0000052136 nftii:C000167848Member 2016-03-31 2025-12-31 0000052136 nftii:C000167849Member 2016-03-31 2025-12-31 0000052136 nftii:C000167850Member 2016-03-31 2025-12-31 0000052136 nftii:C000167850Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-03-31 2025-12-31 0000052136 nftii:C000167850Member oef:AfterTaxesOnDistributionsMember 2016-03-31 2025-12-31 0000052136 nftii:MSCIAllCountryWorldIndexNetMember 2016-03-31 2025-12-31 0000052136 nftii:C000188118Member nftii:BloombergUSAggregateBondIndexMember 2017-03-31 2025-12-31 0000052136 nftii:C000188118Member 2017-03-31 2025-12-31 0000052136 nftii:C000188120Member 2017-03-31 2025-12-31 0000052136 nftii:C000188122Member 2017-03-31 2025-12-31 0000052136 nftii:C000188118Member nftii:MorningstarLSTAUSLeveragedLoanIndexMember 2017-03-31 2025-12-31 0000052136 nftii:C000188122Member nftii:MSCIAllCountryWorldIndexNetMember 2017-03-31 2025-12-31 0000052136 nftii:C000188120Member nftii:SP500IndexMember 2017-03-31 2025-12-31 0000052136 nftii:S000034097Member 2025-11-30 2025-11-30 0000052136 nftii:S000034097Member nftii:BelowInvestmentGradeFixedIncomeSecuritiesRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000034097Member nftii:C000105118Member 2025-11-30 2025-11-30 0000052136 nftii:S000034097Member nftii:C000105119Member 2025-11-30 2025-11-30 0000052136 nftii:S000034097Member nftii:C000105120Member 2025-11-30 2025-11-30 0000052136 nftii:S000034097Member nftii:C000188118Member 2025-11-30 2025-11-30 0000052136 nftii:S000034097Member nftii:CovenantLiteLoanRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000034097Member nftii:CreditCounterpartyRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000034097Member nftii:CybersecurityAndTechnologyRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000034097Member nftii:DerivativesRisksMember 2025-11-30 2025-11-30 0000052136 nftii:S000034097Member nftii:EmergingMarketsRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000034097Member nftii:ForeignSecuritiesRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000034097Member nftii:InterestRateRisksMember 2025-11-30 2025-11-30 0000052136 nftii:S000034097Member nftii:InvestmentsInOtherInvestmentCompaniesRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000034097Member nftii:LargeShareholderTransactionRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000034097Member nftii:LeverageRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000034097Member nftii:LiquidityRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000034097Member nftii:ManagementRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000034097Member nftii:MarketIssuerRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000034097Member nftii:MortgageRelatedAndAssetBackedSecuritiesRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000034097Member nftii:PortfolioTurnoverRateRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000034097Member oef:RiskLoseMoneyMember 2025-11-30 2025-11-30 0000052136 nftii:S000034097Member oef:RiskNotInsuredMember 2025-11-30 2025-11-30 0000052136 nftii:S000034097Member nftii:SeniorLoansRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000037523Member nftii:BelowInvestmentGradeFixedIncomeSecuritiesRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000037523Member nftii:CreditCounterpartyRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000037523Member nftii:CybersecurityAndTechnologyRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000037523Member nftii:EmergingMarketsRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000037523Member nftii:EquitySecuritiesRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000037523Member nftii:ForeignSecuritiesRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000037523Member nftii:InterestRateRisksMember 2025-11-30 2025-11-30 0000052136 nftii:S000037523Member nftii:LargeShareholderTransactionRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000037523Member nftii:LeverageRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000037523Member nftii:LiquidityRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000037523Member nftii:ManagementRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000037523Member nftii:MarketIssuerRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000037523Member nftii:REITsRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000037523Member oef:RiskLoseMoneyMember 2025-11-30 2025-11-30 0000052136 nftii:S000037523Member oef:RiskNondiversifiedStatusMember 2025-11-30 2025-11-30 0000052136 nftii:S000037523Member oef:RiskNotInsuredMember 2025-11-30 2025-11-30 0000052136 nftii:S000053353Member 2025-11-30 2025-11-30 0000052136 nftii:S000053353Member nftii:C000167848Member 2025-11-30 2025-11-30 0000052136 nftii:S000053353Member nftii:C000167849Member 2025-11-30 2025-11-30 0000052136 nftii:S000053353Member nftii:C000167850Member 2025-11-30 2025-11-30 0000052136 nftii:S000053353Member nftii:C000188122Member 2025-11-30 2025-11-30 0000052136 nftii:S000053353Member nftii:CreditCounterpartyRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000053353Member nftii:CurrencyRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000053353Member nftii:CybersecurityAndTechnologyRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000053353Member nftii:DerivativesRisksMember 2025-11-30 2025-11-30 0000052136 nftii:S000053353Member nftii:EmergingMarketsRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000053353Member nftii:EquitySecuritiesRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000053353Member nftii:ForeignSecuritiesRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000053353Member nftii:LargeShareholderTransactionRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000053353Member nftii:LeverageRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000053353Member nftii:LiquidityRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000053353Member nftii:ManagementRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000053353Member nftii:MarketIssuerRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000053353Member nftii:REITsRiskMember 2025-11-30 2025-11-30 0000052136 nftii:S000053353Member oef:RiskLoseMoneyMember 2025-11-30 2025-11-30 0000052136 nftii:S000053353Member oef:RiskNotInsuredMember 2025-11-30 2025-11-30 0000052136 nftii:S000053353Member nftii:SmallAndMidCapitalizationCompaniesRiskMember 2025-11-30 2025-11-30 0000052136 2025-11-30 2025-11-30 0000052136 nftii:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0000052136 nftii:C000105118Member 2021-01-01 2025-12-31 0000052136 nftii:C000105119Member 2021-01-01 2025-12-31 0000052136 nftii:C000105120Member 2021-01-01 2025-12-31 0000052136 nftii:C000105120Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000052136 nftii:C000105120Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000052136 nftii:C000115831Member 2021-01-01 2025-12-31 0000052136 nftii:C000115832Member 2021-01-01 2025-12-31 0000052136 nftii:C000115833Member 2021-01-01 2025-12-31 0000052136 nftii:C000115833Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000052136 nftii:C000115833Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000052136 nftii:C000167848Member 2021-01-01 2025-12-31 0000052136 nftii:C000167849Member 2021-01-01 2025-12-31 0000052136 nftii:C000167850Member 2021-01-01 2025-12-31 0000052136 nftii:C000167850Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000052136 nftii:C000167850Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000052136 nftii:C000188118Member 2021-01-01 2025-12-31 0000052136 nftii:C000188120Member 2021-01-01 2025-12-31 0000052136 nftii:C000188122Member 2021-01-01 2025-12-31 0000052136 nftii:MorningstarLSTAUSLeveragedLoanIndexMember 2021-01-01 2025-12-31 0000052136 nftii:MSCIAllCountryWorldIndexNetMember 2021-01-01 2025-12-31 0000052136 nftii:SP500IndexMember 2021-01-01 2025-12-31 0000052136 nftii:S000034097Member nftii:C000105120Member 2016-01-01 2016-12-31 0000052136 nftii:S000037523Member nftii:C000115833Member 2016-01-01 2016-12-31 0000052136 nftii:S000034097Member nftii:C000105120Member 2017-01-01 2017-12-31 0000052136 nftii:S000037523Member nftii:C000115833Member 2017-01-01 2017-12-31 0000052136 nftii:S000053353Member nftii:C000167850Member 2017-01-01 2017-12-31 0000052136 nftii:S000034097Member nftii:C000105120Member 2018-01-01 2018-12-31 0000052136 nftii:S000037523Member nftii:C000115833Member 2018-01-01 2018-12-31 0000052136 nftii:S000053353Member nftii:C000167850Member 2018-01-01 2018-12-31 0000052136 nftii:S000034097Member nftii:C000105120Member 2019-01-01 2019-12-31 0000052136 nftii:S000037523Member nftii:C000115833Member 2019-01-01 2019-12-31 0000052136 nftii:S000053353Member nftii:C000167850Member 2019-01-01 2019-12-31 0000052136 nftii:S000034097Member nftii:C000105120Member 2020-01-01 2020-12-31 0000052136 nftii:S000037523Member nftii:C000115833Member 2020-01-01 2020-12-31 0000052136 nftii:S000053353Member nftii:C000167850Member 2020-01-01 2020-12-31 0000052136 nftii:S000034097Member nftii:C000105120Member 2021-01-01 2021-12-31 0000052136 nftii:S000037523Member nftii:C000115833Member 2021-01-01 2021-12-31 0000052136 nftii:S000053353Member nftii:C000167850Member 2021-01-01 2021-12-31 0000052136 nftii:S000034097Member nftii:C000105120Member 2022-01-01 2022-12-31 0000052136 nftii:S000037523Member nftii:C000115833Member 2022-01-01 2022-12-31 0000052136 nftii:S000053353Member nftii:C000167850Member 2022-01-01 2022-12-31 0000052136 nftii:S000034097Member nftii:C000105120Member 2023-01-01 2023-12-31 0000052136 nftii:S000037523Member nftii:C000115833Member 2023-01-01 2023-12-31 0000052136 nftii:S000053353Member nftii:C000167850Member 2023-01-01 2023-12-31 0000052136 nftii:S000034097Member nftii:C000105120Member 2024-01-01 2024-12-31 0000052136 nftii:S000037523Member nftii:C000115833Member 2024-01-01 2024-12-31 0000052136 nftii:S000053353Member nftii:C000167850Member 2024-01-01 2024-12-31 0000052136 nftii:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0000052136 nftii:C000105118Member 2025-01-01 2025-12-31 0000052136 nftii:C000105119Member 2025-01-01 2025-12-31 0000052136 nftii:C000105120Member 2025-01-01 2025-12-31 0000052136 nftii:C000105120Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000052136 nftii:C000105120Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000052136 nftii:C000115831Member 2025-01-01 2025-12-31 0000052136 nftii:C000115832Member 2025-01-01 2025-12-31 0000052136 nftii:C000115833Member 2025-01-01 2025-12-31 0000052136 nftii:C000115833Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000052136 nftii:C000115833Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000052136 nftii:C000167848Member 2025-01-01 2025-12-31 0000052136 nftii:C000167849Member 2025-01-01 2025-12-31 0000052136 nftii:C000167850Member 2025-01-01 2025-12-31 0000052136 nftii:C000167850Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000052136 nftii:C000167850Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000052136 nftii:C000188118Member 2025-01-01 2025-12-31 0000052136 nftii:C000188120Member 2025-01-01 2025-12-31 0000052136 nftii:C000188122Member 2025-01-01 2025-12-31 0000052136 nftii:MorningstarLSTAUSLeveragedLoanIndexMember 2025-01-01 2025-12-31 0000052136 nftii:MSCIAllCountryWorldIndexNetMember 2025-01-01 2025-12-31 0000052136 nftii:S000034097Member nftii:C000105120Member 2025-01-01 2025-12-31 0000052136 nftii:S000037523Member nftii:C000115833Member 2025-01-01 2025-12-31 0000052136 nftii:S000053353Member nftii:C000167850Member 2025-01-01 2025-12-31 0000052136 nftii:SP500IndexMember 2025-01-01 2025-12-31 0000052136 nftii:S000037523Member 2025-11-30 2025-11-30 0000052136 nftii:S000037523Member nftii:C000115831Member 2025-11-30 2025-11-30 0000052136 nftii:S000037523Member nftii:C000115832Member 2025-11-30 2025-11-30 0000052136 nftii:S000037523Member