# EDGAR Filing Document

**Accession Number:** 0001406305
**File Stem:** 0001133228-26-007266
**Filing Date:** 2026-4
**Character Count:** 1354410
**Document Hash:** eef694d4e3bbcaea681c566f2291e0e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-007266.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001133228-26-007266

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 43

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Gateway Trust
- **CENTRAL INDEX KEY:** 0001406305

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22099
- **FILM NUMBER:** 26917716

**BUSINESS ADDRESS:**
- **STREET 1:** 888 BOYLSTON STREET
- **STREET 2:** 8TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 617-449-2810

**MAIL ADDRESS:**
- **STREET 1:** 888 BOYLSTON STREET
- **STREET 2:** 8TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Gateway Trust
- **CENTRAL INDEX KEY:** 0001406305

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-144744
- **FILM NUMBER:** 26917715

**BUSINESS ADDRESS:**
- **STREET 1:** 888 BOYLSTON STREET
- **STREET 2:** 8TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 617-449-2810

**MAIL ADDRESS:**
- **STREET 1:** 888 BOYLSTON STREET
- **STREET 2:** 8TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

## Series and Classes Contracts Data

### Gateway Fund (Series ID: S000019169)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000052969 | Class A Shares | GATEX           |
| C000052970 | Class C Shares | GTECX           |
| C000052971 | Class Y Shares | GTEYX           |
| C000190730 | Class N        | GTENX           |

### Gateway Equity Call Premium Fund (Series ID: S000046840)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000146363 | Class A      | GCPAX           |
| C000146364 | Class C      | GCPCX           |
| C000146365 | Class Y      | GCPYX           |
| C000190731 | Class N      | GCPNX           |

?xml version='1.0' encoding='ASCII'? 2026-02-255-1Multi-AffiliateStatutoryProspectus

Registration Nos. 333-144744

811-22099

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM N-1A**

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES<br> ACT OF 1933**  | ☐ |
| Pre-Effective Amendment No. __ | ☐ |
| Post-Effective Amendment No. 54 | ☒ |

---

and/or

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE INVESTMENT<br> COMPANY ACT OF 1940**  | ☐ |
| Amendment No. 58 | ☒ |

---

(Check appropriate box or boxes.)

**Gateway Trust**

(Exact Name of Registrant as Specified in Charter)

888 Boylston Street, Boston, Massachusetts 02199-8197

(Address of principal executive offices) (Zip Code)

Registrant's Telephone Number, including Area Code <u>(617) 449-2139</u>

Susan McWhan Tobin, Esq.

Natixis Distribution, LLC

888 Boylston Street

Boston, Massachusetts 02199-8197

(Name and Address of Agent for Service)

Copy to:

Michael G. Doherty, Esq.

Jessica Reece, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036-8704

Approximate Date of Proposed Public Offering

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

☐ immediately upon filing pursuant to paragraph (b)

☒ on May 1, 2026 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.

Prospectus

May 1, 2026

![image](pr4824img001.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A | Class C | Class N | Class Y |
|  Gateway Equity Call Premium Fund  | GCPAX | GCPCX | GCPNX | GCPYX |
|  Gateway Fund  | GATEX | GTECX | GTENX | GTEYX |
|  Mirova Global Megatrends Fund  | ESGMX | ESGCX | ESGNX | ESGYX |
|  Vaughan Nelson Mid Cap Fund  | VNVAX | VNVCX | VNVNX | VNVYX |
|  Vaughan Nelson Small Cap Fund  | NEFJX | NEJCX | VSCNX | NEJYX |

---

The Securities and Exchange Commission ("SEC") has not approved or disapproved any Fund's shares or determined whether this Prospectus is truthful or complete. Any representation to the contrary is a crime.

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund Summary](#ref_chapter_2_4824)  | [1](#ref_chapter_2_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Gateway Equity Call Premium Fund](#ref_chapter_2-sect1_1_86319_4824)  | [1](#ref_chapter_2-sect1_1_86319_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Gateway Fund](#ref_chapter_2-sect1_2_22092_4824)  | [7](#ref_chapter_2-sect1_2_22092_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Mirova Global Megatrends Fund](#ref_chapter_2-sect1_3_824932_4824)  | [13](#ref_chapter_2-sect1_3_824932_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Vaughan Nelson Mid Cap Fund](#ref_chapter_2-sect1_4_824936_4824)  | [19](#ref_chapter_2-sect1_4_824936_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Vaughan Nelson Small Cap Fund](#ref_chapter_2-sect1_5_824938_4824)  | [25](#ref_chapter_2-sect1_5_824938_4824)  |
| [Investment Goals, Strategies and Risks](#ref_chapter_3_4824)  | [31](#ref_chapter_3_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [More About Goals and Strategies](#ref_chapter_3-sect1_1_18182_4824)  | [31](#ref_chapter_3-sect1_1_18182_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Gateway Equity Call Premium Fund](#ref_chapter_3-sect1_2_86325_4824)  | [31](#ref_chapter_3-sect1_2_86325_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Gateway Fund](#ref_chapter_3-sect1_3_20991_4824)  | [32](#ref_chapter_3-sect1_3_20991_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Mirova Global Megatrends Fund](#ref_chapter_3-sect1_4_824942_4824)  | [33](#ref_chapter_3-sect1_4_824942_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Vaughan Nelson Mid Cap Fund](#ref_chapter_3-sect1_5_824946_4824)  | [34](#ref_chapter_3-sect1_5_824946_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Vaughan Nelson Small Cap Fund](#ref_chapter_3-sect1_6_824948_4824)  | [35](#ref_chapter_3-sect1_6_824948_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [All Funds](#ref_chapter_3-sect1_7_19001_4824)  | [35](#ref_chapter_3-sect1_7_19001_4824)  |
| [More About Risks](#ref_chapter_4_4824)  | [37](#ref_chapter_4_4824)  |
| [Management Team](#ref_chapter_5_4824)  | [44](#ref_chapter_5_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Meet the Funds' Investment Advisers and Subadviser](#ref_chapter_5-sect1_1_18188_4824)  | [44](#ref_chapter_5-sect1_1_18188_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Meet the Funds' Portfolio Managers](#ref_chapter_5-sect1_2_18189_4824)  | [45](#ref_chapter_5-sect1_2_18189_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Additional Information](#ref_chapter_5-sect1_3_263016_4824)  | [46](#ref_chapter_5-sect1_3_263016_4824)  |
| [Fund Services](#ref_chapter_6_4824)  | [46](#ref_chapter_6_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Investing in the Funds](#ref_chapter_6-sect1_1_18191_4824)  | [46](#ref_chapter_6-sect1_1_18191_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [How Sales Charges Are Calculated](#ref_chapter_6-sect1_2_18192_4824)  | [47](#ref_chapter_6-sect1_2_18192_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Compensation to Securities Dealers](#ref_chapter_6-sect1_3_18193_4824)  | [50](#ref_chapter_6-sect1_3_18193_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [How to Purchase Shares](#ref_chapter_6-sect1_4_286513_4824)  | [50](#ref_chapter_6-sect1_4_286513_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [How to Redeem Shares](#ref_chapter_6-sect1_5_286515_4824)  | [52](#ref_chapter_6-sect1_5_286515_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Exchanging or Converting Shares](#ref_chapter_6-sect1_6_263166_4824)  | [54](#ref_chapter_6-sect1_6_263166_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Restrictions on Buying, Selling and Exchanging Shares](#ref_chapter_6-sect1_7_18201_4824)  | [55](#ref_chapter_6-sect1_7_18201_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Self-Servicing Your Account](#ref_chapter_6-sect1_8_18196_4824)  | [56](#ref_chapter_6-sect1_8_18196_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Restructuring and Liquidations](#ref_chapter_6-sect1_9_263018_4824)  | [57](#ref_chapter_6-sect1_9_263018_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [How Fund Shares are Priced](#ref_chapter_6-sect1_10_18202_4824)  | [57](#ref_chapter_6-sect1_10_18202_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Dividends and Distributions](#ref_chapter_6-sect1_11_18203_4824)  | [58](#ref_chapter_6-sect1_11_18203_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Tax Consequences](#ref_chapter_6-sect1_12_18204_4824)  | [59](#ref_chapter_6-sect1_12_18204_4824)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Additional Investor Services](#ref_chapter_6-sect1_13_18205_4824)  | [61](#ref_chapter_6-sect1_13_18205_4824)  |
| [Financial Performance](#ref_chapter_7_4824)  | [62](#ref_chapter_7_4824)  |
| [Appendix A - Intermediary Specific Information](#ref_chapter_8_4824)  | [A-1](#ref_chapter_8_4824)  |
| [Appendix B - Financial Intermediary Specific Commissions & Investment Minimum Waivers](#ref_chapter_9_4824)  | [B-1](#ref_chapter_9_4824)  |
| [Appendix C - Additional Index Information](#ref_chapter_10_4824)  | [C-1](#ref_chapter_10_4824)  |

---

------

Fund Summary

------

Gateway Equity Call Premium Fund

Investment Goal

The Fund seeks total return with less risk than U.S. equity markets.

Fund Fees & Expenses

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Natixis Funds Complex. More information about these and other discounts is available from your financial professional and in the section "How Sales Charges Are Calculated" on page 47 of the Prospectus, in Appendix A to the Prospectus and on page 89 in the section "Reduced Sales Charges" of the Statement of Additional Information ("SAI").

Shareholder Fees

---

| | | | | |
|:---|:---|:---|:---|:---|
| (fees paid directly from your investment)  | **Class A** | **Class C** | **Class N** | **Class Y** |
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.75% |  |  |  |
| Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, as applicable) | None<sup>1</sup> | 1.00% |  |  |
| Redemption fees |  |  |  |  |

---

---

| | |
|:---|:---|
| 1 | A 1.00% contingent deferred sales charge ("CDSC") may apply to certain purchases of Class A shares of $1,000,000 or more that are redeemed within eighteen months of the date of purchase. |

---

Annual Fund Operating Expenses

---

| | | | | |
|:---|:---|:---|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment)  | **Class A** | **Class C** | **Class N** | **Class Y** |
| Management fees | 0.58% | 0.58% | 0.58% | 0.58% |
| Distribution and/or service (12b-1) fees | 0.25% | 1.00% | 0.00% | 0.00% |
| Other expenses | 0.22% | 0.22% | 0.49% | 0.22% |
| Total annual fund operating expenses | 1.05% | 1.80% | 1.07% | 0.80% |
| Fee waiver and/or expense reimbursement<sup>1</sup><sup>,</sup><sup>2</sup>  | 0.12% | 0.12% | 0.44% | 0.12% |
| Total annual fund operating expenses after fee waiver and/or expense reimbursement | 0.93% | 1.68% | 0.63% | 0.68% |

---

---

| | |
|:---|:---|
| 1 | Gateway Investment Advisers, LLC ("Gateway" 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 0.93%, 1.68%, 0.63%, and 0.68% of the Fund's average daily net assets for Class A, Class C, Class N, and Class Y shares, respectively, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through April 30, 2027 and may be terminated before then only with the consent of the Fund's Board of Trustees. The Adviser will be permitted to recover, on a class-by-class basis, management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below both (1) the class' applicable expense limitation at the time such amounts were waived/reimbursed and (2) the class' current applicable expense limitation. The Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed. |

---

---

| | |
|:---|:---|
| 2 | Natixis Advisors, LLC ("Natixis Advisors") has given a binding contractual undertaking to the Fund to reimburse any and all transfer agency expenses for Class N shares. This undertaking is in effect through April 30, 2027 and may be terminated before then only with the consent of the Fund's Board of Trustees. |

---

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's operating expenses remain the same, except that the example is based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement assuming that such waiver and/or reimbursement will only be in place through the date noted above and on the Total Annual Fund Operating Expenses for the remaining periods. The example for Class C shares for the ten-year period reflects the conversion to Class A shares after eight years. The example does not take into account brokerage commissions and other fees to financial intermediaries that you may pay on your purchases and sales of shares of the Fund. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **If shares are redeemed:**  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | $664 | $879 | $1110 | $1774 |
| Class C | $271 | $555 | $964 | $1909 |
| Class N | $64 | $297 | $547 | $1266 |

---

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **If shares are redeemed:** | **1 year** | **3 years** | **5 years** | **10 years** |
| Class Y | $69 | $243 | $432 | $979 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **If shares are not redeemed:**  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class C | $171 | $555 | $964 | $1909 |

---

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During its most recently ended fiscal year, the Fund's portfolio turnover rate was 18% of the average value of its portfolio.

Investments, Risks and Performance

Principal Investment Strategies

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in equity securities. Equity securities purchased by the Fund may include the following U.S. exchange-listed securities: common stocks; American Depositary Receipts ("ADRs"), which are securities issued by a U.S. bank that represent interests in foreign equity securities; and interests in real estate investment trusts ("REITs"). The Fund ordinarily invests in a broadly diversified equity portfolio, while also writing (selling) index call options with an aggregate notional value approximately equal to the market value of the equity portfolio. Writing index call options is intended to reduce the Fund's volatility and provide steady cash flow. Cash flow from call option writing is intended to be an important source of the Fund's return, although the Fund's option writing activity reduces the Fund's ability to profit from increases in the value of its equity portfolio. The combination of a diversified stock portfolio and the steady cash flow from the sale of index call options is intended to moderate the volatility of returns relative to an all-equity portfolio. The Fund may also invest in affiliated and unaffiliated mutual funds and exchange-traded funds, to the extent permitted by the Investment Company Act of 1940. The Fund may invest in companies with small, medium or large market capitalizations.

The Fund's combination of a broadly diversified portfolio of common stocks and written index call options is similar to the components of the Cboe S&P 500 BuyWrite Index (the "BXM<sup>SM</sup>"). The BXM<sup>SM</sup> is a passive total return index based on (1) buying an S&P 500<sup>®</sup> stock index portfolio, and (2) writing (selling) the near-term S&P 500<sup>®</sup> Index "covered" call option. The Fund's more flexible, active option management approach creates the potential for it to achieve higher long-term returns than the BXM<sup>SM</sup> while exhibiting a similar level of volatility, as defined by standard deviation of returns. The similarities between the BXM<sup>SM</sup> and the Fund's equity investment strategy are expected to result in the Fund exhibiting a positive correlation to the broad U.S. equity markets similar to that exhibited by the BXM<sup>SM</sup>.

With its core investment in equities, the Fund is intended to be significantly less vulnerable to fluctuations in value caused by interest rate volatility, a risk factor present in both fixed-income investments and "hybrid investments" (blends of equity and fixed-income securities). Through the use of index options, the Fund intends that its risk management strategy will reduce the volatility inherent in equity investments while also allowing for more participation in equity returns than hybrid investments. Thus, the Fund seeks to provide an efficient trade-off between risk and reward, where risk is characterized by volatility or fluctuations in value over time.

**Purchasing Stocks**

The Fund invests in a diversified stock portfolio, generally consisting of approximately 200 to 400 stocks (including ADRs and REITs), designed to support the Fund's index option-based risk management strategy as efficiently as possible while seeking to enhance the Fund's after-tax total return. The Adviser uses a multifactor quantitative model to construct the stock portfolio. The model evaluates U.S.-exchange-traded equities that meet the criteria and constraints established by the Adviser. Generally, the Adviser tries to minimize the difference between the performance of the Fund's stock portfolio and the performance of the index or indices underlying the Fund's option strategies while also considering other factors, such as predicted dividend yield. The Adviser monitors this difference and other factors, and rebalances and adjusts the stock portfolio from time to time, by purchasing and selling stocks. To the extent consistent with the Fund's investment goal, the Adviser may also sell stocks to realize capital losses in an effort to minimize any required capital gain distributions. The Adviser expects the portfolio to generally represent the broad U.S. equity market.

**Writing Index Call Options**

The Fund continuously writes index call options, typically on broad-based securities market indices, with an aggregate notional value approximately equal to the market value of its broadly diversified stock portfolio. As the seller of the index call option, the Fund receives cash (the "premium") from the purchaser. The purchaser of an index call option has the right to any appreciation in the value of the index over a fixed price (the "exercise price") on a certain date in the future (the "expiration date"). If the purchaser does not exercise the option, the Fund retains the premium. If the purchaser exercises the option, the Fund pays the purchaser the difference between the value of the index and the exercise price of the option. The premium, the exercise price and the value of the index determine the gain or loss realized by the Fund as the seller of the index call option. The Fund can also repurchase the call option prior to the expiration date,

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

ending its obligation. In such a case, the difference between the cost of repurchasing the option and the premium received will determine the gain or loss realized by the Fund.

**Other Investments**

The Fund may invest in foreign securities traded in U.S. markets (through ADRs or stocks traded in U.S. dollars). The Fund may enter into repurchase agreements and/or hold cash and cash equivalents.

Principal Investment 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.

Fund shares are not bank deposits and are not guaranteed, endorsed or insured by the Federal Deposit Insurance Corporation or any other government agency, and are subject to investment risks, including possible loss of the principal invested.

The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

**Management Risk:** A strategy used by the Fund's portfolio managers may fail to produce the intended result.

**Call Options Risk:** The value of the Fund's positions in index options will fluctuate in response to changes in the value of the underlying index. Writing index call options limits the opportunity to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option. Unusual market conditions or the lack of a ready market for any particular option at a specific time may reduce the effectiveness of the Fund's option-based risk management strategy, and for these and other reasons the Fund's option strategy may not reduce the Fund's volatility to the extent desired.

**Equity Securities Risk:** The value of the Fund's investments in equity securities could be subject to unpredictable declines in the value of individual securities and periods of below-average performance in individual securities or in the equity market as a whole. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of the issuer's bonds generally take precedence over the claims of those who own preferred stock or common stock. Securities of real estate-related companies and REITs in which the Fund may invest may be considered equity securities, thus subjecting the Fund to the risks of investing in equity securities generally. Small- and mid-capitalization and emerging growth companies may be subject to more abrupt price movements, limited markets and less liquidity than larger, more established companies, which could adversely affect the value of the Fund's equity portfolio.

**Correlation Risk**: The Fund's ability to manage the volatility of its equity portfolio by writing index options depends on the correlation between the returns of the equity portfolio and those of the index on which the Fund's index options are written. Accordingly, the effectiveness of the Fund's index option-based risk management strategy may be reduced to the extent the performance of the Fund's equity portfolio does not correlate to that of the indices underlying its option positions.

**Market/Issuer Risk:** The market value of the Fund's investments will move up and down, sometimes rapidly and unpredictably, based upon overall market and economic conditions, as well as a number of reasons that directly relate to the issuers of the Fund's investments, such as management performance, financial condition and demand for the issuers' goods and services.

**Cybersecurity and Technology Risk:** The Fund, its service providers, and other market participants increasingly depend on complex information technology and communications systems, which are subject to a number of different threats and risks that could adversely affect the Fund and its shareholders. Cybersecurity and other operational and technology issues may result in financial losses to the Fund and its shareholders.

**Foreign Securities Risk:** Investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.

**Investments in Other Investment Companies Risk:** The Fund will indirectly bear the management, service and other fees of any other investment companies, including exchange-traded funds, in which it invests in addition to its own expenses.

**Issuer Exposure Risk:** Although the Fund is "diversified" within the meaning of the Investment Company Act of 1940 (the "1940 Act"), increases in value in certain securities held by the Fund could cause the Fund to be significantly exposed to a relatively small number of issuers. Similarly, although the Fund is not an index fund, in order to reduce the Fund's performance dispersion from its benchmark the Fund may use investments in other investment companies to increase its exposure to certain issuers to a greater extent than might otherwise be permitted under the 1940 Act. This exposure to a relatively small number of issuers could increase the risk and volatility of the Fund.

**Large Shareholder Transaction Risk:** Ownership of shares of the Fund may be concentrated in one or a few large investors. Such investors may redeem shares in large quantities or on a frequent basis. In addition, a large number of shareholders collectively may purchase or redeem Fund shares in large amounts rapidly or unexpectedly (collectively, such transactions are referred to as "large shareholder transactions"). In the event of a large shareholder transaction, the Fund may be required to sell investments at unfavorable times or prices, which may increase realized capital gains, including short-term capital gains taxable as ordinary income for shareholders who hold Fund shares in a taxable account, may accelerate the realization of taxable income to shareholders, may increase transaction costs, and may otherwise negatively impact fund performance. The effects of taxable income and/or gains resulting from large shareholder transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA, 401(k) plan or other tax-advantaged plan. In addition, such transactions potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

capital gains (if any). Such transactions may also increase the Fund's expenses. A number of circumstances may cause the Fund to experience large redemptions, such as changes in the eligibility criteria for the Fund or share class of the Fund; liquidations, reorganizations, repositionings, or other announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel.

**REITs Risk:** Investments in the real estate industry, including REITs, are particularly sensitive to economic downturns and are sensitive to factors such as changes in real estate values, property taxes and tax laws, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use and rents and the management skill and creditworthiness of the issuer. Companies in the real estate industry also may be subject to liabilities under environmental and hazardous waste laws. In addition, the value of a REIT is affected by changes in the value of the properties owned by the REIT or mortgage loans held by the REIT. REITs are also subject to default and prepayment risk. Many REITs are highly leveraged, increasing their risk. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund. REITs are also subject to the possibilities of failing to qualify for the favorable tax treatment available to REITs under the Internal Revenue Code of 1986, as amended, and failing to maintain their exemptions from registration under the Investment Company Act of 1940, as amended.

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's performance from year-to-year and by showing how the Fund's average annual returns for the one-year, five-year, ten-year and life-of-class periods (as applicable) compare to those of a broad-based securities market index that reflects the performance of the overall market applicable to the Fund and an additional index that represents the market sectors in which the Fund primarily invests. Performance for Class C shares includes the automatic conversion to Class A shares after eight years, where applicable. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available online at im.natixis.com and/or by calling the Fund toll-free at 800-225-5478.

The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund's shares. A sales charge will reduce your return. To the extent that a class of shares was subject to the waiver or reimbursement of certain expenses during a period, had such expenses not been waived or reimbursed during the period, total returns would have been lower.

**Total Returns for Class Y Shares**

---

| | |
|:---|:---|
| ![image](pr4824img002.jpg) | Highest Quarterly Return:<br>Second Quarter 2020, 11.74%<br>Lowest Quarterly Return:<br>First Quarter 2020, -15.92% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** <br>(for the periods ended December 31, 2025)  | <br>**Past 1 Year** | <br>**Past 5 Years** | <br>**Past 10 Years** | <br>**Life of Class N**<br>**(5/1/17)** |
| Class Y - Return Before Taxes | 13.20% | 10.61% | 9.14% | - |
| Return After Taxes on Distributions | 13.03% | 10.41% | 8.90% | - |
| Return After Taxes on Distributions and Sale of Fund Shares | 7.92% | 8.40% | 7.44% | - |
| Class A - Return Before Taxes | 6.42% | 9.04% | 8.22% | - |
| Class C - Return Before Taxes | 11.09% | 9.52% | 8.22% | - |
| Class N - Return Before Taxes | 13.27% | 10.66% | - | 9.15% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% | 14.77% |
| CBOE S&P 500 BuyWrite Index (BXM<sup>SM</sup>) | 8.91% | 9.33% | 7.31% | 7.02% |

---

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-advantaged arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual retirement accounts. The after-tax returns are shown for only one class of the Fund. After-tax returns for the other classes of the Fund will vary. Index performance reflects no deduction for fees, expenses or taxes.

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

Management

Investment Adviser

Gateway

Portfolio Managers

Daniel M. Ashcraft, CFA<sup>®</sup>, Senior Vice President and Portfolio Manager of the Adviser, has served as co-portfolio manager of the Fund since 2014.

Michael T. Buckius, CFA<sup>®</sup>, Chief Executive Officer and Chief Investment Officer of the Adviser, has served as co-portfolio manager of the Fund since 2014.

Kenneth H. Toft, CFA<sup>®</sup>, Senior Vice President and Portfolio Manager of the Adviser, has served as co-portfolio manager of the Fund since 2014.

Mitchell J. Trotta, CFA<sup>®</sup>, Vice President and Portfolio Manager of the Adviser, has served as co-portfolio manager of the Fund since 2021.

Purchase and Sale of Fund Shares

Class A and C Shares

The following chart shows the investment minimums for various types of accounts:

---

| | |
|:---|:---|
| **Type of Account** | **Minimum Initial Purchase** |
| Any account other than those listed below | $2500 |
| For shareholders participating in Natixis Funds' Automatic Investment Plan | $1000 |
| For Traditional IRA, Roth IRA, Rollover IRA, SEP-IRA and Keogh plans | $1000 |

---

There is no subsequent investment minimum for these shares. There is no initial investment minimum for:

• **Fee Based Programs** (such as wrap accounts) where an advisory fee is paid to the broker-dealer or other financial intermediary. Please consult your financial representative to determine if your fee based program is subject to additional or different conditions or fees.

• **Certain Retirement Plans.** Please consult your retirement plan administrator to determine if your retirement plan is subject to additional or different conditions or fees imposed by the plan administrator.

• Clients of a **Registered Investment Adviser** where the Registered Investment Adviser receives an advisory, management or consulting fee.

• Effective June 1, 2026, accounts invested through certain intermediaries held within an **Intermediary Omnibus Account**.

• Effective June 1, 2026, in its sole discretion, Natixis Distribution, LLC (the "Distributor") may waive any share class eligibility requirement.

The minimum investment requirements for Class A shares may be waived or lowered for investments effected through certain financial intermediaries that have entered into special arrangements with the Distributor. Consult your financial intermediary for additional information regarding the minimum investment requirement applicable to your investment.

Class N Shares

Class N shares of the Fund are subject to a $1,000,000 initial investment minimum. This minimum applies to Fee Based Programs and accounts (such as wrap accounts) where an advisory fee is paid to the broker-dealer or other financial intermediary. There is no subsequent investment minimum for these shares. There is no initial investment minimum for:

• **Certain Retirement Plans.** Please consult your retirement plan administrator to determine if your retirement plan is subject to additional or different conditions or fees imposed by the plan administrator.

• **Funds of funds** that are distributed by the Distributor.

• **Sub-accounts** held within an omnibus account, where the omnibus account has at least $1,000,000. (Effective June 1, 2026, this waiver no longer applies.)

• Effective June 1, 2026, accounts invested through certain intermediaries held within an **Intermediary Omnibus Account.** 

• Effective June 1, 2026, in its sole discretion, the Distributor may waive any share class eligibility requirement.

Class Y Shares

Class Y shares of the Fund are generally subject to a minimum initial investment of $100,000. There is no subsequent investment minimum for these shares. There is no minimum initial investment for:

• **Fee Based Programs** (such as wrap accounts) where an advisory fee is paid to the broker-dealer or other financial intermediary. Please consult your financial representative to determine if your fee based program is subject to additional or different conditions or fees.

• **Certain Retirement Plans.** Please consult your retirement plan administrator to determine if your retirement plan is subject to additional or different conditions or fees imposed by the plan administrator.

• **Certain Individual Retirement Accounts** if the amounts invested represent rollover distributions from investments by any of the retirement plans invested in the Fund.

• Clients of a **Registered Investment Adviser** where the Registered Investment Adviser receives an advisory, management or consulting fee.

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• **Fund Trustees,** former Fund trustees, employees of affiliates of the Natixis Funds and other individuals who are affiliated with any Natixis Fund (this also applies to any spouse, parents, children, siblings, grandparents, grandchildren and in-laws of those mentioned) and Natixis affiliate employee benefit plans.

• Effective June 1, 2026, accounts invested through certain intermediaries held within an **Intermediary Omnibus Account**.

• Effective June 1, 2026, in its sole discretion, the Distributor may waive any share class eligibility requirement.

At the discretion of Natixis Advisors, clients of Natixis Advisors and its affiliates may purchase Class Y shares of the Fund below the stated minimums.

Due to operational limitations at your financial intermediary, certain fee based programs, retirement plans, individual retirement accounts and accounts of registered investment advisers may be subject to the investment minimums described above.

The Fund's shares are available for purchase and are redeemable on any business day through your investment dealer, directly from the Fund by writing to the Fund at Natixis Funds, P.O. Box 219579, Kansas City, MO 64121-9579, by exchange, by wire, by internet at im.natixis.com (certain restrictions may apply), through the Automated Clearing House system, or, in the case of redemptions, by telephone at 800-225-5478 or by the Systematic Withdrawal Plan.

Tax Information

Fund distributions are generally taxable to you as ordinary income or capital gains, except for distributions to retirement plans and other investors that qualify for tax-advantaged treatment under U.S. federal income tax law generally. Investments through such tax-advantaged plans will generally be taxed only upon withdrawal of monies from the tax-advantaged arrangement.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of the Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

Gateway Fund

Investment Goal

The Fund seeks to capture the majority of the returns associated with equity market investments, while exposing investors to less risk than other equity investments.

Fund Fees & Expenses

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Natixis Funds Complex. More information about these and other discounts is available from your financial professional and in the section "How Sales Charges Are Calculated" on page 47 of the Prospectus, in Appendix A to the Prospectus and on page 89 in the section "Reduced Sales Charges" of the Statement of Additional Information ("SAI").

Shareholder Fees

---

| | | | | |
|:---|:---|:---|:---|:---|
| (fees paid directly from your investment) | **Class A** | **Class C** | **Class N** | **Class Y** |
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.75% |  |  |  |
| Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, as applicable) | None<sup>1</sup> | 1.00% |  |  |
| Redemption fees |  |  |  |  |

---

---

| | |
|:---|:---|
| 1 | A 1.00% contingent deferred sales charge ("CDSC") may apply to certain purchases of Class A shares of $1,000,000 or more that are redeemed within eighteen months of the date of purchase. |

---

Annual Fund Operating Expenses

---

| | | | | |
|:---|:---|:---|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | **Class A** | **Class C** | **Class N** | **Class Y** |
| Management fees | 0.59% | 0.59% | 0.59% | 0.59% |
| Distribution and/or service (12b-1) fees | 0.25% | 1.00% | 0.00% | 0.00% |
| Other expenses | 0.13% | 0.14% | 0.06% | 0.14% |
| Total annual fund operating expenses | 0.97% | 1.73% | 0.65% | 0.73% |
| Fee waiver and/or expense reimbursement<sup>1</sup>  | 0.03% | 0.03% | 0.00% | 0.03% |
| Total annual fund operating expenses after fee waiver and/or expense reimbursement | 0.94% | 1.70% | 0.65% | 0.70% |

---

---

| | |
|:---|:---|
| 1 | Gateway Investment Advisers, LLC ("Gateway" 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 0.94%, 1.70%, 0.65%, and 0.70% of the Fund's average daily net assets for Class A, Class C, Class N, and Class Y shares, respectively, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through April 30, 2027 and may be terminated before then only with the consent of the Fund's Board of Trustees. The Adviser will be permitted to recover, on a class-by-class basis, management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below both (1) the class' applicable expense limitation at the time such amounts were waived/reimbursed and (2) the class' current applicable expense limitation. The Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed. |

---

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's operating expenses remain the same, except that the examples for the Class A, Class C and Class Y shares are based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement assuming that such waiver and/or reimbursement will only be in place through the date noted above and on the Total Annual Fund Operating Expenses for the remaining periods. The example for Class C shares for the ten-year period reflects the conversion to Class A shares after eight years. The example does not take into account brokerage commissions and other fees to financial intermediaries that you may pay on your purchases and sales of shares of the Fund. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **If shares are redeemed:**  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | $665 | $863 | $1078 | $1694 |
| Class C | $273 | $542 | $936 | $1837 |
| Class N | $66 | $208 | $362 | $810 |

---

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **If shares are redeemed:** | **1 year** | **3 years** | **5 years** | **10 years** |
| Class Y | $72 | $230 | $403 | $904 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **If shares are not redeemed:**  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class C | $173 | $542 | $936 | $1837 |

---

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During its most recently ended fiscal year, the Fund's portfolio turnover rate was 17% of the average value of its portfolio.

Investments, Risks and Performance

Principal Investment Strategies

Under normal circumstances, the Fund invests in a broadly diversified portfolio of common stocks, while also selling index call options and purchasing index put options. Writing index call options is intended to reduce the Fund's volatility, provides steady cash flow and is an important source of the Fund's return, although it also reduces the Fund's ability to profit from increases in the value of its equity portfolio. The Fund also buys index put options, which can protect the Fund from a significant market decline that may occur over a short period of time. The value of an index put option generally increases as the prices of the stocks constituting the index decrease, and decreases as those stocks increase in price. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline. The combination of the diversified stock portfolio, the steady cash flow from the sale of index call options and the downside protection from index put options is intended to provide the Fund with the majority of the returns associated with equity market investments while exposing investors to less risk than other equity investments. The Fund may also invest in affiliated and unaffiliated mutual funds and exchange-traded funds, to the extent permitted by the Investment Company Act of 1940. The Fund may invest in companies with small, medium or large market capitalizations. Equity securities purchased by the Fund may include U.S. exchange-listed common stocks, American Depositary Receipts ("ADRs"), which are securities issued by a U.S. bank that represent interests in foreign equity securities, and interests in real estate investment trusts ("REITs").

The Fund strives not only for the majority of the returns associated with equity market investments, but also for returns in excess of those available from other investments comparable in volatility. Because, as described above, the Fund writes index call options and purchases index put options in addition to investing in equity securities, the Fund's historical volatility has been closer to intermediate- to long-term fixed-income investments (intermediate-term are those with approximately five-year maturities and long-term are those with maturities of ten or more years) and hybrid investments (blends of equity and short-term fixed-income securities) than to equity investments. With its core investment in equities, the Fund is significantly less vulnerable to fluctuations in value caused by interest rate volatility, a risk factor present in both fixed-income investments and "hybrid investments" (blends of equity and short-term fixed-income), although the Fund expects to generally have lower long-term returns than a fund consisting solely of equity securities. Through the use of index options, the Fund intends that its risk management strategy will reduce the volatility inherent in equity investments while also allowing for more participation in equity returns than hybrid investments. Thus, the Fund seeks to provide an efficient trade-off between risk and reward where risk is characterized by volatility or fluctuations in value over time.

**Purchasing Stocks**

The Fund invests in a diversified stock portfolio, generally consisting of approximately 200 to 400 stocks, designed to support the Fund's index option based risk management strategy as efficiently as possible while seeking to enhance the Fund's after tax total return. The Adviser uses a multifactor quantitative model to construct the stock portfolio. The model evaluates U.S.-exchange-traded equities that meet criteria and constraints established by the Adviser. Generally, the Adviser tries to minimize the difference between the performance of the stock portfolio and that of the index or indices underlying the Fund's option strategies while also considering other factors, such as predicted dividend yield. The Adviser monitors this difference and the other factors, and rebalances and adjusts the stock portfolio from time to time, by purchasing and selling stocks. To the extent consistent with the Fund's investment goal, the Adviser may also sell stocks to realize capital losses in an effort to minimize any required capital gain distributions. The Adviser expects the portfolio to generally represent the broad U.S. equity market.

**Writing Index Call Options**

The Fund continuously writes index call options, typically on broad-based securities market indices, on the full value of its broadly diversified stock portfolio. As the seller of the index call option, the Fund receives cash (the "premium") from the purchaser. The purchaser of an index call option has the right to any appreciation in the value of the index over a fixed price (the "exercise price") on a certain date in the future (the "expiration date"). If the purchaser does not exercise the option, the Fund retains the premium. If the purchaser exercises the option, the Fund pays the purchaser the difference between the value of the index and the exercise price of the option. The premium, the exercise price and the value of the index determine the gain or loss realized by the Fund as the seller of the index call option. The Fund can also repurchase the call option prior to the expiration date, ending its obligation. In this case, the difference between the cost of repurchasing the option and the premium received will determine the gain or loss realized by the Fund.

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

**Purchasing Index Put Options**

The Fund may buy index put options in an attempt to protect the Fund from a significant market decline that may occur over a short period of time. The value of an index put option generally increases as stock prices (and the value of the index) decrease and decreases as those stocks (and the index) increase in price.

**Other Investments**

The Fund may invest in foreign securities traded in U.S. markets (through ADRs or stocks traded in U.S. dollars). The Fund may enter into repurchase agreements and/or hold cash and cash equivalents.

Principal Investment 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.

Fund shares are not bank deposits and are not guaranteed, endorsed or insured by the Federal Deposit Insurance Corporation or any other government agency, and are subject to investment risks, including possible loss of the principal invested.

The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

**Management Risk:** A strategy used by the Fund's portfolio managers may fail to produce the intended result.

**Options Risk:** The value of the Fund's positions in index options will fluctuate in response to changes in the value of the underlying index. Writing index call options limits the opportunity to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option. The Fund also risks losing all or part of the cash paid for purchasing index put options. Unusual market conditions or the lack of a ready market for any particular option at a specific time may reduce the effectiveness of the Fund's option strategies, and for these and other reasons the Fund's option strategies may not reduce the Fund's volatility to the extent desired.

**Equity Securities Risk:** The value of the Fund's investments in equity securities could be subject to unpredictable declines in the value of individual securities and periods of below-average performance in individual securities or in the equity market as a whole. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of the issuer's bonds generally take precedence over the claims of those who own preferred stock or common stock. Securities of real estate-related companies and REITs in which the Fund may invest may be considered equity securities, thus subjecting the Fund to the risks of investing in equity securities generally. Small- and mid-capitalization and emerging growth companies may be subject to more abrupt price movements, limited markets and less liquidity than larger, more established companies, which could adversely affect the value of the Fund's equity portfolio.

**Correlation Risk**: The Fund's ability to manage the volatility of its equity portfolio by writing index options depends on the correlation between the returns of the equity portfolio and those of the index on which the Fund's index options are written. Accordingly, the effectiveness of the Fund's index option-based risk management strategy may be reduced to the extent the performance of the Fund's equity portfolio does not correlate to that of the indices underlying its option positions.

**Foreign Securities Risk:** Investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks.The Fund's investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.

**Cybersecurity and Technology Risk:** The Fund, its service providers, and other market participants increasingly depend on complex information technology and communications systems, which are subject to a number of different threats and risks that could adversely affect the Fund and its shareholders. Cybersecurity and other operational and technology issues may result in financial losses to the Fund and its shareholders.

**Investments in Other Investment Companies Risk:** The Fund will indirectly bear the management, service and other fees of any other investment companies, including exchange-traded funds, in which it invests in addition to its own expenses.

**Issuer Exposure Risk:** Although the Fund is "diversified" within the meaning of the Investment Company Act of 1940 (the "1940 Act"), increases in value in certain securities held by the Fund could cause the Fund to be significantly exposed to a relatively small number of issuers. Similarly, although the Fund is not an index fund, in order to reduce the Fund's performance dispersion from its benchmark the Fund may use investments in other investment companies to increase its exposure to certain issuers to a greater extent than might otherwise be permitted under the 1940 Act. This exposure to a relatively small number of issuers could increase the risk and volatility of the Fund.

**Large Shareholder Transaction Risk:** Ownership of shares of the Fund may be concentrated in one or a few large investors. Such investors may redeem shares in large quantities or on a frequent basis. In addition, a large number of shareholders collectively may purchase or redeem Fund shares in large amounts rapidly or unexpectedly (collectively, such transactions are referred to as "large shareholder transactions"). In the event of a large shareholder transaction, the Fund may be required to sell investments at unfavorable times or prices, which may increase realized capital gains, including short-term capital gains taxable as ordinary income for shareholders who hold Fund shares in a taxable account, may accelerate the realization of taxable income to shareholders, may increase transaction costs, and may otherwise negatively impact fund performance. The effects of taxable income and/or gains resulting from large shareholder transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA, 401(k) plan or other

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

tax-advantaged plan. In addition, such transactions potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized capital gains (if any). Such transactions may also increase the Fund's expenses. A number of circumstances may cause the Fund to experience large redemptions, such as changes in the eligibility criteria for the Fund or share class of the Fund; liquidations, reorganizations, repositionings, or other announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel.

**Market/Issuer Risk:** The market value of the Fund's investments will move up and down, sometimes rapidly and unpredictably, based upon overall market and economic conditions, as well as a number of reasons that directly relate to the issuers of the Fund's investments, such as management performance, financial condition and demand for the issuers' goods and services. The Adviser will attempt to reduce this risk by implementing various volatility management strategies and techniques. However, there is no guarantee that such strategies and techniques will produce the intended result.

**REITs Risk:** Investments in the real estate industry, including REITs, are particularly sensitive to economic downturns and are sensitive to factors such as changes in real estate values, property taxes and tax laws, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use and rents and the management skill and creditworthiness of the issuer. Companies in the real estate industry also may be subject to liabilities under environmental and hazardous waste laws. In addition, the value of a REIT is affected by changes in the value of the properties owned by the REIT or mortgage loans held by the REIT. REITs are also subject to default and prepayment risk. Many REITs are highly leveraged, increasing their risk. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund. REITs are also subject to the possibilities of failing to qualify for the favorable tax treatment available to REITs under the Internal Revenue Code of 1986, as amended, and failing to maintain their exemptions from registration under the Investment Company Act of 1940, as amended.

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's performance from year-to-year and by showing how the Fund's average annual returns for the one-year, five-year, ten-year and life-of-class periods (as applicable) compare to those of two broad measures of market performance. Performance for Class C shares includes the automatic conversion to Class A shares after eight years, where applicable. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available online at im.natixis.com and/or by calling the Fund toll-free at 800-225-5478.

The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund's shares. A sales charge will reduce your return. To the extent that a class of shares was subject to the waiver or reimbursement of certain expenses during a period, had such expenses not been waived or reimbursed during the period, total returns would have been lower.

**Total Returns for Class Y Shares**

---

| | |
|:---|:---|
| ![image](pr4824img003.jpg) | Highest Quarterly Return:<br>Second Quarter 2020, 8.36%<br>Lowest Quarterly Return:<br>First Quarter 2020, -10.01% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** <br>(for the periods ended December 31, 2025)  | <br>**Past 1 Year** | <br>**Past 5 Years** | <br>**Past 10 Years** | <br>**Life of Class N**<br>**(5/1/17)** |
| Class Y - Return Before Taxes | 10.84% | 7.59% | 6.67% | - |
| Return After Taxes on Distributions | 10.70% | 7.40% | 6.37% | - |
| Return After Taxes on Distributions and Sale of Fund Shares | 6.51% | 5.94% | 5.29% | - |
| Class A - Return Before Taxes | 4.22% | 6.07% | 5.79% | - |
| Class C - Return Before Taxes | 8.72% | 6.51% | 5.77% | - |
| Class N - Return Before Taxes | 10.89% | 7.64% | - | 6.67% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% | 14.77% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% | 1.84% |

---

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-advantaged arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual retirement accounts. The after-tax returns are shown for only one class of the Fund. After-tax returns for the other classes of the Fund will vary. Index performance reflects no deduction for fees, expenses or taxes.

Management

Investment Adviser

Gateway

Portfolio Managers

Daniel M. Ashcraft, CFA<sup>®</sup>, Senior Vice President and Portfolio Manager of the Adviser, has served as co-portfolio manager of the Fund since 2016.

Michael T. Buckius, CFA<sup>®</sup>, Chief Executive Officer and Chief Investment Officer of the Adviser, has served as co-portfolio manager of the Fund since 2008.

Kenneth H. Toft, CFA<sup>®</sup>, Senior Vice President and Portfolio Manager of the Adviser, has served as co-portfolio manager of the Fund since 2013.

Mitchell J. Trotta, CFA<sup>®</sup>, Vice President and Portfolio Manager of the Adviser, has served as co-portfolio manager of the Fund since 2021.

Purchase and Sale of Fund Shares

Class A and C Shares

The following chart shows the investment minimums for various types of accounts:

---

| | |
|:---|:---|
| **Type of Account** | **Minimum Initial Purchase** |
| Any account other than those listed below | $2500 |
| For shareholders participating in Natixis Funds' Automatic Investment Plan | $1000 |
| For Traditional IRA, Roth IRA, Rollover IRA, SEP-IRA and Keogh plans | $1000 |

---

There is no subsequent investment minimum for these shares. There is no initial investment minimum for:

• **Fee Based Programs** (such as wrap accounts) where an advisory fee is paid to the broker-dealer or other financial intermediary. Please consult your financial representative to determine if your fee based program is subject to additional or different conditions or fees.

• **Certain Retirement Plans.** Please consult your retirement plan administrator to determine if your retirement plan is subject to additional or different conditions or fees imposed by the plan administrator.

• Clients of a **Registered Investment Adviser** where the Registered Investment Adviser receives an advisory, management or consulting fee.

• Effective June 1, 2026, accounts invested through certain intermediaries held within an **Intermediary Omnibus Account**.

• Effective June 1, 2026, in its sole discretion, Natixis Distribution, LLC (the "Distributor") may waive any share class eligibility requirement.

The minimum investment requirements for Class A shares may be waived or lowered for investments effected through certain financial intermediaries that have entered into special arrangements with the Distributor. Consult your financial intermediary for additional information regarding the minimum investment requirement applicable to your investment.

Class N Shares

Class N shares of the Fund are subject to a $1,000,000 initial investment minimum. This minimum applies to Fee Based Programs and accounts (such as wrap accounts) where an advisory fee is paid to the broker-dealer or other financial intermediary. There is no subsequent investment minimum for these shares. There is no initial investment minimum for:

• **Certain Retirement Plans.** Please consult your retirement plan administrator to determine if your retirement plan is subject to additional or different conditions or fees imposed by the plan administrator.

• **Funds of funds** that are distributed by the Distributor.

• **Sub-accounts** held within an omnibus account, where the omnibus account has at least $1,000,000. (Effective June 1, 2026, this waiver no longer applies.)

• Effective June 1, 2026, accounts invested through certain intermediaries held within an **Intermediary Omnibus Account.** 

• Effective June 1, 2026, in its sole discretion, the Distributor may waive any share class eligibility requirement.

Class Y Shares

Class Y shares of the Fund are generally subject to a minimum initial investment of $100,000. There is no subsequent investment minimum for these shares. There is no minimum initial investment for:

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• **Fee Based Programs** (such as wrap accounts) where an advisory fee is paid to the broker-dealer or other financial intermediary. Please consult your financial representative to determine if your fee based program is subject to additional or different conditions or fees.

• **Certain Retirement Plans.** Please consult your retirement plan administrator to determine if your retirement plan is subject to additional or different conditions or fees imposed by the plan administrator.

• **Certain Individual Retirement Accounts** if the amounts invested represent rollover distributions from investments by any of the retirement plans invested in the Fund.

• Clients of a **Registered Investment Adviser** where the Registered Investment Adviser receives an advisory, management or consulting fee.

• **Fund Trustees,** former Fund trustees, employees of affiliates of the Natixis Funds and other individuals who are affiliated with any Natixis Fund (this also applies to any spouse, parents, children, siblings, grandparents, grandchildren and in-laws of those mentioned) and Natixis affiliate employee benefit plans.

• Effective June 1, 2026, accounts invested through certain intermediaries held within an **Intermediary Omnibus Account**.

• Effective June 1, 2026, in its sole discretion, the Distributor may waive any share class eligibility requirement.

At the discretion of Natixis Advisors, LLC ("Natixis Advisors"), clients of Natixis Advisors and its affiliates may purchase Class Y shares of the Fund below the stated minimums.

Due to operational limitations at your financial intermediary, certain fee based programs, retirement plans, individual retirement accounts and accounts of registered investment advisers may be subject to the investment minimums described above.

The Fund's shares are available for purchase and are redeemable on any business day through your investment dealer, directly from the Fund by writing to the Fund at Natixis Funds, P.O. Box 219579, Kansas City, MO 64121-9579, by exchange, by wire, by internet at im.natixis.com (certain restrictions may apply), through the Automated Clearing House system, or, in the case of redemptions, by telephone at 800-225-5478 or by the Systematic Withdrawal Plan.

Tax Information

Fund distributions are generally taxable to you as ordinary income or capital gains, except for distributions to retirement plans and other investors that qualify for tax-advantaged treatment under U.S. federal income tax law generally. Investments through such tax-advantaged plans will generally be taxed only upon withdrawal of monies from the tax-advantaged arrangement.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of the Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

Mirova Global Megatrends Fund

Investment Goal

The Fund seeks long-term capital appreciation.

Fund Fees & Expenses

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Natixis Funds Complex. More information about these and other discounts is available from your financial professional and in the section "How Sales Charges Are Calculated" on page 47 of the Prospectus, in Appendix A to the Prospectus and on page 89 in the section "Reduced Sales Charges" of the Statement of Additional Information ("SAI").

Shareholder Fees

---

| | | | | |
|:---|:---|:---|:---|:---|
| (fees paid directly from your investment)  | **Class A** | **Class C** | **Class N** | **Class Y** |
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.75% |  |  |  |
| Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, as applicable) | None<sup>1</sup> | 1.00% |  |  |
| Redemption fees |  |  |  |  |

---

---

| | |
|:---|:---|
| 1 | A 1.00% contingent deferred sales charge ("CDSC") may apply to certain purchases of Class A shares of $1,000,000 or more that are redeemed within eighteen months of the date of purchase. |

---

Annual Fund Operating Expenses

---

| | | | | |
|:---|:---|:---|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment)  | **Class A** | **Class C** | **Class N** | **Class Y** |
| Management fees | 0.80% | 0.80% | 0.80% | 0.80% |
| Distribution and/or service (12b-1) fees | 0.25% | 1.00% | 0.00% | 0.00% |
| Other expenses | 0.21% | 0.21% | 0.10% | 0.21% |
| Total annual fund operating expenses | 1.26% | 2.01% | 0.90% | 1.01% |
| Fee waiver and/or expense reimbursement<sup>1</sup><sup>,</sup><sup>2</sup>  | 0.06% | 0.06% | 0.01% | 0.06% |
| Total annual fund operating expenses after fee waiver and/or expense reimbursement | 1.20% | 1.95% | 0.89% | 0.95% |

---

---

| | |
|:---|:---|
| 1 | Mirova US LLC ("Mirova US" or the "Adviser") has given a binding contractual undertaking to the Fund to limit the amount of the Fund's total annual fund operating expenses to 1.20%, 1.95%, 0.90%, and 0.95% of the Fund's average daily net assets for Class A, C, N, and Y shares, respectively, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through April 30, 2027 and may be terminated before then only with the consent of the Fund's Board of Trustees. The Adviser will be permitted to recover, on a class-by-class basis, management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below both (1) the class' applicable expense limitation at the time such amounts were waived/reimbursed and (2) the class' current applicable expense limitation. The Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed. |

---

---

| | |
|:---|:---|
| 2 | Natixis Advisors, LLC ("Natixis Advisors") has given a binding contractual undertaking to the Fund to reimburse any and all transfer agency expenses for Class N shares. This undertaking is in effect through April 30, 2027 and may be terminated before then only with the consent of the Fund's Board of Trustees. |

---

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's operating expenses remain the same, except that the example is based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement assuming that such waiver and/or reimbursement will only be in place through the date noted above and on the Total Annual Fund Operating Expenses for the remaining periods. The example for Class C shares for the ten-year period reflects the conversion to Class A shares after eight years. The example does not take into account brokerage commissions and other fees to financial intermediaries that you may pay on your purchases and sales of shares of the Fund. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **If shares are redeemed:**  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | $690 | $946 | $1221 | $2005 |
| Class C | $298 | $625 | $1077 | $2140 |
| Class N | $91 | $286 | $497 | $1107 |

---

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **If shares are redeemed:** | **1 year** | **3 years** | **5 years** | **10 years** |
| Class Y | $97 | $316 | $552 | $1231 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **If shares are not redeemed:**  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class C | $198 | $625 | $1077 | $2140 |

---

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During its most recently ended fiscal year, the Fund's portfolio turnover rate was 21% of the average value of its portfolio.

Investments, Risks and Performance

Principal Investment Strategies

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in equity securities. Equity securities may include common stocks, preferred stocks, depositary receipts and real estate investment trusts ("REITs"). The Fund invests in securities of companies located in no fewer than three countries, which may include the U.S. Under normal circumstances, the Fund will invest a percentage of its assets in securities of companies located outside the U.S. equal to at least the lesser of 40% or the percentage of foreign issuers in the Fund's benchmark, the MSCI World Index, less 5%. The percentage of the Fund's investments in foreign securities is at least partially based on the composition of the Fund's benchmark. As a result, the Fund's exposure to securities of companies located outside the U.S. may fluctuate in connection with variations in the foreign exposure of the Fund's benchmark. The Fund may invest up to 25% of its assets in securities of companies located in emerging markets. Emerging markets are economies that the Adviser believes are not generally recognized to be fully developed markets, as measured by gross national income, financial market infrastructure, market capitalization and/or other factors. The Fund may invest in growth and value companies of any size and may also invest in initial public offerings.

The Adviser focuses on megatrends, which are trends that are global and long-term in nature and that will lead to significant transitions in the global economy. The Adviser organizes these global megatrends into four major transitions: (i) demographics; (ii) technology; (iii) environment; and (iv) governance. The Adviser reviews the firm's convictions around the four major transitions annually. Given the breadth and long-term nature of the transitions, they are unlikely to change. Investable megatrends within the transitions, however, are frequently evaluated.

In making its investment decisions, the Adviser uses a bottom-up approach focused on individual companies, rather than making pre-determined or top-down allocations to specific themes, industries or economic factors. The Adviser may sell a security due to a deterioration in the company's fundamental quality, a change in megatrend exposure or sustainability opinion, a controversy alert such as one relating to human rights, or if the Adviser believes the security has little potential for price appreciation or there is greater relative value in other securities in the Fund's investment universe.

Principal Investment 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.

Fund shares are not bank deposits and are not guaranteed, endorsed or insured by the Federal Deposit Insurance Corporation or any other government agency, and are subject to investment risks, including possible loss of the principal invested.

The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

**Equity Securities Risk:** The value of the Fund's investments in equity securities could be subject to unpredictable declines in the value of individual securities and periods of below-average performance in individual securities or in the equity market as a whole. Growth stocks are generally more sensitive to market movements than other types of stocks primarily because their stock prices are based heavily on future expectations. If the Adviser's assessment of the prospects for a company's growth is wrong, or if the Adviser's judgment of how other investors will value the company's growth is wrong, then the price of the company's stock may fall or not approach the value that the Adviser has placed on it. 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. Securities issued in initial public offerings tend to involve greater market risk than other equity securities due, in part, to public perception and the lack of publicly available information and trading history. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of the issuer's bonds generally take precedence over the claims of those who own preferred stock or common stock. Securities of real estate-related companies and REITs in which the Fund may invest may be considered equity securities, thus subjecting the Fund to the risks of investing in equity securities generally.

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

**Foreign Securities Risk:** Investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks.The Fund's investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.

**Emerging Markets Risk:** In addition to the risks of investing in foreign investments generally, emerging markets investments are subject to greater risks arising from political or economic instability, war, nationalization or confiscatory taxation, currency exchange or repatriation restrictions, sanctions by other countries (such as the United States or the European Union), new or inconsistent government treatment of or restrictions on issuers and instruments, and an issuer's unwillingness or inability to make dividend, principal or interest payments on its securities. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets.

**Small- and Mid-Capitalization Companies Risk:** Compared to large-capitalization companies, small- and mid-capitalization companies are more likely to have limited product lines, markets or financial resources. Stocks of these companies often trade less frequently and in limited volume and their prices may fluctuate more than stocks of large-capitalization companies. As a result, it may be relatively more difficult for the Fund to buy and sell securities of small- and mid-capitalization companies.

**ESG Investing Risk:** The Fund's ESG investment approach could cause the Fund to perform differently compared to funds that do not have such an approach or compared to the market as a whole. The Fund's application of ESG-related considerations may affect the Fund's exposure to certain issuers, industries, sectors, style factors or other characteristics and may impact the relative performance of the Fund—positively or negatively—depending on the relative performance of such investments. Excluding stocks that do not meet the ESG standards (as determined by the Adviser) results in a smaller universe of investments in which the Fund may invest, which may exacerbate this risk. Views on what constitutes "ESG investing," and therefore what investments are appropriate for a fund that has an ESG investment approach, may differ by fund, adviser and investor. In evaluating an investment, a portfolio manager may be reliant upon information and data that may turn out to be incomplete, inaccurate or unavailable, which may negatively impact the portfolio manager's assessment of an issuer's ESG performance or the Fund's performance generally. There is no guarantee that the Adviser's efforts to select investments based on ESG practices will be successful.

**Currency Risk:** Fluctuations in the exchange rates between different currencies may negatively affect an investment. The Fund may be subject to currency risk because it may invest in currency-related instruments and may invest in securities or other instruments denominated in, or that generate income denominated in, foreign currencies. The Fund may elect not to hedge currency risk, or may hedge such risk imperfectly, which may cause the Fund to incur losses that would not have been incurred had the risk been hedged.

**Cybersecurity and Technology Risk:** The Fund, its service providers, and other market participants increasingly depend on complex information technology and communications systems, which are subject to a number of different threats and risks that could adversely affect the Fund and its shareholders. Cybersecurity and other operational and technology issues may result in financial losses to the Fund and its shareholders.

**Large Shareholder Transaction Risk:** Ownership of shares of the Fund may be concentrated in one or a few large investors. Such investors may redeem shares in large quantities or on a frequent basis. In addition, a large number of shareholders collectively may purchase or redeem Fund shares in large amounts rapidly or unexpectedly (collectively, such transactions are referred to as "large shareholder transactions"). In the event of a large shareholder transaction, the Fund may be required to sell investments at unfavorable times or prices, which may increase realized capital gains, including short-term capital gains taxable as ordinary income for shareholders who hold Fund shares in a taxable account, may accelerate the realization of taxable income to shareholders, may increase transaction costs, and may otherwise negatively impact fund performance. The effects of taxable income and/or gains resulting from large shareholder transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA, 401(k) plan or other tax-advantaged plan. In addition, such transactions potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized capital gains (if any). Such transactions may also increase the Fund's expenses. A number of circumstances may cause the Fund to experience large redemptions, such as changes in the eligibility criteria for the Fund or share class of the Fund; liquidations, reorganizations, repositionings, or other announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel.

**Management Risk:** A strategy used by the Fund's portfolio managers may fail to produce the intended result.

**Market/Issuer Risk:** The market value of the Fund's investments will move up and down, sometimes rapidly and unpredictably, based upon overall market and economic conditions, as well as a number of reasons that directly relate to the issuers of the Fund's investments, such as management performance, financial condition and demand for the issuers' goods and services.

**REITs Risk:** Investments in the real estate industry, including REITs, are particularly sensitive to economic downturns and are sensitive to factors such as changes in real estate values, property taxes and tax laws, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use and rents and the management skill and creditworthiness of the issuer. Companies in the real estate industry also may be subject to liabilities under environmental and hazardous waste laws. In addition, the value of a REIT is affected by changes in the value of the properties owned by the REIT or mortgage loans held by the REIT. REITs are also subject to default and prepayment risk. Many REITs are highly leveraged, increasing their risk. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund. REITs are also subject to the possibilities of failing to qualify for the favorable tax treatment available to REITs under the Internal Revenue Code of 1986, as amended, and failing to maintain their exemptions from registration under the Investment Company Act of 1940, as amended.

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

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's performance from year-to-year and by showing how the Fund's average annual returns for the one-year, five-year, life-of-fund, and life-of-class periods (as applicable) compare to those of a broad-based securities market index that reflects the performance of the overall market applicable to the Fund. Performance for Class C shares includes the automatic conversion to Class A shares after eight years, where applicable. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available online at im.natixis.com and/or by calling the Fund toll-free at 800-225-5478.

The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund's shares. A sales charge will reduce your return. To the extent that a class of shares was subject to the waiver or reimbursement of certain expenses during a period, had such expenses not been waived or reimbursed during the period, total returns would have been lower.

**Total Returns for Class Y Shares**

---

| | |
|:---|:---|
| ![image](pr4824img004.jpg) | Highest Quarterly Return:<br>Second Quarter 2020, 22.67%<br>Lowest Quarterly Return:<br>Second Quarter 2022, -15.11% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** <br>(for the periods ended December 31, 2025)  | <br>**Past 1 Year** | <br>**Past 5 Years** | <br>**Life of Fund**<br>**(3/31/16)** | <br>**Life of Class N**<br>**(5/1/17)** |
| Class Y - Return Before Taxes | 15.32% | 7.24% | 12.07% | - |
| Return After Taxes on Distributions | 14.06% | 6.04% | 11.20% | - |
| Return After Taxes on Distributions and Sale of Fund Shares | 9.86% | 5.49% | 9.86% | - |
| Class A - Return Before Taxes | 8.40% | 5.72% | 11.11% | - |
| Class C - Return Before Taxes | 13.17% | 6.17% | 11.10% | - |
| Class N - Return Before Taxes | 15.38% | 7.30% | - | 12.13% |
| MSCI World Index (Net) | 21.09% | 12.15% | 12.49% | 12.15% |

---

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-advantaged arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual retirement accounts. The after-tax returns are shown for only one class of the Fund. After-tax returns for the other classes of the Fund will vary. Index performance reflects no deduction for fees, expenses or taxes.

