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LOOMIS SAYLES FUNDS II
497
2020-06-30
2020-03-31
2023-12-31
2020-03-31
2026-05-01
Loomis Sayles High Income Fund
Investment Goal
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund seeks high current income plus the opportunity for capital appreciation to produce a high total return.</span></div>
Fund Fees & Expenses
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">brokerage commissions and other fees to financial intermediaries, which are not reflected in this table. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> More information about these and other discounts is available from your financial professional and in the section “How Sales Charges Are Calculated” on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">73</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> of the Prospectus, in Appendix A to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Prospectus and on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">106</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> in the section “Reduced Sales Charges” of the Statement of Additional Information (“SAI”).</span></div>
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.
100000
Shareholder Fees(fees paid directly from your investment)
0.0425
0
0
0
0.01
0
0
0
0
0
0
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"> 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">date of purchase.</span>
Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)
0.0055
0.0055
0.0055
0.0055
0.0025
0.01
0
0
0.0053
0.0053
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0.0208
0.0102
0.0108
0.0095
0.017
0.0065
0.007
April 30, 2027
Example
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">except that the example is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement assuming that such waiver and/or reimbursement will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">only be in place through the dates noted above and on the Total Annual Fund Operating Expenses for the remaining periods. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example for Class C shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">for the ten-year period reflects the conversion to Class A shares after eight years.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example does not take into account brokerage commissions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fees to financial intermediaries that you may pay on your purchases and sales of shares of the Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Although your actual costs may be higher or lower, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">based on these assumptions your costs would be:</span></div>
<div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:50.001795332136446%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.651705565529623%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>If shares are redeemed:</b></span>
</div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>1 year</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>3 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>5 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>10 years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class A</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">518</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">793</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1,088</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1,927</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class C</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">273</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">615</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1,084</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">2,188</span></div>
</td>
</tr>
</table></div><div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:50.001795332136446%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.651705565529623%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>If shares are redeemed:</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>1 year</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>3 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>5 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>10 years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class N</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">66</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">288</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">527</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1,214</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class Y</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">72</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">306</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">559</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1,283</span></div>
</td>
</tr>
</table></div>
If shares are redeemed:
518
793
1088
1927
273
615
1084
2188
66
288
527
1214
72
306
559
1283
<div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:50.001795332136446%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.651705565529623%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>If shares are not redeemed:</b></span>
</div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>1 year</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>3 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>5 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>10 years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class C</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">173</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">615</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1,084</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">2,188</span></div>
</td>
</tr>
</table></div>
If shares are not redeemed:
173
615
1084
2188
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">107%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> of the average value of its portfolio.</span></div>
1.07
Investments, Risks and PerformancePrincipal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Under normal circumstances, the Fund will invest at least 80% of its assets in below investment grade fixed-income securities (commonly known as “junk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">bonds”). Below investment grade fixed-income securities are rated below investment grade quality (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;margin-left:0pt;margin-left:0pt;"><i>i.e.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">, none of the three major </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rating</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> agencies (Moody’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Investors Service, Inc. (“Moody’s”),</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fitch </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Ratings</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">, Inc. (“Fitch”) or S&P Global Ratings (“S&P”)), have rated the securities in one of its top four rating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">categories) or, if the security is unrated, are determined by the Adviser to be of comparable quality. There is no minimum rating for the securities in which the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund may invest. The Fund may invest up to 30% of its assets in U.S. dollar-denominated foreign fixed-income securities, including those in emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets. Although certain securities purchased by the Fund may be issued by domestic companies incorporated outside of the United States, the Adviser does </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">not consider these securities to be foreign if the issuer is included in the U.S. fixed-income indices published by Bloomberg.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Adviser performs its own extensive credit analysis to determine the creditworthiness and potential for capital appreciation of a security. The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">management minimizes both market timing and interest rate forecasting. Instead, it uses a strategy based on gaining a thorough understanding of industry </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and company dynamics as well as individual security characteristics such as issuer debt and debt maturity schedules, earnings prospects, responsiveness to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in interest rates, experience and perceived strength of management, borrowing requirements and liquidation value, market price in relation to cash </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">flow, interest and dividends.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">valuations, the Adviser’s expectations regarding future changes in interest rates and comparisons of the level of risk associated with particular investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">with the Adviser’s expectations concerning the potential return of those investments.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In selecting investments for the Fund, the Adviser utilizes the skills of its in-house team of more than 30 research analysts to cover a broad universe of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">industries, companies and markets. The Fund’s portfolio managers take advantage of these extensive resources to identify securities that meet the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investment criteria. The Adviser employs a selection strategy that focuses on a value-driven, bottom-up approach to identify securities that provide an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">opportunity for both generous yields and capital appreciation. The Adviser analyzes an individual company’s potential for positive financial news to determine </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">if it has growth potential. Examples of positive financial news include an upward turn in the business cycle, improvement in cash flows, rising profits or the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">awarding of new contracts. The Adviser emphasizes in-depth credit analysis, appreciation potential and diversification in its bond selection. Each bond is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">evaluated to assess the ability of its issuer to pay interest and, ultimately, principal (which helps the Fund generate an ongoing flow of income). The Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">also assesses a bond’s relation to market conditions within its industry and favors bonds whose prices may benefit from positive business developments. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Adviser seeks to diversify the Fund’s holdings to reduce the inherent risk in below investment grade fixed-income securities.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In connection with its principal investment strategies, the Fund may also invest in structured notes, collateralized loan obligations, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bank loans, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">zero-coupon </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities, pay-in-kind securities, convertible securities, securities issued pursuant to Rule 144A under the Securities Act of 1933 (“Rule 144A </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities”), other privately placed investments such as private credit investments, and futures, forward contracts and swaps (including credit default swaps) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">for hedging and investment purposes. The Fund may from time to time satisfy the 80% test above by obtaining investment exposure to below investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">grade fixed-income securities through investments in these derivative instruments. Except as provided above or as required by applicable law, the Fund is not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">limited in the percentage of its assets that it may invest in these instruments.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You may lose money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by investing in the Fund.</span>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund shares are not bank deposits and are not guaranteed, endorsed or insured by the Federal Deposit Insurance Corporation or any other government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agency, and are subject to investment risks, including possible loss of the principal invested.</span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Below Investment Grade Fixed-Income Securities Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund’s investments in below investment grade fixed-income securities, also known as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">“junk bonds,” may be subject to greater risks than other fixed-income securities, including being subject to greater levels of interest rate risk, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">speculative for below investment grade fixed-income securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Credit/Counterparty Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit/counterparty risk is the risk that the issuer or guarantor of a fixed-income security, or the counterparty to a derivative or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">its derivatives transactions. This risk will be heightened to the extent the Fund enters into derivatives transactions with a single counterparty (or affiliated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">counterparties that are part of the same organization), causing the Fund to have significant exposure to such counterparty. Many of the protections afforded </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">to participants on organized exchanges and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">clearing houses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">, such as the performance guarantee given by a central </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">clearing house</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">, are not available in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">connection with over-the-counter (“OTC”) derivatives transactions, such as foreign currency transactions. For centrally cleared derivatives, such as cleared </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">swaps, futures and many options, the primary credit/counterparty risk is the creditworthiness of the Fund’s clearing broker and the central </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">clearing house</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">itself.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Market/Issuer Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The market value of the Fund’s investments will move up and down, sometimes rapidly and unpredictably, based upon overall market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial condition and demand for the issuers’ goods and services.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Interest Rate Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities with relatively longer durations than for funds that invest in fixed-income securities with shorter durations. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The value of zero-coupon and pay-in-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">kind bonds may be more sensitive to fluctuations in interest rates than other fixed-income securities.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In addition, an economic downturn or period of rising </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund. Fiscal, economic, monetary or other governmental or central bank policies, actions or measures have in the past, and may in the future, cause or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">exacerbate risks associated with interest rates, including fluctuations in interest rates.