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Prospectus
February 1,
2024
|
|
|
|
| |
|
Class
A |
Class
C |
Class
N |
Class
T* |
Class
Y |
Loomis
Sayles Core Plus Bond Fund |
NEFRX |
NECRX |
NERNX |
LCPTX |
NERYX |
Loomis
Sayles Global Allocation Fund |
LGMAX |
LGMCX |
LGMNX |
LGMTX |
LSWWX |
Loomis
Sayles Growth Fund |
LGRRX |
LGRCX |
LGRNX |
LGRTX |
LSGRX |
Loomis
Sayles Intermediate Duration Bond Fund |
LSDRX |
LSCDX |
LSDNX |
LSDTX |
LSDIX |
Loomis
Sayles Limited Term Government and Agency Fund
|
NEFLX |
NECLX |
LGANX |
LGATX |
NELYX |
* |
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 Core Plus Bond Fund
Investment
Goal
The
Fund seeks high total investment return through a combination of current income
and 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 $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 48 of
the Prospectus, in Appendix A to the Prospectus
and on page 111 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) |
4.25% |
None |
None |
2.50% |
None |
Maximum
deferred sales charge (load) (as a percentage of original purchase price
or redemption
proceeds, as applicable) |
None* |
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 |
0.32% |
0.32% |
0.32% |
0.32% |
0.32% |
Distribution
and/or service (12b-1) fees |
0.25% |
1.00% |
0.00% |
0.25% |
0.00% |
Other
expenses |
0.18% |
0.18% |
0.08% |
0.18%1
|
0.18% |
Total
annual fund operating expenses |
0.75% |
1.50% |
0.40% |
0.75% |
0.50% |
Fee
waiver and/or expense reimbursement2
|
0.01% |
0.01% |
0.00% |
0.01% |
0.01% |
Total
annual fund operating expenses after fee waiver and/or expense
reimbursement |
0.74% |
1.49% |
0.40% |
0.74% |
0.49% |
1 |
Other
expenses for Class T shares are estimated for the current fiscal
year. |
2 |
Loomis,
Sayles & Company, L.P. (“Loomis Sayles” or the “Adviser”) and Natixis
Advisors, LLC (“Natixis
Advisors”), the Fund’s advisory administrator, have given a binding
contractual
undertaking to the Fund to limit the amount of the Fund’s total annual
fund operating expenses to 0.74%, 1.49%, 0.44%, 0.74% and 0.49% of the
Fund’s average daily net
assets for Class A, C, N, T and Y shares, respectively, exclusive of
acquired fund fees and expenses, brokerage expenses, interest expense,
taxes, and organizational and extraordinary
expenses, such as litigation and indemnification expenses. This
undertaking is in effect through January 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. |
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 examples for
the
Class A, Class C, Class T and Class Y shares are 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 |
$ |
|
$ |
|
$ |
|
$ |
|
Class
C |
$ |
|
$ |
|
$ |
|
$ |
|
|
|
|
|
|
|
|
| |
If
shares are redeemed: |
1
year |
3
years |
5
years |
10
years |
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 168%
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 bonds, which include
debt securities of any maturity. In addition, the Fund will invest at least 65%
of its net assets in investment grade securities. “Investment grade”
securities
are those securities that are rated in one of the top four ratings categories at
the time of purchase by at least one of the three major ratings agencies
(Moody’s Investors Service, Inc. (“Moody’s”), Fitch Investors Services, Inc.
(“Fitch”) or S&P Global Ratings (“S&P”)), or, if unrated, are determined
by the
Adviser to be of comparable quality. For purposes of this restriction,
investment grade securities also include cash and cash equivalent securities.
The Fund
will generally seek to maintain an effective duration of +/- 2 years relative to
the Bloomberg U.S. Aggregate Bond Index. Duration is a measure of the
expected
life of a fixed-income security that is used to determine the sensitivity of a
security’s price to changes in interest rates. A fund with a longer average
portfolio
duration will be more sensitive to changes in interest rates than a fund with a
shorter average portfolio duration. By way of example, the price of a
bond
fund with an average duration of five years would be expected to fall
approximately 5% if interest rates rose by one percentage point. While the
effective
duration for the Bloomberg U.S. Aggregate Bond Index fluctuates, as of December
31, 2023,
the effective duration was approximately 6.89
years. The
Fund may also invest up to 20% of its assets, at the time of purchase, in bonds
rated below investment grade (i.e., none of the three major ratings agencies
(Moody’s, Fitch or S&P) have rated the securities in one of their top four
ratings categories) (commonly known as “junk bonds”), or, if unrated,
securities
determined by the Adviser to be of comparable quality, and up to 10% of its
assets in non-U.S. dollar-denominated securities. There is no minimum
rating
for the securities in which the Fund may invest.
The
Fund’s investments may include securities issued by U.S. and non-U.S.
corporations and governments, securities issued by supranational entities, U.S.
government-sponsored
agency debenture and pass-through securities, commercial mortgage-backed and
other asset-backed securities and inflation-linked securities.
The
portfolio management team seeks to build and manage a portfolio that will
perform well on a benchmark-relative and, secondarily, on an absolute basis
in
the market environment it anticipates over the short to intermediate term. The
primary factors for broad sector positioning are the Adviser’s expected
performance
of sectors in the benchmark and the incremental performance or diversification
benefits the Fund’s portfolio managers anticipate from opportunistic
allocations to securities that are not included in the Fund’s benchmark. In
addition, the Fund’s portfolio managers will look at individual security
selection,
position size and overall duration contribution to the portfolio.
Purchase
and sale considerations also include overall portfolio yield, interest rate
sensitivity across different maturities held, fixed-income sector fundamentals
and outlook, technical supply/demand factors, credit risk, cash flow
variability, security optionality and structure, as well as potential currency
and
liquidity risk. The Adviser also considers economic factors. Individual
securities are assessed on a risk/return basis, both on a benchmark-relative and
on an
absolute return basis, and on their fit within the overall portfolio
strategy.
Specifically,
the Adviser follows a total return-oriented investment approach and considers
broad sector allocation, quality and liquidity bias, yield curve positioning
and duration in selecting securities for the Fund. The Fund’s portfolio managers
consider economic and market conditions as well as issuer-specific
data, such as fixed-charge coverage, the relationship between cash flows and
debt service obligations, the experience and perceived strength of management
or security structure, price responsiveness of the security to interest rate
changes, earnings prospects, debt as a percentage of assets, borrowing
requirements, debt maturity schedules and liquidation value.
In
selecting investments for the Fund, the Adviser’s research analysts and sector
teams work closely with the Fund’s portfolio managers to develop an outlook
for
the economy from research produced by various financial firms and specific
forecasting services or from economic data released by U.S. and foreign
governments,
as well as the Federal Reserve Bank. The analysts conduct a thorough review of
individual securities to identify what they consider attractive values
in the high quality bond market through the use of quantitative tools such as
internal and external computer systems and software. The Adviser continuously
monitors an issuer’s creditworthiness or cash flow stability to assess whether
the obligation remains an appropriate investment for the Fund. It
may
relax its emphasis on quality with respect to a given security if it believes
that the issuer’s financial outlook is promising. This may create an opportunity
for
higher returns. The Adviser seeks to balance opportunities for yield and price
performance by combining macro economic analysis with individual security
selection.
Fund holdings are generally diversified across sectors and industry groups such
as utilities or telecommunications, which tend to move independently
of the ebbs and flows in economic growth.
In
connection with its principal investment strategies, 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, structured
notes, collateralized
loan obligations, foreign securities,
including those in emerging markets, mortgage-related securities, including
mortgage dollar rolls, futures and swaps (including credit default swaps).
The Fund may use such derivatives for hedging or investment purposes. Except as
provided above or as required by applicable law, the Fund is not limited
in the percentage of its assets that it may invest in these
instruments.
The
Fund may 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 returns, 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.
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.
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.
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. The
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.
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.
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.
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.
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.
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.
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
forward currency contracts, structured notes, futures and swaps
(including credit default swaps)) 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.
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 the
Fund’s portfolio could decline. Inflation rates may change frequently and
drastically.
The 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. 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 the
Fund’s
portfolio.
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.
In other circumstances, liquid investments may become
illiquid. Derivatives,
and particularly OTC derivatives, are generally subject to liquidity risk
as well. 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.
Management
Risk:
A strategy used by the Fund’s portfolio managers may fail to produce the
intended result.
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.
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
and ten-year periods
compare to those of a broad measure of market
performance.
Performance
for Class
C shares includes
the automatic conversion
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:
Fourth
Quarter 2023, 7.28%
Lowest
Quarterly Return:
Second
Quarter 2022, -5.97% |
|
|
| |
Average
Annual Total Returns |
|
|
|
(for
the periods ended December 31, 2023) |
Past
1 Year |
Past
5 Years |
Past
10 Years |
Class
Y - Return Before Taxes |
6.12% |
1.93% |
2.36% |
Return
After Taxes on Distributions |
4.46% |
0.57% |
0.99% |
Return
After Taxes on Distributions and Sale of Fund Shares |
3.58% |
0.93% |
1.22% |
Class
A - Return Before Taxes |
1.44% |
0.81% |
1.67% |
Class
C - Return Before Taxes |
4.09% |
0.92% |
1.50% |
Class
N - Return Before Taxes |
6.21% |
2.02% |
2.45% |
Class
T - Return Before Taxes |
3.27% |
1.17% |
1.86% |
Bloomberg
U.S. Aggregate Bond Index |
5.53% |
1.10% |
1.81% |
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
Lead
Portfolio Managers
Peter
W. Palfrey, CFA®,
Portfolio
Manager at
the Adviser, has served as co-lead portfolio manager of the Fund since
1996.
Richard
G. Raczkowski, Portfolio
Manager, Co-Head of the Relative Return Team
and Director of the Adviser, has served as co-lead portfolio manager of the
Fund
since 1999.
Agency
MBS Portfolio Managers
Ian
Anderson, Agency
MBS Strategist for the Mortgage and Structured Finance Team and Lead Portfolio
Manager for the Dedicated Agency MBS Strategies at the
Adviser, has
served as co-agency MBS portfolio manager of the Fund since
2020.
Barath
W. Sankaran, CFA®,
Co-Portfolio
Manager for the Dedicated Agency MBS Strategies at the
Adviser, has served as co-agency MBS 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 in 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 Global Allocation Fund
Investment
Goal
The
Fund’s investment goal is high total investment return through a combination of
capital appreciation and 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 $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 48 of the Prospectus, in Appendix A to the Prospectus
and on page 111 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 |
0.74% |
0.74% |
0.74% |
0.74% |
0.74% |
Distribution
and/or service (12b-1) fees |
0.25% |
1.00% |
0.00% |
0.25% |
0.00% |
Other
expenses |
0.18% |
0.18% |
0.08% |
%1 |
0.18% |
Total
annual fund operating expenses |
1.17% |
1.92% |
0.82% |
1.17% |
0.92% |
Fee
waiver and/or expense reimbursement2
|
% |
% |
% |
% |
% |
Total
annual fund operating expenses after fee waiver and/or expense
reimbursement |
1.17% |
1.92% |
0.82% |
1.17% |
0.92% |
1 |
Other
expenses for Class T shares are estimated for the current fiscal
year.
|
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
January
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. |
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. 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 |
$ |
|
$ |
|
$ |
|
$ |
|
|
|
|
|
|
|
|
| |
If
shares are redeemed: |
1
year |
3
years |
5
years |
10
years |
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 19%
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 equity
and fixed-income
securities of U.S. and foreign issuers. Equity securities purchased by the Fund
may include common stocks, preferred stocks, depositary receipts, warrants,
securities convertible into common or preferred stocks, interests in real estate
investment trusts (“REITs”) and/or real estate-related securities and
other
equity-like interests in an issuer. The Fund generally invests in equity
securities of issuers with a minimum market capitalization of $1 billion at the
time of
investment. Fixed-income securities purchased by the Fund may include bonds and
other debt obligation of U.S. and foreign issuers, including but not
limited
to corporations, governments and supranational entities. The Fund may invest in
fixed-income securities regardless of market capitalization, maturity
or
duration parameters. The Fund will invest a significant portion of its assets
outside the U.S., including securities of issuers located in emerging market
countries.