nftii:C000115833Member 2025-11-30 2025-11-30 0000052136 nftii:S000037523Member nftii:C000188120Member 2025-11-30 2025-11-30 0000052136 nftii:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0000052136 nftii:C000105118Member 2016-01-01 2025-12-31 0000052136 nftii:C000105119Member 2016-01-01 2025-12-31 0000052136 nftii:C000105120Member 2016-01-01 2025-12-31 0000052136 nftii:C000105120Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000052136 nftii:C000105120Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000052136 nftii:C000115831Member 2016-01-01 2025-12-31 0000052136 nftii:C000115832Member 2016-01-01 2025-12-31 0000052136 nftii:C000115833Member 2016-01-01 2025-12-31 0000052136 nftii:C000115833Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000052136 nftii:C000115833Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000052136 nftii:C000188118Member 2016-01-01 2025-12-31 0000052136 nftii:C000188120Member 2016-01-01 2025-12-31 0000052136 nftii:MorningstarLSTAUSLeveragedLoanIndexMember 2016-01-01 2025-12-31 0000052136 nftii:SP500IndexMember 2016-01-01 2025-12-31 iso4217:USD pure 0000052136 false 485BPOS 2025-11-30 0.1756 0.3200 -0.0671 0.3058 0.3533 0.0586 -0.2589 0.3610 0.2254 Highest Quarterly Return: Second Quarter 2020, 26.23% Lowest Quarterly Return: Second Quarter 2022, -19.88% 0.0858 0.0538 0.1151 0.0506 0.0039 0.0541 0.0142 0.0486 -0.0469 0.1229 Highest Quarterly Return: Second Quarter 2020, 10.92% Lowest Quarterly Return: First Quarter 2020, -16.32% 0.0694 0.2379 -0.0456 0.2781 0.1859 0.3957 -0.1665 0.2223 0.1009 0.1365 Highest Quarterly Return: Second Quarter 2020, 25.72% Lowest Quarterly Return: First Quarter 2020, -21.55% N-1A NATIXIS FUNDS TRUST II 2026-04-01 Loomis Sayles Global Growth Fund Investment Goal <div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:2pt;padding-bottom:0px;align:left;padding-right:2pt;margin-top:4pt;margin-bottom:0px;text-align:left;">The Fund’s investment goal is long-term growth of capital.</div> Fund Fees & Expenses <div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:2pt;padding-bottom:0px;align:left;padding-right:2pt;margin-top:4pt;margin-bottom:0px;text-align:left;">The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Natixis Funds Complex. More information about these and other discounts is available from your financial professional and in the section “How Sales Charges Are Calculated” on page 34 of the Prospectus, in Appendix A to the Prospectus and on page 85 in the section “Reduced Sales Charges” of the Statement of Additional Information (“SAI”).</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 0.0100 0 0 0 0 0 0 A 1.00% contingent deferred sales charge (“CDSC”) may apply to certain purchases of Class A shares of $1,000,000 or more that are redeemed within eighteen months of the date of purchase. Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0.0075 0.0075 0.0025 0.0100 0.0000 0.0000 0.0033 0.0033 0.0026 0.0033 0.0133 0.0208 0.0101 0.0108 0.0013 0.0013 0.0011 0.0013 0.0120 0.0195 0.0090 0.0095 March 31, 2027 Example <div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:1.5;padding-bottom:0px;align:left;padding-right:2pt;margin-top:3pt;margin-bottom:0px;text-align:left;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods (except where indicated). The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the example is based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement assuming that such waiver and/or reimbursement will only be in place through the date noted above and on the Total Annual Fund Operating Expenses for the remaining periods. The example for Class C shares for the ten-year period reflects the conversion to Class A shares after eight years. The example does not take into account brokerage commissions and other fees to financial intermediaries that you may pay on your purchases and sales of shares of the Fund. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> If shares are redeemed: 690 960 1250 2074 298 639 1107 2208 92 311 547 1226 97 331 583 1306 If shares are not redeemed: 198 639 1107 2208 Portfolio Turnover <div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:1.5;padding-bottom:0px;align:left;padding-right:2pt;margin-top:3pt;margin-bottom:0px;text-align:left;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During its most recently ended fiscal year, the Fund’s portfolio turnover rate was 12% of the average value of its portfolio.</div> 0.12 Investments, Risks and PerformancePrincipal Investment Strategies <div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:1.5;padding-bottom:0px;align:left;padding-right:2pt;margin-top:3pt;margin-bottom:0px;text-align:left;">Under normal market conditions, the Fund will invest primarily in equity securities, including common stocks and depositary receipts. The Fund will invest in securities that provide exposure to no fewer than three countries, which will include the U.S. In addition, the Fund will invest at least 40% of its assets in securities of companies that maintain their principal place of business or conduct their principal business activities outside the U.S., companies that have their securities traded on non-U.S. exchanges or companies that have been formed under the laws of non-U.S. countries. This 40% minimum investment amount may be reduced to 30% if market conditions for these investments or specific foreign markets are deemed unfavorable. Notwithstanding the foregoing, the Adviser uses a proprietary definition to determine whether a security is classified as U.S. or non-U.S. In determining the location of an issuer for these purposes, or where the issuer’s principal activities are based, the Adviser will consider a variety of factors (collectively designed to assess whether an issuer is economically tied to a particular country or region), including but not limited to: the markets in which the issuer’s securities are primarily traded; the location of the issuer’s headquarters, principal offices, or operations; the country where the issuer is organized; the percentage of the issuer’s revenues or profits derived from goods produced or sold, investments made, or services performed in the relevant country; and information provided by third-party data analytics service providers. No single factor will necessarily be determinative, nor must all factors be present for the Adviser to assess an issuer’s location. The Adviser may assign different weights to these factors based on different geographic policies, countries, or products. The Fund may also invest up to 30% of its assets in emerging markets securities. The Fund considers a security to be an emerging market security if its country, as determined through the proprietary process described above, is included in the MSCI Emerging & Frontier Markets Index. The Fund focuses on stocks of large-capitalization companies, but the Fund may invest in companies of any size.</div><div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:4px;padding-bottom:0px;align:left;padding-right:2pt;margin-top:3pt;margin-bottom:0px;text-align:left;">The Fund normally invests across a wide range of sectors and industries. The Fund’s portfolio manager employs a growth style of equity management, which means that the Fund seeks to invest in companies with sustainable competitive advantages versus others, long-term structural growth drivers that will lead to above-average future cash flow growth, attractive cash flow returns on invested capital, and management teams focused on creating long-term value for shareholders. The Fund’s portfolio manager also aims to invest in companies when they trade at a significant discount to the estimate of intrinsic value (i.e., companies with share prices trading significantly below what the portfolio manager believes the share price should be).</div><div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:4px;padding-bottom:0px;align:left;padding-right:2pt;margin-top:3pt;margin-bottom:0px;text-align:left;">The Fund will consider selling a portfolio investment when the portfolio manager believes an unfavorable structural change occurs within a given business or the markets in which it operates, when a critical underlying investment assumption is flawed, when a more attractive reward-to-risk opportunity becomes available, when the current price fully reflects intrinsic value, or for other investment reasons which the portfolio manager deems appropriate.</div><div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:4px;padding-bottom:0px;align:left;padding-right:2pt;margin-top:3pt;margin-bottom:0px;text-align:left;">The Fund may also engage in foreign currency transactions (including foreign currency forwards and foreign currency futures) for hedging purposes, invest in options for hedging and investment purposes and invest in interests in real estate investment trusts (“REITs”) and securities issued pursuant to Rule 144A under the Securities Act of 1933 (“Rule 144A securities”) and other privately placed investments such as private equity investments. In addition, the Fund may gain investment exposure to Chinese companies through the use of a structure known as a variable interest entity (“VIE”). The VIE structure allows investors, such as the Fund, to gain exposure to sectors or industries where non-Chinese ownership is restricted or prohibited by the Chinese government. Under normal market conditions, the Adviser does not intend to hedge currency risk, which may cause the Fund to incur losses that would not have been incurred had the risk been hedged. Except as provided above, the Fund is not limited in the percentage of its assets that it may invest in these instruments.</div> You may lose money by investing in the Fund. <div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:4px;padding-bottom:0px;align:left;padding-right:2pt;margin-top:3pt;margin-bottom:0px;text-align:left;">Fund shares are not bank deposits and are not guaranteed, endorsed or insured by the Federal Deposit Insurance Corporation or any other government agency, and are subject to investment risks, including possible loss of the principal invested.</div> <div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:4px;padding-bottom:0px;align:left;padding-right:2pt;margin-top:3pt;margin-bottom:0px;text-align:left;">Equity Securities Risk: The value of the Fund’s investments in equity securities could be subject to unpredictable declines in the value of individual securities and periods of below-average performance in individual securities or in the equity market as a whole. Growth stocks are generally more sensitive to market movements than other types of stocks primarily because their stock prices are based heavily on future expectations. If the Adviser’s assessment of the prospects for a company’s growth is wrong, or if the Adviser’s judgment of how other investors will value the company’s growth is wrong, then the price of the company’s stock may fall or not approach the value that the Adviser has placed on it. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of the issuer’s bonds generally take precedence over the claims of those who own preferred stock or common stock. Securities of real estate-related companies and REITs in which the Fund may invest may be considered equity securities, thus subjecting the Fund to the risks of investing in equity securities generally. </div> <div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:4px;padding-bottom:0px;align:left;padding-right:2pt;margin-top:3pt;margin-bottom:0px;text-align:left;">Market/Issuer Risk: The market value of the Fund’s investments will move up and down, sometimes rapidly and unpredictably, based upon overall market and economic conditions, as well as a number of reasons that directly relate to the issuers of the Fund’s investments, such as management performance, financial condition and demand for the issuers’ goods and services.