2024-01-304-1NatixisFundsStatutoryBook
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Class
A |
Class
C |
Class
N |
Class
T* |
Class
Y |
Loomis
Sayles Global Growth Fund |
LSAGX |
LSCGX |
LSNGX |
LGGTX |
LSGGX |
Loomis
Sayles Senior Floating Rate and Fixed Income Fund
|
LSFAX |
LSFCX |
LSFNX |
LSFTX |
LSFYX |
Vaughan
Nelson Select Fund |
VNSAX |
VNSCX |
VNSNX |
VNSTX |
VNSYX |
* |
Class
T shares of the Funds are not currently available for
purchase. |
The
Securities and Exchange Commission (“SEC”) has not approved or disapproved any
Fund’s shares or determined whether this Prospectus is truthful or
complete. Any representation to the contrary is a crime.
Loomis
Sayles Global Growth Fund
Investment
Goal
The
Fund’s investment goal is long-term growth of
capital.
Fund
Fees & Expenses
The
following table describes the fees and expenses that you may pay if you buy,
hold, and sell shares of the Fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected
in this table. You may
qualify for sales charge discounts if you and your family invest, or agree to
invest in the future, at least $50,000 in the Natixis Funds
Complex. More
information about these and other discounts is available from your financial
professional and in the section “How Sales Charges Are Calculated” on page
33 of the Prospectus, in Appendix A to the Prospectus and on page
105 in the section “Reduced Sales Charges” of the Statement of Additional
Information (“SAI”).
Shareholder
Fees
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(fees
paid directly from your investment) |
Class
A |
Class
C |
Class
N |
Class
T |
Class
Y |
Maximum
sales charge (load) imposed on purchases (as a percentage of offering
price) |
5.75% |
None |
None |
2.50% |
None |
Maximum
deferred sales charge (load) (as a percentage of original purchase price
or redemption
proceeds, as applicable) |
* |
1.00% |
None |
None |
None |
Redemption
fees |
None |
None |
None |
None |
None |
* |
A
1.00% contingent deferred sales charge (“CDSC”) may apply to certain
purchases of Class A shares of $1,000,000 or more that are redeemed within
eighteen months of the date
of purchase. |
Annual
Fund Operating Expenses
|
|
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| |
(expenses
that you pay each year as a percentage of the value of your
investment) |
Class
A |
Class
C |
Class
N |
Class
T |
Class
Y |
Management
fees |
0.75% |
0.75% |
0.75% |
0.75% |
0.75% |
Distribution
and/or service (12b-1) fees |
0.25% |
1.00% |
0.00% |
0.25% |
0.00% |
Other
expenses |
0.38% |
0.39% |
0.31% |
%1 |
0.39% |
Total
annual fund operating expenses |
1.38% |
2.14% |
1.06% |
1.38% |
1.14% |
Fee
waiver and/or expense reimbursement2,3
|
% |
% |
% |
% |
% |
Total
annual fund operating expenses after fee waiver and/or expense
reimbursement |
1.21% |
1.96% |
0.91% |
1.21% |
0.96% |
1 |
Other
expenses for Class T shares are estimated for the current fiscal
year.
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2 |
Loomis,
Sayles & Company, L.P. (“Loomis Sayles” or the “Adviser”) has given a
binding contractual undertaking to the Fund to limit the amount of the
Fund’s total annual fund operating
expenses to 1.20%, 1.95%, 0.90%, 1.20%
and 0.95% of the Fund’s average daily net assets for Class A, C, N, T and
Y shares, respectively, exclusive of brokerage expenses,
interest expense, taxes, acquired fund fees and expenses, organizational
and extraordinary expenses, such as litigation and indemnification
expenses. This undertaking
is in effect through March
31, 2025
and may be terminated before then only with the consent of the Fund’s
Board of Trustees. The Adviser will be permitted to recover,
on a class-by-class basis, management fees waived and/or expenses
reimbursed to the extent that expenses in later periods fall below both
(1) the class’ applicable expense
limitation at the time such amounts were waived/reimbursed and (2) the
class’ current applicable expense limitation.
The Fund will not be obligated to repay any such waived/reimbursed
fees and expenses more than one year after the end of the fiscal year in
which the fees or expenses were
waived/reimbursed. |
3 |
Natixis
Advisors, LLC (“Natixis Advisors”) has given a binding contractual
undertaking to the Fund to reimburse any and all transfer agency expenses
for Class N shares. This undertaking
is in effect through March 31, 2025
and may be terminated before then only with the consent of the Fund’s
Board of Trustees. |
Example
This
example is intended to help you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The example assumes that
you
invest $10,000 in the Fund for the time periods indicated and then redeem all of
your shares at the end of those periods (except where indicated). The
example
also assumes that your investment has a 5% return each year and that the Fund’s
operating expenses remain the same
except
that the example is based
on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement assuming that such waiver and/or reimbursement will only
be in place through the dates noted above and on the Total Annual Fund Operating
Expenses for the remaining periods.
The
example for Class C shares for
the ten-year period reflects the conversion to Class A shares after eight
years.
The
example does not take into account brokerage commissions and other fees
to financial intermediaries that you may pay on your purchases and sales of
shares of the Fund. Although
your actual costs may be higher or lower, based
on these assumptions your costs would be:
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If
shares are redeemed: |
1
year |
3
years |
5
years |
10
years |
Class
A |
$ |
|
$ |
|
$ |
|
$ |
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| |
If
shares are redeemed: |
1
year |
3
years |
5
years |
10
years |
Class
C |
$ |
|
$ |
|
$ |
|
$ |
|
Class
N |
$ |
|
$ |
|
$ |
|
$ |
|
Class
T |
$ |
|
$ |
|
$ |
|
$ |
|
Class
Y |
$ |
|
$ |
|
$ |
|
$ |
|
|
|
|
|
|
|
|
| |
If
shares are not redeemed: |
1
year |
3
years |
5
years |
10
years |
Class
C |
$ |
|
$ |
|
$ |
|
$ |
|
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may
indicate
higher transaction costs and may result in higher taxes for you if your Fund
shares are held in a taxable account. These costs, which are not reflected
in
annual fund operating expenses or in the example, affect the Fund’s performance.
During its most recently ended fiscal year, the Fund’s portfolio turnover
rate
was
24%
of the average value of its portfolio.
Investments,
Risks and Performance
Principal
Investment Strategies
Under
normal market conditions, the Fund will invest primarily in equity securities,
including common stocks and depositary receipts. The Fund will invest in
securities
that provide exposure to no fewer than three countries, which will include
the U.S. In addition, the Fund will invest at least 40%
of its assets in securities
of companies that maintain their principal place of business or conduct their
principal business activities outside the U.S., companies that have their
securities traded on non-U.S. exchanges or companies that have been formed under
the laws of non-U.S. countries. This 40% minimum investment amount
may be reduced to 30% if market conditions for these investments or specific
foreign markets are deemed unfavorable. Notwithstanding
the foregoing,
the Adviser does not consider a security to be foreign if it is included in the
U.S. equity indices published by S&P Global Ratings or Russell Investments
or if the security’s country of risk defined by Bloomberg is the United
States
and the security’s country of incorporation defined by Bloomberg is the
United States. The
Fund may also invest up to 30% of its assets in emerging markets securities. The
Fund considers a security to be an emerging markets security
if its country of risk as defined by Bloomberg
is included within the MSCI Emerging & Frontier Markets Index. The Fund
focuses on stocks of large capitalization
companies, but the Fund may invest in companies of any
size.
The
Fund normally invests across a wide range of sectors and industries. The Fund’s
portfolio manager employs a growth style of equity management, which
means
that the Fund seeks to invest in companies with sustainable competitive
advantages versus others, long-term structural growth drivers that will lead to
above-average
future cash flow growth, attractive cash flow returns on invested capital, and
management teams focused on creating long-term value for shareholders.
The Fund’s portfolio manager also aims to invest in companies when they trade at
a significant discount to the estimate of intrinsic value (i.e., companies
with share prices trading significantly below what the portfolio manager
believes the share price should be).
The
Fund 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, when 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.
The Fund
may also engage in foreign currency transactions (including foreign currency
forwards and foreign currency futures) for hedging purposes, invest in options
for hedging and investment purposes and invest in interests in real estate
investment trusts (“REITs”) and securities issued pursuant to Rule 144A under
the Securities Act of 1933 (“Rule 144A securities”). In addition, the Fund may
gain investment exposure to Chinese companies through the use of a structure
known as a variable interest entity (“VIE”). The VIE structure allows investors,
such as the Fund, to gain exposure to sectors or industries where non-Chinese
ownership is restricted or prohibited by the Chinese government. Under normal
market conditions, the Adviser does not intend to hedge currency risk, which may
cause the Fund to incur losses that would not have been incurred had the risk
been hedged. Except as provided above, the Fund is not limited in the percentage
of its assets that it may invest in these
instruments.
Principal
Investment Risks
The
principal risks of investing in the Fund are summarized below. The Fund does not
represent a complete investment program. You
may lose money by investing
in the Fund.
Fund
shares are not bank deposits and are not guaranteed, endorsed or insured by the
Federal Deposit Insurance Corporation or any other government agency,
and are subject to investment risks, including possible loss of the principal
invested.
The
significance of any specific risk to an investment in the Fund will vary over
time, depending on the composition of the Fund’s portfolio, market conditions,
and
other factors. You should read all of the risk information presented below
carefully, because any one or more of these risks may result in losses to the
Fund.
Equity
Securities Risk:
The value of the Fund’s investments in equity securities could be subject to
unpredictable declines in the value of individual securities
and periods of below-average performance in individual securities or in the
equity market as a whole. Growth
stocks are generally more sensitive to
market movements than other types of stocks primarily because their stock prices
are based heavily on future expectations. If the Adviser’s assessment of
the
prospects for a company’s growth is wrong, or if the Adviser’s judgment of how
other investors will value the company’s growth is wrong, then the price
of
the company’s stock may fall or not approach the value that the Adviser has
placed on it. In
the event an issuer is liquidated or declares bankruptcy, the claims
of owners of the issuer’s bonds generally take precedence over the claims of
those who own preferred stock or common stock. Securities
of real estate-related
companies and REITs in which the Fund may invest may be considered equity
securities, thus subjecting the Fund to the risks of investing in equity
securities generally.
Market/Issuer
Risk:
The market value of the Fund’s investments will move up and down, sometimes
rapidly and unpredictably, based upon overall market and
economic conditions, as well as a number of reasons that directly relate to the
issuers of the Fund’s investments, such as management performance, financial
condition and demand for the issuers’ goods and
services.
Management
Risk:
A strategy used by the Fund’s portfolio manager may fail to produce the intended
result.
Liquidity
Risk:
Liquidity risk is the risk that the Fund may be unable to find a buyer for its
investments when it seeks to sell them or to receive the price it expects.
Decreases in the number of financial institutions willing to make markets in the
Fund’s investments or in their capacity or willingness to transact may
increase
the Fund’s exposure to this risk. Events that may lead to increased redemptions,
such as market disruptions or increases in interest rates, may also negatively
impact the liquidity of the Fund’s investments when it needs to dispose of
them. Markets
may become illiquid quickly. If
the Fund is forced to sell its
investments at an unfavorable time and/or under adverse conditions in order to
meet redemption requests, such sales could negatively affect the Fund.
During
times of market turmoil, there may be no buyers or sellers for securities in
certain asset classes. Securities
acquired in a private placement, such as Rule
144A securities, are generally subject to significant liquidity risk because
they are subject to strict restrictions on resale and there may be no liquid
secondary
market or ready purchaser for such securities.
Derivatives, and particularly OTC derivatives, are generally subject to
liquidity risk as well.
In other circumstances,
liquid investments may become illiquid.
Liquidity issues may also make it difficult to value the Fund’s investments. The
Fund may invest in liquid
investments that become illiquid due to financial distress, or geopolitical
events such as sanctions, trading halts or
wars.
Foreign
Securities Risk:
Investments in foreign securities may be subject to greater political, economic,
environmental, credit/counterparty and information risks.
The
Fund’s investments in foreign securities also are subject to foreign currency
fluctuations and other foreign currency-related risks. Foreign
securities may
be subject to higher volatility than U.S. securities, varying degrees of
regulation and limited liquidity.
Emerging
Markets Risk:
In addition to the risks of investing in foreign investments generally, emerging
markets investments are subject to greater risks arising
from political or economic instability, war, nationalization or confiscatory
taxation, currency exchange or repatriation restrictions, sanctions by other
countries
(such as the United States or the European Union), new or inconsistent
government treatment of or restrictions on issuers and instruments, and an
issuer’s
unwillingness or inability to make dividend, principal or interest payments on
its securities. Emerging markets companies may be smaller and have shorter
operating histories than companies in developed
markets.
The
Fund’s exposure to VIEs may pose additional risks because, instead of directly
investing in the underlying Chinese operating company, the Fund’s investment
is in a holding company domiciled outside of China. The holding company has
contractual arrangements with the operating company that are expected
to provide investors, such as the Fund, with economic exposure to the operating
company. However, the VIE structure is not formally recognized under
Chinese law. The Chinese government may cease to tolerate VIE structures at any
time or impose new restrictions. Similarly, these investments may face
delisting or other adverse actions under U.S. or other non-Chinese law. Any of
these events may reduce the value of the Fund’s investments in these
companies
or render them valueless.
Small-
and Mid-Capitalization Companies Risk:
Compared to large-capitalization companies, small- and mid-capitalization
companies are more likely to have
limited product lines, markets or financial resources. Stocks of these companies
often trade less frequently and in limited volume and their prices may
fluctuate
more than stocks of large-capitalization companies. As a result, it may be
relatively more difficult for the Fund to buy and sell securities of small-
and
mid-capitalization companies.
REITs
Risk:
Investments in the real estate industry, including REITs, are particularly
sensitive to economic downturns and are sensitive to factors such as
changes
in real estate values, property taxes and tax laws, interest rates, cash flow of
underlying real estate assets, occupancy rates, government regulations
affecting
zoning, land use and rents and the management skill and creditworthiness of the
issuer. Companies in the real estate industry also may be subject to
liabilities under environmental and hazardous waste laws. In addition, the value
of a REIT is affected by changes in the value of the properties owned by
the
REIT or mortgage loans held by the REIT. REITs are also subject to default and
prepayment risk. Many REITs are highly leveraged, increasing their risk. The
Fund
will indirectly bear its proportionate share of expenses, including management
fees, paid by each REIT in which it invests in addition to the expenses of
the
Fund.
Large
Investor Risk:
Ownership of shares of the Fund may be concentrated in one or a few large
investors. Such investors may redeem shares in large quantities or on a frequent
basis. Redemptions by a large investor can affect the performance of the Fund,
may increase realized capital gains, including short-term capital gains taxable
as ordinary income, may accelerate the realization of taxable income to
shareholders and may increase transaction costs. These transactions potentially
limit the use of any capital loss carryforwards and certain other losses to
offset future realized capital gains (if any). Such transactions may also
increase the Fund’s expenses.
Currency
Risk:
Fluctuations in the exchange rates between different currencies may negatively
affect an investment. The Fund may be subject to currency risk
because it may invest in currency-related instruments and may invest
in
securities or other instruments denominated in, or that generate income
denominated
in, foreign currencies. Under
normal market conditions, the Fund does not intend to hedge currency risk, which
may cause the Fund to incur losses
that would not have been incurred had the risk been
hedged.
Credit/Counterparty
Risk:
Credit/counterparty risk is the risk that the issuer or guarantor of a
fixed-income security, or the counterparty to a derivative or other
transaction, will be unable or unwilling to make timely payments of interest or
principal or to otherwise honor its obligations. As a result, the Fund may
sustain
losses or be unable or delayed in its ability to realize gains. The Fund will be
subject to credit/counterparty risk with respect to the counterparties to
its
derivatives transactions. This risk will be heightened to the extent the
Fund enters into derivative transactions with a single counterparty (or
affiliated counterparties
that are part of the same organization), causing the Fund to have significant
exposure to such counterparty. Many of the protections afforded to
participants on organized exchanges and clearing houses, such as the performance
guarantee given by a central clearing house, are not available in connection
with OTC derivatives transactions, such as foreign currency transactions.
For centrally cleared derivatives, such as cleared swaps, futures and
many
options, the primary credit/counterparty risk is the creditworthiness of the
Fund’s clearing broker and the central clearing house
itself.
Cybersecurity
and Technology Risk:
The Fund, its service providers, and other market participants increasingly
depend on complex information technology
and communications systems, which are subject to a number of different threats
and risks that could adversely affect the Fund and its shareholders.
Cybersecurity and other operational and technology issues may result in
financial losses to the Fund and its
shareholders.
Derivatives
Risk:
Derivative instruments (such as those in which the Fund may invest, including
foreign currency forwards, foreign currency futures and options)
are subject to changes in the value of the underlying assets or indices on which
such instruments are based. There is no guarantee that the use of derivatives
will be effective or that suitable transactions will be available. Even a small
investment in derivatives may give rise to leverage risk and can have
a
significant impact on the Fund’s exposure to securities market values, interest
rates or currency exchange rates. It is possible that the Fund’s liquid assets
may
be insufficient to support its obligations under its derivatives positions. The
use of derivatives for other than hedging purposes may be considered a
speculative
activity, and involves greater risks than are involved in hedging. The use of
derivatives may cause the Fund to incur losses greater than those that would
have occurred had derivatives not been used. The Fund’s use of derivatives
involves other risks, such as credit/counterparty risk relating to the
other
party to a derivative contract (which is greater for forward currency contracts,
uncleared swaps and other OTC derivatives), the risk of difficulties in
pricing
and valuation, the risk that changes in the value of a derivative may not
correlate as expected with changes in the value of
relevant assets, rates or indices,
liquidity risk, allocation risk and the risk of losing more than any
amounts paid or margin transferred
to initiate derivatives positions. There is also the risk
that the Fund may be unable to terminate or sell a derivative position at an
advantageous time or price.
The Fund’s derivative counterparties may experience
financial difficulties or otherwise be unwilling or unable to honor their
obligations, possibly resulting in losses to the
Fund.
Leverage
Risk: Leverage
is the risk associated with securities or investment practices (e.g., borrowing
and the use of certain derivatives) that multiply small index,
market or asset-price movements into larger changes in value. The use of
leverage increases the impact of gains and losses on the Fund’s returns, and
may
lead to significant losses if investments are not
successful.
Risk/Return
Bar Chart and Table
The
bar chart and table shown below provide some indication of the risks of
investing in the Fund by showing changes in the Fund’s performance from
year-to-year
and by showing how the Fund’s average annual returns for the one-year,
five-year, life-of-class and life-of-fund periods (as applicable) compare to
those
of a broad measure of market performance.
Class
C shares will automatically convert to Class A shares after eight
years. The
Fund’s past performance (before
and after taxes) does not necessarily indicate how the Fund will perform in the
future.
Updated performance information is available online at im.natixis.com
and/or by calling the Fund toll-free at 800-225-5478.
The
chart does not reflect any sales charge that you may be required to pay when you
buy or redeem the Fund’s shares. A sales charge will reduce your return.
To the extent that a class of shares was subject to the waiver or reimbursement
of certain expenses during a period, had such expenses not been waived
or reimbursed during the period, total returns would have been
lower.
Total
Returns for Class Y Shares
| |
|
Highest
Quarterly Return: Second
Quarter 2020,
26.23%
Lowest
Quarterly Return: Second
Quarter 2022,
-19.88% |
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Average
Annual Total Returns |
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|
(for
the periods ended December 31, 2023) |
Past
1 Year |
Past
5 Years |
Life
of Fund (3/31/16) |
Life
of Class N (3/31/17) |
Class
Y - Return Before Taxes |
36.10% |
13.54% |
12.34% |
- |
Return
After Taxes on Distributions |
36.10% |
12.16% |
11.07% |
- |
Return
After Taxes on Distributions and Sale of Fund Shares |
21.37% |
10.69% |
9.84% |
- |
|
|
|
| |
Average
Annual Total Returns |
|
|
|
|
(for
the periods ended December 31, 2023) |
Past
1 Year |
Past
5 Years |
Life
of Fund (3/31/16) |
Life
of Class N (3/31/17) |
Class
A - Return Before Taxes |
28.01% |
11.91% |
11.20% |
- |
Class
C - Return Before Taxes |
33.84% |
12.42% |
11.21% |
- |
Class
N - Return Before Taxes |
36.20% |
13.60% |
- |
11.95% |
Class
T - Return Before Taxes |
32.44% |
12.68% |
11.69% |
- |
MSCI
All Country World Index (Net) |
22.20% |
11.72% |
10.04% |
9.32% |
The
Fund did not have Class T shares outstanding during the periods shown
above. The returns of Class T shares would have been substantially similar
to the returns
of the Fund’s other share classes
because they would have been invested in the same portfolio of securities and
would only differ to the extent the other
share classes did not have the same expenses. Performance
of Class T shares shown above is that of Class A shares, which have the same
expenses as Class
T shares, restated to reflect the different sales load applicable to Class T
shares.
After-tax
returns are calculated using the historical highest individual federal marginal
income tax rates and do not reflect the impact of state and local taxes.
Actual
after-tax returns depend on an investor’s tax situation and may differ from
those shown. After-tax returns shown are not relevant to investors who
hold
their shares through tax-advantaged arrangements, such as 401(k) plans,
qualified plans, education savings accounts, such as 529 plans, or individual
retirement
accounts. The
after-tax returns are shown for only one class of the Fund.
After-tax
returns for the other classes of the Fund will vary.
Index
performance
reflects no deduction for fees, expenses or taxes.
Management
Investment
Adviser
Loomis
Sayles
Portfolio
Manager
Aziz
V. Hamzaogullari, CFA®,
Chief Investment Officer and Founder of the Growth Equity Strategies Team,
Executive Vice President and Director of the Adviser,
has served as portfolio manager of the Fund since 2016.
Purchase
and Sale of Fund Shares
Class
A and C Shares
The
following chart shows the investment minimums for various types of
accounts:
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|
|
| |
Type
of Account |
Minimum
Initial Purchase |
Minimum
Subsequent Purchase |
Any
account other than those listed below |
$ |
2,500 |
$ |
50 |
For
shareholders participating in Natixis Funds’ Automatic Investment
Plan |
$ |
1,000 |
$ |
50 |
For
Traditional IRA, Roth IRA, Rollover IRA, SEP-IRA and Keogh
plans |
$ |
1,000 |
$ |
50 |
There
is no initial or subsequent investment minimum for:
• |
Fee
Based Programs
(such as wrap accounts) where an advisory fee is paid to the broker-dealer
or other financial intermediary. Please consult your financial
representative to determine if your fee based program is subject to
additional or different conditions or
fees. |
• |
Certain
Retirement Plans.
Please consult your retirement plan administrator to determine if your
retirement plan is subject to additional or different conditions
or fees imposed by the plan
administrator. |
• |
Clients
of a Registered
Investment Adviser
where the Registered Investment Adviser receives an advisory, management
or consulting fee. |
The
minimum investment requirements for Class A shares may be waived or lowered for
investments effected through certain financial intermediaries that have
entered into special arrangements with Natixis Distribution, LLC (the
“Distributor”). Consult your financial intermediary for additional information
regarding
the minimum investment requirement applicable to your investment.
Class
N Shares
Class
N shares of the Fund are subject to a $1,000,000 initial investment minimum.
This minimum applies to Fee Based Programs and accounts (such as wrap
accounts)
where an advisory fee is paid to the broker-dealer or other financial
intermediary. There is no subsequent investment minimum for these shares.
There
is no initial investment minimum for:
• |
Certain
Retirement Plans.
Please consult your retirement plan administrator to determine if your
retirement plan is subject to additional or different conditions
or fees imposed by the plan administrator. |
• |
Sub-accounts
held within an omnibus account, where the omnibus account has at least
$1,000,000. |
• |
Funds
of funds
that are distributed by the Distributor. |
In
its sole discretion, the Distributor may waive the investment minimum
requirement for accounts as to which the Distributor reasonably believes will
have enough
assets to exceed the investment minimum requirement within a relatively short
period of time following the establishment date of such accounts in Class
N. The Distributor and the Fund, at any time, reserve the right to liquidate
these accounts or any other account that does not meet the eligibility
requirements
of this class.
Class
T Shares
Class
T shares of the Fund are not currently available for purchase.
Class
T shares of the Fund may only be purchased by investors who are investing
through an authorized third party, such as a broker-dealer or other financial
intermediary,
that has entered into a selling agreement with the Distributor. Investors
may not hold Class T shares directly with the Fund. Class T shares are
subject
to a minimum initial investment of $2,500.
Not
all financial intermediaries make Class T
shares available to their clients.
Class
Y Shares
Class Y
shares of the Fund are generally subject to a minimum initial investment of
$100,000, except there is no minimum initial or subsequent investment
for:
• |
Fee
Based Programs
(such as wrap accounts) where an advisory fee is paid to the broker-dealer
or other financial intermediary. Please consult your financial
representative to determine if your fee based program is subject to
additional or different conditions or
fees. |
• |
Certain
Retirement Plans.
Please consult your retirement plan administrator to determine if your
retirement plan is subject to additional or different conditions
or fees imposed by the plan
administrator. |
• |
Certain
Individual Retirement Accounts
if the amounts invested represent rollover distributions from investments
by any of the retirement plans invested
in the Fund. |
• |
Clients
of a Registered
Investment Adviser
where the Registered Investment Adviser receives an advisory, management
or consulting fee. |
• |
Fund
Trustees,
former Fund trustees, employees of affiliates of the Natixis Funds and
other individuals who are affiliated with any Natixis Fund (this also
applies
to any spouse, parents, children, siblings, grandparents, grandchildren
and in-laws of those mentioned) and Natixis affiliate employee benefit
plans. |
At
the discretion of Natixis Advisors, clients of Natixis Advisors and its
affiliates may purchase Class Y shares of the Fund below the stated
minimums.
Due
to operational limitations at your financial intermediary, certain fee based
programs, retirement plans, individual retirement accounts and accounts of
registered
investment advisers may be subject to the investment minimums described
above.
The
Fund’s shares are available for purchase and are redeemable on any business day
through your investment dealer, directly from the Fund by writing to the
Fund
at Natixis Funds, P.O. Box 219579, Kansas City, MO 64121-9579, by exchange, by
wire, by internet at im.natixis.com (certain restrictions may apply),
through
the Automated Clearing House system, or, in the case of redemptions, by
telephone at 800-225-5478 or by the Systematic Withdrawal
Plan.
Tax
Information
Fund
distributions are generally taxable to you as ordinary income or capital gains,
except for distributions to retirement plans and other investors that qualify
for
tax-advantaged treatment under U.S. federal income tax law generally.
Investments through
such tax-advantaged plans will generally be taxed only upon withdrawal
of monies from the tax-advantaged arrangement.
Payments
to Broker-Dealers and Other Financial Intermediaries
If
you purchase shares of the Fund through a broker-dealer or other financial
intermediary (such as a bank), the Fund and its related companies may
pay the intermediary
for the sale of the Fund shares and related services. These payments may create
a conflict of interest by influencing the broker-dealer or other
intermediary
and your salesperson to recommend the Fund over another investment. Ask your
salesperson or visit your financial intermediary’s website for more
information.
Loomis
Sayles Senior Floating Rate and Fixed Income
Fund
Investment
Goal
The
Fund seeks to provide a high level of current
income.
Fund
Fees & Expenses
The
following table describes the fees and expenses that you may pay if you buy,
hold, and sell shares of the Fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected
in this table. You
may qualify for sales charge discounts if you and your
family invest, or agree to invest in the future, at least $100,000
in the Natixis Funds Complex.
More information about these and other discounts is available
from your financial professional and in the section “How Sales Charges Are
Calculated” on page 33 of the Prospectus, in Appendix A to the Prospectus
and on page 105 in the section “Reduced Sales Charges” of the Statement of
Additional Information (“SAI”).
Shareholder
Fees
|
|
|
|
| |
(fees
paid directly from your investment) |
Class
A |
Class
C |
Class
N |
Class
T |
Class
Y |
Maximum
sales charge (load) imposed on purchases (as a percentage of offering
price) |
3.50% |
None |
None |
2.50% |
None |
Maximum
deferred sales charge (load) (as a percentage of original purchase price
or redemption
proceeds, as applicable) |
* |
1.00% |
None |
None |
None |
Redemption
fees |
None |
None |
None |
None |
None |
* |
A
1.00% contingent deferred sales charge (“CDSC”) may apply to certain
purchases of Class A shares of $1,000,000 or more that are redeemed within
eighteen months of the date
of purchase.
|
Annual
Fund Operating Expenses
|
|
|
|
| |
(expenses
that you pay each year as a percentage of the value of your
investment) |
Class
A |
Class
C |
Class
N |
Class
T |
Class
Y |
Management
fees |
0.60% |
0.60% |
0.60% |
0.60% |
0.60% |
Distribution
and/or service (12b-1) fees |
0.25% |
1.00% |
0.00% |
0.25% |
0.00% |
Other
expenses1
|
% |
% |
% |
%2 |
% |
Total
annual fund operating expenses |
1.17% |
1.92% |
0.89% |
1.17% |
0.92% |
Fee
waiver and/or expense reimbursement3,4
|
% |
% |
% |
% |
% |
Total
annual fund operating expenses after fee waiver and/or expense
reimbursement |
1.01% |
1.76% |
0.71% |
1.01% |
0.76% |
1 |
The
expense information shown in the table above includes acquired fund fees
and expenses of less than 0.01%; the ratios differ from the expense
information disclosed in the Fund’s
financial highlights table because the financial highlights table reflects
the operating expenses of the Fund and does not include acquired fund fees
and expenses.
|
2 |
Other
expenses for Class T shares are estimated for the current fiscal
year.
|
3 |
Loomis,
Sayles & Company, L.P. (“Loomis Sayles” or the “Adviser”) has given a
binding contractual undertaking to the Fund to limit the amount of the
Fund’s total annual fund operating
expenses to 1.00%,
1.75%,
0.70%,
1.00% and
0.75%
of the Fund’s average daily net assets for Class A, C, N, T and Y
shares, respectively, exclusive of brokerage expenses,
interest
expense, taxes, acquired fund fees and expenses, organizational and
extraordinary expenses, such as litigation and indemnification expenses.
This undertaking
is in
effect through March
31, 2025
and may be terminated before then only with the consent of the Fund’s
Board of Trustees. The Adviser will be permitted to recover,
on a
class-by-class basis, management fees waived and/or expenses reimbursed to
the extent that expenses in later periods fall below both (1) the class’
applicable expense
limitation at the time such amounts were waived/reimbursed and (2) the
class’ current applicable expense limitation. The Fund will not be
obligated to repay any such waived/reimbursed
fees and
expenses more than one year after the end of the fiscal year in which the
fees or expenses were
waived/reimbursed.
|
4 |
Natixis
Advisors, LLC (“Natixis Advisors”) has given a binding contractual
undertaking to the Fund to reimburse any and all transfer agency expenses
for Class N shares. This undertaking
is in effect through March 31, 2025
and may be terminated before then only with the consent of the Fund’s
Board of Trustees. |
Example
This
example is intended to help you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The example assumes that you invest
$10,000 in the Fund for the time periods indicated and then redeem all of your
shares at the end of those periods (except where indicated). The example also
assumes that your investment has a 5% return each year and that the Fund’s
operating expenses remain the same except that the example is based on the Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement
assuming that such waiver and/or reimbursement will only be in place through the
dates noted above and on the Total Annual Fund Operating Expenses for the
remaining periods. The example for Class C shares for the ten-year period
reflects the conversion to Class A shares after eight years. The example does
not take into account brokerage commissions and other
fees
to financial intermediaries that you may pay on your purchases and sales of
shares of the Fund. Although
your actual costs may be higher or lower, based
on these assumptions your costs would be:
|
|
|
|
|
|
|
| |
If
shares are redeemed: |
1
year |
3
years |
5
years |
10
years |
Class
A |
$ |
|
$ |
|
$ |
|
$ |
|
Class
C |
$ |
|
$ |
|
$ |
|
$ |
|
Class
N |
$ |
|
$ |
|
$ |
|
$ |
|
Class
T |
$ |
|
$ |
|
$ |
|
$ |
|
Class
Y |
$ |
|
$ |
|
$ |
|
$ |
|
|
|
|
|
|
|
|
| |
If
shares are not redeemed: |
1
year |
3
years |
5
years |
10
years |
Class
C |
$ |
|
$ |
|
$ |
|
$ |
|
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may
indicate
higher transaction costs and may result in higher taxes for you if your Fund
shares are held in a taxable account. These costs, which are not reflected
in
annual fund operating expenses or in the example, affect the Fund’s performance.