There are various ways the Adviser determines how an investment is economically
tied to a country or region. Typically, the Adviser will look at either
the countries of risk or countries of issuance and report based on either
method.
The
portfolio managers reallocate the Fund’s assets between equity and fixed income
securities based on their assessment of current market conditions, the
attractiveness
of individual securities and the relative opportunities within each asset class,
among other factors. In deciding which equity securities to buy and
sell, the Adviser generally looks to purchase quality companies at attractive
valuations with the potential to grow intrinsic value over time. The Adviser
uses
discounted cash flow analysis, among other methods of analysis, to determine a
company’s intrinsic value. In deciding which fixed-income securities to
buy
and sell, the Adviser generally looks for securities that it believes are
undervalued and have the potential for credit upgrades, which may include
securities
that are below investment grade (also known as “junk
bonds”).
In
assessing both risks and opportunities related to the Fund’s investments, the
Adviser seeks to take into account the factors that may influence an
investment’s
performance over time. This includes material environmental, social, and
governance (“ESG”) risks and opportunities (those which could cause a
material
impact on the value of an investment).
In
integrating risks and opportunities into its investment process, the Adviser
takes into account ESG factors that it deems may be material to an investment,
such
as carbon intensity, renewable energy usage from low carbon sources, workplace
diversity, and board composition, at all stages of the investment management
process, including strategy development, investment analysis and due diligence,
and portfolio construction (including at the point where the investment
team considers investment opportunities), and as part of its ongoing monitoring
and risk analysis.
To
the extent that the Adviser concludes that there is an ESG risk associated with
an investment, the Adviser assesses the probability and potential impact of
that
ESG risk against the potential pecuniary advantage to the Fund of making the
investment. If the Adviser believes the potential pecuniary advantage
outweighs
the actual or potential impact of the ESG risk, then the Adviser may still make
the investment.
The
Fund may also invest in foreign currencies, collateralized mortgage obligations,
collateralized loan obligations, zero-coupon securities, when-issued
securities,
REITs, securities issued pursuant to Rule 144A under the Securities Act of 1933
(“Rule 144A securities”), other
privately placed investments such as
private equity investments, mortgage-related
securities, convertible securities and structured notes. The Fund may also
engage in active and frequent trading
of securities and engage in options or foreign currency transactions (such as
forward currency contracts) for hedging and investment purposes and futures
transactions and swap transactions (including credit default swaps). Frequent
trading may produce high transaction costs and a high level of taxable
capital
gains, including short-term capital gains taxable as ordinary income, which may
lower the Fund’s return. The Adviser may hedge currency risk for the
Fund
(including “cross hedging” between two or more foreign currencies) if it
believes the outlook for a particular foreign currency is unfavorable. Except as
provided
above or as required by applicable law, 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.
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. 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.
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.
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.
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.
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.
Allocation
Risk: The
Fund’s investment performance depends, in part, on how its assets are
allocated. The
allocation between asset classes and market exposures
may not be optimal in every market condition. You could lose money on your
investment in the Fund as a result of this
allocation.
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. The
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 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
options, forward currency contracts, futures transactions, structured
notes and swap transactions (including credit default swaps)) 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.
ESG
Risk:
Risks related to ESG factors may impact the performance of securities in
which the Fund invests. Such ESG factors include, for example, climate
change;
resource depletion; renewal energy usage; governance, diversity and labor
practices; workplace health and safety; supply chain standards; and product
health and safety. The companies or issuers in which the Fund invests may not
have favorable ESG characteristics.
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.
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 the
Fund’s portfolio could decline. Inflation rates may change frequently and
drastically.
The 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. 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 the
Fund’s
portfolio.
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. 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.
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.
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.
In other circumstances, liquid investments may become
illiquid. Derivatives,
and particularly OTC derivatives, are generally subject to liquidity risk
as well. 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.
Management
Risk:
A strategy used by the Fund’s portfolio managers may fail to produce the
intended result.
Mortgage-Related
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 securities are subject to the risks of the
mortgages 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 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.
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 two broad measures of market performance. The
Blended Index is an unmanaged, blended index composed of the following weights:
60% MSCI All Country World Index (Net) and 40% Bloomberg Global Aggregate Bond
Index. The two indices composing the Blended Index measure, respectively, the
performance of global equity securities and global investment grade fixed income
securities.
Performance
for Class
C shares includes
the automatic conversion
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,
16.50%
Lowest
Quarterly Return:
Second
Quarter 2022,
-15.95% |
|
|
|
| |
Average
Annual Total Returns |
|
|
|
|
(for
the periods ended December 31, 2023) |
Past
1 Year |
Past
5 Years |
Past
10 Years |
Life
of Class N (2/1/17) |
Class
Y - Return Before Taxes |
22.43% |
9.53% |
7.26% |
- |
Return
After Taxes on Distributions |
21.30% |
8.01% |
5.96% |
- |
Return
After Taxes on Distributions and Sale of Fund Shares |
14.07% |
7.45% |
5.62% |
- |
Class
A - Return Before Taxes |
15.15% |
7.97% |
6.36% |
- |
Class
C - Return Before Taxes |
20.19% |
8.43% |
6.35% |
- |
Class
N - Return Before Taxes |
22.58% |
9.63% |
- |
8.72% |
Class
T - Return Before Taxes |
19.14% |
8.71% |
6.72% |
- |
MSCI
All Country World Index (Net) |
22.20% |
11.72% |
7.93% |
9.71% |
Blended
Index (60% MSCI All Country World Index (Net) / 40% Bloomberg Global
Aggregate
Bond Index) |
15.43% |
7.01% |
5.05% |
6.17% |
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
Matthew
J. Eagan, CFA®,
Portfolio
Manager and Co-Head of the Full Discretion Team and
Director of the Adviser, has served as portfolio
manager of the domestic
bond sector of the Fund since 2021.
Eileen
N. Riley, CFA®,
Portfolio
Manager at
the Adviser, has served as portfolio manager of the global equity sector of the
Fund since 2013.
David
W. Rolley, CFA®,
Portfolio
Manager and Co-Head of the Global Fixed Income Team at the
Adviser, has served as portfolio manager of the international fixed-income
securities sector of the Fund
since 2000.
Lee
M. Rosenbaum, Portfolio
Manager at the
Adviser, has served as portfolio manager of the global equity sector of the Fund
since 2013.
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, LLC (“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 in 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 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 48 of the Prospectus, in Appendix A to the Prospectus
and on page 111 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 |
0.50% |
0.50% |
0.50% |
0.50% |
0.50% |
Distribution
and/or service (12b-1) fees |
0.25% |
1.00% |
0.00% |
0.25% |
0.00% |
Other
expenses |
0.17% |
0.17% |
0.08% |
%1 |
0.17% |
Total
annual fund operating expenses |
0.92% |
1.67% |
0.58% |
0.92% |
0.67% |
Fee
waiver and/or expense reimbursement2
|
% |
% |
% |
% |
% |
Total
annual fund operating expenses after fee waiver and/or expense
reimbursement |
0.92% |
1.67% |
0.58% |
0.92% |
0.67% |
1 |
Other
expenses for Class T shares are estimated for the current fiscal
year.
|
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 1.00%, 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 acquired fund fees
and expenses, brokerage expenses, interest expense, taxes, and
organizational and extraordinary expenses, such as litigation and
indemnification expenses. In addition, Loomis
Sayles will waive its management fee on any portion of the Fund’s assets
that are invested in the Natixis Loomis Sayles Focused Growth ETF. This
undertaking is in effect
through
January
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. |
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. 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 13%
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, convertible securities and warrants. 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, 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 invest up to 20%
of its assets in foreign securities, including depositary receipts and emerging
market securities. Although certain equity 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 they are 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. The Fund may also invest
in affiliated and unaffiliated mutual funds and exchange-traded funds, to the
extent permitted
by the Investment Company Act of 1940. 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”). Except as provided above or as required by applicable
law, 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.
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.Derivatives,
and particularly over-the-counter (“OTC”) derivatives,
are generally subject to liquidity risk as well. 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.
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.
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.
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. The
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 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
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.
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.
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.
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
and ten-year periods
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.
Performance
for Class
C shares includes
the automatic conversion
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 Returns:
Second
Quarter 2020,
23.88%
Lowest
Quarterly Return:
Second
Quarter 2022,
-22.80% |
|
|
| |
Average
Annual Total Returns |
|
|
|
(for
the periods ended December 31, 2023) |
Past
1 Year |
Past
5 Years |
Past
10 Years |
Class
Y - Return Before Taxes |
51.42% |
17.68% |
14.23% |
Return
After Taxes on Distributions |
49.34% |
15.91% |
13.09% |
Return
After Taxes on Distributions and Sale of Fund Shares |
31.88% |
14.02% |
11.72% |
Class
A - Return Before Taxes |
42.36% |
16.00% |
13.27% |
Class
C - Return Before Taxes |
48.85% |
16.50% |
13.26% |
Class
N - Return Before Taxes |
51.61% |
17.78% |
14.31% |
Class
T - Return Before Taxes |
47.24% |
16.80% |
13.66% |
S&P
500®
Index1
|
% |
% |
% |
Russell
1000®
Growth Index |
42.68% |
19.50% |
14.86% |
1 |
Effective
February 1, 2024, the Fund’s primary broad-based performance index changed
to the S&P 500® Index. The S&P 500® Index is a broad-based
securities market index that
represents the overall market applicable to the Fund. The Fund will retain
the Russell 1000 Growth® 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
Manager
Aziz
V. Hamzaogullari, CFA®,
Chief Investment Officer and
founder of
the Growth Equity Strategies Team
and Director of
the Adviser, has served as portfolio manager
of the Fund since 2010.
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, LLC (“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 in 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 Intermediate Duration Bond Fund
Investment
Goal
The
Fund’s investment objective is above-average total return through a combination
of current income and 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 $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 48 of
the Prospectus, in Appendix A to the Prospectus
and on page 111 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) |
4.25% |
None |
None |
2.50% |
None |
Maximum
deferred sales charge (load) (as a percentage of original purchase price
or redemption
proceeds, as applicable) |
None* |
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 |
0.25% |
0.25% |
0.25% |
0.25% |
0.25% |
Distribution
and/or service (12b-1) fees |
0.25% |
1.00% |
0.00% |
0.25% |
0.00% |
Other
expenses |
0.21% |
0.21% |
0.14% |
0.21%1
|
0.21% |
Total
annual fund operating expenses |
0.71% |
1.46% |
0.39% |
0.71% |
0.46% |
Fee
waiver and/or expense reimbursement2,3
|
0.06% |
0.06% |
0.04% |
0.06% |
0.06% |
Total
annual fund operating expenses after fee waiver and/or expense
reimbursement |
0.65% |
1.40% |
0.35% |
0.65% |
0.40% |
1 |
Other
expenses for Class T shares are estimated for the current fiscal
year. |
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 0.65%, 1.40%, 0.35%, 0.65% and 0.40% 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
January
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 January 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 |
$ |
|
$ |
|
$ |
|
$ |
|
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 138%
of the average value of its portfolio.
