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NATIXIS FUNDS TRUST II
N-1A
497
2020-12-31
2020-03-31
2026-05-01
Loomis Sayles Strategic Alpha Fund
Investment Goal
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund seeks to provide an attractive absolute total return, complemented by prudent investment management designed to manage risks and protect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investor capital. The secondary goal of the Fund is to achieve these returns with relatively low volatility.</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. More information about these and other discounts is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">available from your financial professional and in the section “How Sales Charges Are Calculated” on page </span><span style=""></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=""></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
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<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)
0.006
0.006
0.006
0.006
0.0025
0.01
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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=""></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=""></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;">521</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;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">734</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">$</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;">965</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;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1,627</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class C</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">$</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;">276</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;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">555</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">$</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;">960</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;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1,893</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class N</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">$</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;">69</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;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">224</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">$</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;">392</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;">880</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;">75</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;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">244</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">$</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;">428</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;">961</span></div>
</td>
</tr>
</table></div>
If shares are redeemed:
521
734
965
1627
276
555
960
1893
69
224
392
880
75
244
428
961
<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;">176</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;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">555</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">$</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;">960</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;">1,893</span></div>
</td>
</tr>
</table></div>
If shares are not redeemed:
176
555
960
1893
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=""></span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">57%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> of the average value of its portfolio.</span></div>
0.57
Investments, Risks and PerformancePrincipal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund has an absolute total return investment objective, which means that it is not managed relative to an index and that it attempts to achieve positive </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">total returns over a full market cycle. The Fund intends to pursue its objective by utilizing a flexible investment approach that allocates investments across a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">global range of investment opportunities related to credit, currencies and interest rates, while employing risk management strategies to mitigate downside </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk. The Fund may invest up to 100% of its total assets in below investment grade fixed-income securities (also known as “junk bonds”) and derivatives that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">have returns related to the returns on below investment grade fixed-income securities, although it is expected that, under normal market conditions, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s net exposure (i.e., long exposures obtained through direct investments in securities and in derivatives minus short exposures obtained through </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">derivatives) to below investment grade fixed-income assets generally will not exceed 50% of the Fund’s total assets. Below investment-grade fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities are rated below investment-grade quality (i.e., none of the three major rating agencies (Moody’s Investors Service, Inc. (“Moody’s”), Fitch </span><span style=""></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;;">, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Inc. or S&P Global Ratings (“S&P”)) have rated the securities in one of their respective top four ratings categories). Under normal market conditions, the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">also may invest up to 50% of its total assets in investments denominated in non-U.S. currencies and related derivatives, including up to 20% in investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">denominated in emerging market currencies and related derivatives. The Fund expects that its exposure to these asset classes will often be obtained </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">substantially through the use of derivative instruments. The Fund defines an “emerging market currency” as a currency of a country that carries a sovereign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">debt quality rating that is rated below investment grade by either S&P or Moody’s, or is unrated by both S&P and Moody’s. Currency positions that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">intended to hedge the Fund’s non-U.S. currency exposure (i.e., currency positions that are not made for investment purposes) will offset positions in the same </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">currency that are made for investment purposes when calculating the limitation on investments in non-U.S. and emerging market currency investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">because the Fund believes that hedging a currency position is likely to negate some or all of the currency risk associated with the original currency position. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund does not have limits on the duration of its portfolio, and the Fund’s duration will change over time. The Fund also may invest in equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(including preferred stocks) as well as derivatives whose returns are linked to the returns of equity securities.</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 develops long-term portfolio themes driven by macro-economic indicators. These include global economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">trends, demographic trends and labor supply, analysis of global capital flows and assessments of geopolitical factors. The Adviser then develops shorter-term </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">portfolio strategies based on factors including, but not limited to, economic, credit and Federal Reserve cycles, and top-down sector valuations and bottom-up </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">security valuations. The Adviser seeks to actively manage risk, with a focus on managing the Fund’s exposure to credit, interest rate and currency risks in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">relation to the market. Additionally, the portfolio managers will use risk management tools, such as models that evaluate risk correlation to various market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors or asset classes, to seek to manage risk on an ongoing basis. The portfolio management team expects to actively evaluate each investment idea and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">to decide to buy or sell an investment based upon: (i) its return potential; (ii) its level of risk; and (iii) its fit within the team’s overall macro strategy, with the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">goal of continually optimizing the Fund’s portfolio. The Adviser incorporates systematic and quantitative models with respect to selection of certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Adviser currently targets an annualized volatility range of 4% to 6% (as measured by the standard deviation of the Fund’s returns). The Fund’s actual or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">realized volatility during certain periods or over time may materially exceed or be lower than its target volatility range for various reasons, including changes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in market levels of volatility and because the Fund’s portfolio may include instruments that are inherently volatile. This would increase the risk of investing in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund will pursue its investment goal by obtaining long investment exposures through investments in securities and derivatives and short investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">exposures substantially through derivatives. A “long” investment exposure is an investment that rises in value with a rise in the value of an asset, asset class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or index and declines in value with a decline in the value of that asset, asset class or index. A “short” investment exposure is an investment that rises in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">value with a decline in the value of an asset, asset class or index and declines in value with a rise in the value of that asset, asset class or index. The value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund’s long and short investment exposures may, at times, each reach 100% of the assets invested in the Fund (excluding instruments primarily used for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">duration management or yield curve management and short-term investments (such as cash and money market instruments)), although these exposures may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be higher or lower at any given time.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Fixed-Income Investments.</b></span><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 in a broad range of U.S. and non-U.S. fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities, including, but not limited to, corporate bonds, municipal securities, U.S. and non-U.S. government securities (including their agencies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrumentalities and sponsored entities), securities of supranational entities, emerging market securities, commercial and residential mortgage-backed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities, collateralized mortgage obligations, other mortgage-related securities (such as adjustable rate mortgage securities), asset-backed securities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collateralized loan obligations, bank loans, convertible bonds, 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, real estate investment trusts (“REITs”), zero-coupon securities, step </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">coupon securities, pay-in-kind (“PIK”) securities, inflation-linked bonds, variable and floating rate securities, private placements and commercial paper.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Non-U.S. Currency Investments.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Under normal market conditions, the Fund may engage in a broad range of transactions involving non-U.S. and emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market currencies, including, but not limited to, purchasing and selling forward currency exchange contracts in non-U.S. or emerging market currencies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investing in non-U.S. currency futures contracts, investing in options on non-U.S. currencies and non-U.S. currency futures, investing in cross-currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instruments (such as swaps), investing directly in non-U.S. currencies and investing in securities denominated in non-U.S. currencies. The Fund may engage in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">non-U.S. currency transactions for investment or for hedging purposes.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Derivative Investments.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> For investment and hedging purposes, the Fund may invest substantially in a broad range of derivatives instruments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sometimes the majority of its investment returns will derive from its derivative investments. These derivative instruments include, but are not limited to, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">futures contracts (such as treasury futures and index futures), forward contracts, options (such as options on futures contracts, options on securities, interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rate/bond options, currency options, options on swaps and over-the-counter (“OTC”) options), warrants (such as non-U.S. currency warrants), swap </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transactions (such as interest rate swaps, total return swaps and index swaps) and structured notes (such as equity-linked notes). In addition, the Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invest in credit derivative products that may be used to manage default risk and credit exposure. Examples of such products include, but are not limited to, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit default swap index products (such as LCDX, CMBX and ABX index products), single name credit default swaps, loan credit default swaps and asset-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">backed credit default swaps. The Fund may, at times, invest substantially all of its assets in derivatives and securities used to support its obligations under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">those derivatives. The Fund’s strategy may be highly dependent on the use of derivatives, and to the extent that they become unavailable or unattractive the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund may be unable to fully implement its investment strategy.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Equity Investments.</b></span><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 in common stocks, preferred stocks and convertible </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">preferred stocks.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund expects to engage in active and frequent trading of securities and other instruments. Effects of frequent trading may include high transaction costs, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">which may lower the Fund’s return, and realization of greater short-term capital gains, distributions of which are taxable as ordinary income to taxable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shareholders. Trading costs and tax effects associated with frequent trading may adversely affect the Fund’s performance.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The percentage limitations set forth herein are not investment restrictions and the Fund may exceed these limits from time to time. In addition, when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">calculating these exposures, the Fund may use the market value, the notional value, an adjusted notional value or some other measure of the value of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">derivative in order to reflect what the Adviser believes to be the most accurate assessment of the Fund’s real economic exposure. The total notional value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund’s derivative instruments may significantly exceed the total value of the Fund’s assets.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Although the Fund seeks positive total returns over time, the Fund’s investment returns may be volatile over short periods of time. The Fund may outperform </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the overall securities market during periods of flat or negative performance and may underperform during periods of strong market performance. There can be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">no assurance that the Fund’s returns over time or during any period will be positive.