Small/Mid Cap Managed Account Overview Overview The Small/Mid Cap Managed Account seeks to generate consistent, long-term investment performance in excess to the Russell 2500 Index. Primary BenchmarkRussell 2500 IndexPortfolio Management Joe Gatz Portfolio Manager Read bio Jeff Schwartz Portfolio Manager Read bio Strategy Highlights The investment universe includes all stocks generally within the market cap range of the benchmark at initial purchase We believe that known and recurring inefficiencies are available in the small cap market causing stock prices to deviate from their intrinsic value These inefficiencies can be categorized into three areas: misunderstood franchises, underfollowed and special situations A repeatable investment process can uncover higher quality businesses that are trading at a discount to intrinsic value utilizing rigorous fundamental research Disciplined bottom-up portfolio construction within a risk aware framework Sector guidelines: typical range is +/- 50% for benchmark sectors over 10% Individual security exposure: typical positions range from 0.5 to 2.5%, with no one stock typically greater than 3% of the portfolio 65 to 90 stocks typically; turnover: 20% to 40% annually The Composite includes all discretionary Managed Accounts with market values greater than $100,000 managed by Loomis Sayles that seek to identify attractively-valued, small and mid-sized companies with the potential for above average capital appreciation. The strategy objective is to generate consistent, long-term investment performance over a full market cycle superior to the Russell 2500 Index, and generally within the market capitalization range of the Index. As of September 1, 2021, the Composite was redefined to include only Managed Accounts. Prior to the redefinition, the Composite included separate and commingled accounts. Performance results prior to September 1, 2021 are those of the Small/Mid Cap Composite. Prior to September 1, 2021 the Composite minimum account size requirement was $1 million. The Composite inception date is April 1, 1998. The Composite was created in 2020. Performance Primary Benchmark: Russell 2500 Index Year-to-Date Performance as of 5/1/2025 Class NA N/A Month-End Performance as of -1/-1/-1Cumulative Total ReturnClass NA3 monthN/AYear-to-dateN/AAnnualized Total ReturnClass NAInception DateN/ASince InceptionN/AQuarter-End Performance as of -1/-1/-1Cumulative Total ReturnClass NA3 monthN/AYear-to-dateN/AAnnualized Total ReturnClass NAInception DateN/ASince InceptionN/A Gross Expense Ratio: (I) NA; Net Expense Ratio: (I) NA Lipper Ranking as of -1/-1/-1 1 Year/3 Years/5 Years/10 Years/Lipper Category: NAMorningstar Ranking as of -1/-1/-1 1 Year/3 Years/5 Years/10 Years/Morningstar Category: NALipper 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 -1/-1/-1 Duration Distribution @ERROR% Sector Distribution (Fixed) * 0.0% Country Distribution @ERROR% Maturity Distribution @ERROR% 1 Quarterly Characteristics Quarterly as of -1/-1/-1 Duration DistributionFundIndex @ERROR%@ERROR% Sector Distribution (Fixed) *FundIndex 0.0%0.0% 0.0%0.0% Country DistributionFundIndex @ERROR%0.0% Maturity DistributionFundIndex @ERROR%@ERROR% 1 Holdings Top 10 holdings may not be representative of current or future holdings and will evolve over time. x < Page: / > Download PDF