0001193125-13-069679.txt : 20130222 0001193125-13-069679.hdr.sgml : 20130222 20130221180731 ACCESSION NUMBER: 0001193125-13-069679 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130222 DATE AS OF CHANGE: 20130221 EFFECTIVENESS DATE: 20130222 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LOOMIS SAYLES FUNDS II CENTRAL INDEX KEY: 0000872649 IRS NUMBER: 043113285 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-39133 FILM NUMBER: 13631714 BUSINESS ADDRESS: STREET 1: 399 BOYLSTON STREET STREET 2: 12TH FLOOR CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: 617-449-2810 MAIL ADDRESS: STREET 1: 399 BOYLSTON STREET STREET 2: 12TH FLOOR CITY: BOSTON STATE: MA ZIP: 02116 FORMER COMPANY: FORMER CONFORMED NAME: LOOMIS SAYLES FUNDS I DATE OF NAME CHANGE: 20031119 FORMER COMPANY: FORMER CONFORMED NAME: LOOMIS SAYLES FUNDS DATE OF NAME CHANGE: 20031015 FORMER COMPANY: FORMER CONFORMED NAME: LOOMIS SAYLES FUNDS II DATE OF NAME CHANGE: 20030718 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LOOMIS SAYLES FUNDS II CENTRAL INDEX KEY: 0000872649 IRS NUMBER: 043113285 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06241 FILM NUMBER: 13631715 BUSINESS ADDRESS: STREET 1: 399 BOYLSTON STREET STREET 2: 12TH FLOOR CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: 617-449-2810 MAIL ADDRESS: STREET 1: 399 BOYLSTON STREET STREET 2: 12TH FLOOR CITY: BOSTON STATE: MA ZIP: 02116 FORMER COMPANY: FORMER CONFORMED NAME: LOOMIS SAYLES FUNDS I DATE OF NAME CHANGE: 20031119 FORMER COMPANY: FORMER CONFORMED NAME: LOOMIS SAYLES FUNDS DATE OF NAME CHANGE: 20031015 FORMER COMPANY: FORMER CONFORMED NAME: LOOMIS SAYLES FUNDS II DATE OF NAME CHANGE: 20030718 0000872649 S000006695 Loomis Sayles Mid Cap Growth Fund C000018222 Class Y LSAIX C000018223 Class A LAGRX C000075148 Class C LSACX C000125482 Class N 0000872649 S000006697 Loomis Sayles Value Fund C000018225 Loomis Sayles Value Fund - Class Y LSGIX C000034548 Loomis Sayles Value Fund - Class A LSVRX C000049398 Loomis Sayles Value Fund - Class B LSVBX C000049399 Loomis Sayles Value Fund - Class C LSCVX C000082997 Admin Class LSAVX C000125483 Class N 0000872649 S000006698 Loomis Sayles Global Equity and Income Fund C000018226 Class Y LSWWX C000027670 Class A LGMAX C000027671 Class C LGMCX 0000872649 S000006699 Loomis Sayles Growth Fund C000018227 Class A LGRRX C000018228 Class B LGRBX C000018229 Class C LGRCX C000018230 Class Y LSGRX C000125484 Class N 0000872649 S000006700 Loomis Sayles High Income Fund C000018231 Class A NEFHX C000018232 Class B NEHBX C000018233 Class C NEHCX C000069253 Class Y NEHYX 0000872649 S000006701 Loomis Sayles Investment Grade Bond Fund C000018234 Class A LIGRX C000018235 Class B LGBBX C000018236 Class C LGBCX C000018238 Class Y LSIIX C000082998 Admin Class LIGAX C000125485 Class N 0000872649 S000006702 Loomis Sayles Limited Term Government and Agency Fund C000018239 Class A NEFLX C000018240 Class B NELBX C000018241 Class C NECLX C000018242 Class Y NELYX 0000872649 S000006705 Loomis Sayles Small Cap Growth Fund C000018249 Institutional Class LSSIX C000018250 Retail Class LCGRX C000125486 Class N 0000872649 S000006706 Loomis Sayles Strategic Income Fund C000018251 Class A NEFZX C000018252 Class B NEZBX C000018253 Class C NECZX C000018254 Class Y NEZYX C000082999 Admin Class NEZAX C000125487 Class N 0000872649 S000020816 Loomis Sayles International Bond Fund C000058150 Loomis Sayles International Bond Fund- Class A LSIAX C000058151 Loomis Sayles International Bond Fund- Class C LSICX C000058152 Loomis Sayles International Bond Fund- Class Y LSIYX 485BPOS 1 d464458d485bpos.htm LOOMIS SAYLES FUNDS II Loomis Sayles Funds II

Registration Nos. 333-39133

811-06241

 

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM N-1A

REGISTRATION STATEMENT

UNDER

   THE SECURITIES ACT OF 1933      ¨   
   Pre-Effective Amendment No.      ¨   
   Post-Effective Amendment No. 65      x   

and/or

REGISTRATION STATEMENT

UNDER

   THE INVESTMENT COMPANY ACT OF 1940   ¨
   Amendment No. 68   x

(Check appropriate box or boxes.)

 

 

LOOMIS SAYLES FUNDS II

(Exact Name of Registrant as Specified in Charter)

 

 

399 Boylston Street

Boston, Massachusetts 02116

(Address of principal executive offices)    (Zip Code)

(617) 449-2810

(Registrant’s Telephone Number, including Area Code)

 

 

Copy to:

Coleen Downs Dinneen, Esq.

Natixis Distribution, L.P.

399 Boylston Street

Boston, Massachusetts 02116

  

John M. Loder, Esq.

Ropes & Gray

One International Place

Boston, Massachusetts 02110

(Name and Address of Agent for Service)  

 

 

Approximate Date of Public Offering

It is proposed that this filing will become effective (check appropriate box):

 

  x Immediately upon filing pursuant to paragraph (b)
  ¨ On (date) pursuant to paragraph (b)
  ¨ 60 days after filing pursuant to paragraph (a)(1)
  ¨ On (date) pursuant to paragraph (a)(1)
  ¨ 75 days after filing pursuant to paragraph (a)(2)
  ¨ on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

 

  ¨ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 

 

LOOMIS SAYLES FUNDS II

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 65 to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Boston, and the Commonwealth of Massachusetts on the 22nd day of February, 2013.

 

LOOMIS SAYLES FUNDS II
By:   /S/    DAVID L. GIUNTA        
 

David L. Giunta

President

Pursuant to the requirements of the Securities Act of 1933, as amended, this amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

 

Signature

   

Title

  

Date

/S/    DAVID L. GIUNTA        

   

President and Trustee

   February 22, 2013
David L. Giunta     

/S/    MICHAEL C. KARDOK        

   

Treasurer

   February 22, 2013
Michael C. Kardok     

CHARLES D. BAKER*        

   

Trustee

   February 22, 2013
Charles D. Baker     

ROBERT J. BLANDING*        

   

Chief Executive Officer and Trustee

   February 22, 2013
Robert J. Blanding     

DANIEL M. CAIN*        

   

Trustee

   February 22, 2013
Daniel M. Cain     

KENNETH A. DRUCKER*        

   

Trustee

   February 22, 2013
Kenneth A. Drucker     

EDMOND J. ENGLISH*        

   

Trustee

   February 22, 2013
Edmond J. English     

JOHN T. HAILER*        

   

Trustee

   February 22, 2013
John T. Hailer     

WENDELL J. KNOX*        

     
Wendell J. Knox   

Trustee

   February 22, 2013

MARTIN T. MEEHAN*        

     
Martin T. Meehan   

Trustee

   February 22, 2013

SANDRA O. MOOSE*        

     
Sandra O. Moose   

Trustee, Chairperson of the Board

   February 22, 2013

ERIK SIRRI*        

     
Erik Sirri   

Trustee

   February 22, 2013

PETER SMAIL*        

     
Peter Smail   

Trustee

   February 22, 2013

CYNTHIA L. WALKER*        

     
Cynthia L. Walker   

Trustee

   February 22, 2013

 

*By:   /S/    COLEEN DOWNS DINEEN        
 

Coleen Downs Dinneen

Attorney-In-Fact (a),(b),(c),(d),(e),(f),(g)(h)

February 22, 2013

 

(a) 

Powers of Attorney for Robert J. Blanding, Daniel M. Cain, John T. Hailer and Sandra O. Moose are incorporated by reference to exhibit (q) to PEA No. 37 to the Registration Statement filed on December 2, 2004.

 

(b) 

Power of Attorney for Cynthia L. Walker is incorporated by reference to exhibit (q)(2) to PEA No. 39 to the Registration Statement filed on December 2, 2005.

 

(c)

Power of Attorney for Kenneth A. Drucker is incorporated by reference to exhibit (q)(4) to PEA No. 50 to the Registration Statement filed on July 17, 2008.

 

(d) 

Power of Attorney for Wendell J. Knox is incorporated by reference to exhibit (q)(4) to PEA No. 55 to the Registration Statement filed on November 23, 2009.

 

(e)

Powers of Attorney for Erik Sirri and Peter Smail are incorporated by reference to exhibits (q)(5) and (q)(6) to PEA No. 56 to the Registration Statement filed on January 28, 2010.

 

(f)

Power of Attorney for Charles D. Baker is incorporated by reference to exhibit (q)(7) to PEA No. 57 to the Registration Statement filed on January 28, 2011.

 

(g)

Power of Attorney for Martin T. Meehan is incorporated by reference to exhibit (q)(9) to PEA No. 63 to the Registration Statement filed on November 29, 2012.

 

(h)

Power of Attorney for Edmond. J. English is incorporated by reference to exhibit (q)(10) to PEA No. 64 to the Registration Statement filed on January 28, 2013.

Loomis Sayles Funds II

Exhibit Index

Exhibits for Item 28 of Form N-1A

 

Exhibit

   

