo. USD SOFR + 4.250%, 9.578%, 7/31/2028(b)(c) | 1,005,250 |
2,435,000 | American Greetings Corp., 2024 Term Loan B, 1 mo. USD SOFR + 5.750%, 11.079%, 10/30/2029(b)(c) | 2,448,198 |
3,209,313 | Bombardier Recreational Products, Inc., 2023 Term Loan B3, 1 mo. USD SOFR + 2.750%, 8.079%, 12/13/2029(b)(c) | 3,217,850 |
1,996,000 | Illuminate Merger Sub Corp., 1st Lien Term Loan, 3 mo. USD SOFR + 3.000%, 8.571%, 7/21/2028(b)(c) | 1,996,000 |
2,897,226 | Mattress Firm, Inc., 2021 Term Loan B, 3 mo. USD SOFR + 4.250%, 9.814%, 9/25/2028(c) | 2,898,124 |
2,124,960 | Recess Holdings, Inc., 2024 Term Loan B, 3 mo. USD SOFR + 4.500%, 9.893%, 2/20/2030(b)(c) | 2,135,585 |
2,174,369 | Solis IV BV, USD Term Loan B1, 3 mo. USD SOFR + 3.500%, 8.836%, 2/26/2029(c) | 2,160,388 |
1,096,149 | Springs Windows Fashions LLC, 2021 Term Loan B, 1 mo. USD SOFR + 4.000%, 9.444%, 10/06/2028(c) | 913,366 |
Principal Amount (‡) | Description | Value (†) |
Consumer Products — continued | ||
$4,312,773 | Topgolf Callaway Brands Corp., Term Loan B, 1 mo. USD SOFR + 3.000%, 8.329%, 3/15/2030(b)(c) | $4,331,275 |
2,682,260 | Weber-Stephen Products LLC, 2022 Incremental Term Loan B, 1 mo. USD SOFR + 4.250%, 9.679%, 10/30/2027(c) | 2,490,022 |
26,479,877 | ||
Diversified Manufacturing — 2.2% | ||
2,025,570 | Arcline FM Holdings LLC, 2021 1st Lien Term Loan, 3 mo. USD SOFR + 4.750%, 10.321%, 6/23/2028(b)(c) | 2,036,791 |
1,384,045 | Barnes Group, Inc., 2024 Term Loan, 1 mo. USD SOFR + 2.500%, 7.829%, 9/03/2030(b)(c) | 1,390,384 |
3,332,878 | Chart Industries, Inc., 2023 Term Loan, 1 mo. USD SOFR + 3.250%, 8.673%, 3/15/2030(c) | 3,345,376 |
2,766,030 | Filtration Group Corp., 2021 Incremental Term Loan, 10/21/2028(a) | 2,779,003 |
3,000,000 | Infinite Bidco LLC, 2nd Lien Term Loan, 3 mo. USD SOFR + 7.000%, 12.591%, 3/02/2029(b)(c) | 2,527,500 |
1,000,000 | INNIO Group Holding GmbH, 2023 USD Term Loan B, 11/02/2028(a) | 1,005,420 |
1,104,236 | INNIO Group Holding GmbH, 2023 USD Term Loan B, 3 mo. USD SOFR + 4.250%, 9.575%, 11/02/2028(b)(c) | 1,110,221 |
2,493,750 | LSF12 Badger Bidco LLC, Term Loan B, 1 mo. USD SOFR + 6.000%, 11.329%, 8/30/2030(b)(c) | 2,456,344 |
1,140,511 | Project Castle, Inc., Term Loan B, 3 mo. USD SOFR + 5.500%, 10.798%, 6/01/2029(b)(c) | 1,030,029 |
4,233 | Watlow Electric Manufacturing Co., Term Loan B, 3 mo. USD SOFR + 3.750%, 9.341%, 3/02/2028(b)(c) | 4,238 |
17,685,306 | ||
Electric — 0.9% | ||
4,399,000 | Kohler Energy Co. LLC, USD Term Loan B, 3 mo. USD SOFR + 4.750%, 10.063%, 5/01/2031(b)(c) | 4,419,631 |
2,180,758 | Talen Energy Supply LLC, 2023 Term Loan B, 3 mo. USD SOFR + 3.500%, 8.827%, 5/17/2030(b)(c) | 2,203,482 |
1,053,263 | Talen Energy Supply LLC, 2023 Term Loan C, 3 mo. USD SOFR + 3.500%, 8.827%, 5/17/2030(b)(c) | 1,064,237 |
7,687,350 | ||
Environmental — 1.2% | ||
2,454,525 | Covanta Holding Corp., 2024 Term Loan B, 1 yr. USD SOFR + 2.750%, 8.071%, 11/30/2028(b)(c) | 2,461,692 |
134,127 | Covanta Holding Corp., 2024 Term Loan C, 1 yr. USD SOFR + 2.750%, 8.071%, 11/30/2028(b)(c) | 134,519 |
2,827,000 | Northstar Group Services, Inc., 2024 Term Loan B, 5/08/2030(a) | 2,830,534 |
992,086 | Rockwood Service Corp., 2020 Term Loan, 1 mo. USD SOFR + 4.000%, 9.444%, 1/23/2027(c) | 997,046 |
652,174 | The Action Environmental Group, Inc., 2023 Delayed Draw Term Loan B, 4.500%, 10/24/2030(d) | 656,250 |
2,533,913 | The Action Environmental Group, Inc., 2023 Term Loan B, 3 mo. USD SOFR + 4.000%, 9.825%, 10/24/2030(b)(c) | 2,549,750 |
9,629,791 | ||
Financial Other — 0.7% | ||
1,995,000 | Aragorn Parent Corp., Term Loan, 1 yr. USD SOFR + 4.250%, 9.570%, 12/15/2028(b)(c) | 2,000,486 |
227,246 | Chrysaor Bidco SARL, EUR Delayed Draw Term Loan, 5/14/2031, (EUR)(a) | 247,574 |
Principal Amount (‡) | Description | Value (†) |
Financial Other — continued | ||
$3,072,754 | Chrysaor Bidco SARL, USD Term Loan B, 5/14/2031(a) | $3,080,436 |
2,521,320 | Luxembourg Investment Co. 428 SARL, Term Loan B, 6 mo. USD SOFR + 5.000%, 10.391%, 1/03/2029(e) | 40,972 |
5,369,468 | ||
Food & Beverage — 2.0% | ||
801,000 | Aspire Bakeries Holdings LLC, Term Loan, 1 mo. USD SOFR + 4.250%, 9.571%, 12/13/2030(b)(c) | 807,007 |
2,154,600 | Chobani LLC, 2023 Incremental Term Loan, 1 mo. USD SOFR + 3.750%, 9.067%, 10/25/2027(b)(c) | 2,166,450 |
2,925,000 | Fiesta Purchaser, Inc., 2024 Term Loan B, 1 mo. USD SOFR + 4.000%, 9.329%, 2/12/2031(b)(c) | 2,948,956 |
5,000,000 | Naked Juice LLC, 2nd Lien Term Loan, 3 mo. USD SOFR + 6.000%, 11.402%, 1/24/2030(c) | 4,179,700 |
2,500,000 | Northeast Grocery, Inc., Term Loan B, 3 mo. USD SOFR + 7.500%, 12.827%, 12/13/2028(b)(c) | 2,493,750 |
420,000 | Triton Water Holdings, Inc., 2024 Incremental Term Loan B, 3/31/2028(a) | 421,365 |
3,572,048 | Triton Water Holdings, Inc., 2024 Incremental Term Loan B, 3 mo. USD SOFR + 4.000%, 9.302%, 3/31/2028(b)(c) | 3,583,657 |
16,600,885 | ||
Gaming — 2.3% | ||
3,702,652 | Bally's Corp., 2021 Term Loan B, 3 mo. USD SOFR + 3.250%, 8.836%, 10/02/2028(b)(c) | 3,547,214 |
3,895,000 | Caesars Entertainment, Inc., 2024 Term Loan B1, 3 mo. USD SOFR + 2.750%, 8.086%, 2/06/2031(b)(c) | 3,901,076 |
4,544,329 | GVC Holdings (Gibraltar) Ltd., 2024 USD Term Loan B, 10/31/2029(a) | 4,551,419 |
3,500,000 | J&J Ventures Gaming LLC, 2023 Incremental Term Loan B, 1 mo. USD SOFR + 4.250%, 9.694%, 4/26/2028(b)(c) | 3,489,080 |
3,147,112 | Ontario Gaming GTA LP, Term Loan B, 3 mo. USD SOFR + 4.250%, 9.559%, 8/01/2030(b)(c) | 3,164,610 |
18,653,399 | ||
Healthcare — 7.9% | ||
4,788,935 | Bausch & Lomb Corp., 2023 Incremental Term Loan, 1 mo. USD SOFR + 4.000%, 9.329%, 9/29/2028(b)(c) | 4,782,949 |
1,199,976 | Bausch & Lomb Corp., Term Loan, 1 mo. USD SOFR + 3.250%, 8.670%, 5/10/2027(c) | 1,187,305 |
4,345,387 | Carestream Dental Equipment, Inc., 2021 Term Loan, 3 mo. USD SOFR + 4.500%, 9.809%, 9/01/2024(b)(c) | 3,560,132 |
3,407,000 | Catalent Pharma Solutions, Inc., 2023 Term Loan B4, 1 mo. USD SOFR + 3.000%, 8.321%, 2/22/2028(b)(c) | 3,424,035 |
3,456,250 | Charlotte Buyer, Inc., 1st Lien Term Loan, 1 yr. USD SOFR + 5.250%, 10.571%, 2/11/2028(b)(c) | 3,475,501 |
3,278,367 | Dermatology Intermediate Holdings III, Inc., 2022 Term Loan B, 3 mo. USD SOFR + 4.250%, 9.580%, 3/30/2029(b)(c) | 3,202,145 |
1,527,454 | Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Delayed Draw Term Loan, 3 mo. USD SOFR + 4.250%, 9.659%, 7/06/2029(c) | 1,534,450 |
3,309,484 | Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Term Loan, 3 mo. USD SOFR + 4.250%, 9.659%, 7/06/2029(c) | 3,324,641 |
Principal Amount (‡) | Description | Value (†) |
Healthcare — continued | ||
$3,252,402 | Embecta Corp., Term Loan B, 1 mo. USD SOFR + 3.000%, 8.329%, 3/30/2029(b)(c) | $3,052,835 |
3,970,000 | Fortrea Holdings, Inc., Term Loan B, 1 mo. USD SOFR + 3.750%, 9.079%, 7/01/2030(b)(c) | 3,979,091 |
972,057 | Gainwell Acquisition Corp., Term Loan B, 3 mo. USD SOFR + 4.000%, 9.409%, 10/01/2027(c) | 943,303 |
1,985,025 | GHX Ultimate Parent Corp., 2024 Term Loan B, 3 mo. USD SOFR + 4.000%, 9.326%, 6/30/2027(b)(c) | 1,989,988 |
1,850,000 | Inception Holdco SARL, 2024 USD Term Loan B, 3/14/2031(a) | 1,855,790 |
1,400,000 | Inception Holdco SARL, 2024 USD Term Loan B, 3 mo. USD SOFR + 4.500%, 9.817%, 4/18/2031(b)(c) | 1,404,382 |
1,463,997 | IVC Acquisition Ltd., 2023 USD Term Loan B, 12/12/2028(a) | 1,466,442 |
2,024,925 | IVC Acquisition Ltd., 2023 USD Term Loan B, 3 mo. USD SOFR + 5.500%, 10.809%, 12/12/2028(b)(c) | 2,028,307 |
3,700,000 | LifePoint Health, Inc., 2024 Incremental Term Loan B, 3 mo. USD SOFR + 4.000%, 9.329%, 5/17/2031(b)(c) | 3,709,250 |
500,000 | MDVIP, Inc., 2021 2nd Lien Term Loan, 1 mo. USD SOFR + 6.500%, 11.944%, 10/15/2029(b)(c) | 494,375 |
2,288,325 | MDVIP, Inc., 2021 Term Loan, 1 mo. USD SOFR + 3.500%, 8.944%, 10/16/2028(b)(c) | 2,296,197 |
4,456,807 | National Mentor Holdings, Inc., 2021 Term Loan, 1 mo. USD SOFR + 3.750%, 9.175%, 3/02/2028(c) | 4,276,306 |
123,416 | National Mentor Holdings, Inc., 2021 Term Loan C, 3 mo. USD SOFR + 3.750%, 9.159%, 3/02/2028(c) | 118,418 |
1,578,854 | Onex TSG Intermediate Corp., 2021 Term Loan B, 1 mo. USD SOFR + 4.750%, 10.194%, 2/28/2028(b)(c) | 1,582,801 |
1,890,178 | Parexel International Corp., 2021 1st Lien Term Loan, 1 mo. USD SOFR + 3.250%, 8.694%, 11/15/2028(c) | 1,900,026 |
1,227,000 | Radnet Management, Inc., 2024 Term Loan B, 3 mo. USD SOFR + 2.500%, 7.823%, 4/18/2031(b)(c) | 1,228,018 |
3,763,484 | Southern Veterinary Partners LLC, 2024 Term Loan, 1 mo. USD SOFR + 3.750%, 9.079%, 10/05/2027(b)(c) | 3,765,855 |
2,509,781 | Star Parent, Inc., Term Loan B, 3 mo. USD SOFR + 4.000%, 9.309%, 9/27/2030(b)(c) | 2,510,107 |
465,000 | Surgery Center Holdings, Inc., 2023 Term Loan, 1 mo. USD SOFR + 3.500%, 8.821%, 12/19/2030(b)(c) | 466,953 |
465,000 | Surgery Center Holdings, Inc., 2024 Term Loan B, 12/19/2030(a) | 465,000 |
64,024,602 | ||
Independent Energy — 0.5% | ||
4,105,925 | Matador Bidco SARL, Term Loan, 1 mo. USD SOFR + 4.750%, 10.416%, 10/15/2026(c) | 4,110,195 |
Industrial Other — 2.8% | ||
3,855,174 | Colibri Group LLC, 2022 Term Loan, 3 mo. USD SOFR + 5.000%, 10.472%, 3/12/2029(b)(c) | 3,871,019 |
3,235,620 | KUEHG Corp., 2024 Term Loan B, 3 mo. USD SOFR + 4.500%, 9.802%, 6/12/2030(b)(c) | 3,248,207 |