Management

Investment Adviser

Mirova US LLC ("Mirova US")

Portfolio Managers

Jens Peers, CFA<sup>®</sup>, has served as co-portfolio manager of the Fund since 2016.

Hua Cheng, CFA<sup>®</sup>, PhD, has served as co-portfolio manager of the Fund since 2016.

Soliane Varlet has served as co-portfolio manager of the Fund since 2022.

Ms. Varlet is an employee of Mirova, the parent company of Mirova US, and provides portfolio management through a personnel-sharing arrangement between Mirova and Mirova US.

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

Purchase and Sale of Fund Shares

Class A and C Shares

The following chart shows the investment minimums for various types of accounts:

---

| | |
|:---|:---|
| **Type of Account** | **Minimum Initial Purchase** |
| Any account other than those listed below | $2500 |
| For shareholders participating in Natixis Funds' Automatic Investment Plan | $1000 |
| For Traditional IRA, Roth IRA, Rollover IRA, SEP-IRA and Keogh plans | $1000 |

---

There is no subsequent investment minimum for these shares. There is no initial investment minimum for:

• **Fee Based Programs** (such as wrap accounts) where an advisory fee is paid to the broker-dealer or other financial intermediary. Please consult your financial representative to determine if your fee based program is subject to additional or different conditions or fees.

• **Certain Retirement Plans.** Please consult your retirement plan administrator to determine if your retirement plan is subject to additional or different conditions or fees imposed by the plan administrator.

• Clients of a **Registered Investment Adviser** where the Registered Investment Adviser receives an advisory, management or consulting fee.

• Effective June 1, 2026, accounts invested through certain intermediaries held within an **Intermediary Omnibus Account**.

• Effective June 1, 2026, in its sole discretion, Natixis Distribution, LLC (the "Distributor") may waive any share class eligibility requirement.

The minimum investment requirements for Class A shares may be waived or lowered for investments effected through certain financial intermediaries that have entered into special arrangements with the Distributor. Consult your financial intermediary for additional information regarding the minimum investment requirement applicable to your investment.

Class N Shares

Class N shares of the Fund are subject to a $1,000,000 initial investment minimum. This minimum applies to Fee Based Programs and accounts (such as wrap accounts) where an advisory fee is paid to the broker-dealer or other financial intermediary. There is no subsequent investment minimum for these shares. There is no initial investment minimum for:

• **Certain Retirement Plans.** Please consult your retirement plan administrator to determine if your retirement plan is subject to additional or different conditions or fees imposed by the plan administrator.

• **Funds of funds** that are distributed by the Distributor.

• **Sub-accounts** held within an omnibus account, where the omnibus account has at least $1,000,000. (Effective June 1, 2026, this waiver no longer applies.)

• Effective June 1, 2026, accounts invested through certain intermediaries held within an **Intermediary Omnibus Account.** 

• Effective June 1, 2026, in its sole discretion, the Distributor may waive any share class eligibility requirement.

Class Y Shares

Class Y shares of the Fund are generally subject to a minimum initial investment of $100,000. There is no subsequent investment minimum for these shares. There is no minimum initial investment for:

• **Fee Based Programs** (such as wrap accounts) where an advisory fee is paid to the broker-dealer or other financial intermediary. Please consult your financial representative to determine if your fee based program is subject to additional or different conditions or fees.

• **Certain Retirement Plans.** Please consult your retirement plan administrator to determine if your retirement plan is subject to additional or different conditions or fees imposed by the plan administrator.

• **Certain Individual Retirement Accounts** if the amounts invested represent rollover distributions from investments by any of the retirement plans invested in the Fund.

• Clients of a **Registered Investment Adviser** where the Registered Investment Adviser receives an advisory, management or consulting fee.

• **Fund Trustees,** former Fund trustees, employees of affiliates of the Natixis Funds and other individuals who are affiliated with any Natixis Fund (this also applies to any spouse, parents, children, siblings, grandparents, grandchildren and in-laws of those mentioned) and Natixis affiliate employee benefit plans.

• Effective June 1, 2026, accounts invested through certain intermediaries held within an **Intermediary Omnibus Account**.

• Effective June 1, 2026, in its sole discretion, the Distributor may waive any share class eligibility requirement.

At the discretion of Natixis Advisors, clients of Natixis Advisors and its affiliates may purchase Class Y shares of the Fund below the stated minimums.

Due to operational limitations at your financial intermediary, certain fee based programs, retirement plans, individual retirement accounts and accounts of registered investment advisers may be subject to the investment minimums described above.

The Fund's shares are available for purchase and are redeemable on any business day through your investment dealer, directly from the Fund by writing to the

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

Fund at Natixis Funds, P.O. Box 219579, Kansas City, MO 64121-9579, by exchange, by wire, by internet at im.natixis.com (certain restrictions may apply), through the Automated Clearing House system, or, in the case of redemptions, by telephone at 800-225-5478 or by the Systematic Withdrawal Plan.

Tax Information

Fund distributions are generally taxable to you as ordinary income or capital gains, except for distributions to retirement plans and other investors that qualify for tax-advantaged treatment under U.S. federal income tax law generally. Investments through such tax-advantaged plans will generally be taxed only upon withdrawal of monies from the tax-advantaged arrangement.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of the Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

Vaughan Nelson Mid Cap Fund

Investment Goal

The Fund seeks long-term capital appreciation.

Fund Fees & Expenses

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Natixis Funds Complex. More information about these and other discounts is available from your financial professional and in the section "How Sales Charges Are Calculated" on page 47 of the Prospectus, in Appendix A to the Prospectus and on page 89 in the section "Reduced Sales Charges" of the Statement of Additional Information ("SAI").

Shareholder Fees

---

| | | | | |
|:---|:---|:---|:---|:---|
| (fees paid directly from your investment)  | **Class A** | **Class C** | **Class N** | **Class Y** |
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.75% |  |  |  |
| Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, as applicable) | None<sup>1</sup> | 1.00% |  |  |
| Redemption fees |  |  |  |  |

---

---

| | |
|:---|:---|
| 1 | A 1.00% contingent deferred sales charge ("CDSC") may apply to certain purchases of Class A shares of $1,000,000 or more that are redeemed within eighteen months of the date of purchase. |

---

Annual Fund Operating Expenses

---

| | | | | |
|:---|:---|:---|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment)  | **Class A** | **Class C** | **Class N** | **Class Y** |
| Management fees | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and/or service (12b-1) fees | 0.25% | 1.00% | 0.00% | 0.00% |
| Other expenses | 0.27% | 0.27% | 0.17% | 0.27% |
| Total annual fund operating expenses | 1.27% | 2.02% | 0.92% | 1.02% |
| Fee waiver and/or expense reimbursement<sup>1</sup><sup>,</sup><sup>2</sup>  | 0.12% | 0.12% | 0.07% | 0.12% |
| Total annual fund operating expenses after fee waiver and/or expense reimbursement | 1.15% | 1.90% | 0.85% | 0.90% |

---

---

| | |
|:---|:---|
| 1 | Natixis Advisors, LLC ("Natixis Advisors" or the "Adviser") has given a binding contractual undertaking to the Fund to limit the amount of the Fund's total annual fund operating expenses to 1.15%, 1.90%, 0.85%, and 0.90% of the Fund's average daily net assets for Class A, Class C, Class N, and Class Y shares, respectively, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through April 30, 2027 and may be terminated before then only with the consent of the Fund's Board of Trustees. The Adviser will be permitted to recover, on a class-by-class basis, management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below both (1) the class' applicable expense limitation at the time such amounts were waived/reimbursed and (2) the class' current applicable expense limitation. The Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed. |

---

---

| | |
|:---|:---|
| 2 | Natixis Advisors, LLC ("Natixis Advisors") has given a binding contractual undertaking to the Fund to reimburse any and all transfer agency expenses for Class N shares. This undertaking is in effect through April 30, 2027 and may be terminated before then only with the consent of the Fund's Board of Trustees. |

---

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's operating expenses remain the same, except that the example is based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement assuming that such waiver and/or reimbursement will only be in place through the date noted above and on the Total Annual Fund Operating Expenses for the remaining periods. The example for Class C shares for the ten-year period reflects the conversion to Class A shares after eight years. The example does not take into account brokerage commissions and other fees to financial intermediaries that you may pay on your purchases and sales of shares of the Fund. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **If shares are redeemed:**  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | $685 | $943 | $1221 | $2011 |
| Class C | $293 | $622 | $1077 | $2145 |
| Class N | $87 | $286 | $502 | $1125 |

---

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **If shares are redeemed:** | **1 year** | **3 years** | **5 years** | **10 years** |
| Class Y | $92 | $313 | $552 | $1237 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **If shares are not redeemed:**  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class C | $193 | $622 | $1077 | $2145 |

---

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During its most recently ended fiscal year, the Fund's portfolio turnover rate was 163% of the average value of its portfolio.

Investments, Risks and Performance

Principal Investment Strategies

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in mid-capitalization companies. For these purposes, mid-capitalization companies are those that, at the time of purchase, have market capitalizations within the capitalization range of the Russell Midcap<sup>®</sup> Value Index, an unmanaged index that measures the performance of companies with lower price-to-book ratios and lower forecasted growth values within the broader Russell Midcap<sup>®</sup> Index. While the market capitalization range for the Russell Midcap<sup>®</sup> Value Index fluctuates, at December 31, 2025, it was $1.1 billion to $88.9 billion. However, the Fund may invest in companies with smaller or larger capitalizations. Equity securities may take the form of stock in corporations, limited partnership interests, interests in limited liability companies, real estate investment trusts ("REITs") or other trusts and similar securities representing direct or indirect ownership interests in business organizations.

Vaughan Nelson Investment Management, L.P. ("Vaughan Nelson") invests in medium-capitalization companies with a focus on those companies meeting Vaughan Nelson's return expectations. Vaughan Nelson uses a bottom-up value oriented investment process in constructing the Fund's portfolio. Vaughan Nelson seeks companies with the following characteristics, although not all of the companies selected will have these attributes:

• Companies earning a positive return on capital with stable-to-improving returns.

• Companies valued at a discount to their asset value.

• Companies with an attractive and sustainable dividend level.

In selecting investments for the Fund, Vaughan Nelson generally employs the following strategies:

• Vaughan Nelson employs a value-driven investment philosophy that selects stocks selling at a relatively low value based on business fundamentals, economic margin analysis and discounted cash flow models. Vaughan Nelson selects companies that it believes are out of favor or misunderstood.

• Vaughan Nelson uses fundamental analysis to construct a portfolio that, in the opinion of Vaughan Nelson, is made up of quality companies with the potential to provide significant increases in share price over a three year period.

• Vaughan Nelson will generally sell a security when it reaches Vaughan Nelson's price target or when the issuer shows a change in financial condition, competitive pressures, poor management decisions or internal or external forces reducing future expected returns from those expected at the time of investment.

The Fund may also:

• Invest in foreign securities, including emerging markets securities.

• Invest in other investment companies, to the extent permitted by the Investment Company Act of 1940.

• Invest in REITs.

• Invest in securities offered in initial public offerings ("IPOs"), securities issued pursuant to Rule 144A under the Securities Act of 1933 ("Rule 144A securities"), and other privately placed investments such as private equity investments.

Principal Investment 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.

Fund shares are not bank deposits and are not guaranteed, endorsed or insured by the Federal Deposit Insurance Corporation or any other government agency, and are subject to investment risks, including possible loss of the principal invested.

The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

**Equity Securities Risk:** The value of the Fund's investments in equity securities could be subject to unpredictable declines in the value of individual securities and periods of below-average performance in individual securities or in the equity market as a whole. 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. Securities issued in initial public offerings tend to involve greater market risk than other equity securities due, in part, to public perception and the lack of publicly available information and trading history. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of the issuer's bonds generally take precedence over the claims of those who own preferred stock or common stock. Securities of real estate-related companies and REITs in which the Fund may invest may be considered equity securities, thus subjecting the Fund to the risks of investing in equity securities generally.

**Small- and Mid-Capitalization Companies Risk:** Compared to large-capitalization companies, small- and mid-capitalization companies are more likely to have limited product lines, markets or financial resources. Stocks of these companies often trade less frequently and in limited volume and their prices may fluctuate more than stocks of large-capitalization companies. As a result, it may be relatively more difficult for the Fund to buy and sell securities of small- and mid-capitalization companies.

**Portfolio Turnover Rate Risk:** The Fund may engage in active and frequent trading of portfolio securities to pursue its principal investment strategy. A high rate of portfolio turnover may involve correspondingly greater expenses, which must be borne by the Fund and its shareholders, and also may result in short term capital gains or losses to shareholders. Portfolio turnover is subject to fluctuations and is dependent on certain factors including current market conditions, portfolio re-balancing, cash flows, new issuance, and individual portfolio needs.

**Market/Issuer Risk:** The market value of the Fund's investments will move up and down, sometimes rapidly and unpredictably, based upon overall market and economic conditions, as well as a number of reasons that directly relate to the issuers of the Fund's investments, such as management performance, financial condition and demand for the issuers' goods and services.

**Management Risk:** A strategy used by the Fund's portfolio managers may fail to produce the intended result.

**REITs Risk:** Investments in the real estate industry, including REITs, are particularly sensitive to economic downturns and are sensitive to factors such as changes in real estate values, property taxes and tax laws, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use and rents and the management skill and creditworthiness of the issuer. Companies in the real estate industry also may be subject to liabilities under environmental and hazardous waste laws. In addition, the value of a REIT is affected by changes in the value of the properties owned by the REIT or mortgage loans held by the REIT. REITs are also subject to default and prepayment risk. Many REITs are highly leveraged, increasing their risk. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund. REITs are also subject to the possibilities of failing to qualify for the favorable tax treatment available to REITs under the Internal Revenue Code of 1986, as amended, and failing to maintain their exemptions from registration under the Investment Company Act of 1940, as amended.

**Cybersecurity and Technology Risk:** The Fund, its service providers, and other market participants increasingly depend on complex information technology and communications systems, which are subject to a number of different threats and risks that could adversely affect the Fund and its shareholders. Cybersecurity and other operational and technology issues may result in financial losses to the Fund and its shareholders.

**Emerging Markets Risk:** In addition to the risks of investing in foreign investments generally, emerging markets investments are subject to greater risks arising from political or economic instability, war, nationalization or confiscatory taxation, currency exchange or repatriation restrictions, sanctions by other countries (such as the United States or the European Union), new or inconsistent government treatment of or restrictions on issuers and instruments, and an issuer's unwillingness or inability to make dividend, principal or interest payments on its securities. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets.

**Foreign Securities Risk:** Investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks.The Fund's investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.

**Investments in Other Investment Companies Risk:** The Fund will indirectly bear the management, service and other fees of any other investment companies, including exchange-traded funds, in which it invests in addition to its own expenses.

**Large Shareholder Transaction Risk:** Ownership of shares of the Fund may be concentrated in one or a few large investors. Such investors may redeem shares in large quantities or on a frequent basis. In addition, a large number of shareholders collectively may purchase or redeem Fund shares in large amounts rapidly or unexpectedly (collectively, such transactions are referred to as "large shareholder transactions"). In the event of a large shareholder transaction, the Fund may be required to sell investments at unfavorable times or prices, which may increase realized capital gains, including short-term capital gains taxable as ordinary income for shareholders who hold Fund shares in a taxable account, may accelerate the realization of taxable income to shareholders, may increase transaction costs, and may otherwise negatively impact fund performance. The effects of taxable income and/or gains resulting from large shareholder transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA, 401(k) plan or other tax-advantaged plan. In addition, such transactions potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized capital gains (if any). Such transactions may also increase the Fund's expenses. A number of circumstances may cause the Fund to experience large redemptions, such as changes in the eligibility criteria for the Fund or share class of the Fund; liquidations, reorganizations, repositionings, or other announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel.

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

**Liquidity Risk:** Liquidity risk is the risk that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects. Decreases in the number of financial institutions willing to make markets in the Fund's investments or in their capacity or willingness to transact may increase the Fund's exposure to this risk. Events that may lead to increased redemptions, such as market disruptions or increases in interest rates, may also negatively impact the liquidity of the Fund's investments when it needs to dispose of them. Markets may become illiquid quickly. If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. During times of market turmoil, there may be no buyers or sellers for securities in certain asset classes and dealers may be unwilling or unable to make a market for certain securities. Securities acquired in a private placement, such as Rule 144A securities, and privately negotiated equity and other investments, are generally subject to significant liquidity risk because they are subject to strict restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. In other circumstances, liquid investments may become illiquid. Liquidity issues may also make it difficult to value the Fund's investments. The Fund may invest in liquid investments that become illiquid due to financial distress, or geopolitical events such as sanctions, trading halts or wars.

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's performance from year-to-year and by showing how the Fund's average annual returns for the one-year, five-year and ten-year periods (as applicable) compare to those of a broad-based securities market index that reflects the performance of the overall market applicable to the Fund and an additional index that represents the market sectors in which the Fund primarily invests. Performance for Class C shares includes the automatic conversion to Class A shares after eight years, where applicable. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available online at im.natixis.com and/or by calling the Fund toll-free at 800-225-5478.

The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund's shares. A sales charge will reduce your return. To the extent that a class of shares was subject to the waiver or reimbursement of certain expenses during a period, had such expenses not been waived or reimbursed during the period, total returns would have been lower.

**Total Returns for Class Y Shares**

---

| | |
|:---|:---|
| ![image](pr4824img005.jpg) | Highest Quarterly Return:<br>Fourth Quarter 2020, 22.51%<br>Lowest Quarterly Return:<br>First Quarter 2020, -28.21% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** <br>(for the periods ended December 31, 2025)  | <br>**Past 1 Year** | <br>**Past 5 Years** | <br>**Past 10 Years** |
| Class Y - Return Before Taxes | 12.39% | 11.08% | 9.47% |
| Return After Taxes on Distributions | 1.84% | 7.33% | 6.88% |
| Return After Taxes on Distributions and Sale of Fund Shares | 11.43% | 8.08% | 7.10% |
| Class A - Return Before Taxes | 5.67% | 9.49% | 8.55% |
| Class C - Return Before Taxes | 10.59% | 9.98% | 8.53% |
| Class N - Return Before Taxes | 12.44% | 11.13% | 9.54% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Value Index | 11.05% | 9.83% | 9.78% |

---

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-advantaged arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual retirement accounts. The after-tax returns are shown for only one class of the Fund. After-tax returns for the other classes of the Fund will vary. Index performance reflects no deduction for fees, expenses or taxes.

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

Management

Investment Adviser

Natixis Advisors

Subadviser

Vaughan Nelson

Portfolio Managers

Dennis G. Alff, CFA<sup>®</sup>, Senior Portfolio Manager of Vaughan Nelson, has served as co-manager of the Fund since 2008.

Sundeep Khanna, CFA<sup>®</sup>, Portfolio Manager of Vaughan Nelson, has served as co-manager of the Fund since October 2024.

Chris D. Wallis, CFA<sup>®</sup>, Chief Executive Officer and Senior Portfolio Manager of Vaughan Nelson, has served as co-manager of the Fund since 2008.

Purchase and Sale of Fund Shares

Class A and C Shares

The following chart shows the investment minimums for various types of accounts:

---

| | |
|:---|:---|
| **Type of Account** | **Minimum Initial Purchase** |
| Any account other than those listed below | $2500 |
| For shareholders participating in Natixis Funds' Automatic Investment Plan | $1000 |
| For Traditional IRA, Roth IRA, Rollover IRA, SEP-IRA and Keogh plans | $1000 |

---

There is no subsequent investment minimum for these shares. There is no initial investment minimum for:

• **Fee Based Programs** (such as wrap accounts) where an advisory fee is paid to the broker-dealer or other financial intermediary. Please consult your financial representative to determine if your fee based program is subject to additional or different conditions or fees.

• **Certain Retirement Plans.** Please consult your retirement plan administrator to determine if your retirement plan is subject to additional or different conditions or fees imposed by the plan administrator.

• Clients of a **Registered Investment Adviser** where the Registered Investment Adviser receives an advisory, management or consulting fee.

• Effective June 1, 2026, accounts invested through certain intermediaries held within an **Intermediary Omnibus Account**.

• Effective June 1, 2026, in its sole discretion, Natixis Distribution, LLC (the "Distributor") may waive any share class eligibility requirement.

The minimum investment requirements for Class A shares may be waived or lowered for investments effected through certain financial intermediaries that have entered into special arrangements with the Distributor. Consult your financial intermediary for additional information regarding the minimum investment requirement applicable to your investment.

Class N Shares

Class N shares of the Fund are subject to a $1,000,000 initial investment minimum. This minimum applies to Fee Based Programs and accounts (such as wrap accounts) where an advisory fee is paid to the broker-dealer or other financial intermediary. There is no subsequent investment minimum for these shares. There is no initial investment minimum for:

• **Certain Retirement Plans.** Please consult your retirement plan administrator to determine if your retirement plan is subject to additional or different conditions or fees imposed by the plan administrator.

• **Funds of funds** that are distributed by the Distributor.

• **Sub-accounts** held within an omnibus account, where the omnibus account has at least $1,000,000. (Effective June 1, 2026, this waiver no longer applies.)

• Effective June 1, 2026, accounts invested through certain intermediaries held within an **Intermediary Omnibus Account.** 

• Effective June 1, 2026, in its sole discretion, the Distributor may waive any share class eligibility requirement.

Class Y Shares

Class Y shares of the Fund are generally subject to a minimum initial investment of $100,000. There is no subsequent investment minimum for these shares. There is no minimum initial investment for:

• **Fee Based Programs** (such as wrap accounts) where an advisory fee is paid to the broker-dealer or other financial intermediary. Please consult your financial representative to determine if your fee based program is subject to additional or different conditions or fees.

• **Certain Retirement Plans.** Please consult your retirement plan administrator to determine if your retirement plan is subject to additional or different conditions or fees imposed by the plan administrator.

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• **Certain Individual Retirement Accounts** if the amounts invested represent rollover distributions from investments by any of the retirement plans invested in the Fund.

• Clients of a **Registered Investment Adviser** where the Registered Investment Adviser receives an advisory, management or consulting fee.

• **Fund Trustees,** former Fund trustees, employees of affiliates of the Natixis Funds and other individuals who are affiliated with any Natixis Fund (this also applies to any spouse, parents, children, siblings, grandparents, grandchildren and in-laws of those mentioned) and Natixis affiliate employee benefit plans.

• Effective June 1, 2026, accounts invested through certain intermediaries held within an **Intermediary Omnibus Account**.

• Effective June 1, 2026, in its sole discretion, the Distributor may waive any share class eligibility requirement.

At the discretion of Natixis Advisors, clients of Natixis Advisors and its affiliates may purchase Class Y shares of the Fund below the stated minimums.

Due to operational limitations at your financial intermediary, certain fee based programs, retirement plans, individual retirement accounts and accounts of registered investment advisers may be subject to the investment minimums described above.

The Fund's shares are available for purchase and are redeemable on any business day through your investment dealer, directly from the Fund by writing to the Fund at Natixis Funds, P.O. Box 219579, Kansas City, MO 64121-9579, by exchange, by wire, by internet at im.natixis.com (certain restrictions may apply), through the Automated Clearing House system, or, in the case of redemptions, by telephone at 800-225-5478 or by the Systematic Withdrawal Plan.

Tax Information

Fund distributions are generally taxable to you as ordinary income or capital gains, except for distributions to retirement plans and other investors that qualify for tax-advantaged treatment under U.S. federal income tax law generally. Investments through such tax-advantaged plans will generally be taxed only upon withdrawal of monies from the tax-advantaged arrangement.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of the Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

Vaughan Nelson Small Cap Fund

Investment Goal

The Fund seeks capital appreciation.

Fund Fees & Expenses

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Natixis Funds Complex. More information about these and other discounts is available from your financial professional and in the section "How Sales Charges Are Calculated" on page 47 of the Prospectus, in Appendix A to the Prospectus and on page 89 in the section "Reduced Sales Charges" of the Statement of Additional Information ("SAI").

Shareholder Fees

---

| | | | | |
|:---|:---|:---|:---|:---|
| (fees paid directly from your investment) | **Class A** | **Class C** | **Class N** | **Class Y** |
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.75% |  |  |  |
| Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, as applicable) | None<sup>1</sup> | 1.00% |  |  |
| Redemption fees |  |  |  |  |

---

---

| | |
|:---|:---|
| 1 | A 1.00% contingent deferred sales charge ("CDSC") may apply to certain purchases of Class A shares of $1,000,000 or more that are redeemed within eighteen months of the date of purchase. |

---

Annual Fund Operating Expenses

---

| | | | | |
|:---|:---|:---|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment)  | **Class A** | **Class C** | **Class N** | **Class Y** |
| Management fees | 0.85% | 0.85% | 0.85% | 0.85% |
| Distribution and/or service (12b-1) fees | 0.25% | 1.00% | 0.00% | 0.00% |
| Other expenses | 0.21% | 0.21% | 0.09% | 0.21% |
| Acquired fund fees and expenses<sup>1</sup>  | 0.01% | 0.01% | 0.01% | 0.01% |
| Total annual fund operating expenses | 1.32% | 2.07% | 0.95% | 1.07% |
| Fee waiver and/or expense reimbursement<sup>2</sup><sup>,</sup><sup>3</sup>  | 0.06% | 0.06% | 0.00% | 0.06% |
| Total annual fund operating expenses after fee waiver and/or expense reimbursement | 1.26% | 2.01% | 0.95% | 1.01% |

---

1 The expense information shown in the table above differs 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.

---

| | |
|:---|:---|
| 2 | The Fund's investment 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, Class C, Class N, and Class Y shares, respectively, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through April 30, 2027 and may be terminated before then only with the consent of the Fund's Board of Trustees. The Adviser will be permitted to recover, on a class-by-class basis, management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below both (1) the class' applicable expense limitation at the time such amounts were waived/reimbursed and (2) the class' current applicable expense limitation. The Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed. |

---

---

| | |
|:---|:---|
| 3 | Natixis Advisors, LLC ("Natixis Advisors") has given a binding contractual undertaking to the Fund to reimburse any and all transfer agency expenses for Class N shares. This undertaking is in effect through April 30, 2027 and may be terminated before then only with the consent of the Fund's Board of Trustees. |

---

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's operating expenses remain the same, except that the examples for the Class A, Class C and Class Y shares are based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement assuming that such waiver and/or reimbursement will only be in place through the date noted above and on the Total Annual Fund Operating Expenses for the remaining periods. The example for Class C shares for the ten-year period reflects the conversion to Class A shares after eight years. The example does not take into account brokerage commissions and other fees to financial intermediaries that you may pay on your purchases and sales of shares of the Fund. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **If shares are redeemed:**  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | $696 | $964 | $1251 | $2069 |
| Class C | $304 | $643 | $1108 | $2203 |
| Class N | $97 | $303 | $525 | $1166 |
| Class Y | $103 | $334 | $584 | $1300 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **If shares are not redeemed:**  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class C | $204 | $643 | $1108 | $2203 |

---

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During its most recently ended fiscal year, the Fund's portfolio turnover rate was 120% of the average value of its portfolio.

Investments, Risks and Performance

Principal Investment Strategies

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in the equity securities, including common stocks and preferred stocks, of "small-capitalization companies." Equity securities may take the form of stock in corporations, limited partnership interests, interests in limited liability companies, real estate investment trusts ("REITs") or other trusts and other similar securities representing direct or indirect ownership interests in business organizations. Currently, the Fund defines a small-capitalization company to be one whose market capitalization, at the time of purchase, either falls within the capitalization range of the Russell 2000<sup>®</sup> Value Index or is $3.5 billion or less. While the market capitalization range for the Russell 2000<sup>®</sup> Value Index fluctuates, at December 31, 2025, it was $5.61 million to $17.0 billion. The Fund may, however, invest in companies with large-capitalizations.

Vaughan Nelson Investment Management, L.P. ("Vaughan Nelson") invests in small-capitalization companies with a focus on those companies meeting Vaughan Nelson's return expectations. Vaughan Nelson uses a bottom-up value oriented investment process in constructing the Fund's portfolio. Vaughan Nelson seeks companies with the following characteristics, although not all of the companies selected will have these attributes:

• Companies earning a positive return on capital with stable-to-improving returns.

• Companies valued at a discount to their asset value.

• Companies with an attractive and sustainable dividend level.

In selecting investments for the Fund, Vaughan Nelson generally employs the following strategies:

• Value-driven investment philosophy that selects stocks selling at a relatively low value based on discounted cash flow models. Vaughan Nelson selects companies that it believes are out of favor or misunderstood.

• Vaughan Nelson starts with an investment universe of 5,000 securities. Vaughan Nelson then uses value-driven screens to create a research universe of companies with market capitalizations of at least $100 million.

• Vaughan Nelson uses fundamental analysis to construct a portfolio of 60 to 80 securities that, in the opinion of Vaughan Nelson, is made up of quality companies with the potential to provide significant increases in share price over a three year period.

• Vaughan Nelson will generally sell a security when it reaches Vaughan Nelson's price target or when the issuer shows a change in financial condition, competitive pressures, poor management decisions or internal or external forces reducing future expected returns from those expected at the time of investment.

The Fund may also:

• Invest in convertible preferred stock and convertible debt securities.

• Invest in foreign securities, including emerging market securities.

• Invest in REITs.

• Invest in securities offered in initial public offerings ("IPOs").

Principal Investment 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.

Fund shares are not bank deposits and are not guaranteed, endorsed or insured by the Federal Deposit Insurance Corporation or any other government agency, and are subject to investment risks, including possible loss of the principal invested.

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

**Equity Securities Risk:** The value of the Fund's investments in equity securities could be subject to unpredictable declines in the value of individual securities and periods of below-average performance in individual securities or in the equity market as a whole. 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. Securities issued in initial public offerings tend to involve greater market risk than other equity securities due, in part, to public perception and the lack of publicly available information and trading history. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of the issuer's bonds generally take precedence over the claims of those who own preferred stock or common stock. Securities of real estate-related companies and REITs in which the Fund may invest may be considered equity securities, thus subjecting the Fund to the risks of investing in equity securities generally.

**Small-Capitalization Companies Risk:** Small-capitalization companies are more likely than larger companies to have limited product lines, markets or financial resources, or to depend on a small, inexperienced management group. Stocks of these companies often trade less frequently and in limited volume and their prices may fluctuate more than stocks of larger companies. Stocks of small-capitalization companies may therefore be more vulnerable to adverse developments than those of larger companies.

**Market/Issuer Risk:** The market value of the Fund's investments will move up and down, sometimes rapidly and unpredictably, based upon overall market and economic conditions, as well as a number of reasons that directly relate to the issuers of the Fund's investments, such as management performance, financial condition and demand for the issuers' goods and services.

**Management Risk:** A strategy used by the Fund's portfolio managers may fail to produce the intended result.

**Liquidity Risk:** Liquidity risk is the risk that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects. Decreases in the number of financial institutions willing to make markets in the Fund's investments or in their capacity or willingness to transact may increase the Fund's exposure to this risk. Events that may lead to increased redemptions, such as market disruptions or increases in interest rates, may also negatively impact the liquidity of the Fund's investments when it needs to dispose of them. Markets may become illiquid quickly. If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. During times of market turmoil, there may be no buyers or sellers for securities in certain asset classes and dealers may be unwilling or unable to make a market for certain securities. In other circumstances, liquid investments may become illiquid. Liquidity issues may also make it difficult to value the Fund's investments. The Fund may invest in liquid investments that become illiquid due to financial distress, or geopolitical events such as sanctions, trading halts or wars.

**Convertible Securities Risk:** Convertible securities have investment characteristics of both equity and debt securities. Investments in convertible securities are subject to the usual risks associated with debt instruments, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert, and are thus subject to many of the same risks as investing in common stock. The Fund may convert a convertible security at an inopportune time, which may decrease the Fund's return.

**Cybersecurity and Technology Risk:** The Fund, its service providers, and other market participants increasingly depend on complex information technology and communications systems, which are subject to a number of different threats and risks that could adversely affect the Fund and its shareholders. Cybersecurity and other operational and technology issues may result in financial losses to the Fund and its shareholders.

**Emerging Markets Risk:** In addition to the risks of investing in foreign investments generally, emerging markets investments are subject to greater risks arising from political or economic instability, war, nationalization or confiscatory taxation, currency exchange or repatriation restrictions, sanctions by other countries (such as the United States or the European Union), new or inconsistent government treatment of or restrictions on issuers and instruments, and an issuer's unwillingness or inability to make dividend, principal or interest payments on its securities. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets.

**Foreign Securities Risk:** Investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks.The Fund's investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.

**Large Shareholder Transaction Risk:** Ownership of shares of the Fund may be concentrated in one or a few large investors. Such investors may redeem shares in large quantities or on a frequent basis. In addition, a large number of shareholders collectively may purchase or redeem Fund shares in large amounts rapidly or unexpectedly (collectively, such transactions are referred to as "large shareholder transactions"). In the event of a large shareholder transaction, the Fund may be required to sell investments at unfavorable times or prices, which may increase realized capital gains, including short-term capital gains taxable as ordinary income for shareholders who hold Fund shares in a taxable account, may accelerate the realization of taxable income to shareholders, may increase transaction costs, and may otherwise negatively impact fund performance. The effects of taxable income and/or gains resulting from large shareholder transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA, 401(k) plan or other tax-advantaged plan. In addition, such transactions potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized capital gains (if any). Such transactions may also increase the Fund's expenses. A number of circumstances may cause the Fund to experience large

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

redemptions, such as changes in the eligibility criteria for the Fund or share class of the Fund; liquidations, reorganizations, repositionings, or other announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel.

**REITs Risk:** Investments in the real estate industry, including REITs, are particularly sensitive to economic downturns and are sensitive to factors such as changes in real estate values, property taxes and tax laws, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use and rents and the management skill and creditworthiness of the issuer. Companies in the real estate industry also may be subject to liabilities under environmental and hazardous waste laws. In addition, the value of a REIT is affected by changes in the value of the properties owned by the REIT or mortgage loans held by the REIT. REITs are also subject to default and prepayment risk. Many REITs are highly leveraged, increasing their risk. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund. REITs are also subject to the possibilities of failing to qualify for the favorable tax treatment available to REITs under the Internal Revenue Code of 1986, as amended, and failing to maintain their exemptions from registration under the Investment Company Act of 1940, as amended.

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's performance from year-to-year and by showing how the Fund's average annual returns for the one-year, five-year, ten-year and life-of-class periods (as applicable) compare to those of a a broad-based securities market index that reflects the performance of the overall market applicable to the Fund and an additional index that represents the market sectors in which the Fund primarily invests. Performance for Class C shares includes the automatic conversion to Class A shares after eight years, where applicable. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available online at im.natixis.com and/or by calling the Fund toll-free at 800-225-5478.

The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund's shares. A sales charge will reduce your return. To the extent that a class of shares was subject to the waiver or reimbursement of certain expenses during a period, had such expenses not been waived or reimbursed during the period, total returns would have been lower.

**Total Returns for Class Y Shares**

---

| | |
|:---|:---|
| ![image](pr4824img006.jpg) | Highest Quarterly Return:<br>Fourth Quarter 2020, 28.00%<br>Lowest Quarterly Return:<br>First Quarter 2020, -29.83% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** <br>(for the periods ended December 31, 2025)  | <br>**Past 1 Year** | <br>**Past 5 Years** | <br>**Past 10 Years** | <br>**Life of Class N**<br>**(5/1/17)** |
| Class Y - Return Before Taxes | 12.16% | 11.62% | 10.00% | - |
| Return After Taxes on Distributions | 10.77% | 9.54% | 7.83% | - |
| Return After Taxes on Distributions and Sale of Fund Shares | 8.24% | 8.51% | 7.33% | - |
| Class A - Return Before Taxes | 5.45% | 10.04% | 9.08% | - |
| Class C - Return Before Taxes | 10.17% | 10.53% | 9.06% | - |
| Class N - Return Before Taxes | 12.22% | 11.68% | - | 9.39% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% | 14.09% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% | 7.18% |

---

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-advantaged arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual retirement accounts. The after-tax returns are shown for only one class of the Fund. After-tax returns for the other classes of the Fund will vary. Index performance reflects no deduction for fees, expenses or taxes.

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

Management

Investment Adviser

Natixis Advisors

Subadviser

Vaughan Nelson

Portfolio Managers

James Eisenman, CFA<sup>®</sup>, Portfolio Manager of Vaughan Nelson, has served as co-manager of the Fund since 2022.

Chris D. Wallis, CFA<sup>®</sup>, Chief Executive Officer and Senior Portfolio Manager of Vaughan Nelson, has served as co-manager of the Fund since 2004.

Purchase and Sale of Fund Shares

Class A and C Shares

The following chart shows the investment minimums for various types of accounts:

---

| | |
|:---|:---|
| **Type of Account** | **Minimum Initial Purchase** |
| Any account other than those listed below | $2500 |
| For shareholders participating in Natixis Funds' Automatic Investment Plan | $1000 |
| For Traditional IRA, Roth IRA, Rollover IRA, SEP-IRA and Keogh plans | $1000 |

---

There is no subsequent investment minimum for these shares. There is no initial investment minimum for:

• **Fee Based Programs** (such as wrap accounts) where an advisory fee is paid to the broker-dealer or other financial intermediary. Please consult your financial representative to determine if your fee based program is subject to additional or different conditions or fees.

• **Certain Retirement Plans.** Please consult your retirement plan administrator to determine if your retirement plan is subject to additional or different conditions or fees imposed by the plan administrator.

• Clients of a **Registered Investment Adviser** where the Registered Investment Adviser receives an advisory, management or consulting fee.

• Effective June 1, 2026, accounts invested through certain intermediaries held within an **Intermediary Omnibus Account**.

• Effective June 1, 2026, in its sole discretion, Natixis Distribution, LLC (the "Distributor") may waive any share class eligibility requirement.

The minimum investment requirements for Class A shares may be waived or lowered for investments effected through certain financial intermediaries that have entered into special arrangements with the Distributor. Consult your financial intermediary for additional information regarding the minimum investment requirement applicable to your investment.

Class N Shares

Class N shares of the Fund are subject to a $1,000,000 initial investment minimum. This minimum applies to Fee Based Programs and accounts (such as wrap accounts) where an advisory fee is paid to the broker-dealer or other financial intermediary. There is no subsequent investment minimum for these shares. There is no initial investment minimum for:

• **Certain Retirement Plans.** Please consult your retirement plan administrator to determine if your retirement plan is subject to additional or different conditions or fees imposed by the plan administrator.

• **Funds of funds** that are distributed by the Distributor.

• **Sub-accounts** held within an omnibus account, where the omnibus account has at least $1,000,000. (Effective June 1, 2026, this waiver no longer applies.)

• Effective June 1, 2026, accounts invested through certain intermediaries held within an **Intermediary Omnibus Account.** 

• Effective June 1, 2026, in its sole discretion, the Distributor may waive any share class eligibility requirement.

Class Y Shares

Class Y shares of the Fund are generally subject to a minimum initial investment of $100,000. There is no subsequent investment minimum for these shares. There is no minimum initial investment for:

• **Fee Based Programs** (such as wrap accounts) where an advisory fee is paid to the broker-dealer or other financial intermediary. Please consult your financial representative to determine if your fee based program is subject to additional or different conditions or fees.

• **Certain Retirement Plans.** Please consult your retirement plan administrator to determine if your retirement plan is subject to additional or different conditions or fees imposed by the plan administrator.

• **Certain Individual Retirement Accounts** if the amounts invested represent rollover distributions from investments by any of the retirement plans invested in the Fund.

------

[Back to **Table of Contents**](#TOC_4824)

Fund Summary

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Clients of a **Registered Investment Adviser** where the Registered Investment Adviser receives an advisory, management or consulting fee.

• **Fund Trustees,** former Fund trustees, employees of affiliates of the Natixis Funds and other individuals who are affiliated with any Natixis Fund (this also applies to any spouse, parents, children, siblings, grandparents, grandchildren and in-laws of those mentioned) and Natixis affiliate employee benefit plans.

• Effective June 1, 2026, accounts invested through certain intermediaries held within an **Intermediary Omnibus Account**.

• Effective June 1, 2026, in its sole discretion, the Distributor may waive any share class eligibility requirement.

At the discretion of Natixis Advisors, clients of Natixis Advisors and its affiliates may purchase Class Y shares of the Fund below the stated minimums.

Due to operational limitations at your financial intermediary, certain fee based programs, retirement plans, individual retirement accounts and accounts of registered investment advisers may be subject to the investment minimums described above.

The Fund's shares are available for purchase and are redeemable on any business day through your investment dealer, directly from the Fund by writing to the Fund at Natixis Funds, P.O. Box 219579, Kansas City, MO 64121-9579, by exchange, by wire, by internet at im.natixis.com (certain restrictions may apply), through the Automated Clearing House system, or, in the case of redemptions, by telephone at 800-225-5478 or by the Systematic Withdrawal Plan.

Tax Information

Fund distributions are generally taxable to you as ordinary income or capital gains, except for distributions to retirement plans and other investors that qualify for tax-advantaged treatment under U.S. federal income tax law generally. Investments through such tax-advantaged plans will generally be taxed only upon withdrawal of monies from the tax-advantaged arrangement.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of the Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

[Back to **Table of Contents**](#TOC_4824)

Investment Goals, Strategies and Risks

------

More About Goals and Strategies

Gateway Equity Call Premium Fund

Investment Goal

The Fund seeks total return with less risk than U.S. equity markets. The Fund's investment goal may be changed without shareholder approval. The Fund will provide 60 days' prior notice to shareholders before changing the investment goal.

Principal Investment Strategies

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in equity securities. Equity securities purchased by the Fund may include the following U.S. exchange-listed securities: common stocks; American Depositary Receipts ("ADRs"), which are securities issued by a U.S. bank that represent interests in foreign equity securities; and interests in real estate investment trusts ("REITs"). The Fund ordinarily invests in a broadly diversified equity portfolio, while also writing (selling) index call options with an aggregate notional value approximately equal to the market value of the equity portfolio. Writing index call options is intended to reduce the Fund's volatility and provide steady cash flow. Cash flow from call option writing is intended to be an important source of the Fund's return, although the Fund's option writing activity reduces the Fund's ability to profit from increases in the value of its equity portfolio. The combination of a diversified stock portfolio and the steady cash flow from the sale of index call options is intended to moderate the volatility of returns relative to an all-equity portfolio. The Fund may also invest in affiliated and unaffiliated mutual funds and exchange-traded funds, to the extent permitted by the Investment Company Act of 1940. The Fund may invest in companies with small, medium or large market capitalizations.

The Fund's combination of a broadly diversified portfolio of common stocks and written index call options is similar to the components of the Cboe S&P 500 BuyWrite Index (the "BXM<sup>SM</sup>"). The BXM<sup>SM</sup> is a passive total return index based on (1) buying an S&P 500<sup>®</sup> stock index portfolio, and (2) writing (selling) the near-term S&P 500<sup>®</sup> Index "covered" call option. The Fund's more flexible, active option management approach creates the potential for it to achieve higher long-term returns than the BXM<sup>SM</sup> while exhibiting a similar level of volatility, as defined by standard deviation of returns. The similarities between the BXM<sup>SM</sup> and the Fund's equity investment strategy are expected to result in the Fund exhibiting a positive correlation to the broad U.S. equity markets similar to that exhibited by the BXM<sup>SM</sup>.

With its core investment in equities, the Fund is intended to be significantly less vulnerable to fluctuations in value caused by interest rate volatility, a risk factor present in both fixed-income investments and "hybrid investments" (blends of equity and fixed-income securities). Through the use of index options, the Fund intends that its risk management strategy will reduce the volatility inherent in equity investments while also allowing for more participation in equity returns than hybrid investments. Thus, the Fund seeks to provide an efficient trade-off between risk and reward, where risk is characterized by volatility or fluctuations in value over time.

**Purchasing Stocks**

The Fund invests in a diversified stock portfolio, generally consisting of approximately 200 to 400 stocks (including ADRs and REITs), designed to support the Fund's index option-based risk management strategy as efficiently as possible while seeking to enhance the Fund's after-tax total return. The Adviser uses a multifactor quantitative model to construct the stock portfolio. The model evaluates U.S.-exchange-traded equities that meet the criteria and constraints established by the Adviser. Generally, the Adviser tries to minimize the difference between the performance of the Fund's stock portfolio and the performance of the index or indices underlying the Fund's option strategies while also considering other factors, such as predicted dividend yield. The Adviser monitors this difference and other factors, and rebalances and adjusts the stock portfolio from time to time, by purchasing and selling stocks. To the extent consistent with the Fund's investment goal, the Adviser may also sell stocks to realize capital losses in an effort to minimize any required capital gain distributions. The Adviser expects the portfolio to generally represent the broad U.S. equity market.

**Writing Index Call Options**

The Fund continuously writes index call options, typically on broad-based securities market indices, with an aggregate notional value approximately equal to the market value of its broadly diversified stock portfolio. As the seller of the index call option, the Fund receives cash (the "premium") from the purchaser. The purchaser of an index call option has the right to any appreciation in the value of the index over a fixed price (the "exercise price") on a certain date in the future (the "expiration date"). If the purchaser does not exercise the option, the Fund retains the premium. If the purchaser exercises the option, the Fund pays the purchaser the difference between the value of the index and the exercise price of the option. The premium, the exercise price and the value of the index determine the gain or loss realized by the Fund as the seller of the index call option. The Fund can also repurchase the call option prior to the expiration date, ending its obligation. In such a case, the difference between the cost of repurchasing the option and the premium received will determine the gain or loss realized by the Fund.

**Other Investments**

The Fund may invest in foreign securities traded in U.S. markets (through ADRs or stocks traded in U.S. dollars). The Fund may enter into repurchase agreements and/or hold cash and cash equivalents.

------

[Back to **Table of Contents**](#TOC_4824)

Investment Goals, Strategies and Risks

------

Gateway Fund

Investment Goal

The Fund seeks to capture the majority of the returns associated with equity market investments, while exposing investors to less risk than other equity investments. The Fund's investment goal may be changed without shareholder approval. The Fund will provide 60 days' prior notice to shareholders before changing the investment goal.

Principal Investment Strategies

Under normal circumstances, the Fund invests in a broadly diversified portfolio of common stocks, while also selling index call options and purchasing index put options. Writing index call options is intended to reduce the Fund's volatility, provides steady cash flow and is an important source of the Fund's return, although it also reduces the Fund's ability to profit from increases in the value of its equity portfolio. The Fund also buys index put options, which can protect the Fund from a significant market decline that may occur over a short period of time. The value of an index put option generally increases as the prices of the stocks constituting the index decrease, and decreases as those stocks increase in price. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline. The combination of the diversified stock portfolio, the steady cash flow from the sale of index call options and the downside protection from index put options is intended to provide the Fund with the majority of the returns associated with equity market investments while exposing investors to less risk than other equity investments. The Fund may also invest in affiliated and unaffiliated mutual funds and exchange-traded funds, to the extent permitted by the Investment Company Act of 1940. The Fund may invest in companies with small, medium or large market capitalizations. Equity securities purchased by the Fund may include U.S. exchange-listed common stocks, American Depositary Receipts ("ADRs"), which are securities issued by a U.S. bank that represent interests in foreign equity securities, and interests in real estate investment trusts ("REITs").

The Fund strives not only for the majority of the returns associated with equity market investments, but also for returns in excess of those available from other investments comparable in volatility. Because, as described above, the Fund writes index call options and purchases index put options in addition to investing in equity securities, the Fund's historical volatility has been closer to intermediate- to long-term fixed-income investments (intermediate-term are those with approximately five-year maturities and long-term are those with maturities of ten or more years) and hybrid investments (blends of equity and short-term fixed-income securities) than to equity investments. With its core investment in equities, the Fund is significantly less vulnerable to fluctuations in value caused by interest rate volatility, a risk factor present in both fixed-income investments and "hybrid investments" (blends of equity and short-term fixed-income), although the Fund expects to generally have lower long-term returns than a fund consisting solely of equity securities. Through the use of index options, the Fund intends that its risk management strategy will reduce the volatility inherent in equity investments while also allowing for more participation in equity returns than hybrid investments. Thus, the Fund seeks to provide an efficient trade-off between risk and reward where risk is characterized by volatility or fluctuations in value over time.

**Purchasing Stocks**

The Fund invests in a diversified stock portfolio, generally consisting of approximately 200 to 400 stocks, designed to support the Fund's index option based risk management strategy as efficiently as possible while seeking to enhance the Fund's after tax total return. The Adviser uses a multifactor quantitative model to construct the stock portfolio. The model evaluates U.S.-exchange-traded equities that meet criteria and constraints established by the Adviser. Generally, the Adviser tries to minimize the difference between the performance of the stock portfolio and that of the index or indices underlying the Fund's option strategies while also considering other factors, such as predicted dividend yield. The Adviser monitors this difference and the other factors, and rebalances and adjusts the stock portfolio from time to time, by purchasing and selling stocks. To the extent consistent with the Fund's investment goal, the Adviser may also sell stocks to realize capital losses in an effort to minimize any required capital gain distributions. The Adviser expects the portfolio to generally represent the broad U.S. equity market.

**Writing Index Call Options**

The Fund continuously writes index call options, typically on broad-based securities market indices, on the full value of its broadly diversified stock portfolio. As the seller of the index call option, the Fund receives cash (the "premium") from the purchaser. The purchaser of an index call option has the right to any appreciation in the value of the index over a fixed price (the "exercise price") on a certain date in the future (the "expiration date"). If the purchaser does not exercise the option, the Fund retains the premium. If the purchaser exercises the option, the Fund pays the purchaser the difference between the value of the index and the exercise price of the option. The premium, the exercise price and the value of the index determine the gain or loss realized by the Fund as the seller of the index call option. The Fund can also repurchase the call option prior to the expiration date, ending its obligation. In this case, the difference between the cost of repurchasing the option and the premium received will determine the gain or loss realized by the Fund.

**Purchasing Index Put Options**

The Fund may buy index put options in an attempt to protect the Fund from a significant market decline that may occur over a short period of time. The value of an index put option generally increases as stock prices (and the value of the index) decrease and decreases as those stocks (and the index) increase in price.

**Other Investments**

The Fund may invest in foreign securities traded in U.S. markets (through ADRs or stocks traded in U.S. dollars). The Fund may enter into repurchase agreements and/or hold cash and cash equivalents.

------

[Back to **Table of Contents**](#TOC_4824)

Investment Goals, Strategies and Risks

------

**Additional Information Regarding the Gateway Predecessor Fund**

The Fund acquired the assets and liabilities of the Gateway Predecessor Fund in a reorganization (the "Reorganization") on February 15, 2008 (February 19, 2008 for Class C and Class Y Shares). Shareholders of the Gateway Predecessor Fund received Class A shares of the Fund in the Reorganization. The Fund's Class A, Class C and Class Y shares were not outstanding prior to the Reorganization. Although the Gateway Predecessor Fund's shares and the Fund's Class A, Class C and Class Y shares would have had substantially similar annual returns because the shares would have been invested in the same portfolio of securities, returns for Class A, Class C and Class Y shares would have been different to the extent their respective expenses differ. Performance for periods after the Reorganization reflects actual Class A, Class C and Class Y performance.

Mirova Global Megatrends Fund

Investment Goal

The Fund seeks long-term capital appreciation. The Fund's investment goal may be changed without shareholder approval. The Fund will provide 60 days' prior notice to shareholders before changing the investment goal.

Principal Investment Strategies

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in equity securities. Equity securities may include common stocks, preferred stocks, depositary receipts and real estate investment trusts ("REITs"). The Fund invests in securities of companies located in no fewer than three countries, which may include the U.S. Under normal circumstances, the Fund will invest a percentage of its assets in securities of companies located outside the U.S. equal to at least the lesser of 40% or the percentage of foreign issuers in the Fund's benchmark, the MSCI World Index, less 5%. The percentage of the Fund's investments in foreign securities is at least partially based on the composition of the Fund's benchmark. As a result, the Fund's exposure to securities of companies located outside the U.S. may fluctuate in connection with variations in the foreign exposure of the Fund's benchmark. The Fund may invest up to 25% of its assets in securities of companies located in emerging markets. Emerging markets are economies that the Adviser believes are not generally recognized to be fully developed markets, as measured by gross national income, financial market infrastructure, market capitalization and/or other factors. The Fund may invest in growth and value companies of any size and may also invest in initial public offerings.

The Adviser focuses on megatrends, which are trends that are global and long-term in nature and that will lead to significant transitions in the global economy. The Adviser organizes these global megatrends into four major transitions: (i) demographics; (ii) technology; (iii) environment; and (iv) governance. The Adviser reviews the firm's convictions around the four major transitions annually. Given the breadth and long-term nature of the transitions, they are unlikely to change. Investable megatrends within the transitions, however, are frequently evaluated.

More specifically, the four transitions are categories across which the firm will invest and the megatrends are specific sub-sets within the transition that are invested in. Examples of megatrends within each transition are as follows: (i) demographics (e.g., aging population, urbanization, and growing middle class); (ii) technology (e.g., digitalization, artificial intelligence, and automation); (iii) environment (e.g., climate change and resource constraints); and (iv) governance (e.g., rethinking globalization and shifting power dynamics). In making its investment decisions, the Adviser uses a bottom-up approach focused on individual companies, rather than making pre-determined or top-down allocations to specific themes, industries or economic factors. The Adviser typically selects companies that proactively manage risk and/or whose activities are expected to benefit from one or more megatrends. Megatrends exposure is typically determined by a company's revenue exposure to areas deemed thematic by the Adviser (e.g., wind clean-energy systems within environmental transition). However, the Adviser may also consider qualitative elements, when applicable, in determining megatrend exposure (e.g., strategic reorientation of a company from a conventional auto manufacturer to an electric vehicle manufacturer).

From this large universe of solution providers, the Adviser applies detailed fundamental research to identify fundamentally and financially sound companies, assessing companies': i) strategic positioning, seeking companies with barriers to entry and defensibility of business model; ii) financial structure, looking for cash flow generation capability and balance sheet capacity; iii) management quality, searching for management teams who think like owners with leadership and strategic vision; and iv) sustainability integration, seeking companies with good performance on sustainability indicators believed to be material. The Adviser seeks to invest in securities that are trading at significant discounts to what the Adviser believes are their intrinsic values. In determining intrinsic value, the Adviser focuses on longterm modeling, modeling out a range of potential outcomes and typically uses a combination of discounted cash flow models and multiples analysis.

Furthermore, the Adviser typically prioritizes companies that contribute positively to the achievement of the United Nations' Sustainable Development Goals (the "SDGs"), while generally avoiding companies whose activities and/or practices create a significant risk to achieving the SDGs. The determination of contribution to the SDGs is based on analysis conducted by the Sustainability Research Team, which examines how companies meet the opportunities and manage the risks associated with the SDGs in order to help determine their viability and sustainability. The main outcome of this analysis is a qualitative "sustainability opinion" and an analysis of a company's main sustainability opportunities and risks. The analysis encompasses the entire life cycle of product development, from raw material extraction to consumer use and disposal, and focuses only on the most pertinent issues to each company. The sustainability opinion is defined in relation to the achievement of the SDGs; this opinion is based on the merits of the individual company in question and is not relative to any peer group or sector. In addition, the Adviser integrates this analysis into its fundamental research and considers all of the 17 SDGs in the analysis where deemed material and relevant. The Adviser believes that this approach will result in a portfolio with a better environmental and social profile and long-term return potential than the broad equities market. While the Adviser does not use exclusions as a central tenet of its sustainability approach, the Adviser

------

[Back to **Table of Contents**](#TOC_4824)

Investment Goals, Strategies and Risks

------

applies a Minimum Standards Policy to evaluate the level of involvement of a company in activities that may be detrimental to the achievement of the SDGs. This may result in exclusion of issuers from the investment universe of securities in which the Fund may invest that do not align with the Fund's investment objectives nor meet its investment criteria. Such excluded issuers may include, but are not limited to, severe violators of human rights and international norms; those involved in fossil fuels value chain, including the extraction, processing/refining, trading of fossil fuels and production of dedicated equipment/services for the fossil fuel sector; electricity production; palm oil production; generation of revenue from certain chemicals, tobacco products, alcohol producers or retailers that fail to meet certain criteria, sugar-sweetened beverages, gambling, certain military equipment and weapons, and adult entertainment; and those issuers registered, incorporated or headquartered in tax havens as defined and maintained by the European Commission.

Additionally, the Adviser uses specialized environmental, social and governance ("ESG") data and rating providers as primary sources for opinions and engagement recommendations. Such sources may be specialized in specific topics such as carbon data or biodiversity, or providers of broader ESG data (for instance ISS ESG, Bloomberg, etc.). The Adviser also works with specialized consultants around specific topics such as gender equality.

The Adviser builds a relatively concentrated portfolio and the weight that an individual stock receives in the portfolio is generally based on the Adviser's fundamental opinion, liquidity, impact, and upside potential. The Adviser may sell a security due to a deterioration in the company's fundamental quality, a change in megatrend exposure or sustainability opinion, a controversy alert such as one relating to human rights, or if the Adviser believes the security has little potential for price appreciation or there is greater relative value in other securities in the Fund's investment universe. To the extent an issuer's status changes to meet the qualification for exclusion, the Fund shall take steps to divest its holdings of the issuer within a reasonable period of time. Because the Fund's divestment of such investments may not be immediate, the Fund could be invested temporarily in investments that do meet the qualification for exclusion. This screening criteria may be updated periodically. The Fund will notify shareholders prior to any change to the 80% policies discussed above taking effect.

Vaughan Nelson Mid Cap Fund

Investment Goal

The Fund seeks long-term capital appreciation. The Fund's investment goal may be changed without shareholder approval. The Fund will provide 60 days' prior written notice to shareholders before changing the investment goal.

Principal Investment Strategies

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in mid-capitalization companies. For these purposes, mid-capitalization companies are those that, at the time of purchase, have market capitalizations within the capitalization range of the Russell Midcap<sup>®</sup> Value Index, an unmanaged index that measures the performance of companies with lower price-to-book ratios and lower forecasted growth values within the broader Russell Midcap<sup>®</sup> Index. While the market capitalization range for the Russell Midcap<sup>®</sup> Value Index fluctuates, at December 31, 2025, it was $1.1 billion to $88.9 billion. However, the Fund may invest in companies with smaller or larger capitalizations. Equity securities may take the form of stock in corporations, limited partnership interests, interests in limited liability companies, real estate investment trusts ("REITs") or other trusts and similar securities representing direct or indirect ownership interests in business organizations.

Vaughan Nelson Investment Management, L.P. ("Vaughan Nelson") invests in medium-capitalization companies with a focus on those companies meeting Vaughan Nelson's return expectations. Vaughan Nelson uses a bottom-up value oriented investment process in constructing the Fund's portfolio. Vaughan Nelson seeks companies with the following characteristics, although not all of the companies selected will have these attributes:

• Companies earning a positive return on capital with stable-to-improving returns.

• Companies valued at a discount to their asset value.

• Companies with an attractive and sustainable dividend level.

In selecting investments for the Fund, Vaughan Nelson generally employs the following strategies:

• Vaughan Nelson employs a value-driven investment philosophy that selects stocks selling at a relatively low value based on business fundamentals, economic margin analysis and discounted cash flow models. Vaughan Nelson selects companies that it believes are out of favor or misunderstood.

• Vaughan Nelson uses fundamental analysis to construct a portfolio that, in the opinion of Vaughan Nelson, is made up of quality companies with the potential to provide significant increases in share price over a three year period.

• Vaughan Nelson will generally sell a security when it reaches Vaughan Nelson's price target or when the issuer shows a change in financial condition, competitive pressures, poor management decisions or internal or external forces reducing future expected returns from those expected at the time of investment.

The Fund may also:

• Invest in foreign securities, including emerging markets securities.

• Invest in other investment companies, to the extent permitted by the Investment Company Act of 1940.

• Invest in REITs.

• Invest in securities offered in initial public offerings ("IPOs"), securities issued pursuant to Rule 144A under the Securities Act of 1933 ("Rule 144A securities"), and other privately placed investments such as private equity investments.

------

[Back to **Table of Contents**](#TOC_4824)

Investment Goals, Strategies and Risks

------

Vaughan Nelson Small Cap Fund

Investment Goal

The Fund seeks capital appreciation. The Fund's investment goal may be changed without shareholder approval. The Fund will provide 60 days' prior written notice to shareholders before changing the investment goal.