Exhibit Description

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EX-101.DEF    XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB    XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE    XBRL Taxonomy Extension Presentation Linkbase
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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 Fund Complex. More information about these and other discounts is available from your financial professional and in the section &#8220;How Sales Charges Are Calculated&#8221; on page 34 of the Prospectus and on page 110 in the section &#8220;Reduced Sales Charges&#8221; of the Statement of Additional Information (&#8220;SAI&#8221;). 485BPOS LOOMIS SAYLES FUNDS II 0000872649 2013-01-28 0.0575 0 0 0 0 0.01 0 0 <div style="display:none">~ http://www.loomissayles.com/role/ScheduleShareholderFeesLoomisSaylesGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAnnualFundOperatingExpensesLoomisSaylesGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.loomissayles.com/role/ScheduleExpenseExampleTransposedLoomisSaylesGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.loomissayles.com/role/ScheduleExpenseExampleNoRedemptionTransposedLoomisSaylesGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAverageAnnualTotalReturnsTransposedLoomisSaylesGrowthFund column period compact * ~</div> 2013-02-01 false 0 0 0 0 Loomis Sayles International Bond Fund <b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment) Investment Goal The Fund seeks high total investment return through a combination of high current income and capital appreciation. Fund Fees &amp; Expenses The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 Fund Complex. More information about these and other discounts is available from your financial professional and in the section &#8220;How Sales Charges Are Calculated&#8221; on page 55 of the Prospectus and on page 110 in the section &#8220;Reduced Sales Charges&#8221; of the Statement of Additional Information (&#8220;SAI&#8221;). 0.0075 0.0075 0.0075 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 Fund Complex. 0.0075 100000 0.0025 0.01 0 0 0.0038 0.0038 0.0022 0.0038 <div style="display:none">~ http://www.loomissayles.com/role/ScheduleShareholderFeesLoomisSaylesInvestmentGradeBondFund column period compact * ~</div> <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAnnualFundOperatingExpensesLoomisSaylesInvestmentGradeBondFund column period compact * ~</div> <div style="display:none">~ http://www.loomissayles.com/role/ScheduleExpenseExampleTransposedLoomisSaylesInvestmentGradeBondFund column period compact * ~</div> <div style="display:none">~ http://www.loomissayles.com/role/ScheduleExpenseExampleNoRedemptionTransposedLoomisSaylesInvestmentGradeBondFund column period compact * ~</div> 0.0138 <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAverageAnnualTotalReturnsTransposedLoomisSaylesInvestmentGradeBondFund column period compact * ~</div> 0.0213 0.0097 0.0113 <b>Shareholder Fees</b><br/>(fees paid directly from your investment) -0.0013 -0.0013 -0.0002 -0.0013 0.0125 0.02 0.0095 0.01 0.045 0 0 0 0.01 0 <div style="display:none">~ http://www.loomissayles.com/role/ScheduleShareholderFeesLoomisSaylesLimitedTermGovernmentandAgencyFund column period compact * ~</div> <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAnnualFundOperatingExpensesLoomisSaylesLimitedTermGovernmentandAgencyFund column period compact * ~</div> <div style="display:none">~ http://www.loomissayles.com/role/ScheduleExpenseExampleTransposedLoomisSaylesLimitedTermGovernmentandAgencyFund column period compact * ~</div> <div style="display:none">~ http://www.loomissayles.com/role/ScheduleExpenseExampleNoRedemptionTransposedLoomisSaylesLimitedTermGovernmentandAgencyFund column period compact * ~</div> <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAverageAnnualTotalReturnsTransposedLoomisSaylesLimitedTermGovernmentandAgencyFund column period compact * ~</div> 0 0 0 <div style="display:none">~ http://www.loomissayles.com/role/ScheduleShareholderFeesLoomisSaylesStrategicIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAnnualFundOperatingExpensesLoomisSaylesStrategicIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.loomissayles.com/role/ScheduleExpenseExampleTransposedLoomisSaylesStrategicIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.loomissayles.com/role/ScheduleExpenseExampleNoRedemptionTransposedLoomisSaylesStrategicIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAverageAnnualTotalReturnsTransposedLoomisSaylesStrategicIncomeFund column period compact * ~</div> 2012-09-30 <b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment) Loomis Sayles Global Equity and Income Fund 0.006 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods (except where indicated). The example also assumes that your investment has a 5% return each year and that the Fund&#8217;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 for the first year and on the Total Annual Fund Operating Expenses for the remaining years. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>If shares are redeemed:</b> Investment Goal The Fund&#8217;s investment goal is high total investment return through a combination of capital appreciation and current income. 0.006 0.006 Fund Fees &amp; Expenses 0.0025 0.01 695 The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 Fund Complex. More information about these and other discounts is available from your financial professional and in the section &#8220;How Sales Charges Are Calculated&#8221; on page 34 of the Prospectus and on page 110 in the section &#8220;Reduced Sales Charges&#8221; of the Statement of Additional Information (&#8220;SAI&#8221;). 0 303 97 102 0.0101 0.01 0.01 975 654 307 0.0185 346 0.0261 0.016 Loomis Sayles Growth Fund -0.0081 -0.008 -0.008 1275 0.0575 1132 Investment Goal 0 534 0 610 0 0 0 0.018 0.008 0.0105 2127 2452 1188 1363 The Fund&#8217;s investment goal is long-term growth of capital. Fund Fees &amp; Expenses The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 Fund Complex. More information about these and other discounts is available from your financial professional and in the section &#8220;How Sales Charges Are Calculated&#8221; on page 34 of the Prospectus and on page 110 in the section &#8220;Reduced Sales Charges&#8221; of the Statement of Additional Information (&#8220;SAI&#8221;). 0 0.05 0.01 0 0 0 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 Fund Complex. Loomis Sayles Limited Term Government and Agency Fund 0 0 0 0 0 50000 0 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 Fund Complex. 50000 0.045 0 <b>Shareholder Fees</b><br/>(fees paid directly from your investment) 0 0 0 0 <b>Shareholder Fees</b><br/>(fees paid directly from your investment) Investment Goal <b>If shares are not redeemed:</b> The Fund seeks high current return consistent with preservation of capital. <b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment) <b>Shareholder Fees</b><br/>(fees paid directly from your investment) The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 Fund Complex. More information about these and other discounts is available from your financial professional and in the section &#8220;How Sales Charges Are Calculated&#8221; on page 34 of the Prospectus and on page 110 in the section &#8220;Reduced Sales Charges&#8221; of the Statement of Additional Information (&#8220;SAI&#8221;). Fund Fees &amp; Expenses The Fund&#8217;s investment objective is long-term growth of capital and income. Investment Goal Loomis Sayles Value Fund 0 0.05 0.01 203 0 0 0 654 1132 2452 0 Example 0 0 Fund Fees &amp; Expenses 0 0 0 The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 Fund Complex. More information about these and other discounts is available from your financial professional and in the section &#8220;How Sales Charges Are Calculated&#8221; on page 55 of the Prospectus and on page 110 in the section &#8220;Reduced Sales Charges&#8221; of the Statement of Additional Information (&#8220;SAI&#8221;). <b>Shareholder Fees</b><br/>(fees paid directly from your investment) January 31, 2014 <b>If shares are redeemed:</b> 0.0575 0.0575 0 <b>If shares are not redeemed:</b> 0 0 0 Portfolio Turnover 0 0 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During its most recently ended fiscal year, the Fund&#8217;s portfolio turnover rate was 191% of the average value of its portfolio. <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAnnualFundOperatingExpensesLoomisSaylesSmallCapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.loomissayles.com/role/ScheduleExpenseExampleTransposedLoomisSaylesSmallCapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAverageAnnualTotalReturnsTransposedLoomisSaylesSmallCapGrowthFund column period compact * ~</div> 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&#8217;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 for the first year and on the Total Annual Fund Operating Expenses for the remaining years. Although your actual costs may be higher or lower, based on these assumptions your costs would be: January 31, 2014 0 0.05 0.01 0 0 0 0.01 0 552 0 283 0 0 0 0 82 0 0 0 0.0056 0.03 0.0056 0.0056 0 0.0056 0 0.0056 0.0056 0 Example 931 735 427 0.0025 0.01 0.01 0 1334 0 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&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1313 0.0025 795 0 0.05 0.01 0 2459 2884 1833 Investments, Risks and Performance<br/><br/>Principal Investment Strategies 0 0 0 0 0.0015 0.0015 0.0015 0.0006 0.0015 0.004 <b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment) <b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment) <b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment) The Fund normally will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in common stocks or other equity securities, including preferred stocks, warrants, securities convertible into common or preferred stocks and other equity-like interests in companies whose market capitalization falls within the Russell Midcap Growth Index. While the market capitalization range for this index fluctuates, at December 31, 2012, it was $337 million to $21 billion. The Fund may invest the rest of its assets in companies of any size.<br/><br/>In deciding which securities to buy and sell, the Adviser seeks to identify companies that it believes have distinctive products, technologies or services, dynamic earnings growth, prospects for high levels of profitability and/or solid management. The Adviser typically does not consider current income when making buy/sell decisions.<br/><br/>The Fund may invest any portion of its assets in securities of Canadian issuers and up to 20% of its assets in other foreign securities, including emerging markets securities. The Fund may engage in foreign currency transactions, options for hedging and investment purposes and futures transactions, and may also engage in securities lending. The Adviser may elect not to hedge currency risk, which may cause the Fund to incur losses that would not have been incurred had the risk been hedged. The Fund also may invest in securities offered in the secondary markets or in initial public offerings, real estate investment trusts (&#8220;REITs&#8221;) and securities issued pursuant to Rule 144 under the Securities Act of 1933 (&#8220;Rule 144A securities&#8221;). The Fund may engage in active and frequent trading of securities. Frequent trading may produce high transaction costs and a high level of taxable capital gains, which may lower the Fund&#8217;s return. Except as provided above, the Fund is not limited in the percentage of its assets that it may invest in these instruments. 0.0096 0.0171 0.0171 0.0062 0.0071 0.0121 <b>If shares are redeemed:</b> 0 0 0 0 0.005 0 0.005 loomis sayles small cap growth fund 0 <b>If shares are not redeemed:</b> 0.005 0.005 0.005 0.005 <b>INVESTMENT OBJECTIVE</b> 183 735 0.0096 0.0171 1313 The Fund&#8217;s investment objective is long-term capital growth from investments in common stocks or other equity securities. 0.0171 0.0062 2884 0.0071 0.0121 <b>FUND FEES &amp; EXPENSES</b> The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<br/><br/>The Fund does not impose a sales charge, a redemption fee or an exchange fee. 0.0023 0.0023 0.0023 0.0045 0.0045 0.0008 0.0045 0.0023 0.0049 Portfolio Turnover <b>ANNUAL FUND OPERATING EXPENSES</b><br/>(expenses that you pay each year as a percentage of the value of your investment) 0.0098 0.005 0.0173 0.005 0.0173 0.005 0.0058 0.005 0.0073 0.005 0.0124 <b>Example</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During its most recently ended fiscal year, the Fund&#8217;s portfolio turnover rate was 169% of the average value of its portfolio. 0.0025 0.0025 The 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. The example also assumes that your investment has a 5% return each year and the Fund&#8217;s operating expenses remain the same. The example for the Institutional Class shares and the Class N shares is based on Total Annual Fund Operating Expenses for all periods. The example for Retail Class shares is based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and on the Total Annual Fund Operating Expenses for the remaining years. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.01 0.01 Portfolio Turnover 0.01 0.01 <b>Portfolio Turnover</b> 544 0 674 1.69 0 274 73 0.0075 63 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During its most recently ended fiscal year, the Fund&#8217;s portfolio turnover rate was 77% of the average value of its portfolio. 0.0075 123 0.0075 0 0 0 0 0 0 742 839 539 199 227 384 January 31, 2014 0.0098 0.77 0.0173 957 0.0173 1128 928 346 0.0058 395 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During its most recently ended fiscal year, the Fund&#8217;s portfolio turnover rate was 29% of the average value of its portfolio. 665 0.0073 0 0.0124 0.01 0.0025 1575 1821 2019 774 883 1466 Investments, Risks and Performance<br/><br/>Principal Investment Strategies <b>INVESTMENTS, RISKS AND PERFORMANCE</b><br/><br/><b>Principal Investment Strategies</b> 0.29 0.0032 0.0032 0.0032 0.0018 0.0032 0.002 0.002 0.002 Investments, Risks and Performance<br/><br/>Principal Investment Strategies 0.0107 0.0182 The Fund normally will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in the equity securities of &#8220;small-cap companies,&#8221; including preferred stocks, warrants, securities convertible into common or preferred stocks and other equity-like interests in an entity. Currently, the Fund defines a small-cap company to be one whose market capitalization either falls within the capitalization range of the Russell 2000 Index, an index that tracks stocks of 2,000 of the smallest U.S. companies, or is $3 billion or less at the time of investment. The Fund may invest the rest of its assets in companies of any size, including large-capitalization companies.<br/><br/>In deciding which securities to buy and sell, Loomis Sayles typically seeks to identify companies that it believes have distinctive products, technologies, or services; dynamic earnings growth; prospects for high levels of profitability; and solid management. Loomis Sayles typically does not consider current income when making buy/sell decisions.<br/><br/>The Fund may invest any portion of its assets in securities of Canadian issuers and up to 20% of its assets in other foreign securities, including emerging markets securities. The Fund may also invest in securities issued pursuant to Rule 144A under the Securities Act of 1933 (&#8220;Rule 144A securities&#8221;).<br/><br/>The Fund may engage, for hedging and investment purposes, in foreign currency transactions, options and futures transactions. 0.0182 0.0068 0.0021 0.0021 0.0082 0.0021 <b>Principal Risks</b> Under normal market conditions, the Fund expects to invest at least 80% of its net assets (plus any borrowings made for investment purposes) in fixed-income 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. The Fund invests primarily (at least 65% of its net assets) in fixed-income securities of issuers located outside the United States. Securities held by the Fund may be denominated in any currency and may be of issuers located in emerging market countries. The Fund invests primarily in investment-grade fixed-income securities. &#8220;Investment-grade&#8221; securities are those securities that are rated as such at the time of purchase by at least one of the three major rating agencies (Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;), Fitch Investors Services, Inc. (&#8220;Fitch&#8221;) or Standard and Poor&#8217;s Ratings Group (&#8220;S&amp;P&#8221;)) or, if unrated, are determined by the Adviser to be of comparable quality, although the Fund may invest up to 35% of its assets in below investment-grade fixed-income securities (commonly known as &#8220;junk bonds&#8221;). There is no minimum rating for securities in which the Fund will invest. Below investment-grade fixed-income securities are rated below investment-grade quality ( i.e. , none of the three major ratings agencies (Moody&#8217;s, Fitch or S&amp;P) have rated the securities in one of its top four ratings categories) or, if unrated, are determined by the Adviser to be of comparable quality. The Fund may invest in fixed-income securities of any maturity. The Fund may also invest in foreign currencies and may engage in other foreign currency transactions for investment or for hedging purposes.<br/><br/>In deciding which securities to buy and sell, the Adviser may consider, among other things, the stability and volatility of a country&#8217;s bond markets, the financial strength of the issuer, current interest rates, current valuations, currency considerations, the Adviser&#8217;s expectations regarding general trends in interest rates and comparisons of the level of risk associated with particular investments with the Adviser&#8217;s expectations concerning the potential return of those investments.<br/><br/>Three themes typically drive the Fund&#8217;s investment approach. First, the Adviser generally seeks fixed-income securities of issuers whose credit profiles it believes are improving. The Adviser&#8217;s credit research team provides deep fundamental and quantitative analysis as well as ratings on over 1,000 credits worldwide. The broad coverage combined with the objective to identify attractive investment opportunities makes this an important component of the investment approach. Second, the Adviser analyzes political, economic, and other fundamental factors and combines this analysis with a comparison of the yield spreads of various fixed-income securities in an effort to find securities that it believes may produce attractive returns for the Fund in comparison to their risk. Third, if a security that is believed to be attractive is denominated in a foreign currency, the Adviser analyzes whether to accept or to hedge the currency risk. In certain instances, the Adviser may elect not to hedge currency risk, which may cause the Fund to incur losses that would not have been incurred had the risk been hedged.<br/><br/>The fixed-income securities in which the Fund may invest include public or private debt obligations issued or guaranteed by U.S. or non-U.S. issuers, including, but not limited to, corporations, governments (including their agencies, instrumentalities and sponsored entities), supranational entities, partnerships and trusts. The Fund may also invest in preferred stocks, convertible securities, when-issued securities, securities issued pursuant to Rule 144 under the Securities Act of 1933 (&#8220;Rule 144A securities&#8221;), mortgage- or asset-backed securities and zero-coupon securities issued by any of the above-named entities.<br/><br/>In connection with its principal investment strategies, the Fund may also invest in inflation- and index-linked securities, senior loans, structured notes, common stocks (limited to shares acquired as a result of a financial restructuring, bankruptcy or similar transaction or from an exchange or conversion of a permissible security held in the portfolio), and derivatives, including options, futures, options on futures, forward contracts and swap contracts (including credit default swaps). The Fund may also engage in active and frequent trading of securities. Frequent trading may produce high transaction costs and a high level of taxable capital gains, which may lower the Fund&#8217;s return. Except as provided above, the Fund is not limited in the percentage of its assets that it may invest in these instruments. 0 0 0 0 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 Fund Complex. 0 Principal Risks 0.009 0.0107 0.0165 0.0182 0.0182 0.0165 0.0068 0.0082 384 663 Loomis Sayles High Income Fund 263 Investment Goal 61 The Fund seeks high current income plus the opportunity for capital appreciation to produce a high total return. <b>Shareholder Fees</b><br/>(fees paid directly from your investment) <b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment) Principal Risks January 31, 2014 The principal risks of investing in the Fund are summarized below. The Fund does not represent a complete investment program. You may lose money by investing in the Fund.<br/><br/><b>Currency Risk:</b> Fluctuations in the exchange rates between different currencies may negatively affect an investment. 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.