995,000 | Learning Care Group (U.S.) No. 2 Inc., 2024 Term Loan B, 3 mo. USD SOFR + 4.000%, 9.327%, 8/11/2028(b)(c) | 999,149 |
2,977,158 | Michael Baker International LLC, 2021 Term Loan, 1 mo. USD SOFR + 4.750%, 10.078%, 12/01/2028(c) | 2,984,600 |
2,977,157 | Michael Baker Interntional LLC, 2024 Term Loan B, 12/01/2028(a) | 2,984,600 |
Principal Amount (‡) | Description | Value (†) |
Industrial Other — continued | ||
$4,168,570 | Service Logic Acquisition, Inc., Term Loan, USD SOFR + 4.000%, 9.591%, 10/29/2027(c) | $4,199,834 |
4,676,082 | St. George's University Scholastic Services, 2022 Term Loan B, 1 mo. USD SOFR + 3.000%, 8.429%, 2/10/2029(c) | 4,678,420 |
22,965,829 | ||
Leisure — 0.4% | ||
473,171 | Carnival Corp., 2024 Term Loan B2, 1 mo. USD SOFR + 2.750%, 8.075%, 8/08/2027(b)(c) | 475,774 |
2,977,271 | SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B, 1 mo. USD SOFR + 2.500%, 7.829%, 8/25/2028(b)(c) | 2,973,549 |
3,449,323 | ||
Lodging — 1.0% | ||
550,000 | Hilton Grand Vacations Borrower LLC, 2024 Incremental Term Loan B, 1 mo. USD SOFR + 2.750%, 8.079%, 1/17/2031(b)(c) | 552,151 |
3,652,091 | Hilton Grand Vacations Borrower LLC, 2021 Term Loan B, 3 mo. USD SOFR + 2.500%, 7.829%, 8/02/2028(c) | 3,665,275 |
3,567,000 | Marriott Ownership Resorts, Inc., 2024 Term Loan B, 1 mo. USD SOFR + 2.250%, 7.579%, 4/01/2031(c) | 3,562,541 |
7,779,967 | ||
Media Entertainment — 7.4% | ||
4,071,947 | Advantage Sales & Marketing, Inc., 2024 Term Loan, 3 mo. USD SOFR + 4.250%, 9.818%, 10/28/2027(b)(c) | 3,989,490 |
579,751 | AP Core Holdings II LLC, Amortization Term Loan B1, 1 mo. USD SOFR + 5.500%, 10.944%, 9/01/2027(c) | 530,472 |
3,806,000 | AP Core Holdings II LLC, High-Yield Term Loan B2, 1 mo. USD SOFR + 5.500%, 10.944%, 9/01/2027(c) | 3,598,573 |
5,563,287 | Cengage Learning, Inc., 2024 Term Loan B, 6 mo. USD SOFR + 4.250%, 9.538%, 3/22/2031(b)(c) | 5,587,153 |
2,500,000 | Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, 1 mo. USD SOFR + 4.000%, 9.444%, 8/23/2028(b)(c) | 2,507,825 |
4,679,365 | CMG Media Corp., 2021 Term Loan, 3 mo. USD SOFR + 3.500%, 8.909%, 12/17/2026(c) | 3,685,515 |
1,969,002 | Creative Artists Agency LLC, 2024 Term Loan B, 1 mo. USD SOFR + 3.250%, 8.579%, 11/27/2028(b)(c) | 1,979,831 |
2,691,698 | Dotdash Meredith, Inc., Term Loan B, 1 mo. USD SOFR + 4.000%, 9.413%, 12/01/2028(c) | 2,695,063 |
3,000,000 | Fleet Midco I Ltd., 2024 Term Loan B, 1 mo. USD SOFR + 3.250%, 8.579%, 2/21/2031(b)(c) | 3,015,000 |
2,373,594 | Gray Television, Inc., 2021 Term Loan D, 1 mo. USD SOFR + 3.000%, 8.428%, 12/01/2028(b)(c) | 2,162,391 |
2,750,000 | iHeartCommunications, Inc., 2020 Term Loan, 1 mo. USD SOFR + 3.000%, 8.444%, 5/01/2026(c) | 2,161,033 |
4,523,344 | McGraw-Hill Global Education Holdings LLC, 2021 Term Loan, 1 mo. USD SOFR + 4.750%, 10.194%, 7/28/2028(c) | 4,532,210 |
7,400,000 | MH Sub I LLC, 2021 2nd Lien Term Loan, 1 mo. USD SOFR + 6.250%, 11.579%, 2/23/2029(b)(c) | 7,356,044 |
3,700,000 | Simon & Schuster, Inc., Term Loan B, 3 mo. USD SOFR + 4.000%, 9.330%, 10/30/2030(b)(c) | 3,675,728 |
4,912,500 | Sinclair Television Group, Inc., 2022 Term Loan B4, 1 mo. USD SOFR + 3.750%, 9.179%, 4/21/2029(c) | 3,291,375 |
1,647,250 | Syndigo LLC, 2020 2nd Lien Term Loan, 1 mo. USD SOFR + 8.000%, 13.435%, 12/15/2028(c) | 1,548,415 |
Principal Amount (‡) | Description | Value (†) |
Media Entertainment — continued | ||
$1,510,856 | Syndigo LLC, 2020 Term Loan, 1 mo. USD SOFR + 4.500%, 9.944%, 12/15/2027(c) | $1,495,748 |
3,614,749 | Voyage Digital (NZ) Ltd., 2024 Term Loan, 3 mo. USD SOFR + 3.250%, 8.576%, 5/11/2029(b)(c) | 3,614,749 |
2,920,000 | Wood Mackenzie Ltd., 2024 Term Loan B, 3 mo. USD SOFR + 3.500%, 8.823%, 2/07/2031(b)(c) | 2,940,878 |
60,367,493 | ||
Midstream — 1.5% | ||
1,000,000 | AL GCX Holdings LLC, Term Loan B, 5/17/2029(a) | 1,003,000 |
3,331,003 | AL NGPL Holdings LLC, Term Loan B, 3 mo. USD SOFR + 3.250%, 8.556%, 4/13/2028(b)(c) | 3,339,330 |
2,146,620 | GIP Pilot Acquisition Partners LP, 2024 Term Loan B, 3 mo. USD SOFR + 2.500%, 7.827%, 10/04/2030(b)(c) | 2,154,670 |
4,351,247 | Oryx Midstream Services Permian Basin LLC, 2024 Term Loan B, 1 mo. USD SOFR + 3.000%, 8.436%, 10/05/2028(c) | 4,375,353 |
1,654,816 | Whitewater Whistler Holdings LLC, 2023 Term Loan B, 3 mo. USD SOFR + 2.750%, 8.063%, 2/15/2030(b)(c) | 1,661,535 |
12,533,888 | ||
Oil Field Services — 0.6% | ||
1,987,506 | BANGL LLC, Term Loan B, 3 mo. USD SOFR + 4.500%, 9.798%, 2/01/2029(b)(c) | 2,000,544 |
3,150,000 | Brazos Delaware II LLC, 2024 Term Loan B, 1 mo. USD SOFR + 3.500%, 8.822%, 2/11/2030(b)(c) | 3,164,963 |
5,165,507 | ||
Other REITs — 0.8% | ||
2,270,738 | Apollo Commercial Real Estate Finance, Inc., 2021 Incremental Term Loan B1, 1 mo. USD SOFR + 3.500%, 8.944%, 3/11/2028(c) | 2,191,262 |
4,072,450 | Starwood Property Trust, Inc., 2022 Term Loan B, 1 mo. USD SOFR + 3.250%, 8.579%, 11/18/2027(b)(c) | 4,069,070 |
6,260,332 | ||
Packaging — 0.4% | ||
1,750,000 | Anchor Packaging, Inc., 2024 Term Loan, 7/18/2029(a) | 1,756,248 |
1,500,000 | Anchor Packaging, Inc., 2024 Term Loan, 1 mo. USD SOFR + 3.750%, 9.079%, 7/18/2029(b)(c) | 1,505,355 |
3,261,603 | ||
Paper — 0.7% | ||
2,742,612 | Domtar Corp., 2021 Term Loan B, 1 mo. USD SOFR + 5.500%, 10.939%, 11/30/2028(c) | 2,680,904 |
3,270,167 | Spa Holdings 3 Oy, USD Term Loan B, 3 mo. USD SOFR + 4.000%, 9.571%, 2/04/2028(c) | 3,274,254 |
5,955,158 | ||
Pharmaceuticals — 1.2% | ||
1,542,062 | Bausch Health Cos., Inc., 2022 Term Loan B, 1 mo. USD SOFR + 5.250%, 10.675%, 2/01/2027(c) | 1,389,398 |
4,736,347 | Jazz Financing Lux SARL, 2024 Term Loan B, 1 mo. USD SOFR + 3.000%, 8.444%, 5/05/2028(c) | 4,772,627 |
2,100,516 | LSCS Holdings, Inc., 2021 1st Lien Term Loan, 1 mo. USD SOFR + 4.614%, 9.944%, 12/16/2028(b)(c) | 2,070,983 |
2,000,000 | LSCS Holdings, Inc., 2021 2nd Lien Term Loan, 1 mo. USD SOFR + 8.000%, 13.444%, 12/17/2029(b)(c) | 1,890,000 |
10,123,008 |
Principal Amount (‡) | Description | Value (†) |
Property & Casualty Insurance — 3.7% | ||
$5,513,917 | Amynta Agency Borrower, Inc., 2023 1st Lien Term Loan B, 3 mo. USD SOFR + 4.250%, 9.552%, 2/28/2028(b)(c) | $5,523,125 |
2,699,000 | AssuredPartners, Inc., 2024 Incremental Term Loan B5, 1 mo. USD SOFR + 3.500%, 8.829%, 2/14/2031(b)(c) | 2,719,027 |
975,183 | Asurion LLC, 2020 Term Loan B8, 1 mo. USD SOFR + 3.250%, 8.694%, 12/23/2026(c) | 967,869 |
4,686,000 | Asurion LLC, 2021 2nd Lien Term Loan B3, 1 mo. USD SOFR + 5.250%, 10.694%, 1/31/2028(c) | 4,397,530 |
2,808,576 | Asurion LLC, 2023 Term Loan B11, 1 mo. USD SOFR + 4.250%, 9.679%, 8/19/2028(c) | 2,785,180 |
2,381,236 | Baldwin Insurance Group Holdings LLC, 2024 Term Loan B, 3 mo. USD SOFR + 3.250%, 8.576%, 5/26/2031(b)(c) | 2,384,212 |
2,170,000 | Broadstreet Partners, Inc., 2024 Term Loan B4, 5/09/2031(a) | 2,179,114 |
4,672,402 | Howden Group Holdings Ltd., 2023 USD Term Loan B, 1 mo. USD SOFR + 4.000%, 9.329%, 4/18/2030(b)(c) | 4,694,596 |
2,830,000 | Truist Insurance Holdings LLC, 1st Lien Term Loan, 3 mo. USD SOFR + 3.250%, 8.586%, 5/06/2031(b)(c) | 2,846,669 |
875,000 | Truist Insurance Holdings LLC, 2nd Lien Term Loan, 3 mo. USD SOFR + 4.750%, 10.086%, 3/08/2032(b)(c) | 892,867 |
354,000 | USI, Inc., 2024 Term Loan (2029), 11/22/2029(a) | 354,492 |
29,744,681 | ||
Restaurants — 1.0% | ||
2,787,537 | 1011778 B.C. Unlimited Liability Co., 2023 Term Loan B5, 1 mo. USD SOFR + 2.250%, 7.578%, 9/20/2030(b)(c) | 2,788,596 |
2,662,776 | Dave & Buster's, Inc., 2024 Term Loan B, 1 mo. USD SOFR + 3.250%, 8.625%, 6/29/2029(b)(c) | 2,675,717 |
1,500,000 | Whatabrands LLC, 2024 Term Loan B, 8/03/2028(a) | 1,501,560 |
1,000,000 | Whatabrands LLC, 2024 Term Loan B, 1 mo. USD SOFR + 2.750%, 8.079%, 8/03/2028(b)(c) | 1,001,040 |
7,966,913 | ||
Retailers — 7.4% | ||
1,836,899 | ABG Intermediate Holdings 2 LLC, 2021 Term Loan B1, 1 mo. USD SOFR + 3.500%, 8.929%, 12/21/2028(c) | 1,847,241 |
4,177,850 | At Home Group, Inc., Term Loan B, 1 mo. USD SOFR + 4.250%, 9.678%, 7/24/2028(b)(c) | 2,202,061 |
2,737,066 | Canada Goose, Inc., 2021 Term Loan, 1 mo. USD SOFR + 3.500%, 8.944%, 10/07/2027(b)(c) | 2,709,203 |
3,567,570 | Container Store, Inc., 2020 Term Loan B3, 3 mo. USD SOFR + 5.000%, 10.571%, 1/31/2026(b)(c) | 2,247,569 |
2,954,315 | CWGS Group LLC, 2021 Term Loan B, 1 mo. USD SOFR + 2.500%, 7.935%, 6/03/2028(c) | 2,879,452 |
3,549,681 | Evergreen Acqco 1 LP, 2021 USD Term Loan, 3 mo. USD SOFR + 3.750%, 9.052%, 4/26/2028(b)(c) | 3,568,920 |
2,856,430 | Great Outdoors Group LLC, 2021 Term Loan B1, 1 mo. USD SOFR + 3.750%, 9.194%, 3/06/2028(c) | 2,857,772 |
2,700,000 | Harbor Freight Tools USA, Inc., 2021 Term Loan B, 1 mo. USD SOFR + 2.750%, 8.194%, 10/19/2027(c) | 2,699,784 |
613,776 | International Textile Group, Inc., 2023 Last Out Term Loan, 5.500% PIK or 3 mo. USD SOFR + 1.150% Cash, 6.452%, 9/30/2027(b)(c)(f) | 391,792 |
2,764,814 | International Textile Group, Inc., 2023 Term Loan, 3 mo. USD SOFR + 8.650%, 13.952%, 9/30/2027(b)(c) | 2,706,062 |
1,376,884 | Michaels Cos., Inc., 2021 Term Loan B, 3 mo. USD SOFR + 4.250%, 9.821%, 4/15/2028(b)(c) | 1,253,585 |
Principal Amount (‡) | Description | Value (†) |
Retailers — continued | ||
$1,729,347 | Olaplex, Inc., 2022 Term Loan, 1 mo. USD SOFR + 3.500%, 8.929%, 2/23/2029(c) | $1,643,848 |