Principal Investment Strategies

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in the equity securities, including common stocks and preferred stocks, of "small-capitalization companies." Equity securities may take the form of stock in corporations, limited partnership interests, interests in limited liability companies, real estate investment trusts ("REITs") or other trusts and other similar securities representing direct or indirect ownership interests in business organizations. Currently, the Fund defines a small-capitalization company to be one whose market capitalization, at the time of purchase, either falls within the capitalization range of the Russell 2000<sup>®</sup> Value Index or is $3.5 billion or less. While the market capitalization range for the Russell 2000<sup>®</sup> Value Index fluctuates, at December 31, 2025, it was $5.61 million to $17.0 billion. The Fund may, however, invest in companies with large-capitalizations.

Vaughan Nelson Investment Management, L.P. ("Vaughan Nelson") invests in small-capitalization companies with a focus on those companies meeting Vaughan Nelson's return expectations. Vaughan Nelson uses a bottom-up value oriented investment process in constructing the Fund's portfolio. Vaughan Nelson seeks companies with the following characteristics, although not all of the companies selected will have these attributes:

• Companies earning a positive return on capital with stable-to-improving returns.

• Companies valued at a discount to their asset value.

• Companies with an attractive and sustainable dividend level.

In selecting investments for the Fund, Vaughan Nelson generally employs the following strategies:

• Value-driven investment philosophy that selects stocks selling at a relatively low value based on discounted cash flow models. Vaughan Nelson selects companies that it believes are out of favor or misunderstood.

• Vaughan Nelson starts with an investment universe of 5,000 securities. Vaughan Nelson then uses value-driven screens to create a research universe of companies with market capitalizations of at least $100 million.

• Vaughan Nelson uses fundamental analysis to construct a portfolio of 60 to 80 securities that, in the opinion of Vaughan Nelson, is made up of quality companies with the potential to provide significant increases in share price over a three year period.

• Vaughan Nelson will generally sell a security when it reaches Vaughan Nelson's price target or when the issuer shows a change in financial condition, competitive pressures, poor management decisions or internal or external forces reducing future expected returns from those expected at the time of investment.

The Fund may also:

• Invest in convertible preferred stock and convertible debt securities.

• Invest in foreign securities, including emerging market securities.

• Invest in REITs.

• Invest in securities offered in initial public offerings ("IPOs").

All Funds

**Temporary Defensive Measures**

Temporary defensive measures may be used by a Fund during adverse economic, market, political or other conditions. In this event, a Fund may hold any portion of its assets in cash (U.S. dollars, foreign currencies or multinational currency units) and/or invest in cash equivalents such as money market instruments or high-quality debt securities as it deems appropriate. A Fund may miss certain investment opportunities if it uses defensive strategies and thus may not achieve its investment goal.

**Securities Lending**

Each Fund may lend a portion of its portfolio securities to brokers, dealers and other financial institutions provided a number of conditions are satisfied, including that the loan is fully collateralized. Please see "Investment Strategies and Risks" in the Statement of Additional Information ("SAI") for details. If a Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned and the Fund will also receive a fee or interest on the collateral. These fees or interest are income to each Fund, although a Fund often must share the income with the securities lending agent and/or the borrower. Securities lending involves, among other risks, the risk of loss of rights in the collateral or delay in recovery of the collateral if the borrower fails to return the security loaned or becomes insolvent. A Fund may pay lending fees to the party arranging the loan.

In addition, any investment of cash is generally at the sole risk of a Fund. Any income or gains and losses from investing and reinvesting any cash collateral delivered by a borrower pursuant to a loan are generally at a Fund's risk, and to the extent any such losses reduce the amount of cash below the amount required to be returned to the borrower upon the termination of any loan, the Fund may be required by the securities lending agent to pay or cause to be paid

------

[Back to **Table of Contents**](#TOC_4824)

Investment Goals, Strategies and Risks

------

to such borrower an amount equal to such shortfall in cash, possibly requiring it to liquidate other portfolio securities to satisfy its obligations. Each Fund's securities lending activities are implemented pursuant to policies and procedures approved by the Board of Trustees and are subject to Board oversight.

**Percentage Investment Limitations**

Except as set forth in the Funds' SAI, the percentage limitations set forth in this Prospectus and the SAI apply at the time an investment is made and shall not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of such investment.

**Portfolio Holdings**

A description of each Fund's policies and procedures with respect to the disclosure of each Fund's portfolio securities is available in the section "Portfolio Holdings Information" in the SAI.

A "snapshot" of each Fund's investments may be found in its filing on Form N-CSR. In addition, a list of each Fund's full portfolio holdings, which is updated monthly after an aging period of at least 30 calendar days (10 business days for Mirova Global Megatrends Fund, 15 calendar days for Vaughan Nelson Mid Cap Fund and Vaughan Nelson Small Cap Fund) is available on the Funds' website at im.natixis.com/us/fund-documents (in the "Holdings" column select "Full portfolio holdings" for the relevant Fund). These holdings will remain accessible on the website at least until each Fund files its respective Form N-CSR or Form N-PORT with the SEC for the period that includes the date of the information. In addition, a list of each Fund's top 10 holdings as of month-end is generally available within 7 business days after month-end (30 days after month-end for Gateway Fund and Gateway Equity Call Premium Fund) on the Funds' website at https://www.im.natixis.com/us/fund-documents (click Fund name and navigate to "Top Ten Holdings" section on the web page).

------

[Back to **Table of Contents**](#TOC_4824)

More About Risks

------

More About Risks

This section provides more information on certain principal risks that may affect a Fund's portfolio, as well as information on additional risks a Fund may be subject to because of its investments or practices. In seeking to achieve its investment goals, a Fund may also invest in various types of securities and engage in various investment practices which are not a principal focus of a Fund and therefore are not described in this Prospectus. These securities and investment practices and their associated risks are discussed in the Funds' SAI, which is available without charge upon request (see back cover). The significance of any specific risk to an investment in a Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to a Fund.

Fund shares are not bank deposits and are not guaranteed, endorsed or insured by the Federal Deposit Insurance Corporation or any other government agency, and are subject to investment risks, including possible loss of the principal invested.

**Recent Market Events Risk**

The Funds are subject to the risk that geopolitical and other events (e.g., wars, pandemics, terrorism, trade disputes, and rapid technological developments or widespread adoption of new technologies) will disrupt securities markets and adversely affect particular economies and markets as well as global economies and markets, thereby potentially decreasing the value of a Fund's investments. The COVID-19 pandemic resulted in, among other things, significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and economic downturns and recessions, and may continue to have similar effects in the future. Such factors, and the effects of other infectious illness outbreaks, epidemics, or pandemics, may have a significant adverse effect on a Fund's performance, exacerbate other risks that apply to a Fund, exacerbate existing economic, political, or social tensions, have the potential to impair the ability of a Fund's investment adviser, Subadviser, or other service providers to serve the Fund, and lead to disruptions that negatively impact a Fund.

In addition, Russia's military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. These and any related events could significantly impact a Fund's performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to Russian issuers or issuers in other countries affected by the invasion.

In addition, U.S. trade policy has changed rapidly in the past, and may do so in the future, and it may be an ongoing source of instability, potentially resulting in significant currency fluctuations and/or having other adverse effects on international markets, international trade agreements, and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the sectors or industries in which a Fund invests and financial markets generally, as well as other adverse impacts on the Fund's overall performance. Events such as these and their impact on the Funds are impossible to predict. Other issuers or markets could be similarly affected by past or future geopolitical or other events or conditions.

**Below Investment Grade Fixed-Income Securities Risk**

Below investment grade fixed-income securities, also known as "junk bonds," are rated below investment grade quality and may be considered speculative with respect to the issuer's continuing ability to make principal and interest payments. To be considered rated below investment grade quality, a security must not have been rated by any of the three major rating agencies (Moody's Investors Service, Inc., Fitch Ratings, Inc. or S&P Global Ratings) in one of their respective top four rating categories at the time a Fund acquires the security or, if the security is unrated, the portfolio managers have determined it to be of comparable quality. Analysis of the creditworthiness of issuers of below investment grade fixed-income securities may be more complex than for issuers of higher-quality debt securities, and a Fund's ability to achieve its investment objectives may, to the extent the Fund invests in below investment grade fixed-income securities, be more dependent upon the portfolio managers' credit analysis than would be the case if the Fund were investing in higher-quality securities. The issuers of these securities may be in default or have a currently identifiable vulnerability to default on their payments of principal and interest, or may otherwise present elements of danger with respect to payments of principal or interest. Below investment grade fixed-income securities may be more susceptible to real or perceived adverse economic and competitive industry conditions than higher-grade securities. Yields on below investment grade fixed-income securities will fluctuate. When a Fund makes an investment, the Fund may incur costs, such as transactional or legal expenses, associated with the investment. With respect to investments in distressed instruments, including some below investment grade fixed-income securities, a Fund may be more likely to incur additional expenses. For example, if the issuer of below investment grade fixed-income securities defaults, a Fund may incur additional expenses to seek recovery.

The secondary markets in which below investment-grade securities are traded may be less liquid than the market for higher-grade securities. A lack of liquidity in the secondary trading markets could adversely affect the price at which a Fund could sell a particular below investment-grade security when necessary to meet liquidity needs or in response to a specific economic event, such as a deterioration in the creditworthiness of the issuer, and could adversely affect and cause large fluctuations in the net asset value ("NAV") of a Fund's shares. Adverse publicity and investor perceptions may decrease the values and liquidity of high yield securities generally. It is reasonable to expect that any adverse economic conditions could disrupt the market for below investment-grade securities, have an adverse impact on the value of such securities and adversely affect the ability of the issuers of such securities to repay principal and pay interest thereon. New laws and proposed new laws may adversely impact the market for below investment-grade fixed-income securities.

------

[Back to **Table of Contents**](#TOC_4824)

More About Risks

------

**Call Options Risk**

The value of Gateway Equity Call Premium Fund's positions in index options may fluctuate in response to changes in the value of the underlying index. Writing index call options limits the opportunity to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option. Unusual market conditions or the lack of a ready market for any particular option at a specific time may reduce the effectiveness of the Fund's option strategies, and for these and other reasons the Fund's option strategies may not reduce the Fund's volatility to the extent desired.

**Convertible Securities Risk**

Convertible securities have investment characteristics of both equity and debt securities. Investments in convertible securities are subject to the usual risks associated with debt instruments, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert, and are thus subject to many of the same risks as investing in common stock. A Fund may convert a convertible security at an inopportune time, which may decrease the Fund's return.

**Correlation Risk**

A Fund's ability to manage the volatility of its equity portfolio by writing index options depends on the correlation between the returns of the equity portfolio and those of the index on which the Fund's index options are written. Accordingly, the effectiveness of the Fund's index option-based risk management strategy may be reduced to the extent the performance of the Fund's equity portfolio does not correlate to that of the index underlying its option positions.

**Credit/Counterparty Risk**

Credit/counterparty risk is the risk that the issuer or guarantor of a fixed-income security, or the counterparty to a derivative or other transaction, will be unable or unwilling to make timely payments of interest or principal or to otherwise honor its obligations. As a result, a Fund may sustain losses or be unable or delayed in its ability to realize gains. A Fund will be subject to credit/counterparty risk with respect to the counterparties to its derivatives transactions. Many of the protections afforded to participants on organized exchanges, such as the performance guarantee given by a central clearing house, are not available in connection with over-the-counter ("OTC") derivatives transactions, such as foreign currency transactions. For centrally cleared derivatives, such as cleared swaps, futures and many options, the primary credit/counterparty risk is the creditworthiness of a Fund's clearing broker and the central clearing house itself. Regulatory requirements may also limit the ability of a Fund to protect its interests in the event of an insolvency of a derivatives counterparty. In the event of a counterparty's (or its affiliate's) insolvency, a Fund's ability to exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral, could be stayed or eliminated under special resolution regimes adopted in the United States, the European Union, the United Kingdom and various other jurisdictions. Such regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty. In particular, with respect to counterparties who are subject to such proceedings in the European Union and the United Kingdom, the liabilities of such counterparties to a Fund could be reduced, eliminated, or converted to equity in such counterparties (sometimes referred to as a "bail in").

**Currency Risk**

Fluctuations in the exchange rates between different currencies may negatively affect an investment. A Fund may be subject to currency risk because it may invest in currency-related instruments and/or securities or other instruments denominated in, or that generate income denominated in, foreign currencies. The market for some or all currencies may from time to time have low trading volume and become illiquid, which may prevent a Fund from effecting a position or from promptly liquidating unfavorable positions in such markets, thus subjecting the Fund to substantial losses. A 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.

**Cybersecurity and Technology Risk**

The Funds, their service providers and other market participants increasingly depend on complex information technology and communications systems, which are subject to a number of different threats and risks that could adversely affect the Funds and their shareholders. These risks include, among others, theft, misuse, and improper release of confidential or highly sensitive information relating to the Funds and their shareholders, as well as compromises or failures to systems, networks, devices and applications relating to the operations of the Funds and their service providers, including those relating to the performance and effectiveness of security procedures used by a Fund or its service providers to protect a Fund's assets. Power outages, natural disasters, equipment malfunctions and processing errors that threaten these systems, as well as market events that occur at a pace that overloads these systems, may also disrupt business operations or impact critical data. Cybersecurity incidents and cyber-attacks have been occurring globally at a more frequent and severe level and will likely continue to increase in frequency in the future. There may be an increased risk of cyber-attacks during periods of geopolitical or military conflict, and geopolitical tensions may increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing. Any problems relating to the performance and effectiveness of security procedures used by a Fund or its service providers to protect a Fund's assets, such as algorithms, codes, passwords, multiple signature systems, encryption and telephone call-backs, may have an adverse impact on an investment in a Fund. Cybersecurity and other operational and technology issues may result in financial losses to the Funds and their shareholders, impede business transactions, violate privacy and other laws, subject the Funds to certain regulatory penalties and reputational damage, and increase compliance costs and expenses. Furthermore, as a Fund's assets grow, it may become a more appealing target for cybersecurity threats such as hackers and malware. Although the Funds have developed processes, risk management systems and business continuity plans designed to reduce these risks, the Funds do not directly control the cybersecurity defenses, operational and technology plans and systems of their service providers, financial intermediaries and companies in which they invest or with which they do business. The Funds and their shareholders could be negatively impacted as a result. Similar types of

------

[Back to **Table of Contents**](#TOC_4824)

More About Risks

------

cybersecurity risks also are present for issuers of securities in which the Funds invest, which could result in material adverse consequences for such issuers, and may cause the Funds' investment in such securities to lose value.

The Adviser, the Funds and the issuers in which they invest, service providers, and other market participants may utilize artificial intelligence technologies in business operations. It is possible that the information provided through use of artificial intelligence could be insufficient, incomplete, inaccurate or biased leading to adverse effects for a Fund, including, potentially, operational errors and investment losses. Moreover, recent technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Adviser and the Funds. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence technologies. As artificial intelligence technologies are used more widely, the profitability and growth of a Fund's holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which artificial intelligence technologies operate continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.

**Derivatives Risk**

As described herein and in the SAI, the use of derivatives involves special risks. Derivatives are financial contracts whose value depends upon or is derived from the value of an underlying asset, reference rate or index. There is no guarantee that a Fund's 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 a Fund's exposure to securities market values, interest rates, currency exchange rates or other markets. It is possible that a Fund's liquid assets may be insufficient to support its obligations under its derivatives positions. A Fund's use of derivatives, such as futures, forwards and foreign currency transactions, involves other risks, such as the credit/counterparty risk relating to the other party to a derivative contract (which is generally greater for OTC derivatives than for centrally cleared derivatives), the risk of difficulties in pricing and valuation, the risk that changes in the value of a derivative may not correlate as expected with relevant assets, rates or indices, liquidity risk and the risk of losing more than any amounts paid or margin transferred to initiate derivatives positions. The Fund may be required to sell other securities at inopportune times to meet collateral requirements on its derivatives transactions. There is also the risk that a Fund may be unable to terminate or sell a derivatives position at an advantageous time or price. The use of derivatives may cause a Fund to incur losses greater than those which would have occurred had derivatives not been used. Losses resulting from the use of derivatives will reduce a Fund's NAV, and possibly income. To the extent that a Fund uses a derivative for purposes other than as a hedge, or if a 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. When used, derivatives may affect the timing, amount, or character of distributions payable to, and thus taxes payable by, shareholders. Similarly, for accounting and performance reporting purposes, income and gain characteristics may be different than if the Fund held the underlying securities or other assets directly.

Rule 18f-4 under the Investment Company Act of 1940, as amended (the "1940 Act"), governs the use of derivative investments and certain financing transactions by registered investment companies. Among other things, Rule 18f-4 requires funds that invest in derivative instruments beyond a specified limited amount to apply a value-at-risk based limit to their use of derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. A Fund that uses derivative instruments in a limited amount is not subject to the full requirements of Rule 18f-4. Compliance with the rule by the Funds could, among other things, make derivatives more costly, limit their availability or utility, or otherwise adversely affect a Fund's performance.

**Emerging Markets Risk**

In addition to the risks of investing in foreign investments generally, emerging markets investments are subject to greater risks arising from political or economic instability, war, nationalization or confiscatory taxation, currency exchange or repatriation restrictions, sanctions by other countries (such as the United States or the European Union), new or inconsistent government treatment of or restrictions on new issuers and instruments, and an issuer's unwillingness or inability to make dividend, principal or interest payments on its securities. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets. In addition, pandemics and outbreaks of contagious diseases may exacerbate pre-existing problems in emerging market countries with less established health care systems.

*Economic and Political Risks.* Emerging market countries often experience instability in their political and economic structures and have less market depth, infrastructure, capitalization and regulatory oversight than more developed markets. Government actions could have a significant impact on the economic conditions in such countries, which in turn would affect the value and liquidity of the assets of a Fund invested in emerging market securities. Specific risks that could decrease a Fund's return include seizure of a company's assets, restrictions imposed on payments as a result of blockages on foreign currency exchanges or sanctions and unanticipated social or political occurrences.

The ability of the government of an emerging market country to make timely payments on its debt obligations will depend on many factors, including the extent of its reserves, fluctuations in interest rates and access to international credit and investments. A country that has non-diversified exports or relies on certain key imports will be subject to greater fluctuations in the pricing of those commodities. Failure to generate sufficient earnings from foreign trade will make it difficult for an emerging market country to service its foreign debt.

Companies trading in developing securities markets are generally smaller and have shorter operating histories than companies trading in developed markets. Foreign investors may be required to register the proceeds of sales. Settlement of securities transactions in emerging markets may be subject to risk of loss and may be delayed more often than transactions settled in the United States, in part because a Fund will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries may be unreliable compared to more developed countries. Disruptions resulting

------

[Back to **Table of Contents**](#TOC_4824)

More About Risks

------

from social and political factors may cause the securities markets to close. If extended closings were to occur, the liquidity and value of a Fund's assets invested in corporate debt obligations of emerging market companies would decline.

*Investment Controls; Repatriation.* Foreign investment in emerging market country debt securities is restricted or controlled to varying degrees. These restrictions may at times limit or preclude foreign investment in certain emerging market country debt securities. Certain emerging market countries require government approval of investments by foreign persons, limit the amount of investments by foreign persons in a particular issuer, limit investments by foreign persons only to a specific class of securities of an issuer that may have less advantageous rights than the classes available for purchase by domiciliaries of the countries and/or impose additional taxes or controls on foreign investors or currency transactions. Certain emerging market countries may also restrict investment opportunities in issuers in industries deemed important to national interests.

Emerging market countries may require governmental approval for the repatriation of investment income, capital or proceeds of sale of securities by foreign investors. In addition, if a deterioration occurs in an emerging market country's balance of payments, the country could impose temporary restrictions on foreign capital remittances. A Fund could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the application to a Fund of any restrictions on investments. Investing in local markets in emerging market countries may require a Fund to adopt special procedures, seek local governmental approvals or take other actions, each of which may involve additional costs to a Fund.

**Equity Securities Risk**

The value of your investment in a Fund is based on the market value (or price) of the securities the Fund holds. You may lose money on your investment due to unpredictable declines in the value of individual securities and/or periods of below-average performance in individual securities, industries or in the equity market as a whole. This may impact a Fund's performance and may result in higher portfolio turnover, which may increase the tax liability to taxable shareholders and the expenses incurred by the Fund. The market value of a security can change daily due to political, economic and other events that affect the securities markets generally, as well as those that affect particular companies or governments. These price movements, sometimes called volatility, will vary depending on the types of securities a Fund owns and the markets in which they trade. Historically, the equity markets have moved in cycles, and the value of a Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response to such trends and developments. Securities issued in initial public offerings 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. Small-capitalization and emerging growth companies may be subject to more abrupt price movements, limited markets and less liquidity than larger, more established companies, which could adversely affect the value of a Fund's portfolio. Growth stocks are generally more sensitive to market movements than other types of stocks primarily because their stock prices are based heavily on future expectations. If the Adviser's assessment of the prospects for a company's growth is wrong, or if the Adviser's judgment of how other investors will value the company's growth is wrong, then the price of the company's stock may fall or not approach the value that the Adviser has placed on it. 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. Common stocks represent an equity or ownership interest in an issuer. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of the issuer's bonds generally take precedence over the claims of those who own preferred stock or common stock.

**ESG Investing Risk** 

A Fund's ESG investment approach could cause a Fund to perform differently, including underperforming, compared to funds that do not have such an approach or compared to the market as a whole. A Fund's application of ESG-related considerations may affect the Fund's exposure to certain issuers, industries, sectors, style factors or other characteristics and may impact the relative performance of a Fund—positively or negatively—depending on the relative performance of such investments. Excluding stocks that do not meet the ESG standards (as determined by the Adviser) results in a smaller universe of investments in which the Fund may invest, which may exacerbate this risk. Views on what constitutes "ESG investing," and therefore what investments are appropriate for a fund that has an ESG investment approach, may differ by fund, adviser and investor. In evaluating an investment, a portfolio manager may be reliant upon information and data that may turn out to be incomplete, inaccurate or unavailable, which may negatively impact the portfolio manager's assessment of an issuer's ESG performance or a Fund's performance generally. There is no guarantee that the Adviser's efforts to select investments based on ESG practices will be successful or that any judgment exercised by the Adviser will improve the financial performance of the Fund or reflect the beliefs or values of any particular investor.

**Foreign Securities Risk**

Foreign securities risk is the risk associated with investments in issuers located in foreign countries. A Fund's investments in foreign securities may experience more rapid and extreme changes in value than investments in securities of U.S. issuers. The securities markets of many foreign countries are relatively small, with a limited number of issuers and a small number of securities. In addition, foreign companies often are not subject to the same degree of regulation as U.S. companies. Reporting, accounting, disclosure, custody and auditing standards and practices of foreign countries differ, in some cases significantly, from U.S. standards and practices, and are often not as rigorous. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Many countries, including developed nations and emerging markets, are faced with concerns about high government debt levels, credit rating downgrades, the future of the euro as a common currency, possible government debt restructuring and related issues, all of which may cause the value of a Fund's non-U.S. investments to decline. Nationalization, expropriation

------

[Back to **Table of Contents**](#TOC_4824)

More About Risks

------

or confiscatory taxation, currency blockage, the imposition of sanctions or threat thereof by other countries (such as the United States), political changes or diplomatic developments, as well as civil unrest, geopolitical tensions, armed conflicts, wars and acts of terrorism, may impair a Fund's ability to buy, sell, hold, receive, deliver, or otherwise transact in certain securities and may also cause the value of a Fund's non-U.S. investments to decline. When imposed, foreign withholding or other taxes reduce a Fund's return on foreign securities. In the event of nationalization, expropriation, confiscation, or other government action, intervention, or restriction, a Fund could lose its entire investment in a particular foreign issuer or country. Investments in emerging markets may be subject to these risks to a greater extent than those in more developed markets and securities of developed market companies that conduct substantial business in emerging markets may also be subject to greater risk. These risks also apply to securities of foreign issuers traded in the United States or through depositary receipt programs such as American Depositary Receipts. To the extent a Fund invests a significant portion of its assets in a specific geographic region, the Fund may have more exposure to regional political, economic, environmental, credit/counterparty and information risks. In addition, foreign securities may be subject to increased credit/counterparty risk because of the potential difficulties of requiring foreign entities to honor their contractual commitments. Finally, the threat of or actual imposition of tariffs may adversely impact the price of non-U.S. securities.

**Inflation/Deflation Risk**

Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the present value of future payments. As inflation increases, the real value of a Fund's portfolio could decline. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy (or expectations that such policies will change), and a Fund's investments may not keep pace with inflation, which may result in losses to the Fund's investors. Deflation risk is the risk that prices throughout the economy decline over time (the opposite of inflation). Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of a Fund's portfolio.

**Interest Rate Risk**

Interest rate risk is the risk that changes in interest rates will affect the value of a Fund's investments in fixed-income securities, such as bonds, notes, asset-backed securities and other income-producing securities and derivatives. Fixed-income securities are obligations of the issuer to make payments of principal and/or interest on future dates. Increases in interest rates may cause the value of a Fund's investments to decline. In addition, the value of certain derivatives (such as interest rate futures) is related to changes in interest rates and their value may suffer significant decline as a result of interest rate changes. A prolonged period of low interest rates may cause a Fund to have a low or negative yield, potentially reducing the value of your investment. Generally, the value of fixed-income securities, including short-term fixed-income securities, rises when prevailing interest rates fall and falls when interest rates rise. Interest rate risk generally is greater for funds that invest in fixed-income securities with relatively longer durations than for funds that invest in fixed-income securities with shorter durations. A significant change in interest rates could cause a Fund's share price (and the value of your investment) to change. Interest rates can also change in response to the supply and demand for credit, inflation rates, and other factors. Fiscal, economic, monetary or other governmental or central bank policies, actions or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including fluctuations in interest rates.

**Investments in Other Investment Companies Risk**

A Fund will indirectly bear the management, service and other fees of any other investment companies, including exchange-traded funds ("ETFs"), in which it invests in addition to its own expenses. A Fund is also indirectly exposed to the same risks as the underlying funds in proportion to the allocation of the Fund's assets among the underlying funds. In addition, investments in ETFs have unique characteristics, including, but not limited to, the expense structure and additional expenses associated with investing in ETFs. Investments in other investment companies could allow a Fund to obtain investment exposure to certain securities or issuers to a greater extent than might otherwise be permitted under the 1940 Act. Any investment in another investment company will be consistent with a Fund's investment objective(s) and applicable regulatory limitations.

**Issuer Exposure Risk**

Although a Fund is "diversified" within the meaning of the Investment Company Act of 1940, as amended (the "1940 Act"), increases in value in certain securities held by the Fund could cause the Fund to be significantly exposed to a relatively small number of issuers. Similarly, although a Fund is not an index fund, in order to reduce the Fund's performance dispersion from its benchmark the Fund may use investments in other investment companies to increase its exposure to certain issuers to a greater extent than might otherwise be permitted under the 1940 Act. This exposure to a relatively small number of issuers could increase the risk and volatility of the Fund.

**Large Shareholder Transaction Risk**

Ownership of shares of a Fund may be concentrated in one or a few large investors, which may include, among others, institutional investors, financial intermediaries, or Funds over which the Adviser has investment discretion. Such investors may redeem shares in large quantities or on a frequent basis. In addition, a large number of shareholders collectively may purchase or redeem Fund shares in large amounts rapidly or unexpectedly (collectively, such transactions are referred to as "large shareholder transactions"). In the event of a large shareholder transaction, the Fund may be forced to sell investments at unfavorable times or prices, which may increase realized capital gains, including short-term capital gains taxable as ordinary income for shareholders who hold Fund shares in a taxable account, may accelerate the realization of taxable income to shareholders, and may increase transaction costs. The effects of taxable income and/or gains resulting from large shareholder transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA, 401(k) plan or other tax-advantaged plan. In addition, the Fund also may be required to sell its more liquid investments to meet a large redemption, in which case the Fund's remaining assets may be less liquid, more volatile, and more difficult to price. These transactions potentially limit the

------

[Back to **Table of Contents**](#TOC_4824)

More About Risks

------

use of any capital loss carryforwards and certain other losses to offset future realized capital gains (if any). Such transactions may also increase a Fund's expenses or could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratios. Any of these potential effects may also negatively impact Fund performance. In addition, large purchases of Fund shares may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns. A number of circumstances may cause a Fund to experience large redemptions, such as changes in the eligibility criteria for a Fund or share class of the Fund; liquidations, reorganizations, repositionings, or other announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel.

**Leverage Risk**

Leverage is the risk associated with securities or investment practices (e.g., borrowing and the use of certain derivatives) that multiply small index, market or asset-price movements into larger changes in value. Leverage magnifies the potential for gain and the risk of loss. As a result, a relatively small decline in the value of the underlying investments could result in a relatively large loss. The use of leverage will increase the impact of gains and losses on the Fund's returns, and may lead to significant losses if investments are not successful.

**Liquidity Risk**

Liquidity risk is the risk that a Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects. Decreases in the number of financial institutions willing to make markets in a Fund's investments or in their capacity or willingness to transact may increase the Fund's exposure to this risk. Events that may lead to increased redemptions, such as market disruptions or increases in interest rates, may also negatively impact the liquidity of a Fund's investments when it needs to dispose of them. Markets may become illiquid quickly. If a Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. Securities acquired in a private placement, such as Rule 144A securities and privately negotiated credit, equity and other investments, as applicable, are generally subject to significant liquidity risk because they are subject to strict restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. Derivatives, and particularly OTC derivatives, are generally subject to liquidity risk as well. In other circumstances, liquid investments may become illiquid. Liquidity issues may also make it difficult to value a Fund's investments. A Fund may invest in liquid investments that become illiquid due to financial distress, or geopolitical events such as sanctions, trading halts or wars. In some cases, especially during periods of market turmoil, there may be no buyers or sellers for securities in certain asset classes, dealers may be unwilling or unable to make a market for certain securities, and a redemption may dilute the interest of the remaining shareholders.

**Management Risk**

Management risk is the risk that the portfolio managers' investment techniques could fail to achieve a Fund's objective and could cause your investment in a Fund to lose value. Each Fund is subject to management risk because each Fund is actively managed. The portfolio managers will apply their investment techniques and risk analyses in making investment decisions for the Funds, but there can be no guarantee that such decisions will produce the desired results. For example, securities that the portfolio managers expect to appreciate in value may, in fact, decline. Similarly, in some cases, derivative and other investment techniques may be unavailable or the portfolio managers may determine not to use them, even under market conditions where their use could have benefited the Funds.

**Market/Issuer Risk**

The market value of a Fund's investments will move up and down, sometimes rapidly and unpredictably, based upon political, regulatory, market, economic, and social conditions, as well as developments that impact specific economic sectors, industries, or segments of the market, including conditions that directly relate to the issuers of a Fund's investments, such as management performance, financial condition, and demand for the issuers' goods and services. A Fund is subject to the risk that geopolitical events will adversely affect global economies and markets. War, terrorism, and related geopolitical events have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on global economies and markets or on specific sectors, industries and countries. Likewise, natural and environmental disasters and epidemics or pandemics may be highly disruptive to economies and markets or on specific sectors, industries and countries. Due to the interconnectedness of economies and financial markets throughout the world, if a Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Fund's investments may be negatively affected. Events such as these and their impact on the Funds may be difficult or impossible to predict.

**Models and Data Risk**

An Adviser utilizes various proprietary quantitative models (including models that may utilize forms of artificial intelligence, such as machine learning) to identify investment opportunities. There is a possibility that one or all of the quantitative models may fail to identify profitable opportunities at any time. Furthermore, the models may incorrectly identify opportunities and these misidentified opportunities may lead to substantial loss. Models may be predictive in nature and such models may result in an incorrect assessment of future events. Data used in the construction of models may prove to be inaccurate or stale, which may result in losses for a Fund. Investments selected using the models may perform differently than expected as a result of the market factors used in creating models, the weight given to each such market factor, changes from the market factors' historical trends, human error and technical issues in the construction and implementation of the models (e.g., data problems, and/or software issues). Models may cause a Fund's portfolio to underperform other investment strategies and may not perform as intended in volatile markets. The Adviser's judgments about the weightings among various models and strategies may be incorrect, adversely affecting performance.

------

[Back to **Table of Contents**](#TOC_4824)

More About Risks

------

**Mortgage-Related and Asset-Backed Securities Risk**

In addition to the risks associated with investments in fixed-income securities generally (for example, credit, liquidity, inflation and valuation risk), mortgage-related and asset-backed securities are subject to the risks of the mortgages and assets underlying the securities as well as prepayment risk, the risk that the securities may be prepaid and result in the reinvestment of the prepaid amounts in securities with lower yields than the prepaid obligations. Conversely, there is a risk that a rise in interest rates will extend the life of a mortgage-related or asset-backed security beyond the expected prepayment time, typically reducing the security's value, which is called extension risk. A Fund also may incur a loss when there is a prepayment of securities that were purchased at a premium. The value of some mortgage-related securities and other asset-backed securities in which a Fund invests may be particularly sensitive to changes in prevailing interest rates, and the ability of a Fund to successfully utilize these instruments may depend in part upon the ability of the Fund's Adviser or Subadviser to forecast interest rates and other economic factors correctly. The risk of non-payment is greater for mortgage-related securities that are backed by loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their loans, or which may be negatively impacted by economic and market conditions, but a level of risk exists for all loans. Market factors adversely affecting mortgage loan repayments may include a general economic downturn or recession, high unemployment, a general slowdown in the real estate market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mortgage payments by holders of adjustable rate mortgages. During periods of difficult economic conditions, delinquencies and losses on commercial mortgage-backed investments in particular generally increase, including as a result of the effects of those conditions on commercial real estate markets, the ability of commercial tenants to make loan payments, and the ability of a property to attract and retain commercial tenants. A Fund's investments in other asset-backed securities are subject to risks similar to those associated with the servicing of those assets. These types of securities may also decline for reasons associated with the underlying collateral. A dollar roll involves potential risks of loss that are different from those related to the securities underlying the transactions. A Fund may be required to purchase securities at a higher price than may otherwise be available on the open market. Since the counterparty in the transaction is required to deliver a similar, but not identical, security to the Fund, the security that the Fund is required to buy under the dollar roll may be worth less than an identical security. There is no assurance that a Fund's use of cash that it receives from a dollar roll will provide a return that exceeds borrowing costs.

**Options Risk**

The value of Gateway Fund's positions in index options may fluctuate in response to changes in the value of the underlying index. Writing index call options limits the opportunity to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option. Gateway Fund also risks losing all or part of the cash paid for purchasing index put options. Unusual market conditions or the lack of a ready market for any particular option at a specific time may reduce the effectiveness of Gateway Fund's option strategies, and for these and other reasons the Fund's option strategies may not reduce the Fund's volatility to the extent desired. From time to time, Gateway Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline.

**Portfolio Turnover Rate Risk**

A Fund may engage in active and frequent trading of portfolio securities to pursue its principal investment strategy. A high rate of portfolio turnover may involve correspondingly greater expenses, which must be borne by a Fund and its shareholders, and also may result in short term capital gains or losses to shareholders. Portfolio turnover is subject to fluctuations and is dependent on certain factors including current market conditions, portfolio re-balancing, cash flows, new issuance, and individual portfolio needs.

**REITs Risk**

The performance of a Fund that invests in REITs may be dependent in part on the performance of the real estate market and the real estate industry in general. The real estate industry is particularly sensitive to economic downturns. Securities of companies in the real estate industry, including REITs, 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. The U.S. residential and commercial real estate markets may, in the future, experience and have, in the past, experienced a decline in value, with certain regions experiencing significant losses in property values. When growth is slowing, demand for property decreases and prices may decline, which could impact the value of real estate investments as well as mortgage-backed securities that may be held by a Fund. Although interest rates have significantly increased in recent years, the prices of real estate-related assets generally have not decreased as much as may be expected based on historical correlations between interest rates and prices of real estate-related assets. This presents an increased risk of a correction or severe downturn in real estate-related asset prices, which could adversely impact the value of other investments as well (such as loans, securitized debt and other fixed income securities). This risk is particularly present with respect to commercial real estate-related asset prices, and the value of other investments with a connection to the commercial real estate sector. Exposure to such real estate may adversely affect a REIT's performance, and therefore a Fund's performance. 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 the mortgage loans held by the REIT. REITs also are subject to default and prepayment risk. REITs are dependent upon cash flow from their investments to repay financing costs and also on the ability of the REITs' managers. A 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.

**Small- and Mid-Capitalization Companies Risk**

Compared to companies with large market capitalization, small- and mid-capitalization companies are more likely to have limited product lines, markets or financial resources, or to depend on a small, inexperienced management group. Securities of these companies often trade less frequently and in limited

------

[Back to **Table of Contents**](#TOC_4824)

Management Team

------

volume and their prices may fluctuate more than stocks of large-capitalization companies. Securities of small- and mid-capitalization companies may therefore be more vulnerable to adverse developments than those of large-capitalization companies. As a result, it may be relatively more difficult for a Fund to buy and sell securities of small- and mid-capitalization companies.

Management Team

Meet the Funds' Investment Advisers and Subadviser

The Natixis Funds family currently includes 22 mutual funds (the "Natixis Funds"). The Natixis Funds family had combined assets of $64.4 billion as of December 31, 2025. Natixis Funds are distributed through Natixis Distribution, LLC (the "Distributor").

Advisers

**Gateway,** located at 312 Walnut Street, Cincinnati, Ohio 45202, serves as the adviser to the Gateway Equity Call Premium Fund and the Gateway Fund. Gateway is a registered investment adviser that specializes in the management of index option-based strategies for high net worth individuals, investment companies, pension and profit sharing plans, charitable organizations and corporations. Gateway and its predecessor organizations have provided investment advisory services since 1977. Gateway had approximately $11.54 billion in assets under management as of December 31, 2025. Gateway makes investment decisions for the Gateway Equity Call Premium Fund and the Gateway Fund.

The aggregate advisory fees paid by the Funds during the fiscal year ended December 31, 2025, as a percentage of each Fund's average daily net assets, were 0.46% for the Gateway Equity Call Premium Fund (after waiver) and 0.56% for the Gateway Fund (after waiver).

**Mirova US,** located at 888 Boylston Street, Suite 500, Boston, Massachusetts 02199-8197, serves as the adviser to the Mirova Global Megatrends Fund. Mirova US was formed in 2018 and began operations on March 29, 2019 and specializes in globally diversified portfolio management. Mirova US had $13.6 billion in assets under management as of December 31, 2025. Mirova US has entered into a personnel-sharing arrangement with its Paris-based affiliate, Mirova, which is part of Natixis Investment Managers, LLC ("Natixis Investment Managers"). Pursuant to this arrangement, certain employees of Mirova, as a "participating affiliate," serve as "associated persons" of Mirova US and, in this capacity, are subject to the oversight of Mirova US and its Chief Compliance Officer. These associated persons will, on behalf of Mirova US, provide discretionary investment management services (including acting as portfolio managers), research and related services to the Funds in accordance with the investment objectives, policies and limitations set forth in the Prospectus and SAI. Unlike Mirova US, Mirova is not registered as an investment adviser with the SEC. The personnel-sharing arrangement is based on no-action letters of the staff of the SEC that permit SEC-registered investment advisers to rely on and use the resources of advisory affiliates, subject to certain conditions.

The aggregate advisory fees paid by the Funds during the fiscal year ended December 31, 2025 as a percentage of each Fund's average daily net assets were 0.80% for the Mirova Global Megatrends Fund.

**Natixis Advisors, LLC ("Natixis Advisors"),** located at 888 Boylston Street, Suite 800, Boston, Massachusetts 02199-8197, serves as the adviser to the Vaughan Nelson Mid Cap Fund and Vaughan Nelson Small Cap Fund. As of December 31, 2025, Natixis Advisors had approximately $108.7 billion in assets under management. Natixis Advisors oversees, evaluates, and monitors the subadvisory services provided to the Vaughan Nelson Mid Cap Fund and Vaughan Nelson Small Cap Fund. It also provides general business management and administration to the Vaughan Nelson Mid Cap Fund and Vaughan Nelson Small Cap Fund. Natixis Advisors does not determine what investments will be purchased or sold by the Funds. The subadviser listed below makes the investment decisions for the Fund.

The aggregate advisory and subadvisory fees paid by the Funds during the fiscal year ended December 31, 2025 as a percentage of each Fund's average daily net assets were 0.64% for the Vaughan Nelson Mid Cap Fund (after waiver) and 0.85% for the Vaughan Nelson Small Cap Fund.

Subadviser

**Vaughan Nelson,** located at 600 Travis Street, Suite 3800, Houston, Texas 77002, serves as subadviser to the Vaughan Nelson Mid Cap Fund and Vaughan Nelson Small Cap Fund. Vaughan Nelson is a subsidiary of Natixis Investment Managers. Originally founded in 1970, Vaughan Nelson focuses primarily on managing equity and fixed-income funds for clients who consist of foundations, university endowments, corporate retirement plans and family/individual funds. As of December 31, 2025, Vaughan Nelson had $15.2 billion in assets under management.

The aggregate advisory and subadvisory fees paid by the Funds during the fiscal year ended December 31, 2025 as a percentage of each Fund's average daily net assets were 0.64% for the Vaughan Nelson Mid Cap Fund (after waiver) and 0.85% for the Vaughan Nelson Small Cap Fund.

Subadvisory Agreements

Natixis Advisors and the Natixis Funds have received an exemptive order from the SEC (the "Order"), which permits Natixis Advisors, subject to approval by the Board of Trustees but without shareholder approval, to hire or terminate, and to modify any existing or future subadvisory agreement with, subadvisers that are not affiliated with Natixis Advisors as well as subadvisers that are indirect or direct wholly-owned subsidiaries of Natixis Advisors or of another company that, indirectly or directly, wholly owns Natixis Advisors. Before any Natixis Fund can begin to rely on the exemptions described above, a majority of the shareholders of the Fund must approve the Fund's ability to rely on the Order. Shareholders of certain Natixis Funds have already approved the Fund's

------

[Back to **Table of Contents**](#TOC_4824)

Management Team

------

operation under the manager-of-managers structure contemplated by the Order. If a new subadviser is hired for a Fund, shareholders will receive information about the new subadviser within 90 days of the change.

A discussion of the factors considered by the Funds' Board of Trustees in approving the Funds' investment advisory and subadvisory contracts is available in each Fund's filing on Form N-CSR for the fiscal period ended June 30, 2025.

The Funds consider the series of Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust, Loomis Sayles Funds I, Loomis Sayles Funds II, Natixis ETF Trust and Natixis ETF Trust II, all of which are advised or subadvised by Natixis Advisors, Loomis Sayles & Company, L.P. ("Loomis Sayles"), AEW Capital Management, L.P., Gateway, Mirova US, Harris Associates L.P. or Vaughan Nelson (collectively, the "Affiliated Investment Managers"), to be part of the "same group of investment companies" under Section 12(d)(1)(G) of the Investment Company Act of 1940, as amended (the "1940 Act") for the purchase of other investment companies. The Affiliated Investment Managers are all under common control.

Portfolio Trades

In placing portfolio trades, a Fund's adviser or subadviser may use brokerage firms that market the Funds' shares or are affiliated with Natixis Investment Managers, Natixis Advisors or any adviser or subadviser. In placing trades, any adviser or subadviser will seek to obtain the best combination of price and execution, which involves a number of subjective factors. Such portfolio trades are subject to applicable regulatory restrictions and related procedures adopted by the Board of Trustees.

Meet the Funds' Portfolio Managers

The following persons have had primary responsibility for the day-to-day management of the indicated Fund's portfolio since the dates stated below.

**Gateway**

**Daniel M. Ashcraft, CFA<sup>®</sup>** **-** Daniel M. Ashcraft joined Gateway in 2009 and holds the positions of Senior Vice President and Portfolio Manager. He has been Co-Portfolio Manager of the Gateway Equity Call Premium Fund since 2014 and the Gateway Fund since 2016. Mr. Ashcraft received a B.A. from Miami University of Ohio. He holds the designation of Chartered Financial Analyst<sup>®</sup>.

**Michael T. Buckius, CFA<sup>®</sup>** **-** Mr. Buckius joined Gateway L.P. in 1999 and holds the positions of Chief Executive Officer and Chief Investment Officer at Gateway. He has been a Co-Portfolio Manager of the Gateway Equity Call Premium Fund since 2014 and the Gateway Fund since 2008 and serves as Co-Portfolio Manager of several funds sub-advised by Gateway. Mr. Buckius holds a B.A. and M.B.A. in Finance from Loyola College in Baltimore. He holds the designation of Chartered Financial Analyst<sup>®</sup>.

**Kenneth H. Toft, CFA<sup>®</sup>** **-** Mr. Toft joined Gateway L.P. in 1992 and holds the positions of Senior Vice President and Portfolio Manager at Gateway. He has been Co-Portfolio Manager of the Gateway Equity Call Premium Fund since 2014 and the Gateway Fund since 2013. Mr. Toft holds a B.A. and M.B.A. from the University of Cincinnati. He holds the designation of Chartered Financial Analyst<sup>®</sup>.

**Mitchell J. Trotta, CFA<sup>®</sup>** **-** Mr. Trotta joined Gateway L.P. in 2016 and holds the position of Vice President and Portfolio Manager at Gateway. He has been Co-Portfolio Manager of the Gateway Equity Call Premium Fund and the Gateway Fund since 2021. Mr. Trotta received a BBA from the University of Cincinnati. He holds the designation of Chartered Financial Analyst<sup>®</sup>.

**Mirova** **US**

**Hua Cheng, CFA**<sup>®</sup>**, PhD** **-** Hua Cheng has served as Co-Portfolio Manager of the Mirova Global Megatrends Fund since its inception in 2016. Dr. Cheng is a Portfolio Manager with Mirova US, which he joined in 2018. Prior to joining Mirova US, he was a Portfolio Manager with Mirova, which he joined in 2014. Prior to joining Mirova, Dr. Cheng was portfolio manager at Vega Investment Managers from 2007 to 2014. Dr. Cheng holds a Ph.D. in Financial Economics from the University Paris Dauphine (France). He holds the designation of Chartered Financial Analyst<sup>®</sup> and has over 19 years of investment experience.

**Jens Peers, CFA**<sup>®</sup>**-** Jens Peers has served as Co-Portfolio Manager of the Mirova Global Megatrends Fund since its inception in 2016. Mr. Peers is Chief Executive Officer and Chief Investment Officer of Mirova US and Global Chief Investment Officer with Mirova, which he joined in 2013. Prior to joining Mirova, he was Head of Portfolio Management – Environmental Strategies for Kleinwort Benson Investors in Dublin, Ireland from 2003 to 2013. Mr. Peers holds a master's degree in applied economics from the University of Antwerp, Belgium. He holds the designation of Chartered Financial Analyst<sup>®</sup>, is a CEFA (Certified European Financial Analyst of the BVFA-ABAF - Belgian Association of Financial Analysts) and has over 26 years of investment experience.

**Soliane Varlet -** Soliane Varlet has served as a Co-Portfolio Manager of the Mirova Global Megatrends Fund since 2022. Ms. Varlet is a Portfolio Manager at Mirova, which she joined in 2008. Prior to joining Mirova, she served as a Buy-Side Equity Analyst at its predecessor firm, Ostrum Asset Management from 2005 to 2008. Ms. Varlet graduated from ESC Reims CESEM (now Neoma Business School) and holds a Master's degree in Banking and Finance (DESS Banque-Finance) from Lyon 2. She holds the SFAF diploma (French Society for Financial Analysts).

Mr. Briand, Mr. Portier, Mr. Rocher and Ms. Varlet are employees of Mirova, the parent company of Mirova US, and provide portfolio management through a personnel-sharing arrangement between Mirova and Mirova US.

**Vaughan Nelson**

**Dennis G. Alff, CFA<sup>®</sup>** **-** Dennis G. Alff has co-managed the Vaughan Nelson Mid Cap Fund since 2008. Mr. Alff, a Senior Portfolio Manager of Vaughan Nelson, joined the firm in 2006. Mr. Alff received a B.S. from the United States Military Academy and an M.B.A. from Harvard Business School. Mr. Alff holds the designation of Chartered Financial Analyst<sup>®</sup> and has over 28 years of investment management and research experience.

------

[Back to **Table of Contents**](#TOC_4824)

Fund Services

------

**James Eisenman, CFA<sup>®</sup>** - James Eisenman has co-managed the Vaughan Nelson Small Cap Fund since 2022. Mr. Eisenman, a Portfolio Manager of Vaughan Nelson, joined the firm in 2005. Mr. Eisenman received a B.B.A. and M.B.A. in Accounting from Ohio State University. Mr. Eisenman holds the designation of Chartered Financial Analyst and is a Certified Public Accountant in the State of Texas with over 19 years of investment management and research experience.

**Sundeep Khanna, CFA<sup>®</sup>** – Sundeep Khanna has co-managed the Vaughan Nelson Mid Cap Fund since 2024. Mr. Khanna, a Portfolio Manager of Vaughan Nelson, joined the firm in 2020. Mr. Khanna received a B.S. from The University of Texas. Mr. Khanna holds the designation of Chartered Financial Analyst<sup>®</sup> and has over 20 years of investment management and research experience.

**Chris D. Wallis, CFA<sup>®</sup>** **-** Chris D. Wallis has co-managed Vaughan Nelson Small Cap Fund and Vaughan Nelson Mid Cap Fund since 2004 and 2008, respectively. Mr. Wallis, Chief Executive Officer and a Senior Portfolio Manager of Vaughan Nelson, joined the firm in 1999. Mr. Wallis received a B.B.A. from Baylor University and an M.B.A. from Harvard Business School. Mr. Wallis holds the designation of Chartered Financial Analyst<sup>®</sup> and has over 33 years of investment/financial analysis and accounting experience.

Please see the SAI for information on portfolio manager compensation, other accounts under management by the portfolio managers and the portfolio managers' ownership of securities in the Funds.

Additional Information

The Funds enter into contractual arrangements with various parties, including, among others, the Advisers, Subadviser the Distributor and the Funds' custodian and transfer agent, who provide services to the Funds. Shareholders are not parties to, or intended to be third-party beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce such arrangements against the service providers or to seek any remedy thereunder against the service providers, either directly or on behalf of the Funds.

This Prospectus provides information concerning the Funds that you should consider in determining whether to purchase shares of the Funds. None of this Prospectus, the SAI or any contract that is an exhibit to the Funds' registration statement, is intended to, nor does it, give rise to an agreement or contract between the Funds and any investor, or give rise to any contract or other rights in any individual shareholder, group of shareholders or other person other than any rights conferred explicitly by applicable federal or state securities laws that may not be waived.

Fund Services

Investing in the Funds

Choosing a Share Class

Each class has different costs associated with buying, selling and holding Fund shares, which allows you to choose the class that best meets your needs. Which class is best for you depends upon a number of factors, including the size of your investment and how long you intend to hold your shares. Certain share classes and certain shareholder features may not be available to you if you hold your shares through a financial intermediary. Your financial representative can help you decide which class of shares is most appropriate for you. The Funds may engage financial intermediaries to receive purchase, exchange and sell orders on their behalf. Accounts established directly with the Funds will be serviced by the Funds' transfer agent. The Funds, the Funds' transfer agent and the Distributor do not provide investment advice.

Pursuant to expense offset arrangements, credits realized as a result of uninvested cash balances may be used to reduct a Fund's transfer agent expenses. For information about a Fund's expenses, including the impact of any such arrangement on a Fund's total annual operating expenses, see the section "Fund Fees & Expenses" in each Fund Summary.

**Class A Shares**

• You pay a sales charge when you buy Class A shares. There are several ways to reduce this charge. See the section "How Sales Charges Are Calculated."

• You pay lower annual expenses than Class C shares, giving you the potential for higher returns per share. However, where front-end sales charges are applicable, returns are earned on a smaller amount of your investment.

• You pay higher expenses than Class N and Class Y shares.

• You do not pay a sales charge if your total investment reaches $1 million or more, but you may pay a charge on redemptions if you redeem these shares within 18 months of purchase.

• The Gateway Fund acquired the assets and liabilities of the Gateway Predecessor Fund in a Reorganization on February 15, 2008. If you held shares of the Gateway Predecessor Fund in your existing account as of the date of the Reorganization, you are eligible to purchase additional Class A shares without a sales charge or a contingent deferred sales charge ("CDSC") through your existing account, provided you have held fund shares in your existing account since that date. Due to operational limitations at your financial intermediary, a sales charge or CDSC may be assessed unless you inform the financial intermediary *at the* *time you make any additional purchase* that you were a shareholder of the Gateway Predecessor Fund and are eligible to purchase Class A shares

------

[Back to **Table of Contents**](#TOC_4824)

Fund Services

------

without a sales charge or CDSC. Notwithstanding the foregoing, former shareholders of the Gateway Predecessor Fund may not be eligible to purchase shares at NAV through a financial intermediary if the nature of your relationship with, and/or the services you receive from, the financial intermediary changes. Please consult your financial representative for further details.<br>

**Class C Shares**

• You do not pay a sales charge when you buy Class C shares. All of your money goes to work for you right away.

• You pay higher annual expenses than Class A, Class N and Class Y shares.

• You may pay a sales charge on redemptions if you sell your Class C shares within one year of purchase.

• Investors will not be permitted to purchase $1 million or more of Class C shares as a single investment per account. There may be certain exceptions to this restriction for omnibus and other nominee accounts. Investors may want to consider the lower operating expense of Class A shares in such instances. You may pay a charge on redemptions if you redeem Class A shares within 18 months of purchase.

• Except as noted below, Class C shares will automatically convert to Class A shares after eight years. Please see the section "Exchanging or Converting Shares" for details regarding a conversion of shares. Generally, to be eligible to have your Class C shares automatically converted to Class A shares, the Fund or the financial intermediary through which you purchased your shares will need to have records verifying that your Class C shares have been held for eight years. Due to operational limitations at your financial intermediary, your ability to have your Class C shares automatically converted to Class A shares may be limited. Group retirement plans of certain financial intermediaries who hold Class C shares with a Fund in an omnibus account do not track participant level aging of shares and therefore these shares will not be eligible for an automatic conversion. Certain intermediaries may convert your Class C shares to Class A shares in accordance with a conversion schedule that may differ from the one described above. Please consult your financial representative for more information.

**Class N Shares**

• You have a minimum initial investment of $1,000,000. There are several ways to waive this minimum. See the section "Purchase and Sale of Fund Shares."

• You do not pay a sales charge when you buy Class N shares. All of your money goes to work for you right away.

• You do not pay a sales charge on redemptions.

• You may pay lower annual expenses than Class A, Class C and Class Y shares, giving you the potential for higher returns per share.

**Class Y Shares**

• You have a minimum initial investment of $100,000. There are several ways to waive this minimum. See the section "Purchase and Sale of Fund Shares."

• You do not pay a sales charge when you buy Class Y shares. All of your money goes to work for you right away.

• You do not pay a sales charge on redemptions.

• You pay lower annual expenses than Class A and Class C shares, giving you the potential for higher returns per share.

• You may pay higher annual expenses than Class N shares.

Information about purchasing shares of the Funds is available on the Funds' website at im.natixis.com.

How Sales Charges Are Calculated

Class A Shares

The price that you pay when you buy Class A shares (the "offering price") is their NAV plus a sales charge (sometimes called a "front-end sales charge"), which varies depending upon the size of your purchase:

---

| | | |
|:---|:---|:---|
| **Class A Sales Charges\*** | **Class A Sales Charges\*** |  |
|  | **All Funds** | **All Funds** |
| Your Investment | As a % of offering price | As a % of your investment |
| Less than $50,000 | 5.75% | 6.10% |
| $50000 – $99999 | 4.50% | 4.71% |
| $100000 – $249999 | 3.50% | 3.63% |
| $250000 – $499999 | 2.50% | 2.56% |
| $500000 – $999999 | 2.00% | 2.04% |
| $1,000,000 or more\*\* | 0.00% | 0.00% |

---

Due to rounding, the actual sales charge for a particular transaction may be higher or lower than the rates listed above.

\*Not imposed on shares that are purchased with reinvested dividends or other distributions.

\*\* For purchases of Class A shares of a Fund of $1 million or more, there is no front-end sales charge, but a CDSC of 1.00% may apply to redemptions of your shares within 18 months of the date of purchase. See the section "How the CDSC is Applied to Your Shares."

------

[Back to **Table of Contents**](#TOC_4824)

Fund Services

------

Investors who were Gateway Predecessor Fund shareholders as of the date of the Reorganization may purchase additional Class A shares for their accounts existing as of the date of the Reorganization without the imposition of an initial sales charge or a CDSC.

If you invest in Class A shares through a financial intermediary, it is the responsibility of the financial intermediary to ensure that you obtain the proper "breakpoint" discount. At the time of purchase you must inform the Distributor and the financial intermediary of the existence of other accounts in which there are holdings eligible to be aggregated to meet sales load breakpoints of the Funds. You may be required to provide certain records and information, such as account statements, with respect to all of your accounts that hold shares, including accounts with other financial intermediaries and your family members' and other related party accounts, in order to verify your eligibility for a reduced sales charge. If the Distributor is not notified that you are eligible for a reduced sales charge, the Distributor will be unable to ensure that the reduction is applied to your account. Additional information concerning sales load breakpoints is available from your financial intermediary, by visiting the Funds' website at im.natixis.com (click on "Sales Charges" at the bottom of the home page) or in the SAI.

**Reducing Front-End Sales Charges**

There are several ways you can lower your sales charge for Class A shares, including:

• **Letter of Intent —** By signing a Letter of Intent, you may purchase Class A shares of any Natixis Fund over a 13-month period but pay sales charges as if you had purchased all shares at once. This program can save you money if you plan to invest $50,000 or more within 13 months.

• **Cumulative Purchase Discount —** You may be entitled to a reduced sales charge if your "total investment" reaches a breakpoint for a reduced sales charge. The total investment is determined by adding the amount of your current purchase in a Fund, including the applicable sales charge, to the current public offering price of all series and classes of shares of the Natixis Funds held by you in one or more accounts. If your total investment exceeds a sales charge breakpoint in the table above, the lower sales charge applies to the entire amount of your current purchase in a Fund.

• **Combining Accounts —** This allows you to combine shares of multiple Natixis Funds and classes for purposes of calculating your sales charge

*Individual Accounts:* You may elect to combine your purchase(s) and your total investment, as defined above, with the purchases and total investment of your spouse, parents, children, siblings, grandparents, grandchildren, in-laws (of those previously mentioned), individual retirement accounts, sole proprietorships, single trust estates and any other individuals acceptable to the Distributor. <br>

Certain Retirement Plan Accounts: The Distributor may, at its discretion, combine the purchase(s) and total investment of all qualified participants in the same retirement plan for purposes of determining the availability of a reduced sales charge. In most instances, individual accounts may not be linked with certain retirement plan accounts for the purposes of calculating sales charges. In most instances, individual accounts may not be linked with certain retirement plan accounts for the purposes of calculating sales charges. Savings Incentive Match Plan for Employees ("SIMPLE IRA") contributions will automatically be linked with those of other participants in the same SIMPLE IRA Plan (Class A shares only) using the Natixis Funds prototype document. Effective May 8, 2026, all share classes will be linked for the purpose of calculating sales charges. SIMPLE IRA accounts may not be linked with any other Natixis Fund account for rights of accumulation. Please refer to the SAI for more detailed information on combining accounts.<br>

**Eliminating Front-End Sales Charges and CDSCs**

Class A shares may be offered without front-end sales charges or a CDSC to the following individuals and institutions:

• Clients of a financial intermediary that has entered into an agreement with the Distributor and has been approved by the Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not charge a transaction fee;

• Any government entity that is prohibited from paying a sales charge or commission to purchase mutual fund shares;

• All employees of financial intermediaries under arrangements with the Distributor (this also applies to spouses and children under the age of 21 of those mentioned);

• Fund trustees, former trustees, employees of affiliates of the Natixis Funds and other individuals who are affiliated with any Natixis Fund (this also applies to any spouse, parents, children, siblings, grandparents, grandchildren and in-laws of those mentioned);

• Certain Retirement Plans. The availability of this pricing may depend upon the policies and procedures of your specific financial intermediary; consult your financial adviser;

• Non-discretionary and non-retirement accounts of bank trust departments or trust companies, but only if they principally engage in banking or trust activities;

• Investors who were Gateway Predecessor Fund shareholders as of the date of the Reorganization (see the section "Choosing a Share Class");

• Fee Based Programs of certain broker-dealers, the Advisers or the Distributor. Please consult your financial representative to determine if your fee based program is subject to additional or different conditions or fees; and

• Registered Investment Advisers investing on behalf of clients in exchange for an advisory, management or consulting fee.

In order to receive Class A shares without a front-end sales charge or a CDSC, you must notify the appropriate Fund of your eligibility at the time of purchase. Due to operational limitations at your financial intermediary, a sales charge or a CDSC may be assessed; please consult your financial representative.