Investments,
Risks and Performance
Principal
Investment Strategies
Under
normal circumstances, the Fund will invest at least 80% of its net assets (plus
any borrowings made for investment purposes) in fixed-income securities
(for example, bonds and other investments that Loomis Sayles believes have
similar economic characteristics, such as notes, debentures and loans).
It is anticipated that the Fund’s weighted average duration will generally be
between two and five years. Duration is a measure of the expected life of
a
fixed-income security that is used to determine the sensitivity of a security’s
price to changes in interest rates. A fund with a longer average portfolio
duration
will be more sensitive to changes in interest rates than a fund with a shorter
average portfolio duration. By way of example, the price of a bond fund
with
an average duration of five years would be expected to fall approximately 5% if
interest rates rose by one percentage point.
The
Fund will purchase only investment-grade fixed-income securities, which are
those securities that are rated in one of the top four rating
categories at the time
of purchase by at least one of the three major ratings agencies (Moody’s
Investors Service, Inc., Fitch Investor Services, Inc. or S&P Global
Ratings) or, if unrated,
are determined by Loomis Sayles to be of comparable quality. The Fund may
continue to hold up to 10% of its net assets in securities that are downgraded
to a rating below investment-grade subsequent to their purchase if Loomis Sayles
believes it is appropriate to do so.
In
deciding which securities to buy and sell, Loomis Sayles may consider a number
of factors related to the bond issue and the current bond market including,
for
example, the stability and volatility of a country’s bond markets, the financial
strength of the issuer, current interest rates, current valuations, Loomis
Sayles’
expectations regarding general trends in interest rates and currency
considerations. Loomis Sayles will also consider how purchasing or selling a
bond
would impact the overall portfolio’s risk profile (for example, its sensitivity
to currency risk, interest rate risk and sector-specific risk) and potential
return (income
and capital gains).
Three
themes typically drive the Fund’s investment approach. First, Loomis Sayles
generally seeks fixed-income securities that are attractively valued relative
to
the Loomis Sayles’ credit research team’s assessment of credit risk. The broad
coverage combined with the objective of identifying attractive investment
opportunities
makes this an important component of the investment approach. Second, the Fund
may invest significantly in securities the prices of which Loomis
Sayles believes are more sensitive to events related to the underlying issuer
than to changes in general interest rates or overall market default rates.
These
securities may not have a direct correlation with changes in interest rates,
thus helping to manage interest rate risk and to offer diversified sources for
return.
Third, Loomis Sayles analyzes different sectors of the economy and differences
in the yields (“spreads”) of various fixed-income securities in an effort
to
find securities that it believes may produce attractive returns for the Fund in
comparison to their risk.
The
Fund may invest up to 20% of its assets in U.S. dollar-denominated foreign
securities, including emerging market securities. The Fund may invest without
limit
in obligations of supranational entities (e.g., the World Bank). 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. The Fund may also invest in mortgage-related securities,
including mortgage dollar rolls. The Fund may also engage in futures
transactions
for hedging and investment purposes.
The
fixed-income securities in which the Fund may invest include, among other
things, corporate bond and other debt securities (including junior and senior
bonds),
U.S. government securities, zero-coupon securities, collateralized loan
obligations, mortgage-backed securities and other asset-backed securities, real
estate
investment trusts (“REITs”),
securities
issued pursuant to Rule 144A under the Securities Act of 1933 (“Rule 144A
securities”) and other privately placed investments such as private credit
investments.
The
Fund may also engage in active and frequent trading of securities. Frequent
trading may produce a high level of taxable gains, including short-term capital
gains
taxable as ordinary income, as well as increased trading costs, which may lower
the Fund’s return.
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.
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. 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.
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.
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.
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.
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.
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.
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 securities or other instruments denominated in, or that
generate income denominated in, foreign currencies. The
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 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
futures transactions) 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
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.
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.
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 equity 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.Derivatives,
and particularly OTC derivatives, are generally
subject to liquidity risk as well. 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.
Management
Risk:
A strategy used by the Fund’s portfolio managers may fail to produce the
intended result.
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-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.
Performance
for Class
C shares includes
the automatic conversion
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, 5.03%
Lowest
Quarterly Return:
First
Quarter 2022, -4.85% |
|
|
|
| |
Average
Annual Total Returns |
|
|
|
|
(for
the periods ended December 31, 2023) |
Past
1 Year |
Past
5 Years |
Past
10 Years |
Life
of Class N (2/1/19) |
Class
Y - Return Before Taxes |
5.75% |
2.04% |
2.07% |
- |
Return
After Taxes on Distributions |
4.13% |
0.78% |
0.87% |
- |
Return
After Taxes on Distributions and Sale of Fund Shares |
3.37% |
1.05% |
1.07% |
- |
Class
A - Return Before Taxes |
0.90% |
0.90% |
1.35% |
- |
Class
C - Return Before Taxes |
3.66% |
1.03% |
1.18% |
- |
Class
N - Return Before Taxes |
5.81% |
- |
- |
1.95% |
Class
T - Return Before Taxes |
2.70% |
1.25% |
1.54% |
- |
Bloomberg
U.S. Aggregate Bond Index1
|
5.53% |
1.10% |
1.81% |
0.90% |
Bloomberg
U.S. Intermediate Government/Credit Bond Index |
5.24% |
1.59% |
1.72% |
1.48% |
1 |
Effective
February 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 Bloomberg U.S.
Intermediate Government/Credit
Bond Index as its additional benchmark for performance
comparison. |
Effective
August 31, 2016, the Fund’s Retail Class shares and Institutional Class shares
were redesignated as Class A shares and Class Y shares, respectively.
Accordingly,
the returns shown in the table for Class A shares prior to August 31, 2016 are
those of Retail Class shares, restated to reflect the sales loads of
Class
A shares, and the returns in the table for Class Y shares prior to August 31,
2016 are those of Institutional Class shares. Prior to the inception of Class C
shares
(August 31, 2016), performance is that of Retail Class shares, restated to
reflect the higher net expenses and sales loads of Class C shares.
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
Daniel
Conklin, CFA®,
Portfolio
Manager of the Relative Return Team at
Loomis Sayles, served as associate portfolio manager of the Fund from 2019 to
2020 and
has served as co-portfolio manager of the Fund since 2020.
Christopher
T. Harms, Portfolio
Manager and Co-Head of the Relative Return Team at
Loomis Sayles, has served as a portfolio manager of the Fund since 2012.
Clifton
V. Rowe, CFA®,
Portfolio
Manager for the Relative Return Team and the Mortgage and Structured Finance
Team at
Loomis Sayles, has served as a portfolio
manager of the Fund since 2005.
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 in 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 Limited Term Government and Agency
Fund
Investment
Goal
The
Fund seeks high current return consistent with preservation 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 $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 48 of the Prospectus, in Appendix A to the Prospectus
and on page 111 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) |
2.25% |
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
0.75% contingent deferred sales charge (“CDSC”) may apply to certain
purchases of Class A shares of $500,000 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 |
0.32% |
0.32% |
0.32% |
0.32% |
0.32% |
Distribution
and/or service (12b-1) fees |
0.25% |
1.00% |
0.00% |
0.25% |
0.00% |
Other
expenses |
%1 |
0.21% |
0.11% |
%2 |
0.21% |
Total
annual fund operating expenses |
0.77% |
1.53% |
0.43% |
0.77% |
0.53% |
Fee
waiver and/or expense reimbursement3,4
|
%5 |
% |
% |
% |
% |
Total
annual fund operating expenses after fee waiver and/or expense
reimbursement |
0.70% |
1.45% |
0.40% |
0.70% |
0.45% |
1 |
Other
expenses include the refund of prior year service fees of
0.01%. |
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 0.70%, 1.45%, 0.40%, 0.70% and 0.45% 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 January 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 January
31, 2025
and may be terminated before then only with the consent of the Fund’s
Board of Trustees. |
5 |
In
order to ensure that the total annual fund operating expenses after fee
waiver and/or expense reimbursement do not exceed the amounts disclosed in
the table, the Adviser may
voluntarily waive additional advisory fees and/or other expenses. This may
result in Class A shareholders realizing a total annual fund operating
expense after fee waiver and/or
expense reimbursement lower than 0.70% of the Fund’s average daily net
assets. This additional waiver may be terminated at any
time. |
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 |
$ |
|
$ |
|
$ |
|
$ |
|
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 267%
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
investments issued or
guaranteed by the U.S. government, its agencies or
instrumentalities.
The
Adviser follows a total return-oriented investment approach in selecting
securities for the Fund. It seeks securities that will provide the Fund with an
average
credit quality equal to the credit rating of the U.S. government’s long-term
debt and an effective portfolio duration range of two to four years (although
not all securities selected will have these characteristics and the Adviser may
look for other characteristics if market conditions change). The Fund
may
invest in securities with credit quality above or below the credit rating of the
U.S. government’s long-term debt. In determining credit quality, the Adviser
will
look to the highest credit rating assigned by S&P Global Ratings
(“S&P”), Fitch Investor Services, Inc. (“Fitch”) or Moody’s Investors
Service, Inc. (“Moody’s”).
In
deciding which securities to buy and sell, the Adviser will consider, among
other things, the financial strength of the issuer, current interest rates,
current valuations,
the Adviser’s expectations regarding future changes in interest rates and
comparisons of the level of risk associated with particular investments
with
the Adviser’s expectations concerning the potential return of those
investments.
In
selecting investments for the Fund, the Adviser’s research analysts work closely
with the Fund’s portfolio managers to develop an outlook on the economy
from
research produced by various financial firms and specific forecasting services
or from economic data released by the U.S. and foreign governments as
well
as the Federal Reserve Bank. The analysts also conduct a thorough review of
individual securities to identify what they consider attractive values in the
U.S.
government security marketplace through the use of quantitative tools such as
internal and external computer systems and software. The Adviser continuously
monitors an issuer’s creditworthiness to assess whether the obligation remains
an appropriate investment for the Fund. The Adviser seeks to balance
opportunities for yield and price performance by combining macroeconomic
analysis with individual security selection. It emphasizes securities that
tend
to perform particularly well in response to interest rate changes, such as U.S.
Treasury securities in a declining interest rate environment and
mortgage-backed
or U.S. government agency securities in a steady or rising interest rate
environment. The Adviser seeks to increase the opportunity for higher yields
while
maintaining the greater price stability that intermediate-term bonds have
compared to bonds with longer maturities. The Adviser also uses a systematic
model
based on supply and demand patterns in purchasing and selling certain treasury
securities and related derivatives.
In
connection with its principal investment strategies, the Fund may also invest in
investment grade corporate notes and bonds, collateralized loan obligations,
zero-coupon bonds, securities issued pursuant to Rule 144A under the Securities
Act of 1933 (“Rule 144A securities”), and other privately placed investments
such as private credit investments, asset-backed securities and
mortgage-related securities including mortgage dollar rolls, and when-issued
securities, delayed delivery securities and/or forward commitment securities.
Except as provided above or as required by applicable law, 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.
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. 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.
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.
U.S.
Government Securities Risk:
Investments in certain U.S. government securities may not be supported by the
full faith and credit of the U.S. government.
