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imst:KomatsuLtdMember 2026-04-30 0001318342 imst:C000216361Member imst:LOrealSAMember 2026-04-30 0001318342 imst:C000216361Member imst:MercadoLibreIncMember 2026-04-30 0001318342 imst:C000216361Member country:MX 2026-04-30 0001318342 imst:OtherAssetsInExcessOfLiabilitiesMember imst:C000216361Member 2026-04-30 0001318342 imst:C000216361Member country:PH 2026-04-30 0001318342 imst:C000216361Member imst:ShopifyIncMember 2026-04-30 0001318342 imst:C000216361Member imst:SiemensAGMember 2026-04-30 0001318342 imst:C000216361Member imst:TaiwanSemiconductorManufacturingCoLtdMember 2026-04-30 0001318342 imst:C000216361Member country:TW 2026-04-30 0001318342 imst:C000216361Member country:US 2026-04-30 0001318342 imst:C000216361Member country:UY 2026-04-30 0001318342 imst:C000216361Member imst:WiseTechGlobalLtdMember 2026-04-30 iso4217:USD pure imst:Holding 0.077 0.045 0.010 0.077 0.078 0.033 0.077 0.038 0.036 0.036 0.036 0.038 0.043 0.054 0.092 0.048 0.044 0.128 0.045 0.039 0.054 0.038 0.034 0.043 0.010 0.045 0.046 0.031 0.039 0.044 0.035 0.045 0.992 0.056 0.142 0.042 0.038 0.039 0.041 0.077 0.128 0.077 0.035 0.031 0.078 0.038 0.036 0.103 0.039 0.123 0.103 0.033 0.077 0.046 0.142 0.123 0.992 0.041 0.048 0.954 0.056 0.042 0.008 0.034 0.042 0.044 0.042 0.008 0.092 0.954 0.138 0.038 0.044 0.138 0001318342 false N-1A N-CSRS INVESTMENT MANAGERS SERIES TRUST 2026-04-30 Vaughan Nelson International Fund Institutional Class ADVLX This semi-annual shareholder report contains important information about the Vaughan Nelson International Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(22, 91, 196); font-family: 'arial'; font-size: 9pt;">https://www.im.natixis.com/en-us/products/mutual-funds/funds.vaughan-nelson-international-fund.ADVJX#literature</span>. You can also request this information by contacting us at (888) 660-6610. https://www.im.natixis.com/en-us/products/mutual-funds/funds.vaughan-nelson-international-fund.ADVJX#literature (888) 660-6610 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 25, 100);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(22, 91, 196); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px; font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Vaughan Nelson International Fund<br/>(Institutional Class/ADVLX)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>48</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.90<span>%</span><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px; font-size: smaller;">1</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: text-top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"></td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: text-top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;"><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px; font-size: smaller;">1</sup></div> </td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: text-top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 48 0.0090 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 25, 100); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>53,471,833</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">24</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">113<span>%</span></td> </tr> </table>

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1.13

<div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 25, 100);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country<span style="white-space: nowrap;"> </span>Allocation chart represents Common Stocks of the Fund.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 25, 100); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 25, 100); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Siemens A.G.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Shopify, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Komatsu Ltd.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Grupo Mexico S.A.B. de C.V.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">WiseTech Global Ltd.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Alibaba Group Holding Ltd.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">MercadoLibre, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Contemporary Amperex Technology Co., Ltd. - Class A</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">L'Oreal S.A.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.2<span>%</span></td> </tr> </table> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 25, 100); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 25, 100); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1120580.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 25, 100); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 25, 100); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1120585.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 25, 100); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 25, 100); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Siemens A.G.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Shopify, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Komatsu Ltd.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Grupo Mexico S.A.B. de C.V.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">WiseTech Global Ltd.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Alibaba Group Holding Ltd.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">MercadoLibre, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Contemporary Amperex Technology Co., Ltd. - Class A</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">L'Oreal S.A.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.2<span>%</span></td> </tr> </table> 0.063 0.059 0.058 0.054 0.048 0.046 0.045 0.044 0.043 0.042 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 25, 100); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Vaughan Nelson International Fund Investor Class ADVJX This semi-annual shareholder report contains important information about the Vaughan Nelson International Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(22, 91, 196); font-family: 'arial'; font-size: 9pt;">https://www.im.natixis.com/en-us/products/mutual-funds/funds.vaughan-nelson-international-fund.ADVJX#literature</span>. You can also request this information by contacting us at (888) 660-6610. https://www.im.natixis.com/en-us/products/mutual-funds/funds.vaughan-nelson-international-fund.ADVJX#literature (888) 660-6610 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 25, 100);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(22, 91, 196); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px; font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Vaughan Nelson International Fund<br/>(Investor Class/ADVJX)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>62</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.15<span>%</span><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px; font-size: smaller;">1</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: text-top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"></td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: text-top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;"><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px; font-size: smaller;">1</sup></div> </td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: text-top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 62 0.0115 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 25, 100); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>53,471,833</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">24</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">113<span>%</span></td> </tr> </table>