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from a Fund or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or CDSC waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify a Fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. **For waivers and discounts not available through a particular** 

------

[Back to **Table of Contents**](#TOC_4824)

Fund Services

------

**intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive these** **waivers or discounts. Please see Appendix A to this Prospectus for information regarding eligibility for load waivers and discounts** **available through specific financial intermediaries, which may differ from those disclosed elsewhere in this Prospectus or in the SAI.**

*Repurchasing Fund Shares*

You may apply proceeds from redeeming Class A shares of a Fund to repurchase Class A shares of any Natixis Fund **without paying a front-end sales** **charge.** To qualify, you must reinvest some or all of the proceeds within 120 days after your redemption and notify Natixis Funds in writing (directly or through your financial representative) at the time of reinvestment that you are taking advantage of this privilege. You may reinvest your proceeds by returning your original redemption check or sending a new check for some or all of the redemption amount. Please note: for U.S. federal income tax purposes, **a** **redemption generally is treated as a sale that involves tax consequences, even if the proceeds are later reinvested.** Please consult your tax adviser to discuss how a redemption would affect you.

*Eliminating the CDSC*

As long as the Distributor is notified at the time you sell, the CDSC for Class A shares will generally be eliminated in the following cases: (1) to make distributions from Certain Retirement Plans (as defined below) to pay plan participants or beneficiaries due to death, disability, separation from service, normal or early retirement, loans from the plan, hardship withdrawals, return of excess contributions, or required minimum distributions (an individual participant's voluntary distribution or a total plan termination or total plan redemption may incur a CDSC); (2) to make payments through a systematic withdrawal plan; (3) due to shareholder death or disability; (4) to return excess IRA contributions; or (5) to make required minimum distributions (applies only to the amount necessary to meet the required minimum distributions).

Due to operational limitations at your financial intermediary, a CDSC may be assessed, notwithstanding the exemptions above; please consult your financial representative. Please see the SAI for more information on eliminating or reducing front-end sales charges and the CDSC.

Class C Shares

The offering price of Class C shares is their NAV without a front-end sales charge. Class C shares are subject to a CDSC of 1.00% on redemptions made within one year of the date of their acquisition. The holding period for determining the CDSC will continue to run after an exchange to Class C shares of another Natixis Fund.

**Class C Contingent Deferred Sales Charges**

---

| | |
|:---|:---|
| **Year Since Purchase** | **CDSC on Shares Being Sold** |
| 1st | 1.00% |
| Thereafter | 0.00% |

---

*Eliminating the CDSC*

The availability of certain CDSC waivers will depend on whether you purchase your shares directly from the Fund or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of CDSC waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify the Fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. **For waivers not available through a particular intermediary, shareholders will have to purchase** **Fund shares directly from the Fund or through another intermediary to receive these waivers or discounts. Please see Appendix A to this** **Prospectus for information regarding eligibility for CDSC discounts available through specific financial intermediaries, which may differ** **from those disclosed elsewhere in this Prospectus or in the SAI.**

As long as the Distributor is notified at the time you sell, the CDSC for Class C shares will generally be eliminated in the following cases: (1) to make distributions from Certain Retirement Plans (as defined below) to pay plan participants or beneficiaries due to death, disability, separation from service, normal or early retirement, loans from the plan, hardship withdrawals, return of excess contributions, or required minimum distributions (an individual participant's voluntary distribution or a total plan termination or total plan redemption may incur a CDSC); (2) to make payments through a systematic withdrawal plan; (3) due to shareholder death or disability; (4) to return excess IRA contributions; or (5) to make required minimum distributions (applies only to the amount necessary to meet the required minimum distributions).

Due to operational limitations at your financial intermediary, a CDSC may be assessed, notwithstanding the exemptions above; please consult your financial representative. Please see the SAI for more information on eliminating or reducing front-end sales charges and the CDSC.

**How the CDSC is Applied to Your Shares**

The CDSC is a sales charge you pay when you redeem certain Fund shares. The CDSC:

• Is calculated based on the number of shares you are selling;

• Calculation is based on either your original purchase price or the current NAV of the shares being sold, whichever is lower in order to minimize your CDSC;

• Is deducted from the proceeds of the redemption unless you request, at the time of the redemption, that it be deducted from the amount remaining in your account; and

------

[Back to **Table of Contents**](#TOC_4824)

Fund Services

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Applies to redemptions made within the time frame shown above for each class.

A CDSC will not be charged on:

• Increases in NAV above the purchase price;

• Shares you acquired by reinvesting your dividends or capital gains distributions; or

• Exchanges. However, the original purchase date of the shares from which the exchange is made determines if the newly acquired shares are subject to the CDSC when they are sold.

To minimize the amount of the CDSC you may pay when you redeem shares, the relevant Fund will first redeem shares acquired through reinvested dividends and capital gain distributions. Shares will be sold in the order in which they were purchased (earliest to latest).

Class N and Class Y Shares

The offering price of Class N and Class Y shares is their NAV without a front-end load sales charge. No CDSC applies when you redeem your shares. You must meet eligibility criteria in order to invest in Class N or Class Y shares.

Information about purchasing shares of the Funds and sales loads is available on the Funds' website at im.natixis.com.

Compensation to Securities Dealers

As part of its business strategies, each Fund pays securities dealers and other financial institutions (collectively, "dealers") that sell its shares. This compensation originates from two sources: sales charges (front-end or deferred) and 12b-1 fees (comprising the annual service and/or distribution fees paid under a plan adopted pursuant to Rule 12b-1 under the 1940 Act). The sales charges, some or all of which may be paid to dealers, are discussed in the section "How Sales Charges Are Calculated" and dealer commissions are disclosed in the SAI. Class A and Class C shares pay an annual service fee each of 0.25% of their respective average daily net assets. Class C shares are subject to an annual distribution fee of 0.75% of their average daily net assets. Generally, the 12b-1 fees are paid to securities dealers on a quarterly basis, but may be paid on other schedules. The SAI includes additional information about the payment of some or all of such fees to dealers. Because these distribution fees and service (12b-1) fees are paid out of each Fund's assets on an ongoing basis, over time these fees for Class C shares will increase the cost of your investment and may cost you more than paying the front-end sales charge and service fees on Class A shares. Similarly, over time the fees for Class A and Class C shares will increase the cost of your investment and will cost you more than an investment in Class N or Class Y shares.

In addition, each Fund may make payments to financial intermediaries that provide shareholder services to shareholders whose shares are held of record in omnibus accounts, other group accounts (for example, 401(k) plans) or accounts traded through registered securities clearing agents to compensate those intermediaries for services they provide to such shareholders, including, but not limited to, sub-accounting, sub-transfer agency, similar shareholder or participant recordkeeping, shareholder or participant reporting, or shareholder or participant transaction processing ("recordkeeping and processing-related services"). The actual payments, and the services provided, vary from firm to firm. These fees are paid by each Fund (with the exception of Class N shares, which do not bear such expenses) in light of the fact that other costs may be avoided by each Fund where the intermediary, not each Fund's service provider, provides services to Fund shareholders.

The Distributor, a Fund's Adviser and each of their respective affiliates may, out of their own resources, which generally come directly or indirectly from fees paid by the Funds, make payments to certain dealers and other financial intermediaries that satisfy certain criteria established from time to time by the Distributor. Payments may vary based on sales, the amount of assets a dealer's or intermediary's clients have invested in the Funds, and other factors. These payments may also take the form of sponsorship of seminars or informational meetings or payments for attendance by persons associated with a dealer or intermediary at informational meetings. The Distributor and its affiliates may also make payments for recordkeeping and processing-related services to financial intermediaries that sell Fund shares; such payments will not be made with respect to Class N shares. These payments may be in addition to payments made by each Fund for similar services.

The payments described in this section, which may be significant to the dealers and the financial intermediaries, may create an incentive for a dealer or financial intermediary or their representatives to recommend or sell shares of a particular Fund or share class over other mutual funds or share classes. Additionally, these payments may result in the Funds receiving certain marketing or servicing advantages that are not generally available to mutual funds that do not make such payments, including placement on a sales list, including a preferred or select sales list, or in other sales programs. These payments, which are in addition to any amounts you may pay your dealer or other financial intermediary, may create potential conflicts of interest between an investor and a dealer or other financial intermediary who is recommending a particular mutual fund over other mutual funds. Before investing, you should consult with your financial representative and review carefully any disclosure by the dealer or other financial intermediary as to the services it provides, what monies it receives from mutual funds and their advisers and distributors, as well as how your financial representative is compensated. Please see the SAI for additional information about payments made by the Distributor and its affiliates to dealers and intermediaries.

How to Purchase Shares

Each Fund is generally available for purchase in the United States, Puerto Rico, Guam and the U.S. Virgin Islands. The Funds will only accept investments from U.S. citizens with a U.S. address (including an APO or FPO address) or resident aliens with a U.S. address (including an APO or FPO address) and a U.S.

------

[Back to **Table of Contents**](#TOC_4824)

Fund Services

------

taxpayer identification number. U.S. citizens living abroad are not allowed to purchase shares in the Funds. Class N shares are not eligible to be exchanged or purchased through the website or through the Natixis Funds Automated Voice Response System.

Each Fund sells its shares at the NAV next calculated after the Fund receives a properly completed investment order. The Fund generally must receive your properly completed order before the close of regular trading on the New York Stock Exchange ("NYSE") for your shares to be bought or sold at the Fund's NAV on that day.

All purchases made by check should be in U.S. dollars and made payable to Natixis Funds. Third party checks, travelers checks, starter checks and credit card convenience checks will not be accepted, except that third party checks under $10,000 may be accepted. You may return an uncashed redemption check from your account to be repurchased back into your account. Upon redemption of an investment by check or by periodic account investment, redemption proceeds may be withheld until the check has cleared or the shares have been in your account for 10 days.

A Fund may periodically close to new purchases of shares or refuse any order to buy shares if the Fund determines that doing so would be in the best interests of the Fund and its shareholders. See the section "Restrictions on Buying, Selling and Exchanging Shares."

The Funds are not available to new SIMPLE IRA plans using the Natixis Funds' Prototype document.

You can buy shares of each Fund in several ways:

The Funds may engage financial intermediaries to receive purchase, exchange and sell orders on their behalf. Accounts established directly with the Funds will be serviced by the Funds' transfer agent. The Funds, the Funds' transfer agent and the Distributor do not provide investment advice.

**Through a financial adviser (certain restrictions may apply).** Your financial adviser will be responsible for furnishing all necessary documents to Natixis Funds. Your financial adviser may charge you for these services. Your financial adviser must receive your request in proper form before the close of regular trading on the NYSE for you to receive that day's NAV.

**Through a broker-dealer (certain restrictions may apply).** You may purchase shares of the Funds through a broker-dealer that has been approved by the Distributor. Your broker-dealer may charge you a fee for effecting such transactions. Your broker-dealer must receive your request in proper form before the close of regular trading on the NYSE for you to receive that day's NAV.

**Directly from the** **Fund.** Natixis Funds' transfer agent must receive your purchase request in proper form before the close of regular trading on the NYSE in order for you to receive that day's NAV.

You can purchase shares directly from each Fund in several ways:

**By mail.** You can buy shares of each Fund by submitting a completed application form, which is available online at www.im.natixis.com or by calling Natixis Funds at 800-225-5478, along with a check payable to Natixis Funds for the amount of your purchase to:

**Regular Mail**

Natixis Funds

P.O. Box 219579

Kansas City, MO 64121-9579

**Overnight Mail**

Natixis Funds

801 Pennsylvania Ave

Suite 219579

Kansas City, MO 64105-1307

After your account has been established, you may send subsequent investments directly to Natixis Funds at the above addresses. Please include either the investment slip from your account statement or a letter specifying the Fund name, your account number and your name, address and telephone number.

**By wire.** You also may wire subsequent investments. Call Natixis Funds at 800-225-5478 to obtain wire transfer instructions. At the time of the wire transfer, you will need to include the Fund name, your class of shares, your account number and the registered account owner name(s). Your bank may charge you for such a transfer.

**By telephone.** You can make subsequent investments by calling Natixis Funds at 800-225-5478 if you have already established electronic transfer privileges.

**By exchange.** You may purchase shares of a Fund by exchange of shares of the same class of another fund by sending a signed letter of instruction to Natixis Funds, by calling Natixis Funds at 800-225-5478 or by accessing your account online at www.im.natixis.com.

**Through Automated Clearing House ("ACH").** Before you can purchase shares of Natixis Funds through ACH, you must provide specific instructions to Natixis Funds in writing (see STAMP2000 Medallion Signature Guarantee below). You may purchase shares of a Fund through ACH by either calling Natixis Funds at 800-225-5478 or by accessing your account online at www.im.natixis.com.

**By internet.** If you have established a user name and password and you have established the electronic transfer privilege, you can make subsequent investments through your online account at www.im.natixis.com. If you have not established a user name and password, but you have established the electronic transfer privilege, go to www.im.natixis.com, click on "Account Access," and follow the instructions.

------

[Back to **Table of Contents**](#TOC_4824)

Fund Services

------

**Through systematic investing.** You can make regular investments through automatic deductions from your bank checking or savings account. If you did not establish the electronic transfer privilege on your application, you may add the privilege by obtaining a Service Options Form through your financial adviser, by calling Natixis Funds at 800-225-5478 or by visiting www.im.natixis.com. A medallion signature guarantee may be required to add this option.

Minimum Investment Requirements for each Fund and each share class are described in the section "Purchase and Sale of Fund Shares."

**Minimum Balance Policy**

In order to address the relatively higher costs of servicing smaller fund positions, on an annual basis each Fund may close an account and send the account holder the proceeds if the account falls below $500. The valuation of account balances for this purpose and liquidation itself generally occur during October of each calendar year, although they may occur at another date in the year.

Certain accounts, such as accounts using the Natixis Funds' prototype document (including IRAs, Keogh Plans, 403(b)(7) plans and Coverdell Education Savings Accounts), accounts associated with fee-based programs (such as wrap programs), trust networked accounts, accounts initially funded within six months of the liquidation date, certain retirement accounts, or accounts that fall below the minimum as a result of an automatic conversion of Class C to Class A shares, are excluded from the liquidation.

Due to operational limitations, the Funds' ability to apply the Minimum Balance Policy to shareholder accounts held through an intermediary in an omnibus fashion may be limited. The Funds may work with these intermediaries to enforce the Minimum Balance Policy on these accounts as can best be applied per the timing and constraints of the intermediaries' account recordkeeping systems. For information about the policy for Class N shares, see the section "Purchase and Sale of Fund Shares" in each Fund summary.

Accounts held through certain financial intermediaries that have entered into special arrangements with the Distributor may be subject to a different minimum balance policy than the one described above. Please see Appendix A to the Prospectus for more information regarding the minimum balance policies of specific financial intermediaries, which may differ from those disclosed elsewhere in the Prospectus or in the SAI. Consult your financial intermediary for additional information regarding the minimum balance policy applicable to your investment.

**Certain Retirement Plans**

Natixis Funds defines "Certain Retirement Plans" as it relates to load waivers, share class eligibility, and account minimums as follows:

Certain Retirement Plans include 401(k), 457, 401(a), (including profit-sharing, money purchase pension plans), 403(b), 403(b)(7), defined benefit plans, non-qualified deferred compensation plans, Taft-Hartley multi-employer plans, and retiree health benefit plans. Accounts must be plan-level omnibus accounts to qualify.

Certain Retirement Plans do **not** include individual retirement accounts such as an IRA, SIMPLE IRA, SEP IRA, SARSEP IRA, and Roth IRA. Any account registered in the name of a participant does not qualify.

**Intermediary Omnibus Account**

Natixis Funds defines an "Intermediary Omnibus Account" as a single account in the Fund held in the name of an intermediary that contains the aggregated assets for all of the intermediary's investments in the fund. Consult your financial advisor or intermediary if you are unsure how your intermediary assets are held.

How to Redeem Shares

You can redeem shares of each Fund directly from the Fund on any day on which the NYSE is open for business. The information below details the various ways you can redeem shares of a Fund. Except as noted below and in the "Selling Restrictions" section of this Prospectus, each Fund typically expects to pay out redemption proceeds on the next business day after a redemption request is received in good order. The information below also notes certain fees that may be charged by a Fund, its agents, your bank or your financial representative in connection to your redemption request. The Funds do not currently impose any redemption charge other than the CDSC imposed by the Funds' distributor, as described in the "How Sales Charges are Calculated" section of this Prospectus. The Funds' Board of Trustees reserves the right to impose additional charges at any time.

Each Fund may fund a redemption request from various sources, including sales of portfolio securities, holdings of cash or cash equivalents, and borrowings from banks (including overdrafts from the Fund's custodian bank and/or under the Fund's line of credit, which is shared across certain other Natixis Funds and Loomis Sayles Funds). Each Fund typically will redeem shares for cash; however, as described in more detail below, each Fund reserves the right to pay the redemption price wholly or partly in-kind (i.e., in portfolio securities rather than cash), if the Fund's Adviser determines it to be advisable and in the best interest of shareholders. If a shareholder receives a distribution in-kind, the shareholder will bear the market risk associated with the distributed securities and would incur brokerage or other charges in converting the securities to cash.

Because large redemptions are likely to require liquidation by a Fund of portfolio holdings, payment for large redemptions may be delayed for up to seven days to provide for orderly liquidation of such holdings. Under unusual circumstances, the Funds may suspend redemptions or postpone payment for more than seven days as permitted by the SEC.

Redemptions totaling more than $100,000 from a single fund/account cannot be processed on the same day unless the proceeds of the redemption are sent via pre-established banking information on the account. Please see the section "STAMP2000 Medallion Signature Guarantee" for details.

------

[Back to **Table of Contents**](#TOC_4824)

Fund Services

------

Generally, for expedited payment of redemption proceeds, a transaction fee of $5.50 for wire transfers, $50 for international wire transfers or $36.00 for overnight delivery will be charged. These fees are subject to change.

**Redemptions through your financial adviser.** Your financial adviser must receive your request in proper form before the close of regular trading on the NYSE for you to receive that day's NAV. Your financial adviser will be responsible for furnishing all necessary documents to Natixis Funds on a timely basis and may charge you for his or her services.

**Redemptions through your broker-dealer.** You may redeem shares of the Funds through a broker-dealer that has been approved by the Distributor, which can be contacted at 888 Boylston Street, Suite 800, Boston, MA 02199-8197. Your broker-dealer may charge you a fee for effecting such transaction. Your broker-dealer must receive your request in proper form before the close of regular trading on the NYSE for you to receive that day's NAV. Your redemptions generally will be wired to your broker-dealer on the first business day after your request is received in good order.

**Redemptions directly to the Funds.** Natixis Funds' transfer agent must receive your redemption request in proper form before the close of regular trading on the NYSE in order for you to receive that day's NAV. Your redemptions generally will be sent to you on the first business day after your request is received in good order, although it may take longer.

You may make redemptions directly from each Fund in several ways:

**By mail.** Send a signed letter of instruction that includes the name of the Fund, the exact name(s) in which the shares are registered, your address, telephone number, account number and the number of shares or dollar amount to be redeemed to the following address:

**Regular Mail**

Natixis Funds

P.O. Box 219579

Kansas City, MO 64121-9579

**Overnight Mail**

Natixis Funds

801 Pennsylvania Ave

Suite 219579

Kansas City, MO 64105-1307

All owners of shares must sign the written request in the exact names in which the shares are registered. The owners should indicate any special capacity in which they are signing (such as trustee or custodian or on behalf of a partnership, corporation or other entity).

**By exchange.** You may sell some or all of your shares of a Fund and use the proceeds to buy shares of the same class of another fund by sending a signed letter of instruction to Natixis Funds, by calling Natixis Funds at 800-225-5478 or by accessing your account online at www.im.natixis.com.

**By internet.** If you have established a user name and password and you have established the electronic transfer privilege, you can redeem shares through your online account at www.im.natixis.com. If you have not established a user name and password but you have established the electronic transfer privilege, go to www.im.natixis.com, click on "Account Access," and follow the instructions.

**By telephone.** You may redeem shares by calling Natixis Funds at 800-225-5478. Proceeds from telephone redemption requests (less any applicable fees) can be wired to your bank account, sent electronically by ACH to your bank account or sent by check in the name of the registered owner(s) to the address of record. A wire fee will be deducted from your proceeds. Your bank may charge you a fee to receive the wire.

The telephone redemption privilege may be modified or terminated by the Funds without notice.

You may redeem by telephone to have a check sent to the address of record for the maximum amount of $100,000 per day from a single fund/account. For your protection, telephone or internet redemption requests will not be permitted if Natixis Funds has been notified of an address change or bank account information change for your account within the preceding 30 days. If you prefer, you can decline telephone redemption and transfer privileges by calling Natixis Funds at 800-225-5478.

**Systematic Withdrawal Plan.** If the value of your account is $10,000 or more, you can have periodic redemptions automatically paid to you or to someone you designate. Please call 800-225-5478 for more information or to set up a systematic withdrawal plan or visit www.im.natixis.com to obtain a Service Options Form.

**In-Kind.** Shares normally will be redeemed for cash upon receipt of a redemption request in good order, although each Fund reserves the right to pay the redemption price wholly or partly in-kind if the Fund's Adviser or Subadviser determines it to be advisable and in the best interest of shareholders. For example, a Fund may pay a redemption in-kind under stressed market conditions or if the redemption amount is large.

You may also request an in-kind redemption of your shares by calling Natixis Funds at 800-225-5478. In-kind redemptions typically take several weeks to effectuate following a redemption request given the operational steps necessary to coordinate with the redeeming shareholder's custodian. Typically, the redemption date is mutually-agreed upon by the Fund and the redeeming shareholder. A Fund is not required to pay a redemption in-kind even if requested and may in its discretion pay the redemption proceeds in cash.

------

[Back to **Table of Contents**](#TOC_4824)

Fund Services

------

Redemptions in-kind will generally, but not necessarily, result in a pro rata distribution of each security held in a Fund's portfolio. If a shareholder receives a distribution in-kind, the shareholder will bear the market risk associated with the distributed securities and would incur brokerage or other charges in converting the securities to cash.

**By wire.** Before Natixis Funds can wire redemption proceeds (less any applicable fees) to your bank account, you must provide specific wire instructions to Natixis Funds in writing (see "STAMP2000 Medallion Signature Guarantee" below). A wire fee will be deducted from the proceeds of each wire. Your bank may charge you a fee to receive the wire.

**By ACH.** Before Natixis Funds can send redemptions through ACH, you must provide specific wiring instructions to Natixis Funds in writing (see "STAMP2000 Medallion Signature Guarantee" below). For ACH redemptions, proceeds will generally arrive at your bank within three business days.

**STAMP2000 Medallion Signature Guarantee.** You must have your signature guaranteed by a bank, broker-dealer or other financial institution that can issue a STAMP2000 Medallion Signature Guarantee for the following types of redemptions:

• If you are selling more than $100,000 per day from a single fund/account and you are requesting the proceeds by check (this does not apply to IRA transfer of assets to new custodian).

• If you are requesting that the proceeds check (of any amount) be made out to someone other than the registered owner(s) or sent to an address other than the address of record.

• If the account registration or bank account information has changed within the past 30 days.

• If you are instructing us to send the proceeds by check, wire or ACH to a bank not already active on the fund account.

The Funds will only accept STAMP2000 Medallion Signature Guarantees bearing the STAMP2000 Medallion imprint. The surety amount of the STAMP2000 medallion imprint must meet or exceed the amount on the request. Please note that a notary public cannot provide a STAMP2000 Medallion Signature Guarantee. This signature guarantee requirement may be waived by Natixis Funds in certain cases.

Exchanging or Converting Shares

In general, you may exchange shares of each Fund for shares of the same class of another Natixis Fund that offers such class of shares (see the sections "How to Purchase Shares" and "How to Redeem Shares") without paying a sales charge or a CDSC, if applicable, subject to restrictions noted below. The exchange must be for at least the minimum to open an account (or the total NAV of your account, whichever is less), or, once the fund minimum is met (see the section "Additional Investor Services"). All exchanges are subject to the eligibility requirements of the fund into which you are exchanging and any other limits on sales of or exchanges into that fund. The exchange privilege may be exercised only in those states where shares of such funds may be legally sold. For U.S. federal income tax purposes, an exchange of Fund shares for shares of another fund is generally treated as a sale on which gain or loss may be recognized. Subject to the applicable rules of the SEC, the Board of Trustees reserves the right to modify the exchange privilege at any time. Before requesting an exchange into any other fund, please read its prospectus carefully. You may be unable to hold your shares through the same financial intermediary if you engage in certain share exchanges. You should contact your financial intermediary for further details. Please refer to the SAI for more detailed information on exchanging Fund shares. Class N shares are not eligible to be exchanged through the website or through the Natixis Funds Automated Voice Response System.

In certain circumstances, you may convert shares of your Fund from your current share class into another share class in the same Fund. A conversion is subject to the eligibility requirements of the share class of your Fund that you are converting into including investment minimum requirements. The conversion from one class of shares to another will be based on the respective NAVs of the separate share classes on the trade date for the conversion. Except as noted below, Class C shares will automatically convert to Class A shares after eight years. Generally, to be eligible to have your Class C shares automatically converted to Class A shares, the Fund or the financial intermediary through which you purchased your shares will need to have records verifying that your Class C shares have been held for eight years. Due to operational limitations at your financial intermediary, your ability to have your Class C shares automatically converted to Class A shares may be limited. Group retirement plans of certain financial intermediaries who hold Class C shares with the Fund in an omnibus account do not track participant level aging of shares and therefore these shares will not be eligible for an automatic conversion. Certain intermediaries may convert your Class C shares to Class A shares in accordance with a conversion schedule that may differ from the one described above. Please consult your financial representative for more information.

Any account with an outstanding CDSC liability will be assessed the CDSC before converting to the new share class. Any conversions into a class of shares with a front end sales charge will not be subject to an initial sales charge; however, future purchases may be subject to a sales charge, if applicable.

Generally, a conversion between share classes of the same fund is a nontaxable event to the shareholder. All requests for conversions must follow the procedures set forth by the Distributor. Each Fund reserves the right to refuse any conversion request. Due to operational limitations at your financial intermediary, your ability to convert share classes of the same fund or have your Class C shares automatically converted to Class A shares may be limited. Please consult your financial representative for more information.

In general, you may sell Class Y shares of any Natixis Fund and use the proceeds to purchase Class I shares in any Loomis Sayles Fund, subject to the eligibility requirements, including fund minimums, of the fund you are purchasing into.

**Cost Basis Reporting.** Upon the redemption or exchange of your shares in a Fund, the Fund, or, if you purchased your shares through a broker-dealer or other financial intermediary, your financial intermediary will be required to provide you and the Internal Revenue Service ("IRS") with cost basis and certain other related tax information about the Fund shares you redeemed or exchanged. The cost basis reporting requirement is effective for shares purchased,

------

[Back to **Table of Contents**](#TOC_4824)

Fund Services

------

including through dividend reinvestment, on or after January 1, 2012. Please contact the Fund at 800-225-5478, visit im.natixis.com or consult your financial intermediary, as appropriate, for more information regarding available methods for cost basis reporting and how to select a particular method. Please also consult your tax adviser to determine which available cost basis method is best for you.

Restrictions on Buying, Selling and Exchanging Shares

The Funds discourage excessive short-term trading that may be detrimental to the Funds and their shareholders. Frequent abusive purchases and redemptions of Fund shares by shareholders may present certain risks for other shareholders in a Fund. This includes the risk of diluting the value of Fund shares held by long term shareholders, interfering with the efficient management of each Fund's portfolio and increasing brokerage and administrative costs. Funds investing in securities that require special valuation processes (such as foreign securities, below investment grade securities or small-capitalization securities), also may have increased exposure to these risks. The Board of Trustees has adopted the following policies to address and discourage such trading.

Each Fund reserves the right to suspend or change the terms of purchasing or exchanging shares. Each Fund and the Distributor reserve the right to reject any purchase or exchange order for any reason, including if the transaction is deemed not to be in the best interests of the Fund's other shareholders or possibly disruptive to the management of the Fund. A shareholder whose exchange order has been rejected may still redeem its shares by submitting a redemption request as described under "How to Redeem Shares."

**Limits on Frequent Trading.** Excessive trading activity in a Fund is measured by the number of round-trip transactions in a shareholder's account. A round trip is defined as (1) a purchase (including a purchase by exchange) into a Fund followed by a redemption (including a redemption by exchange) out of the same Fund; or (2) a redemption (including a redemption by exchange) out of a Fund followed by a purchase (including a purchase by exchange) into the same Fund. A round trip transaction is defined as occurring in a single Fund within a 30-day period. Two round trips in a 90-day period will constitute a violation of the Fund's trading limitations. After the detection of a first violation, the Fund or the Distributor will issue the shareholder and/or their financial intermediary a written warning. The written warning will expire one year from the date the warning is issued, if no further violations occur during the period. After the detection of a second violation (i.e., two more round trip transactions in the Fund within a 90-day period), the Fund or the Distributor will restrict the shareholder from making subsequent purchases (including purchases by exchange) in that Fund for 90 days. After the detection of a third violation within 12 months of the second violation, the Fund or the Distributor will restrict the shareholder and/or their financial intermediary from making purchases (including purchases by exchange) into any of the shareholder's accounts in the violated Fund for one year from the date the third violation is issued. The above limits are applicable whether a shareholder holds shares directly with a Fund or indirectly through a financial intermediary, such as a broker, bank, investment adviser, record keeper for retirement plan participants, or other third party. The preceding is not an exclusive description of activities that a Fund and the Distributor may consider to be excessive, and, at its discretion, a Fund and the Distributor may restrict or prohibit transactions by such identified shareholders or intermediaries including a period of restriction with no end date.

Notwithstanding the above, certain financial intermediaries, such as retirement plan administrators, may monitor and restrict the frequency of purchase and redemption transactions in a manner different from that described above. The policies of these intermediaries may be more or less restrictive than the generally applicable policies described above. Each Fund may choose to rely on a financial intermediary's restrictions on frequent trading in place of the Fund's own restrictions if the Fund determines, at its discretion, that the financial intermediary's restrictions provide reasonable protection for the Fund from excessive short-term trading activity. Please contact your financial representative for additional information regarding their policies for limiting the frequent trading of Fund shares.

This policy also does not apply with respect to shares purchased by certain funds-of-funds or similar asset allocation programs that rebalance their investments only infrequently. To be eligible for this exemption, the fund-of-funds or asset allocation program must identify itself to and receive prior written approval from a Fund or the Distributor. A Fund and the Distributor may request additional information to enable them to determine that the fund-of-funds or asset allocation program is not designed to and/or is not serving as a vehicle for disruptive short-term trading, which may include requests for (i) written assurances from the sponsor or investment manager of the fund-of-funds or asset allocation program that it enforces the Fund's frequent trading policy on investors or another policy reasonably designed to deter disruptive short-term trading in Fund shares, and/or (ii) data regarding transactions by investors in the fund-of-funds or asset allocation program, for periods and on a frequency determined by the Fund and the Distributor, so that the Funds can monitor compliance by such investors with the trading limitations of the Funds or of the fund-of-funds or asset allocation program. Under certain circumstances, waivers to these conditions (including waivers to permit more frequent rebalancing) may be approved for programs that in the Fund's opinion are not vehicles for excessive trading and are not likely to engage in abusive trading.

The Fund and the Distributor may deem shares acquired, redeemed, or exchanged through a firm discretionary program where purchases and redemptions are made at a home office or firm level on behalf of a client not deemed to be intended to engage in market timing. In addition to the circumstances previously noted, the Funds reserve the right to waive any purchase and exchange restrictions at each Fund's sole discretion where it believes such action is in the Fund's best interests. The exception would require additional review as noted above for asset allocation programs.

**Trade Activity Monitoring.** Trading activity is monitored selectively on a daily basis in an effort to detect excessive short-term trading activities. If a Fund or the Distributor believes that a shareholder or financial intermediary has engaged in excessive, short-term trading activity, it may, at its discretion, request that the shareholder or financial intermediary stop such activities or refuse to process purchases or exchanges in the accounts. At its discretion, a Fund and the Distributor, as well as an adviser to a Fund may ban trading in an account if, in their judgment, a shareholder or financial intermediary has engaged in short-term transactions that, while not necessarily in violation of the Fund's stated policies on frequent trading, are harmful to a Fund or its shareholders. A Fund and the Distributor also reserve the right to notify financial intermediaries of the shareholder's trading activity.

------

[Back to **Table of Contents**](#TOC_4824)

Fund Services

------

**Accounts Held by Financial Intermediaries.** The ability of a Fund and the Distributor to monitor trades that are placed by omnibus or other nominee accounts may be severely limited in those instances in which the financial intermediary maintains the record of a Fund's underlying beneficial owners. In general, each Fund and the Distributor will review trading activity at the omnibus account level. If a Fund and the Distributor detect suspicious activity, they may request and receive personal identifying information and transaction histories for some or all underlying shareholders (including plan participants) to determine whether such shareholders have engaged in excessive short-term trading activity. If a Fund believes that a shareholder has engaged in excessive short-term trading activity in violation of the Fund's policies through an omnibus account, the Fund will attempt to limit transactions by the underlying shareholder that engaged in such trading, although it may be unable to do so. A Fund may also limit or prohibit additional purchases of Fund shares by an intermediary. Investors should not assume a Fund will be able to detect or prevent all trading practices that may disadvantage a Fund.

Purchase Restrictions

Each Fund is required by federal regulations to obtain certain personal information from you and to use that information to verify your identity. The Funds may not be able to open your account if the requested information is not provided. **Each Fund reserves the right to refuse to open an account, close an** **account and redeem your shares at the then-current price or take other such steps that the Fund deems necessary to comply with federal** **regulations if your identity cannot be verified.**

Selling Restrictions

The table below describes restrictions placed on selling shares of a Fund. Please see the SAI for additional information regarding redemption payment policies.

---

| | |
|:---|:---|
| **Restriction** | **Situation** |
| Each Fund may suspend the right of redemption: | &nbsp;&nbsp;&nbsp;&nbsp; When the NYSE is closed (other than a weekend/holiday) as permitted by the SEC.<br>During an emergency as permitted by the SEC.<br>During any other period permitted by the SEC.<br>|
| Each Fund reserves the right to suspend account services or refuse transaction requests: | &nbsp;&nbsp;&nbsp;&nbsp; With a notice of a dispute between registered owners or death of a registered owner.<br>With suspicion/evidence of a fraudulent act.<br>|
| Each Fund may pay the redemption price in whole or in part by a distribution in-kind of readily marketable securities in lieu of cash or may take up to 7 days to pay a redemption request in order to raise capital: | &nbsp;&nbsp;&nbsp;&nbsp; When or if it is advisable for the Fund to redeem in-kind, as determined in the sole discretion of the Adviser or Subadviser, or if requested by the redeeming shareholder and agreed to by the Fund.<br>|
| Each Fund may withhold redemption proceeds for 10 days from the purchase date: | &nbsp;&nbsp;&nbsp;&nbsp; When redemptions are made within 10 calendar days of purchase by check or ACH to allow the check or ACH transaction to clear.<br>|

---

The Funds reserve the right to suspend account services or refuse transaction requests if a Fund receives notice of a dispute between registered owners or of the death of a registered owner or a Fund suspects a fraudulent act. If a Fund refuses a transaction request because it receives notice of a dispute, the transaction will be processed at the NAV next determined after the Fund receives notice that the dispute has been settled or a court order has been entered adjudicating the dispute. If a Fund determines that its suspicion of fraud or belief that a dispute existed was mistaken, the transaction will be processed as of the NAV next determined after the transaction request was first received in good order.

**Certificates.** Certificates will not be issued or honored for any class of shares.

**Unclaimed Property Laws.** Many states have unclaimed property laws and regulations that provide for transfer to the state (also known as "escheatment") of unclaimed or abandoned property under various circumstances. The particular circumstances may include inactivity (e.g., no owner-initiated contact for a certain period), returned mail (e.g., when mail sent to a shareholder is returned by the post office as undeliverable), or a combination of both inactivity and returned mail. If your account is deemed unclaimed or abandoned under applicable state property laws or regulations, the Funds may be required to "escheat" or transfer the assets in your account to the applicable state's unclaimed property administration. The state may sell escheated shares and, if you subsequently seek to reclaim your proceeds of liquidation from the state, you may only be able to recover the amount received when the shares were sold (and not the amount those shares are worth currently).

It is your responsibility to maintain a correct address for your account, to keep your account active by contacting the Transfer Agent by mail or telephone or accessing your account through the Funds' website, and to promptly cash all checks for dividends, capital gains and redemptions. Each state's requirements to keep an account active can vary and are subject to change. If you invest in a Fund through a financial intermediary, you are encouraged to contact the financial intermediary regarding applicable state unclaimed property laws. The Funds, the Transfer Agent and the Distributor will not be liable to shareholders or their representatives for good faith compliance with state unclaimed property laws.

Self-Servicing Your Account

Shareholders that hold their accounts directly with the Funds may use the following self-service options. Shareholders that hold Fund shares through a financial intermediary should consult their financial intermediary regarding any self-service options that they may offer.

------

[Back to **Table of Contents**](#TOC_4824)

Fund Services

------

**Natixis Funds Website.**

You can access our website at www.im.natixis.com to perform transactions (purchases, redemptions or exchanges), review your account information and Fund NAVs, change your address, order duplicate statements or tax forms or obtain a prospectus, an SAI, an application or periodic reports (certain restrictions may apply).

**Natixis Funds Automated Voice Response System.**

(Excludes Class N shares) You have access to your account 24 hours a day by calling Natixis Funds' Automated Voice Response System at 800-225-5478. You may review your account balance and Fund NAVs, order duplicate statements, order duplicate tax forms, obtain distribution and performance information.

Restructuring and Liquidations

Investors should note that each Fund reserves the right to merge or reorganize at any time, or to cease operations or liquidate itself. At any time prior to the liquidation of a Fund, shareholders may redeem their shares of the Fund pursuant to the procedures set forth under "How to Redeem Shares." The proceeds from any such redemption will be the NAV of the Fund's shares less any applicable sales charges, redemption fees or other charges. Shareholders may also exchange their shares, subject to investment minimums and other restrictions on exchanges as described under "Exchanging or Converting Shares." For federal income tax purposes, an exchange of a Fund's shares for shares of another Natixis Fund or Loomis Sayles Fund is generally treated as a sale on which a gain or loss may be recognized.

**Retirement Accounts.** Absent an instruction to the contrary prior to the liquidation date of the Fund, for shares of the Fund held using a Natixis Funds' prototype document, in individual retirement accounts, in custodial accounts under a SEP, SIMPLE, SARSEP or 403(b) plan, or in certain other retirement accounts, the Distributor may exchange any shares remaining in the Fund on the liquidation date for shares of Loomis Sayles Limited Term Government and Agency Fund (or, if that fund is no longer in existence, then in shares of another comparable Natixis Fund or Loomis Sayles Fund) at NAV. Please refer to your plan documents or contact your plan administrator or plan sponsor to determine whether the preceding sentence applies to you.

How Fund Shares Are Priced

NAV is the price of one share of a Fund without a sales charge, and is calculated each business day using this formula:

![image](pr4824img007.jpg)

The policies and procedures used to determine the NAV of Fund shares are summarized below:

• A share's NAV is determined at the close of regular trading on the NYSE on the days the NYSE is open for trading. This is normally 4:00 p.m., Eastern time. A Fund's shares will not be priced on the days on which the NYSE is closed for trading. In addition, a Fund's shares will not be priced on the holidays listed in the SAI. See the section "Net Asset Value" in the SAI for more details.

• The price you pay for purchasing, redeeming or exchanging a share will be based upon the NAV next calculated (plus or minus applicable sales charges as described earlier in the Fund Summary) after your order is received by the transfer agent, SS&C Global Investor & Distribution Solutions, Inc., (rather than when the order arrives at the P.O. box) "in good order" (meaning that the order is complete and contains all necessary information). <sup>1</sup>

• Requests received by the Funds after the NYSE closes will be processed based upon the NAV determined at the close of regular trading on the next day that the NYSE is open. If the transfer agent receives the order in good order prior to the NYSE market close (normally 4:00 p.m., Eastern time), the shareholder will receive that day's NAV. Under limited circumstances, the Distributor may enter into contractual agreements pursuant to which orders received by your investment dealer before a Fund determines its NAV and transmitted to the transfer agent prior to market open on the next business day are processed at the NAV determined on the day the order was received by your investment dealer. **Please contact your investment dealer to** **determine whether it has entered into such a contractual agreement. If your investment dealer has not entered into such a contractual** **agreement, your order will be processed at the NAV next determined after your investment dealer submits the order to a Fund.** 

• If a Fund invests in foreign securities, it may have NAV changes on days when you cannot buy or sell its shares.

1 Please see the section "How to Purchase Shares," which provides additional information regarding who can receive a purchase order.

Generally, during times of substantial economic or market change, it may be difficult to place your order by phone. During these times, you may send your order by mail as described in the sections "How to Purchase Shares" and "How to Redeem Shares."

Fund securities and other investments for which market quotations are readily available, as outlined in the Funds' policies and procedures, are valued at market value. The Funds may use third-party pricing services to obtain market quotations and other valuation information, such as evaluated bids.

Generally, Fund securities and other investments are valued as follows:

• **Equity securities (including shares of closed-end investment companies and** **ETFs)** **, exchange traded notes, rights, and warrants** — listed equity securities are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by a third-party pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price ("NOCP"), or if lacking an NOCP, at the most recent bid quotations on the

------

[Back to **Table of Contents**](#TOC_4824)

Fund Services

------

applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities discussed below) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by a third-party pricing service. If there is no sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by a third-party pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Valuations based on information from foreign markets may be subject to the Funds' fair value policies described below. If a right is not traded on any exchange, its value is based on the market value of the underlying security, less the cost to subscribe to the underlying security (e.g., to exercise the right), adjusted for the subscription ratio. If a warrant is not traded on any exchange, a price is obtained from a broker-dealer. <br>

• **Debt securities and unlisted preferred equity securities** — evaluated bids furnished to a Fund by a third-party pricing service using market information, transactions for comparable securities and various relationships between securities, if available, or bid prices obtained from broker-dealers.

• **Senior Loans** — bid prices supplied by a third-party pricing service, if available, or bid prices obtained from broker-dealers.

• **Bilateral Swaps** — bilateral credit default swaps are valued based on mid prices (between the bid price and the ask price) supplied by a third-party pricing service. Bilateral interest rate swaps and bilateral standardized commodity and equity index total return swaps are valued based on prices supplied by a third-party pricing service. If prices from a third-party pricing service are not available, prices from a broker-dealer may be used.

• **Centrally Cleared Swaps** — settlement prices of the clearing house on which the contracts were traded or prices obtained from broker-dealers.

• **Options** — domestic exchange-traded index and single name equity options contracts (including options on ETFs) are valued at the mean of the National Best Bid and Offer quotations as determined by the Options Price Reporting Authority. Foreign exchange-traded single name equity options contracts are valued at the most recent settlement price. Options contracts on foreign indices are priced at the most recent settlement price. Options on futures contracts are valued using the current settlement price on the exchange on which, over time, they are traded most extensively. Other exchange-traded options are valued at the average of the closing bid and ask quotations on the exchange on which, over time, they are traded most extensively. OTC currency options and swaptions are valued at mid prices (between the bid price and the ask price) supplied by a third-party pricing service, if available. Other OTC options contracts (including currency options and swaptions not priced through a third-party pricing service) are valued based on prices obtained from broker-dealers. Valuations based on information from foreign markets may be subject to the Funds' fair value policies as described below.

• **Futures** — most recent settlement price on the exchange on which the valuation designee believes that, over time, they are traded most extensively. Valuations based on information from foreign markets may be subject to the Funds' fair value policies as described below.

• **Forward Foreign Currency Contracts** — interpolated rates determined based on information provided by a third-party pricing service.

• **Mutual Funds -** net asset value.

Foreign denominated assets and liabilities are translated into U.S. dollars based upon foreign exchange rates supplied by a third-party pricing service. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the Adviser in its capacity as "valuation designee." A Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the NYSE. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer's security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, each Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time each Fund's NAV is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine a Fund's NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by a Fund. Valuations for securities traded in the OTC market may be based on factors such as market information, transactions for comparable securities, various relationships between securities or bid prices obtained from broker-dealers. Evaluated prices from a third-party pricing service may require subjective determinations and may be different than actual market prices or prices provided by other pricing services. As of the date of this prospectus, the Funds' Adviser serves as the Funds' valuation designee for purposes of compliance with Rule 2a-5 under the 1940 Act.

Trading in some of the portfolio securities or other investments of some of the Funds takes place in various markets outside the United States on days and at times other than when the NYSE is open for trading. Therefore, the calculation of these Funds' NAVs does not take place at the same time as the prices of many of its portfolio securities or other investments are determined, and the value of these Funds' portfolios may change on days when these Funds' are not open for business and their shares may not be purchased or redeemed.

Dividends and Distributions

The Funds generally distribute all of their net investment income (other than capital gains) as dividends. The following table shows when each Fund expects to distribute dividends.

---

| | |
|:---|:---|
| **Dividend Payment Schedule** | **Dividend Payment Schedule** |
| **Annually** | **Quarterly** |
| Mirova Global Megatrends Fund | Gateway Equity Call Premium Fund |
| Vaughan Nelson Mid Cap Fund | Gateway Fund |

---

------

[Back to **Table of Contents**](#TOC_4824)

Fund Services

------

---

| |
|:---|
| **Dividend Payment Schedule** |
| Vaughan Nelson Small Cap Fund |

---

In addition, each Fund expects to distribute all or substantially all of its net realized long- and short-term capital gains annually (or, in the case of short-term capital gains, more frequently than annually if determined by the Fund to be in the best interest of shareholders), after applying any capital loss carryovers. To the extent permitted by law, the Board of Trustees may adopt a different schedule for making distributions as long as payments are made at least annually. A Fund's distribution rate fluctuates over time for various reasons, and there can be no assurance that a Fund's distributions will not decrease or that a Fund will make any distributions when scheduled. For example, foreign currency losses could potentially reduce or eliminate, and have in the past reduced or eliminated, regularly scheduled distributions for certain Funds.

Distributions will automatically be reinvested in shares of the same class of the distributing Fund at NAV unless you select one of the following alternatives:

• Participate in the Dividend Diversification Program, which allows you to have all dividends and distributions automatically invested at NAV in shares of the same class of another Natixis Fund registered in your name. Certain investment minimums and restrictions may apply. For more information about the program, see the section "Additional Investor Services;"

• Receive distributions from dividends and interest in cash while reinvesting distributions from capital gains in additional shares of the same class of the Fund, or in the same class of another Natixis Fund;

• Receive distributions from capital gains in cash while reinvesting distributions from dividends and interest in additional shares of the same class of the Fund, or in the same class of another Natixis Fund; or

• Receive all distributions in cash.

For accounts held directly with a Fund, any cash distributions to be paid by check, in an amount of $10 or less, will instead be automatically reinvested in additional Fund shares. If a dividend or capital gain distribution check remains uncashed for six months and your account is still open, each Fund will reinvest the dividend or distribution in additional shares of the Fund promptly after making this determination and the check will be canceled. In addition, future dividends and capital gain distributions will be automatically reinvested in additional shares of a Fund unless you subsequently contact the Fund and request to receive distributions by check.

If you do not select an option when you open your account, all distributions will be reinvested.

Generally, if you earn more than $10 annually in taxable income from a Fund held in a non-retirement plan account, you will receive a Form 1099-DIV to help you report the prior calendar year's distributions on your U.S. federal income tax return. This information will also be reported to the IRS. Be sure to keep this Form 1099-DIV as a permanent record. A fee may be charged for any duplicate information requested.

Tax Consequences

Except as noted, the discussion below addresses only the U.S. federal income tax consequences of an investment in the Funds and does not address any non-U.S., state or local tax consequences.

Each Fund intends to meet all requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), necessary to qualify and be eligible for treatment each year as a "regulated investment company" and thus does not expect to pay any U.S. federal income tax on income and capital gains that are timely distributed to shareholders.

Unless otherwise noted, the discussion below, to the extent it describes shareholder-level tax consequences, pertains solely to taxable shareholders. The Funds are not managed with a view toward minimizing taxes imposed on such shareholders.

**Taxation of Distributions from the Funds.** For U.S. federal income tax purposes, distributions of investment income are generally taxable to Fund shareholders as ordinary income. Taxes on distributions of capital gains are determined by how long a Fund owned (or is deemed to have owned) the investments that generated them, rather than how long a shareholder has owned his or her shares. Distributions attributable to the excess of net long-term capital gains from the sale of investments that a Fund owned (or is deemed to have owned) for more than one year over net short-term capital losses from the sale of investments that a Fund owned (or is deemed to have owned) for one year or less, and that are properly reported by the Fund as capital gain dividends ("Capital Gain Dividends") generally will be taxable to a shareholder receiving such distributions as long-term capital gain includible in net capital gain and taxed to individuals at reduced rates. Distributions attributable to the excess of net short-term capital gains from the sale of investments that a Fund owned (or is deemed to have owned) for one year or less over net long-term capital losses from the sale of investments that a Fund owned (or is deemed to have owned) for more than one year, will be taxable as ordinary income.

Distributions of investment income properly reported by a Fund as derived from "qualified dividend income" will be taxed in the hands of individuals at the reduced rates applicable to net capital gain, provided that holding period and other requirements are met at both the shareholder and Fund levels. Income generated by investments in fixed-income securities, derivatives and REITs generally is not eligible for treatment as qualified dividend income. Dividends received by a Fund from foreign corporations that are not eligible for the benefits of a comprehensive income tax treaty with the U.S. (other than dividends paid on stock of such a foreign corporation that is readily tradable on an established securities market in the U.S.) will not be eligible for treatment as qualified dividend income, and hence will not increase the amount of a Fund's distributions that may be reported as qualified dividend income. Additionally, a

------

[Back to **Table of Contents**](#TOC_4824)

Fund Services

------

portion of a Fund's distributions may be eligible for the dividends-received deduction in the case of corporate shareholders, provided certain requirements are met.

A 3.8% Medicare contribution tax is imposed on the net investment income of certain individuals, trusts and estates to the extent their income exceeds certain threshold amounts. Net investment income generally includes for this purpose dividends, including any Capital Gain Dividends paid by a Fund and net capital gains recognized on the sale, redemption, exchange or other taxable disposition of shares of a Fund.

Fund distributions are taxable whether shareholders receive them in cash or reinvest them in additional shares. In addition, Fund distributions are taxable to shareholders even if they are paid from income or gains earned by a Fund before a shareholder's investment (and thus were included in the price the shareholder paid for his or her shares). Such distributions are likely to occur in respect of shares purchased at a time when the Fund's NAV reflects gains that are either unrealized or realized but not distributed.

Dividends declared by a Fund and payable to shareholders of record in October, November or December of one year and paid in January of the next year generally are taxable in the year in which the distributions are declared, rather than the year in which the distributions are received.

Dividends derived from interest on securities issued by the U.S. government or its agencies or instrumentalities, if any, may be exempt from state and local income taxes. Each Fund will advise shareholders annually of the proportion of its dividends that are derived from such interest.

Dividends paid by a Fund to retirement plans and other investors that qualify for tax-advantaged treatment under U.S. federal income tax laws generally will not be taxable, although distributions by retirement plans to their participants may be taxable. Special tax rules apply to investments through such retirement plans. If your investment is through such a plan, you should consult your tax adviser to determine the suitability of the Fund as an investment through your plan and the tax treatment of distributions to you (including distributions of amounts attributable to an investment in a Fund) from the plan.

**Redemption, Sale or Exchange of Fund Shares.** A redemption, sale or exchange of Fund shares (including an exchange of Fund shares for shares of another Natixis Fund or Loomis Sayles Fund) is a taxable event and generally will result in recognition of gain or loss in an amount equal to the difference between your adjusted tax basis in the shares and the amount received. Gain or loss, if any, recognized by a shareholder on a redemption, sale, exchange or other taxable disposition of Fund shares generally will be taxed as long-term capital gain or loss if the shareholder held the shares for more than one year, and as short-term capital gain or loss if the shareholder held the shares for one year or less, assuming in each case that the shareholder held the shares as capital assets. Short-term capital gains generally are taxed at the rates applicable to ordinary income. Any loss realized upon a disposition of shares held for six months or less will be treated as long-term, rather than short-term, capital loss to the extent of any Capital Gain Dividends received by the shareholder with respect to the shares. The deductibility of capital losses is subject to limitations. Additionally, any loss realized on a sale of shares of a Fund may be disallowed under "wash sale" rules to the extent the shares disposed of are replaced with other shares of the Fund within a period of 61 days beginning 30 days before and ending 30 days after the date of disposition, including pursuant to a dividend reinvestment in shares of the Fund. If disallowed, the loss will be reflected in an adjustment to the basis of the shares acquired. See "Cost Basis Reporting" above for information about certain cost basis reporting obligations.

**Taxation of Certain Fund Investments.** A Fund's investments in foreign securities may be subject to foreign withholding and other taxes. In that case, the Fund's yield on those securities would be decreased. If a Fund invests more than 50% of its assets in foreign securities, it generally may elect to permit shareholders to claim a credit or deduction on their income tax returns with respect to foreign taxes paid by the Fund. The Funds generally do not expect that its shareholders will be entitled to claim a credit or deduction with respect to foreign taxes incurred by the Fund. In addition, a Fund's investments in foreign securities and foreign currencies may be subject to special tax rules that have the effect of increasing or accelerating the Fund's recognition of ordinary income and may affect the timing or amount of the Fund's distributions.

A Fund's investments in certain debt obligations (such as those issued with "OID" or accrued market discount, in each case, as defined in the SAI), mortgage-backed securities, asset-backed securities, REITs and derivatives may cause the Fund to recognize taxable income in excess of the cash generated by such investments. Thus, a Fund could be required to liquidate investments, including at times when it is not advantageous to do so, in order to satisfy the distribution requirements applicable to regulated investment companies under the Code. In addition, a Fund's investments in derivatives may affect the amount, timing or character of distributions to shareholders. In particular, a Fund's transactions in options or other derivatives or short sales may cause a larger portion of distributions to be taxable to shareholders as ordinary income than would be the case absent such transactions.

**Backup Withholding.** Each Fund is required in certain circumstances to apply backup withholding on taxable dividends, redemption proceeds and certain other payments that are paid to any shareholder who does not furnish the Fund with certain information and certifications or who is otherwise subject to backup withholding.

**Other Information**

Non-U.S. investors are generally not subject to U.S. withholding tax with respect to Capital Gain Dividends, short-term capital gain dividends and interest-related dividends, as defined in the SAI and subject to limitations set forth in the SAI. With respect to distributions other than Capital Gain Dividends, short-term capital gain dividends and interest-related dividends, non-U.S. shareholders are generally subject to U.S. withholding tax at a rate of 30% (or lower applicable treaty rate). Non-U.S. investors may also be subject to U.S. state, local, and estate tax with respect to their Fund shares.

Please see the SAI for additional information on the U.S. federal income tax consequences of an investment in a Fund.

You should consult your tax adviser for more information on your own situation, including possible U.S. federal, state, local, foreign or other applicable taxes.

------

[Back to **Table of Contents**](#TOC_4824)

Fund Services

------

Additional Investor Services

**Retirement Plans**

Natixis Funds offer a range of retirement plans, including IRAs and SEPs. For more information about our Retirement Plans, call us at 800-225-5478.

**Investment Builder Program**

This is Natixis Funds' automatic investment plan. Once you meet the Fund minimum, you may authorize automatic monthly transfers from your bank checking or savings account to purchase shares of one or more Natixis Funds. For instructions on how to join the Investment Builder Program, please refer to the section "How to Purchase Shares."

**Dividend Diversification Program**

This program allows you to have all dividends and any other distributions automatically invested in shares of the same class of another Natixis Fund subject to the eligibility requirements of that other fund and to state securities law requirements. The fund minimum must be met in the new fund prior to establishing the dividend diversification program. Shares will be purchased at the selected fund's NAV without a front-end sales charge or CDSC on the ex dividend date. Before establishing a Dividend Diversification Program into any other Natixis Fund, please read its prospectus carefully.

**Automatic Exchange Plan**

Natixis Funds have an automatic exchange plan under which shares of a class of a Natixis Fund are automatically exchanged each month for shares of the same class of another Natixis Fund. The fund minimum must be met prior to establishing an automatic exchange plan. There is no fee for exchanges made under this plan. Please see the section "Exchanging or Converting Shares" above and refer to the SAI for more information on the Automatic Exchange Plan.

**Systematic Withdrawal Plan**

This plan allows you to redeem shares and receive payments from a Fund on a regular schedule. Redemptions of shares that are part of the Systematic Withdrawal Plan are not subject to a CDSC, however, the amount or percentage you specify in the plan may not exceed, on an annualized basis, 10% of the value of your Fund account based upon the value of your Fund account on the day you establish your plan. For information on establishing a Systematic Withdrawal Plan, please refer to the section "How to Redeem Shares."

------

[Back to **Table of Contents**](#TOC_4824)

Financial Performance

------

Financial Performance

The financial highlights tables are intended to help you understand each Fund's financial performance for the last five years (or, if shorter, the period of the Fund's operations). Certain information reflects financial results for a single Fund share. The total returns in the table represent the return that an investor would have earned (or lost) on an investment in a Fund (assuming reinvestment of all dividends and distributions). This information has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, whose report, along with each Fund's financial statements, is included in the Funds' filing on Form N-CSR. The [Natixis Funds Trust I Form N-CSR](https://www.sec.gov/Archives/edgar/data/770540/000119312526091070/d119574dncsr.htm), the [Natixis Funds Trust II Form N-CSR](https://www.sec.gov/Archives/edgar/data/52136/000119312526091064/d122957dncsr.htm) and the [Gateway Trust Form N-CSR](https://www.sec.gov/Archives/edgar/data/1406305/000119312526091069/d121158dncsr.htm) is incorporated by reference into the SAI, all of which are available free of charge upon request from the Distributor.

------

[Back to **Table of Contents**](#TOC_4824)

Financial Performance

------

**For a share outstanding throughout each period.** 

Gateway Equity Call Premium Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024 | Year Ended<br>December 31,<br>2023 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of the period | $19.86 | $17.01 | $14.60 | $16.66 | $14.03 |
| **INCOME (LOSS) FROM INVESTMENT** **OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.07 | 0.10 | 0.12 | 0.10 | 0.07 |
| Net realized and unrealized gain (loss) | 2.48 | 2.85 | 2.41 | (2.06)<br>| 2.62 |
| Total from Investment Operations  | 2.55 | 2.95 | 2.53 | (1.96)<br>| 2.69 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.08)<br>| (0.10)<br>| (0.12)<br>| (0.10)<br>| (0.06)<br>|
| Net asset value, end of the period | $22.33 | $19.86 | $17.01 | $14.60 | $16.66 |
| Total return<sup>(b)</sup><sup>(c)</sup>  | 12.91<br> %<br>| 17.38<br> %<br>| 17.35<br> %<br>| (11.77)%<br>| 19.20<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | $3443 | $3090 | $2073 | $1617 | $2613 |
| Net expenses<sup>(d)</sup>  | 0.93<br> %<br>| 0.93<br> %<br>| 0.93<br> %<br>| 0.93<br> %<br>| 1.03<br> %<br> <sup>(e)</sup><sup>(f)</sup> <br>|
| Gross expenses | 1.05<br> %<br>| 1.07<br> %<br>| 1.09<br> %<br>| 1.16<br> %<br>| 1.20<br> %<br>|
| Net investment income | 0.34<br> %<br>| 0.52<br> %<br>| 0.78<br> %<br>| 0.66<br> %<br>| 0.43<br> %<br>|
| Portfolio turnover rate | 18<br> %<br>| 19<br> %<br>| 32<br> %<br>| 11<br> %<br>| 5<br> %<br>|

---

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) A sales charge for Class A shares is not reflected in total return calculations.

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e) Effective July 1, 2021, the expense limit decreased from 1.20% to 0.93%.

(f) Includes additional voluntary waiver of advisory fee of 0.02%.