Accordingly, no assurance can be given that the U.S. government will provide
financial support to U.S. government agencies, instrumentalities or sponsored
enterprises if it is not obligated to do so by law. The maximum potential
liability of the issuers of some U.S. government securities held by the Fund
may
greatly exceed their current resources, and it is possible that these issuers
will not have the funds to meet their payment obligations in the future. In
such
a case, the Fund would have to look principally to the agency, instrumentality
or sponsored enterprise issuing or guaranteeing the security for ultimate
repayment,
and the Fund may not be able to assert a claim against the U.S. government
itself in the event the agency, instrumentality or sponsored enterprise
does
not meet its commitment. Concerns about the capacity or willingness of the U.S.
government to meet its obligations may raise the interest rates payable
on
its securities, negatively impacting the price of such securities already held
by the Fund.
Agency
Securities Risk:
Certain debt securities issued or guaranteed by agencies of the U.S. government
are guaranteed as to the payment of principal and
interest by the relevant entity but have not been backed by the full faith and
credit of the U.S. government. Instead, they have been supported only by the
discretionary
authority of the U.S. government to purchase the agency’s obligations. An event
affecting the guaranteeing entity could adversely affect the payment
of principal or interest or both on the security and, therefore, these types of
securities should be considered to be riskier than U.S. government securities.
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.
When-Issued,
Delayed Delivery and Forward Commitment Securities Risk: Securities
purchased on a forward commitment or when-issued or delayed
delivery basis are subject to changes in value, generally changing in the same
way (i.e., appreciating when interest rates decline and depreciating
when
interest rates rise), based upon the public’s perception of the creditworthiness
of the issuer and changes, real or anticipated, in the level of interest
rates.
Securities so purchased may expose the Fund to risks because they may experience
such fluctuations prior to their actual delivery. Purchasing securities
on a when-issued or delayed delivery basis can involve the additional risk that
the yield available in the market when the delivery takes place actually
may be higher than that obtained in the transaction itself. Purchasing
securities on a forward commitment or when-issued or delayed delivery basis
when
the Fund is fully or almost fully invested may result in greater potential
fluctuation in the value of the Fund’s net assets. This may also occur when the
Fund
seeks to remain fully invested during the period after purchase but before
settlement. In addition, there is a risk that securities purchased on a
when-issued
or delayed delivery basis may not be delivered and that the purchaser of
securities sold by the Fund on a forward commitment basis will not honor its
purchase
obligation. In such cases, the Fund may incur a
loss.
Credit
Risk:
Credit risk is the risk that the issuer or the guarantor of a fixed-income
security will be unable or unwilling to make timely payments of interest
or
principal or to otherwise honor its
obligations.
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.
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 equity 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.
Management
Risk:
A strategy used by the Fund’s portfolio managers may fail to produce the
intended result.
Models
and Data Risk:
The Adviser utilizes various proprietary quantitative models to identify
investment opportunities. There is a possibility that one or all of
the quantitative models may fail to identify profitable opportunities at any
time. Furthermore, the models may incorrectly identify opportunities and these
misidentified
opportunities may lead to substantial losses for the Fund. Models may be
predictive in nature and such models may result in an incorrect assessment
of future events. Data used in the construction of models may prove to be
inaccurate or stale, which may result in losses for the
Fund.
Portfolio
Turnover Rate Risk:
The Fund may engage in active and frequent trading of portfolio securities to
pursue its principal investment strategy. A high rate
of portfolio turnover may involve correspondingly greater expenses, which must
be borne by the Fund and its shareholders, and also may result in
short-term
capital
gains or losses
to shareholders.
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.
Performance
for Class
C shares includes
the automatic conversion
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:
Fourth
Quarter 2023,
2.95%
Lowest
Quarterly Return:
First
Quarter 2022,
-2.45% |
|
|
|
| |
Average
Annual Total Returns |
|
|
|
|
(for
the periods ended December 31, 2023) |
Past
1 Year |
Past
5 Years |
Past
10 Years |
Life
of Class N (2/1/17) |
Class
Y - Return Before Taxes |
5.22% |
1.28% |
1.22% |
- |
Return
After Taxes on Distributions |
3.57% |
0.46% |
0.38% |
- |
Return
After Taxes on Distributions and Sale of Fund Shares |
3.06% |
0.63% |
0.56% |
- |
|
|
|
| |
Average
Annual Total Returns |
|
|
|
|
(for
the periods ended December 31, 2023) |
Past
1 Year |
Past
5 Years |
Past
10 Years |
Life
of Class N (2/1/17) |
Class
A - Return Before Taxes |
2.56% |
0.55% |
0.72% |
- |
Class
C - Return Before Taxes |
3.18% |
0.28% |
0.35% |
- |
Class
N - Return Before Taxes |
5.17% |
1.34% |
- |
1.34% |
Class
T - Return Before Taxes |
2.27% |
0.50% |
0.70% |
- |
Bloomberg
U.S. Aggregate Bond Index1
|
% |
% |
% |
% |
Bloomberg
U.S. 1-5 Year Government Bond Index |
4.39% |
1.18% |
1.13% |
1.15% |
1 |
Effective
February 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 Bloomberg U.S. 1-5
Year Government Bond 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
Daniel
Conklin, CFA®, Portfolio
Manager for the Relative Return Team at the
Adviser, served as associate portfolio manager of the Fund from 2019 to 2020
and
has served as co-portfolio manager of the Fund since 2020.
Christopher
T. Harms, Portfolio
Manager and Co-Head of the Relative Return Team at the
Adviser, has served as co-portfolio manager of the Fund since 2012.
Clifton
V. Rowe, CFA®, Portfolio
Manager for the Relative Return Team and the Mortgage and Structured Finance
Team at the
Adviser, has served as co-portfolio
manager of the Fund since 2001.
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 in 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 Core Plus Bond Fund
Investment
Goal
The
Fund seeks high total investment return through a combination of current income
and 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
Under
normal market conditions, the Fund will invest at least 80% of its net assets
(plus any borrowings made for investment purposes) in bonds, which include
debt securities of any maturity. In addition, the Fund will invest at least 65%
of its net assets in investment grade securities. “Investment grade”
securities
are those securities that are rated in one of the top four ratings categories at
the time of purchase by at least one of the three major ratings agencies
(Moody’s Investors Service, Inc. (“Moody’s”), Fitch Investors Services, Inc.
(“Fitch”) or S&P Global Ratings (“S&P”)), or, if unrated, are determined
by the
Adviser to be of comparable quality. For purposes of this restriction,
investment grade securities also include cash and cash equivalent securities.
The Fund
will generally seek to maintain an effective duration of +/- 2 years relative to
the Bloomberg U.S. Aggregate Bond Index. Duration is a measure of the
expected
life of a fixed-income security that is used to determine the sensitivity of a
security’s price to changes in interest rates. A fund with a longer average
portfolio
duration will be more sensitive to changes in interest rates than a fund with a
shorter average portfolio duration. By way of example, the price of a
bond
fund with an average duration of five years would be expected to fall
approximately 5% if interest rates rose by one percentage point. While the
effective
duration for the Bloomberg U.S. Aggregate Bond Index fluctuates, as of December
31, 2023,
the effective duration was approximately 6.89
years. The
Fund may also invest up to 20% of its assets, at the time of purchase, in bonds
rated below investment grade (i.e., none of the three major ratings agencies
(Moody’s, Fitch or S&P) have rated the securities in one of their top four
ratings categories) (commonly known as “junk bonds”), or, if unrated,
securities
determined by the Adviser to be of comparable quality, and up to 10% of its
assets in non-U.S. dollar-denominated securities. There is no minimum
rating
for the securities in which the Fund may invest.
The
Fund’s investments may include securities issued by U.S. and non-U.S.
corporations and governments, securities issued by supranational entities, U.S.
government-sponsored
agency debenture and pass-through securities, commercial mortgage-backed and
other asset-backed securities and inflation-linked securities.
The
portfolio management team seeks to build and manage a portfolio that will
perform well on a benchmark-relative and, secondarily, on an absolute basis
in
the market environment it anticipates over the short to intermediate term. The
primary factors for broad sector positioning are the Adviser’s expected
performance
of sectors in the benchmark and the incremental performance or diversification
benefits the Fund’s portfolio managers anticipate from opportunistic
allocations to securities that are not included in the Fund’s benchmark. In
addition, the Fund’s portfolio managers will look at individual security
selection,
position size and overall duration contribution to the portfolio.
Purchase
and sale considerations also include overall portfolio yield, interest rate
sensitivity across different maturities held, fixed-income sector fundamentals
and outlook, technical supply/demand factors, credit risk, cash flow
variability, security optionality and structure, as well as potential currency
and
liquidity risk. The Adviser also considers economic factors. Individual
securities are assessed on a risk/return basis, both on a benchmark-relative and
on an
absolute return basis, and on their fit within the overall portfolio
strategy.
Specifically,
the Adviser follows a total return-oriented investment approach and considers
broad sector allocation, quality and liquidity bias, yield curve positioning
and duration in selecting securities for the Fund. The Fund’s portfolio managers
consider economic and market conditions as well as issuer-specific
data, such as fixed-charge coverage, the relationship between cash flows and
debt service obligations, the experience and perceived strength of management
or security structure, price responsiveness of the security to interest rate
changes, earnings prospects, debt as a percentage of assets, borrowing
requirements, debt maturity schedules and liquidation value.
In
selecting investments for the Fund, the Adviser’s research analysts and sector
teams work closely with the Fund’s portfolio managers to develop an outlook
for
the economy from research produced by various financial firms and specific
forecasting services or from economic data released by U.S. and foreign
governments,
as well as the Federal Reserve Bank. The analysts conduct a thorough review of
individual securities to identify what they consider attractive values
in the high quality bond market through the use of quantitative tools such as
internal and external computer systems and software. The Adviser continuously
monitors an issuer’s creditworthiness or cash flow stability to assess whether
the obligation remains an appropriate investment for the Fund. It may
relax its emphasis on quality with respect to a given security if it believes
that the issuer’s financial outlook is promising. This may create an opportunity
for
higher returns. The Adviser seeks to balance opportunities for yield and price
performance by combining macro economic analysis with individual security
selection.
Fund holdings are generally diversified across sectors and industry groups such
as utilities or telecommunications, which tend to move independently
of the ebbs and flows in economic growth.
In
connection with its principal investment strategies, 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, structured
notes, collateralized
loan obligations, foreign securities,
including those in emerging markets, mortgage-related securities, including
mortgage dollar rolls, futures and swaps (including credit default
Investment
Goals, Strategies and Risks
swaps).
The Fund may use such derivatives for hedging or investment purposes. Except as
provided above or as required by applicable law, the Fund is not limited
in the percentage of its assets that it may invest in these
instruments.
The
Fund may 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 returns, 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.
In
accordance with applicable Securities and Exchange Commission
(“SEC”) requirements,
the Fund will notify shareholders prior to any change to the 80% policy
discussed above taking effect.
Loomis
Sayles Global Allocation Fund
Investment
Goal
The
Fund’s investment goal is high total investment return through a combination of
capital appreciation and 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 equity and
fixed-income
securities of U.S. and foreign issuers. Equity securities purchased by the Fund
may include common stocks, preferred stocks, depositary receipts, warrants,
securities convertible into common or preferred stocks, interests in real estate
investment trusts (“REITs”) and/or real estate-related securities and
other
equity-like interests in an issuer. The Fund generally invests in equity
securities of issuers with a minimum market capitalization of $1 billion at the
time of
investment. Fixed-income securities purchased by the Fund may include bonds and
other debt obligation of U.S. and foreign issuers, including but not
limited
to corporations, governments and supranational entities. The Fund may invest in
fixed-income securities regardless of market capitalization, maturity
or
duration parameters. The Fund will invest a significant portion of its assets
outside the U.S., including securities of issuers located in emerging market
countries.
There are various ways the Adviser determines how an investment is economically
tied to a country or region. Typically, the Adviser will look at either
the countries of risk or countries of issuance and report based on either
method.