</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>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></div><div><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>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>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 PIK bonds </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 interest rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could adversely affect the market for these securities and reduce the Fund’s ability to sell them, negatively impacting the performance of the Fund. Fiscal, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">economic, monetary or other governmental or central bank policies, actions or measures have in the past, and may in the future, cause or exacerbate risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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>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=""></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>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>Agency Securities Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Certain debt securities issued or guaranteed by agencies of the U.S. government are guaranteed as to the payment of principal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and interest by the relevant entity but have not been backed by the full faith and credit of the U.S. government. Instead, they have been supported only by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretionary authority of the U.S. government to purchase the agency’s obligations. An event affecting the guaranteeing entity could adversely affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payment of principal or interest or both on the security and, therefore, these types of securities should be considered to be riskier than U.S. government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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=""></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=""></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=""></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 a significant portion of its assets in currency-related instruments and may invest in securities or other instruments denominated in, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or that 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">cause the 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 futures contracts, forward contracts, options, warrants and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">swap transactions) are subject to changes in the value of the underlying assets or indices on which such instruments are based. There is no guarantee that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the use of derivatives will be effective or that suitable transactions will be available. Even a small investment in derivatives may give rise to leverage risk and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can have a significant impact on the Fund’s exposure to securities market values, interest rates or currency exchange rates. It is possible that the Fund’s liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">assets may be insufficient to support its obligations under its derivatives positions. The use of derivatives for other than hedging purposes may be considered </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">a speculative activity, and involves greater risks than are involved in hedging. The use of derivatives may cause the Fund to incur losses greater than those </span><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, such as futures, forward contracts, options, warrants, foreign currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transactions, swaps, credit default swaps and equity-linked and other structured notes, 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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></div><div><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><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">There is a risk that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Adviser’s use of derivatives, such as futures and forward contracts, to manage the Fund’s volatility may be ineffective or may exacerbate losses, for example, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">if the derivative or the underlying assets decrease in value over time.</span><span style=""></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>Inflation/Deflation Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the present value of future payments. As inflation increases, the real value of the Fund’s portfolio could decline. Inflation rates may change frequently and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">drastically. The Fund’s investments may not keep pace with inflation, which may result in losses to the Fund’s investors. Deflation risk is the risk that prices </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">throughout the economy decline over time - the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of issuers and may make </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer default more likely, which may result in a decline in the value of the Fund’s portfolio. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Because the Fund seeks positive returns that exceed the rate of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">inflation over time, if the portfolio managers’ inflation forecasts are incorrect, the Fund may be more severely impacted than other funds.</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=""></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=""></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;;">Taking short positions in securities results in a form of leverage. </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., </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">borrowing and the use of certain derivatives) that multiply small index, market or asset-price movements into larger changes in value. The use of leverage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">increases the impact of gains and losses on the Fund’s returns, and 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=""></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>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. The Fund’s Adviser will attempt to reduce this risk by implementing various volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">management strategies and techniques. However, there is no guarantee that such strategies and techniques will produce the intended result.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Models and Data Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Adviser utilizes various proprietary quantitative models (including models that may utilize forms of artificial intelligence, such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">as machine learning) to identify investment opportunities. There is a possibility that one or all of the quantitative models may fail to identify profitable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">opportunities at any time. Furthermore, the models may incorrectly identify opportunities and these misidentified opportunities may lead to substantial losses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">for the Fund. Models may be predictive in nature and such models may result in an incorrect assessment of future events. Data used in the construction of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">models may prove to be inaccurate or stale, which may result in losses for the Fund.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Short Exposure Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> A short exposure through a derivative may present various risks, including credit/counterparty risk and leverage risk. If the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the asset, asset class or index on which the Fund has obtained a short investment exposure increases, the Fund will incur a loss. Unlike a direct cash </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investment such as a stock, bond or exchange-traded fund (“ETF”), where the potential loss is limited to the purchase price, the potential risk of loss from a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">short exposure is theoretically unlimited. Moreover, there can be no assurance that securities necessary to cover (repurchase in order to close) a short </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">position will be available for purchase. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may be unable to borrow securities in connection with a short sale or to enter into a short position at an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">advantageous time or price, which could limit its ability to obtain the desired short exposure. </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 reflects the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s absolute return orientation.</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, where </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 reflects the Fund’s absolute return orientation.
