*Our private-equity approach to investing at times can uncovers opportunities in private companies which go public. In seeking to achieve its investment objective, the Strategy and representative account may significantly invest in companies whose securities are issued in an initial public offering (“IPO”). We may sell these securities over a short period of time due to the amount of securities allocated, our analysis of intrinsic value and return prospects or liquidity requirements.

**Our core turnover, since composite inception is 19.4%, as of December 31, 2024. “Core turnover” is a component of Portfolio Turnover, the statistic calculated in accordance with SEC regulation. We define “core turnover” as turnover that results in the introduction of a new holding or a substantial liquidation (over 90%) of an existing holding. It differs from Portfolio Turnover in that it does not include trims or additions to the existing holdings. In other words, core turnover plus trims and adds equals Portfolio Turnover. The Strategy’s Since Composite Inception SEC Portfolio Turnover, as of December 31, 2024 is 72.0%.

¹May access a stock in an emerging, frontier or other market through an equity total return swap (TRS). May invest in an equity offering (IPO, primary, secondary, rights, private etc.)

²Active share indicates the proportion of the portfolio’s holdings (by market value) that are different than the benchmark. A higher active share indicates a larger difference between the benchmark and the portfolio.

The Composite includes all discretionary accounts with market values greater than $1 million managed by Loomis Sayles that seek to produce long-term excess returns at or below benchmark risk over a full market cycle relative to the MSCI Emerging Markets Index and generally within the market capitalization range of the Index. In seeking to achieve its investment objective, the Composite’s strategy may, from time to time, opportunistically invest in companies whose securities are issued in an initial public offering (“IPO”). The investment performance of the Composite during periods when it invests in IPOs may be higher than during periods without IPO participation. Contribution from IPOs may not be repeated, particularly as the Composite’s assets grow. There is no assurance that the Composite can and will continue to participate in IPOs. The Composite inception date is December 1, 2019. The Composite was created in 2019.

Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.