The
portfolio managers reallocate the Fund’s assets between equity and fixed income
securities based on their assessment of current market conditions, the
attractiveness
of individual securities and the relative opportunities within each asset class,
among other factors. In deciding which equity securities to buy and
sell, the Adviser generally looks to purchase quality companies at attractive
valuations with the potential to grow intrinsic value over time. The Adviser
uses
discounted cash flow analysis, among other methods of analysis, to determine a
company’s intrinsic value. In deciding which fixed-income securities to
buy
and sell, the Adviser generally looks for securities that it believes are
undervalued and have the potential for credit upgrades, which may include
securities
that are below investment grade (also known as “junk bonds”).
In
assessing both risks and opportunities related to the Fund’s investments, the
Adviser seeks to take into account the factors that may influence an
investment’s
performance over time. This includes material environmental, social, and
governance (“ESG”) risks and opportunities (those which could cause a
material
impact on the value of an investment).
In
integrating risks and opportunities into its investment process, the Adviser
takes into account ESG factors that it deems may be material to an investment,
such
as carbon intensity, renewable energy usage from low carbon sources, workplace
diversity, and board composition, at all stages of the investment management
process, including strategy development, investment analysis and due diligence,
and portfolio construction (including at the point where the investment
team considers investment opportunities), and as part of its ongoing monitoring
and risk analysis.
To
the extent that the Adviser concludes that there is an ESG risk associated with
an investment, the Adviser assesses the probability and potential impact of
that
ESG risk against the potential pecuniary advantage to the Fund of making the
investment. If the Adviser believes the potential pecuniary advantage
outweighs
the actual or potential impact of the ESG risk, then the Adviser may still make
the investment.
The
Fund may also invest in foreign currencies, collateralized mortgage obligations,
collateralized loan obligations, zero-coupon securities, when-issued
securities,
REITs, securities issued pursuant to Rule 144A under the Securities Act of 1933
(“Rule 144A securities”), other
privately placed investments such as
private equity investments, mortgage-related
securities, convertible securities and structured notes. The Fund may also
engage in active and frequent trading
of securities and engage in options or foreign currency transactions (such as
forward currency contracts) for hedging and investment purposes and futures
transactions and swap transactions (including credit default swaps). Frequent
trading may produce high transaction costs and a high level of taxable
capital
gains, including short-term capital gains taxable as ordinary income, which may
lower the Fund’s return. The Adviser may hedge currency risk for the
Fund
(including “cross hedging” between two or more foreign currencies) if it
believes the outlook for a particular foreign currency is unfavorable. Except as
provided
above or as required by applicable law, the Fund is not limited in the
percentage of its assets that it may invest in these instruments.
In
accordance with applicable SEC requirements, the Fund will notify shareholders
prior to any change to the 80% policy discussed above taking
effect.
Investment
Goals, Strategies and Risks
Loomis
Sayles 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, convertible securities and warrants. 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, 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 invest up to 20% of its assets in foreign securities, including
depositary receipts and emerging market securities. Although certain equity
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 they are 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. The Fund may also invest
in affiliated and unaffiliated mutual funds and exchange-traded funds, to the
extent permitted
by the Investment Company Act of 1940. 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”). Except as provided above or as required by applicable
law, the Fund is not limited in the percentage of its assets that it may invest
in these instruments.
Loomis
Sayles Intermediate Duration Bond Fund
Investment
Goal
The
Fund’s investment objective is above-average total return through a combination
of current income and 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
Under
normal circumstances, the Fund will invest at least 80% of its net assets (plus
any borrowings made for investment purposes) in fixed-income securities
(for example, bonds and other investments that Loomis Sayles believes have
similar economic characteristics, such as notes, debentures and loans).
It is anticipated that the Fund’s weighted average duration will generally be
between two and five years. Duration is a measure of the expected life of
a
fixed-income security that is used to determine the sensitivity of a security’s
price to changes in interest rates. A fund with a longer average portfolio
duration
will be more sensitive to changes in interest rates than a fund with a shorter
average portfolio duration. By way of example, the price of a bond fund
with
an average duration of five years would be expected to fall approximately 5% if
interest rates rose by one percentage point.
The
Fund will purchase only investment-grade fixed-income securities, which are
those securities that are rated in one of the top four rating
categories at the time
of purchase by at least one of the three major ratings agencies (Moody’s
Investors Service, Inc., Fitch Investor Services, Inc. or S&P Global
Ratings) or, if unrated,
are determined by Loomis Sayles to be of comparable quality. The Fund may
continue to hold up to 10% of its net assets in securities that are downgraded
to a rating below investment-grade subsequent to their purchase if Loomis Sayles
believes it is appropriate to do so.
In
deciding which securities to buy and sell, Loomis Sayles may consider a number
of factors related to the bond issue and the current bond market including,
for
example, the stability and volatility of a country’s bond markets, the financial
strength of the issuer, current interest rates, current valuations, Loomis
Sayles’
expectations regarding general trends in interest rates and currency
considerations. Loomis Sayles will also consider how purchasing or selling a
bond
would impact the overall portfolio’s risk profile (for example, its sensitivity
to currency risk, interest rate risk and sector-specific risk) and potential
return (income
and capital gains).
Three
themes typically drive the Fund’s investment approach. First, Loomis Sayles
generally seeks fixed-income securities that are attractively valued relative
to
the Loomis Sayles’ credit research team’s assessment of credit risk. The broad
coverage combined with the objective of identifying attractive investment
opportunities
makes this an important component of the investment approach. Second, the Fund
may invest significantly in securities the prices of which Loomis
Sayles believes are more sensitive to events related to the underlying issuer
than to changes in general interest rates or overall market default rates.
These
securities may not have a direct correlation with changes in interest rates,
thus helping to manage interest rate risk and to offer diversified sources for
return.
Third, Loomis Sayles analyzes different sectors of the economy and differences
in the yields (“spreads”) of various fixed-income securities in an effort
to
find securities that it believes may produce attractive returns for the Fund in
comparison to their risk.
Investment
Goals, Strategies and Risks
The
Fund may invest up to 20% of its assets in U.S. dollar-denominated foreign
securities, including emerging market securities. The Fund may invest without
limit
in obligations of supranational entities (e.g., the World Bank). 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. The Fund may also invest in mortgage-related securities,
including mortgage dollar rolls. The Fund may also engage in futures
transactions
for hedging and investment purposes.
The
fixed-income securities in which the Fund may invest include, among other
things, corporate bond and other debt securities (including junior and senior
bonds),
U.S. government securities, zero-coupon securities, collateralized loan
obligations, mortgage-backed securities and other asset-backed securities, real
estate
investment trusts (“REITs”),
securities
issued pursuant to Rule 144A under the Securities Act of 1933 (“Rule 144A
securities”) and other privately placed investments such as private credit
investments.
The
Fund may also engage in active and frequent trading of securities. Frequent
trading may produce a high level of taxable gains, including short-term capital
gains
taxable as ordinary income, as well as increased trading costs, which may lower
the Fund’s return.
In
accordance with applicable SEC requirements, the Fund will notify shareholders
prior to any change to the 80% policy discussed above taking
effect.
Loomis
Sayles Limited Term Government and Agency Fund
Investment
Goal
The
Fund seeks high current return consistent with preservation 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 at least 80% of its net assets
(plus any borrowings made for investment purposes) in investments issued
or
guaranteed by the U.S. government, its agencies or
instrumentalities.
The
Adviser follows a total return-oriented investment approach in selecting
securities for the Fund. It seeks securities that will provide the Fund with an
average
credit quality equal to the credit rating of the U.S. government’s long-term
debt and an effective portfolio duration range of two to four years (although
not all securities selected will have these characteristics and the Adviser may
look for other characteristics if market conditions change). The Fund
may
invest in securities with credit quality above or below the credit rating of the
U.S. government’s long-term debt. In determining credit quality, the Adviser
will
look to the highest credit rating assigned by S&P Global Ratings
(“S&P”), Fitch Investor Services, Inc. (“Fitch”) or Moody’s Investors
Service, Inc. (“Moody’s”).
In
deciding which securities to buy and sell, the Adviser will consider, among
other things, the financial strength of the issuer, current interest rates,
current valuations,
the Adviser’s expectations regarding future changes in interest rates and
comparisons of the level of risk associated with particular investments
with
the Adviser’s expectations concerning the potential return of those
investments.
In
selecting investments for the Fund, the Adviser’s research analysts work closely
with the Fund’s portfolio managers to develop an outlook on the economy
from
research produced by various financial firms and specific forecasting services
or from economic data released by the U.S. and foreign governments as
well
as the Federal Reserve Bank. The analysts also conduct a thorough review of
individual securities to identify what they consider attractive values in the
U.S.
government security marketplace through the use of quantitative tools such as
internal and external computer systems and software. The Adviser continuously
monitors an issuer’s creditworthiness to assess whether the obligation remains
an appropriate investment for the Fund. The Adviser seeks to balance
opportunities for yield and price performance by combining macroeconomic
analysis with individual security selection. It emphasizes securities that
tend
to perform particularly well in response to interest rate changes, such as U.S.
Treasury securities in a declining interest rate environment and
mortgage-backed
or U.S. government agency securities in a steady or rising interest rate
environment. The Adviser seeks to increase the opportunity for higher yields
while
maintaining the greater price stability that intermediate-term bonds have
compared to bonds with longer maturities. The Adviser also uses a systematic
model
based on supply and demand patterns in purchasing and selling certain treasury
securities and related derivatives.
In
connection with its principal investment strategies, the Fund may also invest in
investment grade corporate notes and bonds, collateralized loan obligations,
zero-coupon bonds, securities issued pursuant to Rule 144A under the Securities
Act of 1933 (“Rule 144A securities”), and other privately placed investments
such as private credit investments, asset-backed securities and
mortgage-related securities including mortgage dollar rolls, and when-issued
securities, delayed delivery securities and/or forward commitment securities.
Except as provided above or as required by applicable law, the Fund is not
limited in the percentage of its assets that it may invest in these instruments.
In
accordance with applicable SEC requirements, the Fund will notify shareholders
prior to any change to the 80% policy discussed above taking
effect.
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.
Investment
Goals, Strategies and Risks
Securities
Lending
Each
Fund may
lend a portion of its 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
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.
Investment
Goals, Strategies and Risks
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 30 days, is available on each
Fund’s
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 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.
Agency
Securities Risk
Certain
debt securities issued or guaranteed by agencies of the U.S. government are
guaranteed as to the payment of principal and interest by the relevant
entity
but have not been backed by the full faith and credit of the U.S. government.
Instead, they have been supported only by the discretionary authority of
the
U.S. government to purchase the agency’s obligations. An event affecting the
guaranteeing entity could adversely affect the payment of principal or
interest
or both on the security and, therefore, these types of securities should be
considered to be riskier than U.S. government securities. In addition, in
2008
the U.S. Treasury Department placed certain government-sponsored companies into
conservatorship. The companies remain in conservatorship, and the effect
that this conservatorship will have on the companies’ debt and equity securities
is unclear.
Allocation
Risk
A
Fund’s allocations between asset classes and market exposures may not be optimal
in every market condition and may adversely affect the Fund’s performance.
You could lose money on your investment in a Fund as a result of this
allocation.
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
Investment
Goals, Strategies and Risks
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.
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”).