</div> <div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:4px;padding-bottom:0px;align:left;padding-right:2pt;margin-top:3pt;margin-bottom:0px;text-align:left;">Management Risk: A strategy used by the Fund’s portfolio manager may fail to produce the intended result. </div> <div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:4px;padding-bottom:0px;align:justify;padding-right:2pt;margin-top:3pt;margin-bottom:0px;text-align:justify;">Liquidity Risk: Liquidity risk is the risk that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects. Decreases in the number of financial institutions willing to make markets in the Fund’s investments or in their capacity or willingness to transact may increase the Fund’s exposure to this risk. Events that may lead to increased redemptions, such as market disruptions or increases in interest rates, may also negatively impact the liquidity of the Fund’s investments when it needs to dispose of them. Markets may become illiquid quickly. If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. During times of market turmoil, there may be no buyers or sellers for securities in certain asset classes and dealers may be unwilling or unable to make a market for certain securities. Securities acquired in a private placement, such as Rule 144A securities and privately negotiated equity and other investments are generally subject to significant liquidity risk because they are subject to strict restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. In other circumstances, liquid investments may become illiquid. Derivatives, and particularly over-the-counter (“OTC”) derivatives, are generally subject to liquidity risk as well. Liquidity issues may also make it difficult to value the Fund’s investments. The Fund may invest in liquid investments that become illiquid due to financial distress, or geopolitical events such as sanctions, trading halts or wars.</div> <div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:4px;padding-bottom:0px;align:left;padding-right:2pt;margin-top:3pt;margin-bottom:0px;text-align:left;">Foreign Securities Risk: Investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks. The Fund’s investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.</div> <div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:4px;padding-bottom:0px;align:left;padding-right:2pt;margin-top:3pt;margin-bottom:0px;text-align:left;">Emerging Markets Risk: In addition to the risks of investing in foreign investments generally, emerging markets investments are subject to greater risks arising from political or economic instability, war, nationalization or confiscatory taxation, currency exchange or repatriation restrictions, sanctions by other countries (such as the United States or the European Union), new or inconsistent government treatment of or restrictions on issuers and instruments, and an issuer’s unwillingness or inability to make dividend, principal or interest payments on its securities. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets.</div><div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:4px;padding-bottom:0px;align:left;padding-right:2pt;margin-top:3pt;margin-bottom:0px;text-align:left;">The Fund’s exposure to VIEs may pose additional risks because, instead of directly investing in the underlying Chinese operating company, the Fund’s investment is in a holding company domiciled outside of China. The holding company has contractual arrangements with the operating company that are expected to provide investors, such as the Fund, with economic exposure to the operating company. While VIEs are a longstanding industry practice that is well known to Chinese officials and regulators historically, they have not been formally recognized under Chinese law. Effective March 31, 2023, the China Securities Regulatory Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and may make the process to create VIEs more difficult and costly. The Chinese government may cease to tolerate VIE structures at any time or impose new restrictions. Similarly, these investments may face delisting or other adverse actions under U.S. or other non-Chinese law. Any of these events may reduce the value of the Fund’s investments in these companies or render them valueless.</div> <div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:4px;padding-bottom:0px;align:left;padding-right:2pt;margin-top:3pt;margin-bottom:0px;text-align:left;">Small- and Mid-Capitalization Companies Risk: Compared to large-capitalization companies, small- and mid-capitalization companies are more likely to have limited product lines, markets or financial resources. Stocks of these companies often trade less frequently and in limited volume and their prices may fluctuate more than stocks of large-capitalization companies. As a result, it may be relatively more difficult for the Fund to buy and sell securities of small- and mid-capitalization companies.</div> <div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:4px;padding-bottom:0px;align:left;padding-right:2pt;margin-top:3pt;margin-bottom:0px;text-align:left;">REITs Risk: Investments in the real estate industry, including REITs, are particularly sensitive to economic downturns and are sensitive to factors such as changes in real estate values, property taxes and tax laws, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use and rents and the management skill and creditworthiness of the issuer. Companies in the real estate industry also may be subject to liabilities under environmental and hazardous waste laws. In addition, the value of a REIT is affected by changes in the value of the properties owned by the REIT or mortgage loans held by the REIT. REITs are also subject to default and prepayment risk. Many REITs are highly leveraged, increasing their risk. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund. 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 1986, as amended, and failing to maintain their exemptions from registration under the Investment Company Act of 1940, as amended.</div> <div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:4px;padding-bottom:0px;align:left;padding-right:2pt;margin-top:3pt;margin-bottom:0px;text-align:left;"> Large Shareholder Transaction Risk: Ownership of shares of the Fund may be concentrated in one or a few large investors. Such investors may redeem shares in large quantities or on a frequent basis. In addition, a large number of shareholders collectively may purchase or redeem Fund shares in large amounts rapidly or unexpectedly (collectively, such transactions are referred to as “large shareholder transactions”). In the event of a large shareholder transaction, the Fund may be required to sell investments at unfavorable times or prices, which may increase realized capital gains, including short-term capital gains taxable as ordinary income for shareholders who hold Fund shares in a taxable account, may accelerate the realization of taxable income to shareholders, may increase transaction costs, and may otherwise negatively impact fund performance. The effects of taxable income and/or gains resulting 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 tax-advantaged plan. In addition, such transactions potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized capital gains (if any). Such transactions may also increase the Fund’s expenses. A number of circumstances may cause the Fund to experience large redemptions, such as changes in the eligibility criteria for the Fund or share class of the Fund; liquidations, reorganizations, repositionings, or other announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel.</div> <div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:4px;padding-bottom:0px;align:left;padding-right:2pt;margin-top:3pt;margin-bottom:0px;text-align:left;">Currency Risk: Fluctuations in the exchange rates between different currencies may negatively affect an investment. The Fund may be subject to currency risk because it may invest in currency-related instruments and may invest in securities or other instruments denominated in, or that generate income denominated in, foreign currencies. The Fund may elect not to hedge currency risk, or may hedge such risk imperfectly, which may cause the Fund to incur losses that would not have been incurred had the risk been hedged. Under normal market conditions, the Fund does not intend to hedge currency risk, which may cause the Fund to incur losses that would not have been incurred had the risk been hedged.</div> <div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:4px;padding-bottom:0px;align:left;padding-right:2pt;margin-top:3pt;margin-bottom:0px;text-align:left;">Credit/Counterparty Risk: Credit/counterparty risk is the risk that the issuer or guarantor of a fixed-income security, or the counterparty to a derivative or other transaction, will be unable or unwilling to make timely payments of interest or principal or to otherwise honor its obligations. As a result, the Fund may sustain losses or be unable or delayed in its ability to realize gains. The Fund will be subject to credit/counterparty risk with respect to the counterparties to its derivatives transactions. This risk will be heightened to the extent the Fund enters into derivatives transactions with a single counterparty (or affiliated counterparties that are part of the same organization), causing the Fund to have significant exposure to such counterparty. Many of the protections afforded to participants on organized exchanges and clearing houses, such as the performance guarantee given by a central clearing house, are not available in connection with OTC derivatives transactions, such as foreign currency transactions. For centrally cleared derivatives, such as cleared swaps, futures and many options, the primary credit/counterparty risk is the creditworthiness of the Fund’s clearing broker and the central clearing house itself.</div> <div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:4px;padding-bottom:0px;align:left;padding-right:2pt;margin-top:3pt;margin-bottom:0px;text-align:left;">Cybersecurity and Technology Risk: The Fund, its service providers, and other market participants increasingly depend on complex information technology and communications systems, which are subject to a number of different threats and risks that could adversely affect the Fund and its shareholders. Cybersecurity and other operational and technology issues may result in financial losses to the Fund and its shareholders.</div> <div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:4px;padding-bottom:0px;align:left;padding-right:2pt;margin-top:3pt;margin-bottom:0px;text-align:left;">Derivatives Risk: Derivative instruments (such as those in which the Fund may invest, including foreign currency forwards, foreign currency futures and options) are subject to changes in the value of the underlying assets or indices on which such instruments are based. There is no guarantee that the use of derivatives will be effective or that suitable transactions will be available. Even a small investment in derivatives may give rise to leverage risk and can have a significant impact on the Fund’s exposure to securities market values, interest rates or currency exchange rates. It is possible that the Fund’s liquid assets may be insufficient to support its obligations under its derivatives positions. The use of derivatives for other than hedging purposes may be considered a speculative activity, and involves greater risks than are involved in hedging. The use of derivatives may cause the Fund to incur losses greater than those that would have occurred had derivatives not been used. The Fund’s use of derivatives involves other risks, such as credit/counterparty risk relating to the other party to a derivative contract (which is greater for forward currency contracts, uncleared swaps and other OTC derivatives), the risk of difficulties in pricing and valuation, the risk that changes in the value of a derivative may not correlate as expected with changes in the value of relevant assets, rates or indices, liquidity risk, allocation risk and the risk of losing more than any amounts paid or margin transferred to initiate derivatives positions. There is also the risk that the Fund may be unable to terminate or sell a derivative position at an advantageous time or price. The Fund’s derivative counterparties may experience financial difficulties or otherwise be unwilling or unable to honor their obligations, possibly resulting in losses to the Fund.