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="pr4833img005.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;">8.07%</span><br/><br/><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;;">First 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;">-5.57%</span></div>
Highest Quarterly Return:
2020-06-30
0.0807
Lowest Quarterly Return:
2020-03-31
-0.0557
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<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>
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<td colspan="1" style="vertical-align:bottom">
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>(5/1/17)</b></span></div>
</td>
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<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;">8.58%</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;">3.42%</span></div>
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<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>
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<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>
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<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;">6.52%</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;">1.60%</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;">2.64%</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;">5.05%</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;">1.80%</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;">2.54%</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="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;">3.73%</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;">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="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;">6.48%</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;">2.39%</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;">3.29%</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;">8.62%</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;">3.47%</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="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;">3.93%</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;">1.84%</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;;">ICE BofA 3-Month U.S. Treasury Bill 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;">4.18%</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;">3.17%</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;">2.18%</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;">2.45%</span></div>
</td>
</tr>
</table></div>
Average Annual Total Returns(for the periods ended December 31, 2025)
0.0858
0.0342
0.0417
0.0652
0.016
0.0264
0.0505
0.018
0.0254
0.0373
0.0228
0.0347
0.0648
0.0239
0.0329
0.0862
0.0347
0.0393
0.073
-0.0036
0.0201
0.0184
0.0418
0.0317
0.0218
0.0245
<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
Natixis Oakmark Fund
Investment Goal
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund seeks long-term 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 $50,000 in the Natixis Funds Complex. More information about these and other discounts is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">available from your financial professional and in the section “How Sales Charges Are Calculated” on page </span><span style=""></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=""></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)
0.0063
0.0063
0.0063
0.0063
0.0025
0.01
0
0
0.0018
0.0018
0.0018
0.0106
0.0181
0.0079
0.0081
0.0103
0.0178
0.0073
0.0078
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=""></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=""></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;">674</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;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">890</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">$</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;">1,123</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;">1,792</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="border-bottom: Black 1pt solid; 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="border-bottom: Black 1pt solid; 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="border-bottom: Black 1pt solid; 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;">281</span></div>
</td>
<td colspan="1" style="border-bottom: Black 1pt solid; 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;;">$</span></div>
</td>
<td colspan="1" style="border-bottom: Black 1pt solid; padding-bottom: 2pt; vertical-align: bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">567</span></div>
</td>
<td colspan="1" style="border-bottom: Black 1pt solid; padding-bottom: 2pt; vertical-align: bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">$</span></div>
</td>
<td colspan="1" style="border-bottom: Black 1pt solid; 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;">977</span></div>
</td>
<td colspan="1" style="border-bottom: Black 1pt solid; 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;;">$</span></div>
</td>
<td colspan="1" style="border-bottom: Black 1pt solid; padding-bottom: 2pt; vertical-align: bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1,927</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class N</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">$</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;">75</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;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">246</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">$</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;">433</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;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">972</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class Y</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">$</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;">80</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;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">256</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">$</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;">447</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;">999</span></div>
</td>
</tr>
</table></div>
If shares are redeemed:
674
890
1123
1792
281
567
977
1927
75
246
433
972
80
256
447
999
<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;">181</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;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">567</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">$</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;">977</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;">1,927</span></div>
</td>
</tr>
</table></div>
If shares are not redeemed:
181
567
977
1927
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=""></span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">53%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> of the average value of its portfolio.</span></div>
0.53
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 primarily invests in common stocks of U.S. companies. The Fund generally invests in securities of larger</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;;">capitalization companies in any industry. Harris Associates L.P. (“Harris Associates”) uses a value investment philosophy in selecting equity securities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including common stocks. This value investment philosophy is based upon the belief that, over time, a company’s stock price converges with the company’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">intrinsic value. By “intrinsic value,” Harris Associates means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. Harris </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Associates believes that investing in securities priced significantly below what Harris Associates believes is a company’s intrinsic value presents the best </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">opportunity to achieve the Fund’s investment objectives.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Harris Associates uses this value investment philosophy to identify companies that it believes have discounted stock prices compared to what Harris </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Associates believes are the companies’ intrinsic values. In assessing such companies, Harris Associates looks for the following characteristics, although not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">all of the companies selected will have these attributes: (1) free cash flows and intelligent investment of excess cash; (2) earnings that are growing and are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">reasonably predictable; and (3) high level of company management alignment with shareholders.