During its most recently ended fiscal year, the Fund’s portfolio turnover
rate
was
67%
of the average value of its portfolio.
Investments,
Risks and Performance
Principal
Investment Strategies
Under
normal market conditions, the Fund will invest at least 80%
of its net assets (plus any borrowings made for investment purposes) in a
combination of adjustable
floating rate loans and other floating rate debt instruments issued by U.S. and
non-U.S. corporations or other business entities and fixed-income securities,
including derivatives that reference the returns of these
instruments.
Under
normal market conditions, the Fund will invest at least 65% of its net assets
(plus any borrowings made for investment purposes) in floating rate loans
that
either hold a senior position in the capital structure of the borrower, hold an
equal ranking with other senior debt, or have characteristics (such as a
senior
position secured by liens with other senior debt) that the Adviser believes
justify treatment as senior debt (“Senior Loans”). The Fund may invest in
Senior
Loans directly as an original lender or by assignment from a lender, or it may
invest indirectly through participation agreements, interests in collateralized
loan obligations (“CLOs”) and derivatives that reference such instruments.
Derivatives that reference the returns of Senior Loans may pay returns
at fixed rather than variable rates. The Fund’s investments may also include,
but are not limited to, subordinated loans, below investment grade corporate
bonds and investment grade fixed-income debt securities. The fixed-income
securities in which the Fund may invest include preferred stocks. The
Fund
may invest in pay-in-kind (“PIK”) securities and zero-coupon securities. The
Fund may receive debt, equity or other securities or instruments as a result of
the
general restructuring of the debt of an issuer, the restructuring of a floating
rate loan or as part of a package of securities acquired with a
loan.
The
Fund may invest any portion of its assets in securities of Canadian issuers and
up to 20% of its net assets (plus any borrowings made for investment
purposes)
in other foreign securities, including up to 10% of its net assets (plus any
borrowings made for investment purposes) in emerging market securities.
Although
certain securities purchased by the Fund may be issued by domestic companies
incorporated outside of the United States, the Adviser does not consider
these securities to be foreign if the issuer is included in the U.S.
fixed-income indices published by
Bloomberg.
Floating
rate loans are debt obligations that have interest rates that adjust or “float”
periodically (normally on a monthly or quarterly basis) based on a generally
recognized base rate, such as the Secured
Overnight Financing
Rate (“SOFR”)
or the prime rate offered by one or more major U.S. banks. Floating rate
loans are generally unrated or rated less than investment grade and may be
subject to restrictions on resale. The Fund may invest without limit in
securities
of any rating, including those that are in default. The Fund has no requirements
as to the range of maturities of the debt instruments in which it can
invest
or as to the market capitalization of the issuers of those
instruments.
The
Fund may use derivative instruments, including, but not limited to, futures
contracts, forward contracts, swaps (including, among others, credit default
swap
indices, loan-only credit default swaps and loan-only credit default swap
indices) and structured notes to enhance income, to hedge against fluctuations
in interest rates or currency exchange rates, and/or as a substitute for the
purchase or sale of securities.
The
Fund may also invest in securities issued pursuant to Rule 144A under the
Securities Act of 1933 (“Rule 144A securities”), other
privately placed investments
such as private credit investments, convertible
securities, exchange-traded funds (“ETFs”), and mortgage-related securities,
including adjustable rate
mortgage securities and collateralized mortgage obligations, asset-backed
securities, and U.S. government securities (including its agencies, instrumentalities
and sponsored entities). The Fund may also engage in currency-related
transactions. Except as provided above, the Fund is not limited in the
percentage
of its assets that it may invest in these
instruments.
When
deciding which securities to buy and sell, the Adviser will consider credit
quality and whether credit quality is improving or declining, as well as return
potential,
in the context of market and economic risks. In addition to security selection,
the Adviser expects to use cycle evaluation in conjunction with sector
rotation
in an effort to enhance or offset cyclical
influences.
The
Fund expects to engage in active and frequent trading of securities and other
instruments. Effects of frequent trading may include high transaction costs,
which
may lower the Fund’s return, and realization of short-term capital gains,
distributions of which are taxable to shareholders who are individuals as
ordinary
income. Trading costs and tax effects associated with frequent trading may
adversely affect the Fund’s performance.
With
the exception of the 80% test described above, the percentage limitations set
forth herein are not investment restrictions and the Fund may exceed
these
limits from time to time. In addition, when calculating these exposures, the
Fund may use the notional value or an adjusted notional value of a derivative
to reflect what the Adviser believes to be the most accurate assessment of the
Fund’s real economic exposure.
Principal
Investment Risks
The
principal risks of investing in the Fund are summarized below. The Fund does not
represent a complete investment program. You
may lose money by investing
in the Fund.
Fund
shares are not bank deposits and are not guaranteed, endorsed or insured by the
Federal Deposit Insurance Corporation or any other government agency,
and are subject to investment risks, including possible loss of the principal
invested.
The
significance of any specific risk to an investment in the Fund will vary over
time, depending on the composition of the Fund’s portfolio, market conditions,
and
other factors. You should read all of the risk information presented below
carefully, because any one or more of these risks may result in losses to the
Fund.
Senior
Loans Risk: The
risks associated with Senior Loans are similar to the risks of investing in
below investment-grade securities. The Senior Loans in which
the Fund invests will generally not be rated investment grade by the rating
agencies. Economic downturns generally lead to higher non-payment rates
and
a Senior Loan could lose a substantial part of its value prior to default.
Senior Loans are subject to credit risk, and secured Senior Loans may not be
adequately
collateralized. The interest rates of Senior Loans reset frequently, and thus
Senior Loans are subject to interest rate risk. Senior Loans are generally
less liquid than many other debt securities and there may also be less public
information available about Senior Loans as compared to other debt securities.
Senior Loans may be difficult to value and may be subject to restrictions on
resale, irregular trading activity, wide bid/ask spreads and extended
trade
settlement periods. Transactions in Senior Loans may take significantly longer
than seven days to settle and, as a result, proceeds related to the sale of
Senior
Loans may not be readily available to make additional investments or to meet the
Fund’s redemption obligations. In order to satisfy redemption requests
pending settlement of Senior Loans, the Fund may take a variety of measures,
including, without limitation drawing on its cash and other short term
positions
and borrowing from banks (including under the Fund’s line of credit), all of
which may adversely affect the Fund’s performance. With limited exceptions,
the Adviser will take steps intended to ensure that it does not receive material
non-public information about the issuers of Senior Loans who also issue
publicly traded securities, and therefore the Adviser may have less information
than other investors about certain of the Senior Loans in which it seeks
to
invest. Investing in Senior Loan participations exposes the Fund to the credit
of the counterparty issuing the participation in addition to the credit of the
ultimate
borrower.
Liquidity
Risk:
Liquidity risk is the risk that the Fund may be unable to find a buyer for its
investments when it seeks to sell them or to receive the price it expects.
Decreases in the number of financial institutions willing to make markets in the
Fund’s investments or in their capacity or willingness to transact may
increase
the Fund’s exposure to this risk. Events that may lead to increased redemptions,
such as market disruptions or increases in interest rates, may also negatively
impact the liquidity of the Fund’s investments when it needs to dispose of
them. Markets
may become illiquid quickly. If
the Fund is forced to sell its
investments at an unfavorable time and/or under adverse conditions in order to
meet redemption requests, such sales could negatively affect the Fund.
During
times of market turmoil, there may be no buyers or sellers for securities in
certain asset classes. Securities
acquired in a private placement, such as Rule
144A securities, and privately negotiated credit and other investments, are
generally subject to significant liquidity risk because they are subject to
strict restrictions on resale and there may be no liquid secondary
market or ready purchaser for such securities.
Derivatives, and particularly OTC derivatives, are generally subject to
liquidity risk as well.
In other circumstances,
liquid investments may become illiquid.
Liquidity issues may also make it difficult to value the Fund’s investments. The
Fund may invest in liquid
investments that become illiquid due to financial distress, or geopolitical
events such as sanctions, trading halts or
wars.
Below
Investment Grade Fixed-Income Securities Risk:
The Fund’s investments in below investment grade fixed-income securities, also
known as “junk
bonds,” may be subject to greater risks than other fixed-income securities,
including being subject to greater levels of interest rate risk, credit/counterparty
risk (including a greater risk of default) and liquidity risk. The ability of
the issuer to make principal and interest payments is predominantly speculative
for below investment grade fixed-income
securities.
Credit/Counterparty
Risk:
Credit/counterparty risk is the risk that the issuer or guarantor of a
fixed-income security, or the counterparty to a derivative or other
transaction, will be unable or unwilling to make timely payments of interest or
principal or to otherwise honor its obligations. In
the event of bankruptcy of
a borrower, the Fund could experience delays or limitations with respect to its
ability to realize the benefits of the collateral securing a Senior Loan. Senior
Loans
and other floating rate securities that are rated below investment-grade are
considered predominantly speculative with respect to the ability of the
issuer
to make timely principal and interest payments. The value of loans made to such
borrowers is likely to be more sensitive to adverse news about the borrower,
markets or economy. As
a result, the Fund may sustain losses or be unable or delayed in its ability to
realize gains. The Fund will be subject to credit/counterparty
risk with respect to the counterparties to its derivatives
transactions. This risk will be heightened to the extent the Fund enters
into derivative
transactions with a single counterparty (or affiliated counterparties that are
part of the same organization), causing the Fund to have significant
exposure
to such counterparty.
Many of the protections afforded to participants on organized exchanges and
clearing
houses,
such as the performance guarantee
given by a central clearing
house,
are not available in connection with OTC
derivatives transactions, such as foreign currency transactions. For
centrally
cleared derivatives, such as cleared swaps, futures and many options, the
primary credit/counterparty risk is the creditworthiness of the Fund’s
clearing
broker and the central clearing
house
itself.
Cybersecurity
and Technology Risk:
The Fund, its service providers, and other market participants increasingly
depend on complex information technology
and communications systems, which are subject to a number of different threats
and risks that could adversely affect the Fund and its shareholders.
Cybersecurity and other operational and technology issues may result in
financial losses to the Fund and its
shareholders.
Management
Risk:
A strategy used by the Fund’s portfolio managers may fail to produce the
intended result.
Leverage
Risk:
Leverage is the risk associated with securities or investment practices (e.g.,
borrowing and the use of certain derivatives) that multiply small index,
market or asset-price movements into larger changes in value. The use of
leverage increases the impact of gains and losses on the Fund’s returns and
may
lead to significant losses if investments are not
successful.
“Covenant-Lite”
Loan Risk:
Some of the loans in which the Fund invests or to which it otherwise gains
exposure may be covenant-lite loans, which contain fewer
or less restrictive constraints on the borrower than certain other types of
loans.
Derivatives
Risk:
Derivative instruments (such as those in which the Fund may invest, including
futures contracts, forward contracts, swaps and structured notes)
are subject to changes in the value of the underlying assets or indices on which
such instruments are based. There is no guarantee that the use of derivatives
will be effective or that suitable transactions will be available. Even a small
investment in derivatives may give rise to leverage risk and can have
a
significant impact on the Fund’s exposure to securities market values, interest
rates or currency exchange rates. It is possible that the Fund’s liquid assets
may
be insufficient to support its obligations under its derivatives positions. The
use of derivatives for other than hedging purposes may be considered a
speculative
activity, and involves greater risks than are involved in hedging. The use of
derivatives may cause the Fund to incur losses greater than those that would
have occurred had derivatives not been used. The Fund’s use of derivatives
involves other risks, such as credit/counterparty risk relating to the
other
party to a derivative contract (which is greater for forward currency contracts,
uncleared swaps and other OTC derivatives), the risk of difficulties in
pricing
and valuation, the risk that changes in the value of a derivative may not
correlate as expected with changes in the value of
relevant assets, rates or indices,
liquidity risk, allocation risk and the risk of losing more than any
amounts paid or margin transferred
to initiate derivatives positions. There is also the risk
that the Fund may be unable to terminate or sell a derivative position at an
advantageous time or price.
The Fund’s derivative counterparties may experience
financial difficulties or otherwise be unwilling or unable to honor their
obligations, possibly resulting in losses to the
Fund.
Emerging
Markets Risk:
In addition to the risks of investing in foreign investments generally, emerging
markets investments are subject to greater risks arising
from political or economic instability, war, nationalization or confiscatory
taxation, currency exchange or repatriation restrictions, sanctions by other
countries
(such as the United States or the European Union), new or inconsistent
government treatment of or restrictions on issuers and instruments, and an
issuer’s
unwillingness or inability to make dividend, principal or interest payments on
its securities. Emerging markets companies may be smaller and have shorter
operating histories than companies in developed
markets.
Foreign
Securities Risk:
Investments in foreign securities may be subject to greater political, economic,
environmental, credit/counterparty and information risks. Foreign
securities may be subject to higher volatility than U.S. securities, varying
degrees of regulation and limited liquidity.
Interest
Rate Risk:
Interest rate risk is the risk that the value of the Fund’s investments will
fall if interest rates rise. Generally, the value of fixed-income securities
rises when prevailing interest rates fall and falls when interest rates rise.
Interest
rate risk generally is greater for funds that invest in fixed-income
securities
with relatively longer durations than for funds that invest in fixed-income
securities with shorter durations. Senior
Loans typically have adjustable interest
rates. As a result, it is expected that the values of Senior Loans held by the
Fund will fluctuate less in response to interest rate changes than will
fixed-rate
debt securities; however, the interest rates paid by these loans will generally
decrease if interest rates fall. On the other hand, because the interest
rates
paid on Senior Loans may be subject to floors or caps, changes in market
interest rates will not necessarily increase the interest rates received from
its Senior
Loan investments. Senior Loans and other fixed-income securities are subject to
the risk that borrowers pay off the debts sooner than expected, possibly
requiring the Fund to re-invest in lower-yielding securities. The values of
zero-coupon bonds may be more sensitive to fluctuations in interest rates
than
other fixed-income securities.
In addition, an economic downturn or period of rising interest rates could
adversely affect the market for these securities and
reduce the Fund’s ability to sell them, negatively impacting the performance of
the Fund. Potential future changes in government and/or central bank
monetary
policy and action may also affect the level of interest rates. Recently, there
have been inflationary price movements, which have caused the fixed income
securities markets to experience heightened levels of interest volatility and
liquidity risk. Monetary
policy measures have in the past, and may in the future,
exacerbate risks associated with rising interest rates.
Investments
in Other Investment Companies Risk:
The Fund will indirectly bear the management, service and other fees of any
other investment companies, including
exchange-traded funds, in which it invests in addition to its own
expenses.
Market/Issuer
Risk:
The market value of the Fund’s investments will move up and down, sometimes
rapidly and unpredictably, based upon overall market and
economic conditions, as well as a number of reasons that directly relate to the
issuers of the Fund’s investments, such as management performance, financial
condition and demand for the issuers’ goods and
services.
Mortgage-Related
and Asset-Backed Securities Risk:
In addition to the risks associated with investments in fixed-income securities
generally (for example,
credit, liquidity, inflation and valuation risk), mortgage-related and
asset-backed securities are subject to the risks of the mortgages and assets
underlying
the securities as well as prepayment risk, the risk that the securities may be
prepaid and result in the reinvestment of the prepaid amounts in
securities
with lower yields than the prepaid obligations. Conversely, there is a risk that
a rise in interest rates will extend the life of a mortgage-related or
asset-backed
security beyond the expected prepayment time, typically reducing the security’s
value, which is called extension risk. The Fund also may incur a loss
when there is a prepayment of securities that were purchased at a premium. The
Fund’s investments in other asset-backed securities are subject to risks
similar
to those associated with mortgage-related securities, as well as additional
risks associated with the nature of the assets and the servicing of those
assets.
Risk/Return
Bar Chart and Table
The
bar chart and table shown below provide some indication of the risks of
investing in the Fund by showing changes in the Fund’s performance from
year-to-year
and by showing how the Fund’s average annual returns for the one-year,
five-year, ten-year and life-of-class periods (as applicable) compare to those
of
a broad-based
securities market index that reflects the performance of the overall market
applicable to the Fund and an additional index that represents the
market sectors in which the Fund primarily invests.
Class
C shares will automatically convert to Class A shares after eight
years. The
Fund’s past performance
(before and after taxes) does not necessarily indicate how the Fund will perform
in the future.
Updated performance information is available online
at im.natixis.com
and/or by calling the Fund toll-free at 800-225-5478.
The
chart does not reflect any sales charge that you may be required to pay when you
buy or redeem the Fund’s shares. A sales charge will reduce your return.
To the extent that a class of shares was subject to the waiver or reimbursement
of certain expenses during a period, had such expenses not been waived
or reimbursed during the period, total returns would have been
lower.
Total
Returns for Class Y Shares
| |
|
Highest
Quarterly Return: Second
Quarter 2020,
10.92%
Lowest
Quarterly Return: First
Quarter 2020,
-16.32% |
|
|
|
| |
Average
Annual Total Returns |
|
|
|
|
(for
the periods ended December 31, 2023) |
Past
1 Year |
Past
5 Years |
Past
10 Years |
Life
of Class N (3/31/17) |
Class
Y - Return Before Taxes |
12.29% |
3.71% |
3.63% |
- |
Return
After Taxes on Distributions |
8.19% |
1.16% |
1.07% |
- |
Return
After Taxes on Distributions and Sale of Fund Shares |
7.16% |
1.72% |
1.60% |
- |
Class
A - Return Before Taxes |
8.13% |
2.71% |
3.00% |
- |
Class
C - Return Before Taxes |
10.19% |
2.67% |
2.74% |
- |
Class
N - Return Before Taxes |
12.35% |
3.74% |
- |
3.38% |
Class
T - Return Before Taxes |
9.17% |
2.93% |
3.10% |
- |
Bloomberg
U.S. Aggregate Bond Index1
|
% |
% |
% |
% |
Morningstar
LSTA US Leveraged Loan Index |
13.32% |
5.80% |
4.42% |
4.78% |
1 |
Effective
April 1, 2024, the Fund’s primary broad-based performance index changed to
the Bloomberg U.S. Aggregate Bond Index. The Bloomberg U.S. Aggregate
Bond Index is
a broad-based securities market index that represents the overall market
applicable to the Fund. The Fund will retain the Morningstar LSTA US
Leveraged Loan Index as its additional
benchmark for performance
comparison. |
The
Fund did not have Class T shares outstanding during the periods shown
above. The returns of Class T shares would have been substantially similar
to the returns
of the Fund’s other share classes
because they would have been invested in the same portfolio of securities and
would only differ to the extent the other
share classes did not have the same expenses. Performance
of Class T shares shown above is that of Class A shares, which have the same
expenses as Class
T shares, restated to reflect the different sales load applicable to Class T
shares.
After-tax
returns are calculated using the historical highest individual federal marginal
income tax rates and do not reflect the impact of state and local taxes.
Actual
after-tax returns depend on an investor’s tax situation and may differ from
those shown. After-tax returns shown are not relevant to investors who
hold
their shares through tax-advantaged arrangements, such as 401(k) plans,
qualified plans, education savings accounts, such as 529 plans, or individual
retirement
accounts. The
after-tax returns are shown for only one class of the Fund.
After-tax
returns for the other classes of the Fund will vary.
Index
performance
reflects no deduction for fees, expenses or taxes.
Management
Investment
Adviser
Loomis Sayles
Portfolio
Managers
Michael L.
Klawitter, CFA®,
Vice President of the Adviser, has served as co-portfolio manager of the Fund
since 2018.
Heather
M. Young, CFA®,
Vice President of the Adviser, has served as co-portfolio manager of the Fund
since 2020.
Purchase
and Sale of Fund Shares
Class
A and C Shares
The
following chart shows the investment minimums for various types of
accounts:
| |
Type
of Account |
Minimum
Initial Purchase |
Any
account other than those listed below |
$2,500 |
For
shareholders participating in Natixis Funds’ Automatic Investment
Plan |
$1,000 |
For
Traditional IRA, Roth IRA, Rollover IRA, SEP-IRA and Keogh plans |
$1,000 |
There
is no initial or subsequent investment minimum for:
• |
Fee
Based Programs
(such as wrap accounts) where an advisory fee is paid to the broker-dealer
or other financial intermediary. Please consult your financial
representative to determine if your fee based program is subject to
additional or different conditions or
fees. |
• |
Certain
Retirement Plans.
Please consult your retirement plan administrator to determine if your
retirement plan is subject to additional or different conditions
or fees imposed by the plan
administrator. |
• |
Clients
of a Registered
Investment Adviser
where the Registered Investment Adviser receives an advisory, management
or consulting fee. |
The
minimum investment requirements for Class A shares may be waived or lowered for
investments effected through certain financial intermediaries that have
entered into special arrangements with Natixis Distribution, LLC (the
“Distributor”). Consult your financial intermediary for additional information
regarding
the minimum investment requirement applicable to your investment.
Class
N Shares
Class
N shares of the Fund are subject to a $1,000,000 initial investment minimum.
This minimum applies to Fee Based Programs and accounts (such as wrap
accounts)
where an advisory fee is paid to the broker-dealer or other financial
intermediary. There is no subsequent investment minimum for these shares.
There
is no initial investment minimum for:
• |
Certain
Retirement Plans.
Please consult your retirement plan administrator to determine if your
retirement plan is subject to additional or different conditions
or fees imposed by the plan administrator. |
• |
Sub-accounts
held within an omnibus account, where the omnibus account has at least
$1,000,000. |
• |
Funds
of funds
that are distributed by the Distributor. |
In
its sole discretion, the Distributor may waive the investment minimum
requirement for accounts as to which the Distributor reasonably believes will
have enough
assets to exceed the investment minimum requirement within a relatively short
period of time following the establishment date of such accounts in Class
N. The Distributor and the Fund, at any time, reserve the right to liquidate
these accounts or any other account that does not meet the eligibility
requirements
of this class.
Class
T Shares
Class
T shares of the Fund are not currently available for purchase.
Class
T shares of the Fund may only be purchased by investors who are investing
through an authorized third party, such as a broker-dealer or other financial
intermediary,
that has entered into a selling agreement with the Distributor. Investors
may not hold Class T shares directly with the Fund. Class T shares are
subject
to a minimum initial investment of $2,500.
Not
all financial intermediaries make Class T
shares available to their clients.
Class
Y Shares
Class
Y shares of the Fund are generally subject to a minimum initial investment of
$100,000,
except there is no minimum initial or subsequent investment for:
• |
Fee
Based Programs
(such as wrap accounts) where an advisory fee is paid to the broker-dealer
or other financial intermediary. Please consult your financial
representative to determine if your fee based program is subject to
additional or different conditions or
fees. |
• |
Certain
Retirement Plans.
Please consult your retirement plan administrator to determine if your
retirement plan is subject to additional or different conditions
or fees imposed by the plan
administrator. |
• |
Certain
Individual Retirement Accounts
if the amounts invested represent rollover distributions from investments
by any of the retirement plans invested
in the Fund. |
• |
Clients
of a Registered
Investment Adviser
where the Registered Investment Adviser receives an advisory, management
or consulting fee. |
• |
Fund
Trustees,
former Fund trustees, employees of affiliates of the Natixis Funds and
other individuals who are affiliated with any Natixis Fund (this also
applies
to any spouse, parents, children, siblings, grandparents, grandchildren
and in-laws of those mentioned) and Natixis affiliate employee benefit
plans. |
At
the discretion of Natixis Advisors, clients of Natixis Advisors and its
affiliates may purchase Class Y shares of the Fund below the stated
minimums.
Due
to operational limitations at your financial intermediary, certain fee based
programs, retirement plans, individual retirement accounts and accounts of
registered
investment advisers may be subject to the investment minimums described
above.
The
Fund’s shares are available for purchase and are redeemable on any business day
through your investment dealer, directly from the Fund by writing to the
Fund
at Natixis Funds, P.O. Box 219579, Kansas City, MO 64121-9579, by exchange, by
wire, by internet at im.natixis.com (certain restrictions may apply),
through
the Automated Clearing House system, or, in the case of redemptions, by
telephone at 800-225-5478 or by the Systematic Withdrawal
Plan.
Tax
Information
Fund
distributions are generally taxable to you as ordinary income or capital gains,
except for distributions to retirement plans and other investors that qualify
for
tax-advantaged treatment under U.S. federal income tax law generally.
Investments through
such tax-advantaged plans will generally be taxed only upon withdrawal
of monies from the tax-advantaged arrangement.
Payments
to Broker-Dealers and Other Financial Intermediaries
If
you purchase shares of the Fund through a broker-dealer or other financial
intermediary (such as a bank), the Fund and its related companies may
pay the intermediary
for the sale of the Fund shares and related services. These payments may create
a conflict of interest by influencing the broker-dealer or other
intermediary
and your salesperson to recommend the Fund over another investment. Ask your
salesperson or visit your financial intermediary’s website for more
information.
Vaughan
Nelson Select Fund
Investment
Goal
The
Fund seeks long-term capital appreciation.
Fund
Fees & Expenses
The
following table describes the fees and expenses that you may pay if you buy,
hold, and sell shares of the Fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected
in this table. You
may qualify for sales charge discounts if you and your
family invest, or agree to invest in the future, at least $50,000
in the Natixis Funds Complex.
More information about these and other discounts is available
from your financial professional and in the section “How Sales Charges Are
Calculated” on page 33 of the Prospectus, in Appendix A to the Prospectus
and on page 105 in the section “Reduced Sales Charges” of the Statement of
Additional Information (“SAI”).
Shareholder
Fees
|
|
|
|
| |
(fees
paid directly from your investment) |
Class
A |
Class
C |
Class
N |
Class
T |
Class
Y |
Maximum
sales charge (load) imposed on purchases (as a percentage of offering
price) |
5.75% |
None |
None |
2.50% |
None |
Maximum
deferred sales charge (load) (as a percentage of original purchase price
or redemption
proceeds, as applicable) |
* |
1.00% |
None |
None |
None |
Redemption
fees |
None |
None |
None |
None |
None |
* |
A
1.00% contingent deferred sales charge (“CDSC”) may apply to certain
purchases of Class A shares of $1,000,000 or more that are redeemed within
eighteen months of the date
of purchase.
|
Annual
Fund Operating Expenses
|
|
|
|
| |
(expenses
that you pay each year as a percentage of the value of your
investment) |
Class
A |
Class
C |
Class
N |
Class
T |
Class
Y |
Management
fees |
0.70% |
0.70% |
0.70% |
0.70% |
0.70% |
Distribution
and/or service (12b-1) fees |
0.25% |
1.00% |
0.00% |
0.25% |
0.00% |
Other
expenses |
0.20% |
0.20% |
0.45% |
%1 |
0.20% |
Total
annual fund operating expenses |
1.15% |
1.90% |
1.15% |
1.15% |
0.90% |
Fee
waiver and/or expense reimbursement2,3
|
% |
% |
% |
% |
% |
Total
annual fund operating expenses after fee waiver and/or expense
reimbursement |
1.10% |
1.85% |
0.80% |
1.10% |
0.85% |
1 |
Other
expenses for Class T shares are estimated for the current fiscal
year.
|
2 |
Natixis
Advisors, LLC (“Natixis Advisors”) has given a binding
contractual undertaking to the Fund to limit the amount of the Fund’s
total annual fund operating expenses to 1.10%,
1.85%, 0.80%, 1.10% and 0.85% of the Fund’s average daily net assets for
Class A, Class C, Class N, Class T and Class Y shares, respectively,
exclusive of brokerage expenses,
interest expense, taxes, acquired fund fees and expenses, and
organizational and extraordinary expenses, such as litigation and
indemnification expenses. This undertaking
is in effect through March
31, 2025
and may be terminated before then only with the consent of the Fund’s
Board of Trustees. The Adviser will be permitted to recover,
on a class by class basis, management fees waived and/or expenses
reimbursed to the extent that expenses in later periods fall below both
(1) the class’ applicable expense
limitation at the time such amounts were waived/reimbursed and (2) the
class’ current applicable expense limitation. The Fund will not be
obligated to repay any such waived/reimbursed
fees and expenses more than one year after the end of the fiscal year in
which the fees or expenses were
waived/reimbursed. |
3 |
Natixis
Advisors has given a binding contractual undertaking to the Fund to
reimburse any and all transfer agency expenses for Class N shares. This
undertaking is in effect through
March 31, 2025
and may be terminated before then only with the consent of the Fund’s
Board of Trustees. |
Example
This
example is intended to help you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The example assumes that
you
invest $10,000 in the Fund for the time periods indicated and then redeem all of
your shares at the end of those periods (except where indicated). The
example
also assumes that your investment has a 5% return each year and that the Fund’s
operating expenses remain the same
except
that the example is based
on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement assuming that such waiver and/or reimbursement will only
be in place through the date noted above and on the Total Annual Fund Operating
Expenses for the remaining periods.
The
example for Class C shares for the
ten-year period reflects the conversion to Class A shares after eight
years.
The
example does not take into account brokerage commissions and other fees
to
financial intermediaries that you may pay on your purchases and sales of shares
of the Fund. Although
your actual costs may be higher or lower, based on these
assumptions your costs would be:
|
|
|
|
|
|
|
| |
If
shares are redeemed: |
1
year |
3
years |
5
years |
10
years |
Class
A |
$ |
|
$ |
|
$ |
|
$ |
|
|
|
|
|
|
|
|
| |
If
shares are redeemed: |
1
year |
3
years |
5
years |
10
years |
Class
C |
$ |
|
$ |
|
$ |
|
$ |
|
Class
N |
$ |
|
$ |
|
$ |
|
$ |
|
Class
T |
$ |
|
$ |
|
$ |
|
$ |
|
Class
Y |
$ |
|
$ |
|
$ |
|
$ |
|
|
|
|
|
|
|
|
| |
If
shares are not redeemed: |
1
year |
3
years |
5
years |
10
years |
Class
C |
$ |
|
$ |
|
$ |
|
$ |
|
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may
indicate
higher transaction costs and may result in higher taxes for you if your Fund
shares are held in a taxable account. These costs, which are not reflected
in
annual fund operating expenses or in the example, affect the Fund’s performance.
During its most recently ended fiscal year, the Fund’s portfolio turnover
rate
was
69%
of the average value of its portfolio.
Investments,
Risks and Performance
Principal
Investment Strategies
The
Fund, under normal market conditions, will invest primarily in equity
securities, including common stocks, preferred stocks, limited partnership
interests, interests
in limited liability companies, real estate investment trusts (“REITs”) or other
trusts and similar securities. The Fund is non-diversified, which means
that
it may invest a greater percentage of its assets in a particular issuer and may
invest in fewer issuers than a diversified fund. Typically, the Fund’s
portfolio
will hold 20
to 40 securities. The Fund may invest in companies with any market
capitalization, although, it will typically focus its investments in mid-
to
large-capitalization companies. While the Fund typically invests in equity
securities, it may also invest in debt securities, including below investment
grade fixed-income
securities (commonly known as “junk bonds”). A fixed-income security is
considered below investment grade quality when none of the three major
rating agencies (Moody’s Investors Service, Inc., Fitch Investor Services, Inc.
or S&P Global Ratings) have rated the securities in one of their top four
ratings
categories.
Vaughan
Nelson Investment
Management, L.P. (“Vaughan Nelson”) invests
in companies of all market capitalizations with a focus on those companies
meeting
Vaughan Nelson’s return expectations.
Vaughan
Nelson uses a bottom-up value oriented investment process in constructing the
Fund’s portfolio. Vaughan Nelson seeks companies with the following
characteristics, although not all of the companies selected will have these
attributes:
• |
Companies
earning a positive return on capital with stable-to-improving
returns. |
• |
Companies
valued at discount to their asset
value. |
• |
Companies
with an attractive and sustainable dividend
level. |
In
selecting investments for the Fund, Vaughan Nelson generally employs the
following strategies:
• |
Vaughan
Nelson employs a value-driven investment philosophy that selects
securities selling at a relatively low value based on discounted cash flow
models.