</div> <div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:4px;padding-bottom:0px;align:left;padding-right:2pt;margin-top:3pt;margin-bottom:0px;text-align:left;">Leverage Risk: Leverage is the risk associated with securities or investment practices (e.g., borrowing and the use of certain derivatives) that multiply small index, market or asset-price movements into larger changes in value. The use of leverage increases the impact of gains and losses on the Fund’s returns, and may lead to significant losses if investments are not successful.</div> Risk/Return Bar Chart and Table <div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:1.5;padding-bottom:0px;align:left;padding-right:2pt;margin-top:3pt;margin-bottom:0px;text-align:left;">The bar chart and table shown below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual returns for the one-year, five-year, life-of-class and life-of-fund periods (as applicable) compare to those of a broad-based securities market index that reflects the performance of the overall market applicable to the Fund. Performance for Class C shares includes the automatic conversion to Class A shares after eight years, where applicable. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available online at im.natixis.com and/or by calling the Fund toll-free at 800-225-5478. </div><div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:4px;padding-bottom:0px;align:left;padding-right:2pt;margin-top:3pt;margin-bottom:0px;text-align:left;">The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund’s shares. A sales charge will reduce your return. To the extent that a class of shares was subject to the waiver or reimbursement of certain expenses during a period, had such expenses not been waived or reimbursed during the period, total returns would have been lower.</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, life-of-class and life-of-fund 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 Highest Quarterly Return: 2020-06-30 0.2623 Lowest Quarterly Return: 2022-06-30 -0.1988 Average Annual Total Returns (for the periods ended December 31, 2025) 2016-03-31 2016-03-31 2016-03-31 2016-03-31 2016-03-31 2016-03-31 2017-03-31 2017-03-31 0.1756 0.0899 0.1387 0.1747 0.0824 0.1284 0.1045 0.0687 0.1125 0.1052 0.0744 0.1290 0.1538 0.0790 0.1289 0.1760 0.0905 0.1376 0.2234 0.1119 0.1197 0.1163 <div style="font-family:arial, helvetica, sans-serif;font-size:10pt;background-color:#ffffff;padding-left:2pt;padding-top:9.5;padding-bottom:0px;align:left;padding-right:2pt;margin-top:3pt;margin-bottom:0px;text-align:left;">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.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-advantaged arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual retirement accounts. The after-tax returns are shown for only one class of the Fund.After-tax returns for the other classes of the Fund will vary. Index performance reflects no deduction for fees, expenses or taxes. Loomis Sayles Senior Floating Rate and Fixed Income Fund Investment Goal <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 4pt; margin-bottom: 0px; text-align: left; padding: 2pt 2pt 0px 2pt;">The Fund seeks to provide a high level of current income.</div> Fund Fees & Expenses <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 4pt; margin-bottom: 0px; text-align: left; padding: 2pt 2pt 0px 2pt;">The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Natixis Funds Complex. More information about these and other discounts is available from your financial professional and in the section “How Sales Charges Are Calculated” on page 34 of the Prospectus, in Appendix A to the Prospectus and on page 85 in the section “Reduced Sales Charges” of the Statement of Additional Information (“SAI”).</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) 0.0350 0 0 0 0 0.0100 0 0 0 0 0 0 A 1.00% contingent deferred sales charge (“CDSC”) may apply to certain purchases of Class A shares of $1,000,000 or more that are redeemed within eighteen months of the date of purchase. Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0060 0.0060 0.0060 0.0025 0.0100 0.0000 0.0000 0.0022 0.0022 0.0017 0.0022 0.0107 0.0182 0.0077 0.0082 0.0008 0.0008 0.0008 0.0008 0.0099 0.0174 0.0069 0.0074 The expense information shown in the table above includes acquired fund fees and expenses of less than 0.01%; the ratios may differ from the expense information disclosed in the Fund’s financial highlights table because the financial highlights table reflects the operating expenses of the Fund and does not include acquired fund fees and expenses. March 31, 2027 Example <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 1.5 2pt 0px 2pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods (except where indicated). The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the example is based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement assuming that such waiver and/or reimbursement will only be in place through the date noted above and on the Total Annual Fund Operating Expenses for the remaining periods. The example for Class C shares for the ten-year period reflects the conversion to Class A shares after eight years. The example does not take into account brokerage commissions and other fees </div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 4pt; margin-bottom: 0px; text-align: left; padding: 1pt 2pt 0px 2pt;">to financial intermediaries that you may pay on your purchases and sales of shares of the Fund. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> If shares are redeemed: 447 671 912 1603 277 565 978 1934 70 238 420 947 76 254 447 1006 If shares are not redeemed: 177 565 978 1934 Portfolio Turnover <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 1.5 2pt 0px 2pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During its most recently ended fiscal year, the Fund’s portfolio turnover rate was 127% of the average value of its portfolio.</div> 1.27 Investments, Risks and Performance Principal Investment Strategies <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: justify; margin-top: 3pt; margin-bottom: 0px; text-align: justify; padding: 1.5 2pt 0px 2pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in a combination of adjustable floating rate loans and other floating rate debt instruments issued by U.S. and non-U.S. corporations or other business entities and fixed-income securities, including derivatives that reference the returns of these instruments.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: justify; margin-top: 3pt; margin-bottom: 0px; text-align: justify; padding: 4px 2pt 0px 2pt;">Under normal market conditions, the Fund will invest at least 65% of its net assets (plus any borrowings made for investment purposes) in floating rate loans that either hold a senior position in the capital structure of the borrower, hold an equal ranking with other senior debt, or have characteristics (such as a senior position secured by liens with other senior debt) that the Adviser believes justify treatment as senior debt (“Senior Loans”). The Fund may invest in Senior Loans directly as an original lender or by assignment from a lender, or it may invest indirectly through participation agreements, interests in collateralized loan obligations (“CLOs”) and derivatives that reference such instruments. Derivatives that reference the returns of Senior Loans may pay returns at fixed rather than variable rates. The Fund’s investments may also include, but are not limited to, subordinated loans, below investment grade corporate bonds and investment grade fixed-income debt securities. The fixed-income securities in which the Fund may invest include preferred stocks. The Fund may invest in pay-in-kind (“PIK”) securities and zero-coupon securities. The Fund may receive debt, equity or other securities or instruments as a result of the general restructuring of the debt of an issuer, the restructuring of a floating rate loan or as part of a package of securities acquired with a loan.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: justify; margin-top: 3pt; margin-bottom: 0px; text-align: justify; padding: 4px 2pt 0px 2pt;">The Fund may invest any portion of its assets in securities of Canadian issuers and up to 20% of its net assets (plus any borrowings made for investment purposes) in other foreign securities, including up to 10% of its net assets (plus any borrowings made for investment purposes) in emerging market securities. Although certain securities purchased by the Fund may be issued by domestic companies incorporated outside of the United States, the Adviser does not consider these securities to be foreign if the issuer is included in the U.S. fixed-income indices published by Bloomberg.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: justify; margin-top: 3pt; margin-bottom: 0px; text-align: justify; padding: 4px 2pt 0px 2pt;">Floating rate loans are debt obligations that have interest rates that adjust or “float” periodically (normally on a monthly or quarterly basis) based on a generally recognized base rate, such as the Secured Overnight Financing Rate (“SOFR”) or the prime rate offered by one or more major U.S. banks. Floating rate loans are generally unrated or rated less than investment grade and may be subject to restrictions on resale. The Fund may invest without limit in securities of any rating, including those that are in default. The Fund has no requirements as to the range of maturities of the debt instruments in which it can invest or as to the market capitalization of the issuers of those instruments.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: justify; margin-top: 3pt; margin-bottom: 0px; text-align: justify; padding: 4px 2pt 0px 2pt;">The Fund may use derivative instruments, including, but not limited to, futures contracts, forward contracts, swaps (including, among others, credit default swap indices, loan-only credit default swaps and loan-only credit default swap indices) and structured notes to enhance income, to hedge against fluctuations in interest rates or currency exchange rates, and/or as a substitute for the purchase or sale of securities.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: justify; margin-top: 3pt; margin-bottom: 0px; text-align: justify; padding: 4px 2pt 0px 2pt;">The Fund may also invest in securities issued pursuant to Rule 144A under the Securities Act of 1933 (“Rule 144A securities”), other privately placed investments such as private credit investments, convertible securities, exchange-traded funds (“ETFs”), and mortgage-related securities, including adjustable rate mortgage securities and collateralized mortgage obligations, asset-backed securities, and U.S. government securities (including its agencies, instrumentalities and sponsored entities). The Fund may also engage in currency-related transactions. Except as provided above, the Fund is not limited in the percentage of its assets that it may invest in these instruments.