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Once Harris Associates identifies a stock that it believes is selling at a significant discount to Harris Associates’ estimate of intrinsic value and that the issuer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">has one or more of the additional qualities mentioned above, Harris Associates generally will consider buying that security for the Fund. Harris Associates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">usually sells a security when the price approaches its estimated value or the issuer’s fundamentals change. Harris Associates monitors each holding and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">adjusts its price targets as warranted to reflect changes in the issuer’s fundamentals. The Fund’s portfolio typically holds 30 to 60 stocks.</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;;">Value stocks can perform differently from the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market as a whole and from other types of stocks. Value stocks also present the risk that their lower valuations fairly reflect their business prospects and that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investors will not agree that the stocks represent favorable investment opportunities, and they may fall out of favor with investors and underperform growth </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">stocks during any given period.</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 claims of owners of the issuer’s bonds generally take </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">precedence over the claims of those who own preferred stock or common stock. </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Focused Investment Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Because the Fund may invest in a small number of industries or </span><span style=""></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuers</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">, it may have more risk because the impact of a single </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">economic, political or 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>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>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=""></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=""></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>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>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>Value Style Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Investing in “value” stocks presents the risk that the stocks may never reach what the Adviser believes are their full market values, either </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">because the market fails to recognize what the Adviser considers to be the companies’ intrinsic values or because the Adviser misjudged those values. In </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">addition, value stocks may fall out of favor with investors and underperform other investments during given periods.</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.</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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the automatic 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 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.
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="pr4833img007.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="-sec-ix-hidden: quaterdateinyy_4833-6_2020-06-30"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fourth 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;">23.76%</span><br/><br/><br/><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_4833-7_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;">-29.68%</span></div>
Highest Quarterly Return:
0.2376
Lowest Quarterly Return:
-0.2968
<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:50%"></td>
<td style="height:1px;width:12.477558348294435%"></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>
<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>(5/1/17)</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;">15.15%</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;">15.43%</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;">13.97%</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;">13.32%</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;">13.43%</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;">12.03%</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">-</span></div>
</td>
</tr>
</table></div><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:50%"></td>
<td style="height:1px;width:12.477558348294435%"></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: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;;"><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>
<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>(5/1/17)</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;;">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;">10.16%</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;">12.00%</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;">11.06%</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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">-</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;;">Class A - Return Before Taxes</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;">8.26%</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;">13.78%</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;">13.01%</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="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;">13.03%</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;">14.28%</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;">13.00%</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="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;">15.20%</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;">15.51%</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>
<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;">13.48%</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;;">S&P 500</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7pt;;"><sup>®</sup></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> 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;">17.88%</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;">14.42%</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;">14.82%</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;">14.77%</span></div>
</td>
</tr>
</table></div>
Average Annual Total Returns(for the periods ended December 31, 2025)
0.1515
0.1543
0.1397
0.1332
0.1343
0.1203
0.1016
0.12
0.1106
0.0826
0.1378
0.1301
0.1303
0.1428
0.13
0.152
0.1551
0.1348
0.1788
0.1442
0.1482
0.1477
<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
Vaughan Nelson Mid Cap Fund
Investment Goal
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund seeks long-term 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 $50,000 in the Natixis Funds Complex. More information about these and other discounts is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">available from your financial professional and in the section “How Sales Charges Are Calculated” on page </span><span style=""></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">47</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=""></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">89</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
0.0027
0.0027
0.0017
0.0027
0.0127
0.0202
0.0092
0.0102
0.0115
0.019
0.0085
0.009