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Liquidity Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">During times of market turmoil, there may be no buyers or sellers for securities in certain asset classes and dealers may be unwilling or unable to make a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market for certain securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Securities acquired in a private placement, such as Rule 144A securities and privately negotiated credit and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are generally subject to significant liquidity risk because they are subject to strict restrictions on resale and there may be no liquid secondary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market or ready purchaser for such securities. In other circumstances, liquid investments may become illiquid. Derivatives, and particularly OTC derivatives, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are generally subject to liquidity risk as well.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Liquidity issues may also make it difficult to value the Fund’s investments. The Fund may invest in liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments that become illiquid due to financial distress, or geopolitical events such as sanctions, trading halts or wars.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>Bank Loans Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> Bank loans risk is the risk that the Fund’s investments in bank loans are subject to credit risk and may not be adequately collateralized. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Indebtedness of borrowers whose creditworthiness is poor involves substantially greater risks and may be highly speculative. The interest rates on many bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans reset frequently, and thus bank loans are subject to interest rate risk. Transactions in bank loans may settle on a delayed basis, such that the Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not receive the proceeds from the sale of a loan for a substantial period of time after the sale. There may also be less public information available about bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans as compared to other debt securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Convertible Securities Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Convertible securities have investment characteristics of both equity and debt securities. Investments in convertible securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">value of the common stock into which they convert, and are thus subject to many of the same risks as investing in common stock. The Fund may convert a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">convertible security at an inopportune time, which may decrease the Fund’s return.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Cybersecurity and Technology Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund, its service providers,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and other market participants increasingly depend on complex information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">technology and communications systems, which are subject to a number of different threats and risks that could adversely affect the Fund and its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shareholders. Cybersecurity and other operational and technology issues may result in financial losses to the Fund and its shareholders.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Derivatives Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Derivative instruments (such as those in which the Fund may invest, including futures, forward contracts, structured notes and swaps </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">losses greater than those that would have occurred had derivatives not been used. The Fund’s use of derivatives, such as futures, forward contracts, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">structured notes and swaps (including credit default swaps) involves other risks, such as credit/counterparty risk relating to the other party to a derivative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">contract (which is greater for forward currency contracts, uncleared swaps and other OTC derivatives), the risk of difficulties in pricing and valuation, the risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">unable to terminate or sell a derivative position at an advantageous time or price. The Fund’s derivative counterparties may experience financial difficulties or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">otherwise be unwilling or unable to honor their obligations, possibly resulting in losses to the Fund.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Emerging Markets Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In addition to the risks of investing in foreign investments generally, emerging markets investments are subject to greater risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">arising from political or economic instability, war, nationalization or confiscatory taxation, currency exchange or repatriation restrictions, sanctions by other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">countries (such as the United States or the European Union), new or inconsistent government treatment of or restrictions on issuers and instruments, and an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer’s unwillingness or inability to make dividend, principal or interest payments on its securities. Emerging markets companies may be smaller and have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shorter operating histories than companies in developed markets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Foreign Securities Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risks. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund’s investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Foreign securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Large Shareholder Transaction Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Ownership of shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may be concentrated in one or a few large investors. Such investors may redeem </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shares in large quantities or on a frequent basis. In addition, a large number of shareholders collectively may purchase or redeem Fund shares in large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">amounts rapidly or unexpectedly (collectively, such transactions are referred to as “large shareholder transactions”). In the event of a large shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, the Fund may be required to sell investments at unfavorable times or prices, which may increase realized capital gains, including short-term </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">capital gains taxable as ordinary income for shareholders who hold Fund shares in a taxable account, may accelerate the realization of taxable income to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shareholders, may increase transaction costs, and may otherwise negatively impact fund performance. The effects of taxable income and/or gains resulting </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">from large shareholder transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA, 401(k) plan or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">tax-advantaged plan. In addition, such transactions potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">capital gains (if any). Such transactions may also increase the Fund’s expenses. A number of circumstances may cause </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fund to experience large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">redemptions, such as changes in the eligibility criteria for the Fund or share class of the Fund; liquidations, reorganizations, repositionings, or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Leverage Risk: </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Leverage is the risk associated with securities or investment practices (e.g., borrowing and the use of certain derivatives) that multiply small </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may lead to significant losses if investments are not successful.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Management Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> A strategy used by the Fund’s portfolio managers may fail to produce the intended result. </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Mortgage-Related and Asset-Backed Securities Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In addition to the risks associated with investments in fixed-income securities generally (for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">example, credit, liquidity, inflation and valuation risk), mortgage-related and asset-backed securities are subject to the risks of the mortgages and assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">assets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>Portfolio Turnover Rate Risk: </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may engage in active and frequent trading of portfolio securities to pursue its principal investment strategy. A high </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">term capital gains or losses to shareholders. Portfolio turnover is subject to fluctuations and is dependent on certain factors including current market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conditions, portfolio re-balancing, cash flows, new issuance, and individual portfolio needs.</span></div>
Risk/Return Bar Chart and Table
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the market sectors in which the Fund primarily invests.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Performance for Class C shares includes the automatic conversion to Class A shares after eight years, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">where applicable.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Updated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">im.natixis.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and/or by calling the Fund toll-free at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">800-225-5478</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">. </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">return.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">waived or reimbursed during the period, total returns would have been lower.</span></div>
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.
The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
im.natixis.com
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.
Total Returns for Class Y Shares
<div><img alt="image" src="pr4833img002.jpg"/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Highest Quarterly Return:</span><br/><br/><span style="-sec-ix-hidden: quaterdateinyy_4833-2_2020-06-30"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Second Quarter 2020</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">11.39%</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Lowest Quarterly Return:</span><br/><span style="-sec-ix-hidden: quaterdateinyy_4833-3_2020-06-30"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">First Quarter 2020</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">-14.16%</span></div>
Highest Quarterly Return:
0.1139
Lowest Quarterly Return:
-0.1416
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</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;">(for the periods ended December 31, 2025)</span>
</div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>Past 1 Year</b></span></div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>Past 5 Years</b></span></div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>Past 10 Years</b></span></div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>Life of Class N</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>(11/30/16)</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class Y - Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">9.16%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">3.19%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">5.51%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Return After Taxes on Distributions</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">6.38%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">0.55%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">3.11%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Return After Taxes on Distributions and Sale of Fund Shares</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">5.36%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1.23%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">3.19%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class A - Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">4.25%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">2.05%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">4.77%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class C - Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">6.99%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">2.12%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">4.61%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class N - Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">9.19%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">3.23%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">4.69%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Bloomberg U.S. Aggregate Bond Index</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">7.30%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-0.36%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">2.01%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1.93%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Bloomberg U.S. Corporate High-Yield Bond Index</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">8.62%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">4.51%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">6.53%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">5.55%</span></div>
</td>
</tr>
</table></div>
Average Annual Total Returns(for the periods ended December 31, 2025)
0.0916
0.0319
0.0551
0.0638
0.0055
0.0311
0.0536
0.0123
0.0319
0.0425
0.0205
0.0477
0.0699
0.0212
0.0461
0.0919
0.0323
0.0469
0.073
-0.0036
0.0201
0.0193
0.0862
0.0451
0.0653
0.0555
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">hold their shares through tax-advantaged arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The after-tax returns are shown for only one class of the Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">After-tax returns for the other classes of the Fund will vary.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Index </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance reflects no deduction for fees, expenses or taxes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div>
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
Loomis Sayles International Growth Fund
Investment Goal
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s investment goal is long-term growth of capital.</span></div>
Fund Fees & Expenses
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">brokerage commissions and other fees to financial intermediaries, which are not reflected in this table. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">More information about these and other discounts is available from your financial professional and in the section “How Sales Charges Are Calculated” on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">73</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> of the Prospectus, in Appendix A to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Prospectus, and on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">106</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> in the section “Reduced Sales Charges” of the Statement of Additional Information (“SAI”).</span></div>
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.