Vaughan Nelson selects companies that it believes are out-of-favor or
misunderstood. |
• |
Vaughan
Nelson starts with the entire U.S. exchange-traded equity investment
universe. Vaughan Nelson then narrows the investment universe by using
fundamental
analysis to construct a portfolio of 20 to 40
securities. |
• |
Vaughan
Nelson uses fundamental analysis to construct a portfolio that, in the
opinion of Vaughan Nelson, is made up of quality companies with the
potential
to provide significant increases in share price over a three year
period. |
• |
Vaughan
Nelson will also employ its value driven investment philosophy to identify
out-of-favor or misunderstood debt
securities. |
• |
Vaughan
Nelson will generally sell a security when it reaches Vaughan Nelson’s
price target or when the issuer shows a change in financial condition,
competitive
pressures, poor management decisions or internal or external forces
reducing future expected returns from the investment
thesis. |
• |
Invest
in convertible preferred stock and convertible debt
securities. |
• |
Invest
in publicly traded master limited
partnerships. |
• |
Invest
in foreign securities, including emerging market securities, traded in
U.S. markets directly or through depositary receipt programs such as
American Depositary
Receipts (“ADRs”) and Global Depositary Receipts
(“GDRs”). |
• |
Invest
in securities offered in initial public offerings (“IPOs”),
securities issued pursuant to Rule 144A under the Securities Act of 1933
(“Rule 144A securities”)
and other privately placed investments such as private equity
investments. |
Principal
Investment Risks
The
principal risks of investing in the Fund are summarized below. The Fund does not
represent a complete investment program. You
may lose money by investing
in the Fund.
Fund
shares are not bank deposits and are not guaranteed, endorsed or insured by the
Federal Deposit Insurance Corporation or any other government agency,
and are subject to investment risks, including possible loss of the principal
invested.
The
significance of any specific risk to an investment in the Fund will vary over
time, depending on the composition of the Fund’s portfolio, market conditions,
and
other factors. You should read all of the risk information presented below
carefully, because any one or more of these risks may result in losses to the
Fund.
Equity
Securities Risk:
The value of the Fund’s investments in equity securities could be subject to
unpredictable declines in the value of individual securities
and periods of below-average performance in individual securities or in the
equity market as a whole. Securities
issued in IPOs tend to involve greater
market risk than other equity securities due, in part, to public perception and
the lack of publicly available information and trading history. In
the event
an issuer is liquidated or declares bankruptcy, the claims of owners of the
issuer’s bonds generally take precedence over the claims of those who own
preferred
stock or common stock. Securities
of real estate-related companies and REITs in which the Fund may invest may be
considered equity securities, thus
subjecting the Fund to the risks of investing in equity securities
generally.
Non-Diversification
Risk:
Compared with other mutual funds, the Fund may invest a greater percentage of
its assets in a particular issuer and may invest in
fewer issuers. Therefore, the Fund may have more risk because changes in the
value of a single security or the impact of a single economic, political or
regulatory
occurrence may have a greater adverse impact on the Fund’s net asset
value.
Market/Issuer
Risk:
The market value of the Fund’s investments will move up and down, sometimes
rapidly and unpredictably, based upon overall market and
economic conditions, as well as a number of reasons that directly relate to the
issuers of the Fund’s investments, such as management performance, financial
condition and demand for the issuers’ goods and
services.
Management
Risk:
A strategy used by the Fund’s portfolio managers may fail to produce the
intended result.
Below
Investment Grade Fixed-Income Securities Risk:
The Fund’s investments in below investment grade fixed-income securities, also
known as “junk
bonds,” may be subject to greater risks than other fixed-income securities,
including being subject to greater levels of interest rate risk, credit/counterparty
risk (including a greater risk of default) and liquidity risk. The ability of
the issuer to make principal and interest payments is predominantly speculative
for below investment grade fixed-income
securities.
Credit/Counterparty
Risk:
Credit/counterparty risk is the risk that the issuer or guarantor of a
fixed-income security, or the counterparty to a derivative or other
transaction, will be unable or unwilling to make timely payments of interest or
principal or to otherwise honor its obligations. As
a result, the Fund may sustain
losses or be unable or delayed in its ability to realize gains. The Fund will be
subject to credit/counterparty risk with respect to the counterparties to
its
derivatives transactions. This risk will be heightened to the extent the
Fund enters into derivative transactions with a single counterparty (or
affiliated counterparties
that are part of the same organization), causing the Fund to have significant
exposure to such counterparty.
Many of the protections afforded to
participants on organized exchanges and clearing
houses,
such as the performance guarantee given by a central clearing
house,
are not available in connection
with over-the-counter
(“OTC”) derivatives transactions, such as foreign currency transactions. For
centrally cleared derivatives, such as cleared swaps,
futures and many options, the primary credit/counterparty risk is the
creditworthiness of the Fund’s clearing broker and the central clearing
house
itself.
Cybersecurity
and Technology Risk:
The Fund, its service providers, and other market participants increasingly
depend on complex information technology
and communications systems, which are subject to a number of different threats
and risks that could adversely affect the Fund and its shareholders.
Cybersecurity and other operational and technology issues may result in
financial losses to the Fund and its
shareholders.
Emerging
Markets Risk:
In addition to the risks of investing in foreign investments generally, emerging
markets investments are subject to greater risks arising
from political or economic instability, war, nationalization or confiscatory
taxation, currency exchange or repatriation restrictions, sanctions by other
countries
(such as the United States or the European Union), new or inconsistent
government treatment of or restrictions on issuers and instruments, and an
issuer’s
unwillingness or inability to make dividend, principal or interest payments on
its securities. Emerging markets companies may be smaller and have shorter
operating histories than companies in developed
markets.
Foreign
Securities Risk:
Investments in foreign securities may be subject to greater political, economic,
environmental, credit/counterparty and information risks.
The
Fund’s investments in foreign securities also are subject to foreign currency
fluctuations and other foreign currency-related risks. Foreign
securities may
be subject to higher volatility than U.S. securities, varying degrees of
regulation and limited liquidity.
Interest
Rate Risk:
Interest rate risk is the risk that the value of the Fund’s investments will
fall if interest rates rise. Generally, the value of fixed-income securities
rises when prevailing interest rates fall and falls when interest rates rise.
Interest
rate risk generally is greater for funds that invest in fixed-income
securities
with relatively longer durations than for funds that invest in fixed-income
securities with shorter durations.
In addition, an economic downturn or period
of rising interest rates could adversely affect the market for these securities
and reduce the Fund’s ability to sell them, negatively impacting the
performance
of the Fund. Potential future changes in government and/or central bank monetary
policy and action may also affect the level of interest rates. Recently,
there have been inflationary price movements, which have caused the fixed income
securities markets to experience heightened levels of interest volatility
and liquidity risk. Monetary
policy measures have in the past, and may in the future, exacerbate risks
associated with rising interest rates.
Leverage
Risk: Leverage
is the risk associated with securities or investment practices (e.g., borrowing
and the use of certain derivatives) that multiply small index,
market or asset-price movements into larger changes in value. The use of
leverage increases the impact of gains and losses on the Fund’s returns, and
may
lead to significant losses if investments are not
successful.
Liquidity
Risk:
Liquidity risk is the risk that the Fund may be unable to find a buyer for its
investments when it seeks to sell them or to receive the price it expects.
Decreases in the number of financial institutions willing to make markets in the
Fund’s investments or in their capacity or willingness to transact may
increase
the Fund’s exposure to this risk. Events that may lead to increased redemptions,
such as market disruptions or increases in interest rates, may also negatively
impact the liquidity of the Fund’s investments when it needs to dispose of
them. Markets
may become illiquid quickly. If
the Fund is forced to sell its
investments at an unfavorable time and/or under adverse conditions in order to
meet redemption requests, such sales could negatively affect the Fund.
During
times of market turmoil, there may be no buyers or sellers for securities in
certain asset classes. Securities
acquired in a private placement, such as Rule
144A securities, and privately negotiated credit and other investments, are
generally subject to significant liquidity risk because they are subject to
strict restrictions on resale and there may be no liquid secondary
market or ready purchaser for such securities.
Derivatives, and particularly OTC derivatives, are generally subject to
liquidity risk as well.
In other circumstances,
liquid investments may become illiquid.
Liquidity issues may also make it difficult to value the Fund’s investments. The
Fund may invest in liquid
investments that become illiquid due to financial distress, or geopolitical
events such as sanctions, trading halts or
wars.
REITs
Risk:
Investments in the real estate industry, including REITs, are particularly
sensitive to economic downturns and are sensitive to factors such as
changes
in real estate values, property taxes and tax laws, interest rates, cash flow of
underlying real estate assets, occupancy rates, government regulations
affecting
zoning, land use and rents and the management skill and creditworthiness of the
issuer. Companies in the real estate industry also may be subject to
liabilities under environmental and hazardous waste laws. In addition, the value
of a REIT is affected by changes in the value of the properties owned by
the
REIT or mortgage loans held by the REIT. REITs are also subject to default and
prepayment risk. Many REITs are highly leveraged, increasing their risk. The
Fund
will indirectly bear its proportionate share of expenses, including management
fees, paid by each REIT in which it invests in addition to the expenses of
the
Fund.
Risk/Return
Bar Chart and Table
The
bar chart and table shown below provide some indication of the risks of
investing in the Fund by showing changes in the Fund’s performance from
year-to-year
and by showing how the Fund’s average annual returns for the one-year,
five-year, ten-year and life-of-class periods (as applicable) compare to those
of
a broad measure of market performance.
Class
C shares will automatically convert to Class A shares after eight
years. The
Fund’s past performance (before and
after taxes) does not necessarily indicate how the Fund will perform in the
future.
Updated performance information is available online at im.natixis.com
and/or
by calling the Fund toll-free at 800-225-5478.
The
chart does not reflect any sales charge that you may be required to pay when you
buy or redeem the Fund’s shares. A sales charge will reduce your return.
To the extent that a class of shares was subject to the waiver or reimbursement
of certain expenses during a period, had such expenses not been waived
or reimbursed during the period, total returns would have been
lower.
Total
Returns for Class Y Shares
| |
|
Highest
Quarterly Return: Second
Quarter 2020,
25.72%
Lowest
Quarterly Return: First
Quarter 2020,
-21.55% |
|
|
|
| |
Average
Annual Total Returns |
|
|
|
|
(for
the periods ended December 31, 2023) |
Past
1 Year |
Past
5 Years |
Past
10 Years |
Life
of Class N (3/31/17) |
Class
Y - Return Before Taxes |
22.23% |
16.60% |
11.98% |
- |
Return
After Taxes on Distributions |
22.19% |
13.65% |
9.90% |
- |
Return
After Taxes on Distributions and Sale of Fund Shares |
13.19% |
12.62% |
9.29% |
- |
Class
A - Return Before Taxes |
14.93% |
14.93% |
11.04% |
- |
Class
C - Return Before Taxes |
20.05% |
15.44% |
11.04% |
- |
Class
N - Return Before Taxes |
22.35% |
16.64% |
- |
13.74% |
|
|
|
| |
Average
Annual Total Returns |
|
|
|
|
(for
the periods ended December 31, 2023) |
Past
1 Year |
Past
5 Years |
Past
10 Years |
Life
of Class N (3/31/17) |
Class
T - Return Before Taxes |
18.95% |
15.72% |
11.42% |
- |
S&P
500®
Index |
26.29% |
15.69% |
12.03% |
12.92% |
The
Fund did not have Class T shares outstanding during the periods shown
above. The returns of Class T shares would have been substantially similar
to the returns
of the Fund’s other share classes
because they would have been invested in the same portfolio of securities and
would only differ to the extent the other
share classes did not have the same expenses. Performance
of Class T shares shown above is that of Class A shares, which have the same
expenses as Class
T shares, restated to reflect the different sales load applicable to Class T
shares.
After-tax
returns are calculated using the historical highest individual federal marginal
income tax rates and do not reflect the impact of state and local taxes.
Actual
after-tax returns depend on an investor’s tax situation and may differ from
those shown. After-tax returns shown are not relevant to investors who
hold
their shares through tax-advantaged arrangements, such as 401(k) plans,
qualified plans, education savings accounts, such as 529 plans, or individual
retirement
accounts. The
after-tax returns are shown for only one class of the Fund.
After-tax
returns for the other classes of the Fund will vary.
Index
performance
reflects no deduction for fees, expenses or taxes.
Management
Investment
Adviser
Natixis
Advisors
Subadviser
Vaughan
Nelson
Portfolio
Managers
Chris
D. Wallis, CFA®,
Chief Executive Officer and Lead Senior Portfolio Manager of Vaughan Nelson, has
served as co-manager of the Fund since 2012.
Scott
J. Weber, CFA®,
Lead Senior Portfolio Manager of Vaughan Nelson, has served as co-manager of the
Fund since 2012.
Purchase
and Sale of Fund Shares
Class
A and C Shares
The
following chart shows the investment minimums for various types of
accounts:
| |
Type
of Account |
Minimum
Initial Purchase |
Any
account other than those listed below |
$2,500 |
For
shareholders participating in Natixis Funds’ Automatic Investment
Plan |
$1,000 |
For
Traditional IRA, Roth IRA, Rollover IRA, SEP-IRA and Keogh plans |
$1,000 |
There
is no initial or subsequent investment minimum for:
• |
Fee
Based Programs
(such as wrap accounts) where an advisory fee is paid to the broker-dealer
or other financial intermediary. Please consult your financial
representative to determine if your fee based program is subject to
additional or different conditions or
fees. |
• |
Certain
Retirement Plans.
Please consult your retirement plan administrator to determine if your
retirement plan is subject to additional or different conditions
or fees imposed by the plan
administrator. |
• |
Clients
of a Registered
Investment Adviser
where the Registered Investment Adviser receives an advisory, management
or consulting fee. |
The
minimum investment requirements for Class A shares may be waived or lowered for
investments effected through certain financial intermediaries that have
entered into special arrangements with Natixis Distribution, LLC (the
“Distributor”). Consult your financial intermediary for additional information
regarding
the minimum investment requirement applicable to your investment.
Class
N Shares
Class
N shares of the Fund are subject to a $1,000,000 initial investment minimum.
This minimum applies to Fee Based Programs and accounts (such as wrap
accounts)
where an advisory fee is paid to the broker-dealer or other financial
intermediary. There is no subsequent investment minimum for these shares.
There
is no initial investment minimum for:
• |
Certain
Retirement Plans.
Please consult your retirement plan administrator to determine if your
retirement plan is subject to additional or different conditions
or fees imposed by the plan administrator. |
• |
Sub-accounts
held within an omnibus account, where the omnibus account has at least
$1,000,000. |
• |
Funds
of funds
that are distributed by the Distributor. |
In
its sole discretion, the Distributor may waive the investment minimum
requirement for accounts as to which the Distributor reasonably believes will
have enough
assets to exceed the investment minimum requirement within a relatively short
period of time following the establishment date of such accounts in Class
N. The Distributor and the Fund, at any time, reserve the right to liquidate
these accounts or any other account that does not meet the eligibility
requirements
of this class.
Class
T Shares
Class
T shares of the Fund are not currently available for purchase.
Class
T shares of the Fund may only be purchased by investors who are investing
through an authorized third party, such as a broker-dealer or other financial
intermediary,
that has entered into a selling agreement with the Distributor. Investors
may not hold Class T shares directly with the Fund. Class T shares are
subject
to a minimum initial investment of $2,500.
Not
all financial intermediaries make Class T
shares available to their clients.
Class
Y Shares
Class
Y shares of the Fund are generally subject to a minimum initial investment of
$100,000,
except there is no minimum initial or subsequent investment for:
• |
Fee
Based Programs
(such as wrap accounts) where an advisory fee is paid to the broker-dealer
or other financial intermediary. Please consult your financial
representative to determine if your fee based program is subject to
additional or different conditions or
fees. |
• |
Certain
Retirement Plans.
Please consult your retirement plan administrator to determine if your
retirement plan is subject to additional or different conditions
or fees imposed by the plan
administrator. |
• |
Certain
Individual Retirement Accounts
if the amounts invested represent rollover distributions from investments
by any of the retirement plans invested
in the Fund. |
• |
Clients
of a Registered
Investment Adviser
where the Registered Investment Adviser receives an advisory, management
or consulting fee. |
• |
Fund
Trustees,
former Fund trustees, employees of affiliates of the Natixis Funds and
other individuals who are affiliated with any Natixis Fund (this also
applies
to any spouse, parents, children, siblings, grandparents, grandchildren
and in-laws of those mentioned) and Natixis affiliate employee benefit
plans. |
At
the discretion of Natixis Advisors, clients of Natixis Advisors and its
affiliates may purchase Class Y shares of the Fund below the stated
minimums.
Due
to operational limitations at your financial intermediary, certain fee based
programs, retirement plans, individual retirement accounts and accounts of
registered
investment advisers may be subject to the investment minimums described
above.
The
Fund’s shares are available for purchase and are redeemable on any business day
through your investment dealer, directly from the Fund by writing to the
Fund
at Natixis Funds, P.O. Box 219579, Kansas City, MO 64121-9579, by exchange, by
wire, by internet at im.natixis.com (certain restrictions may apply),
through
the Automated Clearing House system, or, in the case of redemptions, by
telephone at 800-225-5478 or by the Systematic Withdrawal
Plan.
Tax
Information
Fund
distributions are generally taxable to you as ordinary income or capital gains,
except for distributions to retirement plans and other investors that qualify
for
tax-advantaged treatment under U.S. federal income tax law generally.
Investments through
such tax-advantaged plans will generally be taxed only upon withdrawal
of monies from the tax-advantaged arrangement.
Payments
to Broker-Dealers and Other Financial Intermediaries
If
you purchase shares of the Fund through a broker-dealer or other financial
intermediary (such as a bank), the Fund and its related companies may
pay the intermediary
for the sale of the Fund shares and related services. These payments may create
a conflict of interest by influencing the broker-dealer or other
intermediary
and your salesperson to recommend the Fund over another investment. Ask your
salesperson or visit your financial intermediary’s website for more
information.
Investment
Goals, Strategies and Risks
More
About Goals and Strategies
Loomis
Sayles Global Growth Fund
Investment
Goal
The
Fund’s investment goal is long-term growth of capital. The Fund’s investment
goal may be changed without shareholder approval. The Fund will provide 60
days’ prior notice to shareholders before changing the investment
goal.
Principal
Investment Strategies
Under
normal market conditions, the Fund will invest primarily in equity securities,
including common stocks and depositary receipts. The Fund will invest in
securities
that provide exposure to no fewer than three countries, which will include
the U.S. In addition, the Fund will invest at least 40% of its assets in
securities
of companies that maintain their principal place of business or conduct their
principal business activities outside the U.S., companies that have their
securities traded on non-U.S. exchanges or companies that have been formed under
the laws of non-U.S. countries. This 40% minimum investment amount
may be reduced to 30% if market conditions for these investments or specific
foreign markets are deemed unfavorable. Notwithstanding
the foregoing,
the Adviser does not consider a security to be foreign if it is included in the
U.S. equity indices published by S&P Global Ratings or Russell Investments
or if the security’s country of risk defined by Bloomberg is the United
States
and the security’s country of incorporation defined by Bloomberg is the
United States. The
Fund may also invest up to 30% of its assets in emerging markets securities. The
Fund considers a security to be an emerging markets security
if its country of risk as defined by Bloomberg
is included within the MSCI Emerging & Frontier Markets Index. The Fund
focuses on stocks of large capitalization
companies, but the Fund may invest in companies of any size.
The
Fund normally invests across a wide range of sectors and industries. The Fund’s
portfolio manager employs a growth style of equity management, which
means
that the Fund seeks to invest in companies with sustainable competitive
advantages versus others, long-term structural growth drivers that will lead to
above-average
future cash flow growth, attractive cash flow returns on invested capital, and
management teams focused on creating long-term value for shareholders.
The Fund’s portfolio manager also aims to invest in companies when they trade at
a significant discount to the estimate of intrinsic value (i.e., companies
with share prices trading significantly below what the portfolio manager
believes the share price should be).
The
Fund 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, when 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.
The
Fund may also engage in foreign currency transactions (including foreign
currency forwards and foreign currency futures) for hedging purposes, invest in
options
for hedging and investment purposes and invest in interests in real estate
investment trusts (“REITs”),
securities issued pursuant to Rule 144A under the
Securities Act of 1933 (“Rule 144A securities”). In addition, the Fund may gain
investment exposure to Chinese companies through the use of a structure
known
as a variable interest entity (“VIE”). The VIE structure allows investors, such
as the Fund, to gain exposure to sectors or industries where non-Chinese
ownership
is restricted or prohibited by the Chinese government. Under normal market
conditions, the Adviser does not intend to hedge currency risk, which
may
cause the Fund to incur losses that would not have been incurred had the risk
been hedged. Except as provided above, the Fund is not limited in the
percentage
of its assets that it may invest in these instruments.
Loomis
Sayles Senior Floating Rate and Fixed Income Fund
Investment
Goal
The
Fund seeks to provide a high level of current income. The Fund’s investment goal
may be changed without shareholder approval. The Fund will provide 60
days’
prior notice to shareholders before changing the investment goal.
Principal
Investment Strategies
Under
normal market conditions, the Fund will invest at least 80% of its net assets
(plus any borrowings made for investment purposes) in a combination of
adjustable
floating rate loans and other floating rate debt instruments issued by U.S. and
non-U.S. corporations or other business entities and fixed-income securities,
including derivatives that reference the returns of these
instruments.
Under
normal market conditions, the Fund will invest at least 65% of its net assets
(plus any borrowings made for investment purposes) in floating rate loans
that
either hold a senior position in the capital structure of the borrower, hold an
equal ranking with other senior debt, or have characteristics (such as a
senior
position secured by liens with other senior debt) that the Adviser believes
justify treatment as senior debt (“Senior Loans”). The Fund may invest in
Senior
Loans directly as an original lender or by assignment from a lender, or it may
invest indirectly through participation agreements, interests in collateralized
loan obligations (“CLOs”) and derivatives that reference such instruments.
Derivatives that reference the returns of Senior Loans may pay returns
at fixed rather than variable rates. The Fund’s investments may also include,
but are not limited to, subordinated loans, below investment grade corporate
bonds and investment grade fixed-income debt securities. The fixed-income
securities in which the Fund may invest include preferred stocks. The
Fund
may invest in pay-in-kind (“PIK”) securities and zero-coupon securities. The
Fund may receive debt, equity or other securities or instruments as a result of
the
general restructuring of the debt of an issuer, the restructuring of a floating
rate loan or as part of a package of securities acquired with a
loan.
Investment
Goals, Strategies and Risks
The
Fund may invest any portion of its assets in securities of Canadian issuers and
up to 20% of its net assets (plus any borrowings made for investment
purposes)
in other foreign securities, including up to 10% of its net assets (plus any
borrowings made for investment purposes) in emerging market securities.
Although
certain securities purchased by the Fund may be issued by domestic companies
incorporated outside of the United States, the Adviser does not consider
these securities to be foreign if the issuer is included in the U.S.
fixed-income indices published by Bloomberg.
Floating
rate loans are debt obligations that have interest rates that adjust or “float”
periodically (normally on a monthly or quarterly basis) based on a generally
recognized base rate, such as the Secured
Overnight Financing
Rate (“SOFR”)
or the prime rate offered by one or more major U.S. banks. Floating rate
loans are generally unrated or rated less than investment grade and may be
subject to restrictions on resale. The Fund may invest without limit in
securities
of any rating, including those that are in default. The Fund has no requirements
as to the range of maturities of the debt instruments in which it can
invest
or as to the market capitalization of the issuers of those
instruments.
The
Fund may use derivative instruments, including, but not limited to, futures
contracts, forward contracts, swaps (including, among others, credit default
swap
indices, loan-only credit default swaps and loan-only credit default swap
indices) and structured notes to enhance income, to hedge against fluctuations
in interest rates or currency exchange rates, and/or as a substitute for the
purchase or sale of securities.
The
Fund may also invest in securities issued pursuant to Rule 144A under the
Securities Act of 1933 (“Rule 144A securities”), other
privately placed investments
such as private credit investments, convertible
securities, exchange-traded funds (“ETFs”), and mortgage-related securities,
including adjustable rate
mortgage securities and collateralized mortgage obligations, asset-backed
securities, and U.S. government securities (including its agencies, instrumentalities
and sponsored entities). The Fund may also engage in currency-related
transactions. Except as provided above, the Fund is not limited in the
percentage
of its assets that it may invest in these instruments.
When
deciding which securities to buy and sell, the Adviser will consider credit
quality and whether credit quality is improving or declining, as well as return
potential,
in the context of market and economic risks. In addition to security selection,
the Adviser expects to use cycle evaluation in conjunction with sector
rotation
in an effort to enhance or offset cyclical influences.
The
Fund expects to engage in active and frequent trading of securities and other
instruments. Effects of frequent trading may include high transaction costs,
which
may lower the Fund’s return, and realization of short-term capital gains,
distributions of which are taxable to shareholders who are individuals as
ordinary
income. Trading costs and tax effects associated with frequent trading may
adversely affect the Fund’s performance.
With
the exception of the 80% test described above, the percentage limitations set
forth herein are not investment restrictions and the Fund may exceed
these
limits from time to time. In addition, when calculating these exposures, the
Fund may use the notional value or an adjusted notional value of a derivative
to reflect what the Adviser believes to be the most accurate assessment of the
Fund’s real economic exposure.
Vaughan
Nelson Select Fund
Investment
Goal
The
Fund seeks long-term capital appreciation. The Fund’s investment goal may be
changed without shareholder approval. The Fund will provide 60 days’
prior
notice to shareholders before changing the investment goal.
Principal
Investment Strategies
The
Fund, under normal market conditions, will invest primarily in equity
securities, including common stocks, preferred stocks, limited partnership
interests, interests
in limited liability companies, real estate investment trusts (“REITs”) or other
trusts and similar securities. The Fund is non-diversified, which means
that
it may invest a greater percentage of its assets in a particular issuer and may
invest in fewer issuers than a diversified fund. Typically, the Fund’s
portfolio
will hold 20 to 40 securities. The Fund may invest in companies with any market
capitalization, although, it will typically focus its investments in mid-
to
large-capitalization companies. While the Fund typically invests in equity
securities, it may also invest in debt securities, including below investment
grade fixed-income
securities (commonly known as “junk bonds”). A fixed-income security is
considered below investment grade quality when none of the three major
rating agencies (Moody’s Investors Service, Inc., Fitch Investor Services, Inc.
or S&P Global Ratings) have rated the securities in one of their top four
ratings
categories.
Vaughan
Nelson Investment
Management, L.P. (“Vaughan Nelson”) invests
in companies of all market capitalizations with a focus on those companies
meeting
Vaughan Nelson’s return expectations.
Vaughan
Nelson uses a bottom-up value oriented investment process in constructing the
Fund’s portfolio. Vaughan Nelson seeks companies with the following
characteristics, although not all of the companies selected will have these
attributes:
• |
Companies
earning a positive return on capital with stable-to-improving
returns. |
• |
Companies
valued at discount to their asset value. |
• |
Companies
with an attractive and sustainable dividend
level. |
In
selecting investments for the Fund, Vaughan Nelson generally employs the
following strategies:
• |
Vaughan
Nelson employs a value-driven investment philosophy that selects
securities selling at a relatively low value based on discounted cash flow
models.
Vaughan Nelson selects companies that it believes are out-of-favor or
misunderstood. |
• |
Vaughan
Nelson starts with the entire U.S. exchange-traded equity investment
universe. Vaughan Nelson then narrows the investment universe by using
fundamental
analysis to construct a portfolio of 20 to 40
securities. |
• |
Vaughan
Nelson uses fundamental analysis to construct a portfolio that, in the
opinion of Vaughan Nelson, is made up of quality companies with the
potential
to provide significant increases in share price over a three year
period. |
• |
Vaughan
Nelson will also employ its value driven investment philosophy to identify
out-of-favor or misunderstood debt
securities. |
• |
Vaughan
Nelson will generally sell a security when it reaches Vaughan Nelson’s
price target or when the issuer shows a change in financial condition,
competitive
pressures, poor management decisions or internal or external forces
reducing future expected returns from the investment
thesis. |
The
Fund also may:
• |
Invest
in convertible preferred stock and convertible debt
securities. |
• |
Invest
in publicly traded master limited
partnerships. |
• |
Invest
in foreign securities, including emerging market securities, traded in
U.S. markets directly or through depositary receipt programs such as
American Depositary
Receipts (“ADRs”) and Global Depositary Receipts
(“GDRs”). |
• |
Invest
in securities offered in initial public offerings (“IPOs”),
securities issued pursuant to Rule 144A under the Securities Act of 1933
(“Rule 144A securities”)
and other privately placed investments such as private equity
investments. |
All
Funds
Temporary
Defensive Measures
Temporary
defensive measures may be used by a Fund during adverse economic, market,
political or other conditions. In this event, a Fund may hold any portion
of its assets in cash (U.S. dollars, foreign currencies or multinational
currency units) and/or invest in cash equivalents such as money market
instruments
or high-quality debt securities as it deems appropriate. A Fund may miss certain
investment opportunities if it uses defensive strategies and thus may
not achieve its investment goal.
Securities
Lending
Loomis
Sayles Global Growth Fund and Vaughan Nelson Select Fund may
lend a portion of their portfolio securities to brokers, dealers and other
financial institutions
provided a number of conditions are satisfied, including that the loan is fully
collateralized. Please see “Investment Strategies” in the statement of
additional information (“SAI”) for details. If a Fund lends portfolio
securities, its investment performance will continue to reflect changes in the
value of the securities
loaned and the Fund will also receive a fee or interest on the collateral. These
fees or interest are income to each Fund, although a Fund often must
share
the income with the securities lending agent and/or the borrower. Securities
lending involves, among other risks, the risk of loss of rights in the
collateral
or delay in recovery of the collateral if the borrower fails to return the
security loaned or becomes insolvent. A Fund may pay lending fees to the
party
arranging the loan.
In
addition, any investment of cash is generally at the sole risk of a Fund. Any
income or gains and losses from investing and reinvesting any cash collateral
delivered
by a borrower pursuant to a loan are generally at a Fund’s risk, and to the
extent any such losses reduce the amount of cash below the amount required
to be returned to the borrower upon the termination of any loan, the Fund may be
required by the securities lending agent to pay or cause to be paid to
such borrower an amount equal to such shortfall in cash, possibly requiring it
to liquidate other portfolio securities to satisfy its obligations. Each Fund’s
securities
lending activities are implemented pursuant to policies and procedures approved
by the Board of Trustees and are subject to Board oversight.
Percentage
Investment Limitations
Except
as set forth in the SAI, the percentage limitations set forth in this Prospectus
and the SAI apply at the time an investment is made and shall not be
considered
violated unless an excess or deficiency occurs or exists immediately after and
as a result of such investment.
Portfolio
Holdings
A
description of each Fund’s policies and procedures with respect to the
disclosure of each Fund’s portfolio securities is available in the section
“Portfolio Holdings
Information” in the SAI. A “snapshot” of each Fund’s investments may be found in
its annual and semiannual reports. In addition, a list of each Fund’s
full portfolio holdings, which is updated monthly after an aging period of at
least 15 days for the Vaughan Nelson Select Fund, and at least 30 days for
the
Loomis Sayles Global Growth Fund and Loomis Sayles Senior Floating Rate and
Fixed Income Fund, is available on the Funds’ website at
im.natixis.com/us/fund-documents
(in the “Daily/Monthly/Quarterly” column under the “Holdings” section, click the
download button for the relevant Fund). These holdings will
remain accessible on the website until each Fund files its respective Form N-CSR
or Form N-PORT with the SEC for the period that includes the date of
the
information. In addition, a list of the Funds’ top 10 holdings as of the month
end is generally available within 7 business days after the month end on the
Funds’
website at im.natixis.com/us/fund-documents (click Fund name and navigate to
“Top Ten Holdings” section on the web page).
More
About Risks
This
section provides more information on certain principal risks that may affect a
Fund’s portfolio, as well as information on additional risks a Fund may be
subject
to because of its investments or practices. In seeking to achieve its investment
goals, a Fund may also invest in various types of securities and engage
in
various investment practices which are not a principal focus of a Fund and
therefore are not described in this Prospectus. These securities and investment
practices
and their associated risks are discussed in the Funds’
SAI, which is available without charge upon request (see back cover). The
significance of any specific
risk to an investment in a Fund will vary over time, depending on the
composition of the Fund’s portfolio, market conditions, and other factors. You
should
read all of the risk information presented below carefully, because any one or
more of these risks may result in losses to a Fund.