2,673,000 | Peer Holding III BV, 2023 USD Term Loan B4, 3 mo. USD SOFR + 3.250%, 8.559%, 10/28/2030(b)(c) | 2,684,708 |
3,657,182 | Petco Health & Wellness Co., Inc., 2021 Term Loan B, 3 mo. USD SOFR + 3.250%, 8.821%, 3/03/2028(c) | 3,301,265 |
5,448,091 | PetSmart, Inc., 2021 Term Loan B, 1 mo. USD SOFR + 3.750%, 9.179%, 2/11/2028(c) | 5,423,793 |
3,511,490 | Rent-A-Center, Inc., 2021 First Lien Term Loan B, 2/17/2028(a) | 3,517,354 |
3,443,778 | Restoration Hardware, Inc., 2022 Incremental Term Loan, 1 mo. USD SOFR + 3.250%, 8.679%, 10/20/2028(c) | 3,373,456 |
4,124,085 | RVR Dealership Holdings LLC, Term Loan B, 1 mo. USD SOFR + 3.750%, 9.175%, 2/08/2028(b)(c) | 3,820,964 |
5,228,300 | S&S Holdings LLC, Term Loan, 1 mo. USD SOFR + 5.000%, 10.421%, 3/11/2028(b)(c) | 5,239,750 |
2,292,217 | Tory Burch LLC, Term Loan B, 1 mo. USD SOFR + 3.250%, 8.694%, 4/16/2028(c) | 2,294,670 |
3,542,000 | Wand NewCo 3, Inc., 2024 Term Loan B, 1 mo. USD SOFR + 3.750%, 9.079%, 1/30/2031(b)(c) | 3,566,971 |
60,230,220 | ||
Technology — 13.4% | ||
4,785,514 | Access CIG LLC, 2023 Term Loan, 3 mo. USD SOFR + 5.000%, 10.330%, 8/18/2028(b)(c) | 4,821,405 |
4,860,000 | Altar Bidco, Inc., 2021 2nd Lien Term Loan, 3 mo. USD SOFR + 5.600%, 10.399%, 2/01/2030(b)(c) | 4,768,875 |
2,000,000 | Applied Systems, Inc., 2024 2nd Lien Term Loan, 3 mo. USD SOFR + 5.250%, 10.559%, 2/23/2032(b)(c) | 2,070,620 |
2,194,000 | Camelot U.S. Acquisition LLC, 2024 Term Loan B, 1 mo. USD SOFR + 2.750%, 8.079%, 1/31/2031(b)(c) | 2,194,548 |
4,703,942 | Central Parent, Inc., 2024 Term Loan B, 3 mo. USD SOFR + 3.250%, 8.577%, 7/06/2029(b)(c) | 4,740,022 |
2,264,064 | Corel Corp., 2019 Term Loan, 3 mo. USD SOFR + 5.000%, 10.447%, 7/02/2026(b)(c) | 2,253,876 |
1,689,930 | Cornerstone OnDemand, Inc., 2021 Term Loan, 1 mo. USD SOFR + 3.750%, 9.194%, 10/16/2028(c) | 1,629,379 |
3,743,000 | Cotiviti Corp., 2024 Term Loan, 6 mo. USD SOFR + 3.250%, 8.563%, 5/01/2031(b)(c) | 3,754,716 |
2,051,772 | CT Technologies Intermediate Holdings, Inc., 2021 Term Loan B, 1 mo. USD SOFR + 4.250%, 9.694%, 12/16/2025(b)(c) | 2,049,207 |
3,499,889 | Endure Digital, Inc., Term Loan, 1 mo. USD SOFR + 3.500%, 8.935%, 2/10/2028(c) | 3,266,936 |
2,800,000 | EP Purchaser LLC, 2021 Term Loan B, 3 mo. USD SOFR + 3.500%, 9.071%, 11/06/2028(c) | 2,808,512 |
4,270,000 | Fortress Intermediate 3, Inc., Term Loan B, 5/09/2031(a) | 4,280,675 |
1,984,733 | Foundever Worldwide Corp., 2021 USD Term Loan, 1 mo. USD SOFR + 3.750%, 9.194%, 8/28/2028(c) | 1,556,646 |
1,378,626 | Genesys Cloud Services Holdings II LLC, First Lien Term Loan B, 1 mo. USD SOFR + 3.500%, 8.829%, 12/01/2027(b)(c) | 1,387,739 |
887,775 | Genesys Cloud Services Holdings II LLC, Term Loan B, 1 mo. USD SOFR + 3.750%, 9.194%, 12/01/2027(c) | 894,993 |
997,494 | Genuine Financial Holdings LLC, 2023 Term Loan B, 9/27/2030(a) | 997,244 |
2,293,475 | Genuine Financial Holdings LLC, 2023 Term Loan B, 1 mo. USD SOFR + 4.000%, 9.329%, 9/27/2030(b)(c) | 2,292,902 |
1,863,915 | Global Client Solutions LLC, Term Loan B, 3 mo. USD SOFR + 6.000%, 11.477%, 3/16/2026(b)(c) | 1,770,719 |
Principal Amount (‡) | Description | Value (†) |
Technology — continued | ||
$1,651,237 | GoTo Group, Inc., 2024 First Out Term Loan, 1 mo. USD SOFR + 4.750%, 10.173%, 4/30/2028(b)(c) | $1,548,035 |
2,280,280 | GoTo Group, Inc., 2024 Second Out Term Loan, 1 mo. USD SOFR + 4.750%, 10.173%, 4/30/2028(b)(c) | 1,388,121 |
4,123,000 | GTCR W Merger Sub LLC, USD Term Loan B, 1 mo. USD SOFR + 3.000%, 8.309%, 1/31/2031(b)(c) | 4,133,885 |
2,196,495 | Iron Mountain, Inc., 2023 Term Loan B, 1 mo. USD SOFR + 2.250%, 7.579%, 1/31/2031(b)(c) | 2,191,004 |
5,354,903 | Loyalty Ventures, Inc., Term Loan B, PRIME + 5.500%, 13.750%, 11/03/2027(g) | 40,162 |
2,168,575 | Magenta Buyer LLC, 2021 USD 1st Lien Term Loan, 3 mo. USD SOFR + 5.000%, 10.591%, 7/27/2028(b)(c) | 1,289,218 |
3,803,893 | McAfee LLC, 2024 USD Term Loan B, 3/01/2029(a) | 3,801,991 |
2,962,217 | MedAssets Software Intermediate Holdings, Inc., 2021 Term Loan, 3 mo. USD SOFR + 4.000%, 9.424%, 12/18/2028(c) | 2,354,962 |
1,675,696 | MKS Instruments, Inc., 2023 USD Term Loan B, 1 yr. USD SOFR + 2.500%, 7.822%, 8/17/2029(b)(c) | 1,683,521 |
3,610,000 | Modena Buyer LLC, Term Loan, 4/18/2031(a) | 3,531,771 |
4,900,000 | Mosel Bidco SE, USD Term Loan B, 3 mo. USD SOFR + 4.750%, 10.059%, 9/16/2030(b)(c) | 4,936,750 |
2,845,008 | NCR Atleos LLC, 2023 Term Loan B, 1 mo. USD SOFR + 4.750%, 10.179%, 3/27/2029(c) | 2,868,706 |
1,492,462 | Neptune Bidco U.S., Inc., 2022 USD Term Loan A, 3 mo. USD SOFR + 4.750%, 10.156%, 4/11/2029(c) | 1,424,242 |
1,600,000 | Neptune Bidco U.S., Inc., 2022 USD Term Loan B, 3 mo. USD SOFR + 5.000%, 10.406%, 4/11/2029(c) | 1,531,552 |
1,997,993 | Nuvei Technologies Corp., USD Term Loan, 1 mo. USD SOFR + 3.000%, 8.429%, 12/19/2030(c) | 2,004,066 |
2,808,108 | Open Text Corp., 2023 Term Loan B, 1 mo. USD SOFR + 2.250%, 7.579%, 1/31/2030(c) | 2,825,827 |
1,496,183 | Physician Partners LLC, Term Loan, 3 mo. USD SOFR + 4.000%, 9.564%, 12/26/2028(b)(c) | 1,124,382 |
3,000,000 | Press Ganey Holdings, Inc., 2024 Term Loan B, 1 mo. USD SOFR + 3.500%, 8.829%, 4/30/2031(b)(c) | 3,009,390 |
2,300,000 | Project Alpha Intermediate Holding, Inc., 2024 Term Loan B, 3 mo. USD SOFR + 3.750%, 9.072%, 10/28/2030(b)(c) | 2,314,582 |
3,693,643 | Quest Software U.S. Holdings, Inc., 2022 Term Loan, 3 mo. USD SOFR + 4.250%, 9.730%, 2/01/2029(c) | 2,740,240 |
2,690,742 | Redstone Holdco 2 LP, 2021 Term Loan, 1 mo. USD SOFR + 4.750%, 10.194%, 4/27/2028(c) | 2,315,948 |
3,988,577 | Sabre GLBL, Inc., 2022 1st Lien Term Loan B, 1 mo. USD SOFR + 5.000%, 10.429%, 6/30/2028(c) | 3,642,090 |
2,761,187 | UKG, Inc., 2024 Term Loan B, 1 mo. USD SOFR + 3.250%, 8.570%, 2/10/2031(b)(c) | 2,780,847 |
3,000,000 | Vision Solutions, Inc., 2021 2nd Lien Term Loan, 3 mo. USD SOFR + 7.250%, 12.841%, 4/23/2029(c) | 2,850,930 |
3,000,000 | Waystar Technologies, Inc., 2024 Term Loan B, 1 mo. USD SOFR + 4.000%, 9.329%, 10/22/2029(b)(c) | 3,004,680 |
108,875,916 | ||
Transportation Services — 1.7% | ||
3,432,876 | AIT Worldwide Logistics, Inc., 2021 Term Loan, 1 mo. USD SOFR + 4.750%, 10.171%, 4/06/2028(c) | 3,437,168 |
1,262,794 | Brown Group Holding LLC, 2022 Incremental Term Loan B2, 3 mo. USD SOFR + 3.000%, 8.323%, 7/02/2029(b)(c) | 1,267,100 |
2,203,643 | Carriage Purchaser, Inc., 2021 Term Loan B, 1 mo. USD SOFR + 4.250%, 9.694%, 10/02/2028(b)(c) | 2,211,906 |
Principal Amount (‡) | Description | Value (†) |
Transportation Services — continued | ||
$1,144,229 | Hertz Corp., 2021 Term Loan B, 1 mo. USD SOFR + 3.250%, 8.859%, 6/30/2028(c) | $1,050,242 |
221,609 | Hertz Corp., 2021 Term Loan C, 1 mo. USD SOFR + 3.250%, 8.859%, 6/30/2028(c) | 203,406 |
990,013 | KKR Apple Bidco LLC, 2022 Incremental Term Loan, 1 mo. USD SOFR + 3.500%, 8.829%, 9/22/2028(b)(c) | 993,230 |
1,592,091 | PODS LLC, 2021 Term Loan B, 3 mo. USD SOFR + 3.000%, 8.591%, 3/31/2028(c) | 1,507,010 |
4,505,060 | St. George Warehousing & Trucking Co. of California, Inc., 2022 Term Loan, 3 mo. USD SOFR + 6.000%, 11.452%, 3/24/2028(c) | 3,356,270 |
14,026,332 | ||
Wireless — 1.3% | ||
2,475,000 | Altice France SA, 2023 USD Term Loan B14, 3 mo. USD SOFR + 5.500%, 10.829%, 8/15/2028(b)(c) | 1,856,250 |
3,755,875 | CCI Buyer, Inc., Term Loan, 3 mo. USD SOFR + 4.000%, 9.302%, 12/17/2027(b)(c) | 3,772,326 |
5,105,768 | Crown Subsea Communications Holding, Inc., 2024 Term Loan B, 3 mo. USD SOFR + 4.750%, 10.080%, 1/30/2031(b)(c) | 5,148,299 |
10,776,875 | ||
Wirelines — 0.9% | ||
3,862,925 | Voyage Australia Pty. Ltd., USD Term Loan B, 3 mo. USD SOFR + 3.500%, 9.086%, 7/20/2028(c) | 3,864,856 |
3,782,879 | Zacapa SARL, 2022 Term Loan, 3 mo. USD SOFR + 4.000%, 9.309%, 3/22/2029(b)(c) | 3,781,820 |
7,646,676 | ||
Total Senior Loans (Identified Cost $762,120,370) | 742,154,704 | |
Bonds and Notes — 2.8% | ||
Airlines — 0.5% | ||
4,205,000 | Allegiant Travel Co., 7.250%, 8/15/2027(h) | 3,978,337 |
Cable Satellite — 0.4% | ||
5,000,000 | DISH DBS Corp., 7.750%, 7/01/2026 | 3,179,574 |
Chemicals — 0.3% | ||
2,985,000 | Iris Holdings, Inc., 9.500% PIK or 8.750% Cash, 2/15/2026(h)(i) | 2,425,312 |
Consumer Products — 0.2% | ||
1,965,000 | Newell Brands, Inc., 6.375%, 9/15/2027 | 1,929,069 |
Leisure — 0.4% | ||
3,230,000 | NCL Corp. Ltd., 8.125%, 1/15/2029(h) | 3,374,856 |
Media Entertainment — 0.3% | ||
4,650,000 | Millennium Escrow Corp., 6.625%, 8/01/2026(h) | 2,356,161 |
Other REITs — 0.2% | ||
2,000,000 | Starwood Property Trust, Inc., 4.375%, 1/15/2027(h) | 1,874,071 |
Retailers — 0.3% | ||
1,920,000 | Evergreen Acqco 1 LP/TVI, Inc., 9.750%, 4/26/2028(h) | 2,035,963 |
Technology — 0.2% | ||
808,500 | GoTo Group, Inc., 5.500%, 5/01/2028(h) | 671,055 |
1,116,500 | GoTo Group, Inc., 5.500%, 5/01/2028(h) | 572,256 |
1,243,311 | ||
Total Bonds and Notes (Identified Cost $27,897,303) | 22,396,654 |
Shares | Description | Value (†) |
Exchange-Traded Funds — 1.5% | ||
174,000 | SPDR® Blackstone Senior Loan ETF | $7,323,660 |
202,500 | SPDR® Bloomberg Short Term High Yield Bond ETF | 5,060,475 |
Total Exchange-Traded Funds (Identified Cost $12,370,103) | 12,384,135 | |
Common Stocks— 0.0% | ||
Capital Markets — 0.0% | ||
