Investment Grade Bond Fund

Overview

The Investment Grade Bond Fund seeks high total investment return through a combination of current income and capital appreciation

Primary Benchmark

Bloomberg US Aggregate Index

Portfolio Management

Portfolio Managers

Matt Eagan

Portfolio Manager, Head of Full Discretion

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Brian Kennedy

Portfolio Manager

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Associate Portfolio Manager ³

Bryan Hazelton

Associate Portfolio Manager & Strategist

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Total Fund Assets (as of 3/31/2025)

$15.7 billion

Lipper Category

Corporate Debt Funds BBB-Rated

Morningstar Category

Intermediate Core-Plus Bond

Strategy Highlights

High conviction, active credit manager
Core plus strategy seeking to exploit opportunities across credit qualities and sectors
Repeatable, deep value equity-like approach to fundamental research and issue selection
Risk awareness tools overlay fundamental investment process

Investment Strategy

May invest any portion of its assets in securities of Canadian issuers and up to 30% of its assets in securities of other foreign issuers, including emerging markets
May invest up to 15% in high yield securities
Investments in equity securities are not permitted

About Risk

Fixed income securities may carry one or more of the following risks: credit, interest rate (as interest rates rise bond prices usually fall), inflation and liquidity.
Below investment grade fixed income securities may be subject to greater risks (including the risk of default) than other fixed income securities.
Foreign and emerging market securities may 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.
Mortgage-related and asset-backed securities are subject to the risks of the mortgages and assets underlying the securities. Other related risks include prepayment risk, which is the risk that the securities may be prepaid, potentially resulting in the reinvestment of the prepaid amounts into securities with lower yields.

Ticker	LGBNX
Class Inception	2/1/2013
CUSIP	543488829
Minimum Initial Investment	$1,000,000
Gross Expense Ratio¹	0.47%
Net Expense Ratio¹	0.44%
Net Asset Value	9.82
30-Day SEC Yield ²	4.84%
Unsubsidized 30-Day SEC Yield ²	4.81%

Ticker	LSIIX
Class Inception	12/31/1996
CUSIP	543487136
Minimum Initial Investment	$100,000
Gross Expense Ratio¹	0.56%
Net Expense Ratio¹	0.49%
Net Asset Value	9.83
30-Day SEC Yield ²	4.79%
Unsubsidized 30-Day SEC Yield ²	4.73%

Our Performance data shown represents past performance and is no guarantee 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”.

Additional Content

Learn More About the Team

Explore more about the team’s philosophy, offerings, and insights.

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Effective May 1, 2024, the fund’s primary broad-based performance index changed to the Bloomberg US Aggregate Index. The Bloomberg US Aggregate Index is a broad-based securities market index that represents the overall market applicable to the fund. The Bloomberg US Aggregate Index replaced the Bloomberg US Government/Credit Index as the fund’s primary benchmark because the fund believes it provides a more appropriate comparison to the fund’s investable universe.

Some fund literature is currently unavailable. Please check back on 4/8/2025 for updated materials.

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”).

Diversification does not ensure a profit or guarantee against a loss.

¹ 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 4/30/25. Transfer Agent Fee waivers for Class N are contractual and are set to expire 4/30/25. When an expense limitation has not been exceeded, the fund may have similar expense ratios and/or yields.

²The 30-day SEC yield is a standardized calculation, calculated by dividing the net investment income per share for the 30-day period by the maximum offering price per share at the end of the period and annualizing the result. Treasury Inflation-Protected Securities (TIPS) are designed to provide protection against inflation through monthly adjustments to the principal value of TIPS, which increases with inflation and decreases with deflation as measured by the Consumer Price Index. Monthly principal adjustments for inflation (increases and decreases) are excluded from the 30-day SEC yield calculation. Such adjustments can vary substantially from one month to the next, and if they were included, may materially impact the 30-day SEC yield either higher or lower. A subsidized 30-day SEC yield reflects the effect of fee waivers and expense reimbursements. The SEC yield is not based upon distributions of the fund and actual income distributions may be higher or lower than the 30-day SEC yield amounts. During periods of unusual market conditions and/or activity in the sales or redemptions of fund shares, the fund’s 30-day SEC yield amounts may be materially higher or lower than its actual income distributions. Unsubsidized 30-day SEC yield is calculated using the gross expenses of the fund. Gross expenses do not include any fee waivers or reimbursement.

³Associate Portfolio Managers do not have discretion over the strategy.

The Bloomberg US Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the US investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. Indexes are unmanaged and do not incur fees. It is not possible to invest directly in an index.