Fund
shares are not bank deposits and are not guaranteed, endorsed or insured by the
Federal Deposit Insurance Corporation or any other government agency,
and are subject to investment risks, including possible loss of the principal
invested.
Recent
Market Events Risk
The
COVID-19 pandemic resulted in, among other things, significant market
volatility, exchange trading suspensions and closures, declines in global
financial markets,
higher default rates, and economic downturns and recessions, and may continue to
have similar effects in the future. Such
factors, and the effects of other
infectious illness outbreaks, epidemics, or pandemics, may have a significant
adverse effect
on a Fund’s performance,
exacerbate other risks that apply to
a Fund,
exacerbate existing economic, political, or social tensions,
have the potential to impair the ability of a Fund’s investment adviser,
subadviser, or other
service providers to serve the Fund, and lead to disruptions that negatively
impact a Fund.
In
addition, Russia’s military invasion of Ukraine in February 2022, the resulting
responses by the United States and other countries, and the potential for
wider
conflict could increase volatility and uncertainty in the financial markets and
adversely affect regional and global economies. These and any related
events
could significantly impact a Fund’s performance and the value of an investment
in the Fund, even if the Fund does not have direct exposure to Russian
issuers
or issuers in other countries affected by the invasion.
Other issuers or markets could be similarly affected by past or future
geopolitical or other events or
conditions.
Below
Investment Grade Fixed-Income Securities Risk
Below
investment grade fixed-income securities, also known as “junk bonds,” are rated
below investment grade quality and may be considered speculative with
respect to the issuer’s continuing ability to make principal and interest
payments. To be considered rated below investment grade quality, a security
must
not have been rated by any of the three major rating agencies (Moody’s Investors
Service, Inc., Fitch Investor Services, Inc. or S&P Global Ratings) in one
of
their respective top four rating categories at the time a Fund acquires the
security or, if the security is unrated, the portfolio managers have
determined it to
be of comparable quality. Analysis of the creditworthiness of issuers of below
investment grade fixed-income securities may be more complex than for
issuers
of higher-quality debt securities, and a Fund’s ability to achieve its
investment objectives may, to the extent the Fund invests in below investment
grade
fixed-income securities, be more dependent upon the
portfolio managers’
credit analysis than would be the case if the Fund were investing in
higher-quality
securities. The issuers of these securities may be in default or have a
currently identifiable vulnerability to default on their payments of principal
and interest,
or may otherwise present elements of danger with respect to payments of
principal or interest. Below investment grade fixed-income securities may
be
more susceptible to real or perceived adverse economic and competitive industry
conditions than higher-grade securities. Yields on below investment grade
fixed-income securities will fluctuate. When
a Fund makes an investment, the Fund may incur costs, such as transactional or
legal expenses, associated
with the investment. With respect to investments in distressed instruments,
including some below investment grade fixed-income securities, a Fund
may be more likely to incur additional expenses. For example,
if the
issuer of below investment grade fixed-income securities defaults, a Fund may
incur additional
expenses to seek recovery.
The
secondary markets in which below investment-grade securities are traded may be
less liquid than the market for higher-grade securities. A lack of liquidity
in the secondary trading markets could adversely affect the price at which a
Fund could sell a particular below investment-grade security when necessary
to meet liquidity needs or in response to a specific economic event, such as a
deterioration in the creditworthiness of the issuer, and could adversely
affect and cause large fluctuations in the net asset value (“NAV”) of a Fund’s
shares. Adverse publicity and investor perceptions may decrease the values
and liquidity of high yield securities generally. It is reasonable to expect
that any adverse economic conditions could disrupt the market for below
investment-grade
securities, have an adverse impact on the value of such securities and adversely
affect the ability of the issuers of such securities to repay principal
and pay interest thereon. New laws and proposed new laws may adversely impact
the market for below investment-grade fixed-income securities.
Covenant-Lite
Loan Risk
Some
of the loans in which the Loomis Sayles Senior Floating Rate and Fixed Income
Fund invests or to which it otherwise gains exposure may be
covenant-lite
loans, which contain fewer or less restrictive constraints on the borrower than
certain other types of loans. Covenant-lite loans generally do not include
terms
that allow the lender to monitor the performance of the borrower and declare a
default or force a borrower into bankruptcy restructuring if certain
criteria
are breached. Under such loans, lenders typically must rely on covenants that
restrict a company from incurring additional debt or engaging in certain
actions.
Such covenants can only be breached by an affirmative action of the borrower,
rather than by deterioration in the borrower’s financial condition. Accordingly,
the Loomis Sayles Senior Floating Rate and Fixed Income Fund may have fewer
rights against a borrower when it invests in or has exposure to such
loans and, accordingly, may have a greater risk of loss on such investments as
compared to investments in or exposure to loans with additional or more
conventional
covenants.
Credit/Counterparty Risk
Credit/counterparty
risk is the risk that the issuer or guarantor of a fixed-income security, or the
counterparty to a derivative or other transaction, will be unable
or unwilling to make timely payments of interest or principal or to otherwise
honor its obligations. As a result, a Fund may sustain losses or be unable
or
delayed in its ability to realize gains. A Fund will be subject to
credit/counterparty risk with respect to the counterparties to its derivatives
transactions.
Many
of the protections afforded to participants on organized exchanges, such as the
performance guarantee given by a central clearing
house,
are not available
in connection with over-the-counter (“OTC”) derivatives transactions, such as
foreign currency transactions. For centrally cleared derivatives, such as
cleared
swaps, futures and many options, the primary credit/counterparty risk is the
creditworthiness of a
Fund’s clearing broker and the central clearing
house
itself.
Regulatory
requirements may also limit the ability of a Fund to protect its interests in
the event of an insolvency of a derivatives counterparty. In the
event of a counterparty’s (or its affiliate’s) insolvency, a Fund’s ability to
exercise remedies, such as the termination of transactions, netting of
obligations and
realization on collateral, could be stayed or eliminated under special
resolution regimes adopted in the United States, the European Union, the United
Kingdom
and various other jurisdictions. Such regimes provide government authorities
with broad authority to intervene when a financial institution is experiencing
financial difficulty. In particular, with respect to counterparties
who are subject to such proceedings in the European Union and the United
Kingdom,
the liabilities of such counterparties to a Fund could be reduced, eliminated,
or converted to equity in such counterparties (sometimes referred to as
a
“bail in”).
Currency
Risk
Fluctuations
in the exchange rates between different currencies may negatively affect an
investment. A Fund may be subject to currency risk because it may invest
in currency-related instruments and/or securities or other instruments
denominated in, or that generate income denominated in, foreign currencies. The
market
for some or all currencies may from time to time have low trading volume and
become illiquid, which may prevent a Fund from effecting a position or
from
promptly liquidating unfavorable positions in such markets, thus subjecting the
Fund to substantial losses. A Fund may elect not to hedge currency risk,
or
may hedge such risk imperfectly, which may cause the Fund to incur losses that
would not have been incurred had the risk been hedged.
Cybersecurity
and Technology Risk
The
Funds, their service providers, and other market participants increasingly
depend on complex information technology and communications systems, which
are
subject to a number of different threats and risks that could adversely affect
the Funds and their shareholders. These risks include, among others, theft,
misuse,
and improper release of confidential or highly sensitive information relating to
the Funds and their shareholders, as well as compromises or failures
to
systems, networks, devices and applications relating to the operations of the
Funds and their service providers,
including those relating to the performance and
effectiveness of security procedures used by a Fund or its service providers to
protect a Fund’s assets.
Power outages, natural disasters, equipment malfunctions
and processing errors that threaten these systems, as well as market events that
occur at a pace that overloads these systems, may also disrupt business
operations or impact critical data. There
may be an increased risk of cyber-attacks during periods of geopolitical or
military conflict, and geopolitical tensions
may increase the scale and sophistication of deliberate cybersecurity attacks,
particularly those from nation-states or from entities with nation-state
backing.
Any problems relating to the performance and effectiveness of security
procedures used by a Fund or its service providers to protect a Fund’s assets,
such
as algorithms, codes, passwords, multiple signature systems, encryption and
telephone call-backs, may have an adverse impact on an investment in a
Fund.
Cybersecurity and other operational and technology issues may result in
financial losses to the Funds and their shareholders, impede business
transactions,
violate privacy and other laws, subject the Funds to certain regulatory
penalties and reputational damage, and increase compliance costs and
expenses.
Furthermore, as a Fund’s assets grow, it may become a more appealing target for
cybersecurity threats such as hackers and malware. Although the Funds
have developed processes, risk management systems and business continuity plans
designed to reduce these risks, the Funds do not directly control the
cybersecurity defenses, operational and technology plans and systems of their
service providers, financial intermediaries and companies in which they
invest
or with which they do business. The Funds and their shareholders could be
negatively impacted as a result. Similar types of cybersecurity risks also are
present
for issuers of securities in which the Funds invest, which could result in
material adverse consequences for such issuers, and may cause the Funds’
investment
in such securities to lose value.
Derivatives
Risk
As
described herein and in the SAI, the use of derivatives involves special risks.
Derivatives are financial contracts whose value depends upon or is derived
from
the value of an underlying asset, reference rate or index. There is no guarantee
that a Fund’s use of derivatives will be effective or that suitable transactions
will be available. Even a small investment in derivatives may give rise to
leverage risk and can have a significant impact on a Fund’s exposure to
securities
market values, interest rates, currency exchange rates or other markets. It is
possible that a Fund’s liquid assets may be insufficient to support its
obligations
under its derivatives positions. A Fund’s use of derivatives, such as futures
contracts, forward contracts, options, swaps (including, among others,
credit
default swap
indices, loan-only credit default swaps and loan-only credit default swap
indices) and structured notes, involves other risks, such as the credit/counterparty
risk relating to the other party to a derivative contract (which is
generally greater for OTC derivatives than for centrally cleared derivatives),
the risk of difficulties in pricing and valuation,
the risk that changes in the value of a derivative may not correlate as expected
with relevant assets,
rates or indices,
liquidity risk and the risk of losing more than any
amounts paid or margin transferred
to initiate derivatives positions. The
Fund may be
required to sell other securities at inopportune times to meet collateral
requirements on its derivative transactions. There
is also the risk that a Fund may be
unable to terminate or sell a derivatives position at an advantageous time or
price. The use of derivatives may cause a Fund to incur losses greater than
those
which would have occurred had derivatives not been used.
Losses resulting from the use of derivatives will reduce a Fund’s NAV, and
possibly income. To
the extent that a Fund uses a derivative for purposes other than as a hedge, or
if a Fund hedges imperfectly, the Fund is directly exposed to the risks of that
derivative
and any loss generated by the derivative will not be offset by a gain. When
used, derivatives may affect the timing,
amount,
or character of distributions
payable to, and thus taxes payable by, shareholders. Similarly, for accounting
and performance reporting purposes, income and gain characteristics
may be different than if the Fund held the underlying securities or other assets
directly.
Rule
18f-4 under the Investment Company Act of 1940, as amended (the “1940 Act”),
governs
the use of derivative investments and certain financing transactions
by registered investment companies. Among other things, Rule 18f-4 requires
funds that invest in derivative instruments beyond a specified
limited
amount to apply a value-at-risk based limit to their use of derivative
instruments and financing transactions and to adopt and implement a derivatives
risk
management program. A Fund
that uses derivative instruments in a limited amount is not subject to the full
requirements of Rule 18f-4. Compliance
with the
rule
by the Funds could, among other things, make
derivatives more costly, limit their availability or utility, or otherwise
adversely affect a Fund’s performance.
Emerging
Markets Risk
In
addition to the risks of investing in foreign investments generally, emerging
markets investments are subject to greater risks arising from political or
economic
instability, war, nationalization or confiscatory taxation, currency exchange or
repatriation restrictions, sanctions by other countries (such as the
United
States or the European Union), new or inconsistent government treatment of or
restrictions on new
issuers
and instruments, and an issuer’s unwillingness
or inability to make dividend, principal or interest payments on its securities.
Emerging markets companies may be smaller and have shorter operating
histories than companies in developed markets. In addition, pandemics and
outbreaks of contagious diseases may exacerbate pre-existing problems
in emerging market countries with less established health care
systems.
Economic
and Political Risks.
Emerging market countries often experience instability in their political and
economic structures and have less market depth, infrastructure,
capitalization and regulatory oversight than more developed markets. Government
actions could have a significant impact on the economic conditions
in such countries, which in turn would affect the value and liquidity of the
assets of a Fund invested in emerging market securities. Specific risks
that
could decrease a Fund’s return include seizure of a company’s assets,
restrictions imposed on payments as a result of blockages on foreign currency
exchanges
or sanctions and unanticipated social or political occurrences.
The
ability of the government of an emerging market country to make timely payments
on its debt obligations will depend on many factors, including the extent
of its reserves, fluctuations in interest rates and access to international
credit and investments. A country that has non-diversified exports or relies on
certain
key imports will be subject to greater fluctuations in the pricing of those
commodities. Failure to generate sufficient earnings from foreign trade will
make
it difficult for an emerging market country to service its foreign
debt.
Companies
trading in developing securities markets are generally smaller and have shorter
operating histories than companies trading in developed markets. Foreign
investors may be required to register the proceeds of sales. Settlement of
securities transactions in emerging markets may be subject to risk of loss
and
may be delayed more often than transactions settled in the United States, in
part because a Fund will need to use brokers and counterparties that are
less
well capitalized, and custody and registration of assets in some countries may
be unreliable compared to more developed countries. Disruptions resulting
from
social and political factors may cause the securities markets to close. If
extended closings were to occur, the liquidity and value of a Fund’s assets
invested
in corporate debt obligations of emerging market companies would
decline.
Investment
Controls; Repatriation.
Foreign investment in emerging market country debt securities is restricted or
controlled to varying degrees. These restrictions
may at times limit or preclude foreign investment in certain emerging market
country debt securities. Certain emerging market countries require government
approval of investments by foreign persons, limit the amount of investments by
foreign persons in a particular issuer, limit investments by foreign
persons
only to a specific class of securities of an issuer that may have less
advantageous rights than the classes available for purchase by domiciliaries of
the
countries and/or impose additional taxes or controls on foreign investors or
currency transactions. Certain emerging market countries may also restrict
investment
opportunities in issuers in industries deemed important to national
interests.
Emerging
market countries may require governmental approval for the repatriation of
investment income, capital or proceeds of sale of securities by foreign
investors.
In addition, if a deterioration occurs in an emerging market country’s balance
of payments, the country could impose temporary restrictions on foreign
capital remittances. A Fund could be adversely affected by delays in, or a
refusal to grant, any required governmental approval for repatriation of
capital,
as well as by the application to a Fund of any restrictions on investments.
Investing in local markets in emerging market countries may require a Fund
to
adopt special procedures, seek local governmental approvals or take other
actions, each of which may involve additional costs to a Fund.
A
Fund’s exposure to VIEs may pose additional risks because, instead of directly
investing in the underlying Chinese operating company, the Fund’s investment
is in a holding company domiciled outside of China. The holding company has
contractual arrangements with the operating company that are expected
to provide investors, such as a Fund, with economic exposure to the operating
company. However, the VIE structure is not formally recognized under
Chinese
law. The Chinese government may cease to tolerate VIE structures at any time or
impose new restrictions. Similarly, these investments may face delisting
or other adverse actions under U.S. or other non-Chinese law. Any of these
events may reduce the value of a Fund’s investments in these companies
or
render them valueless.
Equity
Securities Risk
The
value of your investment in a Fund is based on the market value (or price) of
the securities the Fund holds. You may lose money on your investment due to
unpredictable
declines in the value of individual securities and/or periods of below-average
performance in individual securities, industries or in the equity market
as a whole. This may impact a Fund’s performance and may result in higher
portfolio turnover, which may increase the tax liability to taxable shareholders
and the expenses incurred by the Fund. The market value of a security can change
daily due to political, economic and other events that affect the
securities markets generally, as well as those that affect particular companies
or governments. These price movements, sometimes called volatility, will
vary
depending on the types of securities a Fund owns and the markets in which they
trade. Historically, the equity markets have moved in cycles, and the
value
of a Fund’s equity securities may fluctuate drastically from day to day.
Individual companies may report poor results or be negatively affected by
industry
and/or economic trends and developments. The prices of securities issued by such
companies may suffer a decline in response to such trends and developments. Securities
issued in IPOs tend to involve greater market risk than other equity securities
due, in part, to public perception and the lack of
publicly
available information and trading history. Rule 144A securities may be less
liquid than other equity securities. Small-capitalization and emerging
growth
companies may be subject to more abrupt price movements, limited markets and
less liquidity than larger, more established companies, which could adversely
affect the value of a Fund’s portfolio. Growth stocks are generally more
sensitive to market movements than other types of stocks primarily because
their
stock prices are based heavily on future expectations. If the Adviser’s
assessment of the prospects for a company’s growth is wrong, or if the Adviser’s
judgment
of how other investors will value the company’s growth is wrong, then the price
of the company’s stock may fall or not approach the value that the Adviser
has placed on it. Value stocks can perform differently from the market as a
whole and from other types of stocks. Value stocks also present the risk
that
their lower valuations fairly reflect their business prospects and that
investors will not agree that the stocks represent favorable investment
opportunities,
and they may fall out of favor with investors and underperform growth stocks
during any given period. Common stocks represent an equity or ownership
interest in an issuer. In the event an issuer is liquidated or declares
bankruptcy, the claims of owners of the issuer’s bonds generally take
precedence
over the claims of those who own preferred stock or common stock.
Foreign
Securities Risk
Foreign
securities risk is the risk associated with investments in issuers located in
foreign countries. A Fund’s investments in foreign securities may experience
more rapid and extreme changes in value than investments in securities of U.S.
issuers. The securities markets of many foreign countries are relatively
small, with a limited number of issuers and a small number of securities. In
addition, foreign companies often are not subject to the same degree of
regulation
as U.S. companies. Reporting, accounting, disclosure, custody and auditing
standards and practices of foreign countries differ, in some cases significantly,
from U.S. standards and practices, and are often not as rigorous. The Public
Company Accounting Oversight Board, which regulates auditors of U.S.
public companies, is unable to inspect audit work papers in certain foreign
countries. Many countries, including developed nations and emerging markets,
are faced with concerns about high government debt levels, credit rating
downgrades, the future of the euro as a common currency, possible government
debt restructuring and related issues, all of which may cause the value of a
Fund’s non-U.S. investments to decline. Nationalization, expropriation
or
confiscatory taxation, currency blockage, the imposition of sanctions or threat
thereof by other countries (such as the United States), political changes or
diplomatic
developments,
as well as civil unrest, geopolitical tensions, wars and acts of
terrorism, may
impair a Fund’s ability to buy, sell, hold, receive, deliver,
or otherwise transact in certain securities and may also cause the value of a
Fund’s non-U.S. investments to decline. When imposed, foreign withholding
or other taxes reduce a Fund’s return on foreign securities. In the event of
nationalization, expropriation, confiscation, or other government action,
intervention,
or restriction, a Fund could lose its entire investment in a particular foreign
issuer or country. Investments in emerging markets may be subject to
these
risks to a greater extent than those in more developed markets and securities of
developed market companies that conduct substantial business in emerging
markets may also be subject to greater risk. These risks also apply to
securities of foreign issuers traded in the United States or through depositary
receipt
programs such as American Depositary Receipts. To the extent a Fund invests a
significant portion of its assets in a specific geographic region, the
Fund
may have more exposure to regional political, economic, environmental,
credit/counterparty and information risks. In addition, foreign securities may
be subject
to increased credit/counterparty risk because of the potential difficulties of
requiring foreign entities to honor their contractual commitments.
Inflation/Deflation
Risk
Inflation
risk is the risk that the value of assets or income from investments will be
worth less in the future as inflation decreases the present value of future
payments. As inflation increases, the real value of a Fund’s portfolio could
decline. Inflation rates may change frequently and drastically as a result of
various factors, including unexpected shifts in the domestic or global economy
(or expectations that such policies will change), and a Fund’s investments may
not keep pace with inflation, which may result in losses to the Fund’s
investors. Recently, inflation rates in the United States and elsewhere have
been increasing. There can be no assurance that this trend will not continue or
that efforts to slow or reverse inflation will not harm the economy and asset
values. This risk is elevated compared to historical market conditions because
of recent monetary policy measures and the current interest rate environment.
Deflation risk is the risk that prices throughout the economy decline over time
(the opposite of inflation). Deflation may have an adverse effect on the
creditworthiness of issuers and may make issuer default more likely, which may
result in a decline in the value of a Fund’s portfolio.
Interest
Rate Risk
Interest
rate risk is the risk that changes in interest rates will affect the value of a
Fund’s investments in fixed-income securities, such as bonds, notes,
asset-backed
securities and other income-producing securities and derivatives. Fixed-income
securities are obligations of the issuer to make payments of principal
and/or
interest on future dates. Increases in interest rates may cause the value of a
Fund’s investments to decline. In addition, the value of certain derivatives
(such
as interest rate futures) is related to changes in interest rates and their
value may suffer significant decline as a result of interest rate changes. A
prolonged
period of low interest rates may cause a Fund to have a low or negative yield,
potentially reducing the value of your investment. Generally, the value
of fixed-income securities, including short-term fixed-income securities, rises
when prevailing interest rates fall and falls when interest rates rise.
Interest
rate risk generally is greater for funds that
invest in fixed-income securities with relatively longer durations than for
funds that invest in fixed-income securities
with shorter durations. A significant change in interest rates could cause a
Fund’s share price (and the value of your investment) to change. The
value
of zero-coupon and pay-in-kind bonds may be more sensitive to fluctuations in
interest rates than other fixed-income securities. Interest rates can also
change
in response to the supply and demand for credit, inflation rates, and other
factors. Potential future changes in government and/or central bank monetary
policy and action may also affect the level of interest rates. Recently, there
have been inflationary price movements, which have caused the fixed income
securities markets to experience heightened levels of interest volatility and
liquidity risk. Monetary
policy measures have in the past, and may in the future,
exacerbate risks associated with rising interest rates.
Investments
in Other Investment Companies Risk
A Fund
will indirectly bear the management, service and other fees of any other
investment companies, including ETFs, in which it invests in addition to
its own
expenses. A Fund is also indirectly exposed to the same risks as the underlying
funds in proportion to the allocation of the Fund’s assets among the
underlying
funds. In addition, investments in ETFs have unique characteristics, including,
but not limited to, the expense structure and additional expenses associated
with investing in ETFs.
Large
Investor Risk
Ownership
of shares of a Fund may be concentrated in one or a few large investors. Such
investors may redeem shares in large quantities or on a frequent basis.
If a large investor redeems a portion or all of its investment in a Fund or
redeems frequently, the Fund may be forced to sell investments at unfavorable
times
or prices, which can affect the performance of the Fund and may increase
realized capital gains, including short-term capital gains taxable as ordinary
income.
In addition, such transactions may accelerate the realization of taxable income
to shareholders if a Fund’s sales of investments result in gains, and
also
may increase transaction costs. These transactions potentially limit the use of
any capital loss carryforwards and certain other losses to offset future
realized
capital gains (if any). Such transactions may also increase a Fund’s expenses or
could result in a Fund’s current expenses being allocated over a smaller
asset base, leading to an increase in the Fund’s expense ratios.
Leverage
Risk
Taking
short positions in stocks also results in a form of leverage. Leverage is the
risk associated with securities or investment practices (e.g., borrowing and
the
use of certain derivatives) that multiply small index, market or asset-price
movements into larger changes in value. Leverage magnifies the potential for
gain
and the risk of loss. As a result, a relatively small decline in the value of
the underlying investments could result in a relatively large loss. The use of
leverage
will increase the impact of gains and losses on a Fund’s returns, and may lead
to significant losses if investments are not successful.
Liquidity
Risk
Liquidity
risk is the risk that a Fund may be unable to find a buyer for its
investments when it seeks to sell them or to receive the price it expects.
Decreases in the
number of financial institutions willing to make markets in a Fund’s
investments or in their capacity or willingness to transact may increase the
Fund’s exposure
to this risk. Events that may lead to increased redemptions, such as market
disruptions or increases in interest rates, may also negatively impact the
liquidity
of
a Fund’s investments when it needs to dispose of them. Markets
may become illiquid quickly. If
a Fund is forced to sell its investments at an unfavorable
time and/or under adverse conditions in order to meet redemption requests, such
sales could negatively affect the Fund. Securities
acquired in a private
placement, such as Rule 144A securities and privately negotiated credit, equity
and other investments, as applicable, are generally subject to significant
liquidity risk because they are subject to strict restrictions on resale and
there may be no liquid secondary market or ready purchaser for such securities.
Derivatives, and particularly OTC derivatives, are generally subject to
liquidity risk as well.
In
other circumstances, liquid investments may become illiquid.
Liquidity issues may also make it difficult to value
a Fund’s investments. A Fund may invest in liquid investments that become
illiquid due to financial distress,
or geopolitical events such as sanctions, trading halts or wars. In some cases,
especially during periods
of market turmoil, there may be no buyers or sellers
for securities in certain asset classes and a redemption may dilute the interest
of the remaining shareholders.
Management
Risk
Management
risk is the risk that the portfolio managers’ investment techniques could fail
to achieve a Fund’s objective and could cause your investment in a Fund
to lose value. Each Fund is subject to management risk because each Fund is
actively managed. The portfolio managers will apply their investment
techniques
and risk analyses in making investment decisions for the Funds, but there can be
no guarantee that such decisions will produce the desired results.
For example, securities that the portfolio managers expect to appreciate in
value may, in fact, decline. Similarly, in some cases, derivative and other
investment
techniques may be unavailable or the portfolio managers may determine not to use
them, even under market conditions where their use could have
benefited the Funds.
Market/Issuer Risk
The
market value of a Fund’s investments will move up and down, sometimes rapidly
and unpredictably, based upon political, regulatory, market, economic,
and
social conditions, as well as developments that impact specific economic
sectors, industries, or segments of the market, including conditions that
directly relate
to the issuers of a Fund’s investments, such as management performance,
financial condition, and demand for the issuers’ goods and services. A Fund
is
subject to the risk that geopolitical events will adversely affect global
economies and markets. War, terrorism, and related geopolitical events have led,
and in
the future may lead, to increased short-term market volatility and may have
adverse long-term effects on global economies and markets
or on specific sectors,
industries and countries.
Likewise, natural and environmental disasters and epidemics or pandemics may be
highly disruptive to economies and markets
or on specific sectors, industries and countries. Events such as these and
their impact on the Funds may be difficult or impossible to
predict.
Mortgage-Related
and Asset-Backed Securities Risk
In
addition to the risks associated with investments in fixed-income securities
generally (for example, credit, liquidity, inflation and valuation risk),
mortgage-related
and asset-backed securities are subject to the risks of the mortgages and assets
underlying the securities as well as prepayment risk, the risk that the
securities
may be prepaid and result in the reinvestment of the prepaid amounts in
securities with lower yields than the prepaid obligations. Conversely, there
is
a risk that a rise in interest rates will extend the life of a mortgage-related
or asset-backed security beyond the expected prepayment time, typically
reducing
the security’s value, which is called extension risk. A Fund also may incur a
loss when there is a prepayment of securities that were purchased at a
premium. The
value of some mortgage-related securities and other asset-backed securities in
which a Fund invests may be particularly sensitive to changes in
prevailing
interest rates, and the ability of a Fund to successfully utilize these
instruments may depend in part upon the ability of the Fund’s Adviser or
subadviser
to forecast interest rates and other economic factors correctly. The risk of
non-payment is greater for mortgage-related securities that are backed
by
loans made to borrowers with weakened credit histories or with a lower capacity
to make timely payments on their loans, or which may be negatively impacted
by economic and market conditions, but a level of risk exists for all loans.
Market factors adversely affecting mortgage loan repayments may include
a
general economic downturn or recession, high unemployment, a general slowdown in
the real estate market, a drop in the market prices of real estate, or
an
increase in interest rates resulting in higher mortgage payments by holders of
adjustable rate mortgages. During
periods of difficult economic conditions, delinquencies
and losses on commercial mortgage-backed investments in particular generally
increase, including as a result of the effects of those conditions on
commercial real estate markets, the ability of commercial tenants to make loan
payments, and the ability of a property to attract and retain commercial
tenants. A
Fund’s investments in other asset-backed securities are subject to risks similar
to those associated with the servicing of those assets. These types of
securities may also decline for reasons associated with the underlying
collateral. A
dollar roll involves potential risks of loss that are different from those
related
to the securities underlying the transactions. A Fund may be required to
purchase securities at a higher price than may otherwise be available on the
open
market. Since the counterparty in the transaction is required to deliver a
similar, but not identical, security to the Fund, the security that the Fund is
required
to buy under the dollar roll may be worth less than an identical security. There
is no assurance that a Fund’s use of cash that it receives from a dollar
roll
will provide a return that exceeds borrowing costs.
Non-Diversification
Risk
Compared
with diversified mutual funds, a non-diversified Fund may invest
a greater percentage of its assets in a particular issuer and may invest in
fewer issuers.
Therefore, a non-diversified Fund may have more risk because changes
in the value of a single security or the impact of a single economic, political
or regulatory
occurrence may have a greater adverse impact on the Fund’s net asset
value.
REITs
Risk
The
performance of a Fund that invests in REITs may be dependent in part on the
performance of the real estate market and the real estate industry in
general.
The real estate industry is particularly sensitive to economic downturns.
Securities of companies in the real estate industry, including REITs, are
sensitive
to factors such as changes in real estate values, property taxes and tax laws,
interest rates, cash flow of underlying real estate assets, occupancy
rates,
government regulations affecting zoning, land use and rents, and the management
skill and creditworthiness of the issuer. The
U.S. residential and commercial
real estate markets may, in the future, experience and have, in the past,
experienced a decline in value, with certain regions experiencing significant
losses in property values. Exposure to such real estate may adversely affect a
REIT’s performance, and therefore a Fund’s performance. Companies
in
the real estate industry also may be subject to liabilities under environmental
and hazardous waste laws. In addition, the value of a REIT is affected by
changes
in the value of the properties owned by the REIT or the mortgage loans held by
the REIT. REITs also are subject to default and prepayment risk. REITs
are
dependent upon cash flow from their investments to repay financing costs and
also on the ability of the REITs’ managers. A Fund will indirectly bear its
proportionate
share of expenses, including management fees, paid by each REIT in which it
invests in addition to the expenses of the Fund.
Senior
Loans Risk
The
risks associated with Senior Loans are similar to the risks of investing in
below investment-grade securities. The Senior Loans in which the Loomis Sayles
Senior
Floating Rate and Fixed Income Fund invests will generally not be rated
investment grade by the rating agencies. Economic downturns generally lead
to
higher non-payment rates and a Senior Loan could lose a substantial part of its
value prior to default. Senior Loans are subject to credit risk, and secured
Senior
Loans may not be adequately collateralized. The interest rates of Senior Loans
reset frequently, and thus Senior Loans are subject to interest rate risk.
Senior
Loans are generally less liquid than many other debt securities and there may
also be less public information available about Senior Loans as compared
to other debt securities. Senior Loans may be difficult to value and may be
subject to restrictions on resale, irregular trading activity, wide bid/ask
spreads
and extended trade settlement periods. Transactions in Senior Loans may take
significantly longer than seven days to settle and, as a result, proceeds
related to the sale of Senior Loans may not be readily available to make
additional investments or to meet the Fund’s redemption obligations. In
order
to satisfy redemption requests pending settlement of Senior Loans, the Fund may
take a variety of measures, including, without limitation drawing on
its
cash and other short term positions and borrowing from banks (including under
the Fund’s line of credit), all of which may adversely affect the Fund’s
performance.
With limited exceptions, the Adviser will take steps intended to ensure that it
does not receive material non-public information about the issuers
of Senior Loans who also issue publicly traded securities, and therefore the
Adviser may have less information than other investors about certain of
the
Senior Loans in which it seeks to invest. Investing in Senior Loan
participations exposes the Fund to the credit of the counterparty issuing the
participation in
addition to the credit of the ultimate borrower. Senior Loans may not be
considered “securities,” and purchasers, such as the Fund, therefore may not be
entitled
to rely on the anti-fraud protections of the federal securities laws. Loans and
other debt instruments that are not in the form of securities may therefore
offer less legal protection to the Fund in the event of fraud or
misrepresentation.