------

[Back to **Table of Contents**](#TOC_4824)

Financial Performance

------

**For a share outstanding throughout each period.** 

Gateway Equity Call Premium Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024 | Year Ended<br>December 31,<br>2023 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of the period | $19.60 | $16.83 | $14.46 | $16.52 | $13.96 |
| **INCOME (LOSS) FROM INVESTMENT** **OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup>  | (0.08)<br>| (0.04)<br>| 0.00<br><sup>(b)</sup> <br>| (0.01)<br>| (0.05)<br>|
| Net realized and unrealized gain (loss) | 2.44 | 2.81 | 2.38 | (2.04)<br>| 2.61 |
| Total from Investment Operations  | 2.36 | 2.77 | 2.38 | (2.05)<br>| 2.56 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income |  | (0.00)<br> <sup>(b)</sup> <br>| (0.01)<br>| (0.01)<br>| (0.00)<br> <sup>(b)</sup> <br>|
| Net asset value, end of the period | $21.96 | $19.60 | $16.83 | $14.46 | $16.52 |
| Total return<sup>(c)</sup><sup>(d)</sup>  | 12.09<br> %<br>| 16.47<br> %<br>| 16.44<br> %<br>| (12.36)%<br>| 18.28<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | $821 | $1053 | $1130 | $944 | $814 |
| Net expenses<sup>(e)</sup>  | 1.68<br> %<br>| 1.68<br> %<br>| 1.68<br> %<br>| 1.68<br> %<br>| 1.79<br> %<br> <sup>(f)</sup><sup>(g)</sup> <br>|
| Gross expenses | 1.80<br> %<br>| 1.82<br> %<br>| 1.84<br> %<br>| 1.91<br> %<br>| 1.96<br> %<br>|
| Net investment income (loss) | (0.40)%<br>| (0.23)%<br>| 0.03<br> %<br>| (0.06)%<br>| (0.33)%<br>|
| Portfolio turnover rate | 18<br> %<br>| 19<br> %<br>| 32<br> %<br>| 11<br> %<br>| 5<br> %<br>|

---

(a) Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(d) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(e) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(f) Effective July 1, 2021, the expense limit decreased from 1.95% to 1.68%.

(g) Includes additional voluntary waiver of advisory fee of 0.02%.

------

[Back to **Table of Contents**](#TOC_4824)

Financial Performance

------

**For a share outstanding throughout each period.** 

Gateway Equity Call Premium Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024 | Year Ended<br>December 31,<br>2023 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of the period | $19.82 | $16.98 | $14.57 | $16.63 | $14.01 |
| **INCOME (LOSS) FROM INVESTMENT** **OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.13 | 0.15 | 0.17 | 0.14 | 0.11 |
| Net realized and unrealized gain (loss) | 2.48 | 2.85 | 2.40 | (2.05)<br>| 2.61 |
| Total from Investment Operations  | 2.61 | 3.00 | 2.57 | (1.91)<br>| 2.72 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.14)<br>| (0.16)<br>| (0.16)<br>| (0.15)<br>| (0.10)<br>|
| Net asset value, end of the period | $22.29 | $19.82 | $16.98 | $14.57 | $16.63 |
| Total return<sup>(b)</sup>  | 13.27<br> %<br>| 17.69<br> %<br>| 17.74<br> %<br>| (11.51)%<br>| 19.49<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | $208 | $309 | $255 | $219 | $437 |
| Net expenses<sup>(c)</sup>  | 0.63<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.77<br> %<br> <sup>(d)</sup> <br>|
| Gross expenses | 1.07<br> %<br>| 1.05<br> %<br>| 1.28<br> %<br>| 1.23<br> %<br>| 1.08<br> %<br>|
| Net investment income | 0.63<br> %<br>| 0.82<br> %<br>| 1.08<br> %<br>| 0.95<br> %<br>| 0.70<br> %<br>|
| Portfolio turnover rate | 18<br> %<br>| 19<br> %<br>| 32<br> %<br>| 11<br> %<br>| 5<br> %<br>|

---

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(d) Effective July 1, 2021, the expense limit decreased from 0.90% to 0.63%.

------

[Back to **Table of Contents**](#TOC_4824)

Financial Performance

------

**For a share outstanding throughout each period.** 

Gateway Equity Call Premium Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
|  | Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024 | Year Ended<br>December 31,<br>2023 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of the period | $19.84 | $16.99 | $14.59 | $16.65 | $14.02 |
| **INCOME (LOSS) FROM INVESTMENT** **OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.12 | 0.14 | 0.17 | 0.14 | 0.10 |
| Net realized and unrealized gain (loss) | 2.48 | 2.86 | 2.39 | (2.06)<br>| 2.63 |
| Total from Investment Operations  | 2.60 | 3.00 | 2.56 | (1.92)<br>| 2.73 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.13)<br>| (0.15)<br>| (0.16)<br>| (0.14)<br>| (0.10)<br>|
| Net asset value, end of the period | $22.31 | $19.84 | $16.99 | $14.59 | $16.65 |
| Total return<sup>(b)</sup>  | 13.20<br> %<br>| 17.68<br> %<br>| 17.59<br> %<br>| (11.48)%<br>| 19.43<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | $296829 | $243477 | $267033 | $136629 | $102004 |
| Net expenses<sup>(c)</sup>  | 0.68<br> %<br>| 0.68<br> %<br>| 0.68<br> %<br>| 0.68<br> %<br>| 0.78<br> %<br> <sup>(d)</sup><sup>(e)</sup> <br>|
| Gross expenses | 0.80<br> %<br>| 0.82<br> %<br>| 0.84<br> %<br>| 0.91<br> %<br>| 0.95<br> %<br>|
| Net investment income | 0.59<br> %<br>| 0.76<br> %<br>| 1.04<br> %<br>| 0.95<br> %<br>| 0.67<br> %<br>|
| Portfolio turnover rate | 18<br> %<br>| 19<br> %<br>| 32<br> %<br>| 11<br> %<br>| 5<br> %<br>|

---

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(d) Effective July 1, 2021, the expense limit decreased from 0.95% to 0.68%.

(e) Includes additional voluntary waiver of advisory fee of 0.02%.

------

[Back to **Table of Contents**](#TOC_4824)

Financial Performance

------

**For a share outstanding throughout each period.** 

Gateway Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024 | Year Ended<br>December 31,<br>2023 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of the period | $46.31 | $40.42 | $35.57 | $40.70 | $36.76 |
| **INCOME (LOSS) FROM INVESTMENT** **OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.14 | 0.19 | 0.27 | 0.22 | 0.18 |
| Net realized and unrealized gain (loss) | 4.78 | 5.89 | 4.85 | (5.13)<br>| 3.93 |
| Total from Investment Operations  | 4.92 | 6.08 | 5.12 | (4.91)<br>| 4.11 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.14)<br>| (0.19)<br>| (0.27)<br>| (0.22)<br>| (0.17)<br>|
| Net asset value, end of the period | $51.09 | $46.31 | $40.42 | $35.57 | $40.70 |
| Total return<sup>(b)</sup><sup>(c)</sup>  | 10.59<br> %<br>| 15.08<br> %<br>| 14.43<br> %<br>| (12.06)%<br>| 11.24<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | $683058 | $688801 | $778973 | $869122 | $1073713 |
| Net expenses<sup>(d)</sup>  | 0.94<br> %<br> <sup>(e)</sup> <br>| 0.94<br> %<br> <sup>(f)</sup> <br>| 0.94<br> %<br> <sup>(f)</sup> <br>| 0.93<br> %<br> <sup>(g)</sup> <br>| 0.94<br> %<br> <sup>(g)</sup> <br>|
| Gross expenses | 0.97<br> %<br> <sup>(e)</sup> <br>| 0.98<br> %<br> <sup>(f)</sup> <br>| 0.98<br> %<br> <sup>(f)</sup> <br>| 0.96<br> %<br> <sup>(g)</sup> <br>| 0.98<br> %<br> <sup>(g)</sup> <br>|
| Net investment income | 0.30<br> %<br>| 0.44<br> %<br>| 0.71<br> %<br>| 0.60<br> %<br>| 0.46<br> %<br>|
| Portfolio turnover rate | 17<br> %<br>| 12<br> %<br>| 18<br> %<br>| 16<br> %<br>| 11<br> %<br>|

---

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) A sales charge for Class A shares is not reflected in total return calculations.

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e) Includes refund of prior year service fee of less than 0.01%.

(f) Includes refund of prior year service fee of less than 0.01%.

(g) Includes refund of prior year service fee of 0.01%.

------

[Back to **Table of Contents**](#TOC_4824)

Financial Performance

------

**For a share outstanding throughout each period.** 

Gateway Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024 | Year Ended<br>December 31,<br>2023 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of the period | $45.70 | $40.02 | $35.26 | $40.41 | $36.60 |
| **INCOME (LOSS) FROM INVESTMENT** **OPERATIONS:** |  |  |  |  |  |
| Net investment loss<sup>(a)</sup>  | (0.22)<br>| (0.14)<br>| (0.02)<br>| (0.06)<br>| (0.11)<br>|
| Net realized and unrealized gain (loss) | 4.69 | 5.83 | 4.80 | (5.09)<br>| 3.92 |
| Total from Investment Operations  | 4.47 | 5.69 | 4.78 | (5.15)<br>| 3.81 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.00)<br> <sup>(b)</sup> <br>| (0.01)<br>| (0.02)<br>|  |  |
| Net asset value, end of the period | $50.17 | $45.70 | $40.02 | $35.26 | $40.41 |
| Total return<sup>(c)</sup><sup>(d)</sup>  | 9.72<br> %<br>| 14.22<br> %<br>| 13.56<br> %<br>| (12.74)%<br>| 10.41<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | $40593 | $50388 | $61730 | $77355 | $114019 |
| Net expenses<sup>(e)</sup>  | 1.70<br> %<br>| 1.70<br> %<br>| 1.70<br> %<br>| 1.70<br> %<br>| 1.70<br> %<br>|
| Gross expenses | 1.73<br> %<br>| 1.73<br> %<br>| 1.73<br> %<br>| 1.71<br> %<br>| 1.73<br> %<br>|
| Net investment loss | (0.46)%<br>| (0.32)%<br>| (0.06)%<br>| (0.17)%<br>| (0.30)%<br>|
| Portfolio turnover rate | 17<br> %<br>| 12<br> %<br>| 18<br> %<br>| 16<br> %<br>| 11<br> %<br>|

---

(a) Per share net investment loss has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(d) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(e) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

------

[Back to **Table of Contents**](#TOC_4824)

Financial Performance

------

**For a share outstanding throughout each period.** 

Gateway Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024 | Year Ended<br>December 31,<br>2023 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of the period | $46.27 | $40.39 | $35.55 | $40.68 | $36.74 |
| **INCOME (LOSS) FROM INVESTMENT** **OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.28 | 0.32 | 0.39 | 0.33 | 0.29 |
| Net realized and unrealized gain (loss) | 4.77 | 5.88 | 4.83 | (5.13)<br>| 3.94 |
| Total from Investment Operations  | 5.05 | 6.20 | 5.22 | (4.80)<br>| 4.23 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.28)<br>| (0.32)<br>| (0.38)<br>| (0.33)<br>| (0.29)<br>|
| Net asset value, end of the period | $51.04 | $46.27 | $40.39 | $35.55 | $40.68 |
| Total return | 10.89<br> %<br>| 15.40<br> %<br> <sup>(b)</sup> <br>| 14.75<br> %<br> <sup>(b)</sup> <br>| (11.80)%<br>| 11.57<br> %<br> <sup>(b)</sup> <br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | $484162 | $416799 | $540446 | $378377 | $504299 |
| Net expenses | 0.65<br> %<br>| 0.65<br> %<br> <sup>(c)</sup> <br>| 0.65<br> %<br> <sup>(c)</sup> <br>| 0.65<br> %<br>| 0.65<br> %<br> <sup>(c)</sup> <br>|
| Gross expenses | 0.65<br> %<br>| 0.66<br> %<br>| 0.66<br> %<br>| 0.65<br> %<br>| 0.67<br> %<br>|
| Net investment income | 0.59<br> %<br>| 0.74<br> %<br>| 1.00<br> %<br>| 0.88<br> %<br>| 0.74<br> %<br>|
| Portfolio turnover rate | 17<br> %<br>| 12<br> %<br>| 18<br> %<br>| 16<br> %<br>| 11<br> %<br>|

---

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

------

[Back to **Table of Contents**](#TOC_4824)

Financial Performance

------

**For a share outstanding throughout each period.** 

Gateway Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
|  | Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024 | Year Ended<br>December 31,<br>2023 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of the period | $46.27 | $40.38 | $35.54 | $40.67 | $36.73 |
| **INCOME (LOSS) FROM INVESTMENT** **OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.26 | 0.29 | 0.36 | 0.31 | 0.27 |
| Net realized and unrealized gain (loss) | 4.76 | 5.90 | 4.84 | (5.13)<br>| 3.94 |
| Total from Investment Operations  | 5.02 | 6.19 | 5.20 | (4.82)<br>| 4.21 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.26)<br>| (0.30)<br>| (0.36)<br>| (0.31)<br>| (0.27)<br>|
| Net asset value, end of the period | $51.03 | $46.27 | $40.38 | $35.54 | $40.67 |
| Total return<sup>(b)</sup>  | 10.84<br> %<br>| 15.37<br> %<br>| 14.70<br> %<br>| (11.85)%<br>| 11.49<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | $5935682 | $5646527 | $5071145 | $5013186 | $6492511 |
| Net expenses<sup>(c)</sup>  | 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>|
| Gross expenses | 0.73<br> %<br>| 0.73<br> %<br>| 0.73<br> %<br>| 0.71<br> %<br>| 0.73<br> %<br>|
| Net investment income | 0.54<br> %<br>| 0.67<br> %<br>| 0.94<br> %<br>| 0.83<br> %<br>| 0.70<br> %<br>|
| Portfolio turnover rate | 17<br> %<br>| 12<br> %<br>| 18<br> %<br>| 16<br> %<br>| 11<br> %<br>|

---

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

------

[Back to **Table of Contents**](#TOC_4824)

Financial Performance

------

**For a share outstanding throughout each period.** 

Mirova Global Megatrends Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024 | Year Ended<br>December 31,<br>2023 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of the period | $19.89 | $17.94 | $15.22 | $20.53 | $19.57 |
| **INCOME (LOSS) FROM INVESTMENT** **OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup>  | 0.02 | 0.01 | 0.06 | 0.08 | (0.01)<br>|
| Net realized and unrealized gain (loss) | 2.90 | 2.30 | 2.73 | (4.62)<br>| 3.45 |
| Total from Investment Operations  | 2.92 | 2.31 | 2.79 | (4.54)<br>| 3.44 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.03)<br>| (0.03)<br>| (0.07)<br>| (0.07)<br>| (0.00)<br> <sup>(b)</sup> <br>|
| Net realized capital gains | (0.90)<br>| (0.33)<br>|  | (0.70)<br>| (2.48)<br>|
| Total Distributions  | (0.93)<br>| (0.36)<br>| (0.07)<br>| (0.77)<br>| (2.48)<br>|
| Net asset value, end of the period | $21.88 | $19.89 | $17.94 | $15.22 | $20.53 |
| Total return<sup>(c)</sup><sup>(d)</sup>  | 15.00<br> %<br>| 12.83<br> %<br>| 18.32<br> %<br>| (22.56)%<br>| 17.82<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | $36419 | $35416 | $30525 | $29013 | $43117 |
| Net expenses<sup>(e)</sup>  | 1.20<br> %<br>| 1.20<br> %<br>| 1.20<br> %<br>| 1.20<br> %<br> <sup>(f)</sup> <br>| 1.21<br> %<br> <sup>(g)</sup> <br>|
| Gross expenses | 1.26<br> %<br>| 1.24<br> %<br>| 1.24<br> %<br>| 1.26<br> %<br> <sup>(f)</sup> <br>| 1.24<br> %<br> <sup>(g)</sup> <br>|
| Net investment income (loss) | 0.09<br> %<br>| 0.05<br> %<br>| 0.37<br> %<br>| 0.51<br> %<br>| (0.03)%<br>|
| Portfolio turnover rate | 21<br> %<br>| 18<br> %<br>| 23<br> %<br>| 23<br> %<br>| 40<br> %<br>|

---

(a) Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) A sales charge for Class A shares is not reflected in total return calculations.

(d) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(e) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(f) Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 1.25%.

(g) Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 1.24%.

------

[Back to **Table of Contents**](#TOC_4824)

Financial Performance

------

**For a share outstanding throughout each period.** 

Mirova Global Megatrends Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024 | Year Ended<br>December 31,<br>2023 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of the period | $18.70 | $16.99 | $14.48 | $19.62 | $18.95 |
| **INCOME (LOSS) FROM INVESTMENT** **OPERATIONS:** |  |  |  |  |  |
| Net investment loss<sup>(a)</sup>  | (0.12)<br>| (0.13)<br>| (0.06)<br>| (0.04)<br>| (0.16)<br>|
| Net realized and unrealized gain (loss) | 2.70 | 2.18 | 2.58 | (4.40)<br>| 3.31 |
| Total from Investment Operations  | 2.58 | 2.05 | 2.52 | (4.44)<br>| 3.15 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income |  | (0.01)<br>| (0.01)<br>|  | (0.00)<br> <sup>(b)</sup> <br>|
| Net realized capital gains | (0.90)<br>| (0.33)<br>|  | (0.70)<br>| (2.48)<br>|
| Total Distributions  | (0.90)<br>| (0.34)<br>| (0.01)<br>| (0.70)<br>| (2.48)<br>|
| Net asset value, end of the period | $20.38 | $18.70 | $16.99 | $14.48 | $19.62 |
| Total return<sup>(c)</sup><sup>(d)</sup>  | 14.17<br> %<br>| 11.99<br> %<br>| 17.41<br> %<br>| (23.11)%<br>| 16.85<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | $6807 | $9305 | $10786 | $11441 | $17248 |
| Net expenses<sup>(e)</sup>  | 1.95<br> %<br>| 1.95<br> %<br>| 1.95<br> %<br>| 1.95<br> %<br> <sup>(f)</sup> <br>| 1.96<br> %<br> <sup>(g)</sup> <br>|
| Gross expenses | 2.01<br> %<br>| 1.99<br> %<br>| 1.99<br> %<br>| 2.01<br> %<br> <sup>(f)</sup> <br>| 1.99<br> %<br> <sup>(g)</sup> <br>|
| Net investment loss | (0.64)%<br>| (0.70)%<br>| (0.38)%<br>| (0.23)%<br>| (0.79)%<br>|
| Portfolio turnover rate | 21<br> %<br>| 18<br> %<br>| 23<br> %<br>| 23<br> %<br>| 40<br> %<br>|

---

(a) Per share net investment loss has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(d) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(e) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(f) Includes interest expense. Without this expense the ratio of net expenses would have been 1.95% and the ratio of gross expenses would have been 2.00%.

(g) Includes interest expense. Without this expense the ratio of net expenses would have been 1.95% and the ratio of gross expenses would have been 1.99%.

------

[Back to **Table of Contents**](#TOC_4824)

Financial Performance

------

**For a share outstanding throughout each period.** 

Mirova Global Megatrends Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024 | Year Ended<br>December 31,<br>2023 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of the period | $20.08 | $18.11 | $15.36 | $20.72 | $19.71 |
| **INCOME (LOSS) FROM INVESTMENT** **OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.09 | 0.07 | 0.11 | 0.13 | 0.05 |
| Net realized and unrealized gain (loss) | 2.93 | 2.32 | 2.76 | (4.67)<br>| 3.49 |
| Total from Investment Operations  | 3.02 | 2.39 | 2.87 | (4.54)<br>| 3.54 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.10)<br>| (0.09)<br>| (0.12)<br>| (0.12)<br>| (0.05)<br>|
| Net realized capital gains | (0.90)<br>| (0.33)<br>|  | (0.70)<br>| (2.48)<br>|
| Total Distributions  | (1.00)<br>| (0.42)<br>| (0.12)<br>| (0.82)<br>| (2.53)<br>|
| Net asset value, end of the period | $22.10 | $20.08 | $18.11 | $15.36 | $20.72 |
| Total return | 15.38<br> %<br> <sup>(b)</sup> <br>| 13.15<br> %<br>| 18.70<br> %<br>| (22.32)%<br>| 18.17<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | $139265 | $285343 | $239009 | $189957 | $219679 |
| Net expenses | 0.89<br> %<br> <sup>(c)</sup> <br>| 0.89<br> %<br>| 0.89<br> %<br>| 0.90<br> %<br> <sup>(d)</sup> <br>| 0.91<br> %<br> <sup>(e)</sup><sup>(f)</sup> <br>|
| Gross expenses | 0.90<br> %<br>| 0.89<br> %<br>| 0.89<br> %<br>| 0.90<br> %<br> <sup>(d)</sup> <br>| 0.91<br> %<br> <sup>(e)</sup><sup>(f)</sup> <br>|
| Net investment income | 0.44<br> %<br>| 0.36<br> %<br>| 0.64<br> %<br>| 0.81<br> %<br>| 0.24<br> %<br>|
| Portfolio turnover rate | 21<br> %<br>| 18<br> %<br>| 23<br> %<br>| 23<br> %<br>| 40<br> %<br>|

---

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(d) Includes interest expense. Without this expense the ratio of net expenses would have been 0.89% and the ratio of gross expenses would have been 0.89%.

(e) Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross expenses would have been 0.90%.

(f) Includes fee/expense recovery of 0.01%.

------

[Back to **Table of Contents**](#TOC_4824)

Financial Performance

------

**For a share outstanding throughout each period.** 

Mirova Global Megatrends Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
|  | Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024 | Year Ended<br>December 31,<br>2023 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of the period | $20.08 | $18.11 | $15.36 | $20.71 | $19.71 |
| **INCOME (LOSS) FROM INVESTMENT** **OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.07 | 0.07 | 0.11 | 0.12 | 0.05 |
| Net realized and unrealized gain (loss) | 2.93 | 2.31 | 2.75 | (4.66)<br>| 3.46 |
| Total from Investment Operations  | 3.00 | 2.38 | 2.86 | (4.54)<br>| 3.51 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.08)<br>| (0.08)<br>| (0.11)<br>| (0.11)<br>| (0.03)<br>|
| Net realized capital gains | (0.90)<br>| (0.33)<br>|  | (0.70)<br>| (2.48)<br>|
| Total Distributions  | (0.98)<br>| (0.41)<br>| (0.11)<br>| (0.81)<br>| (2.51)<br>|
| Net asset value, end of the period | $22.10 | $20.08 | $18.11 | $15.36 | $20.71 |
| Total return<sup>(b)</sup>  | 15.32<br> %<br>| 13.06<br> %<br>| 18.63<br> %<br>| (22.33)%<br>| 18.06<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | $664906 | $644038 | $753396 | $637021 | $840638 |
| Net expenses<sup>(c)</sup>  | 0.95<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br> <sup>(d)</sup> <br>| 0.96<br> %<br> <sup>(e)</sup> <br>|
| Gross expenses | 1.01<br> %<br>| 0.99<br> %<br>| 0.99<br> %<br>| 1.01<br> %<br> <sup>(d)</sup> <br>| 0.99<br> %<br> <sup>(e)</sup> <br>|
| Net investment income | 0.33<br> %<br>| 0.32<br> %<br>| 0.63<br> %<br>| 0.76<br> %<br>| 0.22<br> %<br>|
| Portfolio turnover rate | 21<br> %<br>| 18<br> %<br>| 23<br> %<br>| 23<br> %<br>| 40<br> %<br>|

---

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(d) Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 1.00%.

(e) Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 0.99%.

------

[Back to **Table of Contents**](#TOC_4824)

Financial Performance

------

**For a share outstanding throughout each period.** 

Vaughan Nelson Mid Cap Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024 | Year Ended<br>December 31,<br>2023 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of the period | $24.04 | $22.76 | $19.64 | $22.70 | $21.79 |
| **INCOME (LOSS) FROM INVESTMENT** **OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup>  | 0.01 | (0.01)<br>| 0.05 | 0.11 | 0.05 |
| Net realized and unrealized gain (loss) | 2.84 | 4.22 | 3.14 | (2.53)<br>| 4.52 |
| Total from Investment Operations  | 2.85 | 4.21 | 3.19 | (2.42)<br>| 4.57 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.02)<br>| (0.00)<br> <sup>(b)</sup> <br>| (0.07)<br>| (0.13)<br>| (0.04)<br>|
| Net realized capital gains | (8.51)<br>| (2.93)<br>|  | (0.51)<br>| (3.62)<br>|
| Total Distributions  | (8.53)<br>| (2.93)<br>| (0.07)<br>| (0.64)<br>| (3.66)<br>|
| Net asset value, end of the period | $18.36 | $24.04 | $22.76 | $19.64 | $22.70 |
| Total return<sup>(c)</sup><sup>(d)</sup>  | 12.14<br> %<br>| 18.36<br> %<br>| 16.26<br> %<br>| (10.80)%<br>| 21.32<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | $38972 | $42321 | $38864 | $33507 | $37849 |
| Net expenses<sup>(e)</sup>  | 1.15<br> %<br>| 1.15<br> %<br>| 1.15<br> %<br>| 1.15<br> %<br>| 1.17<br> %<br> <sup>(f)</sup> <br>|
| Gross expenses | 1.27<br> %<br>| 1.26<br> %<br>| 1.25<br> %<br>| 1.21<br> %<br>| 1.23<br> %<br>|
| Net investment income (loss) | 0.05<br> %<br>| (0.05)%<br>| 0.25<br> %<br>| 0.55<br> %<br>| 0.22<br> %<br>|
| Portfolio turnover rate | 163<br> %<br>| 109<br> %<br>| 94<br> %<br>| 53<br> %<br>| 71<br> %<br>|

---

(a) Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) A sales charge for Class A shares is not reflected in total return calculations.

(d) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(e) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(f) Effective July 1, 2021, the expense limit decreased from 1.20% to 1.15%.

------

[Back to **Table of Contents**](#TOC_4824)

Financial Performance

------

**For a share outstanding throughout each period.** 

Vaughan Nelson Mid Cap Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024 | Year Ended<br>December 31,<br>2023 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of the period | $21.16 | $20.48 | $17.75 | $20.58 | $20.15 |
| **INCOME (LOSS) FROM INVESTMENT** **OPERATIONS:** |  |  |  |  |  |
| Net investment loss<sup>(a)</sup>  | (0.15)<br>| (0.18)<br>| (0.10)<br>| (0.04)<br>| (0.13)<br>|
| Net realized and unrealized gain (loss) | 2.48 | 3.79 | 2.83 | (2.28)<br>| 4.18 |
| Total from Investment Operations  | 2.33 | 3.61 | 2.73 | (2.32)<br>| 4.05 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.02)<br>| (0.00)<br> <sup>(b)</sup> <br>|  |  | (0.00)<br> <sup>(b)</sup> <br>|
| Net realized capital gains | (8.51)<br>| (2.93)<br>|  | (0.51)<br>| (3.62)<br>|
| Total Distributions  | (8.53)<br>| (2.93)<br>|  | (0.51)<br>| (3.62)<br>|
| Net asset value, end of the period | $14.96 | $21.16 | $20.48 | $17.75 | $20.58 |
| Total return<sup>(c)</sup><sup>(d)</sup>  | 11.30<br> %<br>| 17.47<br> %<br>| 15.38<br> %<br>| (11.46)%<br>| 20.44<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | $2417 | $2426 | $3650 | $7405 | $11436 |
| Net expenses<sup>(e)</sup>  | 1.90<br> %<br>| 1.90<br> %<br>| 1.90<br> %<br>| 1.90<br> %<br>| 1.93<br> %<br> <sup>(f)</sup> <br>|
| Gross expenses | 2.02<br> %<br>| 2.01<br> %<br>| 2.00<br> %<br>| 1.96<br> %<br>| 1.98<br> %<br>|
| Net investment loss | (0.70)%<br>| (0.82)%<br>| (0.55)%<br>| (0.22)%<br>| (0.56)%<br>|
| Portfolio turnover rate | 163<br> %<br>| 109<br> %<br>| 94<br> %<br>| 53<br> %<br>| 71<br> %<br>|

---

(a) Per share net investment loss has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(d) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(e) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(f) Effective July 1, 2021, the expense limit decreased from 1.95% to 1.90%.

------

[Back to **Table of Contents**](#TOC_4824)

Financial Performance

------

**For a share outstanding throughout each period.** 

Vaughan Nelson Mid Cap Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024 | Year Ended<br>December 31,<br>2023 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of the period | $24.56 | $23.12 | $19.95 | $23.05 | $22.07 |
| **INCOME (LOSS) FROM INVESTMENT** **OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.09 | 0.06 | 0.11 | 0.17 | 0.14 |
| Net realized and unrealized gain (loss) | 2.90 | 4.31 | 3.19 | (2.57)<br>| 4.58 |
| Total from Investment Operations  | 2.99 | 4.37 | 3.30 | (2.40)<br>| 4.72 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.09)<br>| (0.00)<br> <sup>(b)</sup> <br>| (0.13)<br>| (0.19)<br>| (0.12)<br>|
| Net realized capital gains | (8.51)<br>| (2.93)<br>|  | (0.51)<br>| (3.62)<br>|
| Total Distributions  | (8.60)<br>| (2.93)<br>| (0.13)<br>| (0.70)<br>| (3.74)<br>|
| Net asset value, end of the period | $18.95 | $24.56 | $23.12 | $19.95 | $23.05 |
| Total return<sup>(c)</sup>  | 12.44<br> %<br>| 18.77<br> %<br>| 16.56<br> %<br>| (10.54)%<br>| 21.70<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | $10869 | $52213 | $63894 | $72804 | $91416 |
| Net expenses<sup>(d)</sup>  | 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.86<br> %<br> <sup>(e)</sup> <br>|
| Gross expenses | 0.92<br> %<br>| 0.91<br> %<br>| 0.90<br> %<br>| 0.87<br> %<br>| 0.89<br> %<br>|
| Net investment income | 0.36<br> %<br>| 0.23<br> %<br>| 0.55<br> %<br>| 0.84<br> %<br>| 0.55<br> %<br>|
| Portfolio turnover rate | 163<br> %<br>| 109<br> %<br>| 94<br> %<br>| 53<br> %<br>| 71<br> %<br>|

---

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e) Effective July 1, 2021, the expense limit decreased from 0.90% to 0.85%.

------

[Back to **Table of Contents**](#TOC_4824)

Financial Performance

------

**For a share outstanding throughout each period.** 

Vaughan Nelson Mid Cap Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
|  | Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024 | Year Ended<br>December 31,<br>2023 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of the period | $24.60 | $23.17 | $19.99 | $23.09 | $22.10 |
| **INCOME (LOSS) FROM INVESTMENT** **OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.07 | 0.05 | 0.10 | 0.16 | 0.11 |
| Net realized and unrealized gain (loss) | 2.91 | 4.31 | 3.20 | (2.57)<br>| 4.60 |
| Total from Investment Operations  | 2.98 | 4.36 | 3.30 | (2.41)<br>| 4.71 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.07)<br>| (0.00)<br> <sup>(b)</sup> <br>| (0.12)<br>| (0.18)<br>| (0.10)<br>|
| Net realized capital gains | (8.51)<br>| (2.93)<br>|  | (0.51)<br>| (3.62)<br>|
| Total Distributions  | (8.58)<br>| (2.93)<br>| (0.12)<br>| (0.69)<br>| (3.72)<br>|
| Net asset value, end of the period | $19.00 | $24.60 | $23.17 | $19.99 | $23.09 |
| Total return<sup>(c)</sup>  | 12.39<br> %<br>| 18.69<br> %<br>| 16.52<br> %<br>| (10.58)%<br>| 21.65<br> %<br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | $102858 | $146248 | $144247 | $148505 | $226838 |
| Net expenses<sup>(d)</sup>  | 0.90<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>| 0.93<br> %<br> <sup>(e)</sup> <br>|
| Gross expenses | 1.02<br> %<br>| 1.01<br> %<br>| 1.00<br> %<br>| 0.96<br> %<br>| 0.98<br> %<br>|
| Net investment income | 0.30<br> %<br>| 0.20<br> %<br>| 0.49<br> %<br>| 0.78<br> %<br>| 0.45<br> %<br>|
| Portfolio turnover rate | 163<br> %<br>| 109<br> %<br>| 94<br> %<br>| 53<br> %<br>| 71<br> %<br>|

---

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e) Effective July 1, 2021, the expense limit decreased from 0.95% to 0.90%.

------

[Back to **Table of Contents**](#TOC_4824)

Financial Performance

------

**For a share outstanding throughout each period.** 

Vaughan Nelson Small Cap Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024 | Year Ended<br>December 31,<br>2023 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of the period | $19.51 | $18.88 | $15.17 | $17.87 | $16.69 |
| **INCOME (LOSS) FROM INVESTMENT** **OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup>  | 0.13 | 0.16 | 0.09 | (0.02)<br>| 0.00<br><sup>(b)</sup><sup>(c)</sup> <br>|
| Net realized and unrealized gain (loss) | 2.21 | 0.75 | 3.67 | (1.78)<br>| 4.98 |
| Total from Investment Operations  | 2.34 | 0.91 | 3.76 | (1.80)<br>| 4.98 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.16)<br>| (0.14)<br>| (0.05)<br>|  | (0.01)<br>|
| Net realized capital gains | (1.04)<br>| (0.14)<br>|  | (0.90)<br>| (3.79)<br>|
| Total Distributions  | (1.20)<br>| (0.28)<br>| (0.05)<br>| (0.90)<br>| (3.80)<br>|
| Net asset value, end of the period | $20.65 | $19.51 | $18.88 | $15.17 | $17.87 |
| Total return<sup>(d)</sup><sup>(e)</sup>  | 11.88<br> %<br>| 4.80<br> %<br>| 24.82<br> %<br>| (10.19)%<br>| 30.24<br> %<br> <sup>(c)</sup> <br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | $286920 | $152088 | $111268 | $66339 | $81493 |
| Net expenses<sup>(f)</sup>  | 1.25<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>| 1.27<br> %<br> <sup>(g)</sup> <br>|
| Gross expenses | 1.31<br> %<br>| 1.31<br> %<br>| 1.37<br> %<br>| 1.37<br> %<br>| 1.43<br> %<br>|
| Net investment income (loss) | 0.67<br> %<br>| 0.79<br> %<br>| 0.53<br> %<br>| (0.12)%<br>| 0.01<br> %<br> <sup>(c)</sup> <br>|
| Portfolio turnover rate | 120<br> %<br>| 80<br> %<br>| 72<br> %<br>| 63<br> %<br>| 92<br> %<br>|

---

(a) Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.05), total return would have been 29.95% and the ratio of net investment loss to average net assets would have been (0.25)%.

(d) A sales charge for Class A shares is not reflected in total return calculations.

(e) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(f) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(g) Effective July 1, 2021, the expense limit decreased from 1.30% to 1.25%.

------

[Back to **Table of Contents**](#TOC_4824)

Financial Performance

------

**For a share outstanding throughout each period.** 

Vaughan Nelson Small Cap Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024 | Year Ended<br>December 31,<br>2023 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of the period | $6.51 | $6.51 | $5.30 | $6.94 | $8.34 |
| **INCOME (LOSS) FROM INVESTMENT** **OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup>  | (0.01)<br>| 0.00<br><sup>(b)</sup> <br>| (0.01)<br>| (0.04)<br>| (0.06)<br> <sup>(c)</sup> <br>|
| Net realized and unrealized gain (loss) | 0.76 | 0.26 | 1.28 | (0.70)<br>| 2.45 |
| Total from Investment Operations  | 0.75 | 0.26 | 1.27 | (0.74)<br>| 2.39 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.12)<br>| (0.12)<br>| (0.06)<br>|  |  |
| Net realized capital gains | (1.04)<br>| (0.14)<br>|  | (0.90)<br>| (3.79)<br>|
| Total Distributions  | (1.16)<br>| (0.26)<br>| (0.06)<br>| (0.90)<br>| (3.79)<br>|
| Net asset value, end of the period | $6.10 | $6.51 | $6.51 | $5.30 | $6.94 |
| Total return<sup>(d)</sup><sup>(e)</sup>  | 11.11<br> %<br>| 4.00<br> %<br>| 23.93<br> %<br>| (11.01)%<br>| 29.45<br> %<br> <sup>(c)</sup> <br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | $8409 | $12948 | $7988 | $2118 | $966 |
| Net expenses<sup>(f)</sup>  | 2.00<br> %<br>| 2.00<br> %<br>| 2.00<br> %<br>| 2.00<br> %<br>| 2.03<br> %<br> <sup>(g)</sup> <br>|
| Gross expenses | 2.06<br> %<br>| 2.06<br> %<br>| 2.12<br> %<br>| 2.12<br> %<br>| 2.19<br> %<br>|
| Net investment income (loss) | (0.10)%<br>| 0.03<br> %<br>| (0.14)%<br>| (0.74)%<br>| (0.67)%<br> <sup>(c)</sup> <br>|
| Portfolio turnover rate | 120<br> %<br>| 80<br> %<br>| 72<br> %<br>| 63<br> %<br>| 92<br> %<br>|

---

(a) Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b) Amount rounds to less than $0.01 per share.

(c) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.10), total return would have been 29.09% and the ratio of net investment loss to average net assets would have been (0.99)%.

(d) A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(e) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(f) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(g) Effective July 1, 2021, the expense limit decreased from 2.05% to 2.00%.

------

[Back to **Table of Contents**](#TOC_4824)

Financial Performance

------

**For a share outstanding throughout each period.** 

Vaughan Nelson Small Cap Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024 | Year Ended<br>December 31,<br>2023 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of the period | $20.84 | $20.14 | $16.16 | $18.96 | $17.52 |
| **INCOME (LOSS) FROM INVESTMENT** **OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.21 | 0.23 | 0.15 | 0.04 | 0.01<br><sup>(b)</sup> <br>|
| Net realized and unrealized gain (loss) | 2.36 | 0.80 | 3.93 | (1.91)<br>| 5.29 |
| Total from Investment Operations  | 2.57 | 1.03 | 4.08 | (1.87)<br>| 5.30 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.22)<br>| (0.19)<br>| (0.10)<br>| (0.03)<br>| (0.07)<br>|
| Net realized capital gains | (1.04)<br>| (0.14)<br>|  | (0.90)<br>| (3.79)<br>|
| Total Distributions  | (1.26)<br>| (0.33)<br>| (0.10)<br>| (0.93)<br>| (3.86)<br>|
| Net asset value, end of the period | $22.15 | $20.84 | $20.14 | $16.16 | $18.96 |
| Total return | 12.22<br> %<br>| 5.08<br> %<br>| 25.24<br> %<br> <sup>(c)</sup> <br>| (9.95)%<br> <sup>(c)</sup> <br>| 30.64<br> %<br> <sup>(b)</sup><sup>(c)</sup> <br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | $200762 | $111877 | $2506 | $1493 | $1383 |
| Net expenses | 0.94<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br> <sup>(d)</sup> <br>| 0.95<br> %<br> <sup>(d)</sup> <br>| 0.97<br> %<br> <sup>(d)</sup><sup>(e)</sup> <br>|
| Gross expenses | 0.94<br> %<br>| 0.95<br> %<br>| 1.08<br> %<br>| 1.10<br> %<br>| 1.19<br> %<br>|
| Net investment income | 1.00<br> %<br>| 1.08<br> %<br>| 0.84<br> %<br>| 0.22<br> %<br>| 0.03<br> %<br> <sup>(b)</sup> <br>|
| Portfolio turnover rate | 120<br> %<br>| 80<br> %<br>| 72<br> %<br>| 63<br> %<br>| 92<br> %<br>|

---

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.01, total return would have been 30.37% and the ratio of net investment income to average net assets would have been 0.03%.

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e) Effective July 1, 2021, the expense limit decreased from 1.00% to 0.95%.

------

[Back to **Table of Contents**](#TOC_4824)

Financial Performance

------

**For a share outstanding throughout each period.** 

Vaughan Nelson Small Cap Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
|  | Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024 | Year Ended<br>December 31,<br>2023 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of the period | $20.81 | $20.11 | $16.15 | $18.95 | $17.51 |
| **INCOME (LOSS) FROM INVESTMENT** **OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup>  | 0.19 | 0.22 | 0.16 | 0.04 | 0.06<br><sup>(b)</sup> <br>|
| Net realized and unrealized gain (loss) | 2.36 | 0.80 | 3.89 | (1.91)<br>| 5.23 |
| Total from Investment Operations  | 2.55 | 1.02 | 4.05 | (1.87)<br>| 5.29 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.20)<br>| (0.18)<br>| (0.09)<br>| (0.03)<br>| (0.06)<br>|
| Net realized capital gains | (1.04)<br>| (0.14)<br>|  | (0.90)<br>| (3.79)<br>|
| Total Distributions  | (1.24)<br>| (0.32)<br>| (0.09)<br>| (0.93)<br>| (3.85)<br>|
| Net asset value, end of the period | $22.12 | $20.81 | $20.11 | $16.15 | $18.95 |
| Total return<sup>(c)</sup>  | 12.16<br> %<br>| 5.05<br> %<br>| 25.10<br> %<br>| (9.98)%<br>| 30.61<br> %<br> <sup>(b)</sup> <br>|
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Net assets, end of the period (000's) | $796514 | $943370 | $530371 | $120585 | $66054 |
| Net expenses<sup>(d)</sup>  | 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.02<br> %<br> <sup>(e)</sup> <br>|
| Gross expenses | 1.06<br> %<br>| 1.06<br> %<br>| 1.12<br> %<br>| 1.12<br> %<br>| 1.18<br> %<br>|
| Net investment income | 0.90<br> %<br>| 1.03<br> %<br>| 0.91<br> %<br>| 0.22<br> %<br>| 0.28<br> %<br> <sup>(b)</sup> <br>|
| Portfolio turnover rate | 120<br> %<br>| 80<br> %<br>| 72<br> %<br>| 63<br> %<br>| 92<br> %<br>|

---

(a) Per share net investment income has been calculated using the average shares outstanding during the period.

(b) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.00, total return would have been 30.26% and the ratio of net investment income to average net assets would have been 0.01%.

(c) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund's expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

(e) Effective July 1, 2021, the expense limit decreased from 1.05% to 1.00%.

------

[Back to **Table of Contents**](#TOC_4824)

Appendix A - Intermediary Specific Information

------

Appendix A - Intermediary Specific Information

Set forth below is information regarding sales load waivers and discounts available at specific financial intermediaries which are not affiliated with the Fund, the Advisers, and/or the Distributor. In all instances, it is the purchaser's responsibility to notify the financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales load waivers or discounts.

**Ameriprise Financial**

**Front-end sales charge reductions on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge reductions, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders can reduce their initial sales charge on the purchase of Class A shares as follows:

• Transaction size breakpoints, as described in this prospectus or the SAI.

• Rights of accumulation (ROA), as described in this prospectus or the SAI.

• Letter of intent, as described in this prospectus or the SAI.

**Front-end sales charge waivers on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders may purchase Class A shares at NAV without payment of a sales charge as follows:

• Shares purchased by employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer- sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

• Shares purchased through reinvestment of capital gains and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family).

• Shares exchanged from Class C shares of the same fund in the month of or following the seven-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.

• Shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

• Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise Financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement).

**CDSC waivers on Class A and C shares purchased through Ameriprise Financial**

Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI:

• Redemptions due to death or disability of the shareholder;

• Shares sold as part of a systematic withdrawal plan as described in this prospectus or the SAI;

• Redemptions made in connection with a return of excess contributions from an IRA account;

• Shares purchased through a Right of Reinstatement (as defined above); or

• Redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.

------

[Back to **Table of Contents**](#TOC_4824)

Appendix A - Intermediary Specific Information

------

**Edward D. Jones & Co., L.P. ("Edward Jones")**

**Policies Regarding Transactions Through Edward Jones**

The following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in this Prospectus or in the SAI or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Natixis Funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

**Breakpoints**

• Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

**Rights of Accumulation ("ROA")**

• The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of the Natixis Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

• The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

• ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

**Letter of Intent ("LOI")**

• Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

• If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

**Sales Charge Waivers**

Sales charges are waived for the following shareholders and in the following situations:

• Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.

• Shares purchased in an Edward Jones fee-based program.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

• Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load and one of the following ("Right of Reinstatement"):

• The redemption and repurchase occur in the same account.

• The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA.

• The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products.

• Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

------

[Back to **Table of Contents**](#TOC_4824)

Appendix A - Intermediary Specific Information

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

• Purchases of Class 529-A shares through a rollover from either another education savings plan or a security used for qualified distributions.

• Purchases of Class 529-A shares made for recontribution of refunded amounts.

**Contingent Deferred Sales Charge ("CDSC") Waivers**

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

• The death or disability of the shareholder.

• Systematic withdrawals with up to 10% per year of the account value.

• Return of excess contributions from an Individual Retirement Account (IRA).

• Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

• Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

• Shares exchanged in an Edward Jones fee-based program.

• Shares acquired through NAV reinstatement.

• Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

<u>**<u>Other Important Information Regarding Transactions Through Edward Jones</u>**</u>

**Minimum Purchase Amounts**

• Initial purchase minimum: $250 (for Natixis Funds Class A and Class C shares only)

• Subsequent purchase minimum: none

**Minimum Balances**

• Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

• A fee-based account held on an Edward Jones platform

• A 529 account held on an Edward Jones platform

• An account with an active systematic investment plan or LOI

**Exchanging Share Classes**

• At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund.

**Janney Montgomery Scott LLC**

Shareholders purchasing fund shares through a Janney Montgomery Scott LLC ("Janney") account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund's Prospectus or SAI.

**Front-end sales charge waivers on Class A shares available at Janney**

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

• Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).

• Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney's policies and procedures.

**Sales charge waivers on Class A and C shares available at Janney**

Shares sold upon the death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in the fund's Prospectus.

• Shares purchased in connection with a return of excess contributions from an IRA account.

• Shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching age 70½ as described in the fund's Prospectus.

• Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

• Shares acquired through a right of reinstatement.

**Front-end load discounts available at Janney: breakpoints, and/or rights of accumulation**

------

[Back to **Table of Contents**](#TOC_4824)

Appendix A - Intermediary Specific Information

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Breakpoints as described in the fund's Prospectus.

• Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

**J.P. MORGAN SECURITIES LLC**

Effective September 29, 2023, if you purchase or hold fund shares through an applicable J.P. Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC, or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or Statement of Additional Information.

**Front-end sales charge waivers on Class A shares available at J.P. Morgan Securities LLC**

• Shares exchanged from Class C (i.e. level-load) shares that are no longer subject to a CDSC and are exchanged into Class A shares of the same fund pursuant to J.P. Morgan Securities LLC's share class exchange policy.

• Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.

• Shares of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.

• Shares purchased through rights of reinstatement.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

• Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and their spouse or financial dependent as defined by J.P. Morgan Securities LLC.

**Class C to Class A share conversion**

• A shareholder in the fund's Class C shares will have their shares converted to Class A shares (or the appropriate share class) of the same fund if the shares are no longer subject to a CDSC and the conversion is consistent with J.P. Morgan Securities LLC's policies and procedures.

**CDSC waivers on Class A and C shares available at J.P. Morgan Securities LLC**

• Shares sold upon the death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

• Shares purchased in connection with a return of excess contributions from an IRA account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.

• Shares acquired through a right of reinstatement.

**Front-end load discounts available at J.P. Morgan Securities LLC: breakpoints, rights of accumulation & letters of intent**

• Breakpoints as described in the prospectus.

• Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the fund's prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets.

• Letters of Intent ("LOI") which allow for breakpoint discounts based on anticipated purchases within a fund family, through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).

**Merrill Lynch**

Purchases or sales of front-end (i.e. Class A) or level-load (i.e., Class C) mutual fund shares through a Merrill platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end waivers) and discounts, which differ from those disclosed elsewhere in this Fund's prospectus. Purchasers will have to buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for waivers or discounts not listed below.

It is the client's responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.

Additional information on waivers and discounts is available in the Merrill Sales Load Waiver and Discounts Supplement (the "Merrill SLWD Supplement") and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.

**Front-end Load Waivers on Class A Shares available at Merrill**

• Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and employee benefit plans (including health

------

[Back to **Table of Contents**](#TOC_4824)

Appendix A - Intermediary Specific Information

------

savings accounts) and trusts used to fund those plans provided the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans;<br>

• Shares purchased through a Merrill investment advisory program;

• Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account;

• Shares purchased through the Merrill Edge Self-Directed platform;

• Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same mutual fund in the same account;

• Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the description in the Merrill SLWD Supplement;

• Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Household (as defined in the Merrill SLWD Supplement);

• Shares purchased by eligible persons associated with the fund as defined in this prospectus (e.g. the fund's officers or trustees);

• Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the repurchase is in a mutual fund within the same fund family; (2) the repurchase occurs within 90 calendar days from the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill's account maintenance fees are not eligible for Rights of Reinstatement.

**Contingent Deferred Sales Charge ("CDSC") Waivers on Front-end, Back-end, and Level Load Shares Available at Merrill**

• Shares sold due to the client's death or disability (as defined by Internal Revenue Code Section 22(e)(3));

• Shares sold pursuant to a systematic withdrawal program subject to Merrill's maximum systematic withdrawal limits as described in the Merrill SLWD Supplement;

• Shares sold due to return of excess contributions from an IRA account;

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable IRS regulation;

• Front-end or level-load shares held in commission-based, non-taxable retirement brokerage accounts (e.g. traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based accounts or platforms and exchanged for a lower cost share class of the same mutual fund.

**Front-end load Discounts Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent**

• Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load that Merrill permits to be assessed to a front-end load purchase, as described in the Merrill SLWD Supplement;

• Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of mutual fund family assets held in accounts in their Merrill Household; On or about May 1, 2026, assets not held at Merrill will no longer be included in the ROA calculation. For more detail on the timing and calculation, please refer to the Merrill SLWD Supplement.

• Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within a fund family at Merrill, in accounts within your Merrill Household, as further described in the Merrill SLWD Supplement. On or about May 1, 2026, Merrill will no longer accept new LOIs. For more detail on the timing, please refer to the Merrill SLWD Supplement.

**Morgan Stanley Wealth Management**

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account are eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management**

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans

• Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

• Shares purchased through a Morgan Stanley self-directed brokerage account

• Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program

• Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

------

[Back to **Table of Contents**](#TOC_4824)

Appendix A - Intermediary Specific Information

------

**Oppenheimer**

Shareholders purchasing Fund shares through an Oppenheimer & Co. Inc. ("OPCO") platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's prospectus or SAI.

**Front-End Sales Load Waivers on Class A Shares available at OPCO**

• Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

• Shares purchased by or through a 529 Plan

• Shares purchased through a OPCO affiliated investment advisory program

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

• Shares purchased form the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same amount, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement).

• A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO

• Employees and registered representatives of OPCO or its affiliates and their family members

• Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in this prospectus

**CDSC Waivers on A, B and C Shares available at OPCO**

• Death or disability of the shareholder

• Shares sold as part of a systematic withdrawal plan as described in the Fund's prospectus

• Return of excess contributions from an IRA Account

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the prospectus

• Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

• Shares acquired through a right of reinstatement

Front-end load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent

• Breakpoints as described in this prospectus.

• Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

**Raymond James & Associates, Inc., Raymond James Financial Services, Inc.,** **& Raymond James affiliates ("Raymond James")**

Shareholders purchasing Fund shares through a Raymond James platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's prospectus or SAI.

**Front-End Sales Load Waivers on Class A Shares available at Raymond James**

• Shares purchased in an investment advisory program

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occurs in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)

• A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James

**CDSC Waivers on Classes A and C Shares available at Raymond James**

• Death or disability of the shareholder

• Shares sold as part of a systematic withdrawal plan as described in the Fund's prospectus

• Return of excess contributions from an IRA account

------

[Back to **Table of Contents**](#TOC_4824)

Appendix A - Intermediary Specific Information

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund's prospectus

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James

• Shares acquired through a right of reinstatement

**Front-End Load Discounts Available at Raymond James: Breakpoints and/or Rights of Accumulation**

• Breakpoints as described in this prospectus

• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets

**Robert W. Baird & Co.** **("Baird")**

Effective January 01, 2026, shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI

**Front-End Sales Charge Waivers on Investors A-shares Available at Baird**

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund

• Shares purchased by employees and registered representatives of Baird or its affiliates and their family members as designated by Baird

• Shares purchased within 90 days following a redemption from a Natixis Fund, provided (1) the redemption and purchase occur within the purchaser's Baird household and (2) the redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement)

• A shareholder in the Fund's Class C shares will have their share converted at net asset value to Class A shares of the fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird

• Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs

**CDSC Waivers on Investor A and C shares Available at Baird**

• Shares sold due to death or disability of the shareholder

• Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

• Shares bought due to returns of excess contributions from an IRA Account

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable Internal Revenue Service regulations as described in the Fund's prospectus

• Shares sold to pay Baird fees but only if the transaction is initiated by Baird

• Shares acquired through a right of reinstatement

**Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations**

• Breakpoints as described in this prospectus

• Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Natixis assets held by accounts within the purchaser's household at Baird. Eligible Natixis assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets

• Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of Natixis assets through Baird, over a 13-month period of time

**Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial** **Network, LLC (collectively, "Wells Fargo Advisors")**

**Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms.**

Clients of Wells Fargo Advisors purchasing fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the prospectus or statement of additional information ("SAI"). In all instances, it is the investor's responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

**Wells Fargo Advisors Class A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class A shares of the fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:

• Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor's employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward employees of affiliate businesses will not be offered NAV.

------

[Back to **Table of Contents**](#TOC_4824)

Appendix A - Intermediary Specific Information

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

WellsTrade, the firm's online self-directed brokerage account, generally offers no-load share classes but there could be instances where a Class A share is offered without a front-end sales charge.

**Wells Fargo Advisors Class 529-A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class 529-A shares of the fund through Wells Fargo Advisors transactional brokerage accounts are entitled to a waiver of the front-end load in the following circumstances:

• Shares purchased through a rollover from another 529 plan.

• Recontribution(s) of distributed funds are only allowed during the NAV reinstatement period as dictated by the sponsor's specifications outlined by the plan.

Wells Fargo Advisors is not able to apply the NAV Reinstatement privilege for 529 Plan account purchases placed directly at the fund company. Investors wishing to utilize this privilege outside of Wells Fargo systems will need to do so directly with the Plan or a financial intermediary that supports this feature.

Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through Wells Fargo Advisors.

**Wells Fargo Advisors Contingent Deferred Sales Charge information.**

• Contingent deferred sales charges (CDSC) imposed on fund redemptions will not be rebated based on future purchases.

**Wells Fargo Advisors Class A front-end load discounts**

Wells Fargo Advisors Clients purchasing Class A shares of the fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

• SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client's personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan.

• Employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.

• Gift of shares will not be considered when determining breakpoint discounts.

**Stifel**

Effective immediately, shareholders purchasing or holding Natixis Funds' shares, including existing fund shareholders, through a Stifel or affiliated platform that provides trade execution, clearance, and/or custody services, will be eligible for the following sales charge load waivers (including front-end sales charge waivers and contingent deferred, or back-end, (CDSC) sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Funds' Prospectus or Statement of Additional Information.

**CLASS A SHARES**

As described elsewhere in this prospectus, Stifel may receive compensation out of the front-end sales charge if you purchase Class A shares through Stifel.

**Rights of accumulation**

Rights of accumulation (ROA) that entitle shareholders to breakpoint discounts on front-end sales charges will be calculated by Stifel based on the aggregated holding of eligible assets in the Natixis Funds held by accounts within the purchaser's household at Stifel. Ineligible assets include class A Money Market Funds not assessed a sales charge. Fund Family assets not held at Stifel may be included in the calculation of ROA only if the shareholder notifies his or her financial advisor about such assets.

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

**Front-end sales charge waivers on Class A shares available at Stifel**

Sales charges may be waived for the following shareholders and in the following situations:

• Class C shares that have been held for more than seven (7) years may be converted to Class A shares or other front-end share class(es) of the same fund pursuant to Stifel's policies and procedures. To the extent that this prospectus elsewhere provides for a waiver with respect to the exchange or conversion of such shares following a shorter holding period, those provisions shall continue to apply.

• Shares purchased by employees and registered representatives of Stifel or its affiliates and their family members as designated by Stifel.

• Shares purchased in a Stifel fee-based advisory program, often referred to as a "wrap" program.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same or other fund within the Natixis Funds.

------

[Back to **Table of Contents**](#TOC_4824)

Appendix A - Intermediary Specific Information

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Shares purchased from the proceeds of redeemed shares of the Natixis Funds so long as the proceeds are from the sale of shares from an account with the same owner/beneficiary within 90 days of the purchase. For the absence of doubt, automated transactions (i.e. systematic purchases, including salary deferral transactions and withdrawals) and purchases made after shares are sold to cover Stifel Nicolaus' account maintenance fees are not eligible for rights of reinstatement.

• Shares from rollovers into Stifel from retirement plans to IRAs.

• Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the direction of Stifel. Stifel is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in this prospectus.

• Purchases of Class 529-A shares through a rollover from another 529 plan.

• Purchases of Class 529-A shares made for reinvestment of refunded amounts.

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

**Contingent Deferred Sales Charges Waivers on Class A and C Shares**

• Death or disability of the shareholder or, in the case of 529 plans, the account beneficiary.

• Shares sold as part of a systematic withdrawal plan not to exceed 12% annually.

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

• Shares acquired through a right of reinstatement.

• Shares sold to pay Stifel fees or costs in such cases where the transaction is initiated by Stifel.

• Shares exchanged or sold in a Stifel fee-based program.

**Share Class Conversions in Advisory Accounts**

• Stifel continually looks to provide our clients with the lowest cost share class available based on account type. Stifel reserves the right to convert shares to the lowest cost share class available at Stifel upon transfer of shares into an advisory program.

------

[Back to **Table of Contents**](#TOC_4824)

Appendix B - Financial Intermediary Specific Commissions & Investment Minimum Waivers

------

Appendix B - Financial Intermediary Specific Commissions & Investment Minimum Waivers

<u>**<u>UBS Financial Services, Inc. ("UBS-FS")</u>**</u>

Pursuant to an agreement with the Funds, Class Y shares may be available on certain brokerage platforms at UBS-FS. For such platforms, UBS-FS may charge commissions on brokerage transactions in the Funds' Class Y shares. A shareholder should contact UBS-FS for information about the commissions charged by UBS-FS for such transactions.

The minimum for the Class Y shares is waived for transactions through such brokerage platforms at UBS-FS.

------

[Back to **Table of Contents**](#TOC_4824)

Appendix C - Additional Index Information

------

Appendix C - Additional Index Information

---

| | |
|:---|:---|
| **Bloomberg U.S. Aggregate** **Bond Index** | A broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency). |
| **Cboe S&P 500 BuyWrite Index** **(BXM<sup>SM</sup>)** | A benchmark index designed to track the performance of a hypothetical buy-write strategy on the S&P 500<sup>®</sup> Index. The BXM is a passive total return index based on (1) buying an S&P 500 stock index portfolio, and (2) "writing" (or selling) the near-term S&P 500<sup>®</sup> Index (SPX<sup>SM</sup>) "covered" call option, generally on the third Friday of each month. The SPX call written will have about one month remaining to expiration, with an exercise price just above the prevailing index level. The SPX call is held until expiration and cash settled, at which time a new one-month, near-the-money call is written. |
| **MSCI World Index (Net)** | A free float-adjusted market capitalization weighted index that captures large and mid-cap representation across developed markets. Emerging markets are excluded. |
| **Russell 2000<sup>®</sup>** **Value Index** | The index measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000<sup>®</sup> companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term growth and lower sales per share historical growth. |
| **Russell 3000<sup>®</sup>** **Index** | The index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable US equity market. |
| **Russell Midcap<sup>®</sup>** **Value Index** | The index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term growth and lower sales per share historical growth. |
| **S&P 500<sup>®</sup>** **Index** | The index measures the performance of 500 widely held stocks in the U.S. equity market. Standard and Poor's chooses member companies for the index based on market size, liquidity and industry group representation. |

---

------

[Back to **Table of Contents**](#TOC_4824)

*If you would like more information about the Funds, the following documents are available free upon request:*

**Annual and Semiannual Reports to Shareholders and Form N-CSR**—Provide additional information about each Fund's investments. Each annual shareholder report filed on Form N-CSR includes the Funds' financial statements and accompanying notes, as well as a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year.

**Statement of Additional Information (SAI)**—Provides more detailed information about the Funds and their investment limitations and policies. The SAI has been filed with the SEC and is incorporated into this Prospectus by reference.

**For a free copy of the Funds' shareholder reports or their SAIs, to request other information about the Funds, and to make shareholder** **inquiries generally, contact your financial representative, visit the Funds' website at im.natixis.com or call the Funds at 800-225-5478.**

*Important Notice Regarding Delivery of Shareholder Documents:*

In our continuing effort to reduce a fund's expenses and the amount of mail that you receive from us, we will combine mailings of prospectuses, shareholder reports and proxy statements to your household. If more than one family member in your household owns the same fund or funds described in a single prospectus, report or proxy statement, you will receive one mailing unless you request otherwise. Additional copies of our prospectuses, reports or proxy statements may be obtained at any time by calling 800-225-5478. If you are currently receiving multiple mailings to your household and would like to receive only one mailing or if you wish to receive separate mailings for each member of your household in the future, please call us at the telephone number listed above and we will resume separate mailings within 30 days of your request.