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: justify; margin-top: 3pt; margin-bottom: 0px; text-align: justify; padding: 4px 2pt 0px 2pt;">When deciding which securities to buy and sell, the Adviser will consider credit quality and whether credit quality is improving or declining, as well as return potential, in the context of market and economic risks. In addition to security selection, the Adviser expects to use cycle evaluation in conjunction with sector rotation in an effort to enhance or offset cyclical influences.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: justify; margin-top: 3pt; margin-bottom: 0px; text-align: justify; padding: 4px 2pt 0px 2pt;">The Fund expects to engage in active and frequent trading of securities and other instruments. Effects of frequent trading may include high transaction costs, which may lower the Fund’s return, and realization of short-term capital gains, distributions of which are taxable to shareholders who are individuals as ordinary income. Trading costs and tax effects associated with frequent trading may adversely affect the Fund’s performance.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: justify; margin-top: 3pt; margin-bottom: 0px; text-align: justify; padding: 4px 2pt 0px 2pt;">With the exception of the 80% test described above, the percentage limitations set forth herein are not investment restrictions and the Fund may exceed these limits from time to time. In addition, when calculating these exposures, the Fund may use the notional value or an adjusted notional value of a derivative to reflect what the Adviser believes to be the most accurate assessment of the Fund’s real economic exposure.</div> You may lose money by investing in the Fund. <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Fund shares are not bank deposits and are not guaranteed, endorsed or insured by the Federal Deposit Insurance Corporation or any other government agency, and are subject to investment risks, including possible loss of the principal invested.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Senior Loans Risk: The risks associated with Senior Loans are similar to the risks of investing in below investment-grade securities. The Senior Loans in which the Fund invests will generally not be rated investment grade by the rating agencies. Economic downturns generally lead to higher non-payment rates and a Senior Loan could lose a substantial part of its value prior to default. Senior Loans are subject to credit risk, and secured Senior Loans may not be adequately collateralized. The interest rates of Senior Loans reset frequently, and thus Senior Loans are subject to interest rate risk. Senior Loans are generally less liquid than many other debt securities and there may also be less public information available about Senior Loans as compared to other debt securities. Senior Loans may be difficult to value and may be subject to restrictions on resale, irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Transactions in Senior Loans may take significantly longer than seven days to settle and, as a result, proceeds related to the sale of Senior Loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. In order to satisfy redemption requests pending settlement of Senior Loans, the Fund may take a variety of measures, including, without limitation drawing on its cash and other short term positions and borrowing from banks (including under the Fund’s line of credit), all of which may adversely affect the Fund’s performance. With limited exceptions, the Adviser will take steps intended to ensure that it does not receive material non-public information about the issuers of Senior Loans who also issue publicly traded securities, and therefore the Adviser may have less information than other investors about certain of the Senior Loans in which it seeks to invest. Investing in Senior Loan participations exposes the Fund to the credit of the counterparty issuing the participation in addition to the credit of the ultimate borrower.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: justify; margin-top: 3pt; margin-bottom: 0px; text-align: justify; padding: 4px 2pt 0px 2pt;">Liquidity Risk: Liquidity risk is the risk that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects. Decreases in the number of financial institutions willing to make markets in the Fund’s investments or in their capacity or willingness to transact may increase the Fund’s exposure to this risk. Events that may lead to increased redemptions, such as market disruptions or increases in interest rates, may also negatively impact the liquidity of the Fund’s investments when it needs to dispose of them. Markets may become illiquid quickly. If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. During times of market turmoil, there may be no buyers or sellers for securities in certain asset classes and dealers may be unwilling or unable to make a market for certain securities. Securities acquired in a private placement, such as Rule 144A securities and privately negotiated credit and other investments, are generally subject to significant liquidity risk because they are subject to strict restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. In other circumstances, liquid investments may become illiquid. Derivatives, and particularly over-the-counter (“OTC”) derivatives, are generally subject to liquidity risk as well. Liquidity issues may also make it difficult to value the Fund’s investments. The Fund may invest in liquid investments that become illiquid due to financial distress, or geopolitical events such as sanctions, trading halts or wars.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Below Investment Grade Fixed-Income Securities Risk: The Fund’s investments in below investment grade fixed-income securities, also known as “junk bonds,” may be subject to greater risks than other fixed-income securities, including being subject to greater levels of interest rate risk, credit/counterparty risk (including a greater risk of default) and liquidity risk. The ability of the issuer to make principal and interest payments is predominantly speculative for below investment grade fixed-income securities.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Credit/Counterparty Risk: Credit/counterparty risk is the risk that the issuer or guarantor of a fixed-income security, or the counterparty to a derivative or other transaction, will be unable or unwilling to make timely payments of interest or principal or to otherwise honor its obligations. In the event of bankruptcy of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a Senior Loan. Senior Loans and other floating rate securities that are rated below investment-grade are considered predominantly speculative with respect to the ability of the issuer to make timely principal and interest payments. The value of loans made to such borrowers is likely to be more sensitive to adverse news about the borrower, markets or economy. As a result, the Fund may sustain losses or be unable or delayed in its ability to realize gains. The Fund will be subject to credit/counterparty risk with respect to the counterparties to its derivatives transactions. This risk will be heightened to the extent the Fund enters into derivatives transactions with a single counterparty (or affiliated counterparties that are part of the same organization), causing the Fund to have significant exposure to such counterparty. Many of the protections afforded to participants on organized exchanges and clearing houses, such as the performance guarantee given by a central clearing house, are not available in connection with OTC derivatives transactions, such as foreign currency transactions. For </div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 4pt; margin-bottom: 0px; text-align: left; padding: 1pt 2pt 0px 2pt;">centrally cleared derivatives, such as cleared swaps, futures and many options, the primary credit/counterparty risk is the creditworthiness of the Fund’s clearing broker and the central clearing house itself.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Cybersecurity and Technology Risk: The Fund, its service providers, and other market participants increasingly depend on complex information technology and communications systems, which are subject to a number of different threats and risks that could adversely affect the Fund and its shareholders. Cybersecurity and other operational and technology issues may result in financial losses to the Fund and its shareholders.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Management Risk: A strategy used by the Fund’s portfolio managers may fail to produce the intended result. </div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Leverage Risk: Leverage is the risk associated with securities or investment practices (e.g., borrowing and the use of certain derivatives) that multiply small index, market or asset-price movements into larger changes in value. The use of leverage increases the impact of gains and losses on the Fund’s returns and may lead to significant losses if investments are not successful. </div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">“Covenant-Lite” Loan Risk: Some of the loans in which the Fund invests or to which it otherwise gains exposure may be covenant-lite loans, which contain fewer or less restrictive constraints on the borrower than certain other types of loans.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Derivatives Risk: Derivative instruments (such as those in which the Fund may invest, including futures contracts, forward contracts, swaps and structured notes) are subject to changes in the value of the underlying assets or indices on which such instruments are based. There is no guarantee that the use of derivatives will be effective or that suitable transactions will be available. Even a small investment in derivatives may give rise to leverage risk and can have a significant impact on the Fund’s exposure to securities market values, interest rates or currency exchange rates. It is possible that the Fund’s liquid assets may be insufficient to support its obligations under its derivatives positions. The use of derivatives for other than hedging purposes may be considered a speculative activity, and involves greater risks than are involved in hedging. The use of derivatives may cause the Fund to incur losses greater than those that would have occurred had derivatives not been used. The Fund’s use of derivatives involves other risks, such as credit/counterparty risk relating to the other party to a derivative contract (which is greater for forward currency contracts, uncleared swaps and other OTC derivatives), the risk of difficulties in pricing and valuation, the risk that changes in the value of a derivative may not correlate as expected with changes in the value of relevant assets, rates or indices, liquidity risk, allocation risk and the risk of losing more than any amounts paid or margin transferred to initiate derivatives positions. There is also the risk that the Fund may be unable to terminate or sell a derivative position at an advantageous time or price. The Fund’s derivative counterparties may experience financial difficulties or otherwise be unwilling or unable to honor their obligations, possibly resulting in losses to the Fund.