Small-
and Mid-Capitalization Companies Risk
Compared
to companies with large market capitalization, small- and mid-capitalization
companies are more likely to have limited product lines, markets or financial
resources, or to depend on a small, inexperienced management group. Securities
of these companies often trade less frequently and in limited volume
and their prices may fluctuate more than stocks of large-capitalization
companies. Securities of small- and mid-capitalization companies may
therefore
be more vulnerable to adverse developments than those of large-capitalization
companies. As a result, it may be relatively more difficult for a Fund
to
buy and sell securities of small- and mid-capitalization
companies.
Valuation
Risk
This
is the risk that a Fund has valued certain securities or positions at a higher
price than the price at which they can be sold. This risk may be especially
pronounced
for investments, such as derivatives, which may be illiquid or which may become
illiquid.
Management
Team
Meet
the Funds’ Investment Advisers
The
Natixis Funds family currently includes 35
mutual funds (the “Natixis Funds”). The Natixis Funds family had combined assets
of $49.8
billion as of December
31, 2023.
Natixis Funds are distributed through Natixis Distribution, LLC (the
“Distributor”).
Adviser
Loomis
Sayles,
located at One Financial Center, Boston, Massachusetts 02111, serves as adviser
to the Loomis Sayles Global Growth Fund and the Loomis Sayles
Senior Floating Rate and Fixed Income Fund. Founded in 1926, Loomis Sayles is
one of the oldest investment advisory firms in the United States with
over
$335.2
billion in assets under management as of December 31, 2023.
Loomis Sayles is well known for its professional research
staff.
Natixis
Advisors,
LLC
(“Natixis Advisors”), located
at 888 Boylston Street, Suite 800, Boston, Massachusetts 02199, serves as the
adviser to the Vaughan Nelson
Select Fund. As of December 31, 2023,
Natixis Advisors had approximately $63.7
billion in assets under management. Natixis Advisors oversees, evaluates,
and monitors the subadvisory services provided to the Vaughan Nelson Select
Fund. Natixis Advisors does not determine what investments will be purchased
or sold by the Vaughan Nelson Select Fund.
The
aggregate advisory fee paid during the fiscal year ended November 30,
2023
by the Loomis Sayles Global Growth Fund (after waiver) as a percentage of
the
Fund’s average daily net assets was 0.58%.
The
aggregate advisory fee paid during the fiscal year ended November 30,
2023
by the Vaughan Nelson Select Fund (after waiver) as a percentage of the
Fund’s
average daily net assets was 0.65%.
The
aggregate advisory fee paid during the fiscal year ended November 30,
2023
by the Loomis Sayles Senior Floating Rate and Fixed Income Fund (after
waiver)
was 0.46%
of the Fund’s “Average Daily Managed Assets.” “Average Daily Managed Assets” of
the Fund means the average daily value of the total assets
of the Fund, less all accrued liabilities of the Fund (other than the aggregate
amount of any outstanding borrowings constituting financial
leverage).
Because
the Management fees paid by the Loomis Sayles Senior Floating Rate and Fixed
Income Fund are calculated on the basis of the Fund’s Average Daily Managed
Assets, which include amounts attributable to leverage, the dollar amount of the
fees paid by the Fund to Loomis Sayles will be higher when leverage
is utilized. Loomis Sayles will utilize leverage only if it believes such action
would result in a net benefit to the Fund’s shareholders after taking into
account
the higher fees and expenses associated with leverage (including higher
Management fees).
Subadviser
Vaughan
Nelson,
located at 600 Travis Street, Suite 3800, Houston, Texas 77002, serves as
subadviser to the Vaughan Nelson Select Fund. Vaughan Nelson
is a subsidiary of Natixis Investment Managers, LLC (“Natixis Investment
Managers”). Originally founded in 1970, Vaughan Nelson focuses primarily
on
managing equity and fixed-income funds for clients who consist of foundations,
university endowments, corporate retirement plans and family/individual
funds.
As of December 31, 2023,
Vaughan Nelson had $16.4
billion in assets under management.
Subadvisory
Agreements
Natixis
Advisors and the Natixis Funds have received an exemptive order from the SEC
(the “Order”), which permits Natixis Advisors, subject to approval by
the
Board of Trustees but without shareholder approval, to hire or terminate, and to
modify any existing or future subadvisory agreement with, subadvisers
that
are not affiliated with Natixis Advisors as well as subadvisers that are
indirect or direct wholly-owned subsidiaries of Natixis Advisors or of another
company
that, indirectly or directly, wholly owns Natixis Advisors. Before any Natixis
Fund can begin to rely on the exemptions described above, a majority of
the
shareholders of the Fund must approve the Fund’s ability to rely on the Order.
Shareholders of certain Natixis Funds have already approved the Fund’s
operation
under the manager-of-managers structure contemplated by the Order. If a new
subadviser is hired for a Fund, shareholders will receive information
about
the new subadviser within 90 days of the change.
A
discussion of the factors considered by the Funds’ Board of Trustees in
approving the Funds’ investment advisory and sub-advisory contracts is available
in each
Fund’s semi-annual report for the period ended May 31, 2023.
The
Funds consider the series of Natixis Funds Trust I, Natixis Funds Trust II,
Natixis Funds Trust IV, Gateway Trust, Loomis Sayles Funds I, Loomis Sayles
Funds
II, Natixis ETF Trust and Natixis ETF Trust II, all of which are advised or
subadvised by Natixis Advisors, Loomis Sayles, AEW Capital Management, L.P.,
Gateway
Investment Advisers, LLC, Mirova US LLC, Harris Associates L.P. or Vaughan
Nelson (collectively,
the “Affiliated Investment Managers”), to be part of the “same group of
investment companies” under Section 12(d)(1)(G) of the 1940 Act, for the
purchase
of other investment companies. The Affiliated Investment Managers are all under
common control.
Portfolio
Trades
In
placing portfolio trades, a Fund’s adviser or subadviser may use brokerage
firms that market the Fund’s shares or are affiliated with Natixis Investment
Managers,
Natixis Advisors or any adviser or subadviser. In placing trades, any adviser or
subadviser will seek to obtain the best combination of price and execution,
which involves a number of subjective factors. Such portfolio trades are subject
to applicable regulatory restrictions and related procedures adopted
by the Board of Trustees.
Meet
the Funds’ Portfolio Managers
The
following persons have had primary responsibility for the day-to-day management
of the indicated Fund’s portfolio since the dates stated below.
Loomis Sayles
Aziz
V. Hamzaogullari, CFA® -
Aziz V. Hamzaogullari, Chief Investment Officer and founder of the Growth Equity
Strategies Team, has managed the Loomis Sayles
Global Growth Fund since its inception in 2016. He is an Executive Vice
President and Director of Loomis Sayles. Mr. Hamzaogullari received a B.S.
from
Bilkent University in Turkey and an M.B.A. from George Washington University. He
holds the designation of Chartered Financial Analyst®
and has over 30
years of investment industry experience.
Michael
L. Klawitter, CFA®
- Michael L. Klawitter has served as co-portfolio manager of the Loomis Sayles
Senior Floating Rate and Fixed Income Fund since
2018. Mr. Klawitter, Vice President of Loomis Sayles, began his investment
career in 1997 and joined Loomis Sayles in 2000. He earned a B.A. from the
University
at Buffalo and an MSF from Boston College. Mr. Klawitter holds the designation
of Chartered Financial Analyst®
and has over 27
years of investment
experience.
Heather
M. Young, CFA®
- Heather M. Young has served as co-portfolio manager of the Loomis Sayles
Senior Floating Rate and Fixed Income Fund since 2020.
Ms. Young, Vice President of Loomis Sayles, began her investment career in 2006.
She rejoined Loomis Sayles in 2016, and before that, had worked at Loomis
Sayles from 2008 to 2011. She earned a B.A. in Economics from Boston University
and an M.B.A. from the Massachusetts Institute of Technology. Ms. Young
holds the designation of Chartered Financial Analyst® and has over 18
years of investment experience.
Vaughan Nelson
Chris
D. Wallis, CFA®
- Chris D. Wallis has co-managed the Vaughan Nelson Select Fund since 2012. Mr.
Wallis, Chief Executive Officer and a Senior Portfolio
Manager of Vaughan Nelson, joined the firm in 1999. Mr. Wallis received a B.B.A.
from Baylor University and an M.B.A. from Harvard Business School.
Mr. Wallis holds the designation of Chartered Financial Analyst®
and has over 32
years of investment/financial analysis and accounting experience.
Scott
J. Weber, CFA®-
Scott J. Weber has co-managed the Vaughan Nelson Select Fund since 2012. Mr.
Weber, a Senior Portfolio Manager of Vaughan Nelson,
joined the firm in 2003. Mr. Weber received a B.S. from the University of the
South and an M.B.A. from Tulane University. He has over 28
years of investment
management and financial analysis experience.
Please
see the SAI for information on portfolio manager compensation, other accounts
under management by the portfolio managers and the portfolio managers’
ownership of securities in the Funds.
Additional
Information
The
Funds enter into contractual arrangements with various parties, including, among
others, the Advisers, the Subadviser, the Distributor and the Funds’
custodian
and transfer agent, who provide services to the Funds. Shareholders are not
parties to, or intended to be third-party beneficiaries of, any of those
contractual
arrangements, and those contractual arrangements are not intended to create in
any individual shareholder or group of shareholders any right to enforce
such arrangements against the service providers or to seek any remedy thereunder
against the service providers, either directly or on behalf of the Funds.
This
Prospectus provides information concerning the Funds that you should consider in
determining whether to purchase shares of the Funds. None of this Prospectus,
the SAI or any contract that is an exhibit to the Funds’ registration statement,
is intended to, nor does it, give rise to an agreement or contract between
the Funds and any investor, or give rise to any contract or other rights in any
individual shareholder, group of shareholders or other person other than
any
rights conferred explicitly by applicable federal or state securities laws that
may not be waived.
Fund
Services
Investing
in the Funds
Choosing
a Share Class
Each
class has different costs associated with buying, selling and holding Fund
shares, which allows you to choose the class that best meets your needs.
Which
class is best for you depends upon a number of factors, including the size of
your investment and how long you intend to hold your shares. Certain
share
classes and certain shareholder features may not be available to you if you hold
your shares through a financial intermediary. Your financial representative
can help you decide which class of shares is most appropriate for you. The Funds
may engage financial intermediaries to receive purchase,
exchange
and sell orders on their behalf. Accounts established directly with the Funds
will be serviced by the Funds’ transfer agent. The Funds, the Funds’
transfer
agent and the Distributor do not provide investment advice.
Class
A Shares
• |
You
pay a sales charge when you buy Class A shares. There are several ways to
reduce this charge. See the section “How Sales Charges Are
Calculated.” |
• |
You
pay lower annual expenses than Class C shares, giving you the potential
for higher returns per share. However, where front-end sales charges are
applicable,
returns are earned on a smaller amount of your
investment. |
• |
You
pay higher expenses than Class N and Class Y
shares. |
• |
You
do not pay a sales charge if your total investment reaches $1 million or
more, but you may pay a charge on redemptions if you redeem these shares
within
18 months of purchase. |
Class
C Shares
• |
You
do not pay a sales charge when you buy Class C shares. All of your money
goes to work for you right away. |
• |
You
pay higher annual expenses than Class A, Class N, Class T and Class Y
shares.
|
• |
You
may pay a sales charge on redemptions if you sell your Class C shares
within one year of purchase. |
• |
Investors
will not be permitted to purchase $1 million or more of Class C shares as
a single investment per account. There may be certain exceptions to
this
restriction for omnibus and other nominee accounts. Investors may want to
consider the lower operating expense of Class A shares in such instances.
You
may pay a charge on redemptions if you redeem Class A shares within 18
months of purchase. |
• |
Except
as noted below, Class C shares will automatically convert to Class A
shares after eight years. Please see the section “Exchanging or Converting
Shares”
for details regarding a conversion of shares. Generally, to be eligible to
have your Class C shares automatically converted to Class A shares,
a
Fund
or the financial intermediary through which you purchased your shares will
need to have records verifying that your Class C
shares have been held for eight
years. Due to operational limitations at your financial intermediary, your
ability to have your Class C shares automatically converted to Class A
shares may
be limited. Group retirement plans of certain financial intermediaries who
hold Class C shares with a Fund
in an omnibus account do not track participant
level aging of shares and therefore these shares will not be eligible for
an automatic conversion. Certain intermediaries may convert your Class
C
shares to Class A shares in accordance with a conversion schedule that may
differ from the one described above. Please consult your financial
representative
for more information. |
Class
N Shares
• |
You
have a minimum initial investment of $1,000,000. There are several ways to
waive this minimum. See the section “Purchase and Sale of Fund
Shares.” |
• |
You
do not pay a sales charge when you buy Class N shares. All of your money
goes to work for you right away. |
• |
You
do not pay a sales charge on redemptions. |
• |
You
may pay lower annual expenses than Class, A, Class C, Class T and Class Y
shares, giving you the potential for higher returns per
share. |
Class
T Shares
• |
Class
T shares of the Funds are not currently available for
purchase. |
• |
The
shares are available to a limited type of investor. See the section
“Purchase and Sale of Fund Shares.” |
• |
You
pay a sales charge when you buy Class T shares. This charge is reduced for
purchases of $250,000 or more. See the section “How Sales Charges Are
Calculated.” |
• |
You
pay lower annual expenses than Class C shares,
giving you the potential for higher returns per share. However, where
front-end sales charges are applicable,
returns are earned on a smaller amount of your
investment. |
• |
You
pay higher expenses than Class N and Class Y
shares. |
Class
Y Shares
• |
You
have a minimum initial investment of $100,000. There are several ways to
waive this minimum. See the section “Purchase and Sale of Fund
Shares.” |
• |
You
do not pay a sales charge when you buy Class Y shares. All of your money
goes to work for you right away. |
• |
You
do not pay a sales charge on redemptions. |
• |
You
pay lower annual expenses than Class A, Class C and Class T shares, giving
you the potential for higher returns per
share. |
• |
You
may pay higher annual expenses than Class N
shares. |
For
information about a Fund’s expenses, see the section “Fund Fees & Expenses”
in each Fund Summary.
How
Sales Charges Are Calculated
Class
A Shares
The
price that you pay when you buy Class A shares (the “offering price”) is their
NAV plus a sales charge (sometimes called a “front-end sales charge”),
which
varies depending upon the size of your purchase:
|
| |
Class
A Sales Charges*,** |
Loomis
Sayles Global Growth Fund and Vaughan Nelson Select
Fund |
Your
Investment |
As
a % of offering price |
As
a % of your investment |
Less
than $50,000 |
5.75% |
6.10% |
$50,000-$99,999 |
4.50% |
4.71% |
$100,000-$249,999 |
3.50% |
3.63% |
$250,000-$499,999 |
2.50% |
2.56% |
$500,000-$999,999 |
2.00% |
2.04% |
$1,000,000
or more*** |
0.00% |
0.00% |
Loomis
Sayles Senior Floating Rate and Fixed Income Fund |
Your
Investment |
As
a % of offering price |
As
a % of your investment |
Less
than $100,000 |
3.50% |
3.63% |
$100,000
- $249,999 |
3.00% |
3.09% |
$250,000
- $499,999 |
2.25% |
2.30% |
$500,000
- $999,999 |
1.75% |
1.78% |
$1,000,000
or more*** |
0.00% |
0.00% |
* |
Due
to rounding, the actual sales charge for a particular transaction may be
higher or lower than the rates listed above. |
** |
Not
imposed on shares that are purchased with reinvested dividends or other
distributions. |
*** |
For
purchases of Class A shares of a
Fund of $1 million or more, there is no front-end sales charge, but a
contingent
deferred sales charge (“CDSC”)
of 1.00% may apply to redemptions
of your shares within 18 months of the date of purchase. See the section
“How the CDSC is Applied to Your Shares.” |
If
you invest in Class A shares through a financial intermediary, it is the
responsibility of the financial intermediary to ensure that you obtain the
proper “breakpoint”
discount. At the time of purchase you must inform the Distributor and
the financial intermediary of the existence of other accounts in which
there
are holdings eligible to be aggregated to meet sales load breakpoints of the
Funds. You may be required to provide certain records and information,
such
as account statements, with respect to all of your accounts that hold shares,
including accounts with other financial intermediaries and your family
members’
and other related party accounts, in order to verify your eligibility for a
reduced sales charge. If the Distributor is not notified that you are eligible
for
a reduced sales charge, the Distributor will be unable to ensure that the
reduction is applied to your account. Additional information concerning sales
load breakpoints
is available from your financial intermediary, by visiting the Funds’ website at
im.natixis.com (click on “Sales Charges” at the bottom of the home page)
or in the SAI.
Reducing
Front-End Sales Charges
There
are several ways you can lower your sales charge for Class A shares,
including:
• |
Letter
of Intent —
By signing a Letter of Intent, you may purchase Class A shares of any
Natixis Fund over a 13-month period but pay sales charges as if
you
had purchased all shares at once. This program can save you money if you
plan to invest
$50,000
or more (or $100,000 or more for the Loomis Sayles Senior
Floating Rate and Fixed Income Fund)
within
13 months. |
• |
Cumulative
Purchase Discount —
You may be entitled to a reduced sales charge if your “total investment”
reaches a breakpoint for a reduced sales charge.
The total investment is determined by adding the amount of your current
purchase in a Fund, including the applicable sales charge, to the current
public
offering price of all series and classes of shares (excluding Class T
shares) of the Natixis Funds held by you in one or more accounts. If your
total investment
exceeds a sales charge breakpoint in the table above, the lower sales
charge applies to the entire amount of your current purchase in a
Fund. |
• |
Combining
Accounts —
This allows you to combine shares of multiple Natixis Funds and classes
for purposes of calculating your sales
charge. |
Individual
Accounts:
You may elect to combine your purchase(s) and your total investment, as defined
above, with the purchases and total investment of your spouse,
parents, children, siblings, grandparents, grandchildren, in-laws (of those
previously mentioned), individual retirement accounts, sole proprietorships,
single
trust estates and any other individuals acceptable to the
Distributor.
Certain
Retirement Plan Accounts:
The Distributor may, at its discretion, combine the purchase(s) and total
investment of all qualified participants in the same retirement
plan for purposes of determining the availability of a reduced sales
charge.
In
most instances, individual accounts may not be linked with certain retirement
plan accounts for the purposes of calculating sales charges. Savings
Incentive
Match Plan for Employees (“SIMPLE IRA”) contributions will automatically be
linked with those of other participants in the same SIMPLE IRA Plan (Class
A shares only) using the Natixis Funds prototype document. SIMPLE IRA accounts
may not be linked with any other Natixis Fund account for rights of accumulation.
Please refer to the SAI for more detailed information on combining
accounts.
Eliminating
Front-End Sales Charges and CDSCs
Class
A shares may be offered without front-end sales charges or a CDSC to the
following individuals and institutions:
• |
Clients
of a financial intermediary that has entered into an agreement with the
Distributor and has been approved by the Distributor to offer Fund shares
to self-directed
investment brokerage accounts that may or may not charge a transaction
fee; |
• |
Any
government entity that is prohibited from paying a sales charge or
commission to purchase mutual fund
shares; |
• |
All
employees of financial intermediaries under arrangements with the
Distributor (this also applies to spouses and children under the age of 21
of those mentioned); |
• |
Fund
trustees, former trustees, employees of affiliates of the Natixis Funds
and other individuals who are affiliated with any Natixis Fund (this also
applies to
any spouse, parents, children, siblings, grandparents, grandchildren and
in-laws of those mentioned); |
• |
Certain
Retirement Plans. The availability of this pricing may depend upon the
policies and procedures of your specific financial intermediary; consult
your financial
adviser; |
• |
Non-discretionary
and non-retirement accounts of bank trust departments or trust companies,
but only if they principally engage in banking or trust activities; |
• |
Fee
Based Programs of certain broker-dealers, the Adviser or the Distributor.
Please consult your financial representative to determine if your fee
based program
is subject to additional or different conditions or fees;
and |
• |
Registered
Investment Advisers investing on behalf of clients in exchange for an
advisory, management or consulting fee. |
In
order to receive Class A shares without a front-end sales charge or a CDSC, you
must notify the appropriate Fund of your eligibility at the time of purchase.
Due
to operational limitations at your financial intermediary, a sales charge or a
CDSC may be assessed; please consult your financial representative.
The
availability of certain sales charge waivers and discounts will depend on
whether you purchase your shares directly from a Fund or through a financial
intermediary.
Intermediaries may have different policies and procedures regarding the
availability of front-end sales load waivers or CDSC waivers, which are
discussed
below. In all instances, it is the purchaser’s responsibility to notify a Fund
or the purchaser’s financial intermediary at the time of purchase of any
relationship
or other facts qualifying the purchaser for sales charge waivers or discounts.
For
waivers and discounts not available through a particular intermediary,
shareholders will have to purchase Fund shares directly from the Fund or through
another intermediary to receive these waivers
or discounts. Please see Appendix A to this Prospectus for information regarding
eligibility for load waivers and discounts available
through specific financial intermediaries, which may differ from those disclosed
elsewhere in this Prospectus or in the SAI.
Repurchasing
Fund Shares
You
may apply proceeds from redeeming Class A shares of a Fund to repurchase Class A
shares of any Natixis Fund without
paying a front-end sales charge.
To qualify, you must reinvest some or all of the proceeds within 120 days after
your redemption and notify Natixis Funds in writing (directly or through
your financial representative) at the time of reinvestment that you are taking
advantage of this privilege. You may reinvest your proceeds by returning
your
original redemption check or sending a new check for some or all of the
redemption amount. Please note: for U.S. federal income tax purposes,
a
redemption
generally is treated as a sale that involves tax consequences, even if the
proceeds are later reinvested.
Please consult your tax adviser
to discuss how a redemption would affect you.
Eliminating
the CDSC
As
long as the Distributor is notified at the time you sell, the CDSC for Class A
shares will generally be eliminated in the following cases: (1) to make
distributions
from Certain Retirement Plans to pay plan participants or beneficiaries due to
death, disability, separation from service, normal or early retirement,
loans from the plan, hardship withdrawals, return of excess contributions, or
required minimum distributions (an individual participant’s voluntary
distribution
or a total plan termination or total plan redemption may incur a CDSC); (2) to
make payments through a systematic withdrawal plan; (3) due to shareholder
death or disability; (4) to return excess IRA contributions; or (5) to make
required minimum distributions (applies only to the amount necessary to
meet
the required minimum distributions).
Due
to operational limitations at your financial intermediary, a CDSC may be
assessed, notwithstanding the exemptions above; please consult your financial
representative.
Please see the SAI for more information on eliminating or reducing front-end
sales charges and the CDSC.
Class
C Shares
The
offering price of Class C shares is their NAV without a front-end sales charge.
Class C shares are subject to a CDSC of 1.00% on redemptions made within
one year of the date of their acquisition. The holding period for determining
the CDSC will continue to run after an exchange to Class C shares of
another
Natixis Fund.
Class
C Contingent Deferred Sales Charges
| |
Year
Since Purchase |
CDSC
on Shares Being Sold |
1st |
1.00% |
Thereafter |
0.00% |
Eliminating
the CDSC
The
availability of certain CDSC waivers will depend on whether you purchase your
shares directly from the Fund or through a financial intermediary. Intermediaries
may have different policies and procedures regarding the availability of CDSC
waivers, which are discussed below. In all instances, it is the
purchaser’s
responsibility to notify the Fund or the purchaser’s financial intermediary at
the time of purchase of any relationship or other facts qualifying the
purchaser
for sales charge waivers or discounts. For
waivers not available through a particular intermediary, shareholders will have
to purchase Fund
shares directly from the Fund or through another intermediary to receive these
waivers or discounts. Please see Appendix A to this Prospectus
for information regarding eligibility for CDSC discounts available through
specific financial intermediaries, which may differ from
those disclosed elsewhere in this Prospectus or in the SAI.
As
long as the Distributor is notified at the time you sell, the CDSC for Class C
shares will generally be eliminated in the following cases: (1) to make
distributions
from Certain Retirement Plans (as
defined below) to
pay plan participants or beneficiaries due to death, disability, separation from
service, normal
or early retirement, loans from the plan, hardship withdrawals, return of excess
contributions, or required minimum distributions (an individual participant’s
voluntary distribution or a total plan termination or total plan redemption may
incur a CDSC); (2) to make payments through a systematic withdrawal
plan; (3) due to shareholder death or disability; (4) to return excess IRA
contributions; or (5) to make required minimum distributions (applies only
to
the amount necessary to meet the required minimum distributions).
Due
to operational limitations at your financial intermediary, a CDSC may be
assessed, notwithstanding the exemptions above; please consult your financial
representative.
Please see the SAI for more information on eliminating or reducing front-end
sales charges and the CDSC.
How
the CDSC is Applied to Your Shares
The
CDSC is a sales charge you pay when you redeem certain Fund shares. The
CDSC:
• |
Is
calculated based on the number of shares you are
selling; |
• |
Calculation
is based on either your original purchase price or the current NAV of the
shares being sold, whichever is lower in order to minimize your
CDSC; |
• |
Is
deducted from the proceeds of the redemption unless you request, at the
time of the redemption, that it be deducted from the amount remaining in
your account;
and |
• |
Applies
to redemptions made within the time frame shown above for each
class. |
A
CDSC will not be charged on:
• |
Increases
in NAV above the purchase price; |
• |
Shares
you acquired by reinvesting your dividends or capital gains distributions;
or |
• |
Exchanges.
However, the original purchase date of the shares from which the exchange
is made determines if the newly acquired shares are subject to the
CDSC
when they are sold. |
To
minimize the amount of the CDSC you may pay when you redeem shares, the relevant
Fund will first redeem shares acquired through reinvested dividends and
capital gain distributions. Shares will be sold in the order in which they were
purchased (earliest to latest).
Class
N and Class Y Shares
The
offering price of Class N and Class Y shares is their NAV without a front-end
load sales charge. No CDSC applies when you redeem your shares. You must
meet eligibility criteria in order to invest in Class N or Class Y
shares.
Class
T Shares
The
offering price of Class T shares is their NAV plus a front-end sales charge,
which varies depending upon the size of your purchase.
|
| |
Class
T Sales Charges*,** |
|
|
|
|
|
Your
Investment |
As
a % of offering price |
As
a % of your investment |
Less
than $250,000 |
2.50% |
2.56% |
$250,000
– $499,999 |
2.00% |
2.04% |
$500,000
– $999,999 |
1.50% |
1.52% |
$1,000,000
or more |
1.00% |
1.01% |
* |
Due
to rounding, the actual sales charge for a particular transaction may be
higher or lower than the rates listed above. |
** |
Not
imposed on shares that are purchased with reinvested dividends or other
distributions. |
Information
about purchasing shares of the Funds and sales loads is available on the Funds’
website at im.natixis.com
Compensation
to Securities Dealers
As
part of their business strategies, each Fund pays securities dealers and other
financial institutions (collectively, “dealers”) that sell their shares. This
compensation
originates from two sources: sales charges (front-end or deferred) and 12b-1
fees (comprising the annual service and/or distribution fees paid under
a plan adopted pursuant to Rule 12b-1 under the 1940 Act). The sales charges,
some or all of which may be paid to dealers, are discussed in the section
“How
Sales Charges Are Calculated” and dealer commissions are disclosed in the SAI.
Class A, Class C and Class T shares pay an annual service fee each of
0.25%
of their respective average daily net assets. Class C shares are subject
to an annual distribution fee of 0.75% of their average daily net assets.
Generally,
the 12b-1 fees are paid to securities dealers on a quarterly basis, but may be
paid on other schedules. The SAI includes additional information about
the payment of some or all of such fees to dealers. Because these distribution
fees and service (12b-1) fees are paid out of each Fund’s assets on an
ongoing
basis, over time these fees for Class C shares will increase the cost
of your investment and may cost you more than paying the front-end sales
charge
and service fees on Class A or Class T shares. Similarly, over time the
fees for Class A, Class C and Class T shares will increase the cost of your
investment
and will cost you more than an investment in Class N or Class Y
shares.
In
addition, each Fund may make payments to financial intermediaries that provide
shareholder services to shareholders whose shares are held of record in
omnibus,
other group accounts (for example, 401(k) plans) or accounts traded through
registered securities clearing agents to compensate those intermediaries
for services they provide to such shareholders, including, but not limited to,
sub-accounting, sub-transfer agency, similar shareholder or participant
recordkeeping, shareholder or participant reporting, or shareholder or
participant transaction processing (“recordkeeping and processing-related
services”).
The actual payments, and the services provided, vary from firm to firm. These
fees are paid by each Fund (with
the exception of Class N shares, which
do not bear such expenses)
in light of the fact that other costs may be avoided by each Fund where the
intermediary, not each Fund’s service provider, provides
services to Fund shareholders.
The
Distributor, a Fund’s Adviser and each of their respective affiliates may, out
of their own resources, which generally come directly or indirectly from fees
paid
by the Funds, make payments to certain dealers and other financial
intermediaries that satisfy certain criteria established from time to time by
the Distributor.
Payments may vary based on sales, the amount of assets a dealer’s or
intermediary’s clients have invested in the Funds, and other factors. These
payments
may also take the form of sponsorship of seminars or informational meetings or
payments for attendance by persons associated with a dealer or intermediary
at informational meetings. The Distributor and its affiliates may also make
payments for recordkeeping and processing-related services to financial
intermediaries that sell Fund shares;
such payments will not be made with respect to Class N shares.
These payments may be in addition to payments
made by each Fund for similar services.
The
payments described in this section, which may be significant to the dealers and
the financial intermediaries, may create an incentive for a dealer or
financial
intermediary or their representatives to recommend or sell shares of a
particular Fund or share class over other mutual funds or share classes.
Additionally,
these payments may result in the Funds receiving certain marketing or servicing
advantages that are not generally available to mutual funds that do
not make such payments, including placement on a sales list, including a
preferred or select sales list, or in other sales programs. These payments,
which are
in addition to any amounts you may pay your dealer or other financial
intermediary, may create potential conflicts of interest between an investor and
a dealer
or other financial intermediary who is recommending a particular mutual fund
over other mutual funds. Before investing, you should consult with your
financial
representative and review carefully any disclosure by the dealer or other
financial intermediary as to the services it provides, what monies it
receives
from mutual funds and their advisers and distributors, as well as how your
financial representative is compensated. Please see the SAI for additional
information
about payments made by the Distributor and its affiliates to dealers and
intermediaries.
How
to Purchase Shares
Each
Fund is generally available for purchase in the United States, Puerto Rico, Guam
and the U.S. Virgin Islands. The Funds will only accept investments from
U.S.
citizens with a U.S. address (including an APO or FPO address) or resident
aliens with a U.S. address (including an APO or FPO address) and a U.S.
taxpayer
identification number. U.S. citizens living abroad are not allowed to purchase
shares in the Funds. Class
N and Class T shares are not eligible to be exchanged
or purchased through the website or through the Natixis Funds Automated Voice
Response System.
Each
Fund sells its shares at the NAV next calculated after the Fund receives a
properly completed investment order. The Fund generally must receive your
properly
completed order before the close of regular trading on the New York Stock
Exchange (“NYSE”) for your shares to be bought or sold at the Fund’s NAV
on
that day.
All
purchases made by check should be in U.S. dollars and made payable to Natixis
Funds. Third party checks, travelers checks, starter checks and credit card
convenience
checks will not be accepted, except that third party checks under $10,000 may be
accepted. You may return an uncashed redemption check from your
account to be repurchased back into your account. Upon redemption of an
investment by check or by periodic account investment, redemption proceeds
may
be withheld until the check has cleared or the shares have been in your account
for 10 days.
A
Fund may periodically close to new purchases of shares or refuse any order to
buy shares if the Fund determines that doing so would be in the best
interests
of the Fund and its shareholders. See the section “Restrictions on Buying,
Selling and Exchanging Shares.”
The
Funds are not available to new SIMPLE IRA plans using the Natixis Funds’
Prototype document.
You
can buy shares of each Fund in several ways:
The
Funds may engage financial intermediaries to receive purchase, exchange and sell
orders on their behalf. Accounts established directly with the Funds
will
be serviced by the Funds’ transfer agent. The Funds, the Funds’ transfer agent
and the Distributor do not provide investment advice.
Through
a financial adviser (certain restrictions may apply).
