Global Bond Fund

Overview

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

Primary Benchmark

Bloomberg Global Aggregate Index

Portfolio Management

David Rolley

Portfolio Manager

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Lynda Schweitzer

Co-Head of Global Fixed Income

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Scott Service

Co-Head of Global Fixed Income

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Total Fund Assets (as of 10/31/2024)

$356.8 million

Lipper Category

Global Income Funds

Morningstar Category

Global Bond

Strategy Highlights

Invests primarily in investment grade fixed income securities worldwide
Invests in a broad universe of fixed income securities
May invest up to 20% of assets in lower-rated fixed income securities
Potential diversification benefits of owning global fixed income securities
Access to a larger investment universe as more than 50% of the world bond markets are outside of the US

Investment Strategy

Active global fixed income management combining top-down macroeconomic analysis with research driven bottom up security selection
Securities held by the fund may be denominated in any currency
Securities held by the fund may be domiciled in any countries, including emerging markets
May invest 20% of assets in lower rated fixed income securities

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.
Currency exchange rates between the US dollar and foreign currencies may cause the value of the fund’s investments to decline.
Below investment grade fixed income securities may be subject to greater risks (including the risk of default) than other fixed income securities.
Foreign securities may involve heightened risk due to currency fluctuations. Additionally, they may be subject to greater political, economic, environmental, credit and information risks. Foreign securities may be subject to higher volatility than US securities due to varying degrees of regulation and limited liquidity.
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	LSGNX
Class Inception	2/1/2013
CUSIP	543495691
Minimum Initial Investment	$1,000,000
Gross Expense Ratio¹	0.68%
Net Expense Ratio¹	0.64%
Net Asset Value	14.67
30-Day SEC Yield ²	3.11%
Unsubsidized 30-Day SEC Yield ²	3.04%

Ticker	LSGBX
Class Inception	5/10/1991
CUSIP	543495782
Minimum Initial Investment	$100,000
Gross Expense Ratio¹	0.78%
Net Expense Ratio¹	0.69%
Net Asset Value	14.61
30-Day SEC Yield ²	3.06%
Unsubsidized 30-Day SEC Yield ²	2.93%

Ticker	LSGLX
Class Inception	12/31/1996
CUSIP	543495774
Minimum Initial Investment	$2,500
Gross Expense Ratio¹	1.03%
Net Expense Ratio¹	0.94%
Net Asset Value	14.25
30-Day SEC Yield ²	2.81%
Unsubsidized 30-Day SEC Yield ²	2.68%

Our 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”.

Additional Content

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”).

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 1/31/25. 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.

The Bloomberg Global Aggregate Bond Index covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The liquidity constraint for all securities in the index is $300 million. Indexes are unmanaged and do not incur fees. It is not possible to invest directly in an index.

Performance

Primary Benchmark: Bloomberg Global Aggregate Index

Year-to-Date Performance as of 11/20/2024

	Class N	Class I	Class R
	-1.43%	-1.50%	-1.68%

Month-End Performance as of 10/31/2024

Cumulative Total Return	Class N	Class I	Class R
3 month	0.48%	0.48%	0.49%
Year-to-date	-0.14%	-0.20%	-0.35%

Average Annualized Total Return	Class N	Class I	Class R
Inception Date	2/1/2013	5/10/1991	12/31/1996
1 Year	10.05%	10.02%	9.70%
3 Years	-4.54%	-4.59%	-4.83%
5 Years	-1.16%	-1.20%	-1.45%
10 Years	0.41%	0.35%	0.10%
Since Inception	0.32%	5.18%	3.86%

Quarter-End Performance as of 9/30/2024

Cumulative Total Return	Class N	Class I	Class R
3 month	7.05%	7.08%	6.97%
Year-to-date	3.34%	3.28%	3.08%

Average Annualized Total Return	Class N	Class I	Class R
Inception Date	2/1/2013	5/10/1991	12/31/1996
1 Year	12.28%	12.25%	11.92%
3 Years	-3.60%	-3.63%	-3.90%
5 Years	-0.35%	-0.39%	-0.65%
10 Years	0.75%	0.69%	0.43%
Since Inception	0.62%	5.30%	4.00%

Gross Expense Ratio: (N) 0.68%, (I) 0.78%, (R) 1.03%; Net Expense Ratio: (N) 0.64%, (I) 0.69%, (R) 0.94% 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. When an expense limitation has not been exceeded, the fund may have similar expense ratios.

Lipper Ranking as of 10/31/2024

	Class N	Class I	Class R
1 Year	104/217	107/217	137/217
3 Years	175/207	176/207	183/207
5 Years	121/189	122/189	127/189
10 Years	91/144	98/144	105/144
Lipper Category: Global Income Funds

Morningstar Ranking as of 10/31/2024

	Class N	Class I	Class R
1 Year	60/175	62/175	85/175
3 Years	125/174	126/174	140/174
5 Years	59/152	60/152	66/152
10 Years	43/123	51/123	61/123
Morningstar Category: Global 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, 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 10/31/2024

Characteristics
Number of Issues	252
Average Maturity	8.34
Weighted Average Duration	6.46
Annual Turnover (9/30/2023)	48.7%

Currency Distribution
US Dollar	41.5%
Euro	22.5%
Japanese Yen	9.6%
Offshore Chinese Renminbi Spot	6.7%
British Pound Sterling	4.3%
Canadian Dollar	3.1%
Australian Dollar	2.1%
Brazilian Real	2.0%
South African Rand	1.9%
Indonesian Rupiah	1.6%
Mexican Peso	1.4%
South Korean Won	1.2%
Swedish Krona	0.8%
Malaysian Ringgit	0.4%
Thailand Baht	0.3%
Singapore Dollar	0.2%
New Zealand Dollar	0.2%
Israeli Shekel	0.1%
Norwegian Krone	0.1%