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=""></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 date 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 for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 fees </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">to financial intermediaries that you may pay on your purchases and sales of shares of the Fund.</span><span style=""></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Although your actual costs may be higher or lower, based on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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;">685</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;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">943</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">$</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;">1,221</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;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">2,011</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class C</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">$</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;">293</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;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">622</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">$</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;">1,077</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;">2,145</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="border-bottom: Black 1pt solid; 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="border-bottom: Black 1pt solid; 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="border-bottom: Black 1pt solid; 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;">87</span></div>
</td>
<td colspan="1" style="border-bottom: Black 1pt solid; 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;;">$</span></div>
</td>
<td colspan="1" style="border-bottom: Black 1pt solid; padding-bottom: 2pt; vertical-align: bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">286</span></div>
</td>
<td colspan="1" style="border-bottom: Black 1pt solid; padding-bottom: 2pt; vertical-align: bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">$</span></div>
</td>
<td colspan="1" style="border-bottom: Black 1pt solid; 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;">502</span></div>
</td>
<td colspan="1" style="border-bottom: Black 1pt solid; 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;;">$</span></div>
</td>
<td colspan="1" style="border-bottom: Black 1pt solid; padding-bottom: 2pt; vertical-align: bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">1,125</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class Y</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">$</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;">92</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;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">313</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">$</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;">552</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;">1,237</span></div>
</td>
</tr>
</table></div>
If shares are redeemed:
685
943
1221
2011
293
622
1077
2145
87
286
502
1125
92
313
552
1237
<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;">193</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;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">622</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">$</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;">1,077</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;">2,145</span></div>
</td>
</tr>
</table></div>
193
622
1077
2145
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=""></span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">163%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> of the average value of its portfolio.</span></div>
1.63
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 mid-capitalization </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">companies. For these purposes, mid-capitalization companies are those that, at the time of purchase, have market capitalizations within the capitalization </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">range of the Russell Midcap</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.5pt;;"><sup>®</sup></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Value Index, an unmanaged index that measures the performance of companies with lower price-to-book ratios and lower </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">forecasted growth values within the broader Russell Midcap</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.5pt;;"><sup>®</sup></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Index. While the market capitalization range for the Russell Midcap</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.5pt;;"><sup>®</sup></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Value Index fluctuates, at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">December 31, </span><span style=""></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">2025</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">, it was</span><span style=""></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> $</span><span style=""></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1.1 billion</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> to $</span><span style=""></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">88.9</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> billion.</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;;">However, the Fund may invest in companies with smaller or larger capitalizations. Equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may take the form of stock in corporations, limited partnership interests, interests in limited liability companies, real estate investment trusts (“REITs”) or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other trusts and similar securities representing direct or indirect ownership interests in business organizations.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Vaughan Nelson Investment Management, L.P. (“Vaughan Nelson”) invests in medium-capitalization companies with a focus on those companies meeting </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Vaughan Nelson’s return expectations. Vaughan Nelson uses a bottom-up value oriented investment process in constructing the Fund’s portfolio. Vaughan </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Nelson seeks companies with the following characteristics, although not all of the companies selected will have these attributes:</span></div><div>
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<div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div>
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<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Companies earning a positive return on capital with stable-to-improving returns.</span></div>
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</table></div><div>
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<div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Companies valued at a discount to their asset value.</span></div>
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</table></div><div>
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<div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Companies with an attractive and sustainable dividend level.</span></div>
</td>
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</table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In selecting investments for the Fund, Vaughan Nelson generally employs the following strategies:</span></div><div>
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<td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;line-height:9pt;">
<div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Vaughan Nelson employs a value-driven investment philosophy that selects stocks selling at a relatively low value based on business fundamentals, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">economic margin analysis and discounted cash flow models. Vaughan Nelson selects companies that it believes are out of favor or misunderstood.</span></div>
</td>
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</table></div><div>
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<div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Vaughan Nelson uses fundamental analysis to construct a portfolio that, in the opinion of Vaughan Nelson, is made up of quality companies with the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">potential to provide significant increases in share price over a three year period.</span></div>
</td>
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</table></div><div>
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<div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Vaughan Nelson will generally sell a security when it reaches Vaughan Nelson’s price target or when the issuer shows a change in financial condition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">competitive pressures, poor management decisions or internal or external forces reducing future expected returns from those expected at the time of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investment.</span></div>
</td>