<br/><br/><b>Derivatives Risk:</b> Derivative instruments (such as those in which the Fund may invest) can be used to acquire or to transfer the risk and returns of a security or other asset without buying or selling the security or asset. Derivatives are subject to changes in the value of the underlying asset or indices on which such transactions 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&#8217;s exposure to securities markets values, interest rates or currency exchange rates. It is possible that the Fund&#8217;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 which would have occurred had derivatives not been used. The Fund&#8217;s use of derivatives such as forward currency contracts and options and futures transactions involves other risks, such as the credit risk relating to the other party to a derivative contract (which is greater for forward currency contracts and other over-the-counter traded derivatives), the risk of difficulties in pricing and valuation, the risk that changes in the value of a derivative may not correlate perfectly with relevant assets, rates or indices, liquidity risk, allocation risk and the risk of losing more than the initial margin required to initiate derivatives positions. There is also the risk that the Fund may be unable to terminate or sell a derivatives position at an advantageous time or price. Moreover, a number of broker-dealers and other financial institutions have recently experienced extreme financial difficulty, sometimes resulting in bankruptcy of the institution. There can be no assurance that the Fund&#8217;s derivative counterparties will not experience similar financial difficulties, possibly resulting in losses to the Fund.<br/><br/><b>Emerging Markets Risk:</b> Investing in emerging markets companies, which may be smaller and have shorter operating histories than companies in developed markets, involves risks in addition to, and greater than, those generally associated with investing in companies in developed foreign markets. The extent of economic development, political stability, market depth, infrastructure, capitalization and regulatory oversight in emerging market economies is generally less than in more developed markets.<br/><br/><b>Equity Securities Risk:</b> The value of the Fund&#8217;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. Rule 144A securities may be less liquid than other equity securities. 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&#8217;s assessment of the prospects for a company&#8217;s growth is wrong, or if the Adviser&#8217;s judgment of how other investors will value the company&#8217;s growth is wrong, then the price of the company&#8217;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&#8217;s bonds generally take precedence over the claims of those who own preferred stock or common stock.<br/><br/><b>Foreign Securities Risk:</b> Investments in foreign securities may be subject to greater political, economic, environmental, credit and information risks. The Fund&#8217;s investments in foreign securities are also subject to foreign currency fluctuations. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.<br/><br/><b>Issuer Risk:</b> The value of the Fund&#8217;s investments may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods and services.<br/><br/><b>Leverage Risk:</b> Use of derivative instruments may involve leverage. Leverage is the risk associated with securities or practices that multiply small index, market or asset price movements into larger changes in value. To the extent that the Fund uses a derivative for purposes other than as a hedge, or if the Fund hedges imperfectly, the Fund is directly exposed to the risks of that derivative and any loss generated by the derivative will not be offset by a gain. The use of leverage increases the impact of gains and losses on a fund&#8217;s returns, and may lead to significant losses if investments are not successful.<br/><br/><b>Liquidity Risk:</b> Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Fund from selling these illiquid securities at an advantageous price or time. A lack of liquidity also may cause the value of investments to decline. Securities acquired in a private placement, such as Rule 144A securities, generally are subject to strict restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so, or at the most advantageous time or price. Illiquid investments also may be difficult to value.<br/><br/><b>Management Risk:</b> A strategy used by the Fund&#8217;s portfolio manager may fail to produce the intended result.<br/><br/><b>Market Risk:</b> The market value of a security will move up and down, sometimes rapidly and unpredictably, based upon a change in an issuer&#8217;s financial condition, as well as overall market and economic conditions.<br/><br/><b>REITs Risk:</b> 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.<br/><br/><b>Small Capitalization Risk:</b> The general risks associated with corporate income-producing securities are particularly pronounced for securities issued by companies with smaller market capitalizations. These companies may have limited product lines, markets or financial resources or they may depend on a few key employees. As a result, they may be subject to greater levels of credit, market and issuer risk. Securities of smaller companies may trade less frequently and in lesser volume than more widely-held securities and their values may fluctuate more sharply than other securities. Further, securities of smaller companies may perform differently in different cycles than securities of larger companies. Companies with medium-sized market capitalizations may have risks similar to those of smaller companies. Risk/Return Bar Chart and Table The bar chart and table shown below provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year-to-year and by showing how the Fund&#8217;s average annual returns for the one-year, five-year and ten-year periods compare to those of a broad measure of market performance. The Fund&#8217;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 ngam.natixis.com and/or by calling the Fund toll-free at 800-225-5478.<br/><br/>The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund&#8217;s shares. A sales charge will reduce your return. <b>If shares are redeemed:</b> January 31, 2014 <b>Total Returns for Class A Shares</b> <b>If shares are not redeemed:</b> Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in equity and fixed-income securities of U.S. and foreign issuers. Equity securities purchased by the Fund may include common stocks, preferred stocks, depositary receipts, warrants, securities convertible into common or preferred stocks, interests in real estate investment trusts (&#8220;REITs&#8221;) and/or real estate-related securities and other equity-like interests in an issuer. The Fund will invest a significant portion of its assets outside the U.S., including securities of issuers located in emerging market countries.<br/><br/>In deciding which domestic and international equity securities to buy and sell, the Adviser generally looks for companies that it believes have the potential for superior earnings growth relative to their current value. The Adviser also looks for companies that appear to be undervalued relative to the intrinsic value of the companies&#8217; assets or cash flows.<br/><br/>In deciding which domestic and international fixed-income securities to buy and sell, the Adviser generally looks for securities that it believes are undervalued and have the potential for credit upgrades, which may include securities that are below investment-grade (also known as &#8220;junk bonds&#8221;). The Fund may also invest in foreign currencies, collateralized mortgage obligations, zero-coupon securities, when-issued securities, REITs, securities issued pursuant to Rule 144 under the Securities Act of 1933 (&#8220;Rule 144A securities&#8221;) and mortgage-related securities. The Fund may also engage in active and frequent trading of securities and engage in options or foreign currency transactions for hedging and investment purposes and futures transactions, foreign currency transactions and swap transactions (including credit default swaps). Frequent trading may produce high transaction costs and a high level of taxable capital gains, which may lower the Fund&#8217;s return. The Adviser may hedge currency risk for the Fund (including &#8220;cross hedging&#8221; between two or more foreign currencies) if it believes the outlook for a particular foreign currency is unfavorable. The Adviser may elect not 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. Investments, Risks and Performance<br/><br/>Principal Investment Strategies 574 815 515 203 0.0085 0.016 0.016 0.3971 779 1092 0.1897 892 357 0.1516 0.0668 0.3939 The principal risks of investing in the Fund are summarized below. The Fund does not represent a complete investment program. You may lose money by investing in the Fund.<br/><br/><b>Credit Risk</b> is the risk that the issuer or guarantor of a fixed-income security in which the Fund invests, or the counterparty to a derivatives or other transaction will fail financially or otherwise be unwilling or unable to meet their obligations to the Fund.<br/><br/><b>Currency Risk</b> is the risk that the value of the Fund&#8217;s investments will fall as a result of changes in exchange rates. Loomis Sayles may elect not to hedge currency risk or may hedge imperfectly, which may cause the Fund to incur losses that would not have been incurred had the risk been hedged.<br/><b>Derivatives Risk</b> is the risk that the value of the Fund&#8217;s derivative investments such as forward currency contracts, options and futures transactions will fall, for example, because of changes in the value of the underlying reference instruments, pricing difficulties or lack of correlation with the underlying investments. The use of derivatives for other than hedging purposes may be considered a speculative activity, and involves greater risks than are involved in hedging. There is also the risk that the Fund may be unable to terminate or sell a derivatives position at an advantageous time or price. Moreover, a number of broker-dealers and other financial institutions have recently experienced extreme financial difficulty, sometimes resulting in bankruptcy of the institution. There can be no assurance that the Fund&#8217;s derivative counterparties will not experience similar financial difficulties, possibly resulting in losses to the Fund. This risk is greater for forward currency contracts and other over-the-counter traded derivatives. Investing in derivatives gives rise to other risks, such as leverage risk, liquidity risk, credit risk, counterparty risk, interest rate risk and market risk. The use of derivatives may cause the Fund to incur losses greater than those which would have occurred had derivatives not been used.<br/><br/><b>Emerging Markets Risk</b> is the risk that the Fund&#8217;s investments may face greater foreign securities risk. Investing in companies traded in emerging securities markets, which may be smaller and have shorter operating histories than companies in developed markets, involves risks in addition to, and greater than, those generally associated with investing in developed foreign markets. The extent of economic development, political stability, market depth, infrastructure, capitalization and regulatory oversight in emerging market economies is generally less than in more developed markets.<br/><br/><b>Equity Securities Risk</b> is the risk that the value of a stock may decline for a number of reasons that relate directly to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods and services, or the equity markets generally. 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 Loomis Sayles&#8217; assessment of the prospects for a company&#8217;s growth is wrong, or if Loomis Sayles&#8217; judgment of how other investors will value the company&#8217;s growth is wrong, then the price of the company&#8217;s stock may fall or not approach the value that Loomis Sayles has placed on it. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of the issuer&#8217;s bonds generally take precedence over the claims of those who own preferred stock or common stock.<br/><br/><b>Foreign Securities Risk</b> is the risk that the value of the Fund&#8217;s foreign investments will fall as a result of foreign political, social, economic, environmental, credit, informational or currency changes or other issues relating to foreign investing generally. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. The Fund&#8217;s investments in foreign securities may be subject to foreign withholding taxes, which would decrease the yield on those securities.<br/><br/><b>Issuer Risk</b> is the risk that the value of securities may decline due to a number of reasons relating to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods and services.<br/><br/><b>Leverage Risk</b> is the risk associated with securities or practices (e.g., borrowing and the use of certain derivatives) and investment in certain types of derivatives that multiply small index, market or asset price movements into larger changes in value. Use of derivative instruments may involve leverage. When a derivative is used as a hedge against an offsetting position that the Fund also holds, any loss generated by the derivative should be substantially offset by gains on the hedged instrument, and vice versa. To the extent that the Fund uses a derivative for purposes other than as a hedge, or if the Fund hedges imperfectly, the Fund is directly exposed to the risks of that derivative and any loss generated by the derivative will not be offset by a gain. Futures and forward currency contracts are derivatives and may be subject to this type of risk.<br/><b>Liquidity Risk</b> 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. Securities acquired in a private placement, such as Rule 144A securities, generally are subject to strict restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so, or at the most advantageous time or price. Liquidity issues may also make it difficult to value the Fund&#8217;s investments.<br/><br/><b>Management Risk</b> is the risk that Loomis Sayles&#8217; investment techniques will be unsuccessful and cause the Fund to incur losses.<br/><br/><b>Market Risk</b> is the risk that the market value of a security will move up and down, sometimes rapidly and unpredictably, based upon a change in an issuer&#8217;s financial condition, as well as overall market and economic conditions.<br/><br/><b>Small-Capitalization Companies Risk</b> is the risk that the Fund&#8217;s investments may be subject to more abrupt price movements, limited markets, increased volatility and less liquidity than investments in larger, more established companies, which could adversely affect the value of the portfolio. -0.4566 0.2644 163 163 0.3454 -0.0733 You may lose money by investing in the Fund. 0.045 0 515 0 515 0.126 0 0.05 0.01 892 892 <b>Risk/Return Bar Chart and Table</b> Principal Risks 1370 1750 1950 806 1750 1950 The following bar chart and table give an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for the one-year, five-year, ten-year and life-of-fund periods compare to those of a broad measure of market performance. The Fund&#8217;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 www.loomissayles.com and/or by calling the Fund toll-free at 800-633-3330. Loomis Sayles Strategic Income Fund Investment Goal The Fund seeks high current income Fund Fees &amp; Expenses The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 Fund Complex. More information about these and other discounts is available from your financial professional and in the section &#8220;How Sales Charges Are Calculated&#8221; on page 55 of the Prospectus and on page 110 in the section &#8220;Reduced Sales Charges&#8221; of the Statement of Additional Information (&#8220;SAI&#8221;). <b>Shareholder Fees</b><br/>(fees paid directly from your investment) Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods (except where indicated). The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The following bar chart and table give an indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for the one-year, five-year, ten-year and life-of-fund periods compare to those of a broad measure of market performance. 669 676 800-633-3330 276 59 75 www.loomissayles.com 126 The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. January 31, 2014 Portfolio Turnover 869 845 545 186 233 <b>Total Returns for Institutional Class Shares</b> 393 Example The Fund&#8217;s best quarter was 25.29%, (second quarter of 2003), and the Fund&#8217;s worst quarter was -26.86%, (fourth quarter of 2008). 1086 1139 939 324 406 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&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 681 <b>Average Annual Total Returns for the periods ended December 31, 2012</b> <b>Average Annual Total Returns</b><br/><b>(for the periods ended December 31, 2012)</b> 1707 1842 2041 726 906 1500 Because the Fund did not have Class N shares outstanding during the periods shown, performance is that of the Institutional Class shares of the Fund. Class N shares would have had substantially similar returns because they would have been invested in the same portfolio of securities as Institutional Class shares and would only differ to the extent the classes did not have the same expenses. The Class N returns may be higher than the returns of Institutional Class shares because Institutional Class shares are subject to higher expenses.<br/><br/>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&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred 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 the Institutional Class of the Fund. After-tax returns for other classes of the Fund will vary. Index performance reflects no deduction for fees, expenses or taxes. The principal risks of investing in the Fund are summarized below. The Fund does not represent a complete investment program. You may lose money by investing in the Fund.<br/><br/><b>Below Investment-Grade Fixed-Income Securities Risk:</b> The Fund&#8217;s investments in below investment-grade fixed-income securities, also known as &#8220;junk bonds,&#8221; may be subject to greater risks than other fixed-income securities, including being subject to greater levels of interest rate risk, credit 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.<br/><br/><b>Credit Risk:</b> Credit risk is the risk that the issuer or the guarantor of a fixed-income security, or the counterparty to a derivatives or other transaction, will be unable or unwilling to make timely payments of interest or principal or to otherwise honor its obligations.<br/><br/><b>Currency Risk:</b> Fluctuations in the exchange rates between different currencies may negatively affect an investment. 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.<br/><br/><b>Derivatives Risk:</b> Derivatives instruments (such as those in which the Fund may invest) can be used to acquire or to transfer the risk and returns of a security or other asset without buying or selling the security or asset. Derivatives are subject to changes in the value of the underlying asset or indices on which such transactions 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&#8217;s exposure to securities markets values, interest rates or currency exchange rates. It is possible that the Fund&#8217;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 which would have occurred had derivatives not been used. The Fund&#8217;s use of derivatives such as forward currency contracts, structured notes, options and futures transactions and swap transactions involves other risks, such as the credit risk relating to the other party to a derivative contract (which is greater for forward currency contracts, swaps and other over-the-counter traded derivatives), the risk of difficulties in pricing and valuation, the risk that changes in the value of a derivative may not correlate perfectly with relevant assets, rates or indices, liquidity risk, allocation risk and the risk of losing more than the initial margin required to initiate derivatives positions. There is also the risk that the Fund may be unable to terminate or sell a derivatives position at an advantageous time or price. Moreover, a number of broker-dealers and other financial institutions have recently experienced extreme financial difficulty, sometimes resulting in bankruptcy of the institution. There can be no assurance that the Fund&#8217;s derivative counterparties will not experience similar financial difficulties, possibly resulting in losses to the Fund.<br/><br/><b>Emerging Markets Risk:</b> Investing in emerging markets companies, which may be smaller and have shorter operating histories than companies in developed markets, involves risks in addition to, and greater than, those generally associated with investing in companies in developed foreign markets. The extent of economic development, political stability, market depth, infrastructure, capitalization and regulatory oversight in emerging market economies is generally less than in more developed markets.<br/><br/><b>Equity Securities Risk:</b> The value of the Fund&#8217;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. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of the issuer&#8217;s bonds generally take precedence over the claims of those who own preferred stock or common stock.<br/><br/><b>Fixed-Income Securities Risk:</b> Fixed-income securities are subject to credit risk, interest rate risk and liquidity risk. You may lose money on your investment due to unpredictable drops in a security&#8217;s value or periods of below-average performance in a given security or in the securities market as a whole. Below investment-grade fixed-income securities may be subject to these risks (including the risk of default) to a greater extent than other fixed-income securities. In addition, an economic downturn or period of rising interest rates could adversely affect the market of these securities and reduce the Fund&#8217;s ability to sell them. Zero-coupon bonds may be subject to these risks to a greater extent than other fixed-income securities. Rule 144A securities and structured notes may be more illiquid than other fixed-income securities.<br/><br/><b>Foreign Securities Risk:</b> Investments in foreign securities may be subject to greater political, economic, environmental, credit and information risks. The Fund&#8217;s investments in foreign securities are also subject to foreign currency fluctuations. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.<br/><br/><b>Interest Rate Risk:</b> Changes in interest rates may cause the value of the Fund&#8217;s investments to decrease. Generally, the value of fixed-income securities rises when prevailing interest rates fall and falls when interest rates rise. A prolonged period of low interest rates may cause the Fund to have a low or negative yield, potentially reducing the value of your investment. The value of zero-coupon bonds may be more sensitive to fluctuations in interest rates than other fixed income securities. 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. Senior loans and other fixed-income securities are subject to the risk that borrowers pay off the debts sooner than expected.<br/><br/><b>Issuer Risk:</b> The value of the Fund&#8217;s investments may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods and services.<br/><br/><b>Leverage Risk:</b> Use of derivative instruments may involve leverage. Leverage is the risk associated with securities or practices that multiply small index, market or asset price movements into larger changes in value. To the extent that the Fund uses a derivative for purposes other than as a hedge, or if the Fund hedges imperfectly, the Fund is directly exposed to the risks of that derivative and any loss generated by the derivative will not be offset by a gain. The use of leverage increases the impact of gains and losses on a fund&#8217;s returns, and may lead to significant losses if investments are not successful.<br/><br/><b>Liquidity Risk:</b> Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Fund from selling these illiquid securities at an advantageous price or time. A lack of liquidity also may cause the value of investments to decline. Securities acquired in a private placement, such as Rule 144A securities, generally are subject to strict restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so, or at the most advantageous time or price. Illiquid investments also may be difficult to value.<br/><br/><b>Management Risk:</b> A strategy used by the Fund&#8217;s portfolio managers may fail to produce the intended result.<br/><br/><b>Market Risk:</b> The market value of a security will move up and down, sometimes rapidly and unpredictably, based upon a change in an issuer&#8217;s financial condition, as well as overall market and economic conditions. <br/><br/><b>Mortgage-Related and Asset-Backed Securities Risk:</b> In addition to the risks associated with investments in fixed-income securities generally (for example, credit, liquidity 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 an unexpected 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&#8217;s value. The Fund also may incur a loss when there is a prepayment of securities that were purchased at a premium. The Fund&#8217;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.<br/><br/><b>Non-Diversification Risk:</b> 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&#8217;s net asset value (&#8220;NAV&#8221;). The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During its most recently ended fiscal year, the Fund&#8217;s portfolio turnover rate was 56% of the average value of its portfolio. 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&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred 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 the Institutional Class of the Fund. After-tax returns for other classes of the Fund will vary. 0.0614 0.0614 0.0399 0.1077 0.1293 0.1293 0.1581 -0.0189 -0.0189 -0.0159 -0.0146 -0.0046 -0.0046 0.0323 Highest Quarterly Return:<br/>Third Quarter 2010, 11.59%<br/><br/>Lowest Quarterly Return:<br/>First Quarter 2009, -3.76% 0.0998 0.0995 0.089 0.0977 0.1092 0.1092 0.1032 Highest Quarterly Return: 2010-09-30 0.1159 Lowest Quarterly Return: 2009-03-31 -0.0376 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods (except where indicated). The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>If shares are redeemed:</b> <b>If shares are not redeemed:</b> 0.56 678 The principal risks of investing in the Fund are summarized below. The Fund does not represent a complete investment program. You may lose money by investing in the Fund.<br/><br/><b>Allocation Risk:</b> The Fund&#8217;s investment performance depends on how its assets are allocated. The allocation, as set forth above, may not be optimal in every market condition. You could lose money on your investment in the Fund as a result of this allocation.<br/><br/><b>Below Investment-Grade Fixed-Income Securities Risk:</b> The Fund&#8217;s investments in below investment-grade fixed-income securities, also known as &#8220;junk bonds,&#8221; may be subject to greater risks than other fixed-income securities, including being subject to greater levels of interest rate risk, credit 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.<br/><br/><b>Credit Risk:</b> Credit risk is the risk that the issuer or the guarantor of a fixed-income security, or the counterparty to a derivatives or other transaction, will be unable or unwilling to make timely payments of interest or principal or to otherwise honor its obligations.<br/><br/><b>Currency Risk:</b> Fluctuations in the exchange rates between different currencies may negatively affect an investment. 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.<br/><br/><b>Derivatives Risk:</b> Derivative instruments (such as those in which the Fund may invest) can be used to acquire or to transfer the risk and returns of a security or other asset without buying or selling the security or asset. Derivatives are subject to changes in the value of the underlying asset or indices on which such transactions 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&#8217;s exposure to securities markets values, interest rates or currency exchange rates. It is possible that the Fund&#8217;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 which would have occurred had derivatives not been used. The Fund&#8217;s use of derivatives, such as forward currency contracts, options and futures transactions and swap transactions involves other risks, such as the credit risk relating to the other party to a derivative contract (which is greater for forward currency contracts, swaps and other over-the-counter traded derivatives), the risk of difficulties in pricing and valuation, the risk that changes in the value of a derivative may not correlate perfectly with relevant assets, rates or indices, liquidity risk, allocation risk and the risk of losing more than the initial margin required to initiate derivatives positions. There is also the risk that the Fund may be unable to terminate or sell a derivatives position at an advantageous time or price. Moreover, a number of broker-dealers and other financial institutions have recently experienced extreme financial difficulty, sometimes resulting in bankruptcy of the institution. There can be no assurance that the Fund&#8217;s derivative counterparties will not experience similar financial difficulties, possibly resulting in losses to the Fund.<br/><br/><b>Emerging Markets Risk:</b> Investing in emerging markets companies, which may be smaller and have shorter operating histories than companies in developed markets, involves risks in addition to, and greater than, those generally associated with investing in companies in developed foreign markets. The extent of economic development, political stability, market depth, infrastructure, capitalization and regulatory oversight in emerging market economies is generally less than in more developed markets.<br/><br/><b>Equity Securities Risk:</b> The value of the Fund&#8217;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. Rule 144A securities may be less liquid than other equity securities. 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&#8217;s assessment of the prospects for a company&#8217;s growth is wrong, or if the Adviser&#8217;s judgment of how other investors will value the company&#8217;s growth is wrong, then the price of the company&#8217;s stock may fall or not approach the value that the Adviser has placed on it. Value stocks can perform differently from the market as a whole and from other types of stocks. Value stocks also present the risk that their lower valuations fairly reflect their business prospects and that investors will not agree that the stocks represent favorable investment opportunities, and they may fall out of favor with investors and underperform growth stocks during any given period. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of the issuer&#8217;s bonds generally take precedence over the claims of those who own preferred stock or common stock.<br/><br/><b>Fixed-Income Securities Risk:</b> Fixed-income securities are subject to credit risk, interest rate risk and liquidity risk. You may lose money on your investment due to unpredictable drops in a security&#8217;s value or periods of below-average performance in a given security or in the securities market as a whole. Rule 144A securities may be more illiquid than other fixed-income securities. In addition, an economic downturn or period of rising interest rates could adversely affect the market of these securities and reduce the Fund&#8217;s ability to sell them.<br/><br/><b>Foreign Securities Risk:</b> Investments in foreign securities may be subject to greater political, economic, environmental, credit and information risks. The Fund&#8217;s investments in foreign securities are also subject to foreign currency fluctuations. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.<br/><br/><b>Interest Rate Risk:</b> Changes in interest rates may cause the value of the Fund&#8217;s investments to decrease. Generally, the value of fixed-income securities rises when prevailing interest rates fall and falls when interest rates rise. A prolonged period of low interest rates may cause the Fund to have a low or negative yield, potentially reducing the value of your investment. The value of zero-coupon bonds may be more sensitive to fluctuations in interest rates than other fixed income securities. <br/><br/><b>Issuer Risk:</b> The value of the Fund&#8217;s investments may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods and services.<br/><br/><b>Leverage Risk:</b> Use of derivative instruments may involve leverage. Leverage is the risk associated with securities or practices that multiply small index, market or asset price movements into larger changes in value. To the extent that the Fund uses a derivative for purposes other than as a hedge, or if the Fund hedges imperfectly, the Fund is directly exposed to the risks of that derivative and any loss generated by the derivative will not be offset by a gain. The use of leverage increases the impact of gains and losses on a fund&#8217;s returns, and may lead to significant losses if investments are not successful.<br/><br/><b>Liquidity Risk:</b> Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Fund from selling these illiquid securities at an advantageous price or time. A lack of liquidity also may cause the value of investments to decline. Securities acquired in a private placement, such as Rule 144A securities, generally are subject to strict restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so, or at the most advantageous time or price. Illiquid investments also may be difficult to value.<br/><br/><b>Management Risk:</b> A strategy used by the Fund&#8217;s portfolio managers may fail to produce the intended result.<br/><br/><b>Market Risk:</b> The market value of a security will move up and down, sometimes rapidly and unpredictably, based upon a change in an issuer&#8217;s financial condition, as well as overall market and economic conditions.<br/><br/><b>Mortgage-Related Securities Risk:</b> In addition to the risks associated with investments in fixed-income securities generally (for example, credit, liquidity and valuation risk), mortgage-related securities are subject to the risks of the mortgages underlying the securities as well as prepayment risk, the risk that the securities may be prepaid and result in the reinvestment of the prepaid amounts in securities with lower yields than the prepaid obligations. Conversely, there is a risk that an unexpected rise in interest rates will extend the life of a mortgage-related security beyond the expected prepayment time, typically reducing the security&#8217;s value. The Fund also may incur a loss when there is a prepayment of securities that were purchased at a premium.<br/><br/><b>REITs Risk:</b> 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. 685 285 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 Fund Complex. 69 0 0 0 Portfolio Turnover You may lose money by investing in the Fund. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During its most recently ended fiscal year, the Fund&#8217;s portfolio turnover rate was 25% of the average value of its portfolio. 0.0004 -0.0074 0.0003 -0.0261 0.0139 0.0341 0.0097 84 Risk/Return Bar Chart and Table 896 873 573 218 262 1131 1185 985 379 455 100000 1806 1940 2137 847 best quarter 1014 2003-06-30 0.2529 worst quarter The bar chart and table shown below provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year-to-year and by showing how the Fund&#8217;s average annual returns for the one-year, five-year and ten-year periods compare to those of two broad measures of market performance. The Fund&#8217;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 ngam.natixis.com and/or by calling the Fund toll-free at 800-225-5478.<br/><br/>The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund&#8217;s shares. A sales charge will reduce your return. 2008-12-31 -0.2686 Risk/Return Bar Chart and Table The bar chart and table shown below provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year-to-year and by showing how the Fund&#8217;s average annual returns for the one-year, five-year and ten-year periods compare to those of two broad measures of market performance. <b>If shares are redeemed:</b> 0.0121 0.0196 0.0096 <b>If shares are not redeemed:</b> <b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0.0075 January 31, 2014 0.0121 0.0196 Investments, Risks and Performance<br/><br/>Principal Investment Strategies 0.0096 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 Fund Complex. The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Example 100000 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During its most recently ended fiscal year, the Fund&#8217;s portfolio turnover rate was 30% the average value of its portfolio. 0.3 <b>Total Returns for Class A Shares</b> Under normal market conditions, the Fund will invest substantially all of its assets in income producing securities (including below investment-grade securities, or &#8220;junk bonds&#8221;) with a focus on U.S. corporate bonds, convertible securities, foreign debt instruments, including those in emerging markets and related foreign currency transactions, and U.S. government securities. Below investment-grade fixed-income securities are rated below investment-grade quality ( i.e. , none of the three major ratings agencies (Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;), Fitch Investors Services, Inc. (&#8220;Fitch&#8221;) or Standard and Poor&#8217;s Ratings Group (&#8220;S&amp;P&#8221;)), have rated the securities in one of its top four rating categories) or, if the security is unrated, are determined by the Adviser to be of comparable quality. The Fund may invest up to 35% of its assets in preferred stocks and dividend-paying common stocks. The portfolio managers may shift the Fund&#8217;s assets among various types of income-producing securities based upon changing market conditions. The Adviser performs its own extensive credit analyses to determine the creditworthiness and potential for capital appreciation of a security.<br/><br/>The Fund&#8217;s portfolio managers use a flexible approach to identify securities in the global marketplace with characteristics including discounted price compared to economic value, undervalued credit ratings with strong or improving credit profiles and yield premium relative to its benchmark (although not all of the securities selected will have these attributes).<br/><br/>In deciding which securities to buy and sell, the Adviser will consider, among other things, the financial strength of the issuer, current interest rates, current valuations, the Adviser&#8217;s expectations regarding future changes in interest rates and comparisons of the level of risk associated with particular investments with the Adviser&#8217;s expectations concerning the potential return of those investments.<br/><br/>In selecting investments for the Fund, the Adviser utilizes the skills of its in-house team of more than 30 research analysts to cover a broad universe of industries, companies and markets. The Fund&#8217;s portfolio managers take advantage of these extensive resources to identify securities that meet the Fund&#8217;s investment criteria. The Adviser seeks to buy bonds that offer a positive yield advantage over the market and, in its view, have room to increase in price. It may also invest to take advantage of what the portfolio managers believe are temporary disparities in the yield of different segments of the market for U.S. government securities. The Adviser provides the portfolio managers with maximum flexibility to find investment opportunities in a wide range of markets, both domestic and foreign. This flexible approach provides the Fund with access to a wide array of investment opportunities. The three key sectors that the portfolio managers focus upon are U.S. corporate issues (including convertible securities), foreign debt securities and U.S. government securities. The Fund&#8217;s portfolio managers maintain a core of the Fund&#8217;s investments in corporate bond issues and shift its assets among other income-producing securities as opportunities develop. The Fund generally seeks to maintain a high level of diversification as a form of risk management. <br /><br />In connection with its principal investment strategies, the Fund may also invest in securities issued pursuant to Rule 144 under the Securities Act of 1933 (&#8220;Rule 144A securities&#8221;), structured notes, zero-coupon bonds, pay-in-kind bonds, mortgage-related securities, stripped securities and futures, swaps (including credit default swaps) and foreign currency transactions for hedging and investment purposes. The Adviser may elect not 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. The principal risks of investing in the Fund are summarized below. The Fund does not represent a complete investment program. You may lose money by investing in the Fund.<br/><br/><b>Below Investment-Grade Fixed-Income Securities Risk:</b> The Fund&#8217;s investments in below investment-grade fixed-income securities, also known as &#8220;junk bonds,&#8221; may be subject to greater risks than other fixed-income securities, including being subject to greater levels of interest rate risk, credit 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.<br/><br/><b>Credit Risk:</b> Credit risk is the risk that the issuer or the guarantor of a fixed-income security, or the counterparty to a derivatives or other transaction, will be unable or unwilling to make timely payments of interest or principal or to otherwise honor its obligations. <br/><br/><b>Currency Risk:</b> Fluctuations in the exchange rates between different currencies may negatively affect an investment. 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.<br /><br /><b>Derivatives Risk:</b> Derivative instruments (such as those in which the Fund may invest) can be used to acquire or to transfer the risk and returns of a security or other asset without buying or selling the security or asset. Derivatives are subject to changes in the value of the underlying asset or indices on which such transactions 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&#8217;s exposure to securities markets values, interest rates or currency exchange rates. It is possible that the Fund&#8217;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 which would have occurred had derivatives not been used. The Fund&#8217;s use of derivatives such as forward currency contracts, structured notes, futures transactions and swap transactions involves other risks, such as the credit risk relating to the other party to a derivative contract (which is greater for forward currency contracts, swaps and other over-the-counter traded derivatives), the risk of difficulties in pricing and valuation, the risk that changes in the value of a derivative may not correlate perfectly with relevant assets, rates or indices, liquidity risk, allocation risk and the risk of losing more than the initial margin required to initiate derivatives positions. There is also the risk that the Fund may be unable to terminate or sell a derivatives position at an advantageous time or price. Moreover, a number of broker-dealers and other financial institutions have recently experienced extreme financial difficulty, sometimes resulting in bankruptcy of the institution. There can be no assurance that the Fund&#8217;s derivative counterparties will not experience similar financial difficulties, possibly resulting in losses to the Fund.<br /><br /><b>Emerging Markets Risk:</b> Investing in emerging markets companies, which may be smaller and have shorter operating histories than companies in developed markets, involves risks in addition to, and greater than, those generally associated with investing in companies in developed foreign markets. The extent of economic development, political stability, market depth, infrastructure, capitalization and regulatory oversight in emerging market economies is generally less than in more developed markets.<br /><br /><b> Equity Securities Risk:</b> The value of the Fund&#8217;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. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of the issuer&#8217;s bonds generally take precedence over the claims of those who own preferred stock or common stock. <br /><br /><b>Fixed-Income Securities Risk:</b> Fixed-income securities are subject to credit risk, interest rate risk and liquidity risk. You may lose money on your investment due to unpredictable drops in a security&#8217;s value or periods of below-average performance in a given security or in the securities market as a whole. Below investment-grade fixed-income securities may be subject to these risks (including the risk of default) to a greater extent than other fixed-income securities. In addition, an economic downturn or period of rising interest rates could adversely affect the market of these securities and reduce the Fund&#8217;s ability to sell them. Zero-coupon bonds may be subject to these risks to a greater extent than other fixed-income securities. Rule 144A securities and structured notes may be more illiquid than other fixed-income securities.<br /><br /><b>Foreign Securities Risk:</b> Investments in foreign securities may be subject to greater political, economic, environmental, credit and information risks. The Fund&#8217;s investments in foreign securities are also subject to foreign currency fluctuations. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.<br /><br /><b>Interest Rate Risk:</b> Changes in interest rates may cause the value of the Fund&#8217;s investments to decrease. Generally, the value of fixed-income securities rises when prevailing interest rates fall and falls when interest rates rise. A prolonged period of low interest rates may cause the Fund to have a low or negative yield, potentially reducing the value of your investment. The value of zero-coupon bonds may be more sensitive to fluctuations in interest rates than other fixed income securities.<br /><br /><b>Issuer Risk:</b> The value of the Fund&#8217;s investments may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods and services.<br /><br /><b>Leverage Risk:</b> Use of derivative instruments may involve leverage. Leverage is the risk associated with securities or practices that multiply small index, market or asset price movements into larger changes in value. To the extent that the Fund uses a derivative for purposes other than as a hedge, or if the Fund hedges imperfectly, the Fund is directly exposed to the risks of that derivative and any loss generated by the derivative will not be offset by a gain. The use of leverage increases the impact of gains and losses on a fund&#8217;s returns, and may lead to significant losses if investments are not successful.<br /><br /><b>Liquidity Risk:</b> Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Fund from selling these illiquid securities at an advantageous price or time. A lack of liquidity also may cause the value of investments to decline. Securities acquired in a private placement, such as Rule 144A securities, generally are subject to strict restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so, or at the most advantageous time or price. Illiquid investments also may be difficult to value.<br /><br /><b>Management Risk:</b> A strategy used by the Fund&#8217;s portfolio managers may fail to produce the intended result.<br /><br /><b>Market Risk:</b> The market value of a security will move up and down, sometimes rapidly and unpredictably, based upon a change in an issuer&#8217;s financial condition, as well as overall market and economic conditions.<br /><br /><b>Mortgage-Related and Asset-Backed Securities Risk:</b> In addition to the risks associated with investments in fixed-income securities generally (for example, credit, liquidity 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 an unexpected 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&#8217;s value. The Fund also may incur a loss when there is a prepayment of securities that were purchased at a premium. The Fund&#8217;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. <b>Average Annual Total Returns<br/>(for the periods ended December 31, 2012)</b> ngam.natixis.com 800-225-5478 Investments, Risks and Performance<br/><br/>Principal Investment Strategies Under normal market conditions, the Fund will invest primarily in equity securities, including common stocks, convertible securities and warrants.<br/><br/>In deciding which securities to buy and sell, the Adviser generally looks for companies that it believes are undervalued by the market in relation to earnings, dividends, assets and/or growth prospects. The Fund&#8217;s investments may include companies that have suffered significant business problems but that the Adviser believes have favorable prospects for recovery. The Adviser seeks to identify companies that it believes are, among other things, attractively valued based on the Adviser&#8217;s estimate of intrinsic value. The Adviser generally seeks to find value by selecting individual stocks that it believes are attractive, rather than by attempting to achieve investment growth by rotating the Fund&#8217;s holdings among various sectors of the economy.<br/><br/>The Fund may also invest up to 20% of its assets in securities of foreign issuers including emerging market securities, invest in options for hedging and investment purposes, real estate investment trusts (&#8220;REITs&#8221;) and securities issued pursuant to Rule 144 under the Securities Act of 1933 (&#8220;Rule 144A securities&#8221;). Except as provided above, the Fund is not limited in the percentage of its assets that it may invest in these instruments. 0.1728 0.0684 0 0.0025 0 0.0441 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&#8217;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 for the first year and on the Total Annual Fund Operating Expenses for the remaining years. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.0743 0.002 0.0028 0.001 0.0095 0.0128 0.0085 The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund&#8217;s shares. A sales charge will reduce your return. 0 -0.0003 0 0.0095 0.0125 0.0085 0.0045 <b>Total Returns for Class Y Shares</b> <b>If shares are redeemed:</b> 0 185 185 The bar chart and table shown below provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year-to-year and by showing how the Fund&#8217;s average annual returns for the one-year and life-of-fund periods compare with those of a broad measure of market performance. The Fund&#8217;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 ngam.natixis.com and/or by calling the Fund toll-free at 800-225-5478.<br/><br/>The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund&#8217;s shares. A sales charge will reduce your return. 0 <b>If shares are not redeemed:</b> 0 0 0.002 Highest Quarterly Return:<br/>Second Quarter 2009, 19.91%<br/><br/>Lowest Quarterly Return:<br/>Third Quarter 2008, -19.64% 573 573 0.0065 985 985 Investments, Risks and Performance<br/><br/>Principal Investment Strategies 1940 2137 0.006 <b>If shares are redeemed:</b> The bar chart and table shown below provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year-to-year and by showing how the Fund&#8217;s average annual returns for the one-year and life-of-fund periods compare with those of a broad measure of market performance. The returns shown in the chart and table for Class A shares prior to February 1, 2009 are those of Retail Class shares, which were redesignated as Class A shares, restated to reflect the sales loads of Class A shares. Prior to the inception of Class C shares (February 2, 2009), performance is that of Retail Class shares, which were redesignated as Class A shares, restated to reflect the higher net expenses and sales loads of Class C shares. Because the Fund did not have Class N shares outstanding during the periods shown, performance is that of Class Y shares of the Fund. Class N shares would have had substantially similar returns because they would have been invested in the same portfolio of securities as Class Y shares and would only differ to the extent the classes did not have the same expenses. The Class N returns may be higher than the returns of Class Y shares because Class Y shares are subject to higher expenses. The Fund (formerly, Loomis Sayles Aggressive Growth Fund) changed its name and revised its investment strategies on February 1, 2007. The Fund&#8217;s performance may have been different had the current investment strategies been in place for all of the periods shown.<br/><br/>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&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred 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. The Return After Taxes on Distributions &amp; Sale of Fund Shares for the 5-year period exceeds the Return Before Taxes due to an assumed tax benefit from losses on a sale of Fund shares at the end of the measurement period. Index performance reflects no deduction for fees, expenses or taxes. <b>If shares are not redeemed:</b> The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Portfolio Turnover ngam.natixis.com Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in investments issued or guaranteed by the U.S. government, its agencies or instrumentalities.<br/><br/>The Adviser follows a total return-oriented investment approach in selecting securities for the Fund. It seeks securities that will provide the Fund with an average credit quality equal to the credit rating of the U.S. Government&#8217;s long-term debt and an effective portfolio duration range of two to four years (although not all securities selected will have these characteristics and the Adviser may look for other characteristics if market conditions change). The Fund may invest in securities with credit quality above or below the credit rating of the U.S. Government&#8217;s long-term debt. In determining credit quality, the Adviser will look to the highest credit rating assigned by Standard &amp; Poor&#8217;s Ratings Group (&#8220;S&amp;P&#8221;), Fitch Investor Services, Inc. (&#8220;Fitch&#8221;) or Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;).<br/><br/>In deciding which securities to buy and sell, the Adviser will consider, among other things, the financial strength of the issuer, current interest rates, current valuations, the Adviser&#8217;s expectations regarding future changes in interest rates and comparisons of the level of risk associated with particular investments with the Adviser&#8217;s expectations concerning the potential return of those investments.<br/><br/>In selecting investments for the Fund, the Adviser&#8217;s research analysts work closely with the Fund&#8217;s portfolio managers to develop an outlook on the economy from research produced by various financial firms and specific forecasting services or from economic data released by the U.S. and foreign governments as well as the Federal Reserve Bank. The analysts also conduct a thorough review of individual securities to identify what they consider attractive values in the U.S. government security marketplace through the use of quantitative tools such as internal and external computer systems and software. The Adviser continuously monitors an issuer&#8217;s creditworthiness to assess whether the obligation remains an appropriate investment for the Fund. The Adviser seeks to balance opportunities for yield and price performance by combining macroeconomic analysis with individual security selection. It emphasizes securities that tend to perform particularly well in response to interest rate changes, such as U.S. Treasury securities in a declining interest rate environment and mortgage-backed or U.S. government agency securities in a steady or rising interest rate environment. The Adviser seeks to increase the opportunity for higher yields while maintaining the greater price stability that intermediate-term bonds have compared to bonds with longer maturities.<br/><br/>In connection with its principal investment strategies, the Fund may also invest in investment-grade corporate notes and bonds, zero-coupon bonds, securities issued pursuant to Rule 144 under the Securities Act of 1933 (&#8220;Rule 144A securities&#8221;), foreign bonds denominated in U.S. dollars, asset-backed securities and mortgage-related securities including mortgage dollar rolls. Except as provided above, the Fund is not limited in the percentage of its assets that it may invest in these instruments. 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&#8217;s shares. A sales charge will reduce your return. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During its most recently ended fiscal year, the Fund&#8217;s portfolio turnover rate was 16% of the average value of its portfolio. 691 January 31, 2014 299 Investments, Risks and Performance<br/><br/>Principal Investment Strategies 98 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 Fund Complex. 50000 Principal Risks Under normal market conditions, the Fund will invest primarily in equity securities, including common stocks, convertible securities and warrants. The Fund focuses on stocks of large capitalization companies, but the Fund may invest in companies of any size.<br/><br/>The Fund normally invests across a wide range of sectors and industries. The Fund&#8217;s portfolio manager employs a growth style of equity management that emphasizes companies with sustainable competitive advantages, secular long-term cash flow growth returns on invested capital above their cost of capital and the ability to manage for profitable growth that can create long-term value for shareholders. The Fund&#8217;s portfolio manager aims to invest in companies when they trade at a significant discount to the estimate of intrinsic value.<br/><br/>The Fund will consider selling a portfolio investment when the portfolio manager believes the issuer&#8217;s investment fundamentals are beginning to deteriorate, when the investment no longer appears consistent with the portfolio manager&#8217;s investment methodology, when the Fund must meet redemptions, in order to take advantage of more attractive investment opportunities, or for other investment reasons which the portfolio manager deems appropriate.<br/><br/>The Fund may also invest any portion of its assets in equity securities of Canadian issuers, up to 20% of its assets in other foreign securities, including emerging market securities, engage in foreign currency transactions, invest in options for hedging and investment purposes and invest in securities issued pursuant to Rule 144 under the securities Act of 1933 (&#8220;Rule 144A securities&#8221;). The Adviser may elect not 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. 937 Principal Risks 615 You may lose money by investing in the Fund. 306 The bar chart and table shown below provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year-to-year and by showing how the Fund&#8217;s average annual returns for the one-year, five-year and ten-year periods compare to those of a broad measure of market performance. Highest Quarterly Return: 800-225-5478 0 Lowest Quarterly Return: 2009-06-30 ngam.natixis.com 0 The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 0.1802 Highest Quarterly Return: -0.1338 2009-06-30 0 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&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred 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. 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. 0.1991 0.0296 2008-09-30 0.0281 Lowest Quarterly Return: 2008-09-30 0.0353 0.0387 -0.1964 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual retirement accounts. 0.049 0.0339 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. 0.006 Highest Quarterly Return:<br/>Second Quarter 2003, 19.49%<br/><br/>Lowest Quarterly Return:<br/>Third Quarter 2008, -26.07% 0.006 0.006 The principal risks of investing in the Fund are summarized below. The Fund does not represent a complete investment program. You may lose money by investing in the Fund.<br/><br/><b>Currency Risk:</b> Fluctuations in the exchange rates between different currencies may negatively affect an investment. 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.<br/><br/><b>Derivatives Risk:</b> Derivative instruments (such as those in which the Fund may invest) can be used to acquire or to transfer the risk and returns of a security or other asset without buying or selling the security or asset. Derivatives are subject to changes in the value of the underlying asset or indices on which such transactions 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&#8217;s exposure to securities markets values, interest rates or currency exchange rates. It is possible that the Fund&#8217;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 which would have occurred had derivatives not been used. The Fund&#8217;s use of derivatives such as forward currency contracts and options transactions involves other risks, such as the credit risk relating to the other party to a derivative contract (which is greater for forward currency contracts and other over-the-counter traded derivatives), the risk of difficulties in pricing and valuation, the risk that changes in the value of a derivative may not correlate perfectly with relevant assets, rates or indices, liquidity risk, allocation risk and the risk of losing more than the initial margin required to initiate derivatives positions. There is also the risk that the Fund may be unable to terminate or sell a derivatives position at an advantageous time or price. Moreover, a number of broker-dealers and other financial institutions have recently experienced extreme financial difficulty, sometimes resulting in bankruptcy of the institution. There can be no assurance that the Fund&#8217;s derivative counterparties will not experience similar financial difficulties, possibly resulting in losses to the Fund.<br/><br/><b>Emerging Markets Risk:</b> Investing in emerging markets companies, which may be smaller and have shorter operating histories than companies in developed markets, involves risks in addition to, and greater than, those generally associated with investing in companies in developed foreign markets. The extent of economic development, political stability, market depth, infrastructure, capitalization and regulatory oversight in emerging market economies is generally less than in more developed markets.<br/><br/><b>Equity Securities Risk:</b> The value of the Fund&#8217;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. Rule 144A securities may be less liquid than other equity securities. 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&#8217;s assessment of the prospects for a company&#8217;s growth is wrong, or if the Adviser&#8217;s judgment of how other investors will value the company&#8217;s growth is wrong, then the price of the company&#8217;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&#8217;s bonds generally take precedence over the claims of those who own preferred stock or common stock.<br/><br/><b>Foreign Securities Risk:</b> Investments in foreign securities may be subject to greater political, economic, environmental, credit and information risks. The Fund&#8217;s investments in foreign securities are also subject to foreign currency fluctuations. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.<br/><br/><b>Issuer Risk:</b> The value of the Fund&#8217;s investments may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods and services.<br/><br/><b>Leverage Risk:</b> Use of derivative instruments may involve leverage. Leverage is the risk associated with securities or practices that multiply small index, market or asset price movements into larger changes in value. To the extent that the Fund uses a derivative for purposes other than as a hedge, or if the Fund hedges imperfectly, the Fund is directly exposed to the risks of that derivative and any loss generated by the derivative will not be offset by a gain. The use of leverage increases the impact of gains and losses on a fund&#8217;s returns, and may lead to significant losses if investments are not successful.<br/><br/><b>Liquidity Risk:</b> Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Fund from selling these illiquid securities at an advantageous price or time. A lack of liquidity also may cause the value of investments to decline. Securities acquired in a private placement, such as Rule 144A securities, generally are subject to strict restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so, or at the most advantageous time or price. Illiquid investments also may be difficult to value.<br/><br/><b>Management Risk:</b> A strategy used by the Fund&#8217;s portfolio manager may fail to produce the intended result.<br/><br/><b>Market Risk:</b> The market value of a security will move up and down, sometimes rapidly and unpredictably, based upon a change in an issuer&#8217;s financial condition, as well as overall market and economic conditions.<br/><br/><b>Small Capitalization Risk:</b> The general risks associated with corporate income-producing securities are particularly pronounced for securities issued by companies with smaller market capitalizations. These companies may have limited product lines, markets or financial resources or they may depend on a few key employees. As a result, they may be subject to greater levels of credit, market and issuer risk. Securities of smaller companies may trade less frequently and in lesser volume than more widely-held securities and their values may fluctuate more sharply than other securities. Further, securities of smaller companies may perform differently in different cycles than securities of larger companies. Companies with medium-sized market capitalizations may have risks similar to those of smaller companies. 0.006 0.0025 0.01 0.01 0 0.0034 0.0034 0.0034 0.0035 0.0119 0.0194 0.0194 0.0095 Principal Risks The principal risks of investing in the Fund are summarized below. The Fund does not represent a complete investment program. You may lose money by investing in the Fund.