Your financial adviser will be responsible for furnishing all necessary
documents to Natixis
Funds. Your financial adviser may charge you for these services. Your financial
adviser must receive your request in proper form before the close of
regular
trading on the NYSE for you to receive that day’s NAV.
Through
a broker-dealer (certain restrictions may apply).
You may purchase shares of the Funds through a broker-dealer that has been
approved by the Distributor.
Your broker-dealer may charge you a fee for effecting such transactions. Your
broker-dealer must receive your request in proper form before the close
of regular trading on the NYSE for you to receive that day’s NAV.
Directly
from the Fund.
Natixis Funds’ transfer agent must receive your purchase request in proper form
before the close of regular trading on the NYSE in order
for you to receive that day’s NAV.
You
can purchase shares directly from each Fund in several ways:
By
mail.
You can buy shares of each Fund by submitting a completed application form,
which is available online at www.im.natixis.com or by calling Natixis
Funds
at 800-225-5478, along with a check payable to Natixis Funds for the amount of
your purchase to:
Regular
Mail
Natixis
Funds
P.O.
Box 219579
Kansas
City, MO 64121-9579
Overnight
Mail
Natixis
Funds
330
West 9th Street
Kansas
City, MO 64105-1514
After
your account has been established, you may send subsequent investments directly
to Natixis Funds at the above addresses. Please include either the investment
slip from your account statement or a letter specifying the Fund name, your
account number and your name, address and telephone number.
By
wire.
You also may wire subsequent investments. Call Natixis Funds at 800-225-5478 to
obtain wire transfer instructions. At the time of the wire transfer,
you
will need to include the Fund name, your class of shares, your account number
and the registered account owner name(s). Your bank may charge you for
such
a transfer.
By
telephone.
You can make subsequent investments by calling Natixis Funds at 800-225-5478 if
you have already established electronic transfer privileges.
By
exchange.
You may purchase shares of a Fund by exchange of shares of the same class of
another Fund by sending a signed letter of instruction to Natixis
Funds, by calling Natixis Funds at 800-225-5478 or by accessing your account
online at www.im.natixis.com.
Through
Automated Clearing House (“ACH”).
Before you can purchase shares of Natixis Funds through ACH, you must provide
specific instructions to Natixis
Funds in writing (see STAMP2000 Medallion Signature Guarantee below). You may
purchase shares of a Fund through ACH by either calling Natixis Funds
at 800-225-5478 or by accessing your account online at
www.im.natixis.com.
By
internet.
If you have established a user name and password and you have established the
electronic transfer privilege, you can make subsequent investments
through your online account at www.im.natixis.com. If you have not established a
user name and password, but you have established the electronic
transfer privilege, go to www.im.natixis.com, click on “Account Access,” and
follow the instructions.
Through
systematic investing. You can make regular investments through automatic
deductions from your bank checking or savings account. If you did not establish
the electronic transfer privilege on your application, you may add the privilege
by obtaining a Service Options Form through your financial adviser, by calling
Natixis Funds at 800-225-5478 or by visiting www.im.natixis.com. A medallion
signature guarantee may be required to add this option.
Minimum
Investment Requirements for each Fund and share class are described in the
section “Purchase and Sale of Fund Shares.”
Minimum
Balance Policy
In
order to address the relatively higher costs of servicing smaller fund
positions, on an annual basis each Fund may close an account and send the
account holder
the proceeds if the account falls below $500. The valuation of account balances
for this purpose and liquidation itself generally occur during October of
each
calendar year, although they may occur at another date in the year.
Certain
accounts, such as accounts using the Natixis Funds’ prototype document
(including IRAs, Keogh Plans, 403(b)(7) plans and Coverdell Education
Savings
Accounts), accounts associated with fee-based programs (such as wrap programs),
trust networked accounts, accounts initially funded within six months
of the liquidation date, certain retirement accounts, or accounts that fall
below the minimum as a result of an automatic conversion of Class C to
Class
A shares, are excluded from the liquidation.
Due
to operational limitations, the Funds’ ability to apply the Minimum Balance
Policy to shareholder accounts held through an intermediary in an omnibus
fashion
may be limited. The Funds may work with these intermediaries to enforce the
Minimum Balance Policy on these accounts as can best be applied per the
timing and constraints of the intermediaries’ account recordkeeping systems. For
information about the policy for Class N shares, see the section “Purchase
and Sale of Fund Shares” in each Fund summary.
Accounts
held through certain financial intermediaries that have entered into special
arrangements with the Distributor may be subject to a different minimum
balance policy than the one described above. Please see Appendix A to the
Prospectus for more information regarding the minimum balance policies
of specific financial intermediaries, which may differ from those disclosed
elsewhere in the Prospectus or in the SAI. Consult your financial intermediary
for additional information regarding the minimum balance policy applicable to
your investment.
Certain
Retirement Plans
Natixis
Funds defines “Certain Retirement Plans” as it relates to load waivers, share
class eligibility, and account minimums as follows:
Certain
Retirement Plans include
401(k),
401(a),
457,
(including profit-sharing,
money purchase pension plans), 403(b),
403(b)(7),
defined benefit plans, non-qualified
deferred compensation plans, Taft-Hartley
multi-employer plans,
and retiree health benefit plans. Accounts
must be plan-level
omnibus accounts to qualify.
Certain
Retirement Plans do
not
include individual retirement accounts
such as an
IRA,
SIMPLE
IRA,
SEP
IRA,
SARSEP
IRA, and
Roth IRA. Any account
registered
in the name of a participant does
not qualify.
How
to Redeem Shares
You
can redeem shares of each Fund directly from the Fund on any day on which the
NYSE is open for business. The information below details the various
ways
you can redeem shares of a Fund. Except as noted below and in the “Selling
Restrictions” section of this Prospectus, each Fund typically expects to pay
out
redemption proceeds on the next business day after a redemption request is
received in good order. The information below also notes certain fees that
may
be charged by a Fund, its agents, your bank or your financial representative in
connection to your redemption request. The Funds do not currently impose
any
redemption charge other than the CDSC imposed
by the Funds’ distributor, as described in the “How Sales Charges are
Calculated” section of this Prospectus.
The Funds’ Board of Trustees reserves the right to impose additional charges at
any time.
Each
Fund may fund a redemption request from various sources, including sales of
portfolio securities, holdings of cash or cash equivalents, and borrowings
from
banks (including overdrafts from the Fund’s custodian bank and/or under the
Fund’s line of credit, which is shared across certain other Natixis Funds and
Loomis
Sayles Funds). Each Fund typically will redeem shares for cash; however, as
described in more detail below, each Fund reserves the right to pay the
redemption
price wholly or partly in-kind (i.e., in portfolio securities rather than cash),
if the Fund’s Adviser determines it to be advisable and in the best interest
of shareholders. If a shareholder receives a distribution in-kind, the
shareholder will bear the market risk associated with the distributed securities
and
would incur brokerage or other charges in converting the securities to
cash.
Because
large redemptions are likely to require liquidation by a Fund of portfolio
holdings, payment for large redemptions may be delayed for up to seven
days
to provide for orderly liquidation of such holdings. Under unusual
circumstances, the Funds may suspend redemptions or postpone payment for more
than
seven days as permitted by the SEC.
Redemptions
totaling more than $100,000 from a single fund/account cannot be processed on
the same day unless the proceeds of the redemption are sent via
pre-established banking information on the account. Please see the section
“STAMP2000 Medallion Signature Guarantee” for details.
Generally,
for expedited payment of redemption proceeds, a transaction fee of $5.50 for
wire transfers, $50 for international wire transfers or $36.00 for overnight
delivery will be charged. These fees are subject to change.
Redemptions
through your financial adviser.
Your financial adviser must receive your request in proper form before the close
of regular trading on the NYSE
for you to receive that day’s NAV. Your financial adviser will be responsible
for furnishing all necessary documents to Natixis Funds on a timely basis
and
may charge you for his or her services.
Redemptions
through your broker-dealer.
You may redeem shares of the Funds through a broker-dealer that has been
approved by the Distributor, which can
be contacted at 888 Boylston Street, Suite 800, Boston, MA 02199-8197. Your
broker-dealer may charge you a fee for effecting such transaction. Your
broker-dealer
must receive your request in proper form before the close of regular trading on
the NYSE for you to receive that day’s NAV. Your redemptions generally
will be wired to your broker-dealer on the first business day after your request
is received in good order.
Redemptions
directly to the Funds.
Natixis Funds’ transfer agent must receive your redemption request in proper
form before the close of regular trading on
the NYSE in order for you to receive that day’s NAV. Your redemptions generally
will be sent to you on the first business day after your request is
received in
good order, although it may take longer.
You
may make redemptions directly from each Fund in several ways:
By
mail.
Send a signed letter of instruction that includes the name of the Fund, the
exact name(s) in which the shares are registered, your address, telephone
number,
account number and the number of shares or dollar amount to be redeemed to the
following address:
Regular
Mail
Natixis
Funds
P.O.
Box 219579
Kansas
City, MO 64121-9579
Overnight
Mail
Natixis
Funds
330
West 9th Street
Kansas
City, MO 64105-1514
All
owners of shares must sign the written request in the exact names in which the
shares are registered. The owners should indicate any special capacity in
which
they are signing (such as trustee or custodian or on behalf of a partnership,
corporation or other entity).
By
exchange.
You may sell some or all of your shares of a Fund and use the proceeds to buy
shares of the same class of another fund by sending a signed letter
of instruction to Natixis Funds, by calling Natixis Funds at 800-225-5478 or by
accessing your account online at www.im.natixis.com.
By
internet.
If you have established a user name and password and you have established the
electronic transfer privilege, you can redeem shares through your
online account at www.im.natixis.com. If you have not established a user name
and password but you have established the electronic transfer privilege,
go
to www.im.natixis.com, click on “Account Access,” and follow the
instructions.
By
telephone.
You may redeem shares by calling Natixis Funds at 800-225-5478. Proceeds from
telephone redemption requests (less any applicable fees) can
be wired to your bank account, sent electronically by ACH to your bank account
or sent by check in the name of the registered owner(s) to the address of
record.
A wire fee will be deducted from your proceeds. Your bank may charge you a fee
to receive the wire.
The
telephone redemption privilege may be modified or terminated by the Funds
without notice.
You
may redeem by telephone to have a check sent to the address of record for the
maximum amount of $100,000 per day from a single fund/account. For your
protection, telephone or internet redemption requests will not be permitted if
Natixis Funds has been notified of an address change or bank account
information
change for your account within the preceding 30 days. If you prefer, you can
decline telephone redemption and transfer privileges by calling Natixis
Funds at 800-225-5478.
Systematic
Withdrawal Plan.
If the value of your account is $10,000 or more, you can have periodic
redemptions automatically paid to you or to someone you
designate. Please call 800-225-5478 for more information or to set up a
systematic withdrawal plan or visit www.im.natixis.com to obtain a Service
Options
Form.
In-Kind.
Shares normally will be redeemed for cash upon receipt of a redemption request
in good order, although each Fund reserves the right to pay the redemption
price wholly or partly in-kind if the Fund’s Adviser or Subadviser determines it
to be advisable and in the best interest of shareholders. For example,
a Fund may pay a redemption in-kind under stressed market conditions or if the
redemption amount is large.
You
may also request an in-kind redemption of your shares by calling Natixis Funds
at 800-225-5478. In-kind redemptions typically take several weeks to
effectuate
following a redemption request given the operational steps necessary to
coordinate with the redeeming shareholder’s custodian. Typically, the
redemption
date is mutually-agreed upon by the Fund and the redeeming shareholder. A Fund
is not required to pay a redemption in-kind even if requested and
may in its discretion pay the redemption proceeds in cash.
Redemptions
in-kind will generally, but not necessarily, result in a pro rata distribution
of each security held in a Fund’s portfolio. If a shareholder receives a
distribution
in-kind, the shareholder will bear the market risk associated with the
distributed securities and would incur brokerage or other charges in
converting
the securities to cash.
By
wire.
Before Natixis Funds can wire redemption proceeds (less any applicable fees) to
your bank account, you must provide specific wire instructions to Natixis
Funds in writing (see “STAMP2000 Medallion Signature Guarantee” below). A wire
fee will be deducted from the proceeds of each wire. Your bank may
charge you a fee to receive the wire.
By
ACH.
Before Natixis Funds can send redemptions through ACH, you must provide specific
wiring instructions to Natixis Funds in writing (see “STAMP2000
Medallion Signature Guarantee” below). For ACH redemptions, proceeds will
generally arrive at your bank within three business days.
STAMP2000
Medallion Signature Guarantee.
You must have your signature guaranteed by a bank, broker-dealer or other
financial institution that can issue
a STAMP2000 Medallion Signature Guarantee for the following types of
redemptions:
• |
If
you are selling more than $100,000 per day from a single fund/account and
you are requesting the proceeds by check (this does not apply to IRA
transfer of
assets to new custodian). |
• |
If
you are requesting that the proceeds check (of any amount) be made out to
someone other than the registered owner(s) or sent to an address other
than the
address of record. |
• |
If
the account registration or bank account information has changed within
the past 30 days. |
• |
If
you are instructing us to send the proceeds by check, wire or ACH to a
bank not already active on the fund
account. |
The
Funds will only accept STAMP2000 Medallion Signature Guarantees bearing the
STAMP2000 Medallion imprint. The surety amount of the STAMP2000 medallion
imprint must meet or exceed the amount on the request. Please note that a notary
public cannot provide a STAMP2000 Medallion Signature Guarantee.
This signature guarantee requirement may be waived by Natixis Funds in certain
cases.
Exchanging
or Converting Shares
In
general, you may exchange shares of each Fund (excluding Class T shares) for
shares of the same class of another Natixis Fund that offers such class of
shares
(see the sections “How to Purchase Shares” and “How to Redeem Shares”) without
paying a sales charge or a CDSC, if applicable, subject to restrictions
noted below. Class T shares of the Funds do not have exchange privileges. The
exchange must be for at least the minimum to open an account (or the
total NAV of your account, whichever is less), or, once the fund minimum is
met
(see the section “Additional Investor Services”). All exchanges are subject
to the eligibility requirements of the fund into which you are exchanging and
any other limits on sales of or exchanges into that fund. The exchange
privilege
may be exercised only in those states where shares of such funds may be legally
sold. For U.S. federal income tax purposes, an exchange of Fund shares
for shares of another fund is generally treated as a sale on which gain or loss
may be recognized. Subject to the applicable rules of the SEC, the Board
of
Trustees reserves the right to modify the exchange privilege at any time. Before
requesting an exchange into any other fund, please read its prospectus
carefully.
You may be unable to hold your shares through the same financial intermediary if
you engage in certain share exchanges. You should contact your financial
intermediary for further details. Please refer to the SAI for more detailed
information on exchanging Fund shares. Class N shares are not eligible to
be
exchanged through the website or through the Natixis Funds Automated Voice
Response System.
In
certain circumstances, you may convert shares of your Fund from your current
share class into another share class in the same Fund. A conversion is
subject
to the eligibility requirements of the share class of your Fund that you are
converting into including investment minimum requirements. The conversion
from
one class of shares to another will be based on the respective NAVs of the
separate share classes on the trade date for the conversion. Except as noted
below,
Class C shares will automatically convert to Class A shares after eight years.
Generally, to be eligible to have your Class C shares automatically converted
to Class A shares, the Fund or the financial intermediary through which you
purchased your shares will need to have records verifying that your Class
C shares have been held for eight years. Due to operational limitations at your
financial intermediary, your ability to have your Class C shares automatically
converted to Class A shares may be limited. Group retirement plans of certain
financial intermediaries who hold Class C shares with the Fund in an
omnibus account do not track participant level aging of shares and therefore
these shares will not be eligible for an automatic conversion. Certain
intermediaries
may convert your Class C shares to Class A shares in accordance with a
conversion schedule that may differ from the one described above. Please
consult your financial representative for more information.
Any
account with an outstanding CDSC liability will be assessed the CDSC before
converting to the new share class. Any conversions into a class of shares
with
a front end sales charge will not be subject to an initial sales charge;
however, future purchases may be subject to a sales charge, if
applicable.
Generally,
a conversion between share classes of the same fund is a nontaxable event to the
shareholder. All requests for conversions must follow the procedures
set forth by the Distributor. Each Fund reserves the right to refuse any
conversion request. Due to operational limitations at your financial
intermediary,
your ability to convert share classes of the same fund or have your Class C
shares automatically converted to Class A shares may be limited. Please
consult your financial representative for more information.
In
general, you may sell Class Y shares of any Natixis Fund and use the proceeds to
purchase Class I shares in any Loomis Sayles Fund, subject to the eligibility
requirements, including fund minimums, of the fund you are purchasing
into.
Cost
Basis Reporting.
Upon the redemption or exchange of your shares in a Fund, the Fund, or, if you
purchased your shares through a broker-dealer or other
financial intermediary, your financial intermediary will be required to provide
you and the Internal Revenue Service (“IRS”) with cost basis and certain
other
related tax information about the Fund shares you redeemed or exchanged. The
cost basis reporting requirement is effective for shares purchased, including
through dividend reinvestment, on or after January 1, 2012. Please contact the
Fund at 800-225-5478, visit im.natixis.com or consult your financial
intermediary,
as appropriate, for more information regarding available methods for cost basis
reporting and how to select a particular method. Please also consult
your tax adviser to determine which available cost basis method is best for
you.
Restrictions
on Buying, Selling and Exchanging Shares
The
Funds discourage excessive short-term trading that may be detrimental to the
Funds and their shareholders. Frequent abusive
purchases
and redemptions of
Fund shares by shareholders may present certain risks for other shareholders in
a Fund. This includes the risk of diluting the value of Fund shares held by
long
term shareholders, interfering with the efficient management of each Fund’s
portfolio and increasing brokerage and administrative costs. Funds investing
in
securities that require special valuation processes (such as foreign securities,
below investment grade securities or small capitalization securities), also
may
have increased exposure to these risks. The Board of Trustees has adopted the
following policies to address and discourage such trading.
Each
Fund reserves the right to suspend or change the terms of purchasing or
exchanging shares. Each Fund and the Distributor reserve the right to reject any
purchase
or exchange order for any reason, including if the transaction is deemed not to
be in the best interests of the Fund’s other shareholders or possibly
disruptive
to the management of the Fund. A shareholder whose exchange order has been
rejected may still redeem its shares by submitting a redemption request
as described under “How to Redeem Shares.”
Limits
on Frequent Trading.
Excessive trading activity in a Fund is measured by the number of
round-trip
transactions in a shareholder’s account. A round trip
is defined as (1) a purchase (including a purchase by exchange) into a Fund
followed by a redemption (including a redemption by exchange) out
of the same
Fund; or (2) a redemption (including a redemption by exchange) out of a Fund
followed by a purchase (including a purchase by exchange) into
the same Fund.
A
round trip transaction is defined as occurring
in a single Fund within a 30-day
period. Two round trips in a 90-day period
will constitute a violation of the
Fund’s trading limitations. After the detection of a first violation, the Fund
or the Distributor will issue the shareholder and/or their
financial intermediary
a written
warning. The
written warning will expire one year from the date the warning is issued, if no
further violations occur during the period. After
the detection
of a second violation (i.e.,
two more round trip transactions in the Fund within a 90-day
period), the Fund or the Distributor will restrict the shareholder
from making subsequent purchases (including purchases by exchange) in
that Fund for
90 days. After the detection of a third violation
within 12 months
of the second violation,
the Fund or the Distributor will restrict
the shareholder
and/or their financial intermediary from making
purchases (including purchases
by exchange)
into any of the shareholder’s accounts in the violated Fund for one year from
the date the third violation is issued.
The above limits are
applicable whether a shareholder holds shares directly with a Fund or indirectly
through a financial intermediary, such as a broker, bank, investment
adviser,
record
keeper
for retirement plan participants, or other third party. The preceding is not an
exclusive description of activities that a Fund and the Distributor
may consider to be excessive,
and, at its discretion, a Fund and the Distributor may restrict or prohibit
transactions by such identified shareholders or
intermediaries
including a period of restriction with no end date.
Notwithstanding
the above, certain financial intermediaries, such as retirement plan
administrators, may monitor and restrict the frequency of purchase and
redemption
transactions in a manner different from that described above. The policies of
these intermediaries may be more or less restrictive than the generally
applicable policies described above. Each Fund may choose to rely on a financial
intermediary’s restrictions on frequent trading in place of the Fund’s
own restrictions if the Fund determines, at its discretion, that the financial
intermediary’s restrictions provide reasonable protection for the Fund from
excessive
short-term trading activity. Please contact your financial representative for
additional information regarding their policies for limiting the frequent
trading
of Fund shares.
This
policy also does not apply with respect to shares purchased by certain
funds-of-funds or similar asset allocation programs that rebalance their
investments
only infrequently. To be eligible for this exemption, the fund-of-funds or asset
allocation program must identify itself to and receive prior written
approval
from a Fund or the Distributor. A Fund and the Distributor may request
additional information to enable them to determine that the fund-of-funds or
asset
allocation program is not designed to and/or is not serving as a vehicle for
disruptive short-term trading, which may include requests for (i) written
assurances
from the sponsor or investment manager of the fund-of-funds or asset allocation
program that it enforces the Fund’s frequent trading policy on investors
or another policy reasonably designed to deter disruptive short-term trading in
Fund shares, and/or (ii) data regarding transactions by investors in
the
fund-of-funds or asset allocation program, for periods and on a frequency
determined by the Fund and the Distributor, so that the Funds
can monitor compliance
by such investors with the trading limitations of the Funds
or of the fund-of-funds or asset allocation program. Under certain
circumstances, waivers
to these conditions (including waivers to permit more frequent rebalancing) may
be approved for programs that in the Fund’s opinion are not vehicles
for
excessive
trading
and are not likely to engage in abusive trading.
The
Fund and the Distributor may deem shares acquired, redeemed, or exchanged
through a firm discretionary program where purchases and redemptions are
made
at a home office or firm level on behalf of a client not deemed to be intended
to engage in market timing. In addition to the circumstances previously
noted,
the Funds reserve the right to waive any purchase and exchange restrictions at
each Fund’s sole discretion where it believes such action is in the Fund’s
best interests. The exception would require additional review as noted above for
asset allocation programs.
Trade
Activity Monitoring.
Trading activity is monitored selectively on a daily basis in an effort to
detect excessive short-term trading activities. If a Fund or the
Distributor believes that a shareholder or financial intermediary has engaged in
excessive, short-term trading activity, it may, at its discretion, request that
the
shareholder or financial intermediary stop such activities or refuse to process
purchases or exchanges in the accounts. At its discretion, a Fund and the
Distributor,
as well as an adviser to a Fund may ban trading in an account if, in their
judgment, a shareholder or financial intermediary has engaged in
short-term
transactions that, while not necessarily in violation of the Fund’s stated
policies on frequent trading, are harmful to a Fund or its shareholders. A Fund
and
the Distributor also reserve the right to notify financial intermediaries of the
shareholder’s trading activity.
Accounts
Held by Financial Intermediaries.
The ability of a Fund and the Distributor to monitor trades that are placed by
omnibus or other nominee accounts
may
be
severely limited in those instances in which the financial intermediary
maintains the record of a Fund’s underlying beneficial owners. In general,
each Fund and the Distributor will review trading activity at the omnibus
account level. If a Fund and the Distributor detect suspicious activity, they
may
request and receive personal identifying information and transaction histories
for some or all underlying shareholders (including plan participants) to
determine
whether such shareholders have engaged in excessive short-term trading activity.
If a Fund believes that a shareholder has engaged in excessive short-term
trading activity in violation of the Fund’s policies through an omnibus account,
the Fund will attempt to limit transactions by the underlying shareholder
that engaged in such trading, although it may be unable to do so. A Fund may
also limit or prohibit additional purchases of Fund shares by an intermediary.
Investors should not assume a Fund will be able to detect or prevent all trading
practices that may disadvantage a Fund.
Purchase
Restrictions
Each
Fund is required by federal regulations to obtain certain personal information
from you and to use that information to verify your identity. The Funds may
not
be able to open your account if the requested information is not provided.
Each
Fund reserves the right to refuse to open an account, close an account
and redeem your shares at the then-current price or take other such steps that
the Fund deems necessary to comply with federal regulations
if your identity cannot be verified.
Selling
Restrictions
The
table below describes restrictions placed on selling shares of a Fund.
Please see the SAI for additional information regarding redemption payment
policies.
| |
Restriction |
Situation |
Each
Fund may suspend the right of redemption: |
|
Each
Fund reserves the right to suspend account services or refuse transaction
requests: |
|
| |
Restriction |
Situation |
Each
Fund may pay the redemption price in whole or in part by a distribution
in-kind of
readily marketable securities in lieu of cash or may take up to 7 days to
pay a redemption
request in order to raise capital: |
|
Each
Fund may withhold redemption proceeds for 10 days from the purchase
date: |
|
The
Funds reserve the right to suspend account services or refuse transaction
requests if a Fund receives notice of a dispute between registered owners or of
the
death of a registered owner or a Fund suspects a fraudulent act. If a Fund
refuses a transaction request because it receives notice of a dispute, the
transaction
will be processed at the NAV next determined after the Fund receives notice that
the dispute has been settled or a court order has been entered adjudicating
the dispute. If a Fund determines that its suspicion of fraud or belief that a
dispute existed was mistaken, the transaction will be processed as of
the
NAV next determined after the transaction request was first received in good
order.
Certificates. Certificates
will not be issued or honored for any class of shares.
Unclaimed
Property Laws.
Many states have unclaimed property laws and regulations that provide for
transfer to the state (also known as “escheatment”) of
unclaimed or abandoned property under various circumstances. The particular
circumstances may include inactivity (e.g., no owner-initiated contact for a
certain
period), returned mail (e.g., when mail sent to a shareholder is returned by the
post office as undeliverable), or a combination of both inactivity and
returned
mail. If your account is deemed unclaimed or abandoned under applicable state
property laws or regulations, the Funds may be required to “escheat” or
transfer the assets in your account to the applicable state’s unclaimed property
administration. The state may sell escheated shares and, if you subsequently
seek to reclaim your proceeds of liquidation from the state, you may only be
able to recover the amount received when the shares were sold (and
not the amount those shares are worth currently).
It is your
responsibility to maintain a correct address for your account, to keep your
account active by contacting the Transfer Agent by mail or telephone or
accessing your account through the Funds’ website, and to promptly cash all
checks for dividends, capital gains and redemptions. Each state’s requirements
to keep an account active can vary and are subject to change. If you invest in a
Fund through a financial intermediary, you are encouraged to contact the
financial intermediary regarding applicable state unclaimed property laws. The
Funds, the Transfer Agent and the Distributor will not be liable to shareholders
or their representatives for good faith compliance with state unclaimed property
laws.
Self-Servicing
Your Account
Shareholders
that hold their accounts directly with the Funds may use the following
self-service options. Shareholders that hold Fund shares through a financial
intermediary should consult their financial intermediary regarding any
self-service options that they may offer.
(Excludes
Class N and Class T shares)
Natixis
Funds Website.
You
can access our website at www.im.natixis.com to perform transactions (purchases,
redemptions or exchanges), review your account information and Fund
NAVs, change your address, order duplicate statements or tax forms or obtain a
prospectus, an SAI, an application or periodic reports (certain restrictions
may apply).
Natixis
Funds Automated Voice Response System.
You have access to your account 24 hours a day by calling Natixis Funds’
Automated Voice Response System
at 800-225-5478. You may review your account balance and Fund NAV, order
duplicate statements, order duplicate tax forms, obtain distribution and
performance
information.
Restructuring
and Liquidations
Investors
should note that each Fund reserves the right to merge or reorganize at any
time, or to cease operations or liquidate itself. At any time prior to the
liquidation
of a Fund, shareholders may redeem their shares of the Fund pursuant to the
procedures set forth under “How to Redeem Shares.” The proceeds from
any such redemption will be the NAV of the Fund’s shares.
Shareholders may also exchange their shares, subject to investment minimums and
other restrictions
on exchanges as described under “Exchanging or Converting Shares.” For federal
income tax purposes, an exchange of a fund’s shares for shares of
another Natixis
Fund or Loomis Sayles Fund is generally treated as a sale on which a gain or
loss may be recognized.
Retirement
Accounts.
Absent an instruction to the contrary prior to the liquidation date of a Fund,
for shares of a Fund held using a Natixis Funds’ prototype document,
in individual retirement accounts, in custodial accounts under a SEP, SIMPLE,
SARSEP or 403(b) plan, or in certain other retirement accounts, the Distributor
will exchange any shares remaining in the Fund on the liquidation date for
shares of Loomis Sayles Limited Term Government and Agency Fund (or,
if
that fund is no longer in existence, then in shares of another comparable
Natixis Fund or Loomis Sayles Fund) at NAV. Please refer to your plan documents
or
contact your plan administrator or plan sponsor to determine whether the
preceding sentence applies to you.
How
Fund Shares Are Priced
NAV
is the price of one share of a Fund without a sales charge, and is calculated
each business day using this formula:
The
policies and procedures used to determine the NAV of Fund shares are summarized
below:
• |
A
share’s NAV is determined at the close of regular trading on the NYSE on
the days the NYSE is open for trading. This is normally 4:00 p.m., Eastern
time. A
Fund’s shares will not be priced on the days on which the NYSE is closed
for trading. In addition, a Fund’s shares will not be priced on the
holidays listed in
the SAI. See the section “Net Asset Value” in the SAI for more
details. |
• |
The
price you pay for purchasing, redeeming or exchanging a share will be
based upon the NAV next calculated (plus or minus applicable sales charges
as described
earlier in the Fund Summary) after your order is received by the
transfer agent, SS&C Global Investor & Distribution Solutions,
Inc. (formerly, DST Asset
Manager Solutions, Inc.), (rather than when the order arrives at the P.O.
box) “in good order” (meaning that the order is complete and contains all
necessary
information).1
|
• |
Requests
received by the Funds after the NYSE closes will be processed based upon
the NAV determined at the close of regular trading on the next day
that
the NYSE is open. If the transfer agent receives the order in good order
prior to the NYSE market close (normally 4:00 p.m., Eastern time), the
shareholder
will receive that day’s NAV. Under limited circumstances, the Distributor
may enter into contractual agreements pursuant to which orders
received
by your investment dealer before a Fund determines its NAV and transmitted
to the transfer agent prior to market open on the next business day
are
processed at the NAV determined on the day the order was received by your
investment dealer. Please
contact your investment dealer to determine
whether it has entered into such a contractual agreement. If your
investment dealer has not entered into such a contractual agreement,
your order will be processed at the NAV next determined after your
investment dealer submits the order to a
Fund. |
• |
If
a Fund invests in foreign securities, it may have NAV changes on days when
you cannot buy or sell its shares. |
1 |
Please
see the section “How to Purchase Shares,” which provides additional
information regarding who can receive a purchase
order. |
Generally,
during times of substantial economic or market change, it may be difficult to
place your order by phone. During these times, you may send your
order
by mail as described in the sections “How to Purchase Shares” and “How to Redeem
Shares.”
Fund
securities and other investments for which market quotations are readily
available, as outlined in the Funds’ policies and procedures, are valued at
market
value. The Funds may use third-party
pricing services to obtain market quotations and other valuation information,
such as evaluated bids.