50000
Shareholder Fees(fees paid directly from your investment)
0.0575
0
0
0
0.01
0
0
0
0
0
0
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">date of purchase.</span>
Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)
0.0075
0.0075
0.0075
0.0075
0.0025
0.01
0
0
0.0088
0.0081
0.0091
0.0191
0.0263
0.0156
0.0166
0.012
0.0195
0.009
0.0095
April 30, 2027
Example
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">except that the example is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement assuming that such waiver and/or reimbursement will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">only be in place through the dates noted above and on the Total Annual Fund Operating Expenses for the remaining periods. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example for Class C shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">for the ten-year period reflects the conversion to Class A shares after eight years.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example does not take into account brokerage commissions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fees to financial intermediaries that you may pay on your purchases and sales of shares of the Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Although your actual costs may be higher or lower, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">based on these assumptions your costs would be:</span></div>
<div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:50.001795332136446%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.651705565529623%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>If shares are redeemed:</b></span>
</div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>1 year</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>3 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>5 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>10 years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class A</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">690</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1,076</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1,485</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">2,625</span></div>
</td>
</tr>
</table></div><div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:50.001795332136446%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.651705565529623%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>If shares are redeemed:</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>1 year</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>3 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>5 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>10 years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class C</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">298</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">753</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1,334</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">2,738</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class N</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">92</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">428</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">787</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1,800</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class Y</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">97</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">454</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">835</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1,906</span></div>
</td>
</tr>
</table></div>
If shares are redeemed:
690
1076
1485
2625
298
753
1334
2738
92
428
787
1800
97
454
835
1906
<div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:50.001795332136446%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.651705565529623%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>If shares are not redeemed:</b></span>
</div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>1 year</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>3 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>5 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>10 years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class C</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">198</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">753</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1,334</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">2,738</span></div>
</td>
</tr>
</table></div>
If shares are not redeemed:
198
753
1334
2738
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">9%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> of the average value of its portfolio.</span></div>
0.09
Investments, Risks and PerformancePrincipal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Under normal circumstances, the Fund will invest primarily in equity securities, including common stocks and depositary receipts. The Fund will primarily </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invest in securities of companies that maintain their principal place of business or conduct their principal business activities outside the U.S., companies that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">have their securities traded on non-U.S. exchanges or companies that have been formed under the laws of non-U.S. countries. The Fund will invest in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities that provide exposure to no fewer than three countries outside the U.S. including companies located in emerging markets. Notwithstanding the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">foregoing, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">uses a proprietary definition to determine whether a security is classified as U.S. or non-U.S. In determining the location of an issuer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">for these purposes, or where the issuer’s principal activities are based, the Adviser will consider a variety of factors (collectively designed to assess whether </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">an issuer is economically tied to a particular country or region), including but not limited to: the markets in which the issuer’s securities are primarily traded; </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the location of the issuer’s headquarters, principal offices, or operations; the country where the issuer is organized; the percentage of the issuer’s revenues or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">profits derived from goods produced or sold, investments made, or services performed in the relevant country; and information provided by third-party data </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">analytics service providers. No single factor will necessarily be determinative, nor must all factors be present for the Adviser to assess an issuer’s location. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Adviser may assign different weights to these factors based on different geographic policies, countries, or products. The Fund considers a security to be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">an emerging market security if its country, as determined through the proprietary process described above, is included in the MSCI Emerging & Frontier </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Markets Index</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s portfolio manager employs a growth style of equity management, which means that the Fund seeks to invest in companies with sustainable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">competitive advantages versus others, long-term structural growth drivers that will lead to above-average future cash flow growth, attractive cash flow </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">portfolio manager believes the share price should be).</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund will consider selling a portfolio investment when the portfolio manager believes an unfavorable structural change occurs within a given business or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the markets in which it operates, when a critical underlying investment assumption is flawed, when a more attractive reward-to-risk opportunity becomes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">available, when the current price fully reflects intrinsic value, or for other investment reasons which the portfolio manager deems appropriate.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may also engage in foreign currency transactions (including foreign currency forwards and foreign currency futures) for hedging purposes, invest in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">options for hedging and investment purposes and invest in interests in real estate investment trusts (“REITs”) and securities issued pursuant to Rule 144A </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">under the Securities Act of 1933 (“Rule 144A securities”) and other privately placed investments such as private equity investments. The Fund is not limited in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the percentage of its assets that it may invest in these instruments. The Fund may also gain investment exposure to Chinese companies through the use of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">structure known as a variable interest entity (“VIE”). The VIE structure allows investors, such as the Fund, to gain exposure to sectors or industries where </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">non-Chinese ownership is restricted or prohibited by the Chinese government. </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund is “non-diversified.” As a non-diversified fund, the Fund may invest a greater percentage of its assets in a particular issuer and may invest in fewer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuers, as compared with other mutual funds that are diversified.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You may lose money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by investing in the Fund.</span>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund shares are not bank deposits and are not guaranteed, endorsed or insured by the Federal Deposit Insurance Corporation or any other government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agency, and are subject to investment risks, including possible loss of the principal invested.</span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Equity Securities Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of the Fund’s investments in equity securities could be subject to unpredictable declines in the value of individual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities and periods of below-average performance in individual securities or in the equity market as a whole. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Growth stocks are generally more sensitive </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the company’s stock may fall or not approach the value that the Adviser has placed on it.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In the event an issuer is liquidated or declares bankruptcy, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">claims of owners of the issuer’s bonds generally take precedence over the claims of those who own preferred stock or common stock. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Securities of real </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">estate-related companies and REITs in which the Fund may invest may be considered equity securities, thus subjecting the Fund to the risks of investing in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">equity securities generally. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Market/Issuer Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The market value of the Fund’s investments will move up and down, sometimes rapidly and unpredictably, based upon overall market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial condition and demand for the issuers’ goods and services.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Foreign Securities Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risks.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> The</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund’s investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Foreign securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Non-Diversification Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Compared with other mutual funds, the Fund may invest a greater percentage of its assets in a particular issuer and may invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in fewer issuers. Therefore, the Fund may have more risk because changes in the value of a single security or the impact of a single economic, political or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">regulatory occurrence may have a greater adverse impact on the Fund’s net asset value.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Management Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> A strategy used by the Fund’s portfolio manager may fail to produce the intended result. </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Liquidity Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">During times of market turmoil, there may be no buyers or sellers for securities in certain asset classes and dealers may be unwilling or unable to make a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market for certain securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Securities acquired in a private placement, such as Rule 144A securities and privately negotiated equity and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are generally subject to significant liquidity risk because they are subject to strict restrictions on resale and there may be no liquid secondary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market or ready purchaser for such securities. In other circumstances, liquid investments may become illiquid. Derivatives, and particularly over-the-counter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(“OTC”) derivatives, are generally subject to liquidity risk as well.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Liquidity issues may also make it difficult to value the Fund’s investments. The Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invest in liquid investments that become illiquid due to financial distress, or geopolitical events such as sanctions, trading halts or wars.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Credit/Counterparty Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit/counterparty risk is the risk that the issuer or guarantor of a fixed-income security, or the counterparty to a derivative or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">its derivatives transactions. This risk will be heightened to the extent the Fund enters into derivatives transactions with a single counterparty (or affiliated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">counterparties that are part of the same organization), causing the Fund to have significant exposure to such counterparty. Many of the protections afforded </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">to participants on organized exchanges and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">clearing houses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">, such as the performance guarantee given by a central </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">clearing house</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">, are not available in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">connection with OTC derivatives transactions, such as foreign currency transactions. For centrally cleared derivatives, such as cleared swaps, futures and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">many options, the primary credit/counterparty risk is the creditworthiness of the Fund’s clearing broker and the central </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">clearing house</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> itself.