32,299 | Resolute Topco, Inc.(e) | 161,495 |
Oil, Gas & Consumable Fuels — 0.0% | ||
61,854 | Ameriforge Group, Inc.(e)(j) | 5,691 |
Textiles, Apparel & Luxury Goods — 0.0% | ||
53,230 | Elevate Textiles Holding Corp.(e) | 73,191 |
Total Common Stocks (Identified Cost $10,673,568) | 240,377 | |
Warrants — 0.0% | ||
55,256 | Elevate Textiles Holding Corp., Expiration on 6/21/2028(e) (Identified Cost $2,333) | 55 |
Principal Amount (‡) | ||
Short-Term Investments — 9.6% | ||
$48,863,517 | Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 5/31/2024 at 3.500% to be repurchased at $48,877,768 on 6/03/2024 collateralized by $40,656,300 U.S. Treasury Inflation Indexed Note, 0.375% due 1/15/2027 valued at $49,840,860 including accrued interest (Note 2 of Notes to Financial Statements) | 48,863,517 |
29,500,000 | U.S. Treasury Bills, 5.268%, 6/25/2024(k) | 29,405,025 |
Total Short-Term Investments (Identified Cost $78,259,923) | 78,268,542 | |
Total Investments — 105.1% (Identified Cost $891,323,600) | 855,444,467 | |
Other assets less liabilities — (5.1)% | (41,733,014 ) | |
Net Assets — 100.0% | $813,711,453 |
(†) | See Note 2 of Notes to Financial Statements. |
(‡) | Principal Amount stated in U.S. dollars unless otherwise noted. |
(a) | Position is unsettled. Contract rate was not determined at May 31, 2024 and does not take effect until settlement date. Maturity date is not finalized until settlement date. |
(b) | 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. |
(c) | Variable rate security. Rate as of May 31, 2024 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. |
(d) | Unfunded loan commitment. An unfunded loan commitment is a contractual obligation for future funding at the option of the borrower. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement. See Note 2 of Notes to Financial Statements. |
(e) | Non-income producing security. |
(f) | Payment–in–kind security for which the issuer, at each interest payment date, may make interest payments in cash and/or additional principal. For the period ended May 31, 2024, interest payments were made in principal. |
(g) | The issuer is in default with respect to interest and/or principal payments. Income is not being accrued. |
(h) | All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2024, the value of Rule 144A holdings amounted to $17,288,011 or 2.1% of net assets. |
(i) | 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 May 31, 2024, interest payments were made in cash. |
(j) | Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements. |
(k) | Interest rate represents discount rate at time of purchase; not a coupon rate. |
ETF | Exchange-Traded Fund |
PIK | Payment-in-Kind |
REITs | Real Estate Investment Trusts |
SOFR | Secured Overnight Financing Rate |
SPDR® | Standard & Poor's Depositary Receipt |
EUR | Euro |
Technology | 13.6 % |
Healthcare | 7.9 |
Media Entertainment | 7.7 |
Retailers | 7.7 |
Consumer Cyclical Services | 6.7 |
Brokerage | 4.1 |
Building Materials | 3.7 |
Property & Casualty Insurance | 3.7 |
Consumer Products | 3.5 |
Industrial Other | 2.8 |
Gaming | 2.3 |
Automotive | 2.3 |
Diversified Manufacturing | 2.2 |
Cable Satellite | 2.2 |
Chemicals | 2.2 |
Food & Beverage | 2.0 |
Other Investments, less than 2% each | 19.4 |
Short-Term Investments | 9.6 |
Exchange-Traded Funds | 1.5 |
Total Investments | 105.1 |
Other assets less liabilities | (5.1 ) |
Net Assets | 100.0 % |
Shares | Description | Value (†) |
Common Stocks — 97.3% of Net Assets | ||
Banks — 5.2% | ||
195,190 | JPMorgan Chase & Co. | $39,551,350 |
Broadline Retail — 5.7% | ||
247,930 | Amazon.com, Inc.(a) | 43,744,769 |
Capital Markets — 3.5% | ||
201,675 | Intercontinental Exchange, Inc. | 27,004,282 |
Chemicals — 6.1% | ||
413,215 | Corteva, Inc. | 23,115,247 |
75,500 | Sherwin-Williams Co. | 22,936,900 |
46,052,147 | ||
Entertainment — 3.9% | ||
288,060 | Walt Disney Co. | 29,932,315 |
Financial Services — 3.9% | ||
71,420 | Berkshire Hathaway, Inc., Class B(a) | 29,596,448 |
Ground Transportation — 6.2% | ||
54,075 | Saia, Inc.(a) | 22,142,631 |
106,110 | Union Pacific Corp. | 24,704,530 |
46,847,161 | ||
Health Care Equipment & Supplies — 3.7% | ||
238,405 | Dexcom, Inc.(a) | 28,315,362 |
Hotels, Restaurants & Leisure — 2.0% | ||
138,080 | DoorDash, Inc., Class A(a) | 15,203,989 |
Insurance — 3.2% | ||
62,915 | Kinsale Capital Group, Inc. | 24,135,452 |
Interactive Media & Services — 6.1% | ||
266,975 | Alphabet, Inc., Class A(a) | 46,053,187 |
IT Services — 2.7% | ||
149,300 | Snowflake, Inc., Class A(a) | 20,331,674 |
Life Sciences Tools & Services — 5.0% | ||
149,300 | Danaher Corp. | 38,340,240 |
Oil, Gas & Consumable Fuels — 4.7% | ||
518,645 | Antero Resources Corp.(a) | 18,479,321 |
2,780,605 | Kosmos Energy Ltd.(a) | 16,961,691 |
35,441,012 | ||
Personal Care Products — 2.7% | ||
163,925 | Estee Lauder Cos., Inc., Class A | 20,221,788 |
Pharmaceuticals — 4.5% | ||
202,015 | Zoetis, Inc. | 34,253,663 |
Semiconductors & Semiconductor Equipment — 15.6% | ||
54,075 | Monolithic Power Systems, Inc. | 39,779,192 |
43,600 | NVIDIA Corp. | 47,799,988 |
425,115 | ON Semiconductor Corp.(a) | 31,050,400 |
118,629,580 | ||
Software — 9.0% | ||
24,825 | Intuit, Inc. | 14,310,123 |
130,935 | Microsoft Corp. | 54,355,047 |
68,665,170 |
Shares | Description | Value (†) |
Specialty Retail — 3.6% | ||
28,430 | O'Reilly Automotive, Inc.(a) | $27,385,482 |
Total Common Stocks (Identified Cost $608,102,010) | 739,705,071 |
Principal Amount | ||
Short-Term Investments — 3.0% | ||
$23,201,763 | Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 5/31/2024 at 3.500% to be repurchased at $23,208,530 on 6/03/2024 collateralized by $23,771,300 U.S. Treasury Note, 4.000% due 1/15/2027 valued at $23,665,844 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $23,201,763) | 23,201,763 |
Total Investments — 100.3% (Identified Cost $631,303,773) | 762,906,834 | |
Other assets less liabilities — (0.3)% | (2,554,833 ) | |
Net Assets — 100.0% | $760,352,001 |
(†) | See Note 2 of Notes to Financial Statements. |
(a) | Non-income producing security. |
Semiconductors & Semiconductor Equipment | 15.6 % |
Software | 9.0 |
Ground Transportation | 6.2 |
Interactive Media & Services | 6.1 |
Chemicals | 6.1 |
Broadline Retail | 5.7 |
Banks | 5.2 |
Life Sciences Tools & Services | 5.0 |
Oil, Gas & Consumable Fuels | 4.7 |
Pharmaceuticals | 4.5 |
Entertainment | 3.9 |
Financial Services | 3.9 |
Health Care Equipment & Supplies | 3.7 |
Specialty Retail | 3.6 |
Capital Markets | 3.5 |
Insurance | 3.2 |
IT Services | 2.7 |
Personal Care Products | 2.7 |
Hotels, Restaurants & Leisure | 2.0 |
Short-Term Investments | 3.0 |
Total Investments | 100.3 |
Other assets less liabilities | (0.3 ) |
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 | $72,522,665 | $891,323,600 | $631,303,773 |
Net unrealized appreciation (depreciation) | 22,530,020 | (35,879,133 ) | 131,603,061 |
Investments at value | 95,052,685 | 855,444,467 | 762,906,834 |
Cash | — | 14,913,496 | — |
Foreign currency at value (identified cost $24,313, $0 and $0, respectively) | 24,303 | — | — |
Receivable for Fund shares sold | 1,447 | 1,334,373 | 1,537,877 |
Receivable for securities sold | — | 22,372,068 | 2,809 |
Dividends and interest receivable | 57,574 | 5,592,335 | 512,929 |
Tax reclaims receivable | 253,477 | — | — |
Prepaid expenses (Note 8) | 358 | 588 | 358 |
TOTAL ASSETS | 95,389,844 | 899,657,327 | 764,960,807 |
LIABILITIES | |||
Payable for securities purchased | — | 80,808,517 | 3,583,163 |
Unfunded loan commitments (Note 2) | — | 967,603 | — |
Payable for Fund shares redeemed | 61,674 | 1,772,113 | 338,678 |
Distributions payable | — | 1,328,429 | — |
Management fees payable (Note 5) | 56,814 | 430,100 | 447,400 |
Deferred Trustees’ fees (Note 5) | 50,252 | 397,346 | 126,003 |
Administrative fees payable (Note 5) | 3,755 | 30,852 | 29,368 |
Payable to distributor (Note 5d) | 483 | 25,646 | 4,759 |
Audit and tax services fees payable | 27,542 | 51,747 | 27,076 |
Other accounts payable and accrued expenses | 22,663 | 133,521 | 52,359 |
TOTAL LIABILITIES | 223,183 | 85,945,874 | 4,608,806 |
COMMITMENTS AND CONTINGENCIES(a) | — | — | — |
NET ASSETS | $95,166,661 | $813,711,453 | $760,352,001 |
NET ASSETS CONSIST OF: | |||
Paid-in capital | $77,902,559 | $1,483,174,963 | $643,651,750 |
Accumulated earnings (loss) | 17,264,102 | (669,463,510 ) | 116,700,251 |
NET ASSETS | $95,166,661 | $813,711,453 | $760,352,001 |
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | |||
Class A shares: | |||
Net assets | $6,178,367 | $157,975,715 | $31,546,269 |
Shares of beneficial interest | 348,063 | 19,149,543 | 1,531,271 |
Net asset value and redemption price per share | $17.75 | $8.25 | $20.60 |
Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1) | $18.83 | $8.55 | $21.86 |
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1) | |||
Net assets | $889,060 | $35,070,176 | $10,804,817 |
Shares of beneficial interest | 53,390 | 4,265,638 | 591,277 |
Net asset value and offering price per share | $16.65 | $8.22 | $18.27 |
Class N shares: | |||
Net assets | $13,342,554 | $2,192,044 | $306,354 |
Shares of beneficial interest | 737,500 | 265,861 | 14,698 |