Collateralized
Loan Obligation (“CLO”) Risk
Investments
in CLOs involve risks in addition to the risks associated with investments in
debt obligations and other fixed-income securities such as credit risk,
interest
rate risk, liquidity risk and market/issuer risk. The degree of such risk will
generally correspond to the type of underlying assets and the specific
tranche
in which a Fund is invested. A CLO’s performance is linked to the expertise of
the CLO manager and its ability to manage the CLO’s portfolio. Changes
in
the regulation of CLOs may adversely affect the value of the CLO investments
held by a Fund. The tranche of the CLO held by a Fund may be subordinate to
other
classes of the CLO’s debt. CLO debt is payable solely from the proceeds of the
CLO’s underlying assets and, therefore, if the income from the underlying
loans
is insufficient to make payments on one or more tranches of the CLO’s debt, no
other assets will be available for payment. CLO debt securities may be
subject
to redemption and the timing of redemptions may adversely affect the returns on
CLO debt. The CLO manager may not find suitable assets in which to invest
and the CLO manager’s opportunities to invest may be limited.
Convertible
Securities Risk
Convertible
securities have investment characteristics of both equity and debt securities.
Investments in convertible securities are subject to the usual risks
associated
with debt instruments, such as interest rate risk and credit risk. Convertible
securities also react to changes in the value of the common stock into
which
they convert, and are thus subject to many of the same risks as investing in
common stock. A Fund may convert a convertible security at an inopportune
time,
which may decrease the Fund’s return.
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
Investment
Goals, Strategies and Risks
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,
forwards, options, structured notes and swaps (including credit default
swaps),
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 transfered
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
Investment
Goals, Strategies and Risks
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.
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 initial public offerings 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.
ESG
Risk
Risks
related to ESG factors may impact the performance of securities in which
a
Fund invests. Such ESG
factors include, for example, climate change; resource
depletion; renewal energy usage; governance, diversity and labor practices;
workplace health and safety; supply chain standards; and product health
and
safety. The companies or issuers in which a
Fund invests may not have favorable ESG
characteristics.
Evaluation of ESG factors is qualitative and subjective
by nature, and there is no guarantee that any judgment exercised by a Fund’s
adviser will improve the financial performance of the Fund or reflect
the
beliefs or values of any particular investor.
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
Investment
Goals, Strategies and Risks
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
The
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. The 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
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
Investment
Goals, Strategies and Risks
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.
Models
and Data Risk
The
Adviser utilizes various proprietary quantitative models to identify investment
opportunities. There is a possibility that one or all of the quantitative
models
may fail to identify profitable opportunities at any time. Furthermore, the
models may incorrectly identify opportunities and these misidentified
opportunities
may lead to substantial loss. Models may be predictive in nature and such models
may result in an incorrect assessment of future events. Data used
in the construction of models may prove to be inaccurate or stale, which may
result in losses for a Fund. Investments selected using the models may
perform
differently than expected as a result of the market factors used in creating
models, the weight given to each such market factor, changes from the
market
factors’ historical trends,
human error and
technical issues in the construction and implementation of the models (e.g.,
data problems, and/or software issues).
Models
may cause a Fund’s portfolio to underperform other investment strategies and may
not perform as intended in volatile markets. The
Adviser’s judgments
about the weightings among various models and strategies may be incorrect,
adversely affecting performance.
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.
Stripped
securities are more sensitive to changes in the prevailing interest rates and
the rate of principal payments on the underlying assets than regular
mortgage-related securities. 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 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.
Prepayment
and Extension Risk
Prepayment
and extension risk is the risk that a bond or other security or investment
might, in the case of prepayment risk, be called or otherwise converted,
prepaid
or redeemed before maturity and, in the case of extension risk, that the
investment might not be called as expected. In the case of prepayment risk, if
the
investment is converted, prepaid or redeemed before maturity, the portfolio
managers may not be able to invest the proceeds in other investments
providing
as high a level of income, resulting in a reduced yield to the
Funds.
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.
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.
U.S.
Government Securities Risk
Investments
in certain U.S. government securities may not be supported by the full faith and
credit of the U.S. government. Accordingly, no assurance can be given
that the U.S. government will provide financial support to U.S. government
agencies, instrumentalities or sponsored enterprises if it is not obligated to
do
so by law. The maximum potential liability of the issuers of some U.S.
government securities held by a Fund may greatly exceed their current resources,
and
it is possible that these issuers will not have the funds to meet their payment
obligations in the future. In such a case, a Fund would have to look
principally
to the agency, instrumentality or sponsored enterprise issuing or guaranteeing
the security for ultimate repayment, and the Fund may not be able to
assert a claim against the U.S. government itself in the event the agency,
instrumentality or sponsored enterprise does not meet its commitment. Concerns
about
the capacity or willingness of the U.S. government to meet its obligations may
raise the interest rates payable on its securities, negatively impacting
the
price of such securities already held by a Fund.
Management
Team
Meet
the Funds’ Investment Adviser
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 Funds. 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. Loomis Sayles makes investment decisions
for each of these Funds.
Natixis
Advisors, LLC,
located at 888 Boylston Street, Suite 800, Boston, Massachusetts 02199-8197,
serves as the advisory administrator to the Loomis Sayles
Core Plus Bond Fund, whereby it provides certain administrative and adviser
oversight services in accordance with an Advisory Administration Agreement.
Natixis Advisors, LLC does not determine what investments will be purchased or
sold by the Funds.
The
aggregate advisory fees paid by the Funds during the fiscal year ended September
30, 2023,
as a percentage of each Fund’s average daily net assets, was
0.16% for Loomis Sayles Core Plus Bond Fund1,
0.74%
for Loomis Sayles Global Allocation Fund, 0.50% for Loomis
Sayles Growth Fund, 0.19%
for Loomis
Sayles Intermediate Duration Bond Fund (after waiver) and
0.24%
for Loomis
Sayles Limited Term Government and Agency Fund
(after waiver).
1 |
The
advisory fee for the Loomis Sayles Core Plus Bond Fund consisted of a fee
of 0.16% payable to Loomis Sayles as investment adviser to the Fund and an
advisory administration
fee of 0.16% payable to Natixis Advisors, LLC as advisory administrator to
the Fund. |
A
discussion of the factors considered by the Funds’ Board of Trustees in
approving the Funds’ investment advisory contracts is available in each Fund’s
annual
report for the fiscal year ended September 30, 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, LLC, Loomis Sayles, AEW Capital Management,
L.P.,
AlphaSimplex Group, LLC, Gateway Investment Advisers, LLC, Mirova US LLC,
Harris Associates L.P. or Vaughan Nelson Investment Management, L.P.
(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, Loomis Sayles may use brokerage firms that market the
Funds’ shares or are affiliated with Natixis Investment Managers LLC,
Natixis Advisors,
LLC or Loomis Sayles. In placing trades, Loomis Sayles 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.
Each
portfolio
manager has been employed by Loomis Sayles for at least five years.
Associate
portfolio managers are actively involved in formulating the overall strategy for
the Funds
they manage but are not the primary decision-makers.
Daniel
Conklin, CFA —
Daniel Conklin served as an associate portfolio manager of the Loomis Sayles
Intermediate Duration Bond Fund and Loomis Sayles Limited
Term Government and Agency Fund from 2019 until 2020, at which time his title
changed to portfolio manager for the Fund. Mr. Conklin,
Portfolio
Manager
for the Relative Return Team at
Loomis Sayles, joined Loomis Sayles in 2012. Mr. Conklin earned a B.S. from the
University of Massachusetts, Lowell
and an M.S. from Northeastern University. He
holds the designation of Chartered Financial Analyst®
and has over 13
years of investment management
experience.
Matthew
J. Eagan, CFA —
Matthew J. Eagan has served as co-portfolio manager of the Loomis Sayles
Global
Allocation Fund since 2021. Mr. Eagan, Portfolio
Manager and Co-Head of the Full Discretion Team, and
Director of Loomis Sayles, began his investment career in 1989 and joined Loomis
Sayles in 1997.
Mr. Eagan received a B.A. from Northeastern University and an M.B.A. from Boston
University. He holds the designation of Chartered Financial Analyst®
and
has over 33
years of investment experience.
Aziz
V. Hamzaogullari, CFA
— Aziz V. Hamzaogullari is the Chief
Investment Officer
and founder of the Growth Equity Strategies Team at Loomis Sayles. He
has managed the Loomis Sayles Growth Fund since 2010, when he joined Loomis
Sayles. Mr. Hamzaogullari is a
Director of Loomis Sayles. Mr. Hamzaogullari
received
a B.S. in management from Bilkent University in Turkey and an M.B.A. from George
Washington University. He holds the designation of
Chartered Financial Analyst®
and has 30
years of investment experience.
Christopher
T. Harms —
Christopher T. Harms has served as co-portfolio manager of the Loomis Sayles
Limited Term Government and Agency Fund since 2012
and has served as a portfolio manager of the Loomis Sayles Intermediate Duration
Bond Fund since 2012. Mr. Harms, Portfolio
Manager and Co-Head of the
Relative Return Team at
Loomis Sayles, joined Loomis Sayles in 2010.
Mr. Harms
earned a B.S.B.A. from Villanova University and an M.B.A. from Drexel
University
and
has over 43
years of investment industry experience.
Peter
W. Palfrey, CFA —
Peter W. Palfrey has served as co-lead portfolio manager of the Loomis Sayles
Core Plus Bond Fund since 1996 (including service until
2001 with Back Bay Advisors, the former subadviser of the Loomis Sayles Core
Plus Bond Fund). Alongside Mr. Raczkowski, he is responsible for the
Fund’s
overall sector allocation and security selection decisions for the Fund. Mr.
Palfrey, Portfolio
Manager at
Loomis Sayles, began his investment career in 1983
and joined Loomis Sayles in 2001. Mr. Palfrey received
his B.A. from Colgate University. He holds
the designation of Chartered Financial Analyst®
and has
over 40
years of investment experience.
Richard
G. Raczkowski
— Richard
G. Raczkowski has served as a co-lead portfolio manager of the Loomis Sayles
Core Plus Bond Fund since 1999 (including
service until 2001 with Back Bay Advisors, the former subadviser of the Loomis
Sayles Core Plus Bond Fund). Alongside Mr. Palfrey, he is responsible
for the Fund’s overall sector allocation and security selection decisions for
the Fund. Mr. Raczkowski, Portfolio
Manager and Co-Head of the Relative
Return Team, and
Director of Loomis Sayles, began his investment career in 1985 and joined Loomis
Sayles in 2001. Mr.
Raczkowski
received a B.A. from
the University of Massachusetts and an M.B.A. from Northeastern University and
has over 34
years of investment experience
Eileen
N. Riley, CFA
– Eileen N. Riley has managed the global equity sector of the Loomis Sayles
Global Allocation Fund since 2013. Ms. Riley, Portfolio
Manager
at
Loomis Sayles, began her investment career at Loomis Sayles in 1998. After
pursuing her MBA, she returned to Loomis Sayles in 2003 as a senior global
equity analyst covering the consumer and technology services sectors for the
firm’s Central research group. Ms.
Riley
received a B.A. from Amherst College
and an M.B.A. from Harvard Business School. She holds the designation of
Chartered Financial Analyst®
and has over 23
years of investment experience.
David
W. Rolley, CFA
— David W. Rolley has managed the international fixed-income securities sector
of the Loomis Sayles Global Allocation Fund since 2000.
Mr. Rolley, Portfolio
Manager and Co-Head of the Global Fixed Income Team at
Loomis Sayles, began his investment career in 1980 and joined Loomis
Sayles
in 1994. Mr. Rolley received
a B.A. from Occidental College
and
studied graduate economics at the University of Pennsylvania.
He holds the designation
of Chartered Financial Analyst®
and has over 43
years of investment experience.