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Emerging Markets Risk: In addition to the risks of investing in foreign investments generally, emerging markets investments are subject to greater risks arising from political or economic instability, war, nationalization or confiscatory taxation, currency exchange or repatriation restrictions, sanctions by other countries (such as the United States or the European Union), new or inconsistent government treatment of or restrictions on issuers and instruments, and an issuer’s unwillingness or inability to make dividend, principal or interest payments on its securities. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Foreign Securities Risk: Investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks. The Fund’s investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Interest Rate Risk: Interest rate risk is the risk that the value of the Fund’s investments will fall if interest rates rise. Generally, the value of fixed-income securities rises when prevailing interest rates fall and falls when interest rates rise. Interest rate risk generally is greater for funds that invest in fixed-income securities with relatively longer durations than for funds that invest in fixed-income securities with shorter durations. Senior Loans typically have adjustable interest rates. As a result, it is expected that the values of Senior Loans held by the Fund will fluctuate less in response to interest rate changes than will fixed-rate debt securities; however, the interest rates paid by these loans will generally decrease if interest rates fall. On the other hand, because the interest rates paid on Senior Loans may be subject to floors or caps, changes in market interest rates will not necessarily increase the interest rates received from its Senior Loan investments. Senior Loans and other fixed-income securities are subject to the risk that borrowers pay off the debts sooner than expected, possibly requiring the Fund to re-invest in lower-yielding securities. The values of zero-coupon bonds may be more sensitive to fluctuations in interest rates than other fixed-income securities. In addition, an economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce the Fund’s ability to sell them, negatively impacting the performance of the Fund. Fiscal, 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 associated with interest rates, including fluctuations in interest rates.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Investments in Other Investment Companies Risk: The Fund will indirectly bear the management, service and other fees of any other investment companies, including exchange-traded funds, in which it invests in addition to its own expenses.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Large Shareholder Transaction Risk: Ownership of shares of the Fund may be concentrated in one or a few large investors. Such investors may redeem shares in large quantities or on a frequent basis. In addition, a large number of shareholders collectively may purchase or redeem Fund shares in large amounts rapidly or unexpectedly (collectively, such transactions are referred to as “large shareholder transactions”). In the event of a large shareholder transaction, the Fund may be required to sell investments at unfavorable times or prices, which may increase realized capital gains, including short-term capital gains taxable as ordinary income for shareholders who hold Fund shares in a taxable account, may accelerate the realization of taxable income to shareholders, may increase transaction costs, and may otherwise negatively impact fund performance. The effects of taxable income and/or gains resulting 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 tax-advantaged plan. In addition, such transactions potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized capital gains (if any). Such transactions may also increase the Fund’s expenses. A number of circumstances may cause the Fund to experience large </div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 4pt; margin-bottom: 0px; text-align: left; padding: 1pt 2pt 0px 2pt;">redemptions, such as changes in the eligibility criteria for the Fund or share class of the Fund; liquidations, reorganizations, repositionings, or other announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Market/Issuer Risk: The market value of the Fund’s investments will move up and down, sometimes rapidly and unpredictably, based upon overall market and economic conditions, as well as a number of reasons that directly relate to the issuers of the Fund’s investments, such as management performance, financial condition and demand for the issuers’ goods and services.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Mortgage-Related and Asset-Backed Securities Risk: In addition to the risks associated with investments in fixed-income securities generally (for example, credit, liquidity, inflation and valuation risk), mortgage-related and asset-backed securities are subject to the risks of the mortgages and assets underlying the securities as well as prepayment risk, the risk that the securities may be prepaid and result in the reinvestment of the prepaid amounts in securities with lower yields than the prepaid obligations. Conversely, there is a risk that a rise in interest rates will extend the life of a mortgage-related or asset-backed security beyond the expected prepayment time, typically reducing the security’s value, which is called extension risk. The Fund also may incur a loss when there is a prepayment of securities that were purchased at a premium. The Fund’s investments in other asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Portfolio Turnover Rate Risk: The may engage in active and frequent trading of portfolio securities to pursue its principal investment strategy. A high rate of portfolio turnover may involve correspondingly greater expenses, which must be borne by the and its shareholders, and also may result in short term capital gains or losses to shareholders. Portfolio turnover is subject to fluctuations and is dependent on certain factors including current market conditions, portfolio re-balancing, cash flows, new issuance, and individual portfolio needs.</div> Risk/Return Bar Chart and Table <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 1.5 2pt 0px 2pt;">The bar chart and table shown below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual returns for the one-year, five-year, ten-year and life-of-class periods (as applicable) compare to those of a broad-based securities market index that reflects the performance of the overall market applicable to the Fund and an additional index that represents the market sectors in which the Fund primarily invests. Performance for Class C shares includes the automatic conversion to Class A shares after eight years, where applicable. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available online at im.natixis.com and/or by calling the Fund toll-free at 800-225-5478. </div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund’s shares. A sales charge will reduce your return. To the extent that a class of shares was subject to the waiver or reimbursement of certain expenses during a period, had such expenses not been waived or reimbursed during the period, total returns would have been lower.</div> The bar chart and table shown below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s average annual returns for the one-year, five-year, ten-year and life-of-class periods (as applicable) compare to those of a broad-based securities market index that reflects the performance of the overall market applicable to the Fund and an additional index that represents the market sectors in which the Fund primarily invests. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. im.natixis.com 800-225-5478 The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund’s shares. A sales charge will reduce your return. Total Returns for Class Y Shares Highest Quarterly Return: 2020-06-30 0.1092 Lowest Quarterly Return: 2020-03-31 -0.1632 Average Annual Total Returns(for the periods ended December 31, 2025) 2017-03-31 2017-03-31 2017-03-31 0.0538 0.0513 0.0491 0.0217 0.0212 0.0214 0.0314 0.0259 0.0252 0.0140 0.0413 0.0427 0.0335 0.0408 0.0401 0.0556 0.0518 0.0420 0.0730 -0.0036 0.0201 0.0189 0.0590 0.0642 0.0583 0.0538 <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 9.5 2pt 0px 2pt;">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.</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 Select Fund Investment Goal <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 4pt; margin-bottom: 0px; text-align: left; padding: 2pt 2pt 0px 2pt;">The Fund seeks long-term capital appreciation.</div> Fund Fees & Expenses <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 4pt; margin-bottom: 0px; text-align: left; padding: 2pt 2pt 0px 2pt;">The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Natixis Funds Complex. More information about these and other discounts is available from your financial professional and in the section “How Sales Charges Are Calculated” on page 34 of the Prospectus, in Appendix A to the Prospectus and on page 85 in the section “Reduced Sales Charges” of the Statement of Additional Information (“SAI”).</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 0.0100 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0066 0.0066 0.0066 0.0066 0.0025 0.0100 0.0000 0.0000 0.0018 0.0018 0.0009 0.0018 0.0109 0.0184 0.0075 0.0084 0.0000 0.0000 0.0003 0.0000 0.0109 0.0184 0.0072 0.0084 The Fund’s operating expenses have been restated to reflect a reduction in management fees, effective as of July 1, 2025, as if the reduction had been in effect during the fiscal year ended November 30, 2025. The information has been restated to better reflect anticipated expenses of the Fund. March 31, 2027 Example <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 1.5 2pt 0px 2pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods (except where indicated). The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the example or Class N shares is based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement assuming that such waiver and/or reimbursement will only be in place through the date noted above and on the Total Annual Fund Operating Expenses for the remaining periods. The example for Class C shares for the ten-year period reflects the conversion to Class A shares after eight years. The example does not take into account brokerage commissions and other fees to financial intermediaries that you may pay on your purchases and sales of shares of the Fund. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> If shares are redeemed: 680 902 1141 1827 287 579 995 1962 74 237 414 928 86 268 466 1037 If shares are not redeemed: 187 579 995 1962 Portfolio Turnover <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 1.5 2pt 0px 2pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During its most recently ended fiscal year, the Fund’s portfolio turnover rate was 64% of the average value of its portfolio.</div> 0.64 Investments, Risks and Performance Principal Investment Strategies <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: justify; margin-top: 3pt; margin-bottom: 0px; text-align: justify; padding: 1.5 2pt 0px 2pt;">The Fund, under normal market conditions, will invest primarily in equity securities, including common stocks, preferred stocks, limited partnership interests, interests in limited liability companies, real estate investment trusts (“REITs”) or other trusts and similar securities. The Fund is non-diversified, which means that it may invest a greater percentage of its assets in a particular issuer and may invest in fewer issuers than a diversified fund. Typically, the Fund’s portfolio will hold 20 to 40 securities. The Fund may invest in companies with any market capitalization, although, it will typically focus its investments in mid- to large-capitalization companies. While the Fund typically invests in equity securities, it may also invest in debt securities, including below investment grade fixed-income securities (commonly known as “junk bonds”). A fixed-income security is considered below investment grade quality when none of the three major rating agencies (Moody’s Investors Service, Inc., Fitch Ratings, Inc. or S&P Global Ratings) have rated the securities in one of their top four ratings categories.