Net asset value, offering and redemption price per share | $18.09 | $8.25 | $20.84 |
Class Y shares: | |||
Net assets | $74,756,680 | $618,473,518 | $717,694,561 |
Shares of beneficial interest | 4,141,871 | 74,876,579 | 34,437,074 |
Net asset value, offering and redemption price per share | $18.05 | $8.26 | $20.84 |
(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 | $595,977 | $597,222 | $2,458,578 |
Interest | 20,687 | 42,827,787 | 271,035 |
Less net foreign taxes withheld | (61,593 ) | — | — |
555,071 | 43,425,009 | 2,729,613 | |
Expenses | |||
Management fees (Note 5) | 377,645 | 2,526,577 | 2,564,363 |
Service and distribution fees (Note 5) | 11,152 | 387,895 | 94,197 |
Administrative fees (Note 5) | 22,843 | 191,179 | 166,065 |
Trustees' fees and expenses (Note 5) | 18,320 | 87,739 | 42,221 |
Transfer agent fees and expenses (Notes 5, 6 and 7) | 33,726 | 339,675 | 296,109 |
Audit and tax services fees | 23,088 | 47,081 | 22,887 |
Custodian fees and expenses | 9,650 | 54,569 | 12,236 |
Legal fees | 2,238 | 24,052 | 13,939 |
Registration fees | 51,675 | 37,214 | 70,180 |
Shareholder reporting expenses | 14,237 | 55,582 | 31,799 |
Miscellaneous expenses | 26,826 | 47,032 | 33,738 |
Total expenses | 591,400 | 3,798,595 | 3,347,734 |
Less waiver and/or expense reimbursement (Note 5) | (104,185 ) | (240,090 ) | (130,450 ) |
Less expense offset (Note 7) | (557 ) | (12,978 ) | (9,295 ) |
Net expenses | 486,658 | 3,545,527 | 3,207,989 |
Net investment income (loss) | 68,413 | 39,879,482 | (478,376 ) |
Net realized and unrealized gain (loss) on Investments and Foreign currency transactions | |||
Net realized gain (loss) on: | |||
Investments | 1,671,110 | (4,407,397 ) | 17,905,090 |
Foreign currency transactions (Note 2c) | 1,053 | — | — |
Net change in unrealized appreciation (depreciation) on: | |||
Investments | 8,014,674 | 7,519,031 | 40,166,559 |
Foreign currency translations (Note 2c) | (7,750 ) | 730 | — |
Net realized and unrealized gain on Investments and Foreign currency transactions | 9,679,087 | 3,112,364 | 58,071,649 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $9,747,500 | $42,991,846 | $57,593,273 |
Loomis Sayles Global Growth Fund | Loomis Sayles Senior Floating Rate and Fixed Income Fund | |||
Six Months Ended May 31,2024 (Unaudited) | Year Ended November 30,2023 | Six Months Ended May 31,2024 (Unaudited) | Year Ended November 30,2023 | |
FROM OPERATIONS: | ||||
Net investment income (loss) | $68,413 | $(172,579 ) | $39,879,482 | $85,787,449 |
Net realized gain (loss) on investments and foreign currency transactions | 1,672,163 | (2,518,233 ) | (4,407,397 ) | (54,283,821 ) |
Net change in unrealized appreciation on investments and foreign currency translations | 8,006,924 | 23,372,106 | 7,519,761 | 62,698,256 |
Net increase in net assets resulting from operations | 9,747,500 | 20,681,294 | 42,991,846 | 94,201,884 |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||
Class A | — | (191,028 ) | (7,007,073 ) | (15,124,779 ) |
Class C | — | (62,385 ) | (1,574,973 ) | (4,129,069 ) |
Class N | — | (670,570 ) | (108,986 ) | (223,084 ) |
Class Y | — | (5,460,663 ) | (29,622,405 ) | (66,580,668 ) |
Total distributions | — | (6,384,646 ) | (38,313,437 ) | (86,057,600 ) |
NET DECREASE IN NET ASSETS FROM CAPITAL SHARES TRANSACTIONS (Note 11) | (10,077,317 ) | (13,419,969 ) | (122,498,737 ) | (101,033,987 ) |
Net increase (decrease) in net assets | (329,817 ) | 876,679 | (117,820,328 ) | (92,889,703 ) |
NET ASSETS | ||||
Beginning of the period | 95,496,478 | 94,619,799 | 931,531,781 | 1,024,421,484 |
End of the period | $95,166,661 | $95,496,478 | $813,711,453 | $931,531,781 |
Vaughan Nelson Select Fund | ||
Six Months Ended May 31,2024 (Unaudited) | Year Ended November 30,2023 | |
FROM OPERATIONS: | ||
Net investment income (loss) | $(478,376 ) | $892,099 |
Net realized gain (loss) on investments | 17,905,090 | (25,189,095 ) |
Net change in unrealized appreciation on investments | 40,166,559 | 73,745,497 |
Net increase in net assets resulting from operations | 57,593,273 | 49,448,501 |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||
Class A | — | (221,013 ) |
Class C | — | (60,686 ) |
Class N | (558 ) | (3,296 ) |
Class Y | (843,836 ) | (4,002,563 ) |
Total distributions | (844,394 ) | (4,287,558 ) |
NET INCREASE IN NET ASSETS FROM CAPITAL SHARES TRANSACTIONS (Note 11) | 76,655,549 | 159,985,037 |
Net increase in net assets | 133,404,428 | 205,145,980 |
NET ASSETS | ||
Beginning of the period | 626,947,573 | 421,801,593 |
End of the period | $760,352,001 | $626,947,573 |
Loomis Sayles Global Growth Fund—Class A | ||||||
Six Months Ended May 31, 2024 (Unaudited) | 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 | $16.11 | $14.00 | $19.07 | $18.78 | $14.78 | $13.28 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||
Net investment income (loss)(a) | (0.01 ) | (0.07 ) | (0.04 ) | (0.09 ) | (0.05 ) | 0.00 (b) |
Net realized and unrealized gain (loss) | 1.65 | 3.13 | (3.68 ) | 1.52 | 4.88 | 2.03 |
Total from Investment Operations | 1.64 | 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 | $17.75 | $16.11 | $14.00 | $19.07 | $18.78 | $14.78 |
Total return(c)(d) | 10.18 %(e) | 23.92 % | (21.08 )% | 7.95 % | 34.37 % | 16.25 % |
RATIOS TO AVERAGE NET ASSETS: | ||||||
Net assets, end of the period (000's) | $6,178 | $4,021 | $3,225 | $6,173 | $4,913 | $2,832 |
Net expenses(f) | 1.20 %(g) | 1.21 %(h) | 1.20 % | 1.20 %(i) | 1.25 % | 1.26 %(j) |
Gross expenses | 1.42 %(g)(k) | 1.38 %(h) | 1.35 % | 1.29 % | 1.44 % | 1.49 % |
Net investment income (loss) | (0.10 )%(g) | (0.45 )% | (0.25 )% | (0.43 )% | (0.33 )% | 0.03 % |
Portfolio turnover rate | 4 % | 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) | Periods less than one year are not annualized. |
(f) | The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
(g) | Computed on an annualized basis for periods less than one year. |
(h) | Includes 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%. |
(i) | Effective December 15, 2020, the expense limit decreased from 1.25% to 1.20%. |
(j) | Effective July 1, 2019, the expense limit decreased from 1.30% to 1.25%. |
(k) | Includes transfer agent fees and expenses before expense offset. Without these expenses the ratio of gross expenses would have been 1.41%. See Note 7 of Notes to Financial Statements. |
Loomis Sayles Global Growth Fund—Class C | ||||||
Six Months Ended May 31, 2024 (Unaudited) | 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 | $15.17 | $13.33 | $18.36 | $18.24 | $14.49 | $13.06 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||
Net investment loss(a) | (0.07 ) | (0.15 ) | (0.15 ) | (0.22 ) | (0.16 ) | (0.09 ) |
Net realized and unrealized gain (loss) | 1.55 | 2.94 | (3.53 ) | 1.48 | 4.74 | 2.00 |
Total from Investment Operations | 1.48 | 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 | $16.65 | $15.17 | $13.33 | $18.36 | $18.24 | $14.49 |
Total return(c)(d) | 9.76 %(e) | 23.03 % | (21.71 )% | 7.15 % | 33.44 % | 15.40 % |
RATIOS TO AVERAGE NET ASSETS: | ||||||
Net assets, end of the period (000's) | $889 | $842 | $833 | $1,297 | $1,274 | $1,079 |
Net expenses(f) | 1.95 %(g) | 1.96 %(h) | 1.95 % | 1.95 %(i) | 2.00 % | 2.01 %(j) |
Gross expenses | 2.16 %(g) | 2.14 %(h) | 2.10 % | 2.04 % | 2.19 % | 2.23 % |
Net investment loss | (0.85 )%(g) | (1.11 )% | (1.03 )% | (1.17 )% | (1.05 )% | (0.69 )% |
Portfolio turnover rate | 4 % | 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) | Periods less than one year are not annualized. |
(f) | The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
(g) | Computed on an annualized basis for periods less than one year. |
(h) | Includes 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%. |
(i) | Effective December 15, 2020, the expense limit decreased from 2.00% to 1.95%. |
(j) | Effective July 1, 2019, the expense limit decreased from 2.05% to 2.00%. |
Loomis Sayles Global Growth Fund—Class N | ||||||
Six Months Ended May 31, 2024 (Unaudited) | 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 | $16.40 | $14.21 | $19.29 | $18.93 | $14.85 | $13.34 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||
Net investment income (loss)(a) | 0.02 | (0.02 ) | (0.00 )(b) | (0.03 ) | (0.01 ) | 0.05 |
Net realized and unrealized gain (loss) | 1.67 | 3.19 | (3.73 ) | 1.53 | 4.92 | 2.03 |
Total from Investment Operations | 1.69 | 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 | $18.09 | $16.40 | $14.21 | $19.29 | $18.93 | $14.85 |
Total return(c) | 10.30 %(d) | 24.40 % | (20.87 )% | 8.21 % | 34.84 % | 16.61 % |
RATIOS TO AVERAGE NET ASSETS: | ||||||
Net assets, end of the period (000's) | $13,343 | $12,096 | $9,725 | $12,293 | $11,357 | $3,319 |
Net expenses(e) | 0.90 %(f) | 0.91 %(g) | 0.90 % | 0.90 %(h) | 0.95 % | 0.98 %(i) |
Gross expenses | 1.10 %(f) | 1.06 %(g) | 1.02 % | 0.98 % | 1.13 % | 1.22 % |
Net investment income (loss) | 0.20 %(f) | (0.13 )% | (0.01 )% | (0.14 )% | (0.09 )% | 0.35 % |
Portfolio turnover rate | 4 % | 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) | Periods less than one year are not annualized. |
(e) | The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
(f) | Computed on an annualized basis for periods less than one year. |