Lee
M. Rosenbaum
– Lee M. Rosenbaum has managed the global equity sector of the Loomis Sayles
Global Allocation Fund since 2013. Mr. Rosenbaum, Portfolio
Manager at
Loomis Sayles, began his investment career in 2001 and joined Loomis Sayles in
2008. He received a B.S. from the United States Coast Guard
Academy and an M.B.A. from the Massachusetts Institute of Technology and has
over 22
years of investment experience.
Clifton
V. Rowe, CFA
— Clifton V. Rowe has served as co-portfolio manager of the Loomis Sayles
Limited Term Government and Agency Fund since 2001 and
has served as a portfolio manager of the Loomis Sayles Intermediate Duration
Bond Fund since December 2005. Mr. Rowe, Portfolio
Manager for the Relative
Return Team and the Mortgage and Structured Finance Team at
Loomis Sayles, began his investment career in 1992 and joined Loomis Sayles in
1992.
Mr.
Rowe received a B.B.A. from James Madison University
and an M.B.A
from the University of Chicago.
He holds the designation of Chartered Financial
Analyst®
and has over 31
years of investment experience.
Agency
MBS Portfolio Managers
Ian
Anderson
— Ian Anderson has served as co-agency MBS portfolio manager of the Loomis
Sayles Core Plus Bond Fund since 2020. Alongside Mr. Sankaran,
he is responsible for security selection with respect to the agency
mortgage-backed securities portion of the Fund. Mr. Anderson,
Agency
MBS Strategist
for the Mortgage and Structured Finance Team and Lead Portfolio Manager for the
Dedicated Agency MBS Strategies at
Loomis Sayles, began his investment
career in 1998 and joined Loomis Sayles in 2011. Prior to Loomis Sayles, Mr.
Anderson served as a senior portfolio manager and an agency collateralized
mortgage obligation trader for Fannie Mae and was also previously a research
analyst for the Federal Reserve Board of Governors. Mr.
Anderson
earned a B.S. in economics from the University of Chicago and an M.S. in finance
from the George Washington University and has over 25
years of investment
management experience.
Barath
W. Sankaran, CFA
— Barath W. Sankaran has served as co-agency MBS portfolio manager of the Loomis
Sayles Core Plus Bond Fund since 2020. Alongside
Mr. Anderson, he is responsible for security selection with respect to the
agency mortgage-backed securities portion of the Fund. Mr. Sankaran,
Co-Portfolio
Manager for the Dedicated Agency MBS Strategies at
Loomis Sayles, began his investment career in 2009 and joined Loomis Sayles in
2009. Prior
to Loomis Sayles, Mr. Sankaran held multiple roles at Johnson & Johnson. Mr.
Sankaran earned a B.S. from Carnegie Mellon University and an M.B.A.
from
the Sloan School of Management at the Massachusetts Institute of Technology. He
holds the designation of Chartered Financial Analyst®
and has 14
years
of investment 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 Adviser, 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 (or $500,000 or more for the Loomis Sayles Limited Term Government
and
Agency Fund), but you may pay a charge on redemptions if you redeem these
shares within 18 months of purchase. |
If
you were a Retail Class shareholder of a Fund as of the date such shares were
redesignated Class A shares, you are eligible to purchase Class A shares
without
a sales charge, provided you have held fund shares in your existing account
since that date. Due to operational limitations at your financial intermediary,
a sales charge or contingent deferred sales charge (“CDSC”) may be assessed
unless you inform the financial intermediary at the time you make any
additional purchase that you were a Retail Class shareholder of
a
Fund and are eligible to purchase Class A shares without a sales charge.
Notwithstanding
the foregoing, former Retail Class shareholders may not be eligible to purchase
shares at the NAV through a financial intermediary if the nature
of your relationship with, and/or the services you receive from, the financial
intermediary changes. Please consult your financial representative for
further
details.
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 T and Class C 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 Core Plus Bond Fund, Loomis Sayles Intermediate
Duration Bond Fund |
|
|
Loomis
Sayles Limited Term Government and Agency
Fund |
Your
Investment |
As
a % of offering price |
As
a % of your investment |
|
Your
Investment |
As
a % of offering price |
As
a % of your investment |
Less
than $100,000 |
4.25% |
4.44% |
|
Less
than $100,000 |
2.25% |
2.30% |
$100,000-$249,999 |
3.50% |
3.63% |
|
$100,000-$249,999 |
1.75% |
1.78% |
$250,000-$499,999 |
2.50% |
2.56% |
|
$250,000-$499,999 |
1.25% |
1.27% |
$500,000-$999,999 |
2.00% |
2.04% |
|
$500,000
or more** |
0.00% |
0.00% |
$1,000,000
or more*** |
0.00% |
0.00% |
|
|
Loomis
Sayles Global Allocation Fund, Loomis Sayles Growth
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% |
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 $500,000 or more, there is no front-end sales charge, but
a CDSC
of 0.75% 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.” |
*** |
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 $100,000 or more (or $50,000 or more for Loomis Sayles
Global
Allocation Fund and Loomis Sayles Growth 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% |
| |
Year
Since Purchase |
CDSC
on Shares Being Sold |
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 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: |
|
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 Adviser. 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 Funds’
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.
|
| |
Annually |
Monthly |
Daily |
Loomis
Sayles Global Allocation Fund |
Loomis
Sayles Core Plus Bond Fund |
Loomis
Sayles Limited Term Government and Agency Fund†
|
Loomis
Sayles Growth Fund |
Loomis
Sayles Intermediate Duration Bond Fund |
|
† |
Declares
dividends for each class daily and pays them
monthly. |
In
addition, 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 potentially
reduce or eliminate, and have in the past reduced and eliminated, regularly
scheduled distributions for certain funds.
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 Natixis 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 each year
for treatment 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. The
Funds
are not managed with a view toward minimizing taxes imposed on such
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 as ordinary income.
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. Dividends received
by the Fund from foreign corporations that are not eligible for the benefits of
a comprehensive income tax treaty with the U.S. (other than dividends
paid
on stock of such a foreign corporation that is readily tradable on an
established securities market in the U.S.) will not be treated as qualified
dividend income,
and hence will not increase the amount of a Fund’s distributions that may be
reported 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
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 dividends are declared, rather than the
year in which the dividends are received.
Dividends
derived from interest on securities issued by the U.S. government or its
agencies or instrumentalities, if any, may be exempt from state and local
income
taxes. Each Fund will advise shareholders annually of the proportion of its
dividends that are derived from such interest.
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. The Funds generally do not expect
that shareholders will be entitled to claim a credit or deduction with
respect
to foreign taxes incurred by a Fund. In addition, a Fund’s investments in
foreign securities and foreign currency 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, REITs 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. In particular, 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.
The
Loomis Sayles Core Plus Bond Fund, Loomis Sayles Intermediate Duration Bond Fund
and Loomis Sayles Limited Term Government and Agency Fund may at
times purchase debt instruments at a discount from the price at which they were
originally issued, especially during periods of rising interest rates. For U.S.
federal
income tax purposes, some or all of this market discount will, when recognized
as income by a Fund, be included in such Fund’s ordinary income, and
will
be taxable to shareholders as such when it is distributed.
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 Natixis
Funds Trust I annual report,
Loomis
Sayles Funds I annual report
and Loomis
Sayles Funds II annual report
are
incorporated
by reference into the SAI, all 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 Core Plus Bond Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
A |
|
Year
Ended September
30, 2023 |
Year
Ended September
30, 2022 |
Year
Ended September
30, 2021 |
Year
Ended September
30, 2020 |
Year
Ended September
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(b)
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
expenses |
|
|
|
|
|
|
|
|
|
|
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, 2022, the expense limit decreased from 0.75% to
0.74%. |
(f) |
Effective
July 1, 2020, the expense limit decreased from 0.80% to
0.75%. |
(g) |
The
variation in the Fund’s turnover rate from 2019 to 2020 was primarily due
to a significant repositioning of the
portfolio. |
For
a share outstanding throughout each period.
Loomis
Sayles Core Plus Bond Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
C |
|
Year
Ended September
30, 2023 |
Year
Ended September
30, 2022 |
Year
Ended September
30, 2021 |
Year
Ended September
30, 2020 |
Year
Ended September
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(b)
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
expenses |
|
|
|
|
|
|
|
|
|
|
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, 2022, the expense limit decreased from 1.50% to
1.49%. |
(f) |
Effective
July 1, 2020, the expense limit decreased from 1.55% to
1.50%. |
(g) |
The
variation in the Fund’s turnover rate from 2019 to 2020 was primarily due
to a significant repositioning of the
portfolio. |
For
a share outstanding throughout each period.
Loomis
Sayles Core Plus Bond Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
N |
|
Year
Ended September
30, 2023 |
Year
Ended September
30, 2022 |
Year
Ended September
30, 2021 |
Year
Ended September
30, 2020 |
Year
Ended September
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 |
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
expenses |
|
|
|
|
|
|
|
|
|
|
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) |
Effective
July 1, 2022, the expense limit decreased from 0.45% to
0.44%. |
(c) |
Effective
July 1, 2020, the expense limit decreased from 0.50% to
0.45%. |
(d) |
The
variation in the Fund’s turnover rate from 2019 to 2020 was primarily due
to a significant repositioning of the
portfolio. |
For
a share outstanding throughout each period.
Loomis
Sayles Core Plus Bond Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
Y |
|
Year
Ended September
30, 2023 |
Year
Ended September
30, 2022 |
Year
Ended September
30, 2021 |
Year
Ended September
30, 2020 |
Year
Ended September
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 |
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
expenses |
|
|
|
|
|
|
|
|
|
|
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, 2022, the expense limit decreased from 0.50% to
0.49%. |
(e) |
Effective
July 1, 2020, the expense limit decreased from 0.55% to
0.50%. |
(f) |
The
variation in the Fund’s turnover rate from 2019 to 2020 was primarily due
to a significant repositioning of the
portfolio. |
For
a share outstanding throughout each period.
Loomis
Sayles Global Allocation Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
A |
|
Year
Ended September
30, 2023 |
Year
Ended September
30, 2022 |
Year
Ended September
30, 2021 |
Year
Ended September
30, 2020 |
Year
Ended September
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(b)
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
expenses |
|
|
|
|
|
|
|
|
|
|
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. |
For
a share outstanding throughout each period.
Loomis
Sayles Global Allocation Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
C |
|
Year
Ended September
30, 2023 |
Year
Ended September
30, 2022 |
Year
Ended September
30, 2021 |
Year
Ended September
30, 2020 |
Year
Ended September
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(c)
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
expenses |
|
|
|
|
|
|
|
|
|
|
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) |
A
contingent deferred sales charge for Class C shares is not reflected in
total return calculations. |
For
a share outstanding throughout each period.
Loomis
Sayles Global Allocation Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
N |
|
Year
Ended September
30, 2023 |
Year
Ended September
30, 2022 |
Year
Ended September
30, 2021 |
Year
Ended September
30, 2020 |
Year
Ended September
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 |
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
expenses |
|
|
|
|
|
|
|
|
|
|
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. |
For
a share outstanding throughout each period.
Loomis
Sayles Global Allocation Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
Y |
|
Year
Ended September
30, 2023 |
Year
Ended September
30, 2022 |
Year
Ended September
30, 2021 |
Year
Ended September
30, 2020 |
Year
Ended September
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 |
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
expenses |
|
|
|
|
|
|
|
|
|
|
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. |
For
a share outstanding throughout each period.
Loomis
Sayles Growth Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
A |
|
Year
Ended September
30, 2023 |
Year
Ended September
30, 2022 |
Year
Ended September
30, 2021 |
Year
Ended September
30, 2020 |
Year
Ended September
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(b)
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
expenses |
|
|
|
|
|
|
|
|
|
|
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) |
A
sales charge for Class A shares is not reflected in total return
calculations. |
For
a share outstanding throughout each period.