Generally,
Fund securities and other investments are valued as follows:
• |
Equity
securities (including shares of closed-end investment companies and
exchange-traded funds (“ETFs”)), exchange traded notes, rights,
and warrants —
listed equity securities are valued at the last sale price quoted on the
exchange where they are traded most extensively or, if
there
is no reported sale during the day, the closing bid quotation as reported
by a
third-party pricing
service. Securities traded on the NASDAQ Global Select
Market, NASDAQ Global Market and NASDAQ Capital Market are valued at
the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at
the
most recent bid quotations on the applicable NASDAQ Market. Unlisted
equity securities (except unlisted preferred equity securities discussed
below) are
valued at the last sale price quoted
in the market where they are traded most extensively or, if there is no
reported sale during the day, the closing bid quotation
as reported by a
third-party
pricing service. If there is no sale price or closing bid quotation
available, unlisted equity securities will be valued using
evaluated bids
furnished by a
third-party pricing
service, if available. In some foreign markets, an official close price
and a last sale price may be available
from the foreign exchange or market. In those cases, the official
close price is used. Valuations based on information from foreign markets
may be
subject to the Funds’ fair value policies described below. If a right is
not traded on any exchange, its value is based on the market value of the
underlying
security, less the cost to subscribe to the underlying security
(e.g., to exercise the right), adjusted for the subscription ratio. If a
warrant is not traded
on any exchange, a price is obtained from
a broker-dealer. |
• |
Debt
securities and unlisted preferred equity securities —
evaluated bids furnished to a Fund by a
third-party pricing
service using market information,
transactions for comparable securities and various relationships between
securities, if available, or bid prices obtained from
broker-dealers. |
• |
Senior
Loans —
bid prices supplied by a
third-party pricing
service, if available, or bid prices obtained from
broker-dealers. |
• |
Bilateral
Swaps —
bilateral credit default swaps are valued based on mid prices (between the
bid price and the ask price) supplied by a
third-party
pricing
service. Bilateral interest rate swaps and bilateral standardized
commodity and equity index total return swaps are valued based on prices
supplied by
a
third-party pricing
service. If prices from a
third-party pricing
service are not available, prices from a broker-dealer may be
used. |
• |
Centrally
Cleared Swaps —
settlement prices of the clearing house on which the contracts were traded
or prices obtained from broker-dealers. |
• |
Options
— domestic exchange-traded index and single name equity options contracts
(including options on ETFs) are valued at the mean of the National
Best
Bid and Offer quotations as determined by the Options Price Reporting
Authority. Foreign exchange-traded single name equity options contracts
are valued
at the most recent settlement price. Options contracts on foreign indices
are priced at the most recent settlement price. Options on futures
contracts
are valued using the current settlement price on the exchange on which,
over time, they are traded most extensively. Other exchange-traded
options
are valued at the average of the closing bid and ask quotations on the
exchange on which, over time, they are traded most extensively. OTC
currency
options and swaptions are valued at mid prices (between the bid price and
the ask price) supplied by a
third-party pricing
service, if available. |
|
Other
OTC options contracts (including currency options and swaptions not priced
through a
third-party pricing
service) are valued based on prices obtained from
broker-dealers. Valuations based on information from foreign markets may
be subject to the Funds’ fair value policies as described
below. |
• |
Futures
— most
recent settlement price on the exchange on which the Adviser believes
that, over time, they are traded most extensively. Valuations based
on information from foreign markets may be subject to the Funds’ fair
value policies as described below. |
• |
Forward
Foreign Currency Contracts —
interpolated rates determined based on information provided by
a
third-party pricing
service. |
Foreign
denominated assets and liabilities are translated into U.S. dollars based upon
foreign exchange rates supplied by a
third-party pricing
service. Fund securities
and other investments for which market quotations are not readily available are
valued at fair value as determined in good faith by the Advisers or Subadviser.
A Fund may also value securities and other investments at fair value in other
circumstances such as when extraordinary events occur after the close
of a foreign market but prior to the close of the NYSE. This may include
situations relating to a single issuer (such as a declaration of bankruptcy or a
delisting
of the issuer’s security from the primary market on which it has traded) as well
as events affecting the securities markets in general (such as market
disruptions
or closings and significant fluctuations in U.S. and/or foreign markets). When
fair valuing its securities or other investments, each Fund may, among
other things, use modeling tools or other processes that may take into account
factors such as securities or other market activity and/or significant
events
that occur after the close of the foreign market and before the time a Fund’s
NAV is calculated. Fair value pricing may require subjective determinations
about the value of a security, and fair values used to determine a Fund’s NAV
may differ from quoted or published prices, or from prices that are
used by others, for the same securities. In addition, the use of fair value
pricing may not always result in adjustments to the prices of securities held by
a Fund.
Valuations for securities traded in the OTC market may be based on factors such
as market information, transactions for comparable securities, various
relationships
between securities or bid prices obtained from broker-dealers. Evaluated prices
from a
third-party pricing
service may require subjective determinations
and may be different than actual market prices or prices provided by other
pricing services. As of the date of this prospectus, the Adviser serves
as the Fund’s valuation designee for purposes of compliance with Rule 2a-5 under
the 1940 Act.
Trading
in some of the portfolio securities or other investments of some of the Funds
takes place in various markets outside the United States on days and at
times
other than when the NYSE is open for trading. Therefore, the calculation of
these Funds’ NAV does not take place at the same time as the prices of
many
of its portfolio securities or other investments are determined, and the value
of these Funds’ portfolios may change on days when these Funds are not
open
for business and their shares may not be purchased or redeemed.
Dividends
and Distributions
The
Funds generally distribute annually all or substantially all of their net
investment income (other than capital gains) as dividends. The following table
shows
when each Fund expects to distribute dividends. Each Fund expects to distribute
all or substantially all of its net realized long- and short-term capital
gains
annually (or, in the case of short-term capital gains, more frequently than
annually if determined by the Fund to be in the best interest of shareholders),
after
applying any capital loss carryovers. To the extent permitted by law, the Board
of Trustees may adopt a different schedule for making distributions as
long
as distributions of net investment income and net realized capital gains, if
any, are made at least annually. A Fund’s distribution rate fluctuates over time
for
various reasons, and there can be no assurance that a Fund’s distributions will
not decrease or that a Fund will make any distributions when
scheduled.
For
example, foreign currency losses could potentially reduce or eliminate, and have
in the past reduced and eliminated, regularly scheduled distributions for
certain
Funds.
| |
Annual |
Daily |
Loomis
Sayles Global Growth Fund |
Loomis
Sayles Senior Floating Rate and Fixed Income Fund†
|
Vaughan
Nelson Select Fund |
|
† |
Declares
dividends for each class daily and pays them
monthly. |
Distributions
will automatically be reinvested in shares of the same class of the distributing
Fund at NAV unless you select one of the following alternatives:
• |
Participate
in the Dividend Diversification Program, which allows you to have all
dividends and distributions automatically invested at NAV in shares of the
same
class of another Natixis Fund registered in your name. Certain investment
minimums and restrictions may apply. For more information about the
program,
see the section “Additional Investor
Services;” |
• |
Receive
distributions from dividends and interest in cash while reinvesting
distributions from capital gains in additional shares of the same class of
the Fund,
or in the same class of another Natixis
Fund; |
• |
Receive
distributions from capital gains in cash while reinvesting distributions
from dividends and interest in additional shares of the same class of the
Fund,
or in the same class of another Natixis Fund;
or |
• |
Receive
all distributions in cash. |
For
accounts held directly with a Fund, any cash distributions to be paid by check,
in an amount of $10 or less, will instead be automatically reinvested in
additional
Fund shares. If a dividend or capital gain distribution check remains uncashed
for six months and your account is still open, each Fund will reinvest
the
dividend or distribution in additional shares of the Fund promptly after making
this determination and the check will be canceled. In addition, future
dividends
and capital gain distributions will be automatically reinvested in additional
shares of a Fund unless you subsequently contact the Fund and request
to
receive distributions by check.
If
you do not select an option when you open your account, all distributions will
be reinvested.
Generally,
if you earn more than $10 annually in taxable income from a Fund
held in a non-retirement plan account, you will receive a Form 1099-DIV to help
you
report the prior calendar year’s distributions on your U.S. federal income tax
return. This information will also be reported to the IRS. Be sure to keep this
Form
1099-DIV as a permanent record. A fee may be charged for any duplicate
information requested.
Tax
Consequences
Except
as noted, the discussion below addresses only the U.S. federal income tax
consequences of an investment in the Funds and does not address any
non-U.S.,
state or local tax consequences.
Each
Fund intends to meet all requirements under Subchapter M of the Internal Revenue
Code of 1986, as amended (the “Code”) necessary to qualify and be eligible
for treatment each year as a “regulated investment company” and thus does not
expect to pay any U.S. federal income tax on income and capital gains
that are timely distributed to shareholders.
Unless
otherwise noted, the discussion below, to the extent it describes
shareholder-level tax consequences, pertains solely to taxable
shareholders.
Taxation
of Distributions from the Funds.
For U.S. federal income tax purposes, distributions of investment income
generally are taxable to Fund shareholders
as ordinary income. Taxes on distributions of capital gains are determined by
how long a Fund owned (or is deemed to have owned) the investments
that generated them, rather than how long a shareholder has owned his or her
shares. Distributions attributable to the excess of net long-term capital
gains from the sale of investments that a Fund owned (or is deemed to have
owned) for more than one year over net short-term capital losses from the
sale
of investments that a Fund owned (or is deemed to have owned) for one year or
less, and that are properly reported by the Fund as capital gain dividends
(“Capital
Gain Dividends”) generally will be taxable to a shareholder receiving such
distributions as long-term capital gain includible in net capital gain and
taxed
to individuals at reduced rates. Distributions attributable to the excess of net
short-term capital gains from the sale of investments that a Fund owned
(or
is deemed to have owned) for one year or less over net long-term capital losses
from the sale of investments that a Fund owned (or is deemed to have
owned)
for more than one year, will be taxable to
as shareholder receiving such distributions as
ordinary income. A
Fund’s
transactions in options or other derivatives
or short sales may cause a larger portion of distributions to be taxable to
shareholders as ordinary income than would be the case absent such transactions.
Distributions
of investment income properly reported by a Fund as derived from “qualified
dividend income” will be taxed in the hands of individuals at the reduced
rates applicable to net capital gain, provided holding period and other
requirements are met at both the shareholder and Fund levels. Income
generated
by investments in fixed-income securities, derivatives and REITs generally is
not eligible for treatment as qualified dividend income.
A
3.8% Medicare contribution tax is imposed on the net investment income of
certain individuals, trusts and estates to the extent their income exceeds
certain
threshold amounts. Net investment income generally includes for this purpose
dividends, including any Capital Gain Dividends paid by a Fund and net
capital
gains recognized on the sale, redemption, exchange or other taxable disposition
of shares of a Fund.
Fund
distributions are taxable whether shareholders receive them in cash or reinvest
them in additional shares. In addition, Fund distributions are taxable to
shareholders
even if they are paid from income or gains earned by a Fund before a
shareholder’s investment (and thus were included in the price the shareholder
paid for his or her shares). Such distributions are likely to occur in respect
of shares purchased at a time when the Fund’s NAV reflects gains that
are
either unrealized or realized but not distributed.
Dividends
and distributions declared by a Fund and payable to shareholders of record in
October, November or December of one year and paid in January of the
next year generally are taxable in the year in which the distributions are
declared, rather than the year in which the distributions are
received.
Distributions
by a Fund to retirement plans and other investors that qualify for
tax-advantaged treatment under U.S. federal income tax laws generally will not
be
taxable, although distributions by retirement plans to their participants may be
taxable. Special tax rules apply to investments through such retirement
plans.
If your investment is through such a plan, you should consult your tax adviser
to determine the suitability of the Funds as an investment through your
plan
and the tax treatment of distributions to you (including distributions of
amounts attributable to an investment in a Fund) from the plan.
Redemption,
Sale or Exchange of Fund Shares.
A redemption, sale or exchange of Fund shares (including an exchange of Fund
shares for shares of another
Natixis Fund or Loomis Sayles Fund) is a taxable event and generally will result
in recognition of gain or loss. Gain or loss, if any, recognized by a
shareholder
on a redemption, sale, exchange or other taxable disposition of Fund shares
generally will be taxed as long-term capital gain or loss if the shareholder
held the shares for more than one year, and as short-term capital gain or loss
if the shareholder held the shares for one year or less, assuming in
each
case that the shareholder held the shares as capital assets. Short-term capital
gains generally are taxed at the rates applicable to ordinary income. Any
loss
realized upon a disposition of shares held for six months or less will be
treated as long-term, rather than short-term, capital loss to the extent of any
Capital
Gain Dividends received by the shareholder with respect to the shares. The
deductibility of capital losses is subject to limitations. See “Cost Basis
Reporting”
above for information about certain cost basis reporting
obligations.
Taxation
of Certain Fund Investments.
A Fund’s investments in foreign securities may be subject to foreign withholding
or other taxes. In that case, the Fund’s
yield on those securities would be decreased. If a Fund invests more than 50% of
its assets in foreign securities, it generally may elect to permit shareholders
to claim a credit or deduction on their income tax returns with respect to
foreign taxes paid by the Fund. In addition, a Fund’s investments in
foreign
securities or foreign currencies may be subject to special tax rules that have
the effect of increasing or accelerating the Fund’s recognition of ordinary
income
and may affect the timing or amount of the Fund’s distributions to
shareholders. Because the Funds invest in foreign securities, shareholders
should consult
their tax advisers about the consequences of their investments under foreign
laws.
A
Fund’s investments in certain debt obligations (such as those with “OID” or
accrued market discount, in each case, as defined in the SAI) mortgage-backed
securities,
asset-backed securities, and derivatives may cause the Fund to recognize taxable
income in excess of the cash generated by such investments. Thus,
a Fund could be required to liquidate investments, including at times when it is
not advantageous to do so, in order to satisfy the distribution requirements
applicable to regulated investment companies under the Code. In addition, a
Fund’s investments in derivatives may affect the amount, timing or character
of distributions to shareholders.
Backup
Withholding.
Each Fund is required in certain circumstances to apply backup withholding on
taxable dividends, redemption proceeds and certain other
payments that are paid to any shareholder (including a shareholder who is
neither a citizen nor a resident of the United States) if the shareholder does
not
furnish the Fund with certain information and certifications or the shareholder
is otherwise subject to backup withholding.
Please
see the SAI for additional information on the U.S. federal income tax
consequences of an investment in a Fund.
You
should consult your tax adviser for more information on your own situation,
including possible U.S. federal, state, local, foreign or other applicable
taxes.
Additional
Investor Services
Retirement
Plans
Natixis
Funds offer a range of retirement plans, including IRAs
and SEPs. For more information about our Retirement Plans, call us at
800-225-5478.
Investment
Builder Program
(Excludes
Class T shares)
This
is Natixis Funds’ automatic investment plan. Once you meet the Fund minimum, you
may authorize automatic monthly transfers from
your bank checking or
savings account to purchase shares of one or more Natixis Funds. For
instructions on how to join the Investment Builder Program, please refer to the
section
“How to Purchase Shares.”
Dividend
Diversification Program
(Excludes
Class T shares)
This
program allows you to have all dividends and any other distributions
automatically invested in shares of the same class of another Natixis Fund
subject to
the eligibility requirements of that other fund and to state securities law
requirements. The fund minimum must be met in the new fund prior to establishing
the dividend diversification program. Shares will be purchased at the selected
fund’s NAV without a front-end sales charge or CDSC on the ex dividend
date. Before establishing a Dividend Diversification Program into any other
Natixis Fund, please read its prospectus carefully.
Automatic
Exchange Plan
(Excludes
Class T shares)
Natixis
Funds have an automatic exchange plan under which shares of a class of a Natixis
Fund are automatically exchanged each month for shares of the same
class of another Natixis Fund. The fund minimum must be met prior to
establishing an automatic exchange plan. There is no fee for exchanges made
under
this plan. Please see the section “Exchanging or Converting Shares” above and
refer to the SAI for more information on the Automatic Exchange
Plan.
Systematic
Withdrawal Plan
(Excludes
Class T shares)
This
plan allows you to redeem shares and receive payments from a Fund on a regular
schedule. Redemptions of shares that are part of the Systematic Withdrawal
Plan are not subject to a CDSC, however, the amount or percentage you specify in
the plan may not exceed, on an annualized basis, 10% of the value
of your Fund account based upon the value of your Fund account on the day you
establish your plan. For information on establishing a Systematic Withdrawal
Plan, please refer to the section “How to Redeem Shares.”
Financial
Performance
The
financial highlights tables are intended to help you understand each Fund’s
financial performance for the last five years (or, if shorter, the period of the
Fund’s
operations). Certain information reflects financial results for a single Fund
share. The total returns in the table represent the return that an investor
would
have earned (or lost) on an investment in a Fund (assuming reinvestment of all
dividends and distributions). This information has been audited by PricewaterhouseCoopers
LLP, an independent registered public accounting firm, whose report, along with
each Fund’s financial statements, is included in the Funds’
annual report to shareholders. The annual
report
is incorporated by reference into the SAI, both of which are available free
of charge upon request from
the Distributor.
Class
T shares of each Fund had not commenced operations and had no performance
history as of the date of this Prospectus. Therefore, financial highlights
tables
are not included for Class T shares of the Funds.
For
a share outstanding throughout each period.
Loomis
Sayles Global Growth Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
A |
|
Year
Ended November
30, 2023 |
Year
Ended November
30, 2022 |
Year
Ended November
30, 2021 |
Year
Ended November
30, 2020 |
Year
Ended November
30, 2019 |
Net
asset value, beginning of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
13.28 |
Income
(loss) from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss)(a)
|
|
|
|
|
|
|
|
|
|
0.00(b)
|
Net
realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
2.03 |
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
2.03 |
Less
Distributions From: |
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
(0.05) |
Net
realized capital gains |
|
|
|
|
|
|
|
|
|
(0.48) |
Total
Distributions |
|
|
|
|
|
|
|
|
|
(0.53) |
Net
asset value, end of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
14.78 |
Total
return(c)(d)
|
|
|
|
|
|
|
|
|
|
16.25% |
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
2,832 |
Net
expenses(e)
|
|
|
|
|
|
|
|
|
|
1.26%(h)
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
1.49% |
Net
investment income (loss) |
|
|
|
|
|
|
|
|
|
0.03% |
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
37% |
| |
(a) |
Per
share net investment income (loss) has been calculated using the average
shares outstanding during the period. |
(b) |
Amount
rounds to less than $0.01 per share. |
(c) |
A
sales charge for Class A shares is not reflected in total return
calculations. |
(d) |
Had
certain expenses not been waived/reimbursed during the period, total
returns would have been lower. |
(e) |
The
investment adviser agreed to waive its fees and/or reimburse a portion of
the Fund’s expenses during the period. Without this waiver/reimbursement,
expenses would have
been higher. |
(f) |
Includes
interest expense. Without this expense the ratio of net expenses would
have been 1.20% and the ratio of gross expenses would have been
1.37%. |
(g) |
Effective
December 15, 2020, the expense limit decreased from 1.25% to
1.20%. |
(h) |
Effective
July 1, 2019, the expense limit decreased from 1.30% to
1.25%. |
For
a share outstanding throughout each period.
Loomis
Sayles Global Growth Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
C |
|
Year
Ended November
30, 2023 |
Year
Ended November
30, 2022 |
Year
Ended November
30, 2021 |
Year
Ended November
30, 2020 |
Year
Ended November
30, 2019 |
Net
asset value, beginning of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
13.06 |
Income
(loss) from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
Net
investment loss(a)
|
|
|
|
|
|
|
|
|
|
(0.09) |
Net
realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
2.00 |
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
1.91 |
Less
Distributions From: |
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
(0.00)(b)
|
Net
realized capital gains |
|
|
|
|
|
|
|
|
|
(0.48) |
Total
Distributions |
|
|
|
|
|
|
|
|
|
(0.48) |
Net
asset value, end of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
14.49 |
Total
return(c)(d)
|
|
|
|
|
|
|
|
|
|
15.40% |
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
1,079 |
Net
expenses(e)
|
|
|
|
|
|
|
|
|
|
2.01%(h)
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
2.23% |
Net
investment loss |
|
|
|
|
|
|
|
|
|
(0.69)% |
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
37% |
| |
(a) |
Per
share net investment loss has been calculated using the average shares
outstanding during the period. |
(b) |
Amount
rounds to less than $0.01 per share. |
(c) |
A
contingent deferred sales charge for Class C shares is not reflected in
total return calculations. |
(d) |
Had
certain expenses not been waived/reimbursed during the period, total
returns would have been lower. |
(e) |
The
investment adviser agreed to waive its fees and/or reimburse a portion of
the Fund’s expenses during the period. Without this waiver/reimbursement,
expenses would have
been higher. |
(f) |
Includes
interest expense. Without this expense the ratio of net expenses would
have been 1.95% and the ratio of gross expenses would have been
2.13%. |
(g) |
Effective
December 15, 2020, the expense limit decreased from 2.00% to
1.95%. |
(h) |
Effective
July 1, 2019, the expense limit decreased from 2.05% to
2.00%. |
For
a share outstanding throughout each period.
Loomis
Sayles Global Growth Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
N |
|
Year
Ended November
30, 2023 |
Year
Ended November
30, 2022 |
Year
Ended November
30, 2021 |
Year
Ended November
30, 2020 |
Year
Ended November
30, 2019 |
Net
asset value, beginning of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
13.34 |
Income
(loss) from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss)(a)
|
|
|
|
|
|
|
|
|
|
0.05 |
Net
realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
2.03 |
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
2.08 |
Less
Distributions From: |
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
(0.09) |
Net
realized capital gains |
|
|
|
|
|
|
|
|
|
(0.48) |
Total
Distributions |
|
|
|
|
|
|
|
|
|
(0.57) |
Net
asset value, end of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
14.85 |
Total
return(c)
|
|
|
|
|
|
|
|
|
|
16.61% |
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
3,319 |
Net
expenses(d)
|
|
|
|
|
|
|
|
|
|
0.98%(g)
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
1.22% |
Net
investment income (loss) |
|
|
|
|
|
|
|
|
|
0.35% |
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
37% |
| |
(a) |
Per
share net investment income (loss) has been calculated using the average
shares outstanding during the period. |
(b) |
Amount
rounds to less than $0.01 per share. |
(c) |
Had
certain expenses not been waived/reimbursed during the period, total
returns would have been lower. |
(d) |
The
investment adviser agreed to waive its fees and/or reimburse a portion of
the Fund’s expenses during the period. Without this waiver/reimbursement,
expenses would have
been higher. |
(e) |
Includes
interest expense. Without this expense the ratio of net expenses would
have been 0.90% and the ratio of gross expenses would have been
1.05%. |
(f) |
Effective
December 15, 2020, the expense limit decreased from 0.95% to
0.90%. |
(g) |
Effective
July 1, 2019, the expense limit decreased from 1.00% to
0.95%. |
For
a share outstanding throughout each period.
Loomis
Sayles Global Growth Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
Y |
|
Year
Ended November
30, 2023 |
Year
Ended November
30, 2022 |
Year
Ended November
30, 2021 |
Year
Ended November
30, 2020 |
Year
Ended November
30, 2019 |
Net
asset value, beginning of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
13.33 |
Income
(loss) from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss)(a)
|
|
|
|
|
|
|
|
|
|
0.04 |
Net
realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
2.04 |
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
2.08 |
Less
Distributions From: |
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
(0.08) |
Net
realized capital gains |
|
|
|
|
|
|
|
|
|
(0.48) |
Total
Distributions |
|
|
|
|
|
|
|
|
|
(0.56) |
Net
asset value, end of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
14.85 |
Total
return(b)
|
|
|
|
|
|
|
|
|
|
16.65% |
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
63,308 |
Net
expenses(c)
|
|
|
|
|
|
|
|
|
|
1.01%(f)
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
1.23% |
Net
investment income (loss) |
|
|
|
|
|
|
|
|
|
0.30% |
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
37% |
| |
(a) |
Per
share net investment income (loss) has been calculated using the average
shares outstanding during the period. |
(b) |
Had
certain expenses not been waived/reimbursed during the period, total
returns would have been lower. |
(c) |
The
investment adviser agreed to waive its fees and/or reimburse a portion of
the Fund’s expenses during the period. Without this waiver/reimbursement,
expenses would have
been higher. |
(d) |
Includes
interest expense. Without this expense the ratio of net expenses would
have been 0.95% and the ratio of gross expenses would have been
1.13%. |
(e) |
Effective
December 15, 2020, the expense limit decreased from 1.00% to
0.95%. |
(f) |
Effective
July 1, 2019, the expense limit decreased from 1.05% to
1.00%. |
For
a share outstanding throughout each period.
Loomis
Sayles Senior Floating Rate and Fixed Income Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
A |
|
Year
Ended November
30, 2023 |
Year
Ended November
30, 2022 |
Year
Ended November
30, 2021 |
Year
Ended November
30, 2020 |
Year
Ended November
30, 2019 |
Net
asset value, beginning of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Income
(loss) from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
Net
investment income(a)
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Less
Distributions From: |
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Total
return(b)(c)
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
expenses(d)
|
|
|
|
|
|
|
|
|
|
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
|
| |
(a) |
Per share net investment income has been calculated using the average shares outstanding during the period. |
(b) |
A
sales charge for Class A shares is not reflected in total return
calculations. |
(c) |
Had
certain expenses not been waived/reimbursed during the period, total
returns would have been lower. |
(d) |
The
investment adviser agreed to waive its fees and/or reimburse a portion of
the Fund’s expenses during the period. Without this waiver/reimbursement,
expenses would have
been higher. |
(e) |
Effective
July 1, 2023, the expense limit decreased from 1.05% to
1.00%. |
(f) |
Includes
interest expense. Without this expense the ratio of net expenses would
have been 1.05% and the ratio of gross expenses would have been
1.18%. |
(g) |
Includes
interest expense. Without this expense the ratio of net expenses would
have been 1.05% and the ratio of gross expenses would have been
1.08%. |
For
a share outstanding throughout each period.
Loomis
Sayles Senior Floating Rate and Fixed Income Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
C |
|
Year
Ended November
30, 2023 |
Year
Ended November
30, 2022 |
Year
Ended November
30, 2021 |
Year
Ended November
30, 2020 |
Year
Ended November
30, 2019 |
Net
asset value, beginning of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Income
(loss) from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
Net
investment income(a)
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Less
Distributions From: |
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Total
return(b)(c)
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
expenses(d)
|
|
|
|
|
|
|
|
|
|
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
|
| |
(a) |
Per share net investment income has been calculated using the average shares outstanding during the period. |
(b) |
A
contingent deferred sales charge for Class C shares is not reflected in
total return calculations. |
(c) |
Had
certain expenses not been waived/reimbursed during the period, total
returns would have been lower. |
(d) |
The
investment adviser agreed to waive its fees and/or reimburse a portion of
the Fund’s expenses during the period. Without this waiver/reimbursement,
expenses would have
been higher. |
(e) |
Effective
July 1, 2023, the expense limit decreased from 1.80% to
1.75%. |
(f) |
Includes
interest expense. Without this expense the ratio of net expenses would
have been 1.80% and the ratio of gross expenses would have been
1.93%. |
(g) |
Includes
interest expense. Without this expense the ratio of net expenses would
have been 1.80% and the ratio of gross expenses would have been
1.83%. |
For
a share outstanding throughout each period.
Loomis
Sayles Senior Floating Rate and Fixed Income Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
N |
|
Year
Ended November
30, 2023 |
Year
Ended November
30, 2022 |
Year
Ended November
30, 2021 |
Year
Ended November
30, 2020 |
Year
Ended November
30, 2019 |
Net
asset value, beginning of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Income
(loss) from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
Net
investment income(a)
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Less
Distributions From: |
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Total
return(b)
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
expenses(c)
|
|
|
|
|
|
|
|
|
|
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
|
| |
(a) |
Per share net investment income has been calculated using the average shares outstanding during the period. |
(b) |
Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
(c) |
The
investment adviser agreed to waive its fees and/or reimburse a portion of
the Fund’s expenses during the period. Without this waiver/reimbursement,
expenses would have
been higher. |
(d) |
Effective
July 1, 2023, the expense limit decreased from 0.75% to
0.70%. |
(e) |
Includes
interest expense. Without this expense the ratio of net expenses would
have been 0.75% and the ratio of gross expenses would have been
1.22%. |
(f) |
Includes
interest expense. Without this expense the ratio of net expenses would
have been 0.75% and the ratio of gross expenses would have been
1.09%. |
For
a share outstanding throughout each period.
Loomis
Sayles Senior Floating Rate and Fixed Income Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
Y |
|
Year
Ended November
30, 2023 |
Year
Ended November
30, 2022 |
Year
Ended November
30, 2021 |
Year
Ended November
30, 2020 |
Year
Ended November
30, 2019 |
Net
asset value, beginning of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Income
(loss) from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
Net
investment income(a)
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Less
Distributions From: |
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Total
return(b)
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
expenses(c)
|
|
|
|
|
|
|
|
|
|
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
|
| |
(a) |
Per share net investment income has been calculated using the average shares outstanding during the period. |
(b) |
Had
certain expenses not been waived/reimbursed during the period, total
returns would have been lower. |
(c) |
The
investment adviser agreed to waive its fees and/or reimburse a portion of
the Fund’s expenses during the period. Without this waiver/reimbursement,
expenses would have
been higher. |
(d) |
Effective
July 1, 2023, the expense limit decreased from 0.80% to
0.75%. |
(e) |
Includes
interest expense. Without this expense the ratio of net expenses would
have been 0.80% and the ratio of gross expenses would have been
0.93%. |
(f) |
Includes
interest expense. Without this expense the ratio of net expenses would
have been 0.80% and the ratio of gross expenses would have been
0.83%. |
For
a share outstanding throughout each period.
Vaughan
Nelson Select Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
A |
|
Year
Ended November
30, 2023 |
Year
Ended November
30, 2022 |
Year
Ended November
30, 2021 |
Year
Ended November
30, 2020 |
Year
Ended November
30, 2019 |
Net
asset value, beginning of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Income
(loss) from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss)(a)
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Less
Distributions From: |
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
Net
realized capital gains |
|
|
|
|
|
|
|
|
|
|
Total
Distributions |
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Total
return(d)(e)
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
expenses(f)
|
|
|
|
|
|
|
|
|
|
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) |
|
|
|
|
|
|
|
|
|
|
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
|
| |
(a) |
Per
share net investment income (loss) has been calculated using the average
shares outstanding during the period. |
(b) |
Amount
rounds to less than $0.01 per share. |
(c) |
Includes
a non-recurring dividend. Without this dividend, net investment loss per
share would have been $(0.06), total return would have been 40.82% and the
ratio of net investment
loss to average net assets would have been (0.25)%. |
(d) |
A
sales charge for Class A shares is not reflected in total return
calculations. |
(e) |
Had
certain expenses not been waived/reimbursed during the period, total
returns would have been lower. |
(f) |
The
investment adviser agreed to waive its fees and/or reimburse a portion of
the Fund’s expenses during the period. Without this waiver/reimbursement,
expenses would have
been higher. |
(g) |
Includes
additional voluntary waiver of advisory fee of 0.01%. |
(h) |
Effective
July 1, 2021, the expense limit decreased from 1.15% to
1.10%. |
(i) |
Includes
additional voluntary waiver of advisory fee of 0.03%. |
(j) |
Effective
July 1, 2019, the expense limit decreased from 1.20% to
1.15%. |
For
a share outstanding throughout each period.
Vaughan
Nelson Select Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
C |
|
Year
Ended November
30, 2023 |
Year
Ended November
30, 2022 |
Year
Ended November
30, 2021 |
Year
Ended November
30, 2020 |
Year
Ended November
30, 2019 |
Net
asset value, beginning of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Income
(loss) from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss)(a)
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Less
Distributions From: |
|
|
|
|
|
|
|
|
|
|
Net
realized capital gains |
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Total
return(c)(d)
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
expenses(e)
|
|
|
|
|
|
|
|
|
|
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) |
|
|
|
|
|
|
|
|
|
|
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
|
| |
(a) |
Per
share net investment income (loss) has been calculated using the average
shares outstanding during the period. |
(b) |
Includes
a non-recurring dividend. Without this dividend, net investment loss per
share would have been $(0.21), total return would have been 39.76% and the
ratio of net investment
loss to average net assets would have been (1.00)%. |
(c) |
A
contingent deferred sales charge for Class C shares is not reflected in
total return calculations. |
(d) |
Had
certain expenses not been waived/reimbursed during the period, total
returns would have been lower. |
(e) |
The
investment adviser agreed to waive its fees and/or reimburse a portion of
the Fund’s expenses during the period. Without this waiver/reimbursement,
expenses would have
been higher. |
(f) |
Includes
additional voluntary waiver of advisory fee of 0.01%. |
(g) |
Effective
July 1, 2021, the expense limit decreased from 1.90% to
1.85%. |
(h) |
Includes
additional voluntary waiver of advisory fee of 0.03%. |
(i) |
Effective
July 1, 2019, the expense limit decreased from 1.95% to
1.90%. |
For
a share outstanding throughout each period.