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Currency Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fluctuations in the exchange rates between different currencies may negatively affect an investment. The Fund may be subject to currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk because it may invest in foreign currency forwards and foreign currency futures and may invest in securities or other instruments denominated in, or that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">generate income denominated in, foreign currencies. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may elect not to hedge currency risk, or may hedge such risk imperfectly, which may cause the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund to incur losses that would not have been incurred had the risk been hedged. </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Cybersecurity and Technology Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund, its service providers,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and other market participants increasingly depend on complex information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">technology and communications systems, which are subject to a number of different threats and risks that could adversely affect the Fund and its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shareholders. Cybersecurity and other operational and technology issues may result in financial losses to the Fund and its shareholders.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Derivatives Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Derivative instruments (such as those in which the Fund may invest, including foreign currency forwards, foreign currency futures and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may be insufficient to support its obligations under its derivatives positions. The use of derivatives for other than hedging purposes may be considered a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other party to a derivative contract (which is greater for forward currency contracts, uncleared swaps and other OTC derivatives), the risk of difficulties in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">experience financial difficulties or otherwise be unwilling or unable to honor their obligations, possibly resulting in losses to the Fund.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Emerging Markets Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In addition to the risks of investing in foreign investments generally, emerging markets investments are subject to greater risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">arising from political or economic instability, war, nationalization or confiscatory taxation, currency exchange or repatriation restrictions, sanctions by other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">countries (such as the United States or the European Union), new or inconsistent government treatment of or restrictions on issuers and instruments, and an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer’s unwillingness or inability to make dividend, principal or interest payments on its securities. Emerging markets companies may be smaller and have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shorter operating histories than companies in developed markets.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Loomis Sayles International Growth Fund’s exposure to VIEs may pose additional risks because, instead of directly investing in the underlying Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">operating company, the Fund’s investment is in a holding company domiciled outside of China. The holding company has contractual arrangements with the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">operating company that are expected to provide investors, such as the Fund, with economic exposure to the operating company. While VIEs are a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">longstanding industry practice that is well known to Chinese officials and regulators historically, they have not been formally recognized under Chinese law. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Effective March 31, 2023, the China Securities Regulatory Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Chinese</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> laws and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and may make the process to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">create VIEs more difficult and costly. The Chinese government may cease to tolerate VIE structures at any time or impose new restrictions. Similarly, these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments may face delisting or other adverse actions under U.S. or other non-Chinese law. Any of these events may reduce the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments in these companies or render them valueless.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Large Shareholder Transaction Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Ownership of shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may be concentrated in one or a few large investors. Such investors may redeem </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shares in large quantities or on a frequent basis. In addition, a large number of shareholders collectively may purchase or redeem Fund shares in large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">amounts rapidly or unexpectedly (collectively, such transactions are referred to as “large shareholder transactions”). In the event of a large shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, the Fund may be required to sell investments at unfavorable times or prices, which may increase realized capital gains, including short-term </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">capital gains taxable as ordinary income for shareholders who hold Fund shares in a taxable account, may accelerate the realization of taxable income to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shareholders, may increase transaction costs, and may otherwise negatively impact fund performance. The effects of taxable income and/or gains resulting </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">from large shareholder transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA, 401(k) plan or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">tax-advantaged plan. In addition, such transactions potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">capital gains (if any). Such transactions may also increase the Fund’s expenses. A number of circumstances may cause </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fund to experience large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">redemptions, such as changes in the eligibility criteria for the Fund or share class of the Fund; liquidations, reorganizations, repositionings, or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Leverage Risk: </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Leverage is the risk associated with securities or investment practices (e.g., borrowing and the use of certain derivatives) that multiply small </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may lead to significant losses if investments are not successful.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>REITs Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Investments in the real estate industry, including REITs, are particularly sensitive to economic downturns and are sensitive to factors such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in real estate values, property taxes and tax laws, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund. REITs are also subject to the possibilities of failing to qualify for the favorable tax treatment available to REITs under the Internal Revenue Code of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1986, as amended, and failing to maintain their exemptions from registration under the Investment Company Act of 1940, as amended.</span></div>
<div><br/><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Small- and Mid-Capitalization Companies Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Compared to large-capitalization companies, small- and mid-capitalization companies are more likely to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">have limited product lines, markets or financial resources. Stocks of these companies often trade less frequently and in limited volume and their prices may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and mid-capitalization companies.</span></div>
Risk/Return Bar Chart and Table
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">to-year and by showing how the Fund’s average annual returns for the one-year</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">, five-year</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and life-of-fund periods compare to those of a broad-based </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities market index that reflects the performance of the overall market applicable to the Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Performance for Class C shares includes the automatic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">conversion to Class A shares after eight years, where applicable.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s past performance (before and after taxes) does not necessarily indicate how the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">im.natixis.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and/or by calling the Fund toll-free at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">800-225-5478</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">. </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">return.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">waived or reimbursed during the period, total returns would have been lower.</span></div>
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 life-of-fund periods compare to those of a broad-based securities market index that reflects the performance of the overall market applicable to the Fund.
The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
im.natixis.com
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.
Total Returns for Class Y Shares
<div><img alt="image" src="pr4833img003.jpg"/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Highest Quarterly Return:</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">First Quarter 2023</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">14.01%</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Lowest Quarterly Return:</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Second Quarter 2022</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">-13.00%</span></div>
Highest Quarterly Return:
2023-03-31
0.1401
Lowest Quarterly Return:
2022-06-30
-0.13
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:62.47755834829444%"></td>
<td style="height:1px;width:12.477558348294435%"></td>
<td style="height:1px;width:12.477558348294435%"></td>
<td style="height:1px;width:12.567324955116696%"></td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>Average Annual Total Returns</b></span>
</div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;">(for the periods ended December 31, 2025)</span>
</div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>Past 1 Year</b></span></div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>Past 5 Years</b></span></div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>Life of Fund</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>(12/15/20)</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class Y - Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">10.09%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">3.67%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">3.92%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Return After Taxes on Distributions</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">9.67%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">3.47%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">3.72%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Return After Taxes on Distributions and Sale of Fund Shares</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">6.33%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">2.87%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">3.07%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class A - Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">3.54%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">2.19%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">2.45%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class C - Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">8.01%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">2.61%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">2.86%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class N - Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">10.15%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">3.71%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">3.96%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">MSCI All Country World ex USA Index (Net)</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">32.39%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">7.91%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">8.31%</span></div>
</td>
</tr>
</table></div>
Average Annual Total Returns(for the periods ended December 31, 2025)
0.1009
0.0367
0.0392
0.0967
0.0347
0.0372
0.0633
0.0287
0.0307
0.0354
0.0219
0.0245
0.0801
0.0261
0.0286
0.1015
0.0371
0.0396
0.3239
0.0791
0.0831
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">hold their shares through tax-advantaged arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The after-tax returns are shown for only one class of the Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">After-tax returns for the other classes of the Fund will vary.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Index </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance reflects no deduction for fees, expenses or taxes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div>
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
Loomis Sayles Investment Grade Bond Fund
Investment Goal
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund seeks high total investment return through a combination of current income and capital appreciation.</span></div>
Fund Fees & Expenses
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">brokerage commissions and other fees to financial intermediaries, which are not reflected in this table. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">More information about these and other discounts is available from your financial professional and in the section “How Sales Charges Are Calculated” on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">73</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> of the Prospectus, in Appendix A to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Prospectus and on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">106</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> in the section “Reduced Sales Charges” of the Statement of Additional Information (“SAI”).</span></div>
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.