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</table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may also:</span></div><div>
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<div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Invest in foreign securities, including emerging markets securities.</span></div>
</td>
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</table></div><div>
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<td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;line-height:9pt;">
<div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Invest in other investment companies, to the extent permitted by the Investment Company Act of 1940.</span></div>
</td>
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</table></div><div>
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<div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Invest in REITs.</span></div>
</td>
</tr>
</table></div><div>
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<td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;line-height:9pt;">
<div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Invest in securities offered in initial public offerings (“IPOs”), 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”), and other privately placed investments such as private equity investments.</span></div>
</td>
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</table></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;;">Value stocks can perform differently from the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market as a whole and from other types of stocks. Value stocks also present the risk that their lower valuations fairly reflect their business prospects and that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investors will not agree that the stocks represent favorable investment opportunities, and they may fall out of favor with investors and underperform growth </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">stocks during any given period.</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;;">Securities issued in </span><span style=""></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">initial public offerings </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">tend to involve greater market risk than other equity securities due, in part, to public </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">perception and the lack of publicly available information and trading history. </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 claims of owners </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 estate-related </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">companies and REITs in which the Fund may invest may be considered equity securities, thus subjecting the Fund to the risks of investing in equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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>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>
<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>
<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>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>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>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>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>Investments in Other Investment Companies Risk:</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund will indirectly bear the management, service and other fees of any other investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">companies, including exchange-traded funds, in which it invests in addition to its own expenses.</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=""></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=""></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>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. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Markets may become illiquid quickly. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> 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 investments, </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 market or ready </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">purchaser for such securities. In other circumstances, liquid investments may become illiquid. Liquidity issues may also make it difficult to value the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments. The Fund may invest in liquid investments that become illiquid due to financial distress, or geopolitical events such as sanctions, trading halts or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">wars.</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 (as applicable) compare to those of a broad-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">based securities market index that reflects the performance of the overall market applicable to the Fund and an additional index that represents the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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, where </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">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 (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="pr4824img005.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;;">Fourth 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;">22.51%</span><br/><br/><br/><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;;">First 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;">-28.21%</span></div>
Highest Quarterly Return:
2020-12-31
0.2251
Lowest Quarterly Return:
2020-03-31
-0.2821
<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;">12.39%</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;">11.08%</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;">9.47%</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;">1.84%</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;">7.33%</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;">6.88%</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;">11.43%</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;">8.08%</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;">7.10%</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;;">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;">5.67%</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;">9.49%</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;">8.55%</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;">10.59%</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;">9.98%</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;">8.53%</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;">12.44%</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;">11.13%</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;">9.54%</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;;">Russell 3000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7pt;;"><sup>®</sup></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> 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;">17.15%</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;">13.15%</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;">14.29%</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;;">Russell Midcap</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7pt;;"><sup>®</sup></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Value 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;">11.05%</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;">9.83%</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;">9.78%</span></div>
</td>
</tr>
</table></div>
Average Annual Total Returns(for the periods ended December 31, 2025)
0.1239
0.1108
0.0947
0.0184
0.0733
0.0688
0.1143
0.0808
0.071
0.0567
0.0949
0.0855
0.1059
0.0998
0.0853
0.1244
0.1113
0.0954
0.1715
0.1315
0.1429
0.1105
0.0983
0.0978
<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 0.98%, 1.73%, 0.68% and 0.73% 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 fee/expense was 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.
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 2 bps.
2Natixis Advisors, LLC (“Natixis Advisors”) has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 1.03%, 1.78%, 0.73% and 0.78% 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 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.
1 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.
1Natixis Advisors, LLC (“Natixis Advisors” 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 1.15%, 1.90%, 0.85%, and 0.90% of the Fund’s average daily net assets for Class A, Class C, Class N, and Class 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.