<br/><br/><b>Currency Risk:</b> Fluctuations in the exchange rates between different currencies may negatively affect an investment. 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.<br/><br/><b>Derivatives Risk:</b> Derivative instruments (such as those in which the Fund may invest) can be used to acquire or to transfer the risk and returns of a security or other asset without buying or selling the security or asset. Derivatives are subject to changes in the value of the underlying asset or indices on which such transactions 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&#8217;s exposure to securities markets values, interest rates or currency exchange rates. It is possible that the Fund&#8217;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 which would have occurred had derivatives not been used. The Fund&#8217;s use of derivatives such as options transactions involves other risks, such as the credit risk relating to the other party to a derivative contract (which is greater for over-the-counter traded derivatives), the risk of difficulties in pricing and valuation, the risk that changes in the value of a derivative may not correlate perfectly with relevant assets, rates or indices, liquidity risk, allocation risk and the risk of losing more than the initial margin required to initiate derivatives positions. There is also the risk that the Fund may be unable to terminate or sell a derivatives position at an advantageous time or price. Moreover, a number of broker-dealers and other financial institutions have recently experienced extreme financial difficulty, sometimes resulting in bankruptcy of the institution. There can be no assurance that the Fund&#8217;s derivative counterparties will not experience similar financial difficulties, possibly resulting in losses to the Fund.<br/><br/><b>Emerging Markets Risk:</b> Investing in emerging markets companies, which may be smaller and have shorter operating histories than companies in developed markets, involves risks in addition to, and greater than, those generally associated with investing in companies in developed foreign markets. The extent of economic development, political stability, market depth, infrastructure, capitalization and regulatory oversight in emerging market economies is generally less than in more developed markets.<br/><br/><b>Equity Securities Risk:</b> The value of the Fund&#8217;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. Rule 144A securities may be less liquid than other equity securities. Value stocks can perform differently from the market as a whole and from other types of stocks. Value stocks also present the risk that their lower valuations fairly reflect their business prospects and that investors will not agree that the stocks represent favorable investment opportunities, and they may fall out of favor with investors and underperform growth stocks during any given period. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of the issuer&#8217;s bonds generally take precedence over the claims of those who own preferred stock or common stock.<br/><br/><b>Foreign Securities Risk:</b> Investments in foreign securities may be subject to greater political, economic, environmental, credit and information risks. The Fund&#8217;s investments in foreign securities are also subject to foreign currency fluctuations. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.<br/><br/><b>Issuer Risk:</b> The value of the Fund&#8217;s investments may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods and services.<br/><br/><b>Leverage Risk:</b> Use of derivative instruments may involve leverage. Leverage is the risk associated with securities or practices that multiply small index, market or asset price movements into larger changes in value. To the extent that the Fund uses a derivative for purposes other than as a hedge, or if the Fund hedges imperfectly, the Fund is directly exposed to the risks of that derivative and any loss generated by the derivative will not be offset by a gain. The use of leverage increases the impact of gains and losses on a fund&#8217;s returns, and may lead to significant losses if investments are not successful.<br/><br/><b>Liquidity Risk:</b> Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Fund from selling these illiquid securities at an advantageous price or time. A lack of liquidity also may cause the value of investments to decline. Securities acquired in a private placement, such as Rule 144A securities, generally are subject to strict restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so, or at the most advantageous time or price. Illiquid investments also may be difficult to value.<br/><br/><b>Management Risk:</b> A strategy used by the Fund&#8217;s portfolio managers may fail to produce the intended result.<br/><br/><b>Market Risk:</b> The market value of a security will move up and down, sometimes rapidly and unpredictably, based upon a change in an issuer&#8217;s financial condition, as well as overall market and economic conditions.<br/><br/><b>REITs Risk:</b> 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.<br/><br/><b>Small Capitalization Risk:</b> The general risks associated with corporate income-producing securities are particularly pronounced for securities issued by companies with smaller market capitalizations. These companies may have limited product lines, markets or financial resources or they may depend on a few key employees. As a result, they may be subject to greater levels of credit, market and issuer risk. Securities of smaller companies may trade less frequently and in lesser volume than more widely-held securities and their values may fluctuate more sharply than other securities. Further, securities of smaller companies may perform differently in different cycles than securities of larger companies. Companies with medium-sized market capitalizations may have risks similar to those of smaller companies. -0.0004 -0.0004 -0.0004 -0.0005 0.0115 0.019 0.019 0.009 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods (except where indicated). The example also assumes that your investment has a 5% return each year and that the Fund&#8217;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 for the first year and on the Total Annual Fund Operating Expenses for the remaining years. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 176 176 Portfolio Turnover 545 545 939 939 1842 2041 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During its most recently ended fiscal year, the Fund&#8217;s portfolio turnover rate was 34% of the average value of its portfolio. 97 127 Under normal market conditions, the Fund will invest at least 65% of its assets in below investment-grade fixed-income securities (commonly known as &#8220;junk bonds&#8221;). Below investment-grade fixed-income securities are rated below investment-grade quality ( i.e. , none of the three major ratings agencies (Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;), Fitch Investors Services, Inc. (&#8220;Fitch&#8221;) or Standard and Poor&#8217;s Ratings Group (&#8220;S&amp;P&#8221;)), have rated the securities in one of its top four rating categories) or, if the security is unrated, are determined by the Adviser to be of comparable quality. There is no minimum rating for the securities in which the Fund may invest. The Fund will normally invest at least 65% of its assets in U.S. corporate or U.S. dollar-denominated foreign fixed-income securities. The Fund may also invest up to 20% of its assets in foreign currency-denominated fixed-income securities, including those in emerging markets and related currency hedging transactions. The Adviser may elect not to hedge currency risk, which may cause the Fund to incur losses that would not have been incurred had the risk been hedged.<br/><br/>The Adviser performs its own extensive credit analysis to determine the creditworthiness and potential for capital appreciation of a security. The Fund&#8217;s management minimizes both market timing and interest rate forecasting. Instead, it uses a strategy based on gaining a thorough understanding of industry and company dynamics as well as individual security characteristics such as issuer debt and debt maturity schedules, earnings prospects, responsiveness to changes in interest rates, experience and perceived strength of management, borrowing requirements and liquidation value, market price in relation to cash flow, interest and dividends.<br/><br/>In deciding which securities to buy and sell, the Adviser will consider, among other things, the financial strength of the issuer, current interest rates, current valuations, the Adviser&#8217;s expectations regarding future changes in interest rates and comparisons of the level of risk associated with particular investments with the Adviser&#8217;s expectations concerning the potential return of those investments.<br/><br/>In selecting investments for the Fund, the Adviser utilizes the skills of its in-house team of more than 30 research analysts to cover a broad universe of industries, companies and markets. The Fund&#8217;s portfolio managers take advantage of these extensive resources to identify securities that meet the Fund&#8217;s investment criteria. The Adviser employs a selection strategy that focuses on a value-driven, bottom-up approach to identify securities that provide an opportunity for both generous yields and capital appreciation. The Adviser analyzes an individual company&#8217;s potential for positive financial news to determine if it has growth potential. Examples of positive financial news include an upward turn in the business cycle, improvement in cash flows, rising profits or the awarding of new contracts. The Adviser emphasizes in-depth credit analysis, appreciation potential and diversification in its bond selection. Each bond is evaluated to assess the ability of its issuer to pay interest and, ultimately, principal (which helps the Fund generate an ongoing flow of income). The Adviser also assesses a bond&#8217;s relation to market conditions within its industry and favors bonds whose prices may benefit from positive business developments. The Adviser seeks to diversify the Fund&#8217;s holdings to reduce the inherent risk in below investment-grade fixed-income securities.<br/><br/>In connection with its principal investment strategies, the Fund may also invest in structured notes, zero-coupon securities, pay-in-kind securities, securities issued pursuant to Rule 144 under the Securities Act of 1933 (&#8220;Rule 144A securities&#8221;), futures and swaps (including credit default swaps). Except as provided above, the Fund is not limited in the percentage of its assets that it may invest in these instruments. 87 303 403 271 525 699 471 0.0336 0.0215 0.0215 1166 0.0292 1543 0.0292 1049 0.0338 0.0394 The principal risks of investing in the Fund are summarized below. The Fund does not represent a complete investment program. You may lose money by investing in the Fund.<br/><br/><b> Agency Securities Risk:</b> Agency securities are subject to fixed-income securities risk. Certain debt securities issued or guaranteed by agencies of the U.S. government are guaranteed as to the payment of principal and interest by the relevant entity but have not been backed by the full faith and credit of the U.S. government. Instead, they have been supported only by the discretionary authority of the U.S. government to purchase the agency&#8217;s obligations. An event affecting the guaranteeing entity could adversely affect the payment of principal or interest or both on the security and, therefore, these types of securities should be considered to be riskier than U.S. government securities. <br/><br/><b>Credit Risk:</b> Credit risk is the risk that the issuer or the guarantor of a fixed-income security, or the counterparty to a derivatives or other transaction, will be unable or unwilling to make timely payments of interest or principal or to otherwise honor its obligations. <br/><br/><b>Fixed-Income Securities Risk:</b> Fixed-income securities are subject to credit risk, interest rate risk and liquidity risk. You may lose money on your investment due to unpredictable drops in a security&#8217;s value or periods of below-average performance in a given security or in the securities market as a whole. In addition, an economic downturn or period of rising interest rates could adversely affect the market of these securities and reduce the Fund&#8217;s ability to sell them. Zero-coupon bonds may be subject to these risks to a greater extent than other fixed-income securities. Rule 144A securities may be more illiquid than other fixed-income securities. <br/><br/><b>Foreign Securities Risk:</b> Investments in foreign securities may be subject to greater political, economic, environmental, credit and information risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. <br/><br/> <b>Interest Rate Risk:</b> Changes in interest rates may cause the value of the Fund&#8217;s investments to decrease. Generally, the value of fixed-income securities rises when prevailing interest rates fall and falls when interest rates rise. A prolonged period of low interest rates may cause the Fund to have a low or negative yield, potentially reducing the value of your investment. The value of zero-coupon bonds may be more sensitive to fluctuations in interest rates than other fixed income securities. <br/><br/><b>Issuer Risk:</b> The value of the Fund&#8217;s investments may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods and services. <br/><br/><b>Liquidity Risk:</b> Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Fund from selling these illiquid securities at an advantageous price or time. A lack of liquidity also may cause the value of investments to decline. Securities acquired in a private placement, such as Rule 144A securities, generally are subject to strict restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so, or at the most advantageous time or price. Illiquid investments also may be difficult to value. <br/><br/><b>Management Risk:</b> A strategy used by the Fund&#8217;s portfolio managers may fail to produce the intended result. <br/><br/><b>Market Risk:</b> The market value of a security will move up and down, sometimes rapidly and unpredictably, based upon a change in an issuer&#8217;s financial condition, as well as overall market and economic conditions. <br/><br/><b>Mortgage-Related and Asset-Backed Securities Risk:</b> In addition to the risks associated with investments in fixed-income securities generally (for example, credit, liquidity 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 an unexpected 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&#8217;s value. The Fund also may incur a loss when there is a prepayment of securities that were purchased at a premium. The Fund&#8217;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. You may lose money by investing in the Fund. <b>Non-Diversification Risk:</b> 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&#8217;s net asset value (&#8220;NAV&#8221;). You may lose money by investing in the Fund. You may lose money by investing in the Fund. 1202 1057 531 1957 2285 1178 0.4332 0.0943 0.04 0.1069 Risk/Return Bar Chart and Table 0.2624 The bar chart and table shown below provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year-to-year and by showing how the Fund&#8217;s average annual returns for the one-year, five-year and ten-year periods compare to those of a broad measure of market performance. The Fund&#8217;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 ngam.natixis.com and/or by calling the Fund toll-free at 800-225-5478.<br/><br/>The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund&#8217;s shares. A sales charge will reduce your return. 0.1512 0.1431 0.128 0.2475 0.0617 -0.3332 0.2016 0.1194 -0.0281 0.2426 0.197 The bar chart and table shown below provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year-to-year and by showing how the Fund&#8217;s average annual returns for the one-year, five-year and ten-year periods compare to those of a broad measure of market performance. 800-225-5478 ngam.natixis.com -0.398 The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 199 615 0.0263 0.0187 0.0769 0.0553 0.0409 0.319 1057 0.314 <b>Total Returns for Class A Shares</b> <b>Total Returns for Class Y Shares</b> 2285 The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund&#8217;s shares. A sales charge will reduce your return. Risk/Return Bar Chart and Table 0.3484 The bar chart and table shown below provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year-to-year and by showing how the Fund&#8217;s average annual returns for the one-year, five-year and ten-year periods compare to those of a broad measure of market performance. The Fund&#8217;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 ngam.natixis.com and/or by calling the Fund toll-free at 800-225-5478.<br/><br/>The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund&#8217;s shares. A sales charge will reduce your return. 0.032 0.1293 0.0374 Risk/Return Bar Chart and Table The bar chart and table shown below provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year-to-year and by showing how the Fund&#8217;s average annual returns for the one-year, five-year and ten-year periods compare to those of a broad measure of market performance. The Fund&#8217;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 ngam.natixis.com and/or by calling the Fund toll-free at 800-225-5478.<br/><br/>The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund&#8217;s shares. A sales charge will reduce your return. 0.1186 0.0726 0.0531 0.0334 0.0326 0.0637 Highest Quarterly Return:<br/>Third Quarter 2010, 14.73%<br/><br/>Lowest Quarterly Return:<br/>Fourth Quarter 2008, -26.00%<br/><br/>Class B total returns in the table below do not reflect the automatic conversion of Class B shares to Class A shares after eight years. 0.0443 2008-02-01 2008-02-01 The bar chart and table shown below provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year-to-year and by showing how the Fund&#8217;s average annual returns for the one-year, five-year and ten-year periods compare to those of a broad measure of market performance. 2008-02-01 2008-02-01 800-225-5478 ngam.natixis.com The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. The principal risks of investing in the Fund are summarized below. The Fund does not represent a complete investment program. You may lose money by investing in the Fund. <br/><br/><b>Below Investment-Grade Fixed-Income Securities Risk:</b> The Fund&#8217;s investments in below investment-grade fixed-income securities, also known as &#8220;junk bonds,&#8221; may be subject to greater risks than other fixed-income securities, including being subject to greater levels of interest rate risk, credit 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. <br/><br/><b>Credit Risk:</b> Credit risk is the risk that the issuer or the guarantor of a fixed-income security, or the counterparty to a derivatives or other transaction, will be unable or unwilling to make timely payments of interest or principal or to otherwise honor its obligations.<br/><br/><b>Currency Risk:</b> Fluctuations in the exchange rates between different currencies may negatively affect an investment. 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.<br/><br/><b>Derivatives Risk:</b> Derivative instruments (such as those in which the Fund may invest) can be used to acquire or to transfer the risk and returns of a security or other asset without buying or selling the security or asset. Derivatives are subject to changes in the value of the underlying asset or indices on which such transactions 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&#8217;s exposure to securities markets values, interest rates or currency exchange rates. It is possible that the Fund&#8217;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 which would have occurred had derivatives not been used. The Fund&#8217;s use of derivatives such as forward currency contracts, structured notes, futures transactions and swap transactions involves other risks, such as the credit risk relating to the other party to a derivative contract (which is greater for forward currency contracts, swaps and other over-the-counter traded derivatives), the risk of difficulties in pricing and valuation, the risk that changes in the value of a derivative may not correlate perfectly with relevant assets, rates or indices, liquidity risk, allocation risk and the risk of losing more than the initial margin required to initiate derivatives positions. There is also the risk that the Fund may be unable to terminate or sell a derivatives position at an advantageous time or price. Moreover, a number of broker-dealers and other financial institutions have recently experienced extreme financial difficulty, sometimes resulting in bankruptcy of the institution. There can be no assurance that the Fund&#8217;s derivative counterparties will not experience similar financial difficulties, possibly resulting in losses to the Fund.<br/><br/><b>Emerging Markets Risk:</b> Investing in emerging markets companies, which may be smaller and have shorter operating histories than companies in developed markets, involves risks in addition to, and greater than, those generally associated with investing in companies in developed foreign markets. The extent of economic development, political stability, market depth, infrastructure, capitalization and regulatory oversight in emerging market economies is generally less than in more developed markets.