100000
Shareholder Fees(fees paid directly from your investment)
0.0425
0
0
0
0
0.01
0
0
0
0
0
0
0
0
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">date of purchase.</span>
Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)
0.0025
0.01
0
0
0.0025
0.0015
0.0015
0.0007
0.0015
0.0078
0.0153
0.0045
0.0053
0.0103
0.0073
0.0148
0.0043
0.0048
0.0098
April 30, 2027
Example
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">except that the example is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement assuming that such waiver and/or reimbursement will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">only be in place through the dates noted above and on the Total Annual Fund Operating Expenses for the remaining periods. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example for Class C shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">for the ten-year period reflects the conversion to Class A shares after eight years.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example does not take into account brokerage commissions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fees to financial intermediaries that you may pay on your purchases and sales of shares of the Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Although your actual costs may be higher or lower, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">based on these assumptions your costs would be:</span></div>
<div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:50.001795332136446%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.651705565529623%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>If shares are redeemed:</b></span>
</div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>1 year</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>3 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>5 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>10 years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class A</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">496</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">659</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">835</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1,346</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class C</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">251</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">478</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">829</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1,617</span></div>
</td>
</tr>
</table></div><div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:50.001795332136446%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.651705565529623%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>If shares are redeemed:</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>1 year</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>3 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>5 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>10 years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class N</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">44</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">142</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">250</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">565</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class Y</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">49</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">165</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">291</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">660</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Admin Class</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">100</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">323</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">564</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1,255</span></div>
</td>
</tr>
</table></div>
If shares are redeemed:
496
659
835
1346
251
478
829
1617
44
142
250
565
49
165
291
660
100
323
564
1255
<div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:50.001795332136446%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.651705565529623%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>If shares are not redeemed:</b></span>
</div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>1 year</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>3 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>5 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>10 years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class C</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">151</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">478</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">829</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1,617</span></div>
</td>
</tr>
</table></div>
If shares are not redeemed:
151
478
829
1617
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">51%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> of the average value of its portfolio.</span></div>
0.51
Investments, Risks and PerformancePrincipal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">grade</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income securities (for example, bonds and other investments that the Adviser believes have similar economic characteristics, such as notes, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">debentures and loans). “Investment grade” securities are those securities that are rated in one of the top four categories at the time of purchase by at least </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">one of the three major rating agencies — Moody’s Investors Service, Inc. (“Moody’s”), Fitch </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Ratings</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">, Inc. (“Fitch”) or S&P Global Ratings (“S&P”) or, if </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">unrated, are determined by the Adviser to be of comparable quality. Although the Fund invests primarily in investment grade fixed-income securities, it may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invest up to 15% of its assets in below investment grade fixed-income securities (also known as “junk bonds”). There is no minimum rating for the securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in which the Fund may invest. The Fund may invest in fixed-income securities of any maturity.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">valuations, the Adviser’s expectations regarding future changes in interest rates and comparisons of the level of risk associated with particular investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">with the Adviser’s expectations concerning the potential return of those investments.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Three themes typically drive the Fund’s investment approach. First, the Adviser generally seeks fixed-income securities of issuers whose credit profiles it </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">believes are improving. Second, the Fund may invest significantly in securities the prices of which the Adviser believes are more sensitive to events related to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the underlying issuer than to changes in general interest rates or overall market default rates. The Adviser believes that the Fund may generate positive </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">returns by having a portion of the Fund’s assets invested in non-market-related securities, rather than by relying primarily on changes in interest rates to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">produce returns for the Fund. Third, the Adviser analyzes different sectors of the economy and differences in the yields (“spreads”) of various fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities in an effort to find securities that it believes may produce attractive returns for the Fund in comparison to their risk. The Adviser generally prefers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities that are protected against calls (early redemption by the issuer).</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In connection with its principal investment strategies, the Fund may invest up to 30%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of its assets in U.S. dollar-denominated foreign securities, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">emerging markets securities. The Fund may also invest in U.S. dollar-denominated obligations of supranational entities without limit (e.g., the World Bank). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although certain securities purchased by the Fund may be issued by domestic companies incorporated outside of the United States, the Adviser does not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 corporate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities, U.S. government securities, commercial paper, zero-coupon securities, collateralized loan obligations, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bank loans, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">mortgage-backed securities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including mortgage dollar rolls, stripped mortgage-backed securities and</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized mortgage obligations and other asset-backed securities, when-issued </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities, convertible securities, securities issued pursuant to Rule 144A under the Securities Act of 1933 (“Rule 144A securities”), other privately placed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments such as private credit investments, and structured notes. The Fund may also invest in futures, forward contracts and swaps (including credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">default swaps) for hedging and investment purposes. Except as provided above or as required by applicable law, the Fund is not limited in the percentage of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">its assets that it may invest in these instruments.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You may lose money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by investing in the Fund.</span>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund shares are not bank deposits and are not guaranteed, endorsed or insured by the Federal Deposit Insurance Corporation or any other government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agency, and are subject to investment risks, including possible loss of the principal invested.</span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Credit/Counterparty Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit/counterparty risk is the risk that the issuer or guarantor of a fixed-income security, or the counterparty to a derivative or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">its derivatives transactions. This risk will be heightened to the extent the Fund enters into derivatives transactions with a single counterparty (or affiliated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">counterparties that are part of the same organization), causing the Fund to have significant exposure to such counterparty. Many of the protections afforded </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">to participants on organized exchanges and clearing houses, such as the performance guarantee given by a central clearing house, are not available in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">connection with over-the-counter (“OTC”) derivatives transactions, such as foreign currency transactions. For centrally cleared derivatives, such as cleared </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">swaps, futures and many options, the primary credit/counterparty risk is the creditworthiness of the Fund’s clearing broker and the central clearing house </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">itself. </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Interest Rate Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities with relatively longer durations than for funds that invest in fixed-income securities with shorter durations. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The value of zero-coupon securities and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities with longer maturities are generally more sensitive to fluctuations in interest rates than other fixed-income securities.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In addition, an economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">impacting the performance of the Fund. Fiscal, economic, monetary or other governmental or central bank policies, actions or measures have in the past, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may in the future, cause or exacerbate risks associated with interest rates, including fluctuations in interest rates.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Below Investment Grade Fixed-Income Securities Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund’s investments in below investment grade fixed-income securities, also known as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">“junk bonds,” may be subject to greater risks than other fixed-income securities, including being subject to greater levels of interest rate risk, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">speculative for below investment grade fixed-income securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Market/Issuer Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The market value of the Fund’s investments will move up and down, sometimes rapidly and unpredictably, based upon overall market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial condition and demand for the issuers’ goods and services.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Liquidity Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">During times of market turmoil, there may be no buyers or sellers for securities in certain asset classes and dealers may be unwilling or unable to make a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market for certain securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Securities acquired in a private placement, such as Rule 144A securities and privately negotiated credit and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are generally subject to significant liquidity risk because they are subject to strict restrictions on resale and there may be no liquid secondary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market or ready purchaser for such securities. In other circumstances, liquid investments may become illiquid. Derivatives, and particularly OTC derivatives, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are generally subject to liquidity risk as well.