*Your financial representative or Natixis Funds will also be happy to answer your questions or to provide any additional information that you may require.*

Text-only copies of the Funds' reports on Form N-CSR and SAI and other information are available free from the EDGAR Database on the SEC's Internet site at: www.sec.gov. Copies of this information may also be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

Investment Company Act File No. 811-22099Investment Company Act File No.811-04323Investment Company Act File No. 811-00242 XMA51-0526

------

![image](sa4823img001.jpg)

**STATEMENT OF ADDITIONAL INFORMATION**

**May 1,** **2026**

**NATIXIS FUNDS TRUST I**

Mirova Global Megatrends Fund ("Global Megatrends Fund")

Class A (ESGMX), Class C (ESGCX), Class N (ESGNX), and Class Y (ESGYX)

Vaughan Nelson Small Cap Fund ("Small Cap Fund")

Class A (NEFJX), Class C (NEJCX), Class N (VSCNX), and Class Y (NEJYX)

**NATIXIS FUNDS TRUST II**

Vaughan Nelson Mid Cap Fund ("Mid Cap Fund")

Class A (VNVAX), Class C (VNVCX), Class N (VNVNX), and Class Y (VNVYX)

**GATEWAY TRUST**

Gateway Equity Call Premium Fund ("Equity Call Premium Fund")

Class A (GCPAX), Class C (GCPCX), Class N (GCPNX), and Class Y (GCPYX)

Gateway Fund ("Gateway Fund")

Class A (GATEX), Class C (GTECX), Class N (GTENX), and Class Y (GTEYX)

This Statement of Additional Information ("Statement") contains specific information that may be useful to investors but that is not included in the Statutory Prospectuses of the series of Natixis Funds Trust I, Natixis Funds Trust II, or Gateway Trust listed above (each, a "Trust" and together, the "Trusts," with each series being known as a "Fund"). This Statement is not a prospectus and is authorized for distribution only when accompanied or preceded by each Fund's Summary or Statutory Prospectus, each of which is dated May 1, 2026, as from time to time revised or supplemented (each a "Prospectus" and together the "Prospectuses"). This Statement should be read together with the Prospectuses. Investors may obtain the Prospectuses without charge from Natixis Distribution, LLC (the "Distributor"), Prospectus Fulfillment Desk, 888 Boylston Street, Suite 800, Boston, MA 02199-8197, by calling Natixis Funds at 800-225-5478 or by visiting the Funds' website at im.natixis.com.

This Statement incorporates by reference the Funds' audited financial statements and accompanying notes for the fiscal year ended December 31, 2025 from the [Natixis Funds Trust I Form N-CSR](https://www.sec.gov/Archives/edgar/data/770540/000119312526091070/d119574dncsr.htm), the [Natixis Funds Trust II Form N-CSR](https://www.sec.gov/Archives/edgar/data/52136/000119312526091064/d122957dncsr.htm), and the [Gateway Trust Form N-CSR](https://www.sec.gov/Archives/edgar/data/1406305/000119312526091069/d121158dncsr.htm), each for the fiscal year ended December 31, 2025. Each Fund's Prospectus, shareholder reports, and financial statements and other information are available upon request and without charge by calling 800-225-5478 or by visiting the Funds' website at im.natixis.com or the Securities and Exchange Commission's ("SEC") website at [https://www.sec.gov](DUMMY_4823_6_17).

XMA33-0526

------

**Table of Contents**

---

| | |
|:---|:---|
| [INVESTMENT RESTRICTIONS...............................................................................](#ref_chapter_2_4823)  | [3](#ref_chapter_2_4823)  |
| [FUND CHARGES AND EXPENSES............................................................................](#ref_chapter_3_4823)  | [7](#ref_chapter_3_4823)  |
| [OWNERSHIP OF FUND SHARES..............................................................................](#ref_chapter_4_4823)  | [11](#ref_chapter_4_4823)  |
| [THE TRUSTS...............................................................................................](#ref_chapter_5_4823)  | [16](#ref_chapter_5_4823)  |
| [INVESTMENT STRATEGIES AND RISKS......................................................................](#ref_chapter_6_4823)  | [17](#ref_chapter_6_4823)  |
| [TEMPORARY DEFENSIVE POSITIONS........................................................................](#ref_chapter_7_4823)  | [58](#ref_chapter_7_4823)  |
| [PORTFOLIO TURNOVER....................................................................................](#ref_chapter_8_4823)  | [58](#ref_chapter_8_4823)  |
| [PORTFOLIO HOLDINGS INFORMATION......................................................................](#ref_chapter_9_4823)  | [58](#ref_chapter_9_4823)  |
| [MANAGEMENT OF THE TRUSTS.............................................................................](#ref_chapter_10_4823)  | [61](#ref_chapter_10_4823)  |
| [INVESTMENT ADVISORY AND OTHER SERVICES.............................................................](#ref_chapter_11_4823)  | [71](#ref_chapter_11_4823)  |
| [OTHER ARRANGEMENTS...................................................................................](#ref_chapter_12_4823)  | [76](#ref_chapter_12_4823)  |
| [PORTFOLIO MANAGEMENT INFORMATION..................................................................](#ref_chapter_13_4823)  | [77](#ref_chapter_13_4823)  |
| [PORTFOLIO TRANSACTIONS AND BROKERAGE..............................................................](#ref_chapter_14_4823)  | [80](#ref_chapter_14_4823)  |
| [DESCRIPTION OF THE TRUSTS..............................................................................](#ref_chapter_15_4823)  | [82](#ref_chapter_15_4823)  |
| [VOTING RIGHTS...........................................................................................](#ref_chapter_16_4823)  | [83](#ref_chapter_16_4823)  |
| [SHAREHOLDER AND TRUSTEE LIABILITY...................................................................](#ref_chapter_17_4823)  | [84](#ref_chapter_17_4823)  |
| [HOW TO BUY SHARES......................................................................................](#ref_chapter_18_4823)  | [84](#ref_chapter_18_4823)  |
| [REDEMPTIONS............................................................................................](#ref_chapter_19_4823)  | [84](#ref_chapter_19_4823)  |
| [SHAREHOLDER SERVICES..................................................................................](#ref_chapter_20_4823)  | [85](#ref_chapter_20_4823)  |
| [NET ASSET VALUE.........................................................................................](#ref_chapter_21_4823)  | [88](#ref_chapter_21_4823)  |
| [REDUCED SALES CHARGES.................................................................................](#ref_chapter_22_4823)  | [89](#ref_chapter_22_4823)  |
| [DISTRIBUTIONS...........................................................................................](#ref_chapter_23_4823)  | [91](#ref_chapter_23_4823)  |
| [TAXES....................................................................................................](#ref_chapter_24_4823)  | [91](#ref_chapter_24_4823)  |
| [PERFORMANCE INFORMATION.............................................................................](#ref_chapter_25_4823)  | [101](#ref_chapter_25_4823)  |
| [THIRD-PARTY INFORMATION...............................................................................](#ref_chapter_26_4823)  | [102](#ref_chapter_26_4823)  |
| [FINANCIAL STATEMENTS..................................................................................](#ref_chapter_27_4823)  | [102](#ref_chapter_27_4823)  |
| [APPENDIX A...............................................................................................](#ref_chapter_28_4823)  | [A-1](#ref_chapter_28_4823)  |

---

------

**INVESTMENT RESTRICTIONS**

The following is a description of restrictions on the investments to be made by the Funds. The restrictions marked with an asterisk (\*) are fundamental policies that may not be changed without the vote of a majority of the outstanding voting securities of the relevant Fund (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")). The other restrictions set forth below are not fundamental policies and may be changed by each Trust's Board of Trustees (the "Board"). Except in the case of restrictions marked with a dagger (†) below, the percentages set forth below and the percentage limitations set forth in each Prospectus apply at the time an investment is made and shall not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of such investment. The Funds have elected to be classified as diversified series of an open-end investment company. Under the 1940 Act, a diversified fund may not, with respect to 75% of total assets, invest more than 5% of total assets in the securities of a single issuer or invest in more than 10% of the outstanding voting securities of such issuer.

**<u>Equity Call Premium Fund may not:</u>**

---

| | |
|:---|:---|
| \*(1) | Purchase any security (other than U.S. government securities) if, as a result, 25% or more of the Fund's total assets (taken at current value) would be invested in any one industry. For purposes of this restriction, telephone, gas and electric public utilities are each regarded as separate industries and finance companies whose financing activities are related primarily to the activities of their parent companies are classified in the industry of their parents. For purposes of this restriction with regard to bank obligations, bank obligations are considered to be one industry, and asset-backed securities are not considered to be bank obligations. |
| \*(2) | Make short sales of securities or maintain a short position or purchase securities on margin, except that the Fund may obtain short-term credits as necessary for the clearance of security transactions, and the Fund may make any short sales or maintain any short positions where the short sales or short positions would not constitute "senior securities" under the 1940 Act. |
| †\*(3) | Borrow money, except to the extent permitted under the 1940 Act. |
| \*(4) | Make loans, except that the Fund may purchase or hold debt instruments in accordance with its investment objectives and policies, provided however, this restriction does not apply to repurchase agreements or loans of portfolio securities. |
| \*(5) | Act as an underwriter of securities of other issuers except that, in the disposition of portfolio securities, it may be deemed to be an underwriter under the federal securities laws. |
| \*(6) | Purchase or sell real estate, although it may purchase securities of issuers which deal in real estate, securities which are secured by interests in real estate, and securities which represent interests in real estate, and it may acquire and dispose of real estate or interests in real estate acquired through the exercise of its rights as a holder of debt obligations secured by real estate or interests therein. |
| \*(7) | Purchase or sell commodities, except that the Fund may purchase and sell futures contracts and options, may enter into foreign exchange contracts and may enter into swap agreements and other financial transactions not requiring the delivery of physical commodities. |
| \*(8) | Issue senior securities, except for permitted borrowings or as otherwise permitted under the 1940 Act. |

---

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in equity securities. Prior to any change to such policy adopted by the Board, the Fund will provide notice to shareholders as required by Rule 35d-1 under the 1940 Act, as such Rule may be interpreted from time to time by the staff of the Securities and Exchange Commission ("SEC").

The 80% policy is applied at the time of investment. However, if the Fund no longer meets the 80% policy (due to changes in the value of its portfolio holdings or other circumstances beyond its control), it must make future investments in a manner that would bring the Fund into compliance with the 80% requirement, but would not be required to sell portfolio holdings that have increased in value.

**<u>Gateway Fund may not:</u>**

---

| | |
|:---|:---|
| \*(1) | Purchase any security (other than U.S. government securities) if, as a result, 25% or more of the Fund's total assets (taken at current value) would be invested in any one industry. For purposes of this restriction, telephone, gas and electric public utilities are each regarded as separate industries and finance companies whose financing activities are related primarily to the activities of their parent companies are classified in the industry of their parents. For purposes of this restriction with regard to bank obligations, bank obligations are considered to be one industry, and asset-backed securities are not considered to be bank obligations. |
| \*(2) | Make short sales of securities or maintain a short position or purchase securities on margin, except that the Fund may obtain short-term credits as necessary for the clearance of security transactions, and the Fund may make any short sales or maintain any short positions where the short sales or short positions would not constitute "senior securities" under the 1940 Act. |
| †\*(3) | Borrow money, except to the extent permitted under the 1940 Act. |

---

------

[Back to **Table of Contents**](#TOC_4823)

---

| | |
|:---|:---|
| \*(4) | Make loans, except that the Fund may purchase or hold debt instruments in accordance with its investment objectives and policies, provided however, this restriction does not apply to repurchase agreements or loans of portfolio securities. |
| \*(5) | Act as an underwriter of securities of other issuers except that, in the disposition of portfolio securities, it may be deemed to be an underwriter under the federal securities laws. |
| \*(6) | Purchase or sell real estate, although it may purchase securities of issuers which deal in real estate, securities which are secured by interests in real estate, and securities which represent interests in real estate, and it may acquire and dispose of real estate or interests in real estate acquired through the exercise of its rights as a holder of debt obligations secured by real estate or interests therein. |
| \*(7) | Purchase or sell commodities, except that the Fund may purchase and sell futures contracts and options, may enter into foreign exchange contracts and may enter into swap agreements and other financial transactions not requiring the delivery of physical commodities. |
| \*(8) | Issue senior securities, except for permitted borrowings or as otherwise permitted under the 1940 Act. |

---

To the extent such Fund is an "acquired fund" in a fund of funds arrangement relying on Rule 12d1-4 under the 1940 Act, the Fund will limit its acquisition of securities of investment companies and companies that would be investment companies under the 1940 Act but for the exclusion from the definition of investment company in Section 3(c)(1) or Section 3(c)(7) of the 1940 Act to an aggregate amount that does not exceed 10% of the Fund's total assets (measured immediately after acquisition); provided that such limitation shall not apply to investments by the Fund in: (a) another fund as part of a master-feeder structure in reliance on Section 12(d)(1)(E) of the 1940 Act (master feeder arrangements); (b) money market funds in reliance on Rule 12d1-1 under the 1940 Act; (c) a wholly owned and controlled subsidiary of the Fund; (d) securities received as a dividend or as a result of a plan of reorganization of a company; or (e) securities of another fund received pursuant to an interfund borrowing and lending arrangement permitted by an exemptive order issued by the SEC.

**<u>Global Megatrends Fund may not:</u>**

---

| | |
|:---|:---|
| \*(1) | Purchase any security (other than U.S. government securities) if, as a result, 25% or more of the Fund's total assets (taken at current value) would be invested in any one industry. For purposes of this restriction, telephone, gas and electric public utilities are each regarded as separate industries and finance companies whose financing activities are related primarily to the activities of their parent companies are classified in the industry of their parents, finance companies whose financing activities are not related primarily to the activities of their parent companies are classified in the industry the Fund's adviser believes is most applicable to such finance companies, and each foreign country's government (together with all subdivisions thereof) will be considered to be a separate industry. For purposes of this restriction, asset-backed securities are not considered to be bank obligations. |
| \*(2) | Make short sales of securities or maintain a short position, except that the Fund may make any short sales or maintain any short positions where the short sales or short positions would not constitute "senior securities" under the 1940 Act. |
| †\*(3) | Borrow money, except to the extent permitted under the 1940 Act. |
| \*(4) | Make loans, except that the Fund may purchase or hold debt instruments in accordance with its investment objectives and policies, provided, however, this restriction does not apply to repurchase agreements or loans of portfolio securities. |
| \*(5) | Act as an underwriter of securities of other issuers except that, in the disposition of portfolio securities, it may be deemed to be an underwriter under the federal securities laws. |
| \*(6) | Purchase or sell real estate, although it may purchase securities of issuers which deal in real estate, securities which are secured by interests in real estate, and securities which represent interests in real estate, and it may acquire and dispose of real estate or interests in real estate acquired through the exercise of its rights as a holder of debt obligations secured by real estate or interests therein. |
| \*(7) | Issue senior securities, except for permitted borrowings or as otherwise permitted under the 1940 Act. |

---

**<u>Global Megatrends Fund may:</u>**

\*(8) Purchase and sell commodities to the maximum extent permitted by applicable law.

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in equity securities. Prior to any change to such policy adopted by the Board, the Fund will provide notice to shareholders as required by Rule 35d-1 under the 1940 Act, as such Rule may be interpreted from time to time by the staff of the SEC.

The 80% policy is applied at the time of investment. However, if the Fund no longer meets the 80% policy (due to changes in the value of its portfolio holdings or other circumstances beyond its control), it must make future investments in a manner that would bring the Fund into compliance with the 80% requirement, but would not be required to sell portfolio holdings that have increased in value.

------

[Back to **Table of Contents**](#TOC_4823)

**<u>Mid Cap Fund may not:</u>**

---

| | |
|:---|:---|
| \*(1) | Purchase any security (other than U.S. government securities) if, as a result, more than 25% of the Fund's total assets (taken at current value) would be invested in any one industry. For purposes of this restriction, telephone, gas and electric public utilities are each regarded as separate industries, finance companies whose financing activities are related primarily to the activities of their parent companies are classified in the industry of their parents and each foreign country's government (together with all subdivisions thereof) will be considered to be a separate industry). For purposes of this restriction, securities and other obligations of issuers in the banking industry are considered to be one industry, and asset-backed securities are not considered to be bank obligations. |
| \*(2) | Make short sales of securities or maintain a short position or purchase securities on margin, except that the Fund may obtain short-term credits as necessary for the clearance of security transactions, and the Fund may make any short sales or maintain any short positions where the short sales or short positions would not constitute "senior securities" under the 1940 Act. |
| †\*(3) | Borrow money except to the extent permitted under the 1940 Act. |
| \*(4) | Make loans, except that the Fund may purchase or hold debt instruments in accordance with its investment objectives and policies, provided however, this restriction does not apply to repurchase agreements or loans of portfolio securities. |
| \*(5) | Purchase or sell commodities, except that the Fund may buy and sell futures contracts and options, may enter into foreign exchange contracts and may enter into swap agreements and other financial transactions not requiring the delivery of physical commodities. |
| \*(6) | Act as underwriter of securities of other issuers except that, in the disposition of portfolio securities, it may be deemed to be an underwriter under the federal securities laws. |
| \*(7) | Purchase or sell real estate, although it may purchase securities of issuers which deal in real estate, securities which are secured by interests in real estate, and securities which represent interests in real estate, and it may acquire and dispose of real estate or interests in real estate acquired through the exercise of its rights as a holder of debt obligations secured by real estate or interests therein. |
| \*(8) | Issue senior securities, except for permitted borrowings or as otherwise permitted under the 1940 Act. |

---

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in mid-cap companies. Currently, the Fund defines a mid-cap company to be one whose market capitalization, at the time of purchase, falls within the capitalization range of the Russell Midcap<sup>®</sup> Value Index. Prior to any change to such policy adopted by the Board, the Fund will provide notice to shareholders as required by Rule 35d-1 under the 1940 Act, as such Rule may be interpreted from time to time by the staff of the SEC.

The 80% policy is applied at the time of investment. However, if the Fund no longer meets the 80% policy (due to changes in the value of its portfolio holdings or other circumstances beyond its control), it must make future investments in a manner that would bring the Fund into compliance with the 80% requirement, but would not be required to sell portfolio holdings that have increased in value.

**<u>Small Cap Fund may not:</u>**

---

| | |
|:---|:---|
| (1) | With respect to 75% of its total assets, invest in the securities of any one issuer (other than the U.S. government and its agencies and instrumentalities) if, immediately after and as a result of such investment, more than 5% of the total assets of the Fund would be invested in such issuer. |
| \*(2) | Purchase any security (other than U.S. government securities) if, as a result, more than 25% of the Fund's total assets (taken at current value) would be invested in any one industry (in the utilities category, gas, electric, water and telephone companies will be considered as being in separate industries, and each foreign country's government (together with all subdivisions thereof) will be considered to be a separate industry.) |
| (3) | Purchase securities on margin (but it may obtain such short-term credits as may be necessary for the clearance of purchases and sales of securities). (For this purpose, the deposit or payment by the Fund of initial or variation margin in connection with futures contracts or related options transactions is not considered the purchase of a security on margin.) |
| (4) | Acquire more than 10% of any class of securities of an issuer (other than U.S. government securities and taking all preferred stock issues of an issuer as a single class and all debt issues of an issuer as a single class) or, with respect to 75% of its total assets, acquire more than 10% of the outstanding voting securities of an issuer. |
| †\*(5) | Borrow money in excess of 33 1/3% of its total assets, and then only as a temporary measure for extraordinary or emergency purposes. |
| \*(6) | Make loans, except by entering into repurchase agreements or by purchase of bonds, debentures, commercial paper, corporate notes and similar evidences of indebtedness, which are a part of an issue to the public or to financial institutions, or through the lending of the Fund's portfolio securities. |

---

------

[Back to **Table of Contents**](#TOC_4823)

---

| | |
|:---|:---|
| \*(7) | Buy or sell oil, gas or other mineral leases, rights or royalty contracts, real estate or commodities or commodity contracts, except that the Fund may buy and sell futures contracts and related options, swap contracts, currency forward contracts, structured notes and other similar instruments. (This restriction does not prevent the Fund from purchasing securities of companies investing in the foregoing.) |
| \*(8) | Act as underwriter, except to the extent that, in connection with the disposition of portfolio securities, it may be deemed to be an underwriter under certain federal securities laws. |
| (9) | Except to the extent permitted by rule or order of the SEC, participate on a joint or joint and several basis in any trading account in securities. (The "bunching" of orders for the purchase or sale of portfolio securities with any investment adviser or subadviser of the Fund or accounts under any such investment adviser's or subadviser's management to reduce brokerage commissions, to average prices among them or to facilitate such transactions is not considered a trading account in securities for purposes of this restriction.) |
| †(10) | Purchase any illiquid security if, as a result, more than 15% of its net assets (taken at current value) would be invested in such securities. |
| \*(11) | Issue senior securities. For the purpose of this restriction none of the following is deemed to be a senior security: any pledge or other encumbrance of assets permitted by restriction (6) above; any borrowing permitted by restriction (5) above; any collateral arrangements with respect to options or futures contracts, and with respect to initial and variation margin; the purchase or sale of options, forward contracts, futures contracts, swap contracts or other similar instruments; and the issuance of shares of beneficial interest permitted from time to time by the provisions of the Trust's Declaration of Trust and by the 1940 Act, the rules thereunder, or any exemption therefrom. (The Fund is required, under regulatory provisions applicable to it as interpreted by the staff of the SEC, to set aside in a segregated account with its custodian bank liquid assets in amounts sufficient at all times to satisfy its obligations under options, futures contracts, forward contracts, swap contracts and other similar instruments.) |

---

**<u>Small Cap Fund may:</u>**

(12) Pledge its assets to the maximum extent permitted by applicable law.

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in small cap companies. Currently, the Fund defines a small cap company to be one whose market capitalization, at the time of purchase, either falls within the capitalization range of the Russell 2000<sup>®</sup> Value Index, an unmanaged index that measures the performance of those Russell 2000<sup>®</sup> companies with lower price-to-book ratios and lower forecasted growth values, or is $3.5 billion or less. Prior to any change to such policy adopted by the Board, the Fund will provide notice to shareholders as required by Rule 35d-1 under the 1940 Act, as such Rule may be interpreted from time to time by the staff of the SEC.

The 80% policy is applied at the time of investment. However, if the Fund no longer meets the 80% policy (due to changes in the value of its portfolio holdings or other circumstances beyond its control), it must make future investments in a manner that would bring the Fund into compliance with the 80% requirement, but would not be required to sell portfolio holdings that have increased in value.

**General Notes on Investment Restrictions**

With respect to restrictions on borrowing, the 1940 Act limits a Fund's ability to borrow money on a non-temporary basis if such borrowings constitute "senior securities." In addition to temporary borrowing, and subject to any stricter restrictions on borrowing applicable to any particular Fund, a Fund may borrow from any bank, provided that immediately after any such borrowing there is an asset coverage of at least 300% for all borrowings by the Fund and provided further, that in the event that such asset coverage shall at any time fall below 300%, the Fund shall, within three days (not including Sundays and holidays) thereafter or such longer period as the SEC may prescribe by rules and regulations, reduce the amount of its borrowings to such an extent that the asset coverage of such borrowing shall be at least 300%. The Funds may also borrow money or engage in economically similar transactions if those transactions do not constitute "senior securities" under the 1940 Act.

Where applicable, the foregoing investment restrictions shall be interpreted based upon rules, no-action letters and other pronouncements of the staff of the SEC. In connection with its compliance with Rule 18f-4 under the 1940 Act, a Fund may treat all reverse repurchase transactions and similar financing transactions as derivatives transactions subject to the requirements of Rule 18f-4 or treat all reverse repurchase transactions and similar financing transactions as senior securities subject to the 300% asset coverage requirement otherwise applicable to borrowings by the Fund.

A Fund may not purchase any illiquid security if, as a result, more than 15% of the Fund's net assets (based on current value) would then be invested in such securities. Securities generally will be considered "illiquid" if a Fund reasonably expects the security cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security.

With respect to limitations on industry concentration as disclosed in this Statement, a Fund applies such policies to direct investments in the securities of issuers in a particular industry, as determined by the Adviser. Even if a Fund may not invest more than 25% of its total assets in any one industry, the Fund may invest in a number of similar industries that could roll up to a broad sector.

------

[Back to **Table of Contents**](#TOC_4823)

**FUND CHARGES AND EXPENSES**

**Advisory Fees**

Pursuant to separate advisory agreements, Natixis Advisors, LLC, ("Natixis Advisors") has agreed, subject to the supervision of the Board of the relevant Trust, to manage the investment and reinvestment of the assets of Mid Cap Fund and Small Cap Fund, and to provide a range of administrative services to such Funds.

For the services described in the advisory agreements, each Fund has agreed to pay Natixis Advisors an advisory fee at the annual rate set forth in the following table, reduced by the amount of any subadvisory fees payable directly by the Fund to Vaughan Nelson Investment Management, L.P. ("Vaughan Nelson" or the "Subadviser") pursuant to the subadvisory agreement:

---

| | | |
|:---|:---|:---|
|  **Fund**  | **Date of Agreement** | **Advisory fee payable by Fund to Natixis** **Advisors (as a % of average daily net assets** **of the Fund)** |
|  Mid Cap Fund  | 10/31/08, as amended 7/1/21 | 0.75% of the first $1.5 billion<br>0.70% of the amounts in excess of $1.5 billion |
|  Small Cap Fund  | 10/30/00, as amended 7/1/21 | 0.85% |

---

Pursuant to separate advisory agreements, Gateway Investment Advisers, LLC ("Gateway") has agreed to manage the investment and reinvestment of the assets of Equity Call Premium Fund and Gateway Fund, subject to the supervision of the Board. For the services described in the advisory agreement, Equity Call Premium Fund and Gateway Fund have agreed to pay Gateway an advisory fee at the annual rate set forth in the following table:

---

| | | |
|:---|:---|:---|
|  **Fund**  | **Date of Agreement** | **Advisory fee payable by Fund to Gateway**<br>**(as a % of average daily net assets of the** **Fund)** |
|  Equity Call Premium Fund  | 9/30/14, as amended 7/1/21 | 0.58% |
|  Gateway Fund  | 2/16/08, as amended 7/1/21 | 0.60% of the first $5 billion<br>0.55% of the next $5 billion<br>0.53% of amounts in excess of $10 billion |

---

Pursuant to separate investment advisory agreements, Mirova US LLC ("Mirova US") has agreed to manage the investment and reinvestment of the assets of the Global Megatrends Fund, subject to the supervision of the Board. For the services described in the advisory agreement, each Fund has agreed to pay Mirova US an advisory fee at the annual rate set forth in the following table:

---

| | | |
|:---|:---|:---|
|  **Fund**  | **Date of Agreement** | **Advisory fee payable by Fund to Mirova US**<br>**(as a % of average daily net assets of the** **Fund)** |
|  Global Megatrends Fund  | 03/29/19 | 0.80% |

---

Natixis Advisors, Gateway and Mirova US (each an "Adviser") have each given a binding contractual undertaking to all classes of the applicable Fund to waive its advisory fee and, if necessary, to reimburse certain expenses related to operating the Funds in order to limit the Funds' expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, and organizational and extraordinary expenses, such as litigation and indemnification expenses, to the annual rates indicated below. The undertakings are in effect until April 30, 2027 and may be modified before then only with the consent of the Board and are reevaluated on an annual basis. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the undertaking described above (whether through waiver of its advisory fee or otherwise) to the extent that a class's expenses in later periods fall below the annual rate set forth in the relevant undertaking. A Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fee/expense was waived/reimbursed.

---

| | | |
|:---|:---|:---|
| **Fund** | **Expense Limit** | **Date of Undertaking** |
| **Equity Call Premium Fund<sup>1</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A  | 0.93% | May 1, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C  | 1.68% | May 1, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class N  | 0.63% | May 1, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y  | 0.68% | May 1, 2026 |
| **Gateway Fund**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A  | 0.94% | May 1, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C  | 1.70% | May 1, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class N  | 0.65% | May 1, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y  | 0.70% | May 1, 2026 |

---

------

[Back to **Table of Contents**](#TOC_4823)

---

| | | |
|:---|:---|:---|
| **Fund** | **Expense Limit** | **Date of Undertaking**  |
| **Global Megatrends Fund<sup>2</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A  | 1.20% | May 1, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C  | 1.95% | May 1, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class N  | 0.90% | May 1, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y  | 0.95% | May 1, 2026 |
| **Mid Cap Fund<sup>3</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A  | 1.15% | May 1, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C  | 1.90% | May 1, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class N  | 0.85% | May 1, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y  | 0.90% | May 1, 2026 |
| **Small Cap Fund<sup>3</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A  | 1.25% | May 1, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C  | 2.00% | May 1, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class N  | 0.95% | May 1, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y  | 1.00% | May 1, 2026 |

---

1 Natixis Advisors will bear a portion of the waiver/reimbursement. The Natixis Advisors portion of the waiver/reimbursement will be equal to the ratio of the Natixis Advisors Support Services Fee divided by the management fee earned by Gateway.

2 Natixis Advisors will bear a portion of the waiver/reimbursement. The Natixis Advisors portion of the waiver/reimbursement will be equal to the ratio of the Natixis Advisors Support Services Fee divided by the management fee earned by Mirova US.

3 Natixis Advisors and Vaughan Nelson have agreed to bear the waiver/reimbursement jointly on a pro rata basis relative to their advisory and sub-advisory fees, respectively.

**Subadvisory Fees**

Each advisory agreement between Natixis Advisors and a Fund provides that Natixis Advisors may delegate its responsibilities thereunder to other parties. Pursuant to separate subadvisory agreements, Natixis Advisors has delegated its portfolio management responsibilities to Vaughan Nelson in the case of Mid Cap Fund and Small Cap Fund. For the services described in the subadvisory agreements, Mid Cap Fund and Small Cap Fund have agreed to pay Vaughan Nelson a subadvisory fee at the annual rate set forth in the following table:

---

| | | | |
|:---|:---|:---|:---|
|  **Fund**  | **Subadviser** | **Date of Subadvisory** **Agreement** | **Subadvisory fee payable to Subadviser**<br>**(as a % of average daily net assets of the Fund/Segment)** |
|  Mid Cap Fund  | Vaughan Nelson | 10/31/08, as amended<br>07/01/21 | 0.47% of the first $1.5 billion<br>0.44% of the amounts in excess of $1.5 billion |
|  Small Cap Fund  | Vaughan Nelson | 03/01/04, as amended<br>07/01/21 | 0.52% |

---

**Payment of Advisory and Subadvisory Fees**

Advisory and subadvisory fees are allocated and paid on a pro rata basis by each class of each Fund based on the relative net assets of each class to the total net assets of that Fund.

The following table shows the total advisory fees (including subadvisory fees) paid by each Fund for the last three fiscal years (or, if shorter, the period of a Fund's operations).

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
|  | **12/31/23** | **12/31/24** | **12/31/25** |
| **EQUITY CALL PREMIUM FUND**  |  |  |  |
| Total Advisory Fee | $1331624 | $1764570 | $1551355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Reduced  | $372113 | $405439 | $321187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Paid  | $959511 | $1359131 | $1230168 |
| **GATEWAY FUND**  |  |  |  |
| Total Advisory Fee | $37243672 | $38718490 | $40078439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Reduced  | $2100511 | $1567550 | $1644870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Paid  | $35143161 | $37150940 | $38433569 |
| **GLOBAL MEGATRENDS FUND**  |  |  |  |
| Total Advisory Fee | $7814183 | $8602808 | $7196903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Reduced  | $0 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Paid  | $7814183 | $8602808 | $7196903 |
| **MID CAP FUND**  |  |  |  |
| Total Advisory Fee | $1868542 | $1911523 | 1613400 |

---

------

[Back to **Table of Contents**](#TOC_4823)

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
|  | **12/31/23** | **12/31/24** | **12/31/25**  |
| **Natixis Advisors**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Earned  | $697589 | $713636 | $602336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Reduced  | $76219 | $90648 | $114760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Paid  | $621370 | $622988 | $487576 |
| **Vaughan Nelson**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Earned  | $1170953 | $1197887 | $1011064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Reduced  | $127940 | $152158 | $114760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Paid  | $1043013 | $1045729 | $896304 |
| **SMALL CAP FUND**  |  |  |  |
| Total Advisory Fee | $2975008 | $8955710 | 11034612 |
| **Natixis Advisors**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Earned  | $1155003 | $3476923 | $4284026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Reduced  | $157099 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Paid  | $997904 | $3476923 | $4284026 |
| **Vaughan Nelson**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Earned  | $1820005 | $5478787 | $6750586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Reduced  | $247551 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Paid  | $1572454 | $5478787 | $6750586 |

---

For more information about the Funds' advisory and subadvisory agreements, see the section "Investment Advisory and Other Services" in this Statement.

The table below shows the expenses of the Funds that were reimbursed for the periods shown below.

---

| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| <br> **Fund**  | **12/31/23** | **12/31/24** | **12/31/25** |
|  Equity Call Premium Fund  | $— | $— | $— |
|  Gateway Fund  | $81624 | $70409 | $66867 |
|  Global Megatrends Fund  | $309437 | $291817 | $390301 |
|  Mid Cap Fund  | $— | $— | $— |
|  Small Cap Fund  | $— | $561194 | $611758 |

---

The table below shows the expenses of the Small Cap Fund that were recovered for the last three fiscal years.

---

| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| <br> **Fund**  | **12/31/23** | **12/31/24** | **12/31/25** |
|  Small Cap Fund  | $— | $2423 | $— |

---

**Brokerage Commissions**

Set forth below are the amounts each Fund paid in brokerage commissions and the amount of brokerage transactions allocated to brokers providing research services during the periods shown below.

For a description of how transactions in portfolio securities are effected and how the Funds' Advisers or Subadvisers select brokers, see the section entitled "Portfolio Transactions and Brokerage" in this Statement.

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
|  | **12/31/23** | **12/31/24** | **12/31/25** |
| **Equity Call Premium Fund**  |  |  |  |
| **Brokerage Transactions** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allocated to Brokers Providing Research Services  | $— | $— | $— |
| **Brokerage Commissions** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Brokerage Commissions Paid  | $60604 | $65933 | $49642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions Paid to Brokers Providing Research Services  | $— | $— | $— |

---

------

[Back to **Table of Contents**](#TOC_4823)

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
|  | **12/31/23** | **12/31/24** | **12/31/25**  |
| **Gateway Fund**  |  |  |  |
| **Brokerage Transactions** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allocated to Brokers Providing Research Services  | $3383269084 | $— | $— |
| **Brokerage Commissions** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Brokerage Commissions Paid  | $1849209 | $1383777 | $1980846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions Paid to Brokers Providing Research Services  | $739794 | $— | $— |
| **Global Megatrends Fund\***  |  |  |  |
| **Brokerage Transactions** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allocated to Brokers Providing Research Services  | $— | $— | $— |
| **Brokerage Commissions** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Brokerage Commissions Paid  | $61867 | $69073 | $80506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions Paid to Brokers Providing Research Services  | $— | $— | $— |
| **Mid Cap Fund**  |  |  |  |
| **Brokerage Transactions** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allocated to Brokers Providing Research Services  | $314797751 | $313069994 | $430036859 |
| **Brokerage Commissions** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Brokerage Commissions Paid  | $162957 | $215922 | $194407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions Paid to Brokers Providing Research Services  | $137973 | $171371 | $148479 |
| **Small Cap Fund**  |  |  |  |
| **Brokerage Transactions** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allocated to Brokers Providing Research Services  | $359404985 | $874961400 | $1670123062 |
| **Brokerage Commissions** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Brokerage Commissions Paid  | $346561 | $778718<sup>\*</sup> | $1290826<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions Paid to Brokers Providing Research Services  | $254015 | $492359 | $936850 |

---

\* The aggregate brokerage commissions paid significantly increased from 2024 to 2025 due to an increase in trading volume and total assets.

**Regular Broker-Dealers**

The table below contains the aggregate value of securities of each Fund's regular broker-dealers<sup>\*</sup> (or the parent of the regular broker-dealers) held by each Fund, if any, as of the close of the fiscal year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
| **Fund** | **Regular Broker-Dealer** | **Aggregate Value of Securities of Each** **Regular Broker-Dealer (or its Parent) Held** **by Fund** |
| Equity Call Premium Fund | Bank of America Corp. | $2393270 |
| Gateway Fund | Bank of America Corp. | $84227825 |
|  | Morgan Stanley | $73547661 |

---

<sup>\*</sup>"Regular Broker-Dealers" are defined by the SEC as: (a) one of the ten brokers or dealers that received the greatest dollar amount of brokerage commissions by virtue of direct or indirect participation in the company's portfolio transactions during the company's most recent fiscal year; (b) one of the ten brokers or dealers that engaged as principal in the largest dollar amount of portfolio transactions of the investment company during the company's most recent fiscal year; or (c) one of the ten brokers or dealers that sold the largest dollar amount of securities of the investment company during the company's most recent fiscal year.

**Sales Charges and Distribution and Service (12b-1) Fees**

As explained in this Statement, the Class A, and Class C shares of each Fund pay the Distributor fees under plans adopted pursuant to Rule 12b-1 under the 1940 Act (each a "Plan" and collectively the "Plans"). The following table shows the amounts of Rule 12b-1 fees paid by the Funds under the Plans during the last three fiscal years. The anticipated benefits to the Funds of the Plans include the ability to attract and maintain assets. See the section "Distribution Agreements and Rule 12b-1 Plans" for more information.

------

[Back to **Table of Contents**](#TOC_4823)

---

| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| <br>**Fund** | **12/31/23** | **12/31/24** | **12/31/25** |
| **Equity Call Premium Fund**  |  |  |  |
| Class A | $4981 | $6464 | $8433 |
| Class C | $10492 | $11687 | $9273 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Total*  | $15473 | $18151 | $17706 |
| **Gateway Fund**  |  |  |  |
| Class A | $2023389 | $1742564 | $1642443 |
| Class C | $702274 | $566568 | $446561 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Total*  | $2725663 | $2309132 | $2089004 |
| **Global Megatrends Fund**  |  |  |  |
| Class A | $73677 | $84218 | $87395 |
| Class C | $110572 | $108894 | $81880 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Total*  | $184249 | $193112 | $169275 |
| **Mid Cap Fund**  |  |  |  |
| Class A | $85732 | $103886 | $101071 |
| Class C | $58217 | $27509 | $23769 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Total*  | $143949 | $131395 | $124840 |
| **Small Cap Fund**  |  |  |  |
| Class A | $211518 | $312237 | $637217 |
| Class C | $43981 | $116149 | $116881 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Total*  | $255499 | $428386 | $754098 |

---

During the fiscal year ended December 31, 2025, the Distributor used the Rule 12b-1 fees paid by the Funds under the Plans as follows:

---

| | | | |
|:---|:---|:---|:---|
|  **Fund**  | **Compensation to** **Broker-Dealers** | **Retained by** **Distributor<sup>1</sup>**  | **Total** |
|  Equity Call Premium Fund  | $17706 | $0 | $17706 |
|  Gateway Fund  | $2089004 | $0 | $2089004 |
|  Global Megatrends Fund  | $169275 | $0 | $169275 |
|  Mid Cap Fund  | $124840 | $0 | $124840 |
|  Small Cap Fund  | $754098 | $0 | $754098 |

---

1 Distributor retains Rule 12b-1 fees on Class C shares for the first 12 months.

**OWNERSHIP OF FUND SHARES**

As of April 1, 2026, to the Trusts' knowledge, the following persons owned of record or beneficially 5% or more of the outstanding shares of the indicated classes of the Funds set forth below.<sup>\*</sup>

---

| | | |
|:---|:---|:---|
|  **FUND**  | **SHAREHOLDER** | **PERCENTAGE** |
|  **Equity Call Premium Fund<sup>1</sup>**  |  |  |
|  Class A  | Charles Schwab & Co. Inc.<br>Special Custody Account FBO Customers<br>San Francisco, CA 94105 1901 | 15.67% |
|  | Charles Schwab & Co. Inc.<br>Special Custody Account FBO Customers<br>San Francisco, CA 94105 1901 | 12.40% |
|  | Merrill Lynch Pierce Fenner & Smith Inc.<br>Jacksonville, FL 32246-6484 | 9.47% |
|  | National Financial Services LLC<br>Jersey City, NJ 07310-1995 | 8.51% |
|  | National Financial Services LLC<br>Jersey City, NJ 07310-1995 | 6.49% |
|  | Raymond James<br>St. Petersburg, FL 33716-1100 | 5.44% |

---

------

[Back to **Table of Contents**](#TOC_4823)

---

| | | |
|:---|:---|:---|
|  Class C  | LPL Financial<br>Omnibus Customer Account<br>San Diego, CA 92121-3091 | 42.16% |
|  | American Enterprise Investments SVC<br>Windsor, CT 06095-4773 | 18.51% |
|  | National Financial Services LLC<br>Jersey City, NJ 07310-1995 | 17.31% |
|  | National Financial Services LLC<br>Jersey City, NJ 07310-1995 | 7.62% |
|  Class N  | Voya Retirement, Insurance & Annuity Co.<br>Windsor, CT 06095-4773 | 98.97% |
|  Class Y  | Charles Schwab & Co. Inc.<br>Special Custody Account FBO Customers<br>San Francisco, CA 94105-1905 | 24.17% |
|  **Gateway Fund**  | **Gateway Fund**  | **Gateway Fund**  |
|  Class A  | Morgan Stanley Smith Barney LLC<br>For the Exclusive Benefit of its Customers<br>New York, NY 10004-1932 | 14.59% |
|  | Merrill Lynch Pierce Fenner & Smith Inc.<br>For the Sole Benefit of its Customers<br>Jacksonville, FL 32246-6484 | 13.47% |
|  | [Charles Schwab & Co. Inc.<br>Special Custody Account FBO Customers<br>San Francisco, CA 94105-1905] | 12.02% |
|  | Raymond James<br>St. Petersburg, FL 33716-1100 | 10.74% |
|  | UBS WM USA<br>Omni Account M/F<br>Weehawken, NJ 07086-6761 | 6.26% |
|  Class C  | Morgan Stanley Smith Barney LLC<br>For the Exclusive Benefit of its Customers<br>New York, NY 10004-1932 | 20.65% |
|  | Raymond James<br>Omnibus for Mutual Funds<br>St. Petersburg, FL 33716-1100 | 16.73% |
|  | Wells Fargo Clearing Services LLC<br>Special Custody Account FBO Customers<br>St. Louis, MO 63103-2523 | 14.33% |
|  | Merrill Lynch Pierce Fenner & Smith Inc.<br>For the Sole Benefit of its Customers<br>Jacksonville, FL 32246-6484 | 13.14% |
|  | LPL Financial<br>Omnibus Customer Account<br>San Diego, CA 92121-3091 | 8.37% |
|  | Charles Schwab & Co. Inc.<br>Special Custody Account FBO Customers<br>San Francisco, CA 94105-1905 | 6.64% |
|  | JP Morgan Securities LLC<br>For the Exclusive Benefit of its Customers<br>Brooklyn, NY 11245-0003 | 5.41% |
|  Class N  | JP Morgan Securities LLC<br>For the Exclusive Benefit of its Customers<br>Brooklyn, NY 11245-0003 | 25.42% |

---

------

[Back to **Table of Contents**](#TOC_4823)

---

| | | |
|:---|:---|:---|
|  | Pershing LLC<br>Jersey City, NJ 07399-0001 | 16.48% |
|  | SEI Private Trust Co.<br>Oaks, PA 19456-9989 | 12.29% |
|  | Wells Fargo Clearing Services LLC Special<br>Custody Account FBO Customers<br>St. Louis, MO 63103-2523 | 8.42% |
|  | Mori & Co.<br>Kansas City, MO 64106-1802 | 7.97% |
|  | NA Bank & Co.<br>Tulsa, OK 74101-2180 | 6.20% |
|  Class Y  | Charles Schwab & Co. Inc.<br>San Francisco, CA 94104-4151 | 17.41% |
|  | Morgan Stanley Smith Barney LLC<br>For the Exclusive Benefit of its Customers<br>New York, NY 10004-1901 | 12.87% |
|  | LPL Financial<br>Omnibus Customer Account<br>San Diego, CA 92121-3091 | 7.06% |
|  | SEI Private Trust Co.<br>Oaks, PA 19456-9989 | 6.64% |
|  | Merrill Lynch Pierce Fenner & Smith Inc.<br>For the Sole Benefit of its Customers<br>Jacksonville, FL 32246-6484 | 5.88% |
|  | UBS WM USA<br>Omni Account M/F<br>Weehawken, NJ 07086-6761 | 5.55% |
|  **Global Megatrends Fund**  | **Global Megatrends Fund**  | **Global Megatrends Fund**  |
|  Class A  | Merrill Lynch Pierce Fenner & Smith Inc<br>Jacksonville, FL 32246-6484 | 47.79% |
|  | Charles Schwab & Co. Inc.<br>Special Custody Account FBO Customers<br>San Francisco, CA 94104-4151 | 23.64% |
|  Class C  | Merrill Lynch Pierce Fenner & Smith Inc<br>Jacksonville, FL 32246-6484 | 50.55% |
|  | JP Morgan Securities LLC<br>For the Exclusive Benefit of its Customers<br>Brooklyn, NY 11245-0003 | 16.09% |
|  | Pershing LLC<br>Jersey City, NJ 07399-0001 | 8.30% |
|  | LPL Financial Omnibus Customer Account<br>San Diego, CA 92121-3091 | 7.62% |
|  Class N  | JP Morgan Securities LLC<br>For the Exclusive Benefit of its Customers<br>Brooklyn, NY 11245-0003 | 41.62% |
|  | CFA Institute<br>Charlottesville, VA 22902-4818 | 20.26% |
|  | National Financial Services LLC<br>Jersey City, NJ 07310-1995 | 12.01% |
|  | Saxon & Co<br>Cleveland, OH 44101-4597 | 7.17% |
|  Class Y  | American Enterprise Investments SVC<br>Windsor, CT 06095-4773 | 28.84% |

---

------

[Back to **Table of Contents**](#TOC_4823)

---

| | | |
|:---|:---|:---|
|  | Merrill Lynch Pierce Fenner & Smith Inc<br>Jacksonville, FL 32246-6484<br>UBS WM USA<br>Omni Account M/F<br>Weehawken, NJ 07086-6761<br>Charles Schwab & Co. Inc.<br>Special Custody Account FBO Customers<br>San Francisco, CA 94104-4151<br>Empower Trust<br>For the Benefit IRA Advantage<br>Greenwood Village, CO 80111-5002 | 18.47%<br>13.66%<br>12.73%<br>6.92% |
|  **Mid Cap Fund<sup>2</sup>**  | **Mid Cap Fund<sup>2</sup>**  | **Mid Cap Fund<sup>2</sup>**  |
|  Class A  | Charles Schwab & Co. Inc.<br>Special Custody Account FBO Customers<br>San Francisco, CA 94104-4151 | 33.09% |
|  | Morgan Stanley Smith Barney<br>For the Exclusive Benefits of its Customers<br>New York, NY 10004-1932 | 9.30% |
|  | LPL Financial Omnibus Customer Account<br>San Diego, CA 92121-3091 | 8.97% |
|  | Pershing LLC<br>Jersey City, NJ 07399-0001 | 5.98% |
|  | Wells Fargo Clearing Services LLC<br>For the Exclusive Benefit of its Customers<br>St. Louis, MO 63103-2523 | 5.38% |
|  | Raymond James<br>Omnibus for Mutual Funds<br>St. Petersburg, FL 33716-1100 | 5.35% |
|  | American Enterprise Investment Svc. FBO<br>Minneapolis, MN 55402-2405 | 5.27% |
|  Class C  | Wells Fargo Clearing Services LLC<br>For the Exclusive Benefit of its Customers<br>St. Louis, MO 63103-2523 | 64.26% |
|  | American Enterprise Investment Svc. FBO<br>Minneapolis, MN 55402-2405 | 19.16% |
|  | LPL Financial<br>Omnibus Customer Account<br>San Diego, CA 92121-3091 | 5.37% |
|  Class N  | National Financial Services LLC<br>Jersey City, NJ 07310-1995 | 66.66% |
|  | Capinco C/O US Bank NA<br>Milwaukee, WI 53201-1787 | 27.01% |
|  Class Y  | Charles Schwab & Co. Inc.<br>Special Custody Account FBO Customers<br>San Francisco, CA 94104-4151 | 19.72% |
|  | American Enterprise Investment Svc. FBO<br>Minneapolis, MN 55402-2405 | 14.35% |
|  | National Financial Services LLC<br>Jersey City, NJ 07310-1995 | 10.94% |
|  | LPL Financial<br>San Diego, CA 92121-3091 | 9.92% |
|  **Small Cap Fund**  | **Small Cap Fund**  | **Small Cap Fund**  |

---

------

[Back to **Table of Contents**](#TOC_4823)

---

| | | |
|:---|:---|:---|
|  Class A  | National Financial Services LLC<br>Jersey City, NJ 07310-1995 | 42.91% |
|  | Charles Schwab & Co. Inc.<br>For the Exclusive Benefit of its Customers<br>San Francisco, CA 94105-1901 | 19.09% |
|  Class C  | Morgan Stanley Smith Barney<br>For the Exclusive Benefit of its Customers<br>New York, NY 10004-1932 | 39.35% |
|  | Raymond James<br>Omnibus for Mutual Funds<br>St. Petersburg, FL 33716-1100 | 22.08% |
|  | American Enterprise Investment SVC<br>Minneapolis, MN 55402-2405 | 13.14% |
|  | Wells Fargo Clearing Services LLC<br>For the Exclusive Benefit of its Customers<br>St. Louis, MO 63103-2523 | 7.13% |
|  Class N  | SEI Private Trust Company<br>Oaks, PA 19456-9989 | 59.28% |
|  | National Financial Services LLC<br>Jersey City, NJ 07310-1995 | 18.63% |
|  Class Y  | American Enterprise Investment SVC<br>Minneapolis, MN 55402-2405 | 17.60% |
|  | LPL Financial<br>Omnibus Customer Account<br>San Diego, CA 92121-3091 | 13.79% |
|  | Morgan Stanley Smith Barney<br>For the Exclusive Benefit of its Customers<br>New York, NY 10004-1932 | 9.26% |
|  | Raymond James<br>St. Petersburg, FL 33716-1100 | 8.99% |
|  | UBS WM USA<br>Omnibus Account M/F<br>Weehawken, NJ 07086-6761 | 8.41% |
|  | Wells Fargo Clearing Services LLC<br>For the Exclusive Benefit of its Customer<br>Saint Louis, MO 63103-2523 | 7.79% |
|  | Charles Schwab & Co. Inc.<br>Special Custody Account FBO Customers<br>San Francisco, CA 94105 1901 | 5.91% |

---

---

| | |
|:---|:---|
| 1 | As of April 1, 2026, National Financial Services LLC, Jersey City, NJ 07310-1995, owned 61.04% of the Equity Call Premium Fund and therefore may be presumed to "control" the Fund, as that term is defined in the 1940 Act. However, such ownership may be beneficially held by individuals or entities other than National Financial Services LLC. |

---

---

| | |
|:---|:---|
| 2 | As of April 1, 2026, National Financial Services LLC, Jersey City, NJ 07310-1995, owned 27.72% of the Mid Cap Fund and therefore may be presumed to "control" the Fund, as that term is defined in the 1940 Act. However, such ownership may be beneficially held by individuals or entities other than National Financial Services LLC. |

---

<sup>\*</sup>Such ownership may be beneficially held by individuals or entities other than the owner listed. To the extent that any listed shareholder beneficially owns more than 25% of a Fund, it may be deemed to "control" such Fund within the meaning of the 1940 Act. The effect of such control may be to reduce the ability of other shareholders of such Fund to take actions requiring the affirmative vote of holders of a plurality or majority of the Fund's shares without the approval of the controlling shareholder.

Ownership of shares of a Fund may be concentrated in one or a few large investors. For Funds that have recently launched and/or have limited operating history, such investors may include an affiliate of the Fund's Adviser. A Fund may experience large and/or frequent redemptions or investments due to transactions in Fund shares by funds of funds, other large shareholders or similarly managed accounts. In addition, a large number of shareholders collectively may purchase or redeem Fund shares in large amounts rapidly or unexpectedly (collectively, such transactions are referred to as "large shareholder transactions"). While it is impossible to predict the overall effect of these transactions over time, there could be an adverse impact on a Fund's performance. In the event of a large shareholder transaction, a

------

[Back to **Table of Contents**](#TOC_4823)

Fund could be required to sell securities or to invest cash at a time when it may not otherwise desire to do so. Large shareholder transactions may increase a Fund's brokerage and/or other transaction costs. In addition, when funds of funds or other investors own a substantial portion of a Fund's shares, a large shareholder transaction could cause actual expenses to increase, or could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Large shareholder transactions may increase realized capital gains, including short-term capital gains taxable as ordinary income for shareholders who hold Fund shares in a taxable account, which may accelerate the realization of taxable capital gains, including short-term capital gains taxable as ordinary income if sales of securities result in capital gains, and could also accelerate the realization of taxable income to shareholders and may limit the use of any capital loss carryforwards and certain other losses to offset future realized capital gains (if any). The effects of taxable income and/or gains resulting from large shareholder transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA, 401(k) plan or other tax advantaged plan. The impact of large shareholder transactions is likely to be greater when an investor or investors purchase, redeem or owns a substantial portion of a Fund's shares. Furthermore, large redemptions could also result in a Fund failing to comply with its investment restrictions or relevant regulatory requirements. When possible, a Fund's Adviser or Subadviser will consider how to minimize these potential adverse effects and may take such actions as it deems appropriate to address potential adverse effects, including redemption of shares in kind rather than in cash or carrying out the transactions over a period of time, although there can be no assurance that such actions will be successful. A number of circumstances may cause a Fund to experience large redemptions, such as changes in the eligibility criteria for the Fund or share class of the Fund, liquidations, reorganizations, repositionings, or other announced Fund events, or changes in investment objectives, strategies, policies, risks, or investment personnel.

**THE TRUSTS**

Natixis Funds Trust I is registered with the SEC as an open-end management investment company and is organized as a Massachusetts business trust under the laws of Massachusetts by a Declaration of Trust dated June 7, 1985, as amended and restated on June 2, 2005, and is a "series" company as described in Section 18(f)(2) of the 1940 Act. Currently, each series of the Natixis Funds Trust I is diversified. The name of Natixis Funds Trust I has changed several times since its organization, as noted below:

---

| | |
|:---|:---|
|  **Trust Name**  | **Date** |
|  The New England Life Government Securities Trust  | June 1985 to October 1986 |
|  The New England Funds  | October 1986 to January 1994 |
|  New England Funds Trust I  | January 1994 to January 2000 |
|  Nvest Funds Trust I  | February 2000 to March 2001 |
|  CDC Nvest Funds Trust I  | March 2001 to April 2005 |
|  IXIS Advisor Funds Trust I  | May 2005 to August 2007 |
|  Natixis Funds Trust I  | August 2007 to present |

---

Natixis Funds Trust I has five (5) separate portfolios. Loomis Sayles Core Plus Bond Fund has a different fiscal year end and information regarding this portfolio can be found in the Natixis Funds' Statement dated February 1, 2026. Information for two (2) of these portfolios can be found in the Statement for the Natixis Oakmark International Fund and Natixis U.S. Equity Opportunities Fund dated May 1, 2026. Global Megatrends Fund was organized in 2016 and commenced operations on March 31, 2016. Prior to May 1, 2025, Global Megatrends Fund was named "Mirova Global Sustainable Equity Fund." Natixis Oakmark International Fund was organized in 2010 and commenced operations on December 15, 2010. Small Cap Fund was organized in 1996 and commenced operations on December 31, 1996. Prior to May 1, 2025, Small Cap Fund was named "Vaughan Nelson Small Cap Value Fund" and prior to March 1, 2004, Small Cap Fund was named "CDC Nvest Star Small Cap Fund." Natixis U.S. Equity Opportunities Fund was organized in 1994 and commenced operations on July 7, 1994. Prior to March 1, 2014, Natixis U.S. Equity Opportunities Fund was known as "Natixis U.S. Multi-Cap Equity Fund" and prior to May 31, 2011, Natixis U.S. Multi-Cap Equity Fund was named "Natixis U.S. Diversified Portfolio."

Natixis Funds Trust II is registered with the SEC as an open-end management investment company and is organized as a Massachusetts business trust under the laws of Massachusetts pursuant to a Declaration of Trust dated May 6, 1931, as amended and restated on June 2, 2005, and consisted of a single Fund (now the Natixis Oakmark Fund) until January 1989, when it was reorganized as a "series" company as described in Section 18(f)(2) of the 1940 Act. Currently, each series of Natixis Funds Trust II, except the Loomis Sayles Senior Floating Rate and Fixed Income Fund, Loomis Sayles Strategic Alpha Fund and Vaughan Nelson Select Fund, is diversified. The name of Natixis Funds Trust II has changed several times since its organization, as noted below:

---

| | |
|:---|:---|
|  **Trust Name**  | **Date** |
|  Investment Trust of Boston  | May 1931 to November 1988 |
|  Investment Trust of Boston Funds  | December 1988 to April 1992 |
|  TNE Funds Trust  | April 1992 to March 1994 |
|  New England Funds Trust II  | April 1994 to January 2000 |
|  Nvest Funds Trust II  | February 2000 to March 2001 |
|  CDC Nvest Funds Trust II  | March 2001 to April 2005 |
|  IXIS Advisor Funds Trust II  | May 2005 to August 2007 |

---

------

[Back to **Table of Contents**](#TOC_4823)

---

| | |
|:---|:---|
|  **Trust Name**  | **Date**  |
|  Natixis Funds Trust II  | August 2007 to present |

---

Natixis Funds Trust II currently has six (6) separate portfolios. Information for two (2) of these portfolios can be found in the Statement for the Loomis Sayles Strategic Alpha Fund and Natixis Oakmark Fund dated May 1, 2026. Information for three (3) other portfolios, Loomis Sayles Global Growth Fund, Loomis Sayles Senior Floating Rate and Fixed Income Fund and Vaughan Nelson Select Fund can be found in their Statement dated April 1, 2026. Natixis Oakmark Fund was organized in 1931 and commenced operations on May 6, 1931. Prior to March 1, 2014, the Natixis Oakmark Fund was named "Harris Associates Large Cap Value Fund" and prior to March 1, 2004, Harris Associates Large Cap Value Fund was named "Harris Associates Growth and Income Fund." Mid Cap Fund was organized in 2008 and commenced operations on October 31, 2008. Prior to July 1, 2020, Vaughan Nelson Mid Cap Fund was named "Vaughan Nelson Value Opportunity Fund."

Gateway Trust is registered with the SEC as an open-end management investment company and is organized as a Massachusetts business trust under the laws of Massachusetts pursuant to a Declaration of Trust dated May 29, 2007, and is a "series" company as described in Section 18(f)(2) of the 1940 Act. Gateway Trust has two series: the Equity Call Premium Fund and the Gateway Fund. Each series of the Trust is diversified.

The Gateway Fund acquired the assets and liabilities of the Gateway Fund, a series of The Gateway Trust, an Ohio business trust (the "Predecessor Trust"), in a transaction that closed in February 2008 (the "Reorganization"). After the closing of the Reorganization, the Gateway Fund became the successor to the Gateway Predecessor Fund, which has had the prior names indicated below. The name of the Predecessor Trust changed several times since its organization in August 1977, as noted below:

---

| | |
|:---|:---|
|  **Fund Name**  | **Date** |
|  Gateway Option Income Fund, Inc.  | August 1977 to May 1986 |
|  Gateway Option Income Fund  | May 1986 to February 1988 |
|  Gateway Option Index Fund  | February 1988 until March 1990 |
|  Gateway Index Plus Fund  | March 1990 to April 1998 |
|  Gateway Fund  | April 1998 to present |

---

The Predecessor Trust had one portfolio. Gateway Option Income Fund, Inc., the predecessor to the Trust, was organized in 1977 as a Maryland corporation. It was reorganized to become The Gateway Trust, an Ohio business trust, effective as of May 2, 1986, with the Gateway Option Income Fund as its sole initial fund. As a result of the transaction, shareholders of the corporation on May 2, 1986, became shareholders of the Option Income Fund. The Option Income Fund was later renamed the Gateway Fund. As of the close of business February 15, 2008, shareholders of the Gateway Predecessor Fund became shareholders of the Gateway Fund.