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<div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 25, 100);">Graphical Representation of Holdings</div><div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country<span style="white-space: nowrap;"> </span>Allocation chart represents Common Stocks of the Fund.</div><div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 25, 100); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 25, 100); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Siemens A.G.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Shopify, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Komatsu Ltd.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Grupo Mexico S.A.B. de C.V.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">WiseTech Global Ltd.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Alibaba Group Holding Ltd.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">MercadoLibre, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Contemporary Amperex Technology Co., Ltd. - Class A</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">L'Oreal S.A.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.2<span>%</span></td> </tr> </table><div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 25, 100); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 25, 100); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div><div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1120616.jpg" style="width: 172.8pt;"/> </div><div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 25, 100); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 25, 100); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div><div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1120621.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 25, 100); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 25, 100); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Siemens A.G.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Shopify, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Komatsu Ltd.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Grupo Mexico S.A.B. de C.V.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">WiseTech Global Ltd.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Alibaba Group Holding Ltd.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">MercadoLibre, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Contemporary Amperex Technology Co., Ltd. - Class A</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">L'Oreal S.A.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.2<span>%</span></td> </tr> </table> 0.063 0.059 0.058 0.054 0.048 0.046 0.045 0.044 0.043 0.042 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 25, 100); margin-top: 4pt;">Changes in and Disagreements with Accountants</div><div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Vaughan Nelson Emerging Markets Fund Institutional Class ADVMX This semi-annual shareholder report contains important information about the Vaughan Nelson Emerging Markets Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(22, 91, 196); font-family: 'arial'; font-size: 9pt;">https://www.im.natixis.com/en-us/products/mutual-funds/funds.vaughan-nelson-emerging-markets-fund.ADVMX.#literature</span>. You can also request this information by contacting us at (888) 660-6610. https://www.im.natixis.com/en-us/products/mutual-funds/funds.vaughan-nelson-emerging-markets-fund.ADVMX.#literature (888) 660-6610 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 25, 100);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(22, 91, 196); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px; font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Vaughan Nelson Emerging Markets Fund<br/>(Institutional Class/ADVMX)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>55</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.03<span>%</span><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px; font-size: smaller;">1</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: text-top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"></td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: text-top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;"><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px; font-size: smaller;">1</sup></div> </td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: text-top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 55 0.0103 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 25, 100); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>63,633,895</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">21</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">101<span>%</span></td> </tr> </table>

63633895

1.01

<div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 25, 100);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country<span style="white-space: nowrap;"> </span>Allocation chart represents Common Stocks of the Fund.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 25, 100); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 25, 100); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">14.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Alibaba Group Holding Ltd.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">10.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">MercadoLibre, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Komatsu Ltd.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Grupo Mexico S.A.B. de C.V.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Saudi National Bank</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Contemporary Amperex Technology Co., Ltd. - Class A</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">JSW Infrastructure Ltd.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Cemex S.A.B. de C.V.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Emaar Properties PJSC</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.1<span>%</span></td> </tr> </table> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 25, 100); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 25, 100); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1120652.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 25, 100); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 25, 100); margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1120657.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 25, 100); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 25, 100); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">14.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Alibaba Group Holding Ltd.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">10.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">MercadoLibre, Inc.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Komatsu Ltd.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Grupo Mexico S.A.B. de C.V.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Saudi National Bank</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Contemporary Amperex Technology Co., Ltd. - Class A</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">JSW Infrastructure Ltd.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Cemex S.A.B. de C.V.</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Emaar Properties PJSC</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.1<span>%</span></td> </tr> </table> 0.142 0.103 0.045 0.044 0.044 0.044 0.043 0.042 0.042 0.041 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 25, 100); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div> Vaughan Nelson Emerging Markets Fund Investor Class ADVKX This semi-annual shareholder report contains important information about the Vaughan Nelson Emerging Markets Fund (“Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(22, 91, 196); font-family: 'arial'; font-size: 9pt;">https://www.im.natixis.com/en-us/products/mutual-funds/funds.vaughan-nelson-emerging-markets-fund.ADVMX.#literature</span>. You can also request this information by contacting us at (888) 660-6610. https://www.im.natixis.com/en-us/products/mutual-funds/funds.vaughan-nelson-emerging-markets-fund.ADVMX.#literature (888) 660-6610 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 25, 100);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(22, 91, 196); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px; font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Vaughan Nelson Emerging Markets Fund<br/>(Investor Class/ADVKX)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>67</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.26<span>%</span><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px; font-size: smaller;">1</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: text-top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"></td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: text-top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;"><sup style="vertical-align: baseline; position: relative; top: -0.4em; line-height: 0px; font-size: smaller;">1</sup></div> </td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: text-top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 67 0.0126 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(0, 25, 100); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>63,633,895</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">21</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">101<span>%</span></td> </tr> </table>

63633895

1.01