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Liquidity issues may also make it difficult to value the Fund’s investments. The Fund may invest in liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments that become illiquid due to financial distress, or geopolitical events such as sanctions, trading halts or wars.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>Bank Loans Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> Bank loans risk is the risk that the Fund’s investments in bank loans are subject to credit risk and may not be adequately collateralized. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Indebtedness of borrowers whose creditworthiness is poor involves substantially greater risks and may be highly speculative. The interest rates on many bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans reset frequently, and thus bank loans are subject to interest rate risk. Transactions in bank loans may settle on a delayed basis, such that the Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not receive the proceeds from the sale of a loan for a substantial period of time after the sale. There may also be less public information available about bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans as compared to other debt securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Cybersecurity and Technology Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund, its service providers,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and other market participants increasingly depend on complex information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">technology and communications systems, which are subject to a number of different threats and risks that could adversely affect the Fund and its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shareholders. Cybersecurity and other operational and technology issues may result in financial losses to the Fund and its shareholders.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Derivatives Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Derivative instruments (such as those in which the Fund may invest, including forward currency contracts, structured notes and swap </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transactions (including credit default swaps)) are subject to changes in the value of the underlying assets or indices on which such instruments are based. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">to incur losses greater than those that would have occurred had derivatives not been used. The Fund’s use of derivatives, such as forward currency contracts, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">structured notes and swap transactions (including credit default swaps), involves other risks, such as credit/counterparty risk relating to the other party to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">derivative contract (which is greater for forward currency contracts, uncleared swaps, and other OTC derivatives), the risk of difficulties in pricing and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial difficulties or otherwise be unwilling or unable to honor their obligations, possibly resulting in losses to the Fund.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Emerging Markets Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In addition to the risks of investing in foreign investments generally, emerging markets investments are subject to greater risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">arising from political or economic instability, war, nationalization or confiscatory taxation, currency exchange or repatriation restrictions, sanctions by other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">countries (such as the United States or the European Union), new or inconsistent government treatment of or restrictions on issuers and instruments, and an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer’s unwillingness or inability to make dividend, principal or interest payments on its securities. Emerging markets companies may be smaller and have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shorter operating histories than companies in developed markets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Foreign Securities Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risks. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund’s investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Foreign securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Large Shareholder Transaction Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Ownership of shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may be concentrated in one or a few large investors. Such investors may redeem </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shares in large quantities or on a frequent basis. In addition, a large number of shareholders collectively may purchase or redeem Fund shares in large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">amounts rapidly or unexpectedly (collectively, such transactions are referred to as “large shareholder transactions”). In the event of a large shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, the Fund may be required to sell investments at unfavorable times or prices, which may increase realized capital gains, including short-term </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">capital gains taxable as ordinary income for shareholders who hold Fund shares in a taxable account, may accelerate the realization of taxable income to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shareholders, may increase transaction costs, and may otherwise negatively impact fund performance. The effects of taxable income and/or gains resulting </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">from large shareholder transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA, 401(k) plan or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">tax-advantaged plan. In addition, such transactions potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">capital gains (if any). Such transactions may also increase the Fund’s expenses. A number of circumstances may cause </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fund to experience large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">redemptions, such as changes in the eligibility criteria for the Fund or share class of the Fund; liquidations, reorganizations, repositionings, or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Leverage Risk: </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Leverage is the risk associated with securities or investment practices (e.g., borrowing and the use of certain derivatives) that multiply small </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may lead to significant losses if investments are not successful.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Management Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> A strategy used by the Fund’s portfolio managers may fail to produce the intended result. </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Mortgage-Related and Asset-Backed Securities Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In addition to the risks associated with investments in fixed-income securities generally (for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">example, credit, liquidity, inflation and valuation risk), mortgage-related and asset-backed securities are subject to the risks of the mortgages and assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">assets.</span></div>
Risk/Return Bar Chart and Table
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market index that reflects the performance of the overall market applicable to the Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Performance for Class C shares includes the automatic conversion to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Class A shares after eight years, where applicable.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">im.natixis.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and/or by calling the Fund toll-free at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">800-225-5478</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">. </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">return.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">waived or reimbursed during the period, total returns would have been lower.</span></div>
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.
The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
im.natixis.com
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.
Total Returns for Class Y Shares
<div><img alt="image" src="pr4833img004.jpg"/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Highest Quarterly Return:</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Second Quarter 2020</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">8.60%</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Lowest Quarterly Return:</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Second Quarter 2022</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">-5.35%</span></div>
Highest Quarterly Return:
2020-06-30
0.086
Lowest Quarterly Return:
2022-06-30
-0.0535
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:62.47755834829444%"></td>
<td style="height:1px;width:12.477558348294435%"></td>
<td style="height:1px;width:12.477558348294435%"></td>
<td style="height:1px;width:12.567324955116696%"></td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>Average Annual Total Returns</b></span>
</div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;">(for the periods ended December 31, 2025)</span>
</div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>Past 1 Year</b></span></div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>Past 5 Years</b></span></div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>Past 10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class Y - Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">6.96%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1.00%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">3.74%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Return After Taxes on Distributions</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">4.85%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-0.69%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1.99%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Return After Taxes on Distributions and Sale of Fund Shares</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">4.09%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">0.05%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">2.21%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class A - Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">2.28%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-0.12%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">3.05%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class C - Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">5.01%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">0.00%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">2.87%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class N - Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">7.12%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1.06%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">3.82%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Admin Class - Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">6.44%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">0.49%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">3.24%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Bloomberg U.S. Aggregate Bond Index</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">7.30%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-0.36%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">2.01%</span></div>
</td>
</tr>
</table></div>
Average Annual Total Returns(for the periods ended December 31, 2025)
0.0696
0.01
0.0374
0.0485
-0.0069
0.0199
0.0409
0.0005
0.0221
0.0228
-0.0012
0.0305
0.0501
0
0.0287
0.0712
0.0106
0.0382
0.0644
0.0049
0.0324
0.073
-0.0036
0.0201
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">hold their shares through tax-advantaged arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The after-tax returns are shown for only one class of the Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">After-tax returns for the other classes of the Fund will vary.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Index </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance reflects no deduction for fees, expenses or taxes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div>
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
Loomis Sayles Strategic Income Fund
Investment Goal
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund seeks high current income with a </span>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">secondary objective of capital growth.</span>
Fund Fees & Expenses
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">brokerage commissions and other fees to financial intermediaries, which are not reflected in this table. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">More information about these and other discounts is available from your financial professional and in the section “How Sales Charges Are Calculated” on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">73</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> of the Prospectus, in Appendix A to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Prospectus and on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">106</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> in the section “Reduced Sales Charges” of the Statement of Additional Information (“SAI”).</span></div>
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.