Duration Distribution
Less than 1 Yr.	3.4%
1 to 3 Yrs.	19.8%
3 to 5 Yrs.	16.6%
5 to 7 Yrs.	21.6%
7 to 10 Yrs.	25.2%
10 Yrs. or more	11.1%
Cash & Equivalents	2.4%

Sector Distribution (Fixed)
Non-US Dollar (ex CAD)	54.4%
Investment Grade Credit	18.6%
Agency MBS	12.4%
US Treasury	4.8%
Canadian Dollar	3.0%
ABS/RMBS	2.3%
CMBS	1.1%
Emerging Markets Debt	0.7%
High Yield Credit	0.3%
Cash & Equivalents	2.4%

Country Distribution
United States	37.1%
China	7.4%
Japan	7.4%
United Kingdom	5.6%
Spain	5.2%
Germany	4.8%
Canada	4.3%
France	3.9%
Australia	2.6%
Other	21.9%

Maturity Distribution
Less than 1 Yr.	7.3%
1 to 3 Yrs.	15.3%
3 to 5 Yrs.	12.1%
5 to 10 Yrs.	44.8%
10 to 20 Yrs.	12.3%
20 Yrs. or more	8.2%

Credit Quality
US Treasurys	4.8%
AAA	24.5%
AA	12.9%
A	28.1%
BAA	22.9%
BA	4.4%
B	0.0%
CAA & Lower	0.0%
Not Rated	0.0%
Cash & Equivalents	2.4%

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 9/30/2024

Characteristics	Fund	Index
Number of Issues	254	30413
Average Maturity	8.29	8.36
Weighted Average Duration	6.41	6.56
Annual Turnover (9/30/2023)	48.7%

Currency Distribution	Fund	Index
US Dollar	40.9%	44.8%
Euro	21.6%	22.4%
Japanese Yen	10.0%	10.0%
Offshore Chinese Renminbi Spot	6.5%	0.0%
British Pound Sterling	4.5%	4.1%
Canadian Dollar	3.1%	2.7%
Brazilian Real	2.0%	0.0%
South African Rand	2.0%	0.0%
Australian Dollar	1.6%	1.4%
Indonesian Rupiah	1.6%	0.4%
Mexican Peso	1.4%	0.3%
Danish Krone	1.3%	0.2%
South Korean Won	1.2%	1.2%
Swedish Krona	0.8%	0.4%
Malaysian Ringgit	0.4%	0.4%
Thailand Baht	0.3%	0.3%
Singapore Dollar	0.2%	0.2%
New Zealand Dollar	0.2%	0.2%
Israeli Shekel	0.1%	0.1%
Norwegian Krone	0.1%	0.1%
Polish Zloty	0.0%	0.2%
Swiss Franc	0.0%	0.5%

Duration Distribution	Fund	Index
Less than 1 Yr.	4.2%	1.8%
1 to 3 Yrs.	21.9%	26.1%
3 to 5 Yrs.	16.5%	21.2%
5 to 7 Yrs.	20.5%	16.6%
7 to 10 Yrs.	23.6%	15.4%
10 Yrs. or more	11.3%	18.9%
Cash & Equivalents	2.0%	0.0%

Sector Distribution (Fixed)	Fund	Index
Non-US Dollar (ex CAD)	54.3%	52.5%
Investment Grade Credit	18.5%	15.1%
Agency MBS	12.5%	10.8%
US Treasury	5.4%	17.8%
Canadian Dollar	3.0%	2.7%
ABS/RMBS	2.2%	0.2%
CMBS	1.0%	0.3%
Emerging Markets Debt	0.6%	0.0%
High Yield Credit	0.3%	0.0%
US Agency	0.0%	0.3%
Municipals	0.0%	0.2%
Cash & Equivalents	1.9%	0.0%

Country Distribution	Fund	Index
United States	36.6%	40.1%
Japan	7.8%	10.4%
China	6.8%	9.9%
United Kingdom	5.6%	4.3%
Spain	5.1%	2.3%
Canada	4.6%	3.5%
France	3.8%	5.1%
Germany	3.8%	4.7%
Brazil	2.3%	0.0%
Other	23.5%	19.6%

Maturity Distribution	Fund	Index
Less than 1 Yr.	6.7%	1.5%
1 to 3 Yrs.	16.0%	23.9%
3 to 5 Yrs.	14.8%	19.9%
5 to 10 Yrs.	44.0%	33.1%
10 to 20 Yrs.	10.3%	10.8%
20 Yrs. or more	8.4%	10.8%

Credit Quality	Fund	Index
US Treasurys	5.4%	17.8%
AAA	24.3%	12.0%
AA	12.5%	24.7%
A	28.7%	30.5%
BAA	22.7%	15.1%
BA	4.5%	0.0%
B	0.0%	0.0%
CAA & Lower	0.0%	0.0%
Not Rated	-0.1%	0.0%
Cash & Equivalents	2.0%	0.0%

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

Sustainability

About Us

Advisor Solutions

Global Bond Fund

Overview

Primary Benchmark

Portfolio Management

Total Fund Assets (as of 10/31/2024)

Lipper Category

Morningstar Category

Strategy Highlights

Investment Strategy

About Risk

Fund Facts as of 10/31/2024

Additional Content

Performance

Year-to-Date Performance as of 11/20/2024

Month-End Performance as of 10/31/2024

Quarter-End Performance as of 9/30/2024

Lipper Ranking as of 10/31/2024

Morningstar Ranking as of 10/31/2024

Monthly Characteristics

Monthly as of 10/31/2024

Quarterly Characteristics

Quarterly as of 9/30/2024

Holdings