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: justify; margin-top: 3pt; margin-bottom: 0px; text-align: justify; padding: 4px 2pt 0px 2pt;">Vaughan Nelson Investment Management, L.P. (“Vaughan Nelson”) invests in companies of all market capitalizations with a focus on those companies meeting Vaughan Nelson’s return expectations.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: justify; margin-top: 3pt; margin-bottom: 0px; text-align: justify; padding: 4px 2pt 0px 2pt;">Vaughan Nelson uses a bottom-up value oriented investment process in constructing the Fund’s portfolio. Vaughan Nelson seeks companies with the following characteristics, although not all of the companies selected will have these attributes:</div> <table cellspacing="0" style="padding-top: 4pt; margin-left: 0%; width: 100%;"> <tr> <td style="color: #000000; padding-top: 0pt; width: 2%; padding-bottom: 0pt; padding-left: 0pt; text-align: left; valign: top; size: 3; vertical-align: top;">•</td> <td style="padding-bottom: 0pt; padding-top: 5pt; width: 98%; padding-left: 2pt; align: left; valign: top; vertical-align: top;">Companies earning a positive return on capital with stable-to-improving returns.</td> </tr> </table> <table cellspacing="0" style="padding-top: 1pt; margin-left: 0%; width: 100%;"> <tr> <td style="color: #000000; padding-top: 0pt; width: 2%; padding-bottom: 0pt; padding-left: 0pt; text-align: left; valign: top; size: 3; vertical-align: top;">•</td> <td style="padding-bottom: 0pt; padding-top: 5pt; width: 98%; padding-left: 2pt; align: left; valign: top; vertical-align: top;">Companies valued at discount to their asset value.</td> </tr> </table> <table cellspacing="0" style="padding-top: 1pt; margin-left: 0%; width: 100%;"> <tr> <td style="color: #000000; padding-top: 0pt; width: 2%; padding-bottom: 0pt; padding-left: 0pt; text-align: left; valign: top; size: 3; vertical-align: top;">•</td> <td style="padding-bottom: 0pt; padding-top: 5pt; width: 98%; padding-left: 2pt; align: left; valign: top; vertical-align: top;">Companies with an attractive and sustainable dividend level.</td> </tr> </table> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">In selecting investments for the Fund, Vaughan Nelson generally employs the following strategies:</div> <table cellspacing="0" style="padding-top: 4pt; margin-left: 0%; width: 100%;"> <tr> <td style="color: #000000; padding-top: 0pt; width: 2%; padding-bottom: 0pt; padding-left: 0pt; text-align: left; valign: top; size: 3; vertical-align: top;">•</td> <td style="padding-bottom: 0pt; padding-top: 5pt; width: 98%; padding-left: 2pt; align: left; valign: top; vertical-align: top;">Vaughan Nelson employs a value-driven investment philosophy that selects securities selling at a relatively low value based on discounted cash flow models. Vaughan Nelson selects companies that it believes are out-of-favor or misunderstood.</td> </tr> </table> <table cellspacing="0" style="padding-top: 1pt; margin-left: 0%; width: 100%;"> <tr> <td style="color: #000000; padding-top: 0pt; width: 2%; padding-bottom: 0pt; padding-left: 0pt; text-align: left; valign: top; size: 3; vertical-align: top;">•</td> <td style="padding-bottom: 0pt; padding-top: 5pt; width: 98%; padding-left: 2pt; align: left; valign: top; vertical-align: top;">Vaughan Nelson starts with the entire U.S. exchange-traded equity investment universe. Vaughan Nelson then narrows the investment universe by using fundamental analysis to construct a portfolio of 20 to 40 securities.</td> </tr> </table> <table cellspacing="0" style="padding-top: 1pt; margin-left: 0%; width: 100%;"> <tr> <td style="color: #000000; padding-top: 0pt; width: 2%; padding-bottom: 0pt; padding-left: 0pt; text-align: left; valign: top; size: 3; vertical-align: top;">•</td> <td style="padding-bottom: 0pt; padding-top: 5pt; width: 98%; padding-left: 2pt; align: left; valign: top; vertical-align: top;">Vaughan Nelson uses fundamental analysis to construct a portfolio that, in the opinion of Vaughan Nelson, is made up of quality companies with the potential to provide significant increases in share price over a three year period.</td> </tr> </table> <table cellspacing="0" style="padding-top: 1pt; margin-left: 0%; width: 100%;"> <tr> <td style="color: #000000; padding-top: 0pt; width: 2%; padding-bottom: 0pt; padding-left: 0pt; text-align: left; valign: top; size: 3; vertical-align: top;">•</td> <td style="padding-bottom: 0pt; padding-top: 5pt; width: 98%; padding-left: 2pt; align: left; valign: top; vertical-align: top;">Vaughan Nelson will also employ its value driven investment philosophy to identify out-of-favor or misunderstood debt securities.</td> </tr> </table> <table cellspacing="0" style="padding-top: 1pt; margin-left: 0%; width: 100%;"> <tr> <td style="color: #000000; padding-top: 0pt; width: 2%; padding-bottom: 0pt; padding-left: 0pt; text-align: left; valign: top; size: 3; vertical-align: top;">•</td> <td style="padding-bottom: 0pt; padding-top: 5pt; width: 98%; padding-left: 2pt; align: left; valign: top; vertical-align: top;">Vaughan Nelson will generally sell a security when it reaches Vaughan Nelson’s price target or when the issuer shows a change in financial condition, competitive pressures, poor management decisions or internal or external forces reducing future expected returns from the investment thesis.</td> </tr> </table> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">The Fund also may:</div> <table cellspacing="0" style="padding-top: 4pt; margin-left: 0%; width: 100%;"> <tr> <td style="color: #000000; padding-top: 0pt; width: 2%; padding-bottom: 0pt; padding-left: 0pt; text-align: left; valign: top; size: 3; vertical-align: top;">•</td> <td style="padding-bottom: 0pt; padding-top: 5pt; width: 98%; padding-left: 2pt; align: left; valign: top; vertical-align: top;">Invest in convertible preferred stock and convertible debt securities.</td> </tr> </table> <table cellspacing="0" style="padding-top: 1pt; margin-left: 0%; width: 100%;"> <tr> <td style="color: #000000; padding-top: 0pt; width: 2%; padding-bottom: 0pt; padding-left: 0pt; text-align: left; valign: top; size: 3; vertical-align: top;">•</td> <td style="padding-bottom: 0pt; padding-top: 5pt; width: 98%; padding-left: 2pt; align: left; valign: top; vertical-align: top;">Invest in publicly traded master limited partnerships.</td> </tr> </table> <table cellspacing="0" style="padding-top: 1pt; margin-left: 0%; width: 100%;"> <tr> <td style="color: #000000; padding-top: 0pt; width: 2%; padding-bottom: 0pt; padding-left: 0pt; text-align: left; valign: top; size: 3; vertical-align: top;">•</td> <td style="padding-bottom: 0pt; padding-top: 5pt; width: 98%; padding-left: 2pt; align: left; valign: top; vertical-align: top;">Invest in foreign securities, including emerging market securities, traded in U.S. markets directly or through depositary receipt programs such as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).</td> </tr> </table> <table cellspacing="0" style="padding-top: 1pt; margin-left: 0%; width: 100%;"> <tr> <td style="color: #000000; padding-top: 0pt; width: 2%; padding-bottom: 0pt; padding-left: 0pt; text-align: left; valign: top; size: 3; vertical-align: top;">•</td> <td style="padding-bottom: 0pt; padding-top: 5pt; width: 98%; padding-left: 2pt; align: left; valign: top; vertical-align: top;">Invest in REITs.</td> </tr> </table> <table cellspacing="0" style="padding-top: 1pt; margin-left: 0%; width: 100%;"> <tr> <td style="color: #000000; padding-top: 0pt; width: 2%; padding-bottom: 0pt; padding-left: 0pt; text-align: left; valign: top; size: 3; vertical-align: top;">•</td> <td style="padding-bottom: 0pt; padding-top: 5pt; width: 98%; padding-left: 2pt; align: left; valign: top; vertical-align: top;">Invest in securities offered in initial public offerings (“IPOs”), securities issued pursuant to Rule 144A under the Securities Act of 1933 (“Rule 144A securities”) and other privately placed investments such as private equity investments. </td> </tr> </table> You may lose money by investing in the Fund. <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Fund shares are not bank deposits and are not guaranteed, endorsed or insured by the Federal Deposit Insurance Corporation or any other government agency, and are subject to investment risks, including possible loss of the principal invested.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Equity Securities Risk: The value of the Fund’s investments in equity securities could be subject to unpredictable declines in the value of individual securities and periods of below-average performance in individual securities or in the equity market as a whole. Securities issued in IPOs tend to involve greater market risk than other equity securities due, in part, to public perception and the lack of publicly available information and trading history. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of the issuer’s bonds generally take precedence over the claims of those who own preferred stock or common stock. Securities of real estate-related companies and REITs in which the Fund may invest may be considered equity securities, thus subjecting the Fund to the risks of investing in equity securities generally. Small- and mid-capitalization and emerging growth companies may be subject to more abrupt price movements, limited markets and less liquidity than larger, more established companies, which could adversely affect the value of the Fund’s equity portfolio. </div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Non-Diversification Risk: Compared with other mutual funds, the Fund may invest a greater percentage of its assets in a particular issuer and may invest in fewer issuers. Therefore, the Fund may have more risk because changes in the value of a single security or the impact of a single economic, political or regulatory occurrence may have a greater adverse impact on the Fund’s net asset value.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Market/Issuer Risk: The market value of the Fund’s investments will move up and down, sometimes rapidly and unpredictably, based upon overall market and economic conditions, as well as a number of reasons that directly relate to the issuers of the Fund’s investments, such as management performance, financial condition and demand for the issuers’ goods and services.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Management Risk: A strategy used by the Fund’s portfolio managers may fail to produce the intended result. </div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Below Investment Grade Fixed-Income Securities Risk: The Fund’s investments in below investment grade fixed-income securities, also known as “junk bonds,” may be subject to greater risks than other fixed-income securities, including being subject to greater levels of interest rate risk, credit/counterparty risk (including a greater risk of default) and liquidity risk. The ability of the issuer to make principal and interest payments is predominantly speculative for below investment grade fixed-income securities.