100000
Shareholder Fees(fees paid directly from your investment)
0.0425
0
0
0
0
0.01
0
0
0
0
0
0
0
0
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">date of purchase.</span>
Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)
0.0058
0.0058
0.0058
0.0058
0.0058
0.0025
0.01
0
0
0.0025
0.0017
0.0017
0.0008
0.0017
0.01
0.0175
0.0066
0.0075
0.0125
0.0092
0.0167
0.0062
0.0067
0.0117
April 30, 2027
Example
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">except that the example is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement assuming that such waiver and/or reimbursement will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">only be in place through the dates noted above and on the Total Annual Fund Operating Expenses for the remaining periods </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example for Class C shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">for the ten-year period reflects the conversion to Class A shares after eight years.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example does not take into account brokerage commissions and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fees to financial intermediaries that you may pay on your purchases and sales of shares of the Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Although your actual costs may be higher or lower, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">based on these assumptions your costs would be:</span></div>
<div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:50.001795332136446%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.651705565529623%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>If shares are redeemed:</b></span>
</div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>1 year</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>3 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>5 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>10 years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class A</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">515</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">722</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">947</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1,591</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class C</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">270</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">543</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">941</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1,858</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class N</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">63</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">207</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">364</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">819</span></div>
</td>
</tr>
</table></div><div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:50.001795332136446%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.651705565529623%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>If shares are redeemed:</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>1 year</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>3 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>5 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>10 years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class Y</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">68</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">232</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">409</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">923</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Admin Class</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">119</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">389</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">679</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1,504</span></div>
</td>
</tr>
</table></div>
If shares are redeemed:
515
722
947
1591
270
543
941
1858
63
207
364
819
68
232
409
923
119
389
679
1504
<div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:50.001795332136446%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.651705565529623%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If shares are not redeemed:</b></span>
</div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>1 year</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>3 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>5 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>10 years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class C</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">170</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">543</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">941</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1,858</span></div>
</td>
</tr>
</table></div>
If shares are not redeemed:
170
543
941
1858
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">100%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> of the average value of its portfolio.</span></div>
1
Investments, Risks and PerformancePrincipal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Under normal market conditions, the Fund will invest substantially all of its assets in income producing securities (including below investment grade </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities, or “junk bonds”) with a focus on U.S. corporate bonds, convertible securities, foreign debt instruments, including those in emerging markets and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">related foreign currency transactions, and U.S. government securities. Below investment grade fixed-income securities are rated below investment grade </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality (i.e., none of the three major </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rating</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> agencies (Moody’s Investors Service, Inc. (“Moody’s”), Fitch </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Ratings</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">, Inc. (“Fitch”) or S&P Global Ratings (“S&P”)), </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">have rated the securities in one of its top four rating categories) or, if the security is unrated, are determined by the Adviser to be of comparable quality. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund may invest up to 35% of its assets in preferred stocks and dividend-paying common stocks. The portfolio managers may shift the Fund’s assets among </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">various types of income-producing securities based upon changing market conditions. The Adviser performs its own extensive credit analyses to determine </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the creditworthiness and potential for capital appreciation of a security.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s portfolio managers use a flexible approach to identify securities in the global marketplace with characteristics including discounted price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">compared to economic value, undervalued credit ratings with strong or improving credit profiles and yield premium relative to its benchmark (although not all </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the securities selected will have these attributes).</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">valuations, the Adviser’s expectations regarding future changes in interest rates and comparisons of the level of risk associated with particular investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">with the Adviser’s expectations concerning the potential return of those investments.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In selecting investments for the Fund, the Adviser utilizes the skills of its in-house team of more than 30 research analysts to cover a broad universe of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">industries, companies and markets. The Fund’s portfolio managers take advantage of these extensive resources to identify securities that meet the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investment criteria. The Adviser seeks to buy bonds that offer a positive yield advantage over the market and, in its view, have room to increase in price. It </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may also invest to take advantage of what the portfolio managers believe are temporary disparities in the yield of different segments of the market for U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">government securities. The Adviser provides the portfolio managers with maximum flexibility to find investment opportunities in a wide range of markets, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">both domestic and foreign. This flexible approach provides the Fund with access to a wide array of investment opportunities. The three key sectors that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">portfolio managers focus upon are U.S. corporate issues (including convertible securities), foreign debt securities and U.S. government securities. The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">portfolio managers maintain a core of the Fund’s investments in corporate bond issues and shift its assets among other income-producing securities as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">opportunities develop. The Fund generally seeks to maintain a high level of diversification as a form of risk management.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(“Rule 144A securities”), other privately placed investments such as private credit investments, structured notes, collateralized loan obligations, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bank loans, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">zero-coupon bonds, pay-in-kind bonds, mortgage-related securities, stripped securities and futures, swaps (including credit default swaps) and foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">currency transactions (such as forward currency contracts) for hedging and investment purposes. Except as provided above or as required by applicable law, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund is not limited in the percentage of its assets that it may invest in these instruments.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">You may lose money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by investing in the Fund.</span>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund shares are not bank deposits and are not guaranteed, endorsed or insured by the Federal Deposit Insurance Corporation or any other government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agency, and are subject to investment risks, including possible loss of the principal invested.</span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>Bank Loans Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> Bank loans risk is the risk that the Fund’s investments in bank loans are subject to credit risk and may not be adequately collateralized. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Indebtedness of borrowers whose creditworthiness is poor involves substantially greater risks and may be highly speculative. The interest rates on many bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans reset frequently, and thus bank loans are subject to interest rate risk. Transactions in bank loans may settle on a delayed basis, such that the Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not receive the proceeds from the sale of a loan for a substantial period of time after the sale. There may also be less public information available about bank </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans as compared to other debt securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Credit/Counterparty Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit/counterparty risk is the risk that the issuer or guarantor of a fixed-income security, or the counterparty to a derivative or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">its derivatives transactions. This risk will be heightened to the extent the Fund enters into derivatives transactions with a single counterparty (or affiliated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">counterparties that are part of the same organization), causing the Fund to have significant exposure to such counterparty. Many of the protections afforded </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">to participants on organized exchanges and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">clearing houses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">, such as the performance guarantee given by a central </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">clearing house</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">, are not available in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">connection with over-the-counter (“OTC”) derivatives transactions, such as foreign currency transactions. For centrally cleared derivatives, such as cleared </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">swaps, futures and many options, the primary credit/counterparty risk is the creditworthiness of the Fund’s clearing broker and the central </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">clearing house</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">itself.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Below Investment Grade Fixed-Income Securities Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund’s investments in below investment grade fixed-income securities, also known as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">“junk bonds,” may be subject to greater risks than other fixed-income securities, including being subject to greater levels of interest rate risk, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">speculative for below investment grade fixed-income securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Currency Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fluctuations in the exchange rates between different currencies may negatively affect an investment. The Fund may be subject to currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk because it may invest in currency-related instruments and may invest in securities or other instruments denominated in, or that generate income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">losses that would not have been incurred had the risk been hedged. </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Equity Securities Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of the Fund’s investments in equity securities could be subject to unpredictable declines in the value of individual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities and periods of below-average performance in individual securities or in the equity market as a whole. In the event an issuer is liquidated or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">stock. </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Market/Issuer Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The market value of the Fund’s investments will move up and down, sometimes rapidly and unpredictably, based upon overall market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial condition and demand for the issuers’ goods and services.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Cybersecurity and Technology Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund, its service providers,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and other market participants increasingly depend on complex information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">technology and communications systems, which are subject to a number of different threats and risks that could adversely affect the Fund and its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shareholders. Cybersecurity and other operational and technology issues may result in financial losses to the Fund and its shareholders.