Performance

Primary Benchmark: Bloomberg US Aggregate Index

Year-to-Date Performance as of 4/30/2025

	Class N	Class Y
	2.33%	2.21%

Month-End Performance as of 3/31/2025

Cumulative Total Return	Class N	Class Y
3 month	2.32%	2.31%
Year-to-date	2.32%	2.31%

Annualized Total Return	Class N	Class Y
Inception Date	2/1/2013	12/31/1996
1 Year	5.01%	4.96%
3 Years	1.86%	1.82%
5 Years	2.97%	2.92%
10 Years	2.88%	2.81%
Since Inception	2.80%	6.09%

Quarter-End Performance as of 3/31/2025

Cumulative Total Return	Class N	Class Y
3 month	2.32%	2.31%
Year-to-date	2.32%	2.31%

Annualized Total Return	Class N	Class Y
Inception Date	2/1/2013	12/31/1996
1 Year	5.01%	4.96%
3 Years	1.86%	1.82%
5 Years	2.97%	2.92%
10 Years	2.88%	2.81%
Since Inception	2.80%	6.09%

Gross Expense Ratio: (N) 0.47%, (Y) 0.56%; Net Expense Ratio: (N) 0.44%, (Y) 0.49% 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 4/30/24. Transfer Agent Fee waivers for Class N are contractual and are set to expire 4/30/24. When an expense limitation has not been exceeded, the fund may have similar expense ratios.

Lipper Ranking as of 3/31/2025

	Class N	Class Y
1 Year	116/250	127/250
3 Years	39/232	41/232
5 Years	28/206	29/206
10 Years	15/138	19/138
Lipper Category: Corporate Debt Funds BBB-Rated

Morningstar Ranking as of 3/31/2025

	Class N	Class Y
1 Year	351/573	371/573
3 Years	44/530	51/530
5 Years	20/478	21/478
10 Years	11/346	12/346
Morningstar Category: Intermediate Core-Plus Bond

Lipper 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.

Morningstar Percentile Rankings are based on total return and do not account for sales charges. Percentile ranks are based on absolute rank within specific fund categories and time periods. Within a category, all funds' percentile rankings range from 1 (best) to 100 (worst), with all intermediate values spread evenly over that range. The fund's absolute peer ranking may not be available for all time periods. Morningstar does not calculate an absolute peer ranking when a fund's performance has been linked to a preexisting share class.

Past performance is no guarantee of future results.

Performance data shown represents past performance and is no guarantee 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 2025 © 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.

© 2025 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.

Monthly Characteristics

Monthly as of 3/31/2025

Characteristics
Number of Issues	1004
Average Maturity	5.75
Weighted Average Duration	6.03
Annual Turnover (12/31/2023)	24.68%

Currency Distribution
US Dollar	99.9%

Key Rate Duration Distribution
6 months	0.1%
2 years	0.6%
5 years	1.3%
10 years	1.3%
20 years	1.6%
30 years	1.1%

Sector Distribution
Investment Grade Credit	48.9%
Securitized	23.3%
US Treasury	15.2%
High Yield Credit	4.7%
Bank Loans	3.2%
Emerging Market Credit	2.0%
Convertibles	0.6%
Private Credit	0.1%
Non-US Dollar	0.1%
Cash & Equivalents	2.1%

Country Distribution
United States	86.3%
Cayman Islands	2.5%
Ireland	2.1%
Australia	1.8%
Canada	1.3%
Israel	1.1%
United Kingdom	1.0%
Norway	0.9%
Mexico	0.7%
Other	2.3%

Maturity Distribution
Less than 1 Yr.	3.5%
1 to 3 Yrs.	29.0%
3 to 5 Yrs.	15.6%
5 to 7 Yrs.	17.6%
7 to 10 Yrs.	26.3%
10 Yrs. or more	5.9%
Cash & Equivalents	2.1%

Credit Quality
US Treasurys	15.2%
AAA	7.4%
AA	3.5%
A	13.1%
BAA	47.0%
BA	3.8%
B	1.2%
CAA & Lower	0.4%
Not Rated	6.4%
Cash & Equivalents	2.1%

Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents.

Credit Quality reflects the highest credit rating assigned to individual holdings of the fund among Moody’s, S&P or Fitch; ratings are subject to change. The fund’s shares are not rated by any rating agency and no credit rating for fund shares is implied. Bond credit ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).