Loomis
Sayles Growth Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
C |
|
Year
Ended September
30, 2023 |
Year
Ended September
30, 2022 |
Year
Ended September
30, 2021 |
Year
Ended September
30, 2020 |
Year
Ended September
30, 2019 |
Net
asset value, beginning of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Income
(loss) from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
Net
investment 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(b)
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
expenses |
|
|
|
|
|
|
|
|
|
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
|
Net
investment loss |
|
|
|
|
|
|
|
|
|
|
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
|
| |
(a) |
Per
share net investment loss 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. |
For
a share outstanding throughout each period.
Loomis
Sayles Growth Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
N |
|
Year
Ended September
30, 2023 |
Year
Ended September
30, 2022 |
Year
Ended September
30, 2021 |
Year
Ended September
30, 2020 |
Year
Ended September
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 |
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
expenses |
|
|
|
|
|
|
|
|
|
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
|
| |
(a) |
Per
share net investment income (loss) has been calculated using the average
shares outstanding during the period. |
For
a share outstanding throughout each period.
Loomis
Sayles Growth Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
Y |
|
Year
Ended September
30, 2023 |
Year
Ended September
30, 2022 |
Year
Ended September
30, 2021 |
Year
Ended September
30, 2020 |
Year
Ended September
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 |
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
expenses |
|
|
|
|
|
|
|
|
|
|
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. |
For
a share outstanding throughout each period.
Loomis
Sayles Intermediate Duration Bond Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
A |
|
Year
Ended September
30, 2023 |
Year
Ended September
30, 2022 |
Year
Ended September
30, 2021 |
Year
Ended September
30, 2020 |
Year
Ended September
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)(d)
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
expenses(e)
|
|
|
|
|
|
|
|
|
|
|
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) |
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. |
For
a share outstanding throughout each period.
Loomis
Sayles Intermediate Duration Bond Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
C |
|
Year
Ended September
30, 2023 |
Year
Ended September
30, 2022 |
Year
Ended September
30, 2021 |
Year
Ended September
30, 2020 |
Year
Ended September
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(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. |
For
a share outstanding throughout each period.
Loomis
Sayles Intermediate Duration Bond Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
N |
|
Year
Ended September
30, 2023 |
Year
Ended September
30, 2022 |
Year
Ended September
30, 2021 |
Year
Ended September
30, 2020 |
Period
Ended September
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(b)
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
expenses(d)
|
|
|
|
|
|
|
|
|
|
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
|
| |
* |
From
commencement of Class operations on February 1, 2019 through September 30,
2019. |
(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) |
Periods
less than one year are not annualized. |
(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) |
Computed
on an annualized basis for periods less than one year. |
(f) |
Represents
the Fund’s portfolio turnover rate for year ended September 30,
2019. |
For
a share outstanding throughout each period.
Loomis
Sayles Intermediate Duration Bond Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
Y |
|
Year
Ended September
30, 2023 |
Year
Ended September
30, 2022 |
Year
Ended September
30, 2021 |
Year
Ended September
30, 2020 |
Year
Ended September
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(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. |
For
a share outstanding throughout each period.
Loomis
Sayles Limited Term Government and Agency Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
A |
|
Year
Ended September
30, 2023 |
Year
Ended September
30, 2022 |
Year
Ended September
30, 2021 |
Year
Ended September
30, 2020 |
Year
Ended September
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 |
|
|
|
|
|
|
|
|
|
|
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) |
Includes
refund of prior year service fee of 0.01%. |
(f) |
Includes
refund of prior year service fee of 0.01%. |
(g) |
Effective
July 1, 2021, the expense limit decreased from 0.75% to
0.70%. |
(h) |
Effective
July 1, 2020, the expense limit decreased from 0.80% to
0.75%. |
(i) |
The
variation in the Fund’s turnover rate from 2019 to 2020 is due to changes
in volume of U.S. Treasury securities related to certain trading
strategies. |
For
a share outstanding throughout each period.
Loomis
Sayles Limited Term Government and Agency Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
C |
|
Year
Ended September
30, 2023 |
Year
Ended September
30, 2022 |
Year
Ended September
30, 2021 |
Year
Ended September
30, 2020 |
Year
Ended September
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
asset value, end of the period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Total
return(c)
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
expenses |
|
|
|
|
|
|
|
|
|
|
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) |
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) |
Effective
July 1, 2021, the expense limit decreased from 1.50% to
1.45%. |
(g) |
Effective
July 1, 2020, the expense limit decreased from 1.55% to
1.50%. |
(h) |
The
variation in the Fund’s turnover rate from 2019 to 2020 is due to changes
in volume of U.S. Treasury securities related to certain trading
strategies. |
For
a share outstanding throughout each period.
Loomis
Sayles Limited Term Government and Agency Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
N |
|
Year
Ended September
30, 2023 |
Year
Ended September
30, 2022 |
Year
Ended September
30, 2021 |
Year
Ended September
30, 2020 |
Year
Ended September
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, 2021, the expense limit decreased from 0.45% to
0.40%. |
(e) |
Effective
July 1, 2020, the expense limit decreased from 0.50% to
0.45%. |
(f) |
The
variation in the Fund’s turnover rate from 2019 to 2020 is due to changes
in volume of U.S. Treasury securities related to certain trading
strategies. |
For
a share outstanding throughout each period.
Loomis
Sayles Limited Term Government and Agency Fund
|
|
|
|
|
|
|
|
|
| |
|
Class
Y |
|
Year
Ended September
30, 2023 |
Year
Ended September
30, 2022 |
Year
Ended September
30, 2021 |
Year
Ended September
30, 2020 |
Year
Ended September
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 |
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of the period (000’s) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Net
expenses |
|
|
|
|
|
|
|
|
|
|
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, 2021, the expense limit decreased from 0.50% to
0.45%. |
(e) |
Effective
July 1, 2020, the expense limit decreased from 0.55% to
0.50%. |
(f) |
The
variation in the Fund’s turnover rate from 2019 to 2020 is due to changes
in volume of U.S. Treasury securities related to certain trading
strategies. |
Appendix
A - Financial Intermediary Specific Sales Load Waivers
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 - Financial Intermediary Specific Sales Load Waivers
• 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 - Financial Intermediary Specific Sales Load Waivers
•
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 - Financial Intermediary Specific Sales Load Waivers
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
Shareholders
purchasing Fund shares through a Merrill Lynch 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 Prospectus or in the
SAI.
Front-end
Sales Load Waivers on Class A Shares available at Merrill Lynch
• |
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 a 529 Plan (does not include 529 Plan units or 529-specific
share classes or equivalents); |
• |
Shares
purchased through a Merrill Lynch affiliated investment advisory
program; |
• |
Shares
exchanged due to the holdings moving from a Merrill Lynch affiliated
investment advisory program to a Merrill Lynch brokerage (non-advisory)
account
pursuant to Merrill Lynch’s policies relating to sales load discounts and
waivers |
• |
Shares
purchased by third party investment advisors on behalf of their advisory
clients through Merrill Lynch’s platform; |
• |
Shares
of funds purchased through the Merrill Edge Self-Directed platform (if
applicable); |
• |
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
exchanged from Class C (i.e., level-load) shares of the same fund pursuant
to Merrill Lynch’s policies and procedures relating to sales load
discounts
and waivers; |
• |
Employees
and registered representatives of Merrill Lynch 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 the Prospectus;
and |
• |
Eligible
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
(known
as Rights of Reinstatement). Automated transactions (i.e. systematic
purchases and withdrawals) and purchases made after shares are
automatically
sold to pay Merrill Lynch’s account maintenance fees are not eligible for
reinstatement. |
CDSC
Waivers on Class A and Class C Shares available at Merrill
Lynch
• |
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 pursuant to the Internal Revenue
Code; |
• |
Shares
sold to pay Merrill Lynch fees but only if the transaction is initiated by
Merrill Lynch; |
• |
Shares
acquired through a right of reinstatement;
and |
• |
Shares
held in retirement brokerage accounts, that are exchanged for a lower cost
share class due to transfer to a fee based account or platform
(applicable
to Class A and C shares only). |
• |
Shares
received through an exchange due to the holdings moving from a Merrill
Lynch affiliated investment advisory program to a Merrill Lynch brokerage
(non-advisory)
account pursuant to Merrill Lynch’s policies relating to sales load
discounts and waivers. |
Front-end
load Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation
& Letters of Intent
• |
Breakpoints
as described in this Prospectus; |
• |
Rights
of Accumulation (ROA) which entitle shareholders to breakpoint discounts
as described in this prospectus will be automatically calculated based on
the
aggregated holding of fund family assets held by accounts (including 529
program holdings where applicable) within the purchaser’s household at
|
Appendix
A - Financial Intermediary Specific Sales Load Waivers
|
Merrill
Lynch. Eligible fund family assets not held at Merrill Lynch may be
included in the ROA calculation only if the shareholder notifies his or
her financial
advisor about such assets; and |
• |
Letters
of Intent (LOI) which allow for breakpoint discounts based on anticipated
purchases within a fund family, through Merrill Lynch, over a 13-month
period
of time (if applicable). |
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
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
Appendix
A - Financial Intermediary Specific Sales Load Waivers
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
•
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
Appendix
A - Financial Intermediary Specific Sales Load Waivers
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
| |
Blended
Index |
A
combination of benchmarks against which a portfolio can be compared.
Weights are assigned to each individual benchmark in the blend,
and a rebalancing frequency is set for how often the blend is reset to its
original weights. These rebalancings will not necessarily correspond
to the rebalancing of the Loomis Sayles Global Allocation Fund’s
investment portfolio, and the relative weightings of the asset
classes in the Fund will generally differ to some extent from the
weightings in the Blended Index. The blended index for the Loomis
Sayles
Global Allocation Fund is composed of the following weights: 60% MSCI
All Country World Index (Net)/40% Bloomberg Global Aggregate
Bond Index. |
Bloomberg
U.S. 1-5 Year Government
Bond Index |
A
subindex of the Bloomberg U.S. Government Index, which is comprised of the
Bloomberg U.S Treasury and U.S. Agency Indices. The Bloomberg
U.S. Government Index includes Treasuries (public obligations of the U.S.
Treasury that have remaining maturities of more than
one year) and U.S. agency debentures (publicly issued debt of U.S.
Government agencies, quasi-federal corporations, and corporate
or
foreign debt guaranteed by the US Government). The Bloomberg U.S.
Government Index is a component of the Bloomberg U.S. Government/Credit
Bond Index and the Bloomberg U.S. Aggregate Bond Index. |
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. |
Bloomberg
U.S. Intermediate Government/Credit
Bond Index |
Includes
securities in the intermediate maturity range within the Government and
Credit Indices. The Government Index includes treasuries
(i.e., public obligations of the U.S. Treasury that have remaining
maturities of more than one year) and agencies (i.e., publicly
issued
debt of U.S. Government agencies, quasi-federal corporations, and
corporate or foreign debt guaranteed by the U.S. Government). The
Credit Index includes publicly issued US corporate and foreign debentures
and secured notes that meet specified maturity, liquidity, and
quality requirements. |
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. |
Russell
1000®
Growth Index |
An
unmanaged index that measures the performance of the large-cap growth
segment of the US equity universe. It includes those Russell
1000® companies with higher price-to-book ratios and higher forecasted
growth values. |
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. |
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.
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Investment
Company Act File No. 811-06241 |
XB51-0224 |
Investment
Company Act File No. 811-08282 |
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Investment
Company Act File No. 811-04323 |
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