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Derivatives Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Derivative instruments (such as those in which the Fund may invest, including futures, structured notes, swaps (including credit default </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">swaps) and forward currency contracts) are subject to changes in the value of the underlying assets or indices on which such instruments are based. There is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">losses greater than those that would have occurred had derivatives not been used. The Fund’s use of derivatives, such as futures, structured notes, swaps </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(including credit default swaps) and forward currency contracts involves other risks, such as credit/counterparty risk relating to the other party to a derivative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">contract (which is greater for forward currency contracts, uncleared swaps and other OTC derivatives), the risk of difficulties in pricing and valuation, the risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">unable to terminate or sell a derivative position at an advantageous time or price. The Fund’s derivative counterparties may experience financial difficulties or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">otherwise be unwilling or unable to honor their obligations, possibly resulting in losses to the Fund.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Emerging Markets Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In addition to the risks of investing in foreign investments generally, emerging markets investments are subject to greater risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">arising from political or economic instability, war, nationalization or confiscatory taxation, currency exchange or repatriation restrictions, sanctions by other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">countries (such as the United States or the European Union), new or inconsistent government treatment of or restrictions on issuers and instruments, and an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer’s unwillingness or inability to make dividend, principal or interest payments on its securities. Emerging markets companies may be smaller and have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shorter operating histories than companies in developed markets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Foreign Securities Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risks.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> The</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund’s investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Foreign securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Interest Rate Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities with relatively longer durations than for funds that invest in fixed-income securities with shorter durations. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The value of zero-coupon bonds may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to fluctuations in interest rates than other fixed-income securities.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In addition, an economic downturn or period of rising interest rates could </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">adversely affect the market for these securities and reduce the Fund’s ability to sell them, negatively impacting the performance of the Fund. Fiscal, economic, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">monetary or other governmental or central bank policies, actions or measures have in the past, and may in the future, cause or exacerbate risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">with interest rates, including fluctuations in interest rates.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Large Shareholder Transaction Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Ownership of shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may be concentrated in one or a few large investors. Such investors may redeem </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shares in large quantities or on a frequent basis. In addition, a large number of shareholders collectively may purchase or redeem Fund shares in large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">amounts rapidly or unexpectedly (collectively, such transactions are referred to as “large shareholder transactions”). In the event of a large shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, the Fund may be required to sell investments at unfavorable times or prices, which may increase realized capital gains, including short-term </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">capital gains taxable as ordinary income for shareholders who hold Fund shares in a taxable account, may accelerate the realization of taxable income to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shareholders, may increase transaction costs, and may otherwise negatively impact fund performance. The effects of taxable income and/or gains resulting </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">from large shareholder transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA, 401(k) plan or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">tax-advantaged plan. In addition, such transactions potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">capital gains (if any). Such transactions may also increase the Fund’s expenses. A number of circumstances may cause </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fund to experience large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">redemptions, such as changes in the eligibility criteria for the Fund or share class of the Fund; liquidations, reorganizations, repositionings, or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Leverage Risk: </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Leverage is the risk associated with securities or investment practices (e.g., borrowing and the use of certain derivatives) that multiply small </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may lead to significant losses if investments are not successful.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Liquidity Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">During times of market turmoil, there may be no buyers or sellers for securities in certain asset classes and dealers may be unwilling or unable to make a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market for certain securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Securities acquired in a private placement, such as Rule 144A securities and privately negotiated credit and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are generally subject to significant liquidity risk because they are subject to strict restrictions on resale and there may be no liquid secondary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market or ready purchaser for such securities. In other circumstances, liquid investments may become illiquid. Derivatives, and particularly OTC derivatives, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are generally subject to liquidity risk as well.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Liquidity issues may also make it difficult to value the Fund’s investments. The Fund may invest in liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments that become illiquid due to financial distress, or geopolitical events such as sanctions, trading halts or wars.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Management Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> A strategy used by the Fund’s portfolio managers may fail to produce the intended result. </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Mortgage-Related and Asset-Backed Securities Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In addition to the risks associated with investments in fixed-income securities generally (for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">example, credit, liquidity, inflation and valuation risk), mortgage-related and asset-backed securities are subject to the risks of the mortgages and assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">assets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>Portfolio Turnover Rate Risk: </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The may engage in active and frequent trading of portfolio securities to pursue its principal investment strategy. A high rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of portfolio turnover may involve correspondingly greater expenses, which must be borne by the and its shareholders, and also may result in short term capital </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">gains or losses to shareholders. Portfolio turnover is subject to fluctuations and is dependent on certain factors including current market conditions, portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">re-balancing, cash flows, new issuance, and individual portfolio needs.</span></div>
Risk/Return Bar Chart and Table
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market index that reflects the performance of the overall market applicable to the Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Performance for Class C shares includes the automatic conversion to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Class A shares after eight years, where applicable.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">im.natixis.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> and/or by calling the Fund toll-free at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">800-225-5478</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">. </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">return.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">waived or reimbursed during the period, total returns would have been lower.</span></div>
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.
The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
im.natixis.com
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.
Total Returns for Class Y Shares
<div><img alt="image" src="pr4833img006.jpg"/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Highest Quarterly Return:</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> </span><span style="-sec-ix-hidden: quaterdateinyy_4833-4_2023-06-30"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fourth Quarter 2023</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">7.70%</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Lowest Quarterly Return:</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> </span><span style="-sec-ix-hidden: quaterdateinyy_4833-5_2020-06-30"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">First Quarter 2020</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">-12.29%</span></div>
Highest Quarterly Return:
0.077
Lowest Quarterly Return:
-0.1229
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:62.47755834829444%"></td>
<td style="height:1px;width:12.477558348294435%"></td>
<td style="height:1px;width:12.477558348294435%"></td>
<td style="height:1px;width:12.567324955116696%"></td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>Average Annual Total Returns</b></span>
</div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;">(for the periods ended December 31, 2025)</span>
</div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>Past 1 Year</b></span></div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>Past 5 Years</b></span></div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;"><b>Past 10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class Y - Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">10.56%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">3.16%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">4.10%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Return After Taxes on Distributions</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">8.22%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1.03%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">2.19%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Return After Taxes on Distributions and Sale of Fund Shares</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">6.22%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1.46%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">2.36%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class A - Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">5.62%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">2.01%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">3.38%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class C - Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">8.36%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">2.12%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">3.21%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Class N - Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">10.62%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">3.22%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">4.17%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Admin Class - Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">9.95%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">2.65%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">3.58%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">Bloomberg U.S. Aggregate Bond Index</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">7.30%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-0.36%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">2.01%</span></div>
</td>
</tr>
</table></div>
Average Annual Total Returns(for the periods ended December 31, 2025)
0.1056
0.0316
0.041
0.0822
0.0103
0.0219
0.0622
0.0146
0.0236
0.0562
0.0201
0.0338
0.0836
0.0212
0.0321
0.1062
0.0322
0.0417
0.0995
0.0265
0.0358
0.073
-0.0036
0.0201
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">hold their shares through tax-advantaged arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The after-tax returns are shown for only one class of the Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">After-tax returns for the other classes of the Fund will vary.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Index </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance reflects no deduction for fees, expenses or taxes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div>
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
* 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.
1Loomis, 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 0.95%, 1.70%, 0.65% and 0.70% of the Fund’s average daily net assets for Class A, C, N 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 April 30, 2027 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.
2Natixis 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 April 30, 2027 and may be terminated before then only with the consent of the Fund’s Board of Trustees.
*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.
1Pursuant to an expense offset arrangement, credits realized as a result of uninvested cash balances may be used to reduce the Fund’s transfer agent expenses. Other expenses are shown net of such reductions of transfer agent expenses of 1bps.
2Loomis, 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% and 0.95% of the Fund’s average daily net assets for Class A, C, N 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 April 30, 2027 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.
3Natixis 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 April 30, 2027 and may be terminated before then only with the consent of the Fund’s Board of Trustees.
*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.
1The Fund’s operating expenses have been restated to reflect a reduction in management fees, effective as of January 1, 2026, as if reduction had been in effect during the fiscal year ended December 31, 2025. The information has been restated to better reflect anticipated expenses of the Fund.
2Other expenses include an administrative services fee of 0.25% for Admin Class shares.
3Loomis, 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 0.73%, 1.48%, 0.43%, 0.48% and 0.98% of the Fund’s average daily net assets for Class A, Class C, Class N, Class Y and Admin Class 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 April 30, 2027 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.
*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.
1Other expenses include an administrative services fee of 0.25% for Admin Class shares.
2Loomis, 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 0.92%, 1.67%, 0.62%, 0.67% and 1.17% of the Fund’s average daily net assets for Class A, C, N, Y and Admin Class 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 April 30, 2027 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.