**INVESTMENT STRATEGIES AND RISKS**

**Investment Strategies**

The descriptions below summarize and describe certain investment strategies, including particular types of securities, instruments or specific practices that may be used by an Adviser or Subadviser in managing a Fund. Because of the Funds' use of derivative instruments, the Funds are subject to many of the risks below indirectly through their derivatives transactions as well as directly through investment in the actual securities themselves. For example, to the extent a Fund enters into a futures contract on an equity index, the Fund is subject to "equity securities" risk, and to the extent a Fund enters into an interest rate swap contract, the Fund is subject to "interest rate" risk.

Each Fund's principal strategies are described in its Prospectus. This Statement describes some of the non-principal strategies the Funds may use, in addition to providing additional information, including related risks, about their principal strategies.

The list of securities or other instruments under each category below is not intended to be an exclusive list of securities, instruments and practices for investment. Unless a strategy, practice or security is specifically prohibited by the investment restrictions listed in a Fund's Prospectus, in the section "Investment Restrictions" in this Statement or under applicable law, each Fund may engage in each of the strategies and invest in securities and instruments in addition to those listed below. The Advisers or Subadviser may invest in a general category listed below and, where applicable, with particular emphasis on a certain type of security, but investment is not limited to the categories listed below or the securities specifically enumerated under each category. A Fund is not required to engage in a particular transaction or invest in any security or instrument, even if to do so might benefit the Fund. A Fund's Adviser or Subadviser may invest in some securities under a given category as a primary strategy and in other securities under the same category as a secondary strategy. The Advisers or Subadviser may invest in any security that falls under the specific category, including securities that are not listed below. The relevant Prospectus and/or this Statement will be updated if a Fund begins to engage in investment practices that are not described in a Prospectus and/or this Statement.

------

[Back to **Table of Contents**](#TOC_4823)

**Adjustable-Rate Mortgage Securities ("ARMs")**

Some Funds may invest in ARMs. An ARM, like a traditional mortgage security, is an interest in a pool of mortgage loans that provides investors with payments consisting of both principal and interest, as mortgage loans in the underlying mortgage pool are paid off by the borrowers. ARMs have interest rates that are reset at periodic intervals, usually by reference to some interest rate index or market interest rate. Although the rate adjustment feature may act as a buffer to reduce sharp changes in the value of adjustable rate securities, these securities are still subject to changes in value based on changes in market interest rates or changes in the issuer's creditworthiness. Since the interest rates are reset only periodically, changes in the interest rate on ARMs may lag behind changes in prevailing market interest rates. In addition, some ARMs (or the underlying mortgages) are subject to caps or floors that limit the maximum change in interest rate during a specified period or over the life of the security. As a result, changes in the interest rate on an ARM may not fully reflect changes in prevailing market interest rates during certain periods. Because of the resetting of interest rates, ARMs are less likely than non-adjustable rate securities of comparable quality and maturity to increase significantly in value when market interest rates fall. In addition, a Fund will not benefit from increases in interest rates to the extent that interest rates rise to the point where they cause the current coupon of the underlying ARM to exceed a cap rate for a particular mortgage. See the section "Mortgage-Related Securities" for more information on the risks involved in ARMs.

**Asset-Backed Securities**

Some Funds may invest in asset-backed securities, which are securities that represent a participation in, or are secured by and payable from, a stream of payments generated by particular assets, most often a pool or pools of similar assets (e.g., trade receivables). The credit quality of these securities depends primarily upon the quality of the underlying assets and the level of credit support and/or enhancement provided. Mortgage-backed securities are a type of asset-backed security. The securitization techniques used to develop mortgage securities are also applied to a broad range of other assets. Through the use of trusts and special purpose vehicles, assets, such as automobile and credit card receivables, are securitized in pass-through structures similar to mortgage pass-through structures or in a pay-through structure similar to a collateralized mortgage obligation ("CMO") structure (described herein). Generally, the issuers of asset-backed bonds, notes or pass-through certificates are special purpose entities and do not have any significant assets other than the receivables securing such obligations. In general, the collateral supporting asset-backed securities is of shorter maturity than mortgage loans. Instruments backed by pools of receivables are similar to mortgage-backed securities in that they are subject to unscheduled prepayments of principal prior to maturity. When the obligations are prepaid, a Fund will ordinarily reinvest the prepaid amounts in securities, the yields of which reflect interest rates prevailing at the time. Therefore, a Fund's ability to maintain a portfolio that includes high-yielding asset-backed securities will be adversely affected to the extent that prepayments of principal must be reinvested in securities that have lower yields than the prepaid obligations. Moreover, prepayments of securities purchased at a premium could result in a realized loss. In addition, the value of some mortgage-backed or asset-backed securities in which a Fund invests may be particularly sensitive to changes in prevailing interest rates, and the ability of a Fund to successfully utilize these instruments may depend in part upon the ability of its Adviser or Subadviser to forecast interest rates and other economic factors correctly. These types of securities may also decline for reasons associated with the underlying collateral. Asset-backed securities involve risks similar to those described in the section "Mortgage-Related Securities." Some Funds may also invest in residual interests in asset-backed securities, which are interests in the excess cash flow remaining after the issuer makes required payments on the securities and pays related administrative expenses. The total amount of residual cash flow resulting from a particular issue of asset-backed securities depends in part on the characteristics of the underlying assets, the coupon rate on the securities, prevailing interest rates, the amount of administrative expenses and the actual performance of the underlying assets. Among other things, such performance is influenced by the amount and timing of losses incurred on the assets and leasing and disposition activity of the asset manager.

Asset-backed securities also involve the risk that borrowers may default on the obligations backing them and that the values of and interest earned on such investments will decline as a result. Loans made to lower quality borrowers, including those of sub-prime quality, involve a higher risk of default. Therefore, the values of asset-backed securities backed by lower quality assets, such as lower quality loans, including those of sub-prime quality, may suffer significantly greater declines in value due to defaults, payment delays or a perceived increased risk of default, especially during periods when economic conditions worsen. Additionally, asset-backed securities may be "subordinated" to other interests in the same pool, and a holder of those "subordinated" securities would receive payments only after any obligations to other more "senior" investors have been satisfied. During periods of deteriorating economic conditions, such as recessions or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, with respect to securitizations involving loans, sales contracts, receivables and other obligations underlying asset-backed securities.

Certain Funds may also gain exposure to asset-backed securities through entering into credit default swaps or other derivative instruments related to this asset class. For example, a Fund may enter into credit default swaps on asset-backed securities, which are indices made up of tranches of asset-backed securities, each with different credit ratings. Utilizing asset-backed securities, one can either gain synthetic risk exposure to a portfolio of such securities by "selling protection" or take a short position by "buying protection." The protection buyer pays a monthly premium to the protection seller, and the seller agrees to cover any principal losses and interest shortfalls of the referenced underlying asset-backed securities. Credit default swaps and other derivative instruments related to asset-backed securities are subject to the risks associated with asset-backed securities generally, as well as the risks of derivatives transactions. See the section "Derivative Instruments" below.

------

[Back to **Table of Contents**](#TOC_4823)

**Bank-Issued Investments**

Certain Funds may invest a portion of their assets in certificates of deposit (certificates representing the obligation of a bank to repay funds deposited with it for a specified period of time), time deposits (non-negotiable deposits maintained in a bank for a specified period of time up to seven days at a stated interest rate), bankers' acceptances (credit instruments evidencing the obligation of a bank to pay a draft drawn on it by a customer) and other securities and instruments issued by domestic banks, foreign branches of domestic banks, foreign subsidiaries of domestic banks and domestic and foreign branches of foreign banks. Banks may also serve as counterparties on some of a Fund's derivative contracts.

A Fund may also purchase U.S. dollar-denominated obligations issued by foreign branches of domestic banks or foreign branches of foreign banks ("Eurodollar" obligations) and domestic branches of foreign banks (Yankee dollar" obligations) Eurodollar and other foreign obligations involve special investment risks, including the possibility that (i) liquidity could be impaired because of future political and economic developments, (ii) the obligations may be less marketable than comparable domestic obligations of domestic issuers, (iii) a foreign jurisdiction might impose withholding or other taxes on interest income payable on those obligations, (iv) deposits may be seized or nationalized, (v) foreign governmental restrictions such as exchange controls may be adopted which might adversely affect the payment of principal and interest on those obligations, (vi) the selection of foreign obligations may be more difficult because there may be less information publicly available concerning foreign issuers, (vii) there may be difficulties in enforcing a judgment against a foreign issuer, or (viii) the accounting, auditing and financial reporting standards, practices and requirements applicable to foreign issuers may differ from those applicable to domestic issuers. In addition, foreign banks are not subject to examination by U.S. government agencies or instrumentalities. See the section "Financial Service Risk" for more information.

**Bank Loans, Loan Participations and Assignments**

Some Funds may invest in bank loans, which include both senior secured and unsecured floating rate loans made by banks and other financial institutions to corporate customers. Typically, these loans hold the most senior position in a borrower's capital structure, may be secured by the borrower's assets and have interest rates that reset frequently. Senior loans can include term loans, revolving credit facility loans and second lien loans. The proceeds of senior loans primarily are used to finance leveraged buyouts, recapitalizations, mergers, acquisitions, stock repurchases, dividends, and, to a lesser extent, to finance internal growth and for other corporate purposes. These loans may not be rated investment-grade by the rating agencies. Although secured loans are secured by collateral of the borrower, there is no assurance that the liquidation of collateral from a secured loan would satisfy the borrower's obligation, or that the collateral can be liquidated. Economic downturns generally lead to higher non-payment and default rates and a senior loan could lose a substantial part of its value prior to a default. However, as compared to junk bonds, senior floating rate loans are typically senior in the capital structure and are often secured by collateral of the borrower. Some senior loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate such senior loans to presently existing or future indebtedness of the borrower or take other action detrimental to the holders of senior loans including, in certain circumstances, invalidating such senior loans or causing interest previously paid to be refunded to the borrower.

A Fund's investments in loans are subject to credit/counterparty risk, and, as described above, even secured bank loans may not be adequately collateralized. Indebtedness of borrowers whose creditworthiness is poor involves substantially greater risks, and may be highly speculative. The interest rates on many bank loans reset frequently, and therefore investors are subject to the risk that the return will be less than anticipated when the investment was first made. Most bank loans, like most investment-grade bonds, are not traded on any national securities exchange. Bank loans generally have less liquidity than investment-grade bonds and there may be less public information available about them. A Fund may participate in the primary syndicate for a bank loan or it may also purchase loans from other lenders (sometimes referred to as loan assignments).

Bank loans are generally less liquid than many other debt securities. Transactions in bank loans may settle on a delayed basis, such that a Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. As a result, the proceeds related to the sale of bank loans may not be available to make additional investments or to meet a Fund's redemption obligations until a substantial period after the sale of the loans. In order to finance redemptions pending settlement of bank loans, a Fund may employ a wide variety of means to meet short-term liquidity needs, including, without limitation drawing on its cash and other short-term positions, all of which may adversely affect the Fund's performance. With limited exceptions, the Adviser will take steps intended to ensure that it does not receive material non-public information about the issuers of bank loans who also issue publicly traded securities, and therefore the Adviser may have less information than other investors about certain of the loans in which it seeks to invest.

Large loans to corporations or governments may be shared or syndicated among several lenders, usually (but often not limited to) banks. A Fund may participate in the primary syndicate for a loan or it may also purchase loans from other lenders (sometimes referred to as loan assignments), in either case becoming a direct lender. A Fund may also acquire a participation interest in another lender's portion of the loan. Participation interests involve special types of risk, including liquidity risk and the risks of being a lender. Loans and loan participations may be transferable among financial institutions; however, they may not have the liquidity of conventional debt securities and because they may be subject to restrictions on resale, they are potentially illiquid. The purchase or sale of loans may require the consent of a third party or of the borrower, and although such consent is rarely withheld in practice, the consent requirement could delay a purchase or affect a Fund's ability to dispose of its investments in loans in a timely fashion. Although the market for loans and loan participations has become increasingly liquid over time, this market is still developing, and there can be no assurance that adverse developments with respect to this market or particular borrowers will not prevent a Fund from selling these loans at their market values at a desirable time or price. To the extent a senior loan has been deemed illiquid, it will be subject to a Fund's restrictions on investment in

------

[Back to **Table of Contents**](#TOC_4823)

illiquid securities. When investing in a loan participation, a Fund typically will have the right to receive payments only from the lender to the extent the lender receives payments from the borrower, and not from the borrower itself. Likewise, a Fund typically will be able to enforce its rights only through the lender, and not directly against the borrower. As a result, a Fund will assume the credit/counterparty risk of both the borrower and the lender that is selling the participation.

Investments in loans through direct assignment of a financial institution's interests with respect to a loan may involve additional risks to a Fund. For example, if the loan is foreclosed, a Fund could become part owner of any collateral, and would bear the costs and liabilities associated with owning and disposing of the collateral. In addition, it is conceivable that under emerging legal theories of lender liability, a Fund could be held liable as a co-lender. Some loans may not be considered "securities" for certain purposes under the federal securities laws, and purchasers, such as a Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws. Loans and other debt instruments that are not in the form of securities may offer less legal protection to a Fund in the event of fraud or misrepresentation.

A loan is often administered by a bank or other financial institution that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. Unless, under the terms of the loan or other indebtedness, a Fund has direct recourse against the borrower, it may have to rely on the agent to pursue appropriate credit remedies against a borrower. In addition, holders of the loans, such as the Funds, may be required to indemnify the agent bank in certain circumstances.

In addition to investing in senior secured loans, a Fund may invest in other loans, such as second lien loans and other secured loans, as well as unsecured loans. Second lien loans and other secured loans are subject to the same risks associated with investment in senior loans and below investment-grade bonds. However, such loans may rank lower in right of payment than senior secured loans, and are subject to additional risk that the cash flow of the borrower and any property securing the loan may be insufficient to meet scheduled payments after giving effect to the higher ranking secured obligations of the borrower. Second lien loans and other secured loans are expected to have greater price volatility than more senior loans and may be less liquid. There is also a possibility that originators will not be able to sell participations in lower ranking loans, which would create greater credit/counterparty risk exposure. Each of these risks may be increased in the case of unsecured loans, which are not backed by a security interest in any specific collateral.

Certain Funds may also gain exposure to loan investments through the use of derivatives. See the section "Derivative Instruments."

Some of the loans in which a Fund may invest or to which a Fund may gain exposure through its investments in collateralized loan obligations ("CLOs") may be covenant-lite loans, which contain fewer or less restrictive constraints on the borrower than certain other types of loans. Covenant-lite loans generally do not include terms that allow the lender to monitor the performance of the borrower and declare a default or force a borrower into bankruptcy restructuring if certain criteria are breached. Under such loans, lenders typically must rely on covenants that restrict a company from incurring additional debt or engaging in certain actions. Such covenants can only be breached by an affirmative action of the borrower, rather than by a deterioration in the borrower's financial condition. Accordingly, a Fund may have fewer rights against a borrower when it invests in or has exposure to such loans and, accordingly, may have a greater risk of loss on such investments as compared to investments in or exposure to loans with additional or more conventional covenants.

*Financial Services Risk*

Events leading to limited liquidity, defaults, non-performance or other adverse developments that affect the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of a Fund's investments. Should such events occur, the U.S. government may take measures to stabilize the financial system; however, uncertainty and liquidity concerns in the broader financial services industry may remain. Additionally, should there be additional systemic pressure on the financial system and capital markets, there can be no assurances of the response of any government or regulator, and any response may not be as favorable to industry participants as the measures currently being pursued. In addition, highly publicized issues related to the U.S. and global capital markets in the past have led to significant and widespread investor concerns over the integrity of the capital markets. Such events could in the future lead to further rules and regulations for public companies, banks, financial institutions and other participants in the U.S. and global capital markets, and complying with the requirements of any such rules or regulations may be burdensome. Even if not adopted, evaluating and responding to any such proposed rules or regulations could result in increased costs and require significant attention from a Fund's investment adviser. Other adverse developments that affect financial institutions or the financial services industry generally may have other adverse effects on the economy, a Fund or issuers in which the Funds invest.

**Benchmark Reference Rates Risk**

Many debt securities, derivatives, and other financial instruments, including some of a Fund's investments, utilize benchmark or reference rates for variable interest rate calculations, including the Euro Interbank Offer Rate, Sterling Overnight Index Average Rate, and the Secured Overnight Financing Rate ("SOFR") (each a "Reference Rate"). Instruments in which a Fund invests may pay interest at floating rates based on such Reference Rates or may be subject to interest caps or floors based on such Reference Rates. A Fund and issuers of instruments in which a Fund invests may also obtain financing at floating rates based on such Reference Rates. The elimination of a Reference Rate or any other changes to or reforms of the determination or supervision of Reference Rates could have an adverse impact on the market for—or value of—any instruments or payments linked to those Reference Rates.

------

[Back to **Table of Contents**](#TOC_4823)

For example, such Reference Rates as well as other types of rates and indices are classed as "benchmarks" and have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the "Benchmarks Regulation"). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.

**Canadian Investments**

Certain Funds may invest in securities of Canadian issuers to a significant extent. The Canadian and U.S. economies are closely integrated, and U.S. market conditions, including consumer spending, can have a significant impact on the Canadian economy such that an investment in Canadian securities may not have the same diversifying effect as investments in other countries. In addition, Canada is a major producer of commodities, such as forest products, metals, agricultural products and energy-related products like oil, gas and hydroelectricity. As a result, the Canadian economy is very dependent on the demand for, and supply and price of, natural resources and the Canadian market is relatively concentrated in issuers involved in the production and distribution of natural resources. Canada's economic growth may be significantly affected by fluctuations in currency and global demand for such commodities. Investments in Canadian securities may be in Canadian dollars; see the section "Foreign Currency Transactions" for more information.

**Collateralized Loan Obligations** **("CLOs")**

Some Funds may invest in CLOs. CLOs are types of asset-backed securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, including loans that may be rated below investment-grade or equivalent unrated loans. CLOs may charge management fees and administrative expenses.

For CLOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the bulk of defaults from the loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since they are partially protected from defaults, senior tranches from a trust typically have higher ratings and lower yields than their underlying securities, and can be rated investment-grade. Despite the protection from the equity tranche, CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class. A Fund may invest in any tranche, including the equity tranche, of a CLO. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the instrument in which a Fund invests.

Normally, CLOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CLOs may be characterized by a Fund as illiquid securities, although an active dealer market may exist for CLOs allowing them to qualify for Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). In addition to the normal risks associated with debt instruments discussed elsewhere in the Prospectus and in this Statement (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk, default risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes inversely to changes in interest rates or based on multiples of changes in interest rates)), CLOs may carry additional risks including, but are not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the possibility that the quality of the collateral may decline in value or default; (iii) the possibility that investments in CLOs are subordinate to other classes or tranches thereof; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

**Collateralized Mortgage Obligations ("CMOs")**

Some Funds may invest in CMOs. CMOs are securities backed by a portfolio of mortgages or mortgage-backed securities held under indentures. CMOs may be issued either by U.S. government instrumentalities or by non-governmental entities. CMOs are not direct obligations of the U.S. government. The issuer's obligation to make interest and principal payments is secured by the underlying portfolio of mortgages or mortgage-backed securities. CMOs are issued with a number of classes or series which have different maturities and which may represent interests in some or all of the interest or principal on the underlying collateral or a combination thereof. CMOs of different classes are generally retired in sequence as the underlying mortgage loans in the mortgage pool are repaid. In the event of sufficient early prepayments on such mortgages, the class or series of the CMO first to mature generally will be retired prior to its maturity. Thus, the early retirement of a particular class or series of CMO held by a Fund would have a similar effect to the prepayment of mortgages underlying a mortgage pass-through security. CMOs and other asset-backed and mortgage-backed securities may be considered derivative instruments. CMOs involve risks similar to those described in the section "Mortgage-Related Securities."

------

[Back to **Table of Contents**](#TOC_4823)

**Commodities**

Commodities are assets that have tangible properties, such as oil, metals, livestock or agricultural products. Historically, commodity investments have had a relatively high correlation with changes in inflation and a relatively low correlation to stock and bond returns. Exposure to commodities is often achieved through derivative instruments, such as commodity futures, and such investments therefore are subject to the risks associated with derivatives generally. See the section "Derivative Instruments." Commodity-related securities and other instruments, such as futures, provide exposure, which may include long and/or short exposure, to the investment returns of physical commodities that trade in commodities markets, without investing directly in physical commodities. A Fund may invest in commodity-related securities and other instruments, such as structured notes, swap agreements, options, futures and options on futures that derive value from the price movement of commodities, or some other readily measurable economic variable dependent upon changes in the value of commodities or the commodities markets. However, investments in commodity-linked instruments do not generally provide a claim on the underlying commodity. In addition, the ability of a Fund to invest directly in commodities, and in certain commodity-related securities and other instruments, is subject to significant limitations in order to enable a Fund to maintain its status as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). See the section "Taxes" below for more information.

The value of commodity-related instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, changes in interest rates or factors affecting a particular industry or commodity, such as droughts, floods, weather, livestock disease, insufficient storage capacity, embargoes, wars, tariffs and international economic, political and regulatory developments. The value of commodity-related instruments will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-related instruments may be subject to greater volatility than non-commodity-based investments. A highly liquid secondary market may not exist for certain commodity-related instruments, and there can be no assurance that one will develop. Commodity-related instruments are also subject to credit and interest rate risks that in general affect the values of debt securities. A Fund may lose money on its commodity investments.

**Convertible Securities**

Some Funds may invest in convertible securities. Convertible securities include corporate bonds, notes or preferred stocks of U.S. or foreign issuers that can be converted into (exchanged for) common stocks or other equity securities. Convertible securities also include other securities, such as warrants, that provide an opportunity for equity participation. Since convertible securities may be converted into equity securities, their values will normally vary in some proportion with those of the underlying equity securities. Convertible securities usually provide a higher yield than the underlying equity, however, so that the price decline of a convertible security may sometimes be less substantial than that of the underlying equity security. Convertible securities are generally subject to the same risks as non-convertible fixed-income securities, but usually provide a lower yield than comparable fixed-income securities. Many convertible securities are relatively illiquid.

*<u>Contingent Convertible Securities</u>*

Contingent convertible securities ("CoCos") have no stated maturity, have fully discretionary coupons and are typically issued in the form of subordinated debt instruments. CoCos generally either convert into equity or have their principal written down upon the occurrence of certain triggering events ("triggers") which may be linked to the issuer's stock price, regulatory capital thresholds or regulatory actions relating to the issuer's continued viability, or other pre-specified events. As a result, an investment by a Fund in CoCos is subject to the risk that coupon (i.e., interest) payments or obligations to repay principal may be cancelled by the issuer or a regulatory authority in order to help the issuer absorb losses. A write down of the par value would occur automatically and if written down to zero, would effectively cancel the securities, causing investors (including a Fund) to lose the entire value of their investment, even as the issuer remains in business. If such an event occurs, an investor may not have any rights to repayment of the principal amount of the securities and may not entitle the holders to seek bankruptcy of the company. An investment by a Fund in CoCos is also subject to the risk that, in the event of the liquidation, dissolution or winding-up of an issuer prior to a trigger event, a Fund's rights and claims will generally rank junior to the claims of holders of the issuer's other debt obligations or may be cancelled entirely. In addition, if CoCos held by a Fund are converted into the issuer's underlying equity securities following a trigger event, a Fund's holding may be further subordinated due to the conversion from a debt to equity instrument. Further, the value of an investment in CoCos is unpredictable and will be influenced by many factors and risks, including interest rate risk, credit risk, market risk, liquidity risk, and regulatory risk. An investment by a Fund in CoCos may result in losses to the Fund.

**Corporate Reorganizations**

Certain Funds may invest in securities for which a tender or exchange offer has been made or announced and in securities of companies for which a merger, consolidation, liquidation or reorganization proposal has been announced if, in the judgment of an Subadviser, there is a reasonable prospect of capital appreciation significantly greater than the brokerage and other transaction expenses involved. The primary risk of such investments is that if the contemplated transaction is abandoned, revised, delayed or becomes subject to unanticipated uncertainties, the market price of the securities may decline below the purchase price paid by a Fund.

------

[Back to **Table of Contents**](#TOC_4823)

In general, securities that are the subject of such an offer or proposal sell at a premium to their historic market price immediately prior to the announcement of the offer or proposal. However, the increased market price of such securities may also discount what the stated or appraised value of the security would be if the contemplated transaction were approved or consummated. Such investments may be advantageous when the discount significantly overstates the risk of the contingencies involved, significantly undervalues the securities, assets or cash to be received by shareholders of the prospective company as a result of the contemplated transaction, or fails adequately to recognize the possibility that the offer or proposal may be replaced or superseded by an offer or proposal of greater value. The evaluation of such contingencies requires unusually broad knowledge and experience on the part of an Adviser or Subadviser, which must appraise not only the value of the issuer and its component businesses, but also the financial resources and business motivation of the offer or proposal as well as the dynamics of the business climate when the offer or proposal is in process.

**Cybersecurity, Operational and Technology Risk**

The Funds, their service providers, and other market participants increasingly depend on complex information technology and communications systems to conduct business functions. These systems are subject to a number of different threats or risks that could adversely affect the Funds and their shareholders. These risks include theft, loss, misuse, improper release, corruption and destruction of, or unauthorized access to, confidential or highly sensitive information relating to a Fund and its shareholders; and compromises or failures to systems, networks, devices and applications relating to the operations of a Fund and its service providers, including those relating to the performance and effectiveness of security procedures used by a Fund or its service providers to protect a Fund's assets. Power outages, natural disasters, equipment malfunctions and processing errors that threaten these systems, as well as market events that occur at a pace that overloads these systems, may also disrupt business operations or impact critical data. Cybersecurity incidents and cyber-attacks have been occurring globally at a more frequent and severe level and will likely continue to increase in frequency in the future. There may be an increased risk of cyber-attacks during periods of geopolitical or military conflict, and geopolitical tensions may increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing. Furthermore, as a Fund's assets grow, it may become a more appealing target for cybersecurity threats such as hackers and malware. The rapid development and increasingly widespread use of new technologies, including machine learning technology and generative models, could exacerbate these risks. Cybersecurity and other operational and technology issues may result in, among other things, financial losses to a Fund and its shareholders; the inability of a Fund to transact business with its shareholders or to engage in portfolio transactions; delays or mistakes in the calculation of a Fund's net asset value ("NAV") or other materials provided to shareholders; the inability to process transactions with shareholders or other parties; violations of privacy and other laws; regulatory fines, penalties and reputational damage; and compliance and remediation costs, legal fees and other expenses. A Fund's service providers (including, but not limited to, the adviser, any subadvisers, administrator, distributor, transfer agent, and custodian), financial intermediaries, companies in which a Fund invests and parties with which a Fund engages in portfolio or other transactions also may be adversely impacted by cybersecurity and other operational and technology risks, resulting in losses to a Fund or its shareholders. Furthermore, as a result of breaches in cybersecurity or other operational and technology disruptions or failures, an exchange or market may close or issue trading halts on specific securities or the entire market, which may result in the Funds being, among other things, unable to buy or sell certain securities or financial instruments or unable to accurately price their investments. The Funds have developed processes, risk management systems and business continuity plans designed to reduce the risks associated with cybersecurity and other operational and technology issues. However, there is no guarantee that those measures will be effective, particularly since the Funds do not directly control the cybersecurity defenses and operational and technology plans and systems of their service providers, financial intermediaries and companies in which they invest or with which they do business and there are inherent limitations in systems designed to minimize the risk of cyber-attacks through the use of technology, processes and controls. Additionally, such third party service providers may have limited indemnification obligations to the Advisers or Subadviser or the Funds. Similar types of cybersecurity risks also are present for issuers of securities in which the Funds invest, which could result in material adverse consequences for such issuers, and may cause a Fund's investment in such securities to lose value.

*Artificial Intelligence*

Artificial intelligence refers to computer systems that can perform tasks that would otherwise require human intelligence and encompasses various different forms of artificial intelligence, including machine learning models. Artificial intelligence is typically designed to analyze data, learn from patterns and experiences, make decisions, and solve problems.

The Adviser, the Funds and the issuers in which they invest, service providers, and other market participants may use and/or expand use of artificial intelligence in connection with business, operating and investment activities. Actual usage of such artificial intelligence will vary. While the Adviser expects from time to time to adopt and adjust usage policies and procedures governing the use of artificial intelligence by its personnel, there is a risk of misuse of artificial intelligence technologies.

Artificial intelligence is highly reliant on the collection and analysis of large amounts of data and complex algorithms, but it is not possible nor practicable to incorporate all data that would be relevant for a task conducted by artificial intelligence. Therefore, it is possible that the information provided through use of artificial intelligence could be insufficient, incomplete, inaccurate or biased leading to adverse effects for a Fund, including, potentially, operational errors and investment losses.

------

[Back to **Table of Contents**](#TOC_4823)

Artificial intelligence and its current and potential future applications, including in the investment and financial sectors, as well as the regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of future applications or regulations. Ongoing and future regulatory actions with respect to artificial intelligence generally or artificial intelligence's use in any industry in particular may alter, perhaps to a materially adverse extent, the ability of the Adviser, a Fund or the issuers in which it invests, service providers, or other market participants to utilize artificial intelligence in the manner used to-date, and may have an adverse impact on the ability of the Adviser, the Fund or the issuers in which it invests, service providers, or other market participants to continue to operate as intended.

**Debt Securities**

Each of the Funds may invest in debt securities. Debt securities are used by issuers to borrow money. The issuer usually pays a fixed, variable or floating rate of interest and must repay the amount borrowed at the maturity of the security. Some debt securities, such as zero-coupon securities, do not pay interest but are sold at a discount from their face values. Debt securities include corporate bonds, government securities and mortgage- and other asset-backed securities. Debt securities include a broad array of short-, medium- and long-term obligations issued by the U.S. or foreign governments, government or international agencies and instrumentalities, and corporate issuers of various types. Some debt securities represent uncollateralized obligations of their issuers; in other cases, the securities may be backed by specific assets (such as mortgages or other receivables) that have been set aside as collateral for the issuer's obligation. Debt securities generally involve an obligation of the issuer to pay interest or dividends on either a current basis or at the maturity of the securities, as well as the obligation to repay the principal amount of the security at maturity.

Debt securities are subject to market/issuer risk and credit/counterparty risk. Credit/counterparty risk relates to the ability of the issuer to make payments of principal and interest and includes the risk of default. Sometimes, an issuer may make these payments from money raised through a variety of sources, including, with respect to issuers of municipal securities, (i) the issuer's general taxing power, (ii) a specific type of tax, such as a property tax, or (iii) a particular facility or project such as a highway. The ability of an issuer to make these payments could be affected by general economic conditions, issues specific to the issuer, litigation, legislation or other political events, the bankruptcy of the issuer, war, natural disasters, terrorism or other major events. U.S. government securities are not generally perceived to involve credit/counterparty risks to the same extent as investments in other types of fixed-income securities; as a result, the yields available from U.S. government securities are generally lower than the yields available from corporate and municipal debt securities. Market/issuer risk is the risk that the value of the security will fall because of changes in market rates of interest. Generally, the value of debt securities falls when market rates of interest are rising. Some debt securities also involve prepayment or call risk. This is the risk that the issuer will repay a Fund the principal on the security before it is due, thus depriving the Fund of a favorable stream of future interest payments.

Because interest rates vary, it is impossible to predict the income of a Fund that invests in debt securities for any particular period. Fluctuations in the value of a Fund's investments in debt securities will cause the Fund's NAV to increase or decrease. See section "Variable and Floating Rate Instruments."

**Derivative Instruments**

Some Funds may, but are not required to, use derivative instruments for risk management purposes or to seek to enhance investment returns. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate or index, and may relate to stocks, bonds, interest rates, currencies or currency exchange rates, commodities, related indices and other assets. For additional information about the use of derivatives in connection with foreign currency transactions, see the section "Foreign Currency Transactions." An Adviser or Subadviser may decide not to employ one or more of these strategies and there is no assurance that any derivatives strategy used by a Fund will succeed. In addition, suitable derivatives transactions may not be available in all circumstances and there can be no assurance that a Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial. Examples of derivative instruments that a Fund may use include (but are not limited to) options and warrants, futures contracts, options on futures contracts, structured notes, zero-strike warrants and options, swap agreements (including total return, interest rate and credit default swaps), swaptions and debt-linked and equity-linked securities.

Derivatives involve special risks, including credit/counterparty risk, correlation risk, illiquidity, difficulties in valuation, leverage risk and, to the extent an Adviser's or Subadviser's view as to certain market movements is incorrect, the risk that the use of derivatives could result in significantly greater losses or lower income or gains than if they had not been used. A Fund's derivative counterparties may experience financial difficulties or otherwise be unwilling or unable to honor their obligations, possibly resulting in losses to the Fund. Losses resulting from the use of derivatives will reduce a Fund's NAV, and possibly income, and the losses may be significantly greater than if derivatives had not been used. The degree of a Fund's use of derivatives may be limited by certain provisions of the Code. When used, derivatives may affect the amount, timing and/or character of distributions payable to, and thus taxes payable by, shareholders. Although a Fund's Adviser or Subadviser will attempt to ensure that the Fund has sufficient liquid assets to cover its obligations under its derivatives contracts, it is possible that the Fund's liquid assets may be insufficient to support such obligations under its derivatives positions. See the subsection "Certain Additional Risks of Derivative Instruments" below for additional information about the risks relating to derivative instruments.

Several types of derivative instruments in which a Fund may invest are described in more detail below. However, the Funds are not limited to investments in these instruments and may decide not to employ any or all of these strategies.

------

[Back to **Table of Contents**](#TOC_4823)

*<u>Futures Contracts</u>*

Futures transactions involve a Fund's buying or selling futures contracts. A futures contract is an agreement between two parties to buy and sell a particular security, commodity, currency or other asset, or group or index of securities, commodities, currencies or other assets, for a specified price on a specified future date. A futures contract creates an obligation by the seller to deliver and the buyer to take delivery of the type of instrument or cash (depending on whether the contract calls for physical delivery or cash settlement) at the time and in the amount specified in the contract. In the case of futures on an index, the seller and buyer agree to settle in cash, at a future date, based on the difference in value of the contract between the date it is opened and the settlement date. The value of each contract is equal to the value of the index from time to time multiplied by a specified dollar amount. For example, S&P 500<sup>®</sup> Index futures may trade in contracts with a value equal to $250 multiplied by the value of the S&P 500<sup>®</sup> Index.

When an investor, such as a Fund, enters into a futures contract, it is required to deposit with (or for the benefit of) its broker as "initial margin" an amount of cash or short-term, high-quality/liquid securities (such as U.S. Treasury bills or high-quality tax-exempt bonds acceptable to the broker), the value of which may vary depending on applicable exchange rules and the terms of a Fund's contractual arrangement with its broker. Initial margin is held to secure the performance of the holder of the futures contract. As the value of the contract changes, the value of futures contract positions increases or declines. At the end of each trading day, the amount of such increase and decline is received and paid respectively by and to the holders of these positions. The amount received or paid is known as "variation margin."

The gain or loss on a futures position is equal to the net variation margin received or paid over the time the position is held, plus or minus the amount received or paid when the position is closed, minus brokerage commissions and other transaction costs. Should the value of the assets in the margin account drop below the minimum amount required to be maintained, or "maintenance margin," a Fund will be required to deposit additional assets to the account. Although many futures contracts call for the delivery (or acceptance) of the specified instrument, futures are usually cash-settled or closed out before the settlement date through the purchase (or sale) of an offsetting contract. If the price of the sale of the futures contract by a Fund is less than the price of the offsetting purchase (in each case taking into account any brokerage commission and other transaction costs), the Fund will realize a loss. A futures sale is closed by purchasing a futures contract for the same aggregate amount of the specific type of financial instrument or commodity and with the same delivery date. Similarly, a futures purchase is closed by the purchaser selling an offsetting futures contract.

Futures contract prices, and the prices of the related contracts in which a Fund may trade, may be highly volatile. Such prices are influenced by, among other things: changing supply and demand relationships; government trade, fiscal, monetary and exchange control programs and policies; national and international political and economic events; and changes in interest rates. In addition, governments from time to time intervene, directly and by regulation, in these markets, with the specific intention of influencing such prices. The effect of such intervention is often heightened by a group of governments acting in concert. However, if futures or options are used to hedge portfolio securities, an increase in the price of the securities, if any, may partially or completely offset losses on the futures contract.

Furthermore, the low margin deposits normally required in futures trading permit an extremely high degree of leverage. Accordingly, a relatively small price movement in a futures contract can result in immediate and substantial losses to the investor. As an added risk in these volatile and highly leveraged markets, it is not always possible to liquidate futures positions to prevent further losses or recognize unrealized gains. Positions in futures contracts and options on futures contracts may be established or closed out only on an exchange or board of trade. There is no assurance that a liquid market on an exchange or board of trade will exist for any particular contract or at any particular time. Illiquidity can arise due to daily price limits taking effect or to market disruptions. Futures positions may be illiquid because certain commodity exchanges limit fluctuations in certain futures contract prices during a single day through regulations referred to as "daily price fluctuation limits" or "daily limits." Under such daily limits, during a single trading day no trades may be executed at prices beyond the daily limits. Once the price of a particular futures contract has increased or decreased by an amount equal to the daily limit, positions in that contract can neither be taken nor liquidated unless market participants are willing to effect trades at or within the limit. Futures prices have occasionally moved beyond the daily limits for several consecutive days with little or no trading. If there is not a liquid market at a particular time, it may not be possible to close a futures or options position at such time, and, in the event of adverse price movements, a Fund would continue to be required to make daily cash payments of variation margin. The potential inability to liquidate futures positions creates the possibility of a Fund being unable to control its losses. If a Fund were to borrow money to use for trading purposes, the effects of such leverage would be magnified. Cash posted as margin in connection with a Fund's futures contracts will not be available to the Fund for investment or other purposes. In addition, a Fund's futures broker may limit a Fund's ability to invest in certain futures contracts. Such restrictions may adversely affect the Fund's performance and its ability to achieve its investment objective.

Funds that invest in futures contracts may be subject to risks related to rolling. When investing in futures contracts, a Fund will generally seek to "roll" its futures positions rather than hold them through expiration. In some circumstances, the prices of futures contracts with near-term expirations are lower than the prices of similar futures contracts with longer-term expirations, resulting in a cost to "roll" the futures contracts. The actual realization of a potential roll cost will depend on the difference in prices of futures contracts with near- and longer-term expirations, and the rolling of futures positions may result in losses to a Fund.

------

[Back to **Table of Contents**](#TOC_4823)

*<u>Commodity Futures Contracts</u>*

Some Funds may invest in commodity futures contracts. There are additional risks associated with transactions in commodity futures contracts including, but not limited to the following:

<u>Storage.</u> Unlike the financial futures markets, in the commodity futures markets there are costs of physical storage associated with purchasing the underlying commodity. The price of the commodity futures contract will reflect the storage costs of purchasing the physical commodity, including the time value of money invested in the physical commodity. To the extent that the storage costs for an underlying commodity change while a Fund is invested in futures contracts on that commodity, the value of the futures contract may also change (even if the Fund does not intend to physically settle the commodity futures contract). While the Funds typically do not intend to physically settle any commodity futures contracts, physical delivery of commodities can result in temporary illiquidity and a Fund would incur additional charges associated with the holding and safekeeping of any such commodities.

<u>Reinvestment.</u> In the commodity futures markets, producers of the underlying commodity may decide to hedge the price risk of selling the commodity by selling futures contracts today to lock in the price of the commodity at the relevant delivery date. In order to induce speculators to purchase the other side of the same futures contract, the commodity producer generally must sell the futures contract at a lower price than the expected future spot price. Conversely, if most hedgers in the futures market are purchasing futures contracts to hedge against a rise in prices, then speculators will only sell the other side of the futures contract at a higher futures price than the expected future spot price of the commodity. The changing positions and views of the participants in the commodity markets will influence whether futures prices are above or below the expected future spot price, which can have significant implications for a Fund. If the positions and views of the participants in futures markets have shifted when it is time for a Fund to reinvest the proceeds of a maturing contract in a new futures contract, a Fund might reinvest at higher or lower futures prices, or choose to pursue other investments.

<u>Speculative Position Limits.</u> The U.S. Commodity Futures Trading Commission ("CFTC"), certain foreign regulators and many futures exchanges have established (and continue to evaluate and revise) limits ("position limits") on the maximum net long or net short positions which any person, or group of persons acting in concert, may hold or control in certain options and futures contracts. In addition, U.S. federal position limits apply to swaps that are economically equivalent to futures contracts on certain agricultural, metals, and energy commodities. All positions owned or controlled by the same person or entity, even if in different accounts, must be aggregated for purposes of determining whether applicable position limits have been exceeded, unless an exemption applies. Thus, even if a Fund does not intend to exceed applicable position limits, it is possible that different clients managed by the Adviser or Subadviser and its affiliates may be aggregated for this purpose. Therefore, the trading decisions of the Adviser may have to be modified and positions held by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions or the elimination of open positions, if it occurs, may adversely affect the profitability of the Fund. A violation of position limits could also lead to regulatory action materially adverse to a Fund's investment strategy. A Fund may also be affected by other regimes, including those of the European Union and United Kingdom, and trading venues that impose position limits on commodity derivative contracts.

*<u>Index Futures Contracts</u>*

In the case of futures on an index, the seller and buyer agree to settle in cash, at a future date, based on the difference in value of the contract between the date it is opened and the settlement date. The value of each contract is equal to the value of the index from time to time multiplied by a specified dollar amount. For example, S&P 500<sup>®</sup> Index futures may trade in contracts with a value equal to $250 multiplied by the value of the S&P 500<sup>®</sup> Index. The price of index futures may not correlate perfectly with movement in the relevant index due to certain market distortions. One such distortion stems from the fact that all participants in the futures market are subject to margin deposit and maintenance requirements. Rather than meeting additional margin deposit requirements, investors may close futures contracts through offsetting transactions, which could distort the normal relationship between the index and futures markets. Another market distortion results from the deposit requirements in the futures market being less onerous than margin requirements in the securities market, and as a result the futures market may attract more speculators than does the securities market. A third distortion is caused by the fact that trading hours for foreign stock index futures may not correspond perfectly to hours of trading on the foreign exchange to which a particular foreign stock index futures contract relates. This may result in a disparity between the price of index futures and the value of the relevant index due to the lack of continuous arbitrage between the index futures price and the value of the underlying index. Finally, hedging transactions using stock indices involve the risk that movements in the price of the index may not correlate with price movements of the particular portfolio securities being hedged.

*<u>Options</u>*

Options transactions may involve a Fund's buying or writing (selling) options on securities, futures contracts, securities indices (including futures on securities indices) or currencies. A Fund may engage in these transactions either to enhance investment return or to hedge against changes in the value of other assets that it owns or intends to acquire. Options can generally be classified as either "call" or "put" options. There are two parties to a typical options transaction: the "writer" (seller) and the "buyer." A call option gives the buyer the right to buy a security or other asset (such as an amount of currency or a futures contract) from, and a put option gives the buyer the right to sell a security or other asset to, the option writer at a specified price, on or before a specified date. The buyer of an option pays a premium when purchasing the option, which reduces the return (by the amount of such premium) on the underlying security or other asset if the option is exercised, and results in a loss (equal to the amount of such premium) if the option expires unexercised. The writer

------

[Back to **Table of Contents**](#TOC_4823)

of an option receives a premium from writing an option, which may increase its return if the option expires or is closed out at a profit. An "American-style" option allows exercise of the option at any time during the term of the option. A "European-style" option allows an option to be exercised only at a specific time or times, such as the end of its term. Options may be traded on or off an established securities or options exchange.

If the holder (writer) of an option wishes to terminate its position, it may seek to effect a closing sale transaction by selling (buying) an option identical to the option previously purchased. The effect of the purchase is that the previous option position will be canceled. A Fund will realize a profit from closing out an option if the price received for selling the offsetting position is more than the premium paid to purchase the option; a Fund will realize a loss from closing out an option transaction if the price received for selling the offsetting option is less than the premium paid to purchase the option (in each case taking into account any brokerage commission and other transaction costs). Since premiums on options having an exercise price close to the value of the underlying securities or futures contracts usually have a time value component (i.e., a value that diminishes as the time within which the option can be exercised grows shorter), the value of an options contract may change as a result of the lapse of time even though the value of the futures contract or security underlying the option (and of the security or other asset deliverable under the futures contract) has not changed. As an alternative to purchasing call and put options on index futures, a Fund may purchase or sell call or put options on the underlying indices themselves. Such options would be used in a manner similar to the use of options on index futures.

*<u>Warrants and Rights</u>*

Some Funds may invest in warrants and rights. A warrant is an instrument that gives the holder a right to purchase a given number of shares of a particular security at a specified price until a stated expiration date. Buying a warrant generally can provide a greater potential for profit or loss than an investment of equivalent amounts in the underlying common stock. The market value of a warrant does not necessarily move with the value of the underlying securities. If a holder does not sell the warrant, it risks the loss of its entire investment if the market price of the underlying security does not, before the expiration date, exceed the exercise price of the warrant. Investment in warrants is a speculative activity. Warrants pay no dividends and confer no rights (other than the right to purchase the underlying securities) with respect to the assets of the issuer. A right is a privilege granted to existing shareholders of a corporation to subscribe for shares of a new issue of common stock before it is issued. Rights normally have a short life, usually two to four weeks, are freely transferable and entitle the holder to buy the new common stock at a lower price than the public offering price.

Some Funds may invest in low exercise price call warrants, which are equity call warrants with an exercise price that is very low relative to the market price of the underlying instrument at the time of issue. Low exercise price call warrants are typically used to gain exposure to stocks in difficult to access local markets. The warrants typically have a strike price set such that the value of the warrants will be identical to the price of the underlying stock. The value of the warrants is correlated with the value of the underlying stock price and therefore, the risk and return profile of the warrants is similar to owning the underlying securities. In addition, the owner of the warrant is subject to the risk that the issuer of the warrant (i.e., the counterparty) will default on its obligations under the warrant. The warrants have no voting rights. Dividends issued to the warrant issuer by the underlying company will generally be distributed to the warrant holders, net of any taxes or commissions imposed by the local jurisdiction in respect of the receipt of such amount. Low exercise price call warrants are typically sold in private placement transactions, may be illiquid and may be classified as derivative instruments.

*<u>Options on Indices</u>*

Some Funds may transact in options on indices ("index options"). Put and call index options are similar to puts and calls on securities or futures contracts except that all settlements are in cash and gain or loss at expiration depends on changes in the index in question rather than on price movements in individual securities or futures contracts. When a Fund writes an index call option, it receives a premium and undertakes the obligation that, prior to the expiration date (or, upon the expiration date for European-style options), the purchaser of the call, upon exercise of the call, will receive from the Fund an amount of cash if the exercise settlement value of the relevant index is greater than the exercise price of the call. The manner of determining "exercise settlement value" for a particular option series is fixed by the options market on which the series is traded. S&P 500<sup>®</sup> Index options, for example, have a settlement value that is calculated using the opening sales price in the primary market of each component security on the last business day (usually a Friday) before the expiration date. The amount of cash is equal to the difference between the exercise settlement value of the index and the exercise price of the call times a specified multiple ("multiplier"). When a Fund buys an index call option, it pays a premium and has the same rights as to such call as are indicated above. When a Fund buys an index put option, it pays a premium and has the right, prior to the expiration date (or, upon the expiration date for European-style options), to collect, upon the Fund's exercise of the put, an amount of cash equal to the difference between the exercise price of the option and the exercise settlement value of the index, times a multiplier, similar to that described above for calls, if the exercise settlement value is less than the exercise price. When a Fund writes an index put option, it receives a premium and the purchaser of the put has the right, prior to the expiration date, to require the Fund to deliver to it an amount of cash equal to the difference between the exercise settlement value of the index and exercise price times the multiplier if the exercise settlement value is less than the exercise price.

------

[Back to **Table of Contents**](#TOC_4823)

*<u>Options on Futures</u>*

An option on a futures contract is the right, purchased for a certain price, to either buy or sell the underlying futures contract during a certain period of time for a fixed price. Options trading requires many of the same skills as does successful futures contract trading. However, since specific market movements of the underlying futures contract must be predicted accurately, the risks involved are somewhat different. For example, if a Fund buys an option (either to sell or buy a futures contract), the Fund will pay a "premium" representing the market value of the option. Unless the price of the futures contract underlying the option changes and it becomes profitable to exercise or offset the option before it expires, the Fund may lose the entire amount of the premium. Conversely, if a Fund sells an option (either to sell or buy a futures contract), the Fund will be credited with the premium but will have to deposit margin due to the Fund's contingent liability to take or make delivery of the underlying futures contract in the event the option is exercised. The writing of an option involves the risk of losing the entire investment or substantially more than the entire investment, thereby causing significant losses to the client in a relatively short period of time. The ability to trade in or exercise options may be restricted in the event that trading in the underlying futures contract becomes restricted.

*<u>Exchange-Traded and Over-the-Counter Options</u>*

Some Funds may purchase or write both exchange-traded and over-the-counter ("OTC") options. OTC options differ from exchange-traded options in that they are bilateral, uncleared contracts, with price and other terms negotiated between buyer and seller, and generally do not have as much market liquidity as exchange-traded options.

An exchange-traded option may be closed out before its scheduled maturity only on an exchange that generally provides a liquid secondary market for an option of the same series. If a liquid secondary market for an exchange-traded option does not exist, it might not be possible to effect a closing transaction with respect to a particular option. Reasons for the absence of a liquid secondary market on an exchange include the following: (i) there may be insufficient trading interest in certain options; (ii) restrictions may be imposed by an exchange on opening transactions or closing transactions or both; (iii) trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of options or underlying securities; (iv) unusual or unforeseen circumstances may interrupt normal operations on an exchange; (v) the facilities of an exchange or the Options Clearing Corporation ("OCC") or other clearing organization may not at all times be adequate to handle current trading volume; or (vi) one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options on that exchange that had been issued by the OCC as a result of trades on that exchange would continue to be exercisable in accordance with their terms.

For some Funds, rather than transferring margin to and from a counterparty, a Fund's custodian (or a securities depository acting for the custodian) acts as the Fund's escrow agent as to securities on which the Fund has written call options. The escrow agent enters into documents known as escrow receipts with respect to the stocks included in a Fund (or escrow receipts with respect to other acceptable securities). The escrow agent releases the stocks from the escrow account when the call option expires or when a Fund enters into a closing purchase transaction. Until such release, the underlying stocks cannot be sold by a Fund, which could prevent the Fund from selling securities when it might otherwise wish to do so.

An OTC option (an option not traded on an established exchange) may be closed out before its scheduled maturity only by agreement with the other party to the original option transaction. With OTC options, a Fund is not only subject to the credit/counterparty risk of the other party to the transaction, but also the risk that its counterparty will not permit the Fund to terminate the transaction before its scheduled maturity. While a Fund will seek to enter into OTC options only with dealers who agree to or are expected to be capable of entering into closing transactions with the Fund, there can be no assurance that the Fund will be able to liquidate an OTC option at a favorable price at any time prior to its expiration. OTC options are not subject to the protections afforded purchasers of listed options by the OCC or other clearing organizations.

*<u>Index Warrants</u>*

Some Funds may purchase put warrants and call warrants whose values vary depending on the change in the value of one or more specified securities indices ("index warrants"). Index warrants are generally issued by banks or other financial institutions and give the holder the right, at any time during the term of the warrant, to receive, upon exercise of the warrant, a cash payment from the issuer based on the value of the underlying index at the time of exercise. In general, if the value of the underlying index rises above the exercise price of the index warrant, the holder of a call warrant will be entitled to receive a cash payment from the issuer upon exercise based on the difference between the value of the index and the exercise price of the warrant; if the value of the underlying index falls, the holder of a put warrant will be entitled to receive a cash payment from the issuer upon exercise based on the difference between the exercise price of the warrant and the value of the index. The holder of a warrant would not be entitled to any payments from the issuer at a time when, in the case of a call warrant, the exercise price is more than the value of the underlying index, or in the case of a put warrant, the exercise price is less than the value of the underlying index. If a Fund were not to exercise an index warrant prior to its expiration, then the Fund would lose the amount of the purchase price paid by it for the warrant. A Fund will normally use index warrants in a manner similar to its use of options on securities indices.

------

[Back to **Table of Contents**](#TOC_4823)

The risks of a Fund's use of index warrants generally are similar to those relating to its use of index options. Unlike most index options, however, index warrants are issued in limited amounts and are not obligations of a regulated clearing agency, but are backed only by the credit of the bank or other institution which issues the warrant. Also, index warrants generally have longer terms than index options. Although a Fund will normally invest only in exchange-listed warrants, index warrants are not likely to be as liquid as certain index options backed by a recognized clearing agency. In addition, the terms of index warrants may limit a Fund's ability to exercise the warrants at such time, or in such quantities, as the Fund would otherwise wish to do.

*<u>Forward Contracts</u>*

As described in the section "Foreign Currency Transactions," each Fund may invest in forward contracts. Forward contracts are transactions involving a Fund's obligation to purchase or sell a specific currency or other asset at a future date at a specified price. For example, forward contracts may be used when the Adviser or Subadviser anticipates that particular foreign currencies will appreciate or depreciate in value or to take advantage of the expected relationships between various currencies, regardless of whether securities denominated in such currencies are held in a Fund's investment portfolio. Forward contracts may also be used by a Fund for hedging purposes to protect against uncertainty in the level of future foreign currency exchange rates, such as when a Fund anticipates purchasing or selling a foreign security. This technique would allow a Fund to "lock in" the U.S. dollar price of the investment. Forward contracts also may be used to attempt to protect the value of a Fund's existing holdings of foreign securities. There may be, however, imperfect correlation between a Fund's foreign securities holdings and the forward contracts entered into with respect to such holdings. The cost to a Fund of engaging in forward contracts varies with factors such as the currency involved, the length of the contract period and the market conditions then prevailing.

Forward contracts are not traded on exchanges and are not standardized; rather, banks and dealers act as principals in these markets negotiating each transaction on an individual basis. There is no limitation on the daily price movements of forward contracts. Principals in the forward markets have no obligation to continue to make markets in the forward contracts traded. There have been periods during which certain banks or dealers have refused to quote prices for forward contracts or have quoted prices with an unusually wide spread between the price at which they are prepared to buy and that at which they are prepared to sell. Disruptions can occur in the forward markets because of unusually high trading volume, government intervention or other factors. For example, the imposition of credit controls by governmental authorities might limit forward trading, to the possible detriment of a Fund.

Forward contracts are subject to many of the same risks as options, warrants and futures contracts described above. As described in the section "Foreign Currency Transactions," above, forward contracts may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. In addition, the effect of changes in the dollar value of a foreign currency on the dollar value of a Fund's assets and on the net investment income available for distribution may be favorable or unfavorable. A Fund's investments in forward contracts may be subject to foreign currency risk. See the section "Foreign Currency Transactions" for more information.

Additionally, in their forward trading, the Funds are subject to the credit/counterparty risk of, or the inability or refusal to perform with respect to their forward contracts by, the principals with which the Funds trade. Funds on deposit with such principals are generally not protected by the same segregation requirements imposed on CFTC regulated commodity brokers and futures commission merchants ("FCMs") in respect of customer funds on deposit with them. A Fund may place forward trades through agents, and the insolvency or bankruptcy of such agents could also subject a Fund to the risk of loss. See the section "Credit/Counterparty Risk" for additional information.

*<u>Swap Transactions</u>*

Some Funds may enter into a variety of swap transactions, including, but not limited to, interest rate, index, commodity, equity-linked, credit default, credit-linked and currency exchange swaps. A Fund may enter into swap transactions for a variety of reasons, including to preserve a return or spread on a particular investment or portion of its portfolio, to gain exposure to one or more securities, currencies, commodities or interest rates, to protect against or attempt to take advantage of currency fluctuations, to protect against any increase in the price of securities that a Fund anticipates purchasing at a later date, to efficiently gain exposure to certain markets, to add economic leverage to the Fund's portfolio or to shift the Fund's investment exposure from one type of investment to another.

Swap transactions are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to a number of years. Swap agreements are individually negotiated and structured to include exposure to a variety of types of investments or market factors. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or "swapped" between the parties generally are calculated with respect to a "notional amount," such as the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a "basket" of securities representing a particular index. In a typical interest rate swap, for example, one party agrees to make regular payments equal to a floating interest rate times a "notional principal amount," in return for payments equal to a fixed rate times the same amount, for the term of the swap agreement. The "notional principal amount" of a swap transaction is the agreed-upon basis for calculating the payments that the parties agree to exchange (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate), in a particular foreign currency or commodity or in a "basket" of securities. Under most swap agreements, payments by the parties will be exchanged on a "net basis," and a party will receive or pay, as the case may be, only the net amount of the two payments.

------

[Back to **Table of Contents**](#TOC_4823)

Swap transactions are sophisticated financial instruments that typically involve a small investment of cash relative to the magnitude of risks assumed. Swaps can be highly volatile and may have a considerable impact on a Fund's performance, as the potential gain or loss on any swap transaction is not subject to any fixed limit. A Fund's successful use of swap transactions will depend on the Adviser's or Subadviser's ability to predict correctly whether certain types of investments are likely to produce greater returns than other investments. Because swaps are two-party contracts that may be subject to contractual restrictions on transferability and termination and because they may have terms of greater than seven days, swap agreements may be considered to be illiquid. If a swap is not liquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses. A Fund may also suffer losses if it is unable to terminate (or terminate at the time and price desired) outstanding swap transactions (either by assignment or other disposition) or reduce its exposure through offsetting transactions.

Moreover, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. See the section "Credit/Counterparty Risk" below.

Additionally, U.S. regulators, the European Union, the United Kingdom, and certain other jurisdictions have adopted minimum margin and capital requirements for uncleared OTC derivatives transactions. These rules impose minimum margin requirements on derivatives transactions between a Fund and its swap counterparties and may increase the amount of margin the Fund is required to provide. They also impose regulatory requirements on the timing of transferring margin and the types of margin that can be provided. See the section "Risk of Government Regulation of Derivatives" below.

Some Funds may also enter into swaptions. A Fund may engage in swaptions for hedging purposes or to manage and mitigate credit and interest rate risk. A Fund may write (sell) and purchase put and call swaptions. The use of swaptions involves risks, including, among others, (i) imperfect correlation between movements of the price of the swaptions and the price of the securities, indices or other assets serving as reference instruments for the swaption, reducing the effectiveness of the instrument for hedging or investment purposes, (ii) the absence of a liquid market to sell a swaption, which could result in difficulty closing a position, (iii) the exacerbation of losses incurred due to changes in the market value of the securities to which they relate, and (iv) credit/counterparty risk.

*<u>Credit Default Swaps</u>*

Some Funds may enter into credit default swap agreements, which may have as reference obligations one or more debt securities or an index of such securities. In a credit default swap, one party (the "protection buyer") is obligated to pay the other party (the "protection seller") a stream of payments over the term of the contract, provided that no credit event, such as a default or a downgrade in credit rating, occurs on the reference obligation. If a credit event occurs, the protection seller must generally pay the protection buyer the "par value" (the agreed-upon notional value) of the referenced debt obligation in exchange for an equal face amount of deliverable reference obligations or a specified amount of cash, depending upon the terms of the swap.

A Fund may be either the protection buyer or protection seller in a credit default swap. If a Fund is a protection buyer, such Fund would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit event were to occur. However, if a credit event occurs, a Fund that is a protection buyer has the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the swap, and receive the par value of such debt obligations from the counterparty protection seller. As a protection seller, a Fund would receive fixed payments throughout the term of the contract if no credit event occurs. If a credit event occurs, however, the value of the obligation received by a Fund (e.g., bonds which defaulted), plus the periodic payments previously received, may be less than the par value of the obligation, or cash received, resulting in a loss to the protection seller. Furthermore, a Fund that is a protection seller would effectively add leverage to its portfolio because such Fund will have investment exposure to the notional amount of the swap.

Credit default swap agreements are subject to greater risk than a direct investment in the reference obligation. Like all swap agreements, credit default swaps are subject to liquidity, credit and counterparty risks. The notional value of credit default swaps with respect to a particular investment is often larger than the total par value of such investment outstanding and, in event of a default, there may be difficulties in making the required deliveries of the reference investments, possibly delaying payments.

A Fund generally may exit its obligations under a credit default swap only by terminating the contract and paying applicable breakage fees, or by entering into an offsetting credit default swap position, which may cause the Fund to incur losses.