Cash & Equivalents reflects unsettled trades, fees and derivatives. Negative Cash & Equivalents reflect the market value of future trade commitments for the fund. ABS/RMBS: Asset-Backed Securities/Residential Mortgage-Backed Securities. Agency MBS: Agency Mortgage-Backed Securities. CMBS: Commercial Mortgage-Backed Securities.

Due to rounding, Sector, Currency, Country, Duration, Maturity and Quality distribution totals may not equal 100%.

Both duration and maturity for equity securities are deemed to be zero.

Quarterly Characteristics

Quarterly as of 3/31/2025

Characteristics	Fund	Index
Number of Issues	1004	13723
Average Maturity	5.75	8.29
Weighted Average Duration	6.03	6.04
Annual Turnover (12/31/2023)	24.68%

Currency Distribution	Fund	Index
US Dollar	99.9%	100.0%

Key Rate Duration Distribution	Fund	Index
6 months	0.1%	0.1%
2 years	0.6%	0.6%
5 years	1.3%	1.3%
10 years	1.3%	1.3%
20 years	1.6%	1.7%
30 years	1.1%	1.1%

Sector Distribution	Fund	Index
Investment Grade Credit	48.9%	26.0%
Securitized	23.3%	26.9%
US Treasury	15.2%	44.5%
High Yield Credit	4.7%	0.0%
Bank Loans	3.2%	0.0%
Emerging Market Credit	2.0%	1.4%
Convertibles	0.6%	0.0%
Private Credit	0.1%	0.0%
Non-US Dollar	0.1%	0.0%
Other	0.0%	0.7%
Municipals	0.0%	0.5%
Cash & Equivalents	2.1%	0.0%

Country Distribution	Fund	Index
United States	86.3%	93.3%
Cayman Islands	2.5%	0.0%
Ireland	2.1%	0.1%
Australia	1.8%	0.2%
Canada	1.3%	1.1%
Israel	1.1%	0.1%
United Kingdom	1.0%	1.0%
Norway	0.9%	0.0%
Mexico	0.7%	0.3%
Other	2.3%	3.8%

Maturity Distribution	Fund	Index
Less than 1 Yr.	3.5%	1.2%
1 to 3 Yrs.	29.0%	22.5%
3 to 5 Yrs.	15.6%	19.4%
5 to 7 Yrs.	17.6%	13.8%
7 to 10 Yrs.	26.3%	22.9%
10 Yrs. or more	5.9%	20.2%
Cash & Equivalents	2.1%	0.0%

Credit Quality	Fund	Index
US Treasurys	15.2%	44.5%
AAA	7.4%	29.7%
AA	3.5%	4.5%
A	13.1%	11.0%
BAA	47.0%	10.2%
BA	3.8%	0.0%
B	1.2%	0.0%
CAA & Lower	0.4%	0.0%
Not Rated	6.4%	0.0%
Cash & Equivalents	2.1%	0.0%

Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents.

Due to rounding, Sector, Currency, Country, Duration, Maturity and Quality distribution totals may not equal 100%.

Both duration and maturity for equity securities are deemed to be zero.

Sustainability

About Us

Investment Grade Bond Fund

Overview

Primary Benchmark

Portfolio Management

Portfolio Managers

Associate Portfolio Manager ³

Total Fund Assets (as of 3/31/2025)

Lipper Category

Morningstar Category

Strategy Highlights

Investment Strategy

About Risk

Fund Facts as of 3/31/2025

Additional Content

Learn More About the Team

Performance

Year-to-Date Performance as of 4/30/2025

Month-End Performance as of 3/31/2025

Quarter-End Performance as of 3/31/2025

Lipper Ranking as of 3/31/2025

Morningstar Ranking as of 3/31/2025

Monthly Characteristics

Monthly as of 3/31/2025

Quarterly Characteristics

Quarterly as of 3/31/2025

Holdings

Investment Grade Bond Fund

Overview

Primary Benchmark

Portfolio Management

Portfolio Managers

Associate Portfolio Manager 3

Total Fund Assets (as of 3/31/2025)

Lipper Category

Morningstar Category

Strategy Highlights

Investment Strategy

About Risk

Fund Facts as of 3/31/2025

Additional Content

Learn More About the Team

Performance

Year-to-Date Performance as of 4/30/2025

Month-End Performance as of 3/31/2025

Quarter-End Performance as of 3/31/2025

Lipper Ranking as of 3/31/2025

Morningstar Ranking as of 3/31/2025

Monthly Characteristics

Monthly as of 3/31/2025

Quarterly Characteristics

Quarterly as of 3/31/2025

Holdings

Associate Portfolio Manager ³