Growth Fund Y shares are only available to certain institutional investors. View Other Share Classes Overview Performance Monthly Characteristics Quarterly Characteristics Holdings Overview Effective April 25, 2023, the fund reopened to new investors. The Growth Fund seeks to produce long-term growth of capitalView factsheet Primary BenchmarkRussell 1000 Growth IndexPortfolio Management Aziz Hamzaogullari Chief Investment Officer, Founder, Growth Equity Strategies Team Read bio Total Fund Assets (as of 2/29/2024) $13.6 billionLipper CategoryLarge-Cap Growth FundsMorningstar Category Large GrowthStrategy Highlights Takes a long-term private equity-oriented approach by partnering with management who think and act like owners Seeks to invest in high-quality businesses with sustainable competitive advantages and profitable growth when they trade at a significant discount to intrinsic value Risk is defined as a permanent loss of capital, not tracking error or short-term relative underperformanceInvestment StrategyThe fund will invest primarily in equity securities, including common stocks, convertible securities and warrantsHigh-conviction portfolio of typically 30 to 40 stocks Employs a growth style of equity management that emphasizes companies with sustainable competitive advantages, secular long-term cash flow growth returns on invested capital above their cost of capital and the ability to manage for profitable growth that can create long-term value for shareholders Aims to invest in companies when they trade at a significant discount to our estimate of intrinsic value Will consider selling a portfolio investment when the portfolio manager believes an unfavorable structural change occurs within a given business or the markets in which it operates, a critical underlying investment assumption is flawed, when a more attractive reward-to-risk opportunity becomes available, when the current price fully reflects intrinsic value, or for other investment reasons which the portfolio manager deems appropriate About Risk Equity securities are volatile and can decline significantly in response to broad market and economic conditions. Foreign and emerging market securitiesmay be subject to greater political, economic, environmental, credit, currency and information risks. Foreign securities may be subject to higher volatility than US securities due to varying degrees of regulation and limited liquidity. These risks are magnified in emerging markets. Investments in small and mid-size companies can be more volatile than those of larger companies. Growth stocks may be more sensitive to market conditions than other equities as their prices strongly reflect future expectations. Currency exchange rates between the US dollar and foreign currencies may cause the value of the fund’s investments to decline. Fund Facts as of 2/29/2024 Class N Class YTickerLGRNXClass Inception2/1/2013CUSIP543488845Minimum Initial Investment$1,000,000Gross Expense Ratio10.58%Net Expense Ratio10.58%Net Asset Value25.65CommentaryProspectusReportTickerLSGRXClass Inception5/16/1991CUSIP543487110Minimum Initial Investment$100,000Gross Expense Ratio10.67%Net Expense Ratio10.67%Net Asset Value25.58Fact SheetCommentaryProspectusReportOur Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Investment return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, please see the following tab labeled “Performance”. Learn More About the Team Explore more about the team’s philosophy, offerings, and insights.Learn More Class N shares of the fund are subject to a $1,000,000 initial investment minimum. There is no initial investment minimum for Certain Retirement Plans and funds of funds that are distributed by Natixis Distribution, LLC (the "Distributor"). 1As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense limitation of the fund has been exceeded. This arrangement is set to expire on 1/31/25. Transfer Agent Fee waivers for Class N are contractual and are set to expire 1/31/25. When an expense limitation has not been exceeded, the fund may have similar expense ratios. The Russell 1000 Growth Index is an unmanaged index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and forecasted growth values. Indexes are unmanaged and do not incur fees. It is not possible to invest directly in an index. © 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. The Morningstar Medalist Rating™ is not a credit or risk rating. It is a subjective evaluation performed by the mutual fund analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Morningstar’s analysts use this five pillar evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors in their research, but the assessment and weighting of each of the five pillars is driven by the analyst’s overall assessment and overseen by Morningstar’s Analyst Rating Committee. The approach serves not as a formula but as a framework to ensure consistency across Morningstar's global coverage universe. The Morningstar Medalist Rating™ scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A fund with "Gold" rating distinguishes itself across the five pillars and has garnered the analysts’ highest level of conviction. A fund with a "Silver" rating has notable advantages across several, but perhaps not all, of the five pillars—strengths that give the analysts a high level of conviction. A "Bronze"—rated fund has advantages that outweigh the disadvantages across the five pillars, with sufficient level of analyst conviction to warrant a positive rating. A fund with a "Neutral" rating isn’t seriously flawed across the five pillars, nor does it distinguish itself very positively. A "Negative" rated fund is flawed in at least one if not more pillars and is considered an inferior offering to its peers. For more detailed information about the Morningstar Medalist Rating™, including its methodology, please go to global.morningstar.com/managerdisclosures/. The Morningstar Medalist Rating™ should not be used as the sole basis in evaluating a mutual fund. Morningstar Medalist Rating™ are based on Morningstar’s current expectations about future events; therefore, in no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Medalist Rating™ involve unknown