(g) | Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross expenses would have been 1.05%. |
(h) | Effective December 15, 2020, the expense limit decreased from 0.95% to 0.90%. |
(i) | Effective July 1, 2019, the expense limit decreased from 1.00% to 0.95%. |
Loomis Sayles Global Growth Fund—Class Y | ||||||
Six Months Ended May 31, 2024 (Unaudited) | 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 | $16.37 | $14.18 | $19.27 | $18.91 | $14.85 | $13.33 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||
Net investment income (loss)(a) | 0.01 | (0.02 ) | (0.01 ) | (0.04 ) | (0.01 ) | 0.04 |
Net realized and unrealized gain (loss) | 1.67 | 3.18 | (3.73 ) | 1.54 | 4.90 | 2.04 |
Total from Investment Operations | 1.68 | 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 | $18.05 | $16.37 | $14.18 | $19.27 | $18.91 | $14.85 |
Total return(b) | 10.26 %(c) | 24.37 % | (20.95 )% | 8.22 % | 34.70 % | 16.65 % |
RATIOS TO AVERAGE NET ASSETS: | ||||||
Net assets, end of the period (000's) | $74,757 | $78,539 | $80,836 | $106,028 | $86,950 | $63,308 |
Net expenses(d) | 0.95 %(e) | 0.96 %(f) | 0.95 % | 0.95 %(g) | 1.00 % | 1.01 %(h) |
Gross expenses | 1.16 %(e) | 1.14 %(f) | 1.10 % | 1.04 % | 1.19 % | 1.23 % |
Net investment income (loss) | 0.15 %(e) | (0.16 )% | (0.08 )% | (0.19 )% | (0.05 )% | 0.30 % |
Portfolio turnover rate | 4 % | 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) | Periods less than one year are not annualized. |
(d) | The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
(e) | Computed on an annualized basis for periods less than one year. |
(f) | Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 1.13%. |
(g) | Effective December 15, 2020, the expense limit decreased from 1.00% to 0.95%. |
(h) | 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 | ||||||
Six Months Ended May 31, 2024 (Unaudited) | 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 | $8.21 | $8.13 | $8.96 | $8.81 | $9.16 | $9.62 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||
Net investment income(a) | 0.39 | 0.73 | 0.43 | 0.32 | 0.43 | 0.57 |
Net realized and unrealized gain (loss) | 0.02 | 0.08 | (0.81 ) | 0.16 | (0.34 ) | (0.45 ) |
Total from Investment Operations | 0.41 | 0.81 | (0.38 ) | 0.48 | 0.09 | 0.12 |
LESS DISTRIBUTIONS FROM: | ||||||
Net investment income | (0.37 ) | (0.73 ) | (0.45 ) | (0.33 ) | (0.44 ) | (0.58 ) |
Net asset value, end of the period | $8.25 | $8.21 | $8.13 | $8.96 | $8.81 | $9.16 |
Total return(b)(c) | 5.07 %(d) | 10.37 % | (4.28 )% | 5.47 % | 1.19 % | 1.23 % |
RATIOS TO AVERAGE NET ASSETS: | ||||||
Net assets, end of the period (000's) | $157,976 | $156,290 | $188,201 | $219,989 | $208,251 | $297,634 |
Net expenses(e) | 1.00 %(f) | 1.03 %(g) | 1.05 % | 1.05 % | 1.07 %(h) | 1.06 %(i) |
Gross expenses | 1.06 %(f) | 1.17 % | 1.24 % | 1.24 % | 1.20 %(h) | 1.09 %(i) |
Net investment income | 9.33 %(f) | 8.88 % | 5.04 % | 3.56 % | 4.96 % | 6.03 % |
Portfolio turnover rate | 50 % | 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) | Periods less than one year are not annualized. |
(e) | The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
(f) | Computed on an annualized basis for periods less than one year. |
(g) | Effective July 1, 2023, the expense limit decreased from 1.05% to 1.00%. |
(h) | 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%. |
(i) | 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 | ||||||
Six Months Ended May 31, 2024 (Unaudited) | 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 | $8.18 | $8.10 | $8.93 | $8.78 | $9.12 | $9.59 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||
Net investment income(a) | 0.35 | 0.66 | 0.36 | 0.25 | 0.37 | 0.50 |
Net realized and unrealized gain (loss) | 0.03 | 0.09 | (0.80 ) | 0.16 | (0.34 ) | (0.46 ) |
Total from Investment Operations | 0.38 | 0.75 | (0.44 ) | 0.41 | 0.03 | 0.04 |
LESS DISTRIBUTIONS FROM: | ||||||
Net investment income | (0.34 ) | (0.67 ) | (0.39 ) | (0.26 ) | (0.37 ) | (0.51 ) |
Net asset value, end of the period | $8.22 | $8.18 | $8.10 | $8.93 | $8.78 | $9.12 |
Total return(b)(c) | 4.68 %(d) | 9.56 % | (5.04 )% | 4.69 % | 0.53 % | 0.36 % |
RATIOS TO AVERAGE NET ASSETS: | ||||||
Net assets, end of the period (000's) | $35,070 | $41,284 | $62,570 | $89,618 | $125,909 | $233,387 |
Net expenses(e) | 1.75 %(f) | 1.78 %(g) | 1.80 % | 1.80 % | 1.82 %(h) | 1.81 %(i) |
Gross expenses | 1.81 %(f) | 1.92 % | 1.99 % | 1.99 % | 1.95 %(h) | 1.84 %(i) |
Net investment income | 8.57 %(f) | 8.13 % | 4.22 % | 2.80 % | 4.27 % | 5.28 % |
Portfolio turnover rate | 50 % | 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) | Periods less than one year are not annualized. |
(e) | The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
(f) | Computed on an annualized basis for periods less than one year. |
(g) | Effective July 1, 2023, the expense limit decreased from 1.80% to 1.75%. |
(h) | 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%. |
(i) | 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 | ||||||
Six Months Ended May 31, 2024 (Unaudited) | 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 | $8.21 | $8.13 | $8.96 | $8.81 | $9.17 | $9.63 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||
Net investment income(a) | 0.40 | 0.75 | 0.46 | 0.34 | 0.46 | 0.60 |
Net realized and unrealized gain (loss) | 0.02 | 0.08 | (0.81 ) | 0.16 | (0.36 ) | (0.45 ) |
Total from Investment Operations | 0.42 | 0.83 | (0.35 ) | 0.50 | 0.10 | 0.15 |
LESS DISTRIBUTIONS FROM: | ||||||
Net investment income | (0.38 ) | (0.75 ) | (0.48 ) | (0.35 ) | (0.46 ) | (0.61 ) |
Net asset value, end of the period | $8.25 | $8.21 | $8.13 | $8.96 | $8.81 | $9.17 |
Total return(b) | 5.22 %(c) | 10.71 % | (4.00 )% | 5.79 % | 1.37 % | 1.54 % |
RATIOS TO AVERAGE NET ASSETS: | ||||||
Net assets, end of the period (000's) | $2,192 | $2,573 | $2,278 | $2,528 | $151 | $242 |
Net expenses(d) | 0.70 %(e) | 0.73 %(f) | 0.75 % | 0.75 % | 0.77 %(g) | 0.76 %(h) |
Gross expenses | 0.81 %(e) | 0.88 % | 0.96 % | 1.03 % | 1.24 %(g) | 1.11 %(h) |
Net investment income | 9.60 %(e) | 9.20 % | 5.36 % | 3.83 % | 5.31 % | 6.33 % |
Portfolio turnover rate | 50 % | 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) | Periods less than one year are not annualized. |
(d) | The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
(e) | Computed on an annualized basis for periods less than one year. |
(f) | Effective July 1, 2023, the expense limit decreased from 0.75% to 0.70%. |
(g) | 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%. |
(h) | 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 | ||||||
Six Months Ended May 31, 2024 (Unaudited) | 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 | $8.22 | $8.14 | $8.97 | $8.82 | $9.17 | $9.63 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||
Net investment income(a) | 0.40 | 0.75 | 0.44 | 0.34 | 0.46 | 0.59 |
Net realized and unrealized gain (loss) | 0.02 | 0.08 | (0.79 ) | 0.16 | (0.35 ) | (0.45 ) |
Total from Investment Operations | 0.42 | 0.83 | (0.35 ) | 0.50 | 0.11 | 0.14 |
LESS DISTRIBUTIONS FROM: | ||||||
Net investment income | (0.38 ) | (0.75 ) | (0.48 ) | (0.35 ) | (0.46 ) | (0.60 ) |
Net asset value, end of the period | $8.26 | $8.22 | $8.14 | $8.97 | $8.82 | $9.17 |
Total return(b) | 5.20 %(c) | 10.65 % | (4.04 )% | 5.73 % | 1.45 % | 1.49 % |
RATIOS TO AVERAGE NET ASSETS: | ||||||
Net assets, end of the period (000's) | $618,474 | $731,385 | $771,373 | $1,227,587 | $875,829 | $1,929,869 |
Net expenses(d) | 0.75 %(e) | 0.78 %(f) | 0.80 % | 0.80 % | 0.82 %(g) | 0.81 %(h) |
Gross expenses | 0.81 %(e) | 0.92 % | 0.99 % | 0.99 % | 0.95 %(g) | 0.84 %(h) |
Net investment income | 9.56 %(e) | 9.12 % | 5.11 % | 3.80 % | 5.28 % | 6.28 % |
Portfolio turnover rate | 50 % | 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) | Periods less than one year are not annualized. |
(d) | The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
(e) | Computed on an annualized basis for periods less than one year. |
(f) | Effective July 1, 2023, the expense limit decreased from 0.80% to 0.75%. |
(g) | 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%. |
(h) | 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 | ||||||
Six Months Ended May 31, 2024 (Unaudited) | 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 | $18.87 | $17.24 | $26.43 | $20.00 | $18.63 | $18.13 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||
Net investment income (loss)(a) | (0.04 ) | (0.01 ) | (0.00 )(b) | 0.07 (c) | 0.06 | 0.14 |
Net realized and unrealized gain (loss) | 1.77 | 1.80 | (1.94 ) | 7.70 | 2.75 | 1.90 |
Total from Investment Operations | 1.73 | 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 | $20.60 | $18.87 | $17.24 | $26.43 | $20.00 | $18.63 |
Total return(d)(e) | 9.17 %(f) | 10.54 % | (10.50 )% | 41.46 %(c) | 16.21 % | 13.67 % |
RATIOS TO AVERAGE NET ASSETS: | ||||||
Net assets, end of the period (000's) | $31,546 | $29,980 | $23,653 | $20,382 | $13,722 | $15,434 |
Net expenses(g) | 1.10 %(h) | 1.10 % | 1.09 %(i) | 1.10 %(j)(k) | 1.13 % | 1.16 %(l) |
Gross expenses | 1.14 %(h)(m) | 1.15 % | 1.12 % | 1.14 % | 1.18 % | 1.21 % |
Net investment income (loss) | (0.36 )%(h) | (0.06 )% | (0.02 )% | 0.30 %(c) | 0.37 % | 0.84 % |