Vaughan
Nelson Select Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
N |
|
Year
Ended November
30, 2023 |
Year
Ended November
30, 2022 |
Year
Ended November
30, 2021 |
Year
Ended November
30, 2020 |
Year
Ended November
30, 2019 |
Net
asset value, beginning of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Income
(loss) from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
Net
investment income(a)
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Less
Distributions From: |
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
Net
realized capital gains |
|
|
|
|
|
|
|
|
|
|
Total
Distributions |
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Total
return(c)
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
expenses(d)
|
|
|
|
|
|
|
|
|
|
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
|
| |
(a) |
Per
share net investment income has been calculated using the average shares
outstanding during the period. |
(b) |
Includes
a non-recurring dividend. Without this dividend, net investment income per
share would have been $0.01, total return would have been 41.24% and the
ratio of net investment
income to average net assets would have been 0.02%. |
(c) |
Had
certain expenses not been waived/reimbursed during the period, total
returns would have been lower. |
(d) |
The
investment adviser agreed to waive its fees and/or reimburse a portion of
the Fund’s expenses during the period. Without this waiver/reimbursement,
expenses would have
been higher. |
(e) |
Effective
July 1, 2021, the expense limit decreased from 0.85% to
0.80%. |
(f) |
Effective
July 1, 2019, the expense limit decreased from 0.90% to
0.85%. |
For
a share outstanding throughout each period.
Vaughan
Nelson Select Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
Y |
|
Year
Ended November
30, 2023 |
Year
Ended November
30, 2022 |
Year
Ended November
30, 2021 |
Year
Ended November
30, 2020 |
Year
Ended November
30, 2019 |
Net
asset value, beginning of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Income
(loss) from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
Net
investment income(a)
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
|
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Less
Distributions From: |
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
Net
realized capital gains |
|
|
|
|
|
|
|
|
|
|
Total
Distributions |
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Total
return(c)
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
expenses(d)
|
|
|
|
|
|
|
|
|
|
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
|
| |
(a) |
Per
share net investment income has been calculated using the average shares
outstanding during the period. |
(b) |
Includes
a non-recurring dividend. Without this dividend, net investment loss per
share would have been less than $(0.01), total return would have been
41.17% and the ratio of net
investment loss to average net assets would have been less than
(0.01)%. |
(c) |
Had
certain expenses not been waived/reimbursed during the period, total
returns would have been lower. |
(d) |
The
investment adviser agreed to waive its fees and/or reimburse a portion of
the Fund’s expenses during the period. Without this waiver/reimbursement,
expenses would have
been higher. |
(e) |
Includes
additional voluntary waiver of advisory fee of 0.01%. |
(f) |
Effective
July 1, 2021, the expense limit decreased from 0.90% to
0.85%. |
(g) |
Includes
additional voluntary waiver of advisory fee of 0.03%. |
(h) |
Effective
July 1, 2019, the expense limit decreased from 0.95% to
0.90%. |
Appendix
A- Intermediary Specific Information
Appendix
A - Intermediary Specific Information
Set
forth below is information regarding sales load waivers and discounts available
at specific financial intermediaries which are not affiliated with the Fund,
the
Adviser, and/or the Distributor. In all instances, it is the purchaser’s
responsibility to notify the financial intermediary at the time of purchase of
any relationship
or other facts qualifying the purchaser for sales load waivers or
discounts.
Ameriprise
Financial
Class
A Shares Front-End Sales Charge Waivers Available at Ameriprise
Financial:
The
following information applies to Class A shares purchases if you have an account
with or otherwise purchase Fund shares through Ameriprise
Financial:
Shareholders
purchasing Fund shares through an Ameriprise Financial brokerage account are
eligible for the following front-end sales charge waivers, which may
differ from those disclosed elsewhere in this Fund’s prospectus or
SAI:
•
Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans,
employer-sponsored 403(b) plans, profit sharing and money purchase pension plans
and defined
benefit plans). For purposes of this provision, employer-sponsored retirement
plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.
•
Shares purchased through reinvestment of capital gains distributions and
dividend reinvestment when purchasing shares of the same Fund (but not any
other
fund within the same fund family).
•
Shares exchanged from Class C shares of the same fund in the month of or
following the 7-year anniversary of the purchase date. To the extent that this
prospectus
elsewhere provides for a waiver with respect to exchanges of Class C shares or
conversion of Class C shares following a shorter holding period, that
waiver will apply.
•
Employees and registered representatives of Ameriprise Financial or its
affiliates and their immediate family members.
•
Shares purchased by or through qualified accounts (including IRAs, Coverdell
Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and
defined
benefit plans) that are held by a covered family member, defined as an
Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal
ascendant
(mother, father, grandmother, grandfather, great grandmother, great
grandfather), advisor’s lineal descendant (son, step-son, daughter,
step-daughter,
grandson, granddaughter, great grandson, great granddaughter) or any spouse of a
covered family member who is a lineal descendant.
•
Shares purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days following the redemption,
(2) the redemption and purchase occur in the same account, and (3) redeemed
shares were subject to a front-end or deferred sales load (i.e. Rights
of Reinstatement).
Edward
D. Jones & Co., L.P. (“Edward Jones”)
Policies
Regarding Transactions Through Edward Jones
The
following information has been provided by Edward Jones:
Effective
on or after January 1, 2024, the
following information supersedes prior information with respect to transactions
and positions held in fund shares through
an Edward Jones system. Clients of Edward Jones (also referred to as
“shareholders”) purchasing fund shares on the Edward Jones commission and
fee-based
platforms are eligible only for the following sales charge discounts (also
referred to as “breakpoints”) and waivers, which can differ from discounts
and
waivers described elsewhere in this Prospectus or in the statement of additional
information (“SAI”) or through another broker-dealer. In all instances, it
is
the shareholder’s responsibility to inform Edward Jones at the time of purchase
of any relationship, holdings of Natixis Funds, or other facts qualifying the
purchaser
for discounts or waivers. Edward Jones can ask for documentation of such
circumstance. Shareholders should contact Edward Jones if they have questions
regarding their eligibility for these discounts and waivers.
Breakpoints
•
Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as
described in the prospectus.
Rights
of Accumulation (“ROA”)
•
The applicable sales charge on a purchase of Class A shares is determined by
taking into account all share classes (except certain money market funds and
any
assets held in group retirement plans) of the Natixis Funds held by the
shareholder or in an account grouped by Edward Jones with other accounts for the
purpose
of providing certain pricing considerations (“pricing groups”). If grouping
assets as a shareholder,
this includes all share classes held on the Edward Jones
platform and/or held on another platform. The inclusion of eligible fund family
assets in the ROA calculation is dependent on the shareholder notifying
Edward
Jones of such assets at the time of calculation. Money market funds are included
only if such shares were sold with a sales charge at the time of purchase
or acquired in exchange for shares purchased with a sales charge.
•
The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to
establish or change ROA for the IRA accounts associated with the plan to a
plan-level
grouping as opposed to including all share classes at a shareholder or pricing
group level.
Appendix
A- Intermediary Specific Information
• ROA
is determined by calculating the higher of cost minus redemptions or market
value (current shares x NAV).
Letter
of Intent (“LOI”)
•
Through a LOI, shareholders can receive the sales charge and breakpoint
discounts for purchases shareholders intend to make over a 13-month period from
the
date Edward Jones receives the LOI.
The LOI is determined by calculating the higher of cost or market value of
qualifying holdings at LOI initiation in combination
with the value that the shareholder intends to buy over a 13-month period to
calculate the front-end sales charge and any breakpoint discounts. Each
purchase the shareholder makes during that 13-month period will receive the
sales charge and breakpoint discount that applies to the total amount. The
inclusion
of eligible fund family assets in the LOI calculation is dependent on the
shareholder notifying Edward Jones of such assets at the time of calculation.
Purchases made before the LOI is received by Edward Jones are not adjusted under
the LOI and will not reduce the sales charge previously paid. Sales
charges will be adjusted if LOI is not met.
•
If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to
establish or change ROA for the IRA accounts associated with the plan
to
a plan-level grouping, LOIs will also be at the plan-level and may only be
established by the employer.
Sales
Charge Waivers
Sales
charges are waived for the following shareholders and in the following
situations:
•
Associates of Edward Jones and its affiliates and their family members who are
in the same pricing group (as determined by Edward Jones under its policies
and procedures) as the associate. This waiver will continue for the remainder of
the associate’s life if the associate retires from Edward Jones in good-standing
and remains in good standing pursuant to Edward Jones’ policies and
procedures.
•
Shares purchased in an Edward Jones fee-based program.
•
Shares purchased through reinvestment of capital gains distributions and
dividend reinvestment.
•
Shares purchased from the proceeds of redeemed shares of the same fund family so
long as the following conditions are met: the proceeds are from the sale
of shares within 60 days of the purchase, the sale and purchase are made from a
share class that charges a front load and one of the following:
• |
The
redemption and repurchase occur in the same
account. |
• |
The
redemption proceeds are used to process an: IRA contribution, excess
contributions, conversion, recharacterizing of contributions, or
distribution, and the
repurchase is done in an account within the same Edward Jones grouping for
ROA. |
• Shares
exchanged into Class A shares from another share class so long as the exchange
is into the same fund and was initiated at the discretion of Edward Jones.
Edward Jones is responsible for any remaining CDSC due to the fund company, if
applicable. Any future purchases are subject to the applicable sales
charge
as disclosed in the prospectus.
• Exchanges
from Class C shares to Class A shares of the same fund, generally, in the 84th
month following the anniversary of the purchase date or earlier at the
discretion of Edward Jones.
• Purchases
of Class 529-A shares through a rollover from either another education savings
plan or a security used for qualified distributions.
• Purchases
of Class 529-A shares made for recontribution of refunded amounts.
Contingent
Deferred Sales Charge (“CDSC”) Waivers
If
the shareholder purchases shares that are subject to a CDSC and those shares are
redeemed before the CDSC is expired, the shareholder is responsible to
pay
the CDSC except in the following conditions:
•
The death or disability of the shareholder.
•
Systematic withdrawals with up to 10% per year of the account
value.
•
Return of excess contributions from an Individual Retirement Account
(IRA).
•
Shares sold as part of a required minimum distribution for IRA and retirement
accounts if the redemption is taken in or after the year the shareholder
reaches
qualified age based on applicable IRS regulations.
•
Shares sold to pay Edward Jones fees or costs in such cases where the
transaction is initiated by Edward Jones.
•
Shares exchanged in an Edward Jones fee-based program.
•
Shares acquired through NAV reinstatement.
•
Shares redeemed at the discretion of Edward Jones for Minimum Balances, as
described below.
Other Important Information Regarding
Transactions Through Edward Jones
Minimum
Purchase Amounts
•
Initial purchase minimum: $250 (for Natixis Funds Class A shares
only)
•
Subsequent purchase minimum: none
Minimum
Balances
•
Edward Jones has the right to redeem at its discretion fund holdings with a
balance of $250 or less. The following are examples of accounts that are not
included
in this policy:
•
A fee-based account held on an Edward Jones platform
Appendix
A- Intermediary Specific Information
•
A 529 account held on an Edward Jones platform
•
An account with an active systematic investment plan or LOI
Exchanging
Share Classes
•
At any time it deems necessary, Edward Jones has the authority to exchange at
NAV a shareholder’s holdings in a fund to Class A shares of the same
fund.
Janney
Montgomery Scott LLC
Shareholders
purchasing fund shares through a Janney Montgomery Scott LLC (“Janney”) account
will be eligible only for the following load waivers (front-end
sales charge waivers and contingent deferred, or back-end, sales charge waivers)
and discounts, which may differ from those disclosed elsewhere in this
fund’s
Prospectus or SAI.
Front-end
sales charge waivers on Class A shares available at Janney
•
Shares purchased through reinvestment of capital gains distributions and
dividend reinvestment when purchasing shares of the same fund (but not any
other
fund within the fund family).
•
Shares purchased by employees and registered representatives of Janney or its
affiliates and their family members as designated by Janney.
•
Shares purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within ninety (90) days following the
redemption,
(2) the redemption and purchase occur in the same account, and (3) redeemed
shares were subject to a front-end or deferred sales load (i.e., right
of
reinstatement).
•
Class C shares that are no longer subject to a contingent deferred sales charge
and are converted to Class A shares of the same fund pursuant to Janney’s
policies
and procedures.
Sales
charge waivers on Class A and C shares available at Janney
Shares
sold upon the death or disability of the shareholder.
•
Shares sold as part of a systematic withdrawal plan as described in the fund’s
Prospectus.
•
Shares purchased in connection with a return of excess contributions from an IRA
account.
•
Shares sold as part of a required minimum distribution for IRA and other
retirement accounts due to the shareholder reaching age 70½ as described in the
fund’s
Prospectus.
•
Shares sold to pay Janney fees but only if the transaction is initiated by
Janney.
•
Shares acquired through a right of reinstatement.
Front-end
load discounts available at Janney: breakpoints, and/or rights of
accumulation
•
Breakpoints as described in the fund’s Prospectus.
•
Rights of accumulation (“ROA”), which entitle shareholders to breakpoint
discounts, will be automatically calculated based on the aggregated holding of
fund
family assets held by accounts within the purchaser’s household at Janney.
Eligible fund family assets not held at Janney may be included in the ROA
calculation
only if the shareholder notifies his or her financial advisor about such
assets.
J.P.
MORGAN SECURITIES LLC
Effective
September 29, 2023, if you purchase or hold fund shares through an applicable
J.P. Morgan Securities LLC brokerage account, you will be eligible for
the following sales charge waivers (front-end sales charge waivers and
contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers),
share
class conversion policy and discounts, which may differ from those disclosed
elsewhere in this fund’s prospectus or Statement of Additional Information.
Front-end
sales charge waivers on Class A shares available at J.P. Morgan Securities
LLC
•
Shares exchanged from Class C (i.e. level-load) shares that are no longer
subject to a CDSC and are exchanged into Class A shares of the same fund
pursuant
to J.P. Morgan Securities LLC’s share class exchange policy.
•
Qualified employer-sponsored defined contribution and defined benefit retirement
plans, nonqualified deferred compensation plans, other employee benefit
plans
and trusts used to fund those plans. For purposes of this provision, such plans
do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3)
accounts.
•
Shares of funds purchased through J.P. Morgan Securities LLC Self-Directed
Investing accounts.
•
Shares purchased through rights of reinstatement.
•
Shares purchased through reinvestment of capital gains distributions and
dividend reinvestment when purchasing shares of the same fund (but not any
other
fund within the fund family).
•
Shares purchased by employees and registered representatives of J.P. Morgan
Securities LLC or its affiliates and their spouse or financial dependent as
defined
by J.P. Morgan Securities LLC.
Class
C to Class A share conversion
•
A shareholder in the fund’s Class C shares will have their shares converted to
Class A shares (or the appropriate share class) of the same fund if the shares
are
no longer subject to a CDSC and the conversion is consistent with J.P. Morgan
Securities LLC’s policies and procedures.
Appendix
A- Intermediary Specific Information
CDSC
waivers on Class A and C shares available at J.P. Morgan Securities
LLC
•
Shares sold upon the death or disability of the shareholder.
•
Shares sold as part of a systematic withdrawal plan as described in the fund’s
prospectus.
•
Shares purchased in connection with a return of excess contributions from an IRA
account.
•
Shares sold as part of a required minimum distribution for IRA and retirement
accounts pursuant to the Internal Revenue Code.
•
Shares acquired through a right of reinstatement.
Front-end
load discounts available at J.P. Morgan Securities LLC: breakpoints, rights of
accumulation & letters of intent
•
Breakpoints as described in the prospectus.
•
Rights of Accumulation (“ROA”) which entitle shareholders to breakpoint
discounts as described in the fund’s prospectus will be automatically calculated
based
on the aggregated holding of fund family assets held by accounts within the
purchaser’s household at J.P. Morgan Securities LLC. Eligible fund family
assets
not held at J.P. Morgan Securities LLC (including 529 program holdings, where
applicable) may be included in the ROA calculation only if the shareholder
notifies their financial advisor about such assets.
•
Letters of Intent (“LOI”) which allow for breakpoint discounts based on
anticipated purchases within a fund family, through J.P. Morgan Securities LLC,
over a
13-month period of time (if applicable).
Merrill
Lynch
Purchases
or sales of front-end (i.e. Class A) or level-load (i.e., Class C) mutual
fund
shares through a Merrill platform
or account will
be
eligible only for the following
sales
load
waivers (front-end,
contingent deferred, or back-end
waivers) and discounts, which differ
from those disclosed elsewhere in this Fund’s
prospectus.
Purchasers will have to buy mutual fund shares directly from the mutual fund
company or through another intermediary to be eligible for waivers or
discounts not listed below.
It
is the client’s responsibility to notify Merrill at the time of purchase or sale
of any relationship or other facts that qualify the transaction for a waiver or
discount.
A Merrill representative may ask for reasonable documentation of such facts and
Merrill may condition the granting of a waiver or discount on the timely
receipt of such documentation.
Additional
information on waivers and discounts is available in the Merrill Sales Load
Waiver and Discounts Supplement (the “Merrill SLWD Supplement”) and
in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Clients are
encouraged to review these documents and speak with their financial advisor
to determine whether a transaction is eligible for a waiver or
discount.
Front-end
Load
Waivers on Class A Shares available at Merrill
• |
Shares
of mutual funds available for purchase by employer-sponsored
retirement, deferred compensation,
and employee benefit plans (including health savings
accounts) and trusts used to fund those plans
provided the
shares are not held in a commission-based brokerage account and shares are
held for the
benefit of the plan.
For purposes of this provision, employer-sponsored retirement plans do not
include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans;
|
• |
Shares
purchased through a Merrill investment
advisory program; |
• |
Brokerage
class shares exchanged from advisory class shares
due to the holdings moving from a Merrill investment
advisory program to a Merrill brokerage
account; |
• |
Shares
purchased
through the Merrill Edge Self-Directed platform; |
• |
Shares
purchased through the
systematic reinvestment
of capital gains distributions and dividend reinvestment when purchasing
shares of the same mutual
fund in the same account; |
• |
Shares
exchanged from level-load
shares to front-end load
shares of the same mutual
fund in accordance with the description in the Merrill SLWD Supplement; |
• |
Shares
purchased by eligible employees of Merrill
or its affiliates and their family members
who purchase shares in accounts within the employee’s Merrill
Household (as defined in the Merrill SLWD Supplement); |
• |
Shares
purchased by eligible persons associated with the fund as defined in this
prospectus (e.g. the fund’s officers or
trustees); |
• |
Shares
purchased from the proceeds of a
mutual fund redemption in front-end load shares provided (1) the
repurchase is in a mutual fund
within the same fund
family;
(2)
the repurchase occurs within 90 calendar
days
from
the redemption
trade date,
and
(3)
the redemption and purchase occur in the same account
(known as Rights of Reinstatement). Automated transactions (i.e.
systematic purchases and withdrawals) and purchases made after shares are
automatically
sold to pay Merrill’s
account maintenance fees are not eligible for Rights
of Reinstatement. |
Contingent
Deferred Sales Charge (“CDSC”) Waivers on Front-end, Back-end, and Level Load
Shares Available at Merrill
• |
Shares
sold due to the client’s death or disability (as defined by Internal
Revenue Code Section 22(e)(3)); |
• |
Shares
sold pursuant
to
a systematic withdrawal program
subject to Merrill’s maximum systematic withdrawal limits
as described in the Merrill
SLWD Supplement; |
• |
Shares
sold due to return
of excess contributions from an IRA
account; |
• |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due
to the investor reaching the qualified age based on applicable
IRS
regulation;
|
Appendix
A- Intermediary Specific Information
• |
Front-end
or level-load shares held in commission-based, non-taxable
retirement brokerage accounts
(e.g. traditional, Roth, rollover, SEP IRAs, Simple IRAs,
SAR-SEPs or Keogh plans) that are transferred to fee-based accounts or
platforms and
exchanged for a lower cost share class of
the same mutual fund.
|
Front-end
load Discounts Available at Merrill: Breakpoints, Rights of Accumulation &
Letters of Intent
• |
Breakpoint
discounts, as described in this prospectus, where the sales load is at or
below the maximum sales load that Merrill permits to be assessed to a
front-end
load purchase, as described in the Merrill SLWD
Supplement; |
• |
Rights
of Accumulation (ROA),
as described in the
Merrill SLWD Supplement, which entitle clients to breakpoint
discounts
based on the aggregated holdings
of mutual
fund
family assets held in
accounts in their Merrill Household; |
• |
Letters
of Intent (LOI),
which allow for breakpoint discounts on
eligible new purchases based
on anticipated future
eligible purchases
within a fund family
at
Merrill, in accounts within your Merrill Household, as further described
in the Merrill SLWD Supplement. |
Morgan
Stanley Wealth Management
Shareholders
purchasing Fund shares through a Morgan Stanley Wealth Management transactional
brokerage account are eligible only for the following front-end
sales charge waivers with respect to Class A shares, which may differ from and
may be more limited than those disclosed elsewhere in this Fund’s Prospectus
or SAI.
Front-end
Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth
Management
•
Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans,
employer-sponsored 403(b) plans, profit sharing and money purchase pension plans
and defined
benefit plans). For purposes of this provision, employer-sponsored retirement
plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh
plans
•
Morgan Stanley employee and employee-related accounts according to Morgan
Stanley’s account linking rules
•
Shares purchased through reinvestment of dividends and capital gains
distributions when purchasing shares of the same fund
•
Shares purchased through a Morgan Stanley self-directed brokerage
account
•
Class C (i.e., level-load) shares that are no longer subject to a contingent
deferred sales charge and are converted to Class A shares of the same fund
pursuant
to Morgan Stanley Wealth Management’s share class conversion
program
•
Shares purchased from the proceeds of redemptions within the same fund family,
provided (i) the repurchase occurs within 90 days following the redemption,
(ii) the redemption and purchase occur in the same account, and (iii) redeemed
shares were subject to a front-end or deferred sales charge.
Oppenheimer
Shareholders
purchasing Fund shares through an Oppenheimer & Co. Inc. (“OPCO”) platform
or account are eligible only for the following load waivers (front-end
sales charge waivers and contingent deferred, or back-end, sales charge waivers)
and discounts, which may differ from those disclosed elsewhere in this
Fund’s
prospectus or SAI.
Front-End
Sales Load Waivers on Class A Shares available at OPCO
•
Employer-sponsored retirement, deferred compensation and employee benefit plans
(including health savings accounts) and trusts used to fund those plans,
provided that the shares are not held in a commission-based brokerage account
and shares are held for the benefit of the plan
•
Shares purchased by or through a 529 Plan
•
Shares purchased through a OPCO affiliated investment advisory
program
•
Shares purchased through reinvestment of capital gains distributions and
dividend reinvestment when purchasing shares of the same fund (but not any
other
fund within the fund family)
•
Shares purchased form the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days following the redemption,
(2) the redemption and purchase occur in the same amount, and (3) redeemed
shares were subject to a front-end or deferred sales load (known as
Rights of Restatement).
•
A shareholder in the Fund’s Class C shares will have their shares converted at
net asset value to Class A shares (or the appropriate share class) of the Fund
if
the shares are no longer subject to a CDSC and the conversion is in line with
the policies and procedures of OPCO
•
Employees and registered representatives of OPCO or its affiliates and their
family members
•
Directors or Trustees of the Fund, and employees of the Fund’s investment
adviser or any of its affiliates, as described in this prospectus
CDSC
Waivers on A, B and C Shares available at OPCO
•
Death or disability of the shareholder
•
Shares sold as part of a systematic withdrawal plan as described in the Fund’s
prospectus
•
Return of excess contributions from an IRA Account
•
Shares sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching age 70½ as described in the
prospectus
•
Shares sold to pay OPCO fees but only if the transaction is initiated by
OPCO
•
Shares acquired through a right of reinstatement
Appendix
A- Intermediary Specific Information
Front-end
load Discounts Available at OPCO: Breakpoints, Rights of Accumulation &
Letters of Intent
•
Breakpoints as described in this prospectus.
•
Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts
will be automatically calculated based on the aggregated holding of fund
family
assets held by accounts within the purchaser’s household at OPCO. Eligible fund
family assets not held at OPCO may be included in the ROA calculation
only if the shareholder notifies his or her financial advisor about such
assets
Raymond
James & Associates, Inc., Raymond James Financial Services, Inc.,
&
Raymond James affiliates (“Raymond James”)
Shareholders
purchasing Fund shares through a Raymond James platform or account are eligible
only for the following load waivers (front-end sales charge waivers
and contingent deferred, or back-end, sales charge waivers) and discounts, which
may differ from those disclosed elsewhere in this Fund’s prospectus
or SAI.
Front-End
Sales Load Waivers on Class A Shares available at Raymond James
•
Shares purchased in an investment advisory program
•
Shares purchased through reinvestment of capital gains distributions and
dividend reinvestment when purchasing shares of the same fund (but not any
other
fund within the fund family)
•
Employees and registered representatives of Raymond James or its affiliates and
their family members as designated by Raymond James
•
Shares purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days following the redemption,
(2) the redemption and purchase occurs in the same account, and (3) redeemed
shares were subject to a front-end or deferred sales load (known as
Rights of Reinstatement)
•
A shareholder in the Fund’s Class C shares will have their shares converted at
net asset value to Class A shares (or the appropriate share class) of the Fund
if
the shares are no longer subject to a CDSC and the conversion is in line with
the policies and procedures of Raymond James
CDSC
Waivers on Classes A and C Shares available at Raymond James
•
Death or disability of the shareholder
•
Shares sold as part of a systematic withdrawal plan as described in the Fund’s
prospectus
•
Return of excess contributions from an IRA account
•
Shares sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching age 70½ as described in the Fund’s
prospectus
•
Shares sold to pay Raymond James fees but only if the transaction is initiated
by Raymond James
•
Shares acquired through a right of reinstatement
Front-End
Load Discounts Available at Raymond James: Breakpoints and/or Rights of
Accumulation
•
Breakpoints as described in this prospectus
•
Rights of accumulation which entitle shareholders to breakpoint discounts will
be automatically calculated based on the aggregated holding of fund family
assets
held by accounts within the purchaser’s household at Raymond James. Eligible
fund family assets not held at Raymond James may be included in the rights
of accumulation calculation only if the shareholder notifies his or her
financial advisor about such assets
Robert
W. Baird & Co.
Shareholders
purchasing fund shares through a Baird platform or account will only be eligible
for the following sales charge waivers (front-end sales charge waivers
and CDSC waivers) and discounts, which may differ from those disclosed elsewhere
in this prospectus or the SAI
Front-End
Sales Charge Waivers on Investors A-shares Available at
Baird
•
Shares purchased through reinvestment of capital gains distributions and
dividend reinvestment when purchasing share of the same fund
•
Shares purchased by employees and registers representatives of Baird or its
affiliate and their family members as designated by Baird
•
Shares purchased from the proceeds of redemptions from another Natixis Fund,
provided (1) the repurchase occurs within 90 days following the redemption,
(2) the redemption and purchase occur in the same accounts, and (3) redeemed
shares were subject to a front-end or deferred sales charge (known
as rights of reinstatement)
•
A shareholder in the Fund’s Class C shares will have their share converted at
net asset value to Class A shares of the fund if the shares are no longer
subject
to CDSC and the conversion is in line with the policies and procedures of
Baird
•
Employer-sponsored retirement plans or charitable accounts in a transactional
brokerage account at Baird, including 401(k) plans, 457 plans,
employer-sponsored
403(b) plans, profit sharing and money purchase pension plans and defined
benefit plans. For purposes of this provision, employer-sponsored retirement
plans do not include SEP IRAs, Simple IRAs or SAR-SEPs
CDSC
Waivers on Investor A and C shares Available at Baird
•
Shares sold due to death or disability of the shareholder
•
Shares sold as part of a systematic withdrawal plan as described in the Fund’s
Prospectus
Appendix
A- Intermediary Specific Information
•
Shares bought due to returns of excess contributions from an IRA
Account
•
Shares sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching age 70 ½ as described in the
Fund’s prospectus
•
Shares sold to pay Baird fees but only if the transaction is initiated by
Baird
•
Shares acquired through a right of reinstatement
Front-End
Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of
Accumulations
•
Breakpoints as described in this prospectus
•
Rights of accumulations which entitles shareholders to breakpoint discounts will
be automatically calculated based on the aggregated holding of fund family
assets held by accounts within the purchaser’s household at Baird. Eligible fund
family assets not held at Baird may be included in the rights of accumulations
calculation only if the shareholder notifies his or her financial advisor about
such assets
•
Letters of Intent (LOI) allow for breakpoint discounts based on anticipated
purchases within a fund family through Baird, over a 13-month period of
time
Appendix
B- Financial Intermediary Specific Commissions & Investment Minimum
Waivers
Appendix
B - Financial Intermediary Specific Commissions
& Investment Minimum Waivers
UBS Financial Services, Inc.
(“UBS-FS”)
Pursuant
to an agreement with the Funds, Class Y shares may be available on certain
brokerage platforms at UBS-FS. For such platforms, UBS-FS may charge
commissions
on brokerage transactions in the Funds’ Class Y shares. A shareholder should
contact UBS-FS for information about the commissions charged by UBS-FS
for such transactions.
The
minimum for the Class Y shares is waived for transactions through such brokerage
platforms at UBS-FS.
JP Morgan
There
is no initial investment minimum for shareholders purchasing Class N shares
through Fee Based Programs (such as wrap accounts) where such shares
are
held within a JP Morgan omnibus account. Class N shares purchased through a Fee
Based Program and held within a JP Morgan omnibus account, where the
omnibus account does not have a balance of at least $1,000,000 within two years
of the establishment of the omnibus account, will not be subject to liquidation.
Exemption
from Minimum Balance Policy
Class
N accounts held within an omnibus account are exempt from the $500 minimum
balance policy.
Appendix
C- Additional Index Information
Appendix
C - Additional Index Information
| |
Bloomberg
U.S. Aggregate Bond
Index |
A
broad-based index that covers the U.S. dollar-denominated,
investment-grade, fixed-rate, taxable bond market of SEC-registered
securities.
The index includes bonds from the U.S. Treasury, government-related,
corporate, mortgage-backed securities, asset-backed securities,
and collateralized mortgage-backed securities sectors. |
MSCI
All Country World Index (Net) |
A
free float-adjusted market capitalization weighted index that is designed
to measure the equity market performance of developed and emerging
markets. |
S&P
500®
Index |
The
index measures the performance of 500 widely held stocks in US equity
market. Standard and Poor’s chooses member companies for
the index based on market size, liquidity and industry group
representation. |
Morningstar LSTA
US Leveraged
Loan Index |
Covers
loan facilities and reflects the market-value-weighted performance of U.S.
dollar-denominated institutional leveraged
loans. |
If
you would like more information about the Funds, the following documents are
available free upon request:
Annual
and Semiannual Reports—Provide
additional information about each Fund’s investments. Each annual report
includes a discussion of the market conditions
and investment strategies that significantly affected the Fund’s performance
during its last fiscal year.
Statement
of Additional Information (SAI)—Provides
more detailed information about the Funds and their investment limitations and
policies. The SAI has
been filed with the SEC and is incorporated into this Prospectus by
reference.
For
a free copy of the Funds’ annual or semiannual reports or their SAIs, to request
other information about the Funds, and to make shareholder
inquiries generally, contact your financial representative, visit the Funds’
website at im.natixis.com or call the Funds at 800-225-5478.
Important
Notice Regarding Delivery of Shareholder Documents:
In
our continuing effort to reduce your fund’s expenses and the amount of mail that
you receive from us, we will combine mailings of prospectuses, annual or
semiannual
reports and proxy statements to your household. If more than one family member
in your household owns the same fund or funds described in a single
prospectus, report or proxy statement, you will receive one mailing unless you
request otherwise. Additional copies of our prospectuses, reports or
proxy
statements may be obtained at any time by calling 800-225-5478. If you are
currently receiving multiple mailings to your household and would like to
receive
only one mailing or if you wish to receive separate mailings for each member of
your household in the future, please call us at the telephone number
listed
above and we will resume separate mailings within 30 days of your
request.
Your
financial representative or Natixis Funds will also be happy to answer your
questions or to provide any additional information that you may
require.
Text-only
copies of the Funds’ reports and SAI and other information are available free
from the EDGAR Database on the SEC’s Internet site at: www.sec.gov. Copies
of this information may also be obtained, after paying a duplicating fee, by
electronic request at the following e-mail address:
[email protected].
Portfolio
Holdings—A
description of the Funds’ policies and procedures with respect to the disclosure
of each Fund’s portfolio securities is available in the SAI.
| |
Investment
Company Act File No. 811-00242 |
XAL51-0424 |