risks and uncertainties which may cause Morningstar's expectations not to occur or to differ significantly from what we expected. Performance Primary Benchmark: Russell 1000 Growth Index Year-to-Date Performance as of 3/27/2024 Class NClass Y 12.54%12.53% Month-End Performance as of 2/29/2024Cumulative Total ReturnClass NClass Y3 month15.57%15.51%Year-to-date10.13%10.12%Average Annualized Total ReturnClass NClass YInception Date2/1/20135/16/19911 Year49.62%49.40%3 Years12.78%12.67%5 Years17.22%17.11%10 Years15.29%15.20%Since Inception16.18%9.87%Quarter-End Performance as of 12/31/2023Cumulative Total ReturnClass NClass Y3 month14.09%14.07%Year-to-date51.61%51.42%Average Annualized Total ReturnClass NClass YInception Date2/1/20135/16/19911 Year51.61%51.42%3 Years9.24%9.14%5 Years17.78%17.68%10 Years14.31%14.23%Since Inception15.41%9.60% Gross Expense Ratio: (N) 0.58%, (Y) 0.67%; Net Expense Ratio: (N) 0.58%, (Y) 0.67% As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense limitation of the fund has been exceeded. This arrangement is set to expire on 1/31/25. Transfer Agent Fee waivers for Class N are contractual and are set to expire 1/31/25. When an expense limitation has not been exceeded, the fund may have similar expense ratios. Lipper Ranking as of 2/29/2024 Class NClass Y1 Year189/675 200/6753 Years36/633 41/6335 Years124/595 132/59510 Years41/466 45/466Lipper Category: Large-Cap Growth FundsMorningstar Ranking as of 2/29/2024 Class NClass Y1 Year251/1196 265/11963 Years53/1115 60/11155 Years175/1040 186/104010 Years62/811 69/811Morningstar Category: Large GrowthLipper and Morningstar rankings are based on total returns calculated by each ranking entity. Rankings do not take into account sales charges, if applicable, but include reinvestment of dividends and capital gains, if any. Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Returns include changes in share price and reinvestment of dividends and capital gains, if any.Lipper Analytical Services Inc., a Thomson Reuters Company, is a nationally recognized organization that provides performance information for mutual funds. Copyright 2024 © Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.© 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Monthly Characteristics Monthly as of 2/29/2024 Characteristics Number of Holdings37 P/E (trailing 12 months)31.40 P/E (forward 12 months)28.09 3-5 Year EPS Growth18.00 ROE (1 year equal weighted)27.87 Annual Portfolio Turnover as of 9/30/202312.77% Sector Distribution Information Technology28.3% Communication Services21.7% Consumer Discretionary14.3% Health Care12.7% Financials9.9% Industrials6.3% Consumer Staples2.8% Unassigned1.0% Cash3.1% Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents. Due to rounding, market capitalization and sector distribution totals may not equal 100%. This portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in securities referenced. Reference to specific securities or holdings should not be considered recommendations for action by investors. P/E (trailing) is the sum of a company's price-to-earnings, calculated by dividing current stock price by trailing earnings per share for the past 12 months. P/E (forward) measures price-to-earnings ratio using forecasted earnings for the price-to-earnings calculation; the forward measure is not a forecast of the fund’s performance. 3-5 Year EPS Growth is sourced from FactSet and based on long-term EPS growth rate estimates gathered directly from brokers. The portfolio and benchmark statistic is a weighted average of company level estimates. ROE (1-year equal weighted) is the 1-year ROE of all holdings divided by number of holdings. Median active share indicates the proportion of the portfolio’s holdings (by market value) that is different than the benchmark. A higher active share indicates a larger difference between the benchmark and the portfolio. Quarterly Characteristics Quarterly as of 12/31/2023 CharacteristicsFundIndex Number of Holdings37443 P/E (trailing 12 months)29.4230.05 P/E (forward 12 months)28.6829.35 3-5 Year EPS Growth20.6318.13 ROE (1 year equal weighted)26.8629.24 Median Active Share (since manager tenure)80.08% Annual Portfolio Turnover as of 9/30/202312.77% Market CapitalizationFundIndex > $50 Billion89.8%86.6% $25 to 50 Billion2.4%7.4% $10 to 25 Billion5.0%4.4% < $10 Billion1.2%1.6% Cash & Equivalents1.5%0.0% Sector DistributionFundIndex Information Technology28.1%43.5% Communication Services21.0%11.4% Consumer Discretionary14.7%15.8% Health Care13.3%10.6% Financials10.4%6.4% Industrials7.9%5.9% Consumer Staples3.0%4.1% Real Estate0.0%0.9% Materials0.0%0.7% Energy0.0%0.5% Utilities0.0%0.1% Cash1.5%0.0% Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents. Due to rounding, market capitalization and sector distribution totals may not equal 100%. This portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in securities referenced. Reference to specific securities or holdings should not be considered recommendations for action by investors. P/E (trailing) is the sum of a company's price-to-earnings, calculated by dividing current stock price by trailing earnings per share for the past 12 months. P/E (forward) measures price-to-earnings ratio using forecasted earnings for the price-to-earnings calculation; the forward measure is not a forecast of the fund’s performance. 3-5 Year EPS Growth is sourced from FactSet and based on long-term EPS growth rate estimates gathered directly from brokers. The portfolio and benchmark statistic is a weighted average of company level estimates. ROE (1-year equal weighted) is the 1-year ROE of all holdings divided by number of holdings. Median active share indicates the proportion of the portfolio’s holdings (by market value) that is different than the benchmark. A higher active share indicates a larger difference between the benchmark and the portfolio. Holdings Top Ten Holdingsas of 2/29/2024% Assets META PLATFORMS INC7.9% NVIDIA CORP7.9% AMAZON.COM INC5.7% ALPHABET INC5.5% VISA INC5.4% MICROSOFT CORP5.1% NETFLIX INC4.9% TESLA INC4.8% BOEING CO/THE4.4% ORACLE CORP3.9% Total55.6% Top 10 holdings may not be representative of current or future holdings and will evolve over time.