Portfolio turnover rate | 41 % | 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) | Periods less than one year are not annualized. |
(g) | The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
(h) | Computed on an annualized basis for periods less than one year. |
(i) | Includes additional voluntary waiver of advisory fee of 0.01%. |
(j) | Effective July 1, 2021, the expense limit decreased from 1.15% to 1.10%. |
(k) | Includes additional voluntary waiver of advisory fee of 0.03%. |
(l) | Effective July 1, 2019, the expense limit decreased from 1.20% to 1.15%. |
(m) | Includes transfer agent fees and expenses before expense offset. Without these expenses the ratio of gross expenses would have been 1.13%. See Note 7 of Notes to Financial Statements. |
Vaughan Nelson Select Fund—Class C | ||||||
Six Months Ended May 31, 2024 (Unaudited) | 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 | $16.80 | $15.49 | $24.61 | $18.76 | $17.56 | $17.31 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||
Net investment income (loss)(a) | (0.10 ) | (0.13 ) | (0.12 ) | (0.08 )(b) | (0.07 ) | 0.02 |
Net realized and unrealized gain (loss) | 1.57 | 1.60 | (1.75 ) | 7.19 | 2.58 | 1.77 |
Total from Investment Operations | 1.47 | 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 | $18.27 | $16.80 | $15.49 | $24.61 | $18.76 | $17.56 |
Total return(c)(d) | 8.75 %(e) | 9.65 % | (11.16 )% | 40.44 %(b) | 15.31 % | 12.86 % |
RATIOS TO AVERAGE NET ASSETS: | ||||||
Net assets, end of the period (000's) | $10,805 | $11,102 | $5,784 | $5,357 | $5,246 | $6,313 |
Net expenses(f) | 1.85 %(g) | 1.85 % | 1.84 %(h) | 1.86 %(i)(j) | 1.88 % | 1.91 %(k) |
Gross expenses | 1.89 %(g)(l) | 1.90 % | 1.88 % | 1.89 % | 1.93 % | 1.96 % |
Net investment income (loss) | (1.10 )%(g) | (0.81 )% | (0.76 )% | (0.39 )%(b) | (0.40 )% | 0.09 % |
Portfolio turnover rate | 41 % | 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) | Periods less than one year are not annualized. |
(f) | The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
(g) | Computed on an annualized basis for periods less than one year. |
(h) | Includes additional voluntary waiver of advisory fee of 0.01%. |
(i) | Effective July 1, 2021, the expense limit decreased from 1.90% to 1.85%. |
(j) | Includes additional voluntary waiver of advisory fee of 0.03%. |
(k) | Effective July 1, 2019, the expense limit decreased from 1.95% to 1.90%. |
(l) | Includes transfer agent fees and expenses before expense offset. Without these expenses the ratio of gross expenses would have been 1.88%. See Note 7 of Notes to Financial Statements. |
Vaughan Nelson Select Fund—Class N | ||||||
Six Months Ended May 31, 2024 (Unaudited) | 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 | $19.10 | $17.43 | $26.63 | $20.14 | $18.76 | $18.26 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||
Net investment income (loss)(a) | (0.01 ) | 0.05 | 0.08 | 0.13 (b) | 0.11 | 0.19 |
Net realized and unrealized gain (loss) | 1.79 | 1.82 | (2.00 ) | 7.76 | 2.77 | 1.91 |
Total from Investment Operations | 1.78 | 1.87 | (1.92 ) | 7.89 | 2.88 | 2.10 |
LESS DISTRIBUTIONS FROM: | ||||||
Net investment income | (0.04 ) | (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 | (0.04 ) | (0.20 ) | (7.28 ) | (1.40 ) | (1.50 ) | (1.60 ) |
Net asset value, end of the period | $20.84 | $19.10 | $17.43 | $26.63 | $20.14 | $18.76 |
Total return(c) | 9.31 %(d) | 10.90 % | (10.29 )% | 41.87 %(b) | 16.50 % | 13.93 % |
RATIOS TO AVERAGE NET ASSETS: | ||||||
Net assets, end of the period (000's) | $306 | $299 | $289 | $2 | $2 | $1 |
Net expenses(e) | 0.80 %(f) | 0.80 % | 0.80 % | 0.83 %(g) | 0.85 % | 0.87 %(h) |
Gross expenses | 1.39 %(f)(i) | 1.15 % | 3.35 % | 49.27 % | 71.85 % | 63.51 % |
Net investment income (loss) | (0.06 )%(f) | 0.25 % | 0.51 % | 0.56 %(b) | 0.61 % | 1.10 % |
Portfolio turnover rate | 41 % | 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 income per share would have been $0.01, total return would have been 41.24% and the ratio of net investment income to average net assets would have been 0.02%. |
(c) | Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
(d) | Periods less than one year are not annualized. |
(e) | The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
(f) | Computed on an annualized basis for periods less than one year. |
(g) | Effective July 1, 2021, the expense limit decreased from 0.85% to 0.80%. |
(h) | Effective July 1, 2019, the expense limit decreased from 0.90% to 0.85%. |
(i) | Includes transfer agent fees and expenses before expense offset. Without these expenses the ratio of gross expenses would have been 1.38%. See Note 7 of Notes to Financial Statements. |
Vaughan Nelson Select Fund—Class Y | ||||||
Six Months Ended May 31, 2024 (Unaudited) | 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 | $19.09 | $17.43 | $26.63 | $20.14 | $18.75 | $18.25 |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||
Net investment income (loss)(a) | (0.01 ) | 0.04 | 0.05 | 0.13 (b) | 0.11 | 0.19 |
Net realized and unrealized gain (loss) | 1.79 | 1.81 | (1.97 ) | 7.75 | 2.77 | 1.90 |
Total from Investment Operations | 1.78 | 1.85 | (1.92 ) | 7.88 | 2.88 | 2.09 |
LESS DISTRIBUTIONS FROM: | ||||||
Net investment income | (0.03 ) | (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 | (0.03 ) | (0.19 ) | (7.28 ) | (1.39 ) | (1.49 ) | (1.59 ) |
Net asset value, end of the period | $20.84 | $19.09 | $17.43 | $26.63 | $20.14 | $18.75 |
Total return(c) | 9.32 %(d) | 10.81 % | (10.31 )% | 41.81 %(b) | 16.52 % | 13.94 % |
RATIOS TO AVERAGE NET ASSETS: | ||||||
Net assets, end of the period (000's) | $717,695 | $585,568 | $392,076 | $226,305 | $205,557 | $204,856 |
Net expenses(e) | 0.85 %(f) | 0.85 % | 0.84 %(g) | 0.85 %(h)(i) | 0.88 % | 0.91 %(j) |
Gross expenses | 0.89 %(f) | 0.90 % | 0.88 % | 0.89 % | 0.93 % | 0.96 % |
Net investment income (loss) | (0.10 )%(f) | 0.20 % | 0.26 % | 0.56 %(b) | 0.61 % | 1.09 % |
Portfolio turnover rate | 41 % | 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 less than $(0.01), total return would have been 41.17% and the ratio of net investment loss to average net assets would have been less than (0.01)%. |
(c) | Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
(d) | Periods less than one year are not annualized. |
(e) | The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
(f) | Computed on an annualized basis for periods less than one year. |
(g) | Includes additional voluntary waiver of advisory fee of 0.01%. |
(h) | Effective July 1, 2021, the expense limit decreased from 0.90% to 0.85%. |
(i) | Includes additional voluntary waiver of advisory fee of 0.03%. |
(j) | 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 | |||
Fund | Ordinary Income | Long-Term Capital Gains | Total |
Global Growth Fund | $126,113 | $6,258,533 | $6,384,646 |
Senior Floating Rate and Fixed Income Fund | 86,057,600 | — | 86,057,600 |
Select Fund | 704,845 | 3,582,713 | 4,287,558 |
Global Growth Fund | Senior Floating Rate and Fixed Income Fund | Select Fund | |
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 ) |
Global Growth Fund | Senior Floating Rate and Fixed Income Fund | Select Fund | |
Federal tax cost | $72,522,665 | $891,902,501 | $631,303,773 |
Gross tax appreciation | $28,794,723 | $6,429,192 | $152,565,329 |
Gross tax depreciation | (6,264,703 ) | (42,887,226 ) | (20,962,268 ) |
Net tax appreciation (depreciation) | $22,530,020 | $(36,458,034 ) | $131,603,061 |
Borrower | Type | Principal Amount |
The Action Environmental Group, Inc | 2023 Delayed Draw Term Loan B | $652,174 |
Ryan LLC | Delayed Draw Term Loan | 315,429 |
$967,603 |
Global Growth Fund | ||||
Asset Valuation Inputs | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
China | $7,404,107 | $2,694,421 | $ — | $10,098,528 |
Denmark | — | 3,448,714 | — | 3,448,714 |
France | — | 654,947 | — | 654,947 |
Japan | — | 1,665,529 | — | 1,665,529 |
Netherlands | 219,364 | 3,105,796 | — | 3,325,160 |
Switzerland | 1,451,195 | 3,224,271 | — | 4,675,466 |
United Kingdom | — | 1,014,584 | — | 1,014,584 |
United States | 54,493,369 | 4,223,155 | — | 58,716,524 |
All Other Common Stocks(a) | 10,851,571 | — | — | 10,851,571 |
Total Common Stocks | 74,419,606 | 20,031,417 | — | 94,451,023 |
Short-Term Investments | — | 601,662 | — | 601,662 |
Total Investments | $74,419,606 | $20,633,079 | $— | $95,052,685 |
(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) | $ — | $742,154,704 | $ — | $742,154,704 |
Bonds and Notes(a) | — | 22,396,654 | — | 22,396,654 |
Exchange-Traded Funds | 12,384,135 | — | — | 12,384,135 |
Common Stocks | ||||
Oil, Gas & Consumable Fuels | — | — | 5,691 | 5,691 |
All Other Common Stocks(a) | — | 234,686 | — | 234,686 |
Total Common Stocks | — | 234,686 | 5,691 | 240,377 |
Warrants | — | 55 | — | 55 |
Short-Term Investments | — | 78,268,542 | — | 78,268,542 |
Total Investments | $12,384,135 | $843,054,641 | $5,691 | $855,444,467 |
(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) | $739,705,071 | $ — | $ — | $739,705,071 |
Short-Term Investments | — | 23,201,763 | — | 23,201,763 |
Total Investments | $739,705,071 | $23,201,763 | $— | $762,906,834 |