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Credit/Counterparty Risk: Credit/counterparty risk is the risk that the issuer or guarantor of a fixed-income security, or the counterparty to a derivative or other transaction, will be unable or unwilling to make timely payments of interest or principal or to otherwise honor its obligations. As a result, the Fund may sustain losses or be unable or delayed in its ability to realize gains. The Fund will be subject to credit/counterparty risk with respect to the counterparties to its derivatives transactions. This risk will be heightened to the extent the Fund enters into derivatives transactions with a single counterparty (or affiliated counterparties that are part of the same organization), causing the Fund to have significant exposure to such counterparty. Many of the protections afforded to participants on organized exchanges and clearing houses, such as the performance guarantee given by a central clearing house, are not available in connection with over-the-counter (“OTC”) derivatives transactions, such as foreign currency transactions. For centrally cleared derivatives, such as cleared swaps, futures and many options, the primary credit/counterparty risk is the creditworthiness of the Fund’s clearing broker and the central clearing house itself.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Cybersecurity and Technology Risk: The Fund, its service providers, and other market participants increasingly depend on complex information technology and communications systems, which are subject to a number of different threats and risks that could adversely affect the Fund and its shareholders. Cybersecurity and other operational and technology issues may result in financial losses to the Fund and its shareholders.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Emerging Markets Risk: In addition to the risks of investing in foreign investments generally, emerging markets investments are subject to greater risks arising from political or economic instability, war, nationalization or confiscatory taxation, currency exchange or repatriation restrictions, sanctions by other countries (such as the United States or the European Union), new or inconsistent government treatment of or restrictions on issuers and instruments, and an issuer’s unwillingness or inability to make dividend, principal or interest payments on its securities. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Foreign Securities Risk: Investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks. The Fund’s investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Interest Rate Risk: Interest rate risk is the risk that the value of the Fund’s investments will fall if interest rates rise. Generally, the value of fixed-income securities rises when prevailing interest rates fall and falls when interest rates rise. Interest rate risk generally is greater for funds that invest in fixed-income securities with relatively longer durations than for funds that invest in fixed-income securities with shorter durations. In addition, an economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce the Fund’s ability to sell them, negatively impacting the performance of the Fund. Fiscal, 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 associated with interest rates, including fluctuations in interest rates.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Large Shareholder Transaction Risk: Ownership of shares of the Fund may be concentrated in one or a few large investors. Such investors may redeem shares in large quantities or on a frequent basis. In addition, a large number of shareholders collectively may purchase or redeem Fund shares in large </div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 4pt; margin-bottom: 0px; text-align: left; padding: 1pt 2pt 0px 2pt;">amounts rapidly or unexpectedly (collectively, such transactions are referred to as “large shareholder transactions”). In the event of a large shareholder transaction, the Fund may be required to sell investments at unfavorable times or prices, which may increase realized capital gains, including short-term capital gains taxable as ordinary income for shareholders who hold Fund shares in a taxable account, may accelerate the realization of taxable income to shareholders, may increase transaction costs, and may otherwise negatively impact fund performance. The effects of taxable income and/or gains resulting 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 tax-advantaged plan. In addition, such transactions potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized capital gains (if any). Such transactions may also increase the Fund’s expenses. A number of circumstances may cause the Fund to experience large redemptions, such as changes in the eligibility criteria for the Fund or share class of the Fund; liquidations, reorganizations, repositionings, or other announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Leverage Risk: Leverage is the risk associated with securities or investment practices (e.g., borrowing and the use of certain derivatives) that multiply small index, market or asset-price movements into larger changes in value. The use of leverage increases the impact of gains and losses on the Fund’s returns, and may lead to significant losses if investments are not successful.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: justify; margin-top: 3pt; margin-bottom: 0px; text-align: justify; padding: 4px 2pt 0px 2pt;">Liquidity Risk: Liquidity risk is the risk that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects. Decreases in the number of financial institutions willing to make markets in the Fund’s investments or in their capacity or willingness to transact may increase the Fund’s exposure to this risk. Events that may lead to increased redemptions, such as market disruptions or increases in interest rates, may also negatively impact the liquidity of the Fund’s investments when it needs to dispose of them. Markets may become illiquid quickly. If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. During times of market turmoil, there may be no buyers or sellers for securities in certain asset classes and dealers may be unwilling or unable to make a market for certain securities. Securities acquired in a private placement, such as Rule 144A securities and privately negotiated equity and other investments are generally subject to significant liquidity risk because they are subject to strict restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. In other circumstances, liquid investments may become illiquid. Derivatives, and particularly OTC derivatives, are generally subject to liquidity risk as well. Liquidity issues may also make it difficult to value the Fund’s investments. The Fund may invest in liquid investments that become illiquid due to financial distress, or geopolitical events such as sanctions, trading halts or wars.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">REITs Risk: Investments in the real estate industry, including REITs, are particularly sensitive to economic downturns and are sensitive to factors such as changes in real estate values, property taxes and tax laws, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use and rents and the management skill and creditworthiness of the issuer. Companies in the real estate industry also may be subject to liabilities under environmental and hazardous waste laws. In addition, the value of a REIT is affected by changes in the value of the properties owned by the REIT or mortgage loans held by the REIT. REITs are also subject to default and prepayment risk. Many REITs are highly leveraged, increasing their risk. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund. 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 1986, as amended, and failing to maintain their exemptions from registration under the Investment Company Act of 1940, as amended.</div> Risk/Return Bar Chart and Table <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 1.5 2pt 0px 2pt;">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. Performance for Class C shares includes the automatic conversion to Class A shares after eight years, where applicable. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available online at im.natixis.com and/or by calling the Fund toll-free at 800-225-5478. </div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund’s shares. A sales charge will reduce your return. To the extent that a class of shares was subject to the waiver or reimbursement of certain expenses during a period, had such expenses not been waived or reimbursed during the period, total returns would have been lower.</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 Highest Quarterly Return: 2020-06-30 0.2572 Lowest Quarterly Return: 2020-03-31 -0.2155 Average Annual Total Returns (for the periods ended December 31, 2025) 2017-03-31 2017-03-31 0.1365 0.1221 0.1304 0.1136 0.0969 0.1085 0.0974 0.0897 0.1010 0.0685 0.1062 0.1210 0.1152 0.1110 0.1210 0.1373 0.1226 0.1332 0.1788 0.1442 0.1482 0.1478 <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 9.5 2pt 0px 2pt;">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.</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. The expense information shown in the table above includes acquired fund fees and expenses of less than 0.01%; the ratios may differ from the expense information disclosed in the Fund’s financial highlights table because the financial highlights table reflects the operating expenses of the Fund and does not include acquired fund fees and expenses. Loomis, Sayles & Company, L.P. (“Loomis Sayles” or the “Adviser”) has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 0.98%, 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 March 31, 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. Natixis Advisors, LLC (“Natixis Advisors”) has given a binding contractual undertaking to the Fund to reimburse any and all transfer agency expenses for Class N shares. This undertaking is in effect through March 31, 2027 and may be terminated before then only with the consent of the Fund’s Board of Trustees. The Fund’s operating expenses have been restated to reflect a reduction in management fees, effective as of July 1, 2025, as if the reduction had been in effect during the fiscal year ended November 30, 2025. The information has been restated to better reflect anticipated expenses of the Fund. Natixis Advisors, LLC (“Natixis Advisors”) has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 1.10%, 1.85%, 0.80% and 0.85% 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, and organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through March 31, 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. Natixis Advisors has given a binding contractual undertaking to the Fund to reimburse any and all transfer agency expenses for Class N shares. This undertaking is in effect through March 31, 2027 and may be terminated before then only with the consent of the Fund’s Board of Trustees. Loomis, Sayles & Company, L.P. (“Loomis Sayles” or the “Adviser”) has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 1.20%, 1.95%, 0.90% and 0.95% of the Fund’s average daily net assets for Class A, C, N and Y shares, respectively, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through March 31, 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. Natixis Advisors, LLC (“Natixis Advisors”) has given a binding contractual undertaking to the Fund to reimburse any and all transfer agency expenses for Class N shares. This undertaking is in effect through March 31, 2027 and may be terminated before then only with the consent of the Fund’s Board of Trustees. A 1.00% contingent deferred sales charge (“CDSC”) may apply to certain purchases of Class A shares of $1,000,000 or more that are redeemed within eighteen months of the date of purchase. 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.