<br/><br/><b>Fixed-Income Securities Risk:</b> Fixed-income securities are subject to credit risk, interest rate risk and liquidity risk. You may lose money on your investment due to unpredictable drops in a security&#8217;s value or periods of below-average performance in a given security or in the securities market as a whole. In addition, an economic downturn or period of rising interest rates could adversely affect the market of these securities and reduce the Fund&#8217;s ability to sell them. Below investment-grade fixed-income securities may be subject to these risks (including the risk of default) to a greater extent than other fixed-income securities. Rule 144A securities and structured notes may be more illiquid than other fixed-income securities. Zero-coupon bonds may be subject to these risks to a greater extent than other fixed-income securities.<br/><br/><b>Foreign Securities Risk:</b> Investments in foreign securities may be subject to greater political, economic, environmental, credit and information risks. The Fund&#8217;s investments in foreign securities are also subject to foreign currency fluctuations. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. <br/><br/><b>Interest Rate Risk:</b> Changes in interest rates may cause the value of the Fund&#8217;s investments to decrease. Generally, the value of fixed-income securities rises when prevailing interest rates fall and falls when interest rates rise. A prolonged period of low interest rates may cause the Fund to have a low or negative yield, potentially reducing the value of your investment. The value of zero-coupon bonds may be more sensitive to fluctuations in interest rates than other fixed income securities.<br/><br/><b>Issuer Risk:</b> The value of the Fund&#8217;s investments may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods and services.<br/><br/><b>Leverage Risk:</b> Use of derivative instruments may involve leverage. Leverage is the risk associated with securities or practices that multiply small index, market or asset price movements into larger changes in value. To the extent that the Fund uses a derivative for purposes other than as a hedge, or if the Fund hedges imperfectly, the Fund is directly exposed to the risks of that derivative and any loss generated by the derivative will not be offset by a gain. The use of leverage increases the impact of gains and losses on a fund&#8217;s returns, and may lead to significant losses if investments are not successful.<br/><br/><b>Liquidity Risk:</b> Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Fund from selling these illiquid securities at an advantageous price or time. A lack of liquidity also may cause the value of investments to decline. Securities acquired in a private placement, such as Rule 144A securities, generally are subject to strict restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so, or at the most advantageous time or price. Illiquid investments also may be difficult to value.<br/><br/><b>Management Risk:</b> A strategy used by the Fund&#8217;s portfolio managers may fail to produce the intended result.<br/><br/><b>Market Risk:</b> The market value of a security will move up and down, sometimes rapidly and unpredictably, based upon a change in an issuer&#8217;s financial condition, as well as overall market and economic conditions. Highest Quarterly Return: 2010-09-30 0.1473 Lowest Quarterly Return: Principal Risks 2008-12-31 -0.26 The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund&#8217;s shares. A sales charge will reduce your return. 0.1029 -0.2315 0.393 The returns shown in the chart and table for Class A shares prior to September 15, 2003 are those of Retail Class shares, which were redesignated as Class A shares, restated to reflect the sales loads of Class A shares. Prior to the inception of Class B and Class C shares (September 12, 2003), performance is that of Institutional Class shares, which were redesignated as Class Y shares, restated to reflect the higher net expenses and sales loads of Class B shares and Class C shares, respectively. Because the Fund did not have Class N shares outstanding during the periods shown, performance is that of Class Y shares of the Fund. Class N shares would have had substantially similar returns because they would have been invested in the same portfolio of securities as Class Y shares and would only differ to the extent the classes did not have the same expenses. The Class N returns may be higher than the returns of Class Y shares because Class Y shares are subject to higher expenses.<br/><br/>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&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred 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. The Return After Taxes on Distributions &amp; Sale of Fund Shares for the 5-year period exceeds the Return Before Taxes due to an assumed tax benefit from losses on a sale of Fund shares at the end of the measurement period. After-tax returns for the other classes of the Fund will vary. Index performance reflects no deduction for fees, expenses, or taxes. 0.1353 0.0335 0.1356 Risk/Return Bar Chart and Table 0.015 <b>Average Annual Total Returns <br/>(for the periods ended December 31, 2012)</b> Highest Quarterly Return:<br/>Second Quarter 2003, 18.11%<br/><br/>Lowest Quarterly Return:<br/>Fourth Quarter 2008, -19.58%<br/><br/>Class B total returns in the table below do not reflect the automatic conversion of Class B shares to Class A shares after eight years. <b>Total Returns for Class A Shares</b> You may lose money by investing in the Fund. 800-225-5478 The bar chart and table shown below provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year-to-year and by showing how the Fund&#8217;s average annual returns for the one-year, five-year and ten-year periods compare to those of two broad measures of market performance. The Fund&#8217;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 ngam.natixis.com and/or by calling the Fund toll-free at 800-225-5478.<br/><br/>The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund&#8217;s shares. A sales charge will reduce your return. The bar chart and table shown below provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year-to-year and by showing how the Fund&#8217;s average annual returns for the one-year, five-year and ten-year periods compare to those of two broad measures of market performance. ngam.natixis.com The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. The bar chart and table shown below provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year-to-year and by showing how the Fund&#8217;s average annual returns for the one-year, five-year and ten-year periods compare to those of a broad measure of market performance. The Fund&#8217;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 ngam.natixis.com and/or by calling the Fund toll-free at 800-225-5478.<br/><br/>The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund&#8217;s shares. A sales charge will reduce your return. The bar chart and table shown below provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year-to-year and by showing how the Fund&#8217;s average annual returns for the one-year, five-year and ten-year periods compare to those of a broad measure of market performance. The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund&#8217;s shares. A sales charge will reduce your return. 0.02 Highest Quarterly Return:<br/>Second Quarter 2009, 18.02%<br/><br/>Lowest Quarterly Return:<br/>Third Quarter 2008, -13.38%<br/><br/>Class B total returns in the table below do not reflect the automatic conversion of Class B shares to Class A shares after eight years. 174 174 539 539 928 928 1821 2019 0.1182 0.1167 Highest Quarterly Return: <b>Average Annual Total Returns<br/>(for the periods ended December 31, 2012)</b> 0.0787 0.1248 2003-06-30 0.197 0.1671 0.1875 0.1942 0.1949 0.1875 The returns shown in the table prior to the inception of Class A and Class C shares (February 1, 2006) are those of Institutional Class shares, which were redesignated as Class Y shares, restated to reflect the higher net expenses and sales loads of Class A and Class C shares, respectively.<br/><br/>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&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred 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. 0.1318 Lowest Quarterly Return: 0.1526 0.1252 2008-09-30 0.1359 Loomis Sayles Investment Grade Bond Fund 0.1749 -0.2607 0.197 Investment Goal 0.1904 0.1751 <b>Shareholder Fees</b><br/>(fees paid directly from your investment) <b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment) <b>If shares are redeemed:</b> <b>If shares are not redeemed:</b> -0.0312 -0.0315 Example -0.0263 -0.031 -0.0267 -0.0163 -0.0163 0.0312 Investments, Risks and Performance<br/><br/>Principal Investment Strategies Principal Risks Portfolio Turnover 0.0085 0.0062 0.0069 -0.0062 Risk/Return Bar Chart and Table -0.0058 -0.0018 0.0085 0.003 0.0059 0.3116 <b>Total Returns for Class Y Shares</b> <b>Average Annual Total Returns <br/>(for the periods ended December 31, 2012)</b> Highest Quarterly Return:<br/>Second Quarter 2009, 12.65%<br/><br/>Lowest Quarterly Return:<br/>Third Quarter 2008, -7.19%<br/><br/>Class B total returns in the table below do not reflect the automatic conversion of Class B shares to Class A shares after eight years. The Fund seeks high total investment return through a combination of current income and capital appreciation. 0.0541 0.0539 0.0474 0.0524 0.0852 0.0526 0.0802 0.064 0.0743 0.064 0.0757 0.0752 0.0733 0.0733 0.0852 0.0792 The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 Fund Complex. More information about these and other discounts is available from your financial professional and in the section &#8220;How Sales Charges Are Calculated&#8221; on page 55 of the Prospectus and on page 110 in the section &#8220;Reduced Sales Charges&#8221; of the Statement of Additional Information (&#8220;SAI&#8221;). 0.0738 Fund Fees &amp; Expenses 0.2791 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&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.1035 0.0504 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During its most recently ended fiscal year, the Fund&#8217;s portfolio turnover rate was 19% of the average value of its portfolio. 0.0118 Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in investment-grade fixed-income securities (for example, bonds and other investments that Loomis Sayles believes have similar economic characteristics, such as notes, debentures and loans). &#8220;Investment-grade&#8221; securities are those securities that are rated as such at the time of purchase by at least one of the three major rating agencies &#8212; &nbsp;Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;), Fitch Investor Services, Inc. (&#8220;Fitch&#8221;) or Standard &amp; Poor&#8217;s Ratings Group (&#8220;S&amp;P&#8221;) or, if unrated, are determined by the Adviser to be of comparable quality. Although the Fund invests primarily in investment-grade fixed-income securities, it may invest up to 10% of its assets in below investment-grade fixed-income securities (also known as &#8220;junk bonds&#8221;). The Fund has the flexibility to invest up to 10% of its assets in equity securities (such as common stocks, preferred stocks and investment companies), but will limit its investments in common stocks to 5% of its assets. Below investment-grade fixed-income securities are rated below investment-grade quality ( i.e. , none of the three major rating agencies (Moody&#8217;s, Fitch or S&amp;P) have rated the securities in one of their top four ratings categories) or, if unrated, are determined by the Adviser to be of comparable quality. There is no minimum rating for the securities in which the Fund may invest. The Fund may invest in fixed income-securities of any maturity.<br/><br/>In deciding which securities to buy and sell, the Adviser will consider, among other things, the financial strength of the issuer, current interest rates, current valuations, the Adviser&#8217;s expectations regarding future changes in interest rates and comparisons of the level of risk associated with particular investments with the Adviser&#8217;s expectations concerning the potential return of those investments.<br/><br/>Three themes typically drive the Fund&#8217;s investment approach. First, the Adviser generally seeks fixed-income securities of issuers whose credit profiles it believes are improving. Second, the Fund may invest significantly in securities the prices of which the Adviser believes are more sensitive to events related to the underlying issuer than to changes in general interest rates or overall market default rates. The Adviser believes that the Fund may generate positive returns by having a portion of the Fund&#8217;s assets invested in non-market-related securities, rather than by relying primarily on changes in interest rates to produce returns for the Fund. Third, the Adviser analyzes different sectors of the economy and differences in the yields (&#8220;spreads&#8221;) of various fixed-income securities in an effort to find securities that it believes may produce attractive returns for the Fund in comparison to their risk. The Adviser generally prefers securities that are protected against calls (early redemption by the issuer).<br/><br/>In connection with its principal investment strategies, the Fund may also invest any portion of its assets in securities of Canadian issuers and up to 20% of its assets in securities of other foreign issuers, including emerging markets securities. The Fund may also invest in obligations of supranational entities without limit ( e.g. , the World Bank), corporate securities, U.S. government securities, commercial paper, zero-coupon securities, mortgage-backed securities, including mortgage dollar rolls, stripped mortgage-backed securities and collateralized mortgage obligations and other asset-backed securities, when-issued securities, convertible securities, securities issued pursuant to Rule 144 under the Securities Act of 1933 (&#8220;Rule 144A securities&#8221;) and structured notes. The Fund may also engage in foreign currency hedging transactions and swap transactions (including credit default swaps) for hedging or investment purposes. The Adviser may elect not 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. 0.1386 The principal risks of investing in the Fund are summarized below. The Fund does not represent a complete investment program. You may lose money by investing in the Fund.<br/><br/><b>Below Investment-Grade Fixed-Income Securities Risk:</b> The Fund&#8217;s investments in below investment-grade fixed-income securities, also known as &#8220;junk bonds,&#8221; may be subject to greater risks than other fixed-income securities, including being subject to greater levels of interest rate risk, credit 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.<br/><br/><b>Credit Risk:</b> Credit risk is the risk that the issuer or the guarantor of a fixed-income security, or the counterparty to a derivatives or other transaction, will be unable or unwilling to make timely payments of interest or principal or to otherwise honor its obligations.<br/><br/><b>Currency Risk:</b> Fluctuations in the exchange rates between different currencies may negatively affect an investment. 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.<br/><br/><b>Derivatives Risk:</b> Derivative instruments (such as those in which the Fund may invest) can be used to acquire or transfer the risk and returns of a security or other asset without buying or selling the security or asset. Derivatives are subject to changes in the value of the underlying asset or indices on which such transactions 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&#8217;s exposure to securities markets values, interest rates or currency exchange rates. It is possible that the Fund&#8217;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 which would have occurred had derivatives not been used. The Fund&#8217;s use of derivatives such as forward currency contracts, structured notes, and swap transactions involves other risks, such as the credit risk relating to the other party to a derivative contract (which is greater for forward currency contracts, swaps, and other over-the-counter traded derivatives), the risk of difficulties in pricing and valuation, the risk that changes in the value of a derivative may not correlate perfectly with relevant assets, rates or indices, liquidity risk, allocation risk and the risk of losing more than the initial margin required to initiate derivatives positions. There is also the risk that the Fund may be unable to terminate or sell a derivatives position at an advantageous time or price. Moreover, a number of broker-dealers and other financial institutions have recently experienced extreme financial difficulty, sometimes resulting in bankruptcy of the institution. There can be no assurance that the Fund&#8217;s derivative counterparties will not experience similar financial difficulties, possibly resulting in losses to the Fund.<br/><br/><b>Emerging Markets Risk:</b> Investing in emerging markets companies, which may be smaller and have shorter operating histories than companies in developed markets, involves risks in addition to, and greater than, those generally associated with investing in companies in developed foreign markets. The extent of economic development, political stability, market depth, infrastructure, capitalization and regulatory oversight in emerging market economies is generally less than in more developed markets.<br/><br/><b>Equity Securities Risk:</b> The value of the Fund&#8217;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. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of the issuer&#8217;s bonds generally take precedence over the claims of those who own preferred stock or common stock.<br/><br/><b>Fixed-Income Securities Risk:</b> Fixed-income securities are subject to credit risk, interest rate risk and liquidity risk. You may lose money on your investment due to unpredictable drops in a security&#8217;s value or periods of below-average performance in a given security or in the securities market as a whole. Below investment-grade fixed-income securities may be subject to these risks (including the risk of default) to a greater extent than other fixed-income securities. In addition, an economic downturn or period of rising interest rates could adversely affect the market of these securities and reduce the Fund&#8217;s ability to sell them. Zero-coupon bonds may be subject to these risks to a greater extent than other fixed-income securities. Rule 144A securities and structured notes may be more illiquid than other fixed-income securities.<br/><br/><b>Foreign Securities Risk:</b> Investments in foreign securities may be subject to greater political, economic, environmental, credit and information risks. The Fund&#8217;s investments in foreign securities are also subject to foreign currency fluctuations. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.<br/><br/><b>Interest Rate Risk:</b> Changes in interest rates may cause the value of the Fund&#8217;s investments to decrease. Generally, the value of fixed-income securities rises when prevailing interest rates fall and falls when interest rates rise. A prolonged period of low interest rates may cause the Fund to have a low or negative yield, potentially reducing the value of your investment. The value of zero-coupon bonds may be more sensitive to fluctuations in interest rates than other fixed income securities.<br/><br/><b>Issuer Risk:</b> The value of the Fund&#8217;s investments may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods and services.<br/><br/><b>Leverage Risk:</b> Use of derivative instruments may involve leverage. Leverage is the risk associated with securities or practices that multiply small index, market or asset price movements into larger changes in value. To the extent that the Fund uses a derivative for purposes other than as a hedge, or if the Fund hedges imperfectly, the Fund is directly exposed to the risks of that derivative and any loss generated by the derivative will not be offset by a gain. The use of leverage increases the impact of gains and losses on a fund&#8217;s returns, and may lead to significant losses if investments are not successful.<br/><br/><b>Liquidity Risk:</b> Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Fund from selling these illiquid securities at an advantageous price or time. A lack of liquidity also may cause the value of investments to decline. Securities acquired in a private placement, such as Rule 144A securities, generally are subject to strict restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so, or at the most advantageous time or price. Illiquid investments also may be difficult to value.<br/><br/><b>Management Risk:</b> A strategy used by the Fund&#8217;s portfolio managers may fail to produce the intended result. <br/><br/><b>Market Risk:</b> The market value of a security will move up and down, sometimes rapidly and unpredictably, based upon a change in an issuer&#8217;s financial condition, as well as overall market and economic conditions.<br/><br/><b>Mortgage-Related and Asset-Backed Securities Risk: </b>In addition to the risks associated with investments in fixed-income securities generally (for example, credit, liquidity 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 an unexpected 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&#8217;s value. The Fund also may incur a loss when there is a prepayment of securities that were purchased at a premium. The Fund&#8217;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. 0.0198 The bar chart and table shown below provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year-to-year and by showing how the Fund&#8217;s average annual returns for the one-year, five-year and ten-year periods compare to those of a broad measure of market performance. The Fund&#8217;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 ngam.natixis.com and/or by calling the Fund toll-free at 800-225-5478.