(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, 2023 | Accrued Discounts (Premiums) | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Purchases | Sales | Transfers into Level 3 | Transfers out of Level 3 | Balance as of May 31, 2024 | Change in Unrealized Appreciation (Depreciation) from Investments Still Held at May 31, 2024 |
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 | $ — | $ — | $4,332,278 | $14,552,831 |
Senior Floating Rate and Fixed Income Fund | — | 9,635,871 | 396,135,365 | 477,171,781 |
Select Fund | — | — | 361,087,109 | 292,289,926 |
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 | 0.98 % | 1.73 % | 0.68 % | 0.73 % |
Gross Management Fees | Contractual Waivers of Management Fees1 | Net Management Fees | Percentage of Average Daily Net Assets | ||
Fund | Gross | Net | |||
Global Growth Fund | $377,645 | $103,136 | $274,509 | 0.75 % | 0.55 % |
Senior Floating Rate and Fixed Income Fund | 2,526,577 | 239,170 | 2,287,407 | 0.60 % | 0.54 % |
Select Fund | 2,564,363 | 129,551 | 2,434,812 | 0.70 % | 0.66 % |
1 | Contractual management fee waivers are subject to possible recovery until November 30, 2025. |
Service Fees | Distribution Fees | |||
Fund | Class A | Class C | Class C | |
Global Growth Fund | $6,483 | $1,167 | $3,502 | |
Senior Floating Rate and Fixed Income Fund | 195,743 | 48,038 | 144,114 | |
Select Fund | 40,053 | 13,536 | 40,608 |
Fund | Administrative Fees |
Global Growth Fund | $22,843 |
Senior Floating Rate and Fixed Income Fund | 191,179 |
Select Fund | 166,065 |
Fund | Sub-Transfer Agent Fees |
Global Growth Fund | $29,842 |
Senior Floating Rate and Fixed Income Fund | 311,577 |
Select Fund | 268,279 |
Fund | Reimbursements of Sub-Transfer Agent Fees |
Global Growth Fund | $483 |
Senior Floating Rate and Fixed Income Fund | 25,646 |
Select Fund | 4,759 |
Fund | Commissions |
Global Growth Fund | $154 |
Senior Floating Rate and Fixed Income Fund | 2,113 |
Select Fund | 15,160 |
Natixis | Retirement Plan | |
Global Growth Fund | 15.96 % | 9.15 % |
Senior Floating Rate and Fixed Income Fund | — % | 1.05 % |
Reimbursement of Transfer Agency Expenses | |
Fund | Class N |
Global Growth Fund | $1,049 |
Senior Floating Rate and Fixed Income Fund | 920 |
Select Fund | 899 |
Transfer Agent Fees and Expenses | ||||
Fund | Class A | Class C | Class N | Class Y |
Global Growth Fund | $1,894 | $342 | $1,049 | $29,884 |
Senior Floating Rate and Fixed Income Fund | 60,672 | 14,997 | 920 | 250,108 |
Select Fund | 12,498 | 4,227 | 899 | 269,190 |
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 | 2 | 36.79 % | 25.11 % | 61.90 % |
Select Fund | 3 | 19.17 % | — | 19.17 % |
Six Months Ended May 31, 2024 | Year Ended November 30, 2023 | |||
Global Growth Fund | Shares | Amount | Shares | Amount |
Class A | ||||
Issued from the sale of shares | 123,418 | $2,171,824 | 70,211 | $1,000,718 |
Issued in connection with the reinvestment of distributions | — | — | 15,179 | 188,214 |
Redeemed | (24,852 ) | (429,159 ) | (66,353 ) | (948,296 ) |
Net change | 98,566 | $1,742,665 | 19,037 | $240,636 |
Class C | ||||
Issued from the sale of shares | 8,576 | $138,210 | 11,298 | $148,565 |
Issued in connection with the reinvestment of distributions | — | — | 5,305 | 62,385 |
Redeemed | (10,643 ) | (177,417 ) | (23,643 ) | (316,750 ) |
Net change | (2,067 ) | $(39,207 ) | (7,040 ) | $(105,800 ) |
Class N | ||||
Issued from the sale of shares | 30 | $516 | 154 | $2,149 |
Issued in connection with the reinvestment of distributions | — | — | 53,304 | 670,570 |
Redeemed | (95 ) | (1,648 ) | (148 ) | (2,101 ) |
Net change | (65 ) | $(1,132 ) | 53,310 | $670,618 |
Class Y | ||||
Issued from the sale of shares | 338,359 | $5,981,750 | 1,642,755 | $23,371,379 |
Issued in connection with the reinvestment of distributions | — | — | 415,989 | 5,224,816 |
Redeemed | (995,557 ) | (17,761,393 ) | (2,958,983 ) | (42,821,618 ) |
Net change | (657,198 ) | $(11,779,643 ) | (900,239 ) | $(14,225,423 ) |
Decrease from capital share transactions | (560,764 ) | $(10,077,317 ) | (834,932 ) | $(13,419,969 ) |
Six Months Ended May 31, 2024 | Year Ended November 30, 2023 | |||
Senior Floating Rate and Fixed Income Fund | Shares | Amount | Shares | Amount |
Class A | ||||
Issued from the sale of shares | 2,178,384 | $17,998,511 | 4,322,886 | $35,330,371 |
Issued in connection with the reinvestment of distributions | 651,100 | 5,381,486 | 1,424,184 | 11,653,923 |
Redeemed | (2,712,625 ) | (22,422,964 ) | (9,857,815 ) | (80,493,410 ) |
Net change | 116,859 | $957,033 | (4,110,745 ) | $(33,509,116 ) |
Class C | ||||
Issued from the sale of shares | 286,650 | $2,363,115 | 326,109 | $2,667,300 |
Issued in connection with the reinvestment of distributions | 167,978 | 1,383,684 | 439,013 | 3,579,569 |
Redeemed | (1,233,645 ) | (10,162,972 ) | (3,441,176 ) | (28,048,482 ) |
Net change | (779,017 ) | $(6,416,173 ) | (2,676,054 ) | $(21,801,613 ) |
Class N | ||||
Issued from the sale of shares | — | $ — | 10,401 | $86,000 |
Issued in connection with the reinvestment of distributions | 13,188 | 108,986 | 27,266 | 223,084 |
Redeemed | (60,831 ) | (503,071 ) | (4,378 ) | (35,455 ) |
Net change | (47,643 ) | $(394,085 ) | 33,289 | $273,629 |
Class Y | ||||
Issued from the sale of shares | 16,133,304 | $133,483,374 | 50,458,625 | $414,340,810 |
Issued in connection with the reinvestment of distributions | 2,785,284 | 23,049,520 | 6,344,356 | 51,991,226 |
Redeemed | (33,001,193 ) | (273,178,406 ) | (62,588,164 ) | (512,328,923 ) |
Net change | (14,082,605 ) | $(116,645,512 ) | (5,785,183 ) | $(45,996,887 ) |
Decrease from capital share transactions | (14,792,406 ) | $(122,498,737 ) | (12,538,693 ) | $(101,033,987 ) |
Six Months Ended May 31, 2024 | Year Ended November 30, 2023 | |||
Select Fund | Shares | Amount | Shares | Amount |
Class A | ||||
Issued from the sale of shares | 258,612 | $5,305,849 | 867,285 | $15,479,617 |
Issued in connection with the reinvestment of distributions | — | — | 12,763 | 207,534 |
Redeemed | (316,044 ) | (6,475,031 ) | (663,358 ) | (11,827,614 ) |
Net change | (57,432 ) | $(1,169,182 ) | 216,690 | $3,859,537 |
Class C | ||||
Issued from the sale of shares | 69,379 | $1,260,058 | 520,255 | $8,388,167 |
Issued in connection with the reinvestment of distributions | — | — | 4,085 | 59,562 |
Redeemed | (138,852 ) | (2,458,133 ) | (237,088 ) | (3,744,442 ) |
Net change | (69,473 ) | $(1,198,075 ) | 287,252 | $4,703,287 |
Class N | ||||
Issued from the sale of shares | 1,233 | $25,702 | 5,036 | $91,490 |
Issued in connection with the reinvestment of distributions | 28 | 558 | 201 | 3,296 |
Redeemed | (2,215 ) | (46,905 ) | (6,142 ) | (111,286 ) |
Net change | (954 ) | $(20,645 ) | (905 ) | $(16,500 ) |
Class Y | ||||
Issued from the sale of shares | 7,839,675 | $163,457,296 | 21,592,358 | $390,138,959 |
Issued in connection with the reinvestment of distributions | 30,800 | 611,381 | 196,447 | 3,223,701 |
Redeemed | (4,104,168 ) | (85,025,226 ) | (13,607,552 ) | (241,923,947 ) |
Net change | 3,766,307 | $79,043,451 | 8,181,253 | $151,438,713 |
Increase from capital share transactions | 3,638,448 | $76,655,549 | 8,684,290 | $159,985,037 |
One-Year | Three-Year | Five-Year | |
Loomis Sayles Global Growth Fund | 9% | 55% | 29% |
Loomis Sayles Senior Floating Rate and Fixed Income Fund | 47% | 78% | 92% |
Vaughan Nelson Select Fund | 57% | 3% | 11% |
Visit: im.natixis.com Call: 800-225-5478
Natixis Advisors, LLC
888 Boylston Street, Suite 800
Boston, MA 02199-8197
Exp. 7/31/256799475.1.1LSAR58SA-0524
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The remuneration paid to Directors and Officers are incorporated by reference as part of the Financial Statements and Other Important Information for Open-End Management Investment Companies filed as Item 7 herewith.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The statements regarding basis for approval of investment advisory contracts are incorporated by reference as part of the Financial Statements and Other Important Information for Open-End Management Investment Companies filed as Item 7 herewith.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Securities Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 16. Controls and Procedures.
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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(a) (1) | Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. Not Applicable. | |
(a) (2) | A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is filed herewith. | |
(a) (2)(1) | Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not Applicable | |
(a) (2)(2) | Changes in the registrant’s independent public accountant. Not Applicable | |
(b) | Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) is filed herewith. | |
(101) | Inline Interactive Data File-the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Natixis Funds Trust II | ||
By: | /s/ David L. Giunta | |
Name: | David L. Giunta | |
Title: | President and Chief Executive Officer | |
Date: | July 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: | July 23, 2024 | |
By: | /s/ Matthew J. Block | |
Name: | Matthew J. Block | |
Title: | Treasurer and Principal Financial and Accounting Officer | |
Date: | July 23, 2024 |