<br/><br/>The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund&#8217;s shares. A sales charge will reduce your return. -0.2662 The returns shown in the table for Class A shares prior to September 15, 2003 are those of Retail Class shares, which were redesignated as Class A shares, restated to reflect the sales loads of Class A shares. Prior to the inception of Class B and Class C shares (September 12, 2003), performance is that of Institutional Class shares, which were redesignated as Class Y shares, restated to reflect the higher net expenses and sales loads of Class B and Class C shares, respectively. Prior to the inception of Admin Class shares (February 1, 2010), performance is that of Class A shares, restated to reflect the higher net expenses of Admin Class shares. Because the Fund did not have Class N shares outstanding during the periods shown, performance is that of Class Y shares of the Fund. Class N shares would have had substantially similar returns because they would have been invested in the same portfolio of securities as Class Y shares and would only differ to the extent the classes did not have the same expenses. The Class N returns may be higher than the returns of Class Y shares because Class Y shares are subject to higher expenses.<br/><br/>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&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred 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. 0.5035 0.1369 -0.0298 0.2165 0.1961 0.0991 0.0234 800-225-5478 ngam.natixis.com 0.0807 The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. <b>Total Returns for Class A Shares </b> 0.0993 -0.1142 The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund&#8217;s shares. A sales charge will reduce your return. The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund&#8217;s shares. A sales charge will reduce your return. 0.2727 0.1152 0.0508 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. 0.1225 0.0959 0.0773 0.0633 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. 0.0775 0.117 Highest Quarterly Return:<br/>Second Quarter 2009, 16.38%<br/><br/>Lowest Quarterly Return:<br/>Fourth Quarter 2008, -18.10%<br/><br/>Class B total returns in the table below do not reflect the automatic conversion of Class B shares to Class A shares after eight years. 0.1393 0.1393 0.1333 0.0421 Highest Quarterly Return:<br/>Third Quarter 2009, 2.93%<br/><br/>Lowest Quarterly Return:<br/>Second Quarter 2004, -1.76%<br/><br/>Class B total returns in the table below do not reflect the automatic conversion of Class B shares to Class A shares after eight years. 0.0553 After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual retirement accounts. 0.1238 0.066 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. 0.0431 0.0425 0.0623 0.0655 0.1106 0.0763 0.0763 <b>Average Annual Total Returns<br/>(for the periods ended December 31, 2012)</b> 0.0706 0.0595 0.0619 0.0559 After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual retirement accounts. 0.1006 0.0775 0.0738 0.0962 0.0963 0.1074 0.1013 0.0518 0.1074 The returns shown in the table for Class A shares prior to June 1, 2007 are those of Retail Class shares, which were redesignated as Class A shares, restated to reflect the sales loads of Class A shares. Prior to the inception of Retail Class shares (June 30, 2006), performance is that of Institutional Class shares, which were redesignated as Class Y shares, restated to reflect the higher net expenses and sales loads of Class A shares. Prior to the inception of Class B and Class C shares (June 1, 2007), performance is that of Institutional Class shares, which were redesignated as Class Y shares, restated to reflect the higher net expenses and sales loads of Class B and Class C shares, respectively. Prior to the inception of Admin Class shares (February 1, 2010), performance is that of Class A shares, restated to reflect the higher net expenses of Admin Class shares. Because the Fund did not have Class N shares outstanding during the periods shown, performance is that of Class Y shares of the Fund. Class N shares would have had substantially similar returns because they would have been invested in the same portfolio of securities as Class Y shares and would only differ to the extent the classes did not have the same expenses. The Class N returns may be higher than the returns of Class Y shares because Class Y shares are subject to higher expenses.<br/><br/>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&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred 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. <b>Average Annual Total Returns <br>(for the periods ended December 31, 2012)</b> 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. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred 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. The Fund&#8217;s current adviser assumed that function on September 1, 2003. Prior to that, it served as subadviser to the Fund, a role it assumed in June 2001. The returns shown in the bar chart and table for periods prior to September 15, 2003 reflect the results of the CDC Nvest Limited Term U.S. Government Fund, whose assets and liabilities were reorganized into the Fund on September 12, 2003.<br/><br/>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&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred 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. 0.0523 0.3217 0.1562 0.1053 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. 0.0461 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual retirement accounts. -0.0349 0.2188 -0.5007 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. 0.3216 0.0773 Index performance reflects no deduction for fees, expenses, or taxes. 0.1534 0.0513 0.0032 0.1854 0.1029 Highest Quarterly Return: 0.0669 0.0996 0.1029 0.1459 0.1811 Lowest Quarterly Return: 2008-12-31 -0.1958 2003-06-30 The returns shown in the bar chart and table for the periods prior to September 15, 2003 reflect the results of the CDC Nvest Strategic Income Fund, whose assets and liabilities were reorganized into the Fund on September 12, 2003. Prior to the inception of Admin Class shares (February 1, 2010), performance is that of Class A shares, restated to reflect the higher net expenses of Admin Class shares. Because the Fund did not have Class N shares outstanding during the periods shown, performance is that of Class Y shares of the Fund. Class N shares would have had substantially similar returns because they would have been invested in the same portfolio of securities as Class Y shares and would only differ to the extent the classes did not have the same expenses. The Class N returns may be higher than the returns of Class Y shares because Class Y shares are subject to higher expenses.<br/><br/>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&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred 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. <b>Total Returns for Class A Shares</b> 0.1029 0.0259 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. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual retirement accounts. 0.0316 0.25 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. 0.035 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 Fund Complex. 0.035 50000 0.2649 0.03 0.0322 0.035 0.0349 Highest Quarterly Return: 2009-09-30 0.0293 Lowest Quarterly Return: 2004-06-30 -0.0176 <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAnnualTotalReturnsLoomisSaylesInternationalBondFundBarChart column period compact * ~</div> 0.1134 0.1134 Index performance reflects no deduction for fees, expenses, or taxes. 0.1019 <div style="display:none">~ http://www.loomissayles.com/role/ScheduleShareholderFeesLoomisSaylesMidCapGrowthFund column period compact * ~</div> 0.1104 0.1134 0.098 0.048 0.0458 0.0412 0.0453 0.048 0.0458 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. <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAnnualFundOperatingExpensesLoomisSaylesMidCapGrowthFund column period compact * ~</div> After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred 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. 1996-12-31 1996-12-31 1996-12-31 1996-12-31 <div style="display:none">~ http://www.loomissayles.com/role/ScheduleExpenseExampleTransposedLoomisSaylesMidCapGrowthFund column period compact * ~</div> 1996-12-31 The Return After Taxes on Distributions &amp; Sale of Fund Shares for the 5-year period exceeds the Return Before Taxes due to an assumed tax benefit from losses on a sale of Fund shares at the end of the measurement period. 0.1549 -0.0073 0.1625 0.14 0.1058 0.1537 0.1969 0.217 0.1581 0.1412 <div style="display:none">~ http://www.loomissayles.com/role/ScheduleExpenseExampleNoRedemptionTransposedLoomisSaylesMidCapGrowthFund column period compact * ~</div> 0.0715 0.0418 0.0438 0.0703 0.0739 0.1034 -0.3919 0.0931 0.045 0 0.0648 0.4252 0 0.0638 0 0 0.0898 0 0.09 0.2169 0.1062 0.0897 0.1133 2008-02-29 0 0.05 0.01 0 0 0 <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAnnualTotalReturnsLoomisSaylesMidCapGrowthFundBarChart column period compact * ~</div> 0.1508 0.1037 0.1549 0.0854 0.1331 0.1654 0.0165 0.0387 0.0326 0.0299 0.024 0.0284 -0.006 0.0527 0.1107 0.1025 0.0941 0.1014 0.0997 0.0808 0.0604 <b>Average Annual Total Returns <br>(for the periods ended December 31, 2012)</b> 0.0135 0.0514 2008-02-01 <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAnnualTotalReturnsLoomisSaylesStrategicIncomeFundBarChart column period compact * ~</div> The returns shown in the bar chart and table for the periods prior to September 15, 2003 reflect the results of the CDC Nvest High Income Fund, whose assets and liabilities were reorganized into the Fund on September 12, 2003.<br/><br/>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&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred 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. 0 0 0 0 0 0 193 193 605 605 <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAverageAnnualTotalReturnsTransposedLoomisSaylesMidCapGrowthFund column period compact * ~</div> 1043 1043 2066 2261 0.004 0.004 0.004 0.004 0.004 0.004 0.0025 0.01 0.01 0 0 0.0025 562 693 293 92 807 905 605 298 0.0019 0.0019 0.0019 0.0007 0.0019 0.0044 1071 1243 1043 521 1825 2066 2261 1162 <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAnnualTotalReturnsLoomisSaylesGlobalEquityandIncomeFundBarChart column period compact * ~</div> 0.0084 0.0159 0.0159 0.0047 0.0059 0.0109 0 0 0 0 Highest Quarterly Return: 0 2009-06-30 0 0.1638 Lowest Quarterly Return: 2008-12-31 -0.181 100000 0.34 0.0084 You may lose money by investing in the Fund. 0.0159 0.0159 0.0047 0.0059 0.0109 The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. <div style="display:none">~ http://www.loomissayles.com/role/ScheduleShareholderFeesLoomisSaylesValueFund column period compact * ~</div> <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAnnualTotalReturnsLoomisSaylesLimitedTermGovernmentandAgencyFundBarChart column period compact * ~</div> Index performance reflects no deduction for fees, expenses or taxes. 1996-12-31 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. ngam.natixis.com <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAnnualFundOperatingExpensesLoomisSaylesValueFund column period compact * ~</div> 800-225-5478 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. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual retirement accounts. The bar chart and table shown below provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year-to-year and by showing how the Fund&#8217;s average annual returns for the one-year, five-year and ten-year periods compare to those of a broad measure of market performance. <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAnnualTotalReturnsLoomisSaylesValueFundBarChart column period compact * ~</div> 532 662 262 48 60 111 706 802 151 502 189 347 895 1066 866 263 329 601 The Fund&#8217;s investment objective is long-term capital growth from investments in common stocks or similar securities. 1440 1688 1889 591 738 1329 with a secondary objective of capital growth. <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAverageAnnualTotalReturnsTransposedLoomisSaylesValueFund column period compact * ~</div> Principal Risks <div style="display:none">~ http://www.loomissayles.com/role/ScheduleShareholderFeesLoomisSaylesHighIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAnnualFundOperatingExpensesLoomisSaylesHighIncomeFund column period compact * ~</div> Risk/Return Bar Chart and Table <div style="display:none">~ http://www.loomissayles.com/role/ScheduleExpenseExampleTransposedLoomisSaylesHighIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.loomissayles.com/role/ScheduleExpenseExampleNoRedemptionTransposedLoomisSaylesHighIncomeFund column period compact * ~</div> <b>Average Annual Total Returns<br/>(for the periods ended December 31, 2012)</b> <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAnnualTotalReturnsLoomisSaylesHighIncomeFundBarChart column period compact * ~</div> <b>Shareholder Fees</b><br/>(fees paid directly from your investment) <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAverageAnnualTotalReturnsTransposedLoomisSaylesHighIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.loomissayles.com/role/ScheduleExpenseExampleTransposedLoomisSaylesValueFund column period compact * ~</div> <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAnnualTotalReturnsLoomisSaylesGrowthFundBarChart column period compact * ~</div> 1.91 <div style="display:none">~ http://www.loomissayles.com/role/ScheduleExpenseExampleNoRedemptionTransposedLoomisSaylesValueFund column period compact * ~</div> -0.0005 -0.0005 -0.0005 <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAnnualTotalReturnsLoomisSaylesSmallCapGrowthFundBarChart column period compact * ~</div> -0.0005 Fund Fees &amp; Expenses The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 Fund Complex. More information about these and other discounts is available from your financial professional and in the section &#8220;How Sales Charges Are Calculated&#8221; on page 55 of the Prospectus and on page 110 in the section &#8220;Reduced Sales Charges&#8221; of the Statement of Additional Information (&#8220;SAI&#8221;). 162 162 502 502 866 866 January 31, 2014 1688 1889 0.1225 0.1011 0.0811 0.0696 0.061 0.1015 0.1225 0.149 0.0482 0.082 0.0589 0.0567 0.0695 0.0677 0.0713 0.082 0.0819 0.0606 0.0901 0.0661 0.0821 0.0639 0.0782 0.0901 0.0853 0.0525 0.0787 0.16 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. The Return After Taxes on Distributions &amp; Sale of Fund Shares for the 5-year period exceeds the Return Before Taxes due to an assumed tax benefit from losses on a sale of Fund shares at the end of the measurement period. 0 0.0025 0.01 0.01 0 0.0025 Other expenses for Class N shares are estimated for the current fiscal year. 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. Other expenses for Class N shares are estimated for the current fiscal year. 0.19 You may lose money by investing in the Fund. The bar chart and table shown below provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year-to-year and by showing how the Fund&#8217;s average annual returns for the one-year, five-year and ten-year periods compare to those of a broad measure of market performance. 800-225-5478 ngam.natixis.com The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund&#8217;s shares. A sales charge will reduce your return. 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. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred 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. Highest Quarterly Return: 2009-06-30 0.1265 Lowest Quarterly Return: 2008-09-30 -0.0719 0.038 Other expenses for Class N shares are estimated for the current fiscal year. Other expenses for Class N shares are estimated for the current fiscal year. Index performance reflects no deduction for fees, expenses or taxes. Other expenses for Class N shares are based on estimated amounts for the current fiscal year. Index performance reflects no deduction for fees, expenses, or taxes. <div style="display:none">~ http://www.loomissayles.com/role/ScheduleAnnualTotalReturnsLoomisSaylesInvestmentGradeBondFundBarChart column period compact * ~</div> January 31, 2014 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 Fund Complex. 100000 2008-02-01 Index performance reflects no deduction for fees, expenses, or taxes. Other expenses for Class N shares are estimated for the current fiscal year. You may lose money by investing in the Fund. Index performance reflects no deduction for fees, expenses, or taxes. Other expenses for Class N shares are estimated for the current fiscal year. The expense information shown in the table above 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 (expenses indirectly borne by the Fund through investments in certain pooled investment vehicles). Other expenses include an administrative service fee of 0.25% for Admin Class shares. Other expenses include an administrative services fee of 0.25% for Admin Class shares. 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 1.25%, 2.00%, 0.95% and 1.00% 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 January 31, 2014 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 1.25%, 2.00%, 0.95% and 1.00% of the Fund's average daily net assets for Class A, C, N and Y shares, respectively. 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. 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 1.05%, 1.80% and 0.80% of the Fund's average daily net assets for Class A, C and Y shares, respectively, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through January 31, 2014 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 1.05%, 1.80% and 0.80% of the Fund's average daily net assets for Class A, C and Y shares, respectively. 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. 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 1.10%, 1.85%, 1.85%, 0.80%, 0.85% and 1.35% of the Fund's average daily net assets for Class A, B, C, N, Y and Admin Class shares, respectively, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through January 31, 2014 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 1.10%, 1.85%, 1.85%, 0.80%, 0.85% and 1.35% of the Fund's average daily net assets for Class A, B, C, N, Y and Admin Class shares, respectively. 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. 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 1.25%, 2.00%, 2.00%, 0.95% and 1.00% of the Fund's average daily net assets for Class A, B, 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 January 31, 2014 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 1.25%, 2.00%, 2.00%, 0.95% and 1.00% of the Fund's average daily net assets for Class A, B, C, N and Y shares, respectively. 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. 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 0.85%, 1.60%, 1.60% and 0.60% of the Fund's average daily net assets for Class A, B, C and Y shares, respectively, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through January 31, 2014 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 0.85%, 1.60%, 1.60% and 0.60% of the Fund's average daily net assets for Class A, B, C, and Y shares, respectively. 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. 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 1.25%, 2.00%, 2.00%, 0.95%, 1.00% and 1.50 % of the Fund's average daily net assets for Class A, B, C, N, Y and Admin Class shares, respectively, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through January 31, 2014 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 1.25%, 2.00%, 2.00%, 0.95%, 1.00% and 1.50 % of the Fund's average daily net assets for Class A, B, C, N, Y and Admin Class shares, respectively. 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. Loomis, Sayles & Company, L.P. ("Loomis Sayles" or the "Adviser") has given a binding contractual undertaking to the Fund to limit the amount of the Fund's total annual fund operating expenses to 1.00%, 1.25% and 0.95% of the Fund's average daily net assets for Institutional Class shares, Retail Class shares and Class N shares, respectively, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through January 31, 2014 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 1.00%, 1.25% and 0.95% of the Fund's average daily net assets for Institutional Class shares, Retail Class shares and Class N shares, respectively. 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. 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 1.25%, 2.00% and 1.00% of the Fund's average daily net assets for Class A, C and Y shares, respectively, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through January 31, 2014 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 1.25%, 2.00% and 1.00% of the Fund's average daily net assets for Class A, C and Y shares, respectively. 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. 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 0.95%, 1.70%, 1.70%, 0.65%, 0.70% and 1.20% of the Fund's average daily net assets for Class A, B, C, N, Y and Admin Class shares, respectively, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through January 31, 2014 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 0.95%, 1.70%, 1.70%, 0.65%, 0.70% and 1.20% of the Fund's average daily net assets for Class A, B, C, N, Y and Admin Class shares, respectively. 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. 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 1.15%, 1.90%, 1.90% and 0.90% of the Fund's average daily net assets for Class A, B, C and Y shares, respectively, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through January 31, 2014 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 1.15%, 1.90%, 1.90% and 0.90% of the Fund's average daily net assets for Class A, B, C and Y shares, respectively. 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. Other expenses for Class N shares are based on estimated amounts for the current fiscal year. 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