*<u>Swap Execution Facilities ("SEF")</u>*

Certain derivatives contracts are required to be executed through SEFs. A SEF is a trading platform where multiple market participants can execute derivatives by accepting bids and offers made by multiple other participants in the platform. Such requirements may make it more difficult and costly for investment funds, such as the Funds, to enter into highly tailored or customized transactions. Certain derivatives are also available to be traded on a SEF on a voluntary basis. Trading swaps on a SEF may offer certain advantages over traditional bilateral OTC trading, such as ease of execution, price transparency, increased liquidity and/or favorable pricing. Execution through a SEF is not, however, without additional costs and risks, as parties are required to comply with SEF and CFTC rules and regulations, including disclosure and recordkeeping obligations, and SEF rights of inspection, among others. SEFs typically charge fees, and if a Fund executes derivatives on a SEF through a broker intermediary, the intermediary may impose fees as well. A Fund also may be required to indemnify a SEF, or a broker intermediary who executes swaps on a SEF on the Fund's behalf, against any losses or costs that may be incurred as a result of the Fund's transactions on the SEF. In addition, a Fund may be subject to execution risk if it enters into

------

[Back to **Table of Contents**](#TOC_4823)

a derivatives transaction that is required to be cleared, and no clearing member is willing to clear the transaction on the Fund's behalf. In that case, the transaction might have to be terminated, and a Fund could lose some or all of the benefit of any increase in the value of the transaction after the time of the trade. Similar "trade execution" regulations have been implemented in the European Union and the United Kingdom.

*<u>Investment Pools of Swap Contracts</u>*

Some Funds may invest in publicly or privately issued interests in investment pools whose underlying assets are credit default, credit-linked, interest rate, currency exchange, equity-linked or other types of swap contracts and related underlying securities or securities loan agreements. The pools' investment results may be designed to correspond generally to the performance of a specified securities index or "basket" of securities, or sometimes a single security. These types of pools are often used to gain exposure to multiple securities with less of an investment than would be required to invest directly in the individual securities. They may also be used to gain exposure to foreign securities markets without investing in the foreign securities themselves and/or the relevant foreign market. To the extent that a Fund invests in pools of swap contracts and related underlying securities or securities loan agreements whose performance corresponds to the performance of a foreign securities index or one or more foreign securities, investing in such pools will involve risks similar to the risks of investing in foreign securities. See the section "Foreign Securities" below. In addition to the risks associated with investing in swaps generally, an investing Fund bears the risks and costs generally associated with investing in pooled investment vehicles, such as paying the fees and expenses of the pool and the risk that the pool or the operator of the pool may default on its obligations to the holder of interests in the pool, such as a Fund. Interests in privately offered investment pools of swap contracts may be considered illiquid and, except to the extent that such interests are deemed liquid under the Funds' policies, subject to a Fund's restriction on investments in illiquid securities.

*<u>Hybrid Instruments</u>*

Some Funds may invest in hybrid instruments. A hybrid instrument is a type of derivative that combines a traditional stock or bond with an option or forward contract. Generally, the principal amount, amount payable upon maturity or redemption or interest rate of a hybrid is tied (positively or negatively) to the price of some currency or securities index, another interest rate or some other economic factor (each a "benchmark"). The interest rate or (unlike most fixed-income securities) the principal amount payable at maturity of a hybrid security may be increased or decreased, depending on changes in the value of the benchmark. An example of a hybrid could be a bond issued by an oil company that pays a small base level of interest with additional interest that accrues in correlation to the extent to which oil prices exceed a certain predetermined level. Such a hybrid instrument would be economically similar to a combination of a bond and a call option on oil.

Hybrids can be used as an efficient means of pursuing a variety of investment goals, including currency hedging, duration management and increased total return. Hybrids may not bear interest or pay dividends. The value of a hybrid or its interest rate may be a multiple of a benchmark and, as a result, may be leveraged and move (up or down) more steeply and rapidly than the benchmark. These benchmarks may be sensitive to economic and political events, such as currency devaluations, which cannot be readily foreseen by the purchaser of a hybrid. Under certain conditions, the redemption value of a hybrid could be zero. Thus, an investment in a hybrid may entail significant market risks that are not associated with a similar investment in a traditional, U.S. dollar-denominated bond that has a fixed principal amount and pays a fixed rate or floating rate of interest. The purchase of hybrids also exposes a Fund to the credit/counterparty risk of the issuer of the hybrids. These risks may cause significant fluctuations in the NAV of a Fund.

Certain hybrid instruments may provide exposure to the commodities markets. These are derivative instruments with one or more commodity-linked components that have payment features similar to commodity futures contracts, commodity options or similar instruments. Commodity-linked hybrid instruments may be either equity or debt securities, leveraged or unleveraged, and are considered hybrid instruments because they have both security and commodity-like characteristics. A portion of the value of these instruments may be derived from the value of a commodity, futures contract, index or other economic variable and therefore are subject to many of the same risks as investments in those underlying securities, instruments or commodities. For more information, see the sections "Commodities" and "Structured Notes."

Certain issuers of structured products such as hybrid instruments may be deemed to be investment companies as defined in the 1940 Act. As a result, a Fund's investments in these products may be subject to limits applicable to investments in investment companies and may be subject to restrictions contained in the 1940 Act.

*<u>Hedging</u>*

Certain Funds' investment strategies may involve hedging certain risks, such as market risk, interest rate risk, and currency risk through the use of various derivative instruments. It is generally not possible to eliminate all risk of adverse market movement. Suitable hedging transactions may not be available in all circumstances, and there can be no assurance that a Fund will engage in these transactions to reduce exposure to risks when that would be beneficial. The use of hedging instruments may enable a Fund to increase its profits from favorable market price movements and diminish its exposure to market volatility. However, any reduction or increase in the hedge from the theoretical neutral hedge also increases the exposure of the Fund to adverse market price movements, and at times could present material risk to the capital of the Fund.

------

[Back to **Table of Contents**](#TOC_4823)

*<u>Short Exposure Risk</u>*

A short exposure through a derivative may present various risks, including credit/counterparty risk and leverage risk. If the value of the asset, asset class or index on which a Fund has obtained a short investment exposure increases, the Fund will incur a loss. Unlike a direct cash investment such as a stock, bond or exchange-traded fund, where the potential loss is limited to the purchase price, the potential risk of loss from a short exposure is theoretically unlimited. A Fund may be unable to borrow securities in connection with a short sale or to enter into a short position at an advantageous time or price, which could limit its ability to obtain the desired short exposure. Moreover, there can be no assurance that a Fund will be able to cover its short positions. For example, an uncovered call writer's loss is potentially unlimited.

*<u>Certain Additional Risks of Derivative Instruments</u>*

*General.* As described in the Prospectus, the Funds intend to use derivative instruments, including several of the instruments described above, to seek to enhance investment returns as well as for risk management purposes. Although an Adviser or Subadviser may seek to use these instruments to achieve a Fund's investment goals, no assurance can be given that the use of these instruments will achieve this result. Any or all of these investment techniques may be used at any time. The ability of a Fund to utilize these derivative instruments successfully will depend on its Adviser's or Subadviser's ability to predict pertinent market movements, which cannot be assured. Furthermore, a Fund's use of certain derivatives may in some cases involve forms of financial leverage, which involves risk and may increase the volatility of a Fund's NAV. Leveraging may cause a Fund to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. To the extent that a Fund is not able to close out a leveraged position because of market illiquidity, its liquidity may be impaired to the extent that it has a substantial portion of liquid assets used as collateral for its derivatives transactions. Each Fund will comply with applicable regulatory requirements when implementing these strategies, techniques and instruments. Use of derivatives for other than hedging purposes may be considered a speculative activity, involving greater risks than are involved in hedging. A short exposure through a derivative may present additional risks. If the value of the asset, asset class or index on which a Fund has obtained a short exposure increases, the Fund will incur a loss. Moreover, the potential loss from a short exposure is theoretically unlimited.

The value of some derivative instruments in which a Fund invests may be particularly sensitive to changes in prevailing interest rates or other economic factors and the ability of a Fund to successfully utilize these instruments may depend in part upon the ability of an Adviser or Subadviser to forecast interest rates and other economic factors correctly. If an Adviser or Subadviser incorrectly forecasts such factors and has taken positions in derivative instruments contrary to prevailing market trends, a Fund could be exposed to the risk of loss. If an Adviser or Subadviser incorrectly forecasts interest rates, market values or other economic factors in using a derivatives strategy for a Fund, the Fund might have been in a better position if it had not entered into the transaction at all. Also, suitable derivatives transactions may not be available in all circumstances. The use of these strategies involves certain special risks, including a possible imperfect correlation, or even no correlation, between price movements of derivative instruments and price movements of related investments. While some strategies involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in related investments or otherwise, due to the possible inability of a Fund to purchase or sell a portfolio security at a time that otherwise would be favorable and the possible inability of a Fund to close out or to liquidate its derivatives positions. In addition, a Fund's use of such instruments may cause the Fund to realize higher amounts of short-term capital gains (generally taxed at ordinary income tax rates) or ordinary income than if it had not used such instruments. To the extent that a Fund gains exposure to an asset class using derivative instruments backed by a collateral portfolio of other securities, changes in the value of those other securities may result in greater or lesser exposure to that asset class than would have resulted from a direct investment in securities comprising that asset class.

Although the Adviser or Subadviser may seek to use derivatives transactions to achieve a Fund's investment goals, no assurance can be given that the use of these transactions will achieve this result. One risk arises because of the imperfect correlation between movements in the price of derivatives contracts and movements in the price of the securities, indices or other assets serving as reference instruments for the derivative. A Fund's derivative strategies will not be fully effective unless the Fund can compensate for such imperfect correlation. There is no assurance that a Fund will be able to effect such compensation. For example, the correlation between the price movement of the derivatives contract and the hedged security may be distorted due to differences in the nature of the relevant markets. If the price of the futures contract moves more than the price of the hedged security, a Fund would experience either a loss or a gain on the derivative that is not completely offset by movements in the price of the hedged securities. For example, in an attempt to compensate for imperfect price movement correlations, a Fund may purchase or sell futures contracts in a greater dollar amount than the hedged securities if the price movement volatility of the hedged securities is historically greater than the volatility of the futures contract. Conversely, a Fund may purchase or sell futures contracts in a smaller dollar amount than the hedged securities if the volatility of the price of hedged securities is historically less than that of the futures contracts. The use of derivatives for other than hedging purposes may be considered a speculative activity, and involves greater risks than are involved in hedging. With respect to certain derivatives transactions (e.g., short positions in which a Fund does not hold the instrument to which the short position relates), the potential risk of loss to a Fund is theoretically unlimited.

The price of index futures may not correlate perfectly with movement in the relevant index due to certain market distortions. See the section entitled "Index Futures Contracts" for more information.

------

[Back to **Table of Contents**](#TOC_4823)

Price movement correlation in derivatives transactions also may be distorted by the illiquidity of the derivatives markets and the participation of speculators in such markets. If an insufficient number of contracts are traded, commercial users may not deal in derivatives because they do not want to assume the risk that they may not be able to close out their positions within a reasonable amount of time. In such instances, derivatives market prices may be driven by different forces than those driving the market in the underlying securities, and price spreads between these markets may widen. The participation of speculators in the market enhances its liquidity. Nonetheless, the presence of speculators may create temporary price distortions unrelated to the market in the underlying securities.

Once the daily limit has been reached in a contract, no trades may be entered into at a price beyond the limit, which may prevent the liquidation of open futures or options positions. Futures prices have in the past occasionally exceeded the daily limit for several consecutive trading days with little or no trading. However, if futures or options are used to hedge portfolio securities, an increase in the price of the securities, if any, may partially or completely offset losses on the futures contract.

Income earned by a Fund from its options activities generally will be treated as capital gain and, if not offset by net recognized capital losses incurred by the Fund, will be distributed to shareholders in taxable distributions. Gain from options transactions may hedge against a decline in the value of a Fund's portfolio securities. However, that gain, to the extent not offset by losses, will be distributed to eliminate Fund-level tax, resulting in a distribution of the portion of the Fund value so preserved via such options transactions.

The value of a Fund's derivative instruments may fluctuate based on a variety of market and economic factors. In some cases, the fluctuations may offset (or be offset by) changes in the value of securities or derivatives held in a Fund's portfolio. All transactions in derivatives involve the possible risk of loss to a Fund of all or a significant part of the value of its investment. In some cases, the risk of loss may exceed the amount of a Fund's investment. For example, when a Fund writes a call option or sells a futures contract without holding the underlying securities, currencies or futures contracts, its potential loss is unlimited.

The successful use of derivatives will depend in part on the Adviser's or Subadviser's ability to forecast securities market, currency or other financial market movements correctly. For example, a Fund's ability to hedge against adverse changes in the value of securities held in its portfolio through options and futures also depends on the degree of correlation between changes in the value of futures or options positions and changes in the values of the portfolio securities. The successful use of certain other derivatives also depends on the availability of a liquid secondary market to enable a Fund to close its positions on a timely basis. There can be no assurance that such a market will exist at any particular time. Furthermore, a Fund's use of certain derivatives may in some cases involve forms of financial leverage, which involves risk and may increase the volatility of the Fund's NAV. Leveraging may cause a Fund to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. To the extent a Fund is not able to close out a leveraged position because of market illiquidity, its liquidity may be impaired to the extent that it has a substantial portion of liquid assets used as collateral for its derivatives transactions.

In the case of OTC options, a Fund is at increased risk that the other party to the transaction will default on its obligations, or will not permit the Fund to terminate the transaction before its scheduled maturity. See the section entitled "Credit/Counterparty Risk" below for additional information.

The derivatives markets of some foreign countries are small compared to those of the United States and consequently are characterized in some cases by less liquidity than U.S. markets. In addition, derivatives that are traded on foreign exchanges may not be regulated as effectively as similar transactions in the United States, may not involve a clearing mechanism and related guarantees, may be subject to less detailed reporting requirements and regulatory controls, and are subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities. The value of such positions also could be adversely affected by (i) other complex foreign political, legal and economic factors, (ii) lesser availability than in the United States of data on which to make trading decisions, (iii) delays in a Fund's ability to act upon economic events occurring in foreign markets during non-business hours in the United States, (iv) the imposition of different exercise and settlement terms and procedures and margin requirements than in the United States, and (v) lesser trading volume. Furthermore, investments in derivatives markets outside of the United States are subject to many of the same risks as other foreign investments. See the section "Foreign Securities."

*Additional Risk Factors in Cleared Derivatives Transactions.* Transactions in some types of swaps (including interest rate swaps and credit default index swaps on North American and European indices) are required to be centrally cleared. Other types of derivatives are also available to be centrally cleared on a voluntary basis. In a cleared derivatives transaction, a Fund's counterparty is a clearing house, rather than a bank or broker. Since the Funds are not members of a clearing house and only members of clearing houses can participate directly in the clearing house, the Funds will hold cleared derivatives through accounts at clearing members. In cleared derivatives transactions, the Funds will make payments (including margin payments) to and receive payments from a clearing house through their accounts at clearing members. Clearing members guarantee performance of their clients' obligations to the clearing house.

Under some circumstances, centrally cleared derivative arrangements are less favorable to the Funds than bilateral arrangements. For example, the Funds may be required to provide greater amounts of margin for cleared derivatives transactions than for bilateral derivatives transactions. Also, in contrast to bilateral derivatives transactions, following a period of notice to a Fund, a clearing member generally can require termination of existing cleared derivatives transactions at any time or increases in margin requirements above the margin that the clearing member required at the beginning of a transaction. Clearing houses also have broad rights to increase margin requirements for existing transactions or to terminate transactions at any time. Any increase in margin requirements or termination by the clearing member or the clearing house could interfere with the ability of a Fund to pursue its investment strategy. Further, any increase in margin requirements by a clearing member could also expose a Fund to greater credit risk to its clearing member, because margin for

------

[Back to **Table of Contents**](#TOC_4823)

cleared derivatives transactions in excess of clearing house margin requirements typically is held by the clearing member. Also, a Fund is subject to risk if it enters into a derivatives transaction that is required to be cleared (or that the Adviser or Subadviser expects to be cleared), and no clearing member is willing or able to clear the transaction on the Fund's behalf. In those cases, the transaction might have to be terminated, and a Fund could lose some or all of the benefit of the transaction, including loss of an increase in the value of the transaction and/or loss of hedging protection offered by the transaction. In addition, the documentation governing the relationship between the Funds and the clearing members is developed by the clearing members and generally is less favorable to the Funds than typical bilateral derivatives documentation. For example, this documentation generally includes a one-way indemnity by the Funds in favor of the clearing member, indemnifying the clearing member against losses it incurs in connection with acting as the Funds' clearing member, and the documentation typically does not give the Funds any rights to exercise remedies if the clearing member defaults or becomes insolvent.

Some types of cleared derivatives are required to be (or are capable of being) executed on an exchange or on a SEF. A SEF is a trading platform where multiple market participants can execute derivatives by accepting bids and offers made by multiple other participants in the platform. While trading on a SEF can increase transparency and liquidity in the cleared derivatives market, trading on a SEF can also create additional costs and risks for the Funds. For example, SEFs typically charge fees, and if a Fund executes derivatives on a SEF through a broker intermediary, the intermediary may impose fees as well. Also, a Fund may indemnify a SEF, or a broker intermediary who executes cleared derivatives on a SEF on the Fund's behalf, against any losses or costs that may be incurred as a result of the Fund's transactions on the SEF. See the subsection "Swap Execution Facilities" above for additional information.

*Risk of Government Regulation of Derivatives.* The regulation of derivatives transactions and funds that engage in such transactions is an evolving area of law and is subject to modification by government, self-regulatory organization and judicial action. For example, the U.S. government enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), which includes provisions for regulation of the derivatives market, including clearing, margin, reporting and registration requirements. Various U.S. regulatory agencies have implemented and are continuing to implement rules and regulations prescribed by the Dodd-Frank Act. The European Union, the United Kingdom, and some other jurisdictions have also implemented and continue to implement similar requirements that will affect a Fund when it enters into derivatives transactions with a counterparty organized in that jurisdiction or otherwise subject to that jurisdiction's derivatives regulations. Because these requirements are evolving (and some of the rules are not yet final), their ultimate impact remains unclear. These regulatory changes could, among other things, restrict a Fund's ability to engage in derivatives transactions (including because certain types of derivatives transactions may no longer be available to a Fund) and/or increase the costs of such derivatives transactions (including through increased margin requirements), and the Fund may be unable to execute its investment strategy as a result.

It is possible that government regulation of various types of derivative instruments, including futures and swap agreements, may limit or prevent a Fund from using such instruments as part of its investment strategy, and could ultimately prevent a Fund from being able to achieve its investment goals. It is impossible to fully predict the effects of legislation and regulation in this area, but the effects could be substantial and adverse. It is possible that legislative and regulatory activity could limit or completely restrict the ability of a Fund to use these instruments as a part of its investment strategy, increase the costs of using these instruments or make them less effective. Limits or restrictions applicable to the counterparties with which a Fund engages in derivatives transactions could also prevent a Fund from using these instruments or affect the pricing or other factors relating to these instruments, or may change the availability of certain investments.

There is a possibility of future regulatory changes altering, perhaps to a material extent, the nature of an investment of the Funds or the ability of the Funds to continue to implement their investment strategies. In particular, the Dodd-Frank Act has and will continue to change the way in which the U.S. financial system is supervised and regulated. Title VII of the Dodd-Frank Act has caused broad changes to the OTC derivatives market and granted significant authority to the SEC and the CFTC to regulate OTC derivatives and market participants. Pursuant to such authority, rules have been enacted that currently require clearing of many OTC derivatives transactions and may require clearing of additional OTC derivatives transactions in the future and that impose minimum margin and capital requirements for uncleared OTC derivatives transactions. Similar regulations have been and are being adopted in other jurisdictions around the world.

These and other rules and regulations could, among other things, further restrict a Fund's ability to engage in, or increase the cost to a Fund of, derivatives transactions, for example, by making some types of derivatives no longer available to a Fund or otherwise limiting liquidity. The implementation of the clearing requirement for certain swaps has generally increased the costs of derivatives transactions for the Funds, since each Fund has to pay fees to its clearing members and is typically required to post more margin for cleared derivatives than it has historically posted for bilateral derivatives. The costs of derivatives transactions are expected to increase further as clearing members and their affiliates raise their fees to cover the costs of additional capital requirements and other regulatory changes applicable to the clearing members and their affiliates. These rules and regulations are evolving, so their full impact on the Funds and the financial system are not yet known. While the rules and regulations and central clearing of some derivatives transactions are designed to reduce systemic risk (i.e., the risk that the interdependence of large derivatives dealers could cause them to suffer liquidity, solvency or other challenges simultaneously), there is no assurance that they will achieve that result, and in the meantime, as noted above, central clearing and related requirements expose the Funds to other kinds of costs and risks.

The futures markets are subject to comprehensive statutes, regulations, and margin requirements. The CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the implementation of higher margin requirements, the establishment of daily price limits and the suspension of trading.

------

[Back to **Table of Contents**](#TOC_4823)

Rule 18f-4 under the 1940 Act governs the use of derivative investments and certain financing transactions by registered investment companies. Among other things, Rule 18f-4 requires funds that invest in derivative instruments beyond a specified limited amount to apply a value-at-risk based limit to their use of certain derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. A fund that uses derivative instruments in a limited amount is not subject to the full requirements of Rule 18f-4. Compliance with Rule 18f-4 by a Fund could, among other things, make derivatives more costly, limit their availability or utility, or otherwise adversely affect their performance.

Additionally, special resolution regimes adopted in the United States, the European Union, the United Kingdom, and various other jurisdictions may result in increased uncertainty about credit/counterparty risk and may also limit the ability of a Fund to protect its interests in the event of the insolvency (or similar designation) of a derivatives counterparty. More specifically, in the event of a counterparty's (or its affiliate's) insolvency (or similar designation), a Fund's ability to exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral, could be stayed or eliminated. Such special resolution regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty. In particular, with respect to counterparties who are subject to such proceedings in the European Union and the United Kingdom, the liabilities of such counterparties to a Fund could be reduced, eliminated, or converted to equity in such counterparties (sometimes referred to as a "bail in").

*<u>Credit/Counterparty Risk</u>*

A Fund will be exposed to the credit/counterparty risk of the counterparties with which it trades, or the brokers, dealers and exchanges through which it trades, whether it engages in exchange-traded or off-exchange transactions. Transactions entered into by the Funds may be executed on various U.S. and non-U.S. exchanges, and may be cleared and settled through various clearing houses, custodians, depositories and prime brokers throughout the world. There can be no assurance that a failure by any such entity will not lead to a loss to a Fund. To the extent a Fund engages in cleared derivatives transactions, it will be subject to the credit/counterparty risk of the clearing house and the clearing member through which it holds its cleared position. If a Fund engages in futures transactions, it will also be exposed to the credit/counterparty risk of its FCM. If a Fund's FCM or clearing member (as applicable) becomes bankrupt or insolvent, or otherwise defaults on its obligations to the Fund, the Fund may not receive all amounts owed to it in respect of its trading, even if the clearing house fully discharges all of its obligations. The Commodity Exchange Act (the "CEA") requires an FCM to segregate all funds received from its customers with respect to regulated futures transactions from such FCM's proprietary funds. If an FCM were not to do so to the full extent required by law, the assets of an account might not be fully protected in the event of the bankruptcy of an FCM. Furthermore, in the event of an FCM's bankruptcy, a Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of an FCM's combined customer accounts, even if certain property held by an FCM is specifically traceable to the Fund (for example, U.S. Treasury bills deposited by the Fund). It is possible that a Fund would be unable to recover from the FCM's estate the full amount of its funds on deposit with such FCM and owing to it. Such situations could arise due to various factors, or a combination of factors, including inadequate FCM capitalization, inadequate controls on customer trading and inadequate customer capital. Similar requirements, restrictions and risks apply to clearing members as well. In addition, in the event of the bankruptcy or insolvency of a clearing house, a Fund might experience a loss of funds deposited through its FCM or clearing member (as applicable) as margin with the clearing house, a loss of unrealized profits on its open positions and the loss of funds owed to it as realized profits on closed positions. Such a bankruptcy or insolvency might also cause a substantial delay before a Fund could obtain the return of funds owed to it by an FCM who is a member of such clearing house.

Each Fund may also engage in bilateral OTC derivatives transactions, which are not centrally cleared. Because bilateral derivatives transactions are traded between counterparties based on contractual relationships, the Funds are subject to the risk that a counterparty will not perform its obligations under the contracts. Although the Funds intend to enter into transactions only with counterparties which an Adviser or Subadviser believes to be creditworthy, there can be no assurance that a counterparty will not default and that a Fund will not sustain a loss on a transaction as a result. In situations where a Fund is required to post margin or other collateral with a counterparty, the counterparty may fail to segregate the collateral or may commingle the collateral with the counterparty's own assets. As a result, in the event of the counterparty's bankruptcy or insolvency, a Fund's collateral may be subject to conflicting claims of the counterparty's creditors, and the Fund may be exposed to the risk of a court treating the Fund as a general unsecured creditor of the counterparty, rather than as the owner of the collateral.

When a counterparty's obligations are not fully secured by collateral, then a Fund is essentially an unsecured creditor of the counterparty. If a counterparty's credit becomes significantly impaired, multiple requests for collateral posting in a short period of time could increase the risk that a Fund may not receive adequate collateral or that the counterparty may default. If the counterparty defaults, a Fund will have contractual remedies, but there is no assurance that a counterparty will be able to meet its obligations pursuant to such contracts or that, in the event of default, the Fund will succeed in enforcing contractual remedies. Credit/counterparty risk still exists even if a counterparty's obligations are secured by collateral because a Fund's interest in collateral may not be perfected or additional collateral may not be promptly posted as required. Credit/counterparty risk also may be more pronounced if a counterparty's obligations exceed the amount of collateral held by a Fund (if any), a Fund is unable to exercise its interest in collateral upon default by the counterparty, or the termination value of the instrument varies significantly from the marked-to-market value of the instrument. As described above, in the event of a counterparty's (or its affiliate's) insolvency, the Funds' ability to exercise remedies could be stayed or eliminated under special resolution regimes adopted in the United States, the European Union, the United Kingdom, and various other jurisdictions. Such regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty and may prohibit a Fund from exercising termination rights based on the financial institution's insolvency.

------

[Back to **Table of Contents**](#TOC_4823)

Credit/counterparty risk with respect to derivatives is also being affected by rules and regulations affecting the derivatives market. Some derivatives transactions are required to be centrally cleared, and, as described above, a party to a cleared derivatives transaction is subject to the credit/counterparty risk of the clearing house and the FCM clearing member through which it holds its cleared position, rather than the credit/counterparty risk of its original counterparty to the derivatives transaction. Credit/counterparty risk of market participants with respect to derivatives that are centrally cleared is concentrated in a few clearing houses, and increasingly fewer clearing members. It is not clear how an insolvency proceeding of a clearing house would be conducted and what impact an insolvency of a clearing house would have on the financial system. A clearing member is obligated by contract and by applicable regulation to segregate all funds received from customers with respect to cleared derivatives transactions from the clearing member's proprietary assets. However, all funds and other property received by a clearing broker from its customers generally are held by the clearing broker on a commingled basis in an omnibus account, and the clearing member may invest those funds in certain instruments permitted under the applicable regulations. The assets of a Fund might not be fully protected in the event of the bankruptcy of a Fund's clearing member, because the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing broker's customers for a relevant account class. Also, the clearing member is required to transfer to the clearing organization the amount of margin required by the clearing organization for cleared derivatives, which amounts generally are held in an omnibus account at the clearing organization for all customers of the clearing member. Regulations promulgated by the CFTC require that the clearing member notify the clearing house of the amount of initial margin provided by the clearing member to the clearing organization that is attributable to each customer. However, if the clearing member does not provide accurate reporting, the Funds are subject to the risk that a clearing organization will use a Fund's assets held in an omnibus account at the clearing organization to satisfy payment obligations of a defaulting customer of the clearing member to the clearing organization. In addition, clearing members generally provide to the clearing organization the net amount of variation margin required for cleared swaps for all of its customers in the aggregate, rather than the gross amount of each customer. The Funds are therefore subject to the risk that a clearing organization will not make variation margin payments owed to a Fund if another customer of the clearing member has suffered a loss and is in default, and the risk that a Fund will be required to provide additional variation margin to the clearing house before the clearing house will move the Fund's cleared derivatives transactions to another clearing member. In addition, if a clearing member does not comply with the applicable regulations or its agreement with the Funds, or in the event of fraud or misappropriation of customer assets by a clearing member, a Fund could have only an unsecured creditor claim in an insolvency of the clearing member with respect to the margin held by the clearing member.

The Funds may enter into derivatives transactions, repurchase transactions and short sale transactions with a single counterparty or with counterparties that are affiliated with one another. In such an arrangement, a Fund may have significant exposure to that counterparty and the Fund's credit/counterparty risk will be heightened. A Fund's derivative counterparties generally will have broad discretion to establish margin requirements for the Fund's derivative positions, and may be able to change such margin requirements at any time.

Each Fund is subject to the risk that issuers of the instruments in which the Fund invests and trades may default on their obligations under those instruments, and that certain events may occur that have an immediate and significant adverse effect on the value of those instruments and any derivatives whose value is based on such instruments. There can be no assurance that an issuer of an instrument in which a Fund invests will not default, or that an event that has an immediate and significant adverse effect on the value of an instrument will not occur, and that the Fund will not sustain a loss on a transaction as a result.

*<u>Other Derivatives; Future Developments</u>*

The above discussion relates to the Funds' proposed use of certain types of derivatives currently available. However, the Funds are not limited to the transactions described above. In addition, the relevant markets and related regulations are constantly changing and, in the future, the Funds may use derivatives not currently available or widely in use.

*<u>CFTC Regulation</u>*

As of the date of this Statement, the Adviser to each of the Global Megatrends Fund, the Small Cap Fund and the Mid Cap Fund (the "Excluded Funds") has claimed an exclusion from the definition of "commodity pool operator" under the CEA with respect to the Excluded Funds pursuant to Rule 4.5 under the CEA (the "exclusion") promulgated by the CFTC with respect to its operation of each Excluded Fund. Accordingly, the Advisers, with respect to the Excluded Funds, are not subject to registration or regulation as a CPO under the CEA. To remain eligible for the exclusion, each of the Excluded Funds will be limited in its ability to use certain financial instruments, including futures and options on futures and certain swaps transactions ("commodity interests"). In the event that an Excluded Fund's exposure to commodity interests is not within the thresholds set forth in the exclusion, the relevant Adviser may be required to register as a CPO and/or "commodity trading advisor" with the CFTC with respect to that Fund. The Advisers' eligibility to claim the exclusion with respect to an Excluded Fund will be based upon, among other things, the level and scope of such Fund's exposure to commodity interests, the purposes of such exposure and the manner in which the Fund holds out its use of commodity interests. Each Excluded Fund's ability to have exposure to commodity interests is limited by the Advisers' intention to operate the Excluded Fund in a manner that would permit the Advisers to continue to claim the exclusion under Rule 4.5, which may adversely affect such Fund's total return. In the event the Advisers becomes unable to rely on the exclusion in Rule 4.5 and is required to register with the CFTC as a CPO with respect to an Excluded Fund, such Fund's expenses may increase, adversely affecting that Fund's total return.

------

[Back to **Table of Contents**](#TOC_4823)

<u>*<u>E</u>*</u><u>*<u>m</u>*</u>*erging Markets*

Investments in foreign securities may include investments in emerging or developing countries whose economies or securities markets are not yet highly developed. The same or similar risks are seen in investments in companies that are located in developed markets but derive substantial revenues from emerging markets. The risks associated with investing in foreign securities are often heightened for investments in emerging market countries. These heightened risks include (i) greater risks of expropriation, confiscatory taxation, nationalization, war, and less social, political and economic stability; (ii) the small size of the markets for securities of emerging market issuers and the oftentimes low or nonexistent volume of trading, resulting in lack of liquidity and in price volatility; (iii) certain national policies that may restrict a Fund's investment opportunities, including restrictions on investing in issuers or industries deemed sensitive to relevant national interests or currency transfer or repatriation restrictions; (iv) an economy's dependence on revenues from particular commodities or on international aid or development assistance; (v) the absence of developed legal structures governing private or foreign investment and private property and/or less developed custodial and deposit systems and delays and disruptions in securities settlement procedures; (vi) risks associated with the imposition of sanctions, or the threat of sanctions, by the U.S. government or the European Union; and (vii) an issuer's unwillingness or inability to make dividend, principal or interest payments on its securities. A Fund's purchase and sale of portfolio securities in certain emerging market countries may be constrained by limitations as to daily changes in the prices of listed securities, periodic trading or settlement volume and/or limitations on aggregate holdings of foreign investors. In certain cases, such limitations may be computed based upon the aggregate trading by or holdings of a Fund, its Adviser or Subadviser and its affiliates, and their respective clients and other service providers. A Fund may not be able to sell securities in circumstances where price, trading or settlement volume limitations have been reached. These limitations may have a negative impact on a Fund's performance and may adversely affect the liquidity of a Fund's investment to the extent that it invests in certain emerging market countries. Moreover, settlement and asset custody practices for transactions in emerging markets may differ from those in developed markets. Such differences may include possible delays in settlement and certain settlement practices, such as delivery of securities prior to receipt of payment, which increases the likelihood of a "failed settlement." Failed settlements can result in losses. In addition, some emerging market countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. Further, certain emerging market countries' currencies may not be internationally traded. Certain of these currencies have experienced a steady devaluation relative to the U.S. dollar. If a Fund does not hedge the U.S. dollar value of securities it owns denominated in currencies that are devalued, the Fund's NAV will be adversely affected. Many emerging market countries have experienced substantial, and in some periods extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had and may continue to have adverse effects on the economies and securities markets of certain of these countries.

In determining whether to invest in securities of foreign issuers, a Fund's Adviser or Subadviser (as applicable) may consider the likely effects of foreign taxes on the net yield available to a Fund and its shareholders. Compliance with foreign tax laws may reduce a Fund's net income available for distribution to shareholders.

For the purposes of determining whether a particular country is considered a developed or emerging market, a Fund will use a country's sovereign quality rating. An emerging market country is defined as a country that carries a sovereign quality rating below investment-grade by either S&P Global Ratings ("S&P") or Moody's Investor Services ("Moody's"), or is unrated by both S&P and Moody's. Thus, an emerging market security is defined as a security that is issued by sovereign or corporate entities domiciled in an emerging market country as defined above.

**Equity Securities**

Some Funds may invest in equity securities. Common stocks, preferred stocks, warrants, securities convertible into common or preferred stocks and similar securities, together called "equity securities," are generally volatile and more risky than some other forms of investment. Equity securities of companies with relatively small market capitalizations may be more volatile than the securities of larger, more established companies and the broad equity market indices generally.

Equity securities are securities that represent an ownership interest (or the right to acquire such an interest) in a company and may include common and preferred stocks and securities exercisable for, or convertible into, common or preferred stocks, such as warrants, convertible debt securities and convertible preferred stock, and other equity-like interests in an entity. Equity securities may take the form of stock in a corporation, limited partnership interests, interests in limited liability companies, depositary receipts, real estate investment trusts ("REITs") or other trusts and other direct or indirect interests in business organizations. Common stocks represent an equity or ownership interest in an issuer. Preferred stocks represent an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. Shareholders may suffer a loss of value if dividends are not paid. The market prices of preferred stocks are subject to changes in interest rates and are more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. Under normal circumstances, preferred stock does not carry voting rights. In the event that an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and other debt securities generally take precedence over holders of preferred stock, whose claims take precedence over the claims of those who own common stock.

------

[Back to **Table of Contents**](#TOC_4823)

While offering greater potential for long-term growth, equity securities generally are more volatile and more risky than some other forms of investment, particularly debt securities. The value of your investment in a Fund that invests in equity securities may decrease, potentially by a significant amount. A Fund may invest in equity securities of companies with relatively small market capitalizations. Securities of such companies may be more volatile than the securities of larger, more established companies and the broad equity market indices. See the section "Market Capitalizations/Small Capitalization Companies" below. A Fund's investments may include securities traded OTC as well as those traded on a securities exchange. Some securities, particularly OTC securities, may be more difficult to sell under some market conditions.

Stocks of companies that a Fund's Adviser or Subadviser believes have earnings that will grow faster than the economy as a whole are known as growth stocks. Growth stocks typically trade at higher multiples of current earnings than other stocks. As a result, the values of growth stocks may be more sensitive to changes in current or expected earnings than the values of other stocks. If an Adviser's or Subadviser's assessment of the prospects for a company's earnings growth is wrong, or if its judgment of how other investors will value the company's earnings growth is wrong, then the price of that company's stock may fall or may not approach the value that the Adviser or Subadviser has placed on it.

Stocks of companies that are not expected to experience significant earnings growth, but whose stocks a Fund's Adviser or Subadviser believes are undervalued compared to their true worth, are known as value stocks. These companies may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. If an Adviser's or Subadviser's assessment of a company's prospects is wrong, or if other investors do not eventually recognize the value of the company, then the price of the company's stock may fall or may not approach the value that the Adviser or Subadviser has placed on it.

Many stocks may have both "growth" and "value" characteristics, and for some stocks it may be unclear into which category, if any, the stock should be characterized.

**Fixed-Income Securities**

The Funds may invest in fixed-income securities. Fixed-income securities pay a specified rate of interest or dividends, or a rate that is adjusted periodically by reference to some specified index or market rate. Fixed-income securities include securities issued by federal, state, local and foreign governments and related agencies, and by a wide range of private or corporate issuers. Fixed-income securities include, among others, bonds, debentures, notes, bills and commercial paper. Because interest rates vary, it is impossible to predict the income of a Fund for any particular period. In addition, the prices of fixed-income securities generally vary inversely with changes in interest rates. Prices of fixed-income securities may also be affected by items related to a particular issue or to the debt markets generally. For example, changes to monetary policy by the Federal Reserve or other regulatory actions could expose fixed-income and related markets to heightened volatility, interest rate sensitivity and reduced liquidity, which may impact a Fund's operations and return potential. The NAV of a Fund's shares will vary as a result of changes in the value of the securities in the Fund's portfolio. As inflation increases, the present value of a Fund's fixed-income investment typically will decline. Investors' expectation of future inflation can also adversely affect the current value of portfolio investments, resulting in lower asset values and potential losses.

***Investment-Grade Fixed-Income Securities.*** To be considered investment-grade quality, at least one of the three major rating agencies (Fitch Ratings, Inc. ("Fitch"), Moody's or S&P) must have rated the security in one of its respective top four rating categories at the time a Fund acquires the security or, if the security is unrated, the Fund's Adviser or Subadviser must have determined it to be of comparable quality.<br>

***Below Investment-Grade Fixed-Income Securities.*** Below investment-grade fixed-income securities (commonly referred to as "junk bonds") are rated below investment-grade quality. To be considered below investment-grade quality, none of the three major rating agencies (Fitch, Moody's and S&P) must have rated the security in one of its respective top four rating categories at the time a Fund acquires the security or, if the security is unrated, the Fund's Adviser or Subadviser must have determined it to be of comparable quality.<br>

Below investment-grade fixed-income securities are subject to greater credit/counterparty risk and market/issuer risk than higher-quality fixed-income securities. Below investment-grade fixed-income securities are considered predominantly speculative with respect to the ability of the issuer to make timely principal and interest payments. If a Fund invests in below investment-grade fixed-income securities, a Fund's achievement of its objective may be more dependent on the Adviser's or Subadviser's own credit analysis than is the case with funds that invest in higher-quality fixed-income securities. The market for below investment-grade fixed-income securities may be more severely affected than some other financial markets by economic recession or substantial interest rate increases, by changing public perceptions of this market, or by legislation that limits the ability of certain categories of financial institutions to invest in these securities. In addition, the secondary market may be less liquid for below investment-grade fixed-income securities. This lack of liquidity at certain times may affect the values of these securities and may make the evaluation and sale of these securities more difficult. Below investment-grade fixed-income securities may be in poor standing or in default and typically have speculative characteristics. These risks are especially acute for distressed instruments, which are securities of issuers in extremely weak financial condition or perceived to have a deteriorating financial condition that will materially affect their ability to meet their financial obligations. Issuers of such instruments are generally experiencing financial or operating difficulties, have substantial capital needs or negative net worth, face special

------

[Back to **Table of Contents**](#TOC_4823)

competitive or product obsolescence problems, or may be involved in various stages of bankruptcy, restructuring, or liquidation. When a Fund makes an investment, the Fund may incur costs, such as transactional or legal expenses, associated with the investment. With respect to investments in distressed instruments, a Fund may be more likely to incur additional expenses, including costs associated with seeking recovery upon a default in the payment of principal or interest on the Fund's portfolio holdings.

For more information about the ratings services' descriptions of the various ratings categories, see Appendix A. A Fund may continue to hold fixed-income securities that are downgraded in quality subsequent to their purchase if the Fund's Adviser or Subadviser believes it would be advantageous to do so.

<u>*<u>Foreign Currency Transactions</u>*</u>

Some Funds may engage in foreign currency transactions for both hedging and investment purposes. Many foreign securities in a Fund's portfolio will be denominated in foreign currencies or traded in securities markets in which settlements are made in foreign currencies. Any income on such investments is generally paid to a Fund in foreign currencies. The value of these foreign currencies relative to the U.S. dollar varies continually, causing changes in the dollar value of a Fund's portfolio investments (even if the local market price of the investments is unchanged) and changes in the dollar value of a Fund's income available for distribution to its shareholders. The effect of changes in the dollar value of a foreign currency on the dollar value of a Fund's assets and on the net investment income available for distribution may be favorable or unfavorable.

To protect against a change in the foreign currency exchange rate between the date on which a Fund contracts to purchase or sell a security and the settlement date for the purchase or sale, to gain exposure to one or more foreign currencies or to "lock in" the equivalent of a dividend or interest payment in another currency, a Fund might purchase or sell a foreign currency on a spot (i.e., cash) basis at the prevailing spot rate or may enter into futures contracts on an exchange. If conditions warrant, a Fund may also enter into contracts with banks or broker-dealers to purchase or sell foreign currencies at a future date ("forward contracts"). See the section "Derivative Instruments."

Forward contracts are subject to many of the same risks as derivatives described in the section "Derivative Instruments." Forward contracts may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. A Fund may incur costs in connection with conversions between various currencies, and the Fund will be subject to increased illiquidity and credit/counterparty risk because forward contracts are not traded on an exchange and often are not standardized. A Fund may also be required to liquidate portfolio assets, or may incur increased currency conversion costs, to compensate for a decline in the dollar value of a foreign currency occurring between the time when the Fund declares and pays a dividend, or between the time when the Fund accrues and pays an operating expense in U.S. dollars.

In addition, a Fund may buy and write options on foreign currencies in a manner similar to that in which futures or forward contracts on foreign currencies will be utilized. A Fund may use options on foreign currencies to hedge against adverse changes in foreign currency conversion rates. For example, a decline in the U.S. dollar value of a foreign currency in which portfolio securities are denominated will reduce the U.S. dollar value of such securities, even if their value in the foreign currency remains constant. In order to protect against such diminutions in the value of the portfolio securities, a Fund may buy put options on the foreign currency. If the value of the currency declines, a Fund will have the right to sell such currency for a fixed amount in U.S. dollars, thereby offsetting, in whole or in part, the adverse effect on its portfolio.

Conversely, when a rise in the U.S. dollar value of a currency in which securities to be acquired are denominated is projected, thereby increasing the cost of such securities, a Fund may buy call options on the foreign currency. The purchase of such options could offset, at least partially, the effects of the adverse movements in exchange rates. As in the case of other types of options, however, the benefit to a Fund from purchases of foreign currency options will be reduced by the amount of the premium and related transaction costs. In addition, if currency exchange rates do not move in the direction or to the extent desired, a Fund could sustain losses or lesser gains on transactions in foreign currency options that would require the Fund to forego a portion or all of the benefits of advantageous changes in those rates.

Some Funds may also write options on foreign currencies. For example, to hedge against a potential decline in the U.S. dollar due to adverse fluctuations in exchange rates, a Fund could, instead of purchasing a put option, write a call option on the relevant currency. If the decline expected by a Fund occurs, the option will most likely not be exercised and the diminution in value of portfolio securities be offset at least in part by the amount of the premium received. Similarly, instead of purchasing a call option to hedge against a potential increase in the U.S. dollar cost of securities to be acquired, a Fund could write a put option on the relevant currency which, if rates move in the manner projected by the Fund, will expire unexercised and allow the Fund to hedge the increased cost up to the amount of the premium. If exchange rates do not move in the expected direction, the option may be exercised and the Fund would be required to buy or sell the underlying currency at a loss, which may not be fully offset by the amount of the premium. Through the writing of options on foreign currencies, a Fund also may lose all or a portion of the benefits that might otherwise have been obtained from favorable movements in exchange rates.

An Adviser or Subadviser may decide not to engage in currency transactions, and there is no assurance that any currency strategy used by a Fund will succeed. In addition, suitable currency transactions may not be available in all circumstances and there can be no assurance that a Fund will engage in these transactions when they would be beneficial. The foreign currency transactions in which a Fund may engage involve risks similar to those described in the section "Derivative Instruments."

------

[Back to **Table of Contents**](#TOC_4823)

A Fund's use of currency transactions may be limited by tax considerations. Transactions in foreign currencies, foreign currency denominated debt and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned and may affect the timing or amount of distributions to shareholders.

Transactions in non-U.S. currencies are also subject to many of the risks of investing in non-U.S. securities described in the section "Foreign Securities." Because a Fund may invest in foreign securities and foreign currencies, changes in foreign economies and political climates are more likely to affect a Fund than a mutual fund that invests exclusively in U.S. companies. There may also be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information. If a Fund's portfolio is over-weighted in a certain geographic region, any negative development affecting that region will have a greater impact on a Fund than a fund that is not over-weighted in that region.

**Foreign Investment Companies**

Some of the countries in which the Funds may invest may not permit, or may place economic restrictions on, direct investment by outside investors. Investments in such countries may only be permitted through foreign government-approved or authorized investment vehicles, which may include other investment companies. A Fund may also invest in registered or unregistered closed-end investment companies that invest in foreign securities. Investing through such vehicles may involve frequent or layered fees or expenses and may also be subject to limitation under the 1940 Act or to special tax rules under the Code. If a Fund invests in investment companies, shareholders will bear not only their proportionate share of the Fund's expenses (including operating expenses and the fees of the Fund's Adviser), but also, indirectly, the similar expenses of the underlying investment companies.

**Foreign Securities**

Some Funds may invest in foreign securities. Foreign securities may include, among other things, securities of issuers organized or headquartered outside the U.S. as well as obligations of supranational entities. The examples described in this section should not be considered a definition of "foreign securities." In addition to the risks associated with investing in securities generally, such investments present additional risks not typically associated with investments in comparable securities of U.S. issuers. Investments in emerging markets may be subject to these risks to a greater extent than those in more developed markets, as described more fully in the section "Emerging Markets."

Non-U.S. dollar denominated securities may include, among other investments: (a) debt obligations issued or guaranteed by non-U.S. national, provincial, state, municipal or other governments or by their agencies or instrumentalities; (b) debt obligations of supranational entities; (c) debt obligations of the U.S. government issued in non-dollar securities; (d) debt obligations and other fixed-income securities of foreign corporate issuers; (e) non-U.S. dollar denominated securities of U.S. corporate issuers; and (f) equity securities issued by foreign corporations or other business organizations. In addition to the risks associated with investing in foreign securities generally, such investments present additional risks not typically associated with investments in comparable securities of U.S. issuers.

There may be less information publicly available about a foreign corporate or government issuer than about a U.S. issuer, and foreign corporate issuers are not generally subject to accounting, auditing and financial reporting standards and practices comparable to those in the United States. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. The securities of some foreign issuers are less liquid and at times more volatile than securities of comparable U.S. issuers. Foreign brokerage commissions and securities custody costs are often higher than those in the United States, and judgments against foreign entities may be more difficult to obtain and enforce. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited. With respect to certain foreign countries, there is a possibility of governmental expropriation of assets, confiscatory taxation, political or financial instability and diplomatic developments that could affect the value of investments in those countries. Foreign issuers may become subject to sanctions imposed by the U.S. or another country or other governmental or non-governmental organizations, which could result in the immediate freeze of the foreign issuers' assets or securities and/or make their securities worthless. The imposition of such sanctions, such as sanctions imposed against Russia, Russian entities and Russian individuals in recent years, could impair the market value of the securities of such foreign issuers and limit a Fund's ability to buy, sell, receive or deliver the securities. Sanctions, or the threat of sanctions, may cause volatility in regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of such Fund. If a Fund's portfolio is over-weighted in a certain geographic region, any negative development affecting that region will have a greater impact on a Fund than a fund that is not over-weighted in that region. The receipt of interest on foreign government securities may depend on the availability of tax or other revenues to satisfy the issuer's obligations.

Since most foreign securities are denominated in foreign currencies or traded primarily in securities markets in which settlements are made in foreign currencies, the value of these investments and the net investment income available for distribution to shareholders of a Fund may be affected favorably or unfavorably by changes in currency exchange rates or exchange control regulations. To the extent a Fund may purchase securities denominated in foreign currencies, a change in the value of any such currency against the U.S. dollar will result in a change in the U.S. dollar value of the Fund's assets and the Fund's income available for distribution. The 2008 global economic crisis has caused many European countries to experience serious fiscal difficulties, including bankruptcy, public budget deficits, recession, sovereign default, restructuring of government debt, credit rating downgrades and an overall weakening of the

------

[Back to **Table of Contents**](#TOC_4823)

banking and financial sectors. In addition, some European economies may depend on others for assistance, and the inability of such economies to achieve the reforms or objectives upon which that assistance is conditioned may result in deeper and/or longer financial downturns among the Eurozone nations. Recent events in the Eurozone have called into question the long-term viability of the euro as a shared currency among the Eurozone nations. Moreover, strict fiscal and monetary controls imposed by the European Economic and Monetary Union as well as any other requirements it may impose on member countries may significantly impact such countries and limit them from implementing their own economic policies to some degree. As the result of economic, political, regulatory or other actions taken in response to this crisis, including any discontinuation of the euro as the shared currency among the Eurozone nations or the implementation of capital controls or the restructuring of financial institutions, a Fund's euro-denominated investments may become difficult to value, a Fund may be unable to dispose of investments or repatriate investment proceeds, a Fund's ability to operate its strategy in connection with euro-denominated securities may be significantly impaired and the value of the Fund's euro-denominated investments may decline significantly and unpredictably.

Global economies and financial markets are interconnected, and conditions in one country, region, or market could adversely impact economic conditions, market conditions, and issuers in other countries, regions, or markets. For example, a member state's decision to leave the European Economic and Monetary Union and/or the European Union, or any increased uncertainty as to the status of such entities, could have significant adverse effects on global currency and financial markets, and on the values of a Fund's investments. The European Union faces challenges related to member states seeking to change their relationship with the European Union, exemplified by the United Kingdom's withdrawal from the European Union in 2020 (an event commonly referred to as "Brexit"). Brexit has resulted in volatility in European and global markets and could have negative long-term impacts on financial markets in the United Kingdom and throughout Europe. There is still considerable uncertainty remaining in the market regarding the ramifications of the withdrawal of the United Kingdom from the European Union and the arrangements that will apply to the United Kingdom's relationship with the European Union and other countries following its withdrawal; the range and potential implications of possible political, regulatory, economic, and market outcomes are difficult to predict. Moreover, other countries may seek to withdraw from the European Union and/or abandon the euro, the common currency of the European Union. Additionally, certain European countries, as well as China, have developed increasingly strained relationships with the U.S., and if these relations were to worsen, they could adversely affect European and Chinese issuers that rely on the U.S. for trade. Moreover, the national politics of countries in Europe have been unpredictable and subject to influence by disruptive political groups and ideologies, including for example, secessionist movements. The governments of European countries may be subject to change and such countries may experience social and political unrest. The ultimate effects of these events and other socio-political or geopolitical issues are not known but could profoundly affect global economies and markets. Whether or not a Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Fund's investments.

Furthermore, many emerging and developing market countries have experienced outbreaks of pandemic or contagious diseases from time to time. Because emerging and developing market countries tend to have less established health care systems, the adverse impact of outbreaks may be more severe for these countries. The risks of such outbreaks and resulting social, political, economic and environmental damage cannot be quantified. Such outbreaks can affect the economies of many nations, individual companies and the market in general. The impact may be short term or may last for an extended period of time.

Although a Fund's income may be received or realized in foreign currencies, the Fund will be required to compute and distribute its income in U.S. dollars. Therefore, if the value of a currency relative to the U.S. dollar declines after a Fund's income has been earned in that currency, translated into U.S. dollars and declared as a dividend, but before payment of such dividend, the Fund could be required to liquidate portfolio securities to pay such dividend. Similarly, if the value of a currency relative to the U.S. dollar declines between the time a Fund incurs expenses or other obligations in U.S. dollars and the time such expenses or obligations are paid, the amount of such currency required to be converted into U.S. dollars in order to pay such expenses in U.S. dollars will be greater than the equivalent amount in such currency of such expenses at the time they were incurred. Compliance with foreign tax laws may reduce a Fund's net income available for distribution to shareholders.

In addition, because the Funds may invest in foreign securities traded primarily on markets that close prior to the time each such Fund determines its NAV, the risks posed by frequent trading may have a greater potential to dilute the value of Fund shares held by long-term shareholders than a fund investing in U.S. securities. In instances where a significant event that affects the value of one or more foreign securities held by a Fund takes place after the close of the primary foreign market, but before the time that the Fund determines its NAV, certain investors may seek to take advantage of the fact that there will be a delay in the adjustment of the market price for a security caused by this event until the foreign market reopens (sometimes referred to as "price" or "time zone" arbitrage). Shareholders who attempt this type of arbitrage may dilute the value of a Fund's shares by virtue of their transaction, if those prices reflect the fair value of the foreign securities. Although each such Fund has procedures designed to determine the fair value of foreign securities for purposes of calculating its NAV when such an event has occurred, fair value pricing, because it involves judgments that are inherently subjective, may not always eliminate the risk of price arbitrage. The Funds' securities may change in price on days on which the U.S. markets are closed and the Funds do not calculate their NAVs or sell or redeem their shares. For more information on how the Funds use fair value pricing, see the section "Net Asset Value."

Foreign withholding or other taxes imposed on a Fund's investments in foreign securities will reduce the Fund's return on those securities. In certain circumstances, a Fund may be able to elect to permit shareholders to claim a credit or deduction on their income tax returns with respect to foreign taxes paid by the Fund. See the section "Taxes."

------

[Back to **Table of Contents**](#TOC_4823)

*<u>Depositary Receipts</u>*

Some Funds may invest in foreign equity securities by purchasing "depositary receipts." Depositary receipts are instruments issued by banks that represent an interest in foreign equity securities held by arrangement with the bank. Depositary receipts can be either "sponsored" or "unsponsored." Sponsored depositary receipts are issued by banks in cooperation with the issuer of the underlying equity securities. Unsponsored depositary receipts are arranged without involvement by the issuer of the underlying equity securities and, therefore, less information about the issuer of the underlying equity securities may be available and the price may be more volatile than in the case of sponsored depositary receipts. American Depositary Receipts are depositary receipts that are bought and sold in the United States and are typically issued by a U.S. bank or trust company. European Depositary Receipts and Global Depositary Receipts are depositary receipts that are typically issued by foreign banks or trust companies and evidence ownership of securities issued by either foreign banks or trust companies; they may evidence ownership of securities issued by a U.S. or foreign company. All depositary receipts, including those denominated in U.S. dollars, will be subject to foreign currency risk. See the section "Foreign Currency Transactions" for more information.

Because some Funds may invest in depositary receipts, changes in foreign economies and political climates are more likely to affect those Funds than a mutual fund that invests exclusively in U.S. companies. In addition, legislation passed in the U.S. could cause securities of a foreign issuer, including American Depositary Receipts, to be delisted from U.S. stock exchanges if the issuer does not allow the U.S. government to inspect or investigate the auditing of its financial information. Although the requirements of this legislation apply to securities of all foreign issuers, the U.S. government has thus far limited its enforcement efforts to securities of Chinese companies. If securities are delisted, a Fund's ability to transact in such securities will be impaired, and the liquidity and market price of the securities may decline. A Fund may also need to seek other markets in which to transact in such securities, which could increase the Fund's costs. See the section "Foreign Securities" for more information.

<u>*<u>Supranational Entities</u>*</u>

Some Funds may invest in securities issued by supranational entities, such as the International Bank for Reconstruction and Development (commonly called the "World Bank"), the Asian Development Bank and the Inter-American Development Bank. The governmental members of these supranational entities are "stockholders" that typically make capital contributions to support or promote such entities' economic reconstruction or development activities and may be committed to make additional capital contributions if the entity is unable to repay its borrowings. A supranational entity's lending activities may be limited to a percentage of its total capital, reserves and net income. There can be no assurance that the constituent governments will be able or willing to honor their commitments to those entities, with the result that the entity may be unable to pay interest or repay principal on its debt securities, and a Fund may lose money on such investments. Obligations of a supranational entity that are denominated in foreign currencies will also be subject to the risks associated with investments in foreign currencies, as described above in the sections "Foreign Securities" and "Foreign Currency Transactions."

**Geopolitical Risk**

Occurrence of global events similar to those in recent years, such as war (including Russia's military invasion of Ukraine), terrorist attacks, natural or environmental disasters, country instability, infectious disease epidemics, such as that caused by the COVID-19 virus, market instability, debt crises and downgrades, embargoes, tariffs, sanctions, trade disputes and other trade barriers and other governmental trade or market control programs, the potential exit of a country from its respective union and related geopolitical events, may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets. Events occurring in one region of the world may negatively impact industries and regions that are not otherwise directly impacted by the events. Additionally, those events, as well as other changes in foreign and domestic political and economic conditions, could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, secondary trading, credit ratings, inflation, investor sentiment and other factors affecting the value of the Fund's investments. Trade disputes have in the past affected the economies of the United States and its trading partners, as well as companies directly or indirectly affected and financial markets generally. Similar circumstances may arise in the future, and the occurrence of such events and their impact on the Funds are impossible to predict.

On February 24, 2022, Russia launched a large-scale invasion of Ukraine significantly amplifying already existing geopolitical tensions. The United States and many other countries have instituted various economic sanctions against Russian individuals and entities. The extent and duration of the military action, sanctions imposed and other punitive actions taken and resulting future market disruptions in Europe and globally cannot be easily predicted, but could be significant and have a severe adverse effect on the global economy, securities markets and commodities markets globally. Other issuers or markets could be similarly affected by past or future geopolitical or other events or conditions. Furthermore, prolonged conflict in the Middle East, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets.

Adverse developments that affect financial institutions or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, may reduce liquidity in the market generally or have other adverse effects on the economy, a Fund or issuers in which the Funds invest. In addition, issuers in which the Funds invest and the Funds may not be able to identify all potential solvency or stress concerns with respect to a financial institution or to transfer assets from one bank or financial institution to another in a timely manner in the event such bank or financial institution comes under stress or fails. See the section "Financial Services Risk" above for more information.

------

[Back to **Table of Contents**](#TOC_4823)

Some countries, including the U.S., have adopted more protectionist trade policies. The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on international trade relations, certain tax and immigration policies, and other aspects of the national and international political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some major international trade agreements, risks associated with trade agreements between the U.S. and the European Union, and the risks associated with trade negotiations between the U.S. and China, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any future downturns in the global economy resulting therefrom, could adversely affect the financial performance of a Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant currency fluctuations and/or having other adverse effects on international markets, international trade agreements, and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the sectors or industries in which a Fund invests and financial markets generally, as well as other adverse impacts on a Fund's overall performance.

**Green Bonds**

Some Funds may invest in green bonds. Green bonds are issued to finance specific projects to generate an environmental benefit while offering potential market return in the same manner as other "conventional" fixed-income securities. Green bonds may be issued by corporations, banks, supranational entities, development banks, agencies, regions and governments, among others. Certain green bonds may be dependent on government incentives and subsidies and lack of political support for the financing of projects with a positive environmental impact could negatively impact the performance of the Fund. As the green bond market is relatively new and continues to evolve, the criteria used to define green bonds may change in the future. Green bonds are often purchased on the primary market and a Fund's ability to purchase green bonds on the primary market may be restricted if an affiliate of the Fund's Adviser or Subadviser is part of the underwriting or selling syndicate.

**Illiquid Securities**

Some Funds may invest in illiquid securities, either by acquiring illiquid investments or owning investments that become illiquid because of financial distress or geopolitical events (such as trading halts, sanctions or wars). Illiquid securities generally are those that are not readily resalable. Securities whose disposition is restricted by federal securities laws may be considered illiquid. Securities generally will be considered "illiquid" if a Fund reasonably expects the security cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security. Investment in illiquid securities involves the risk that a Fund may be unable to sell such a security at the desired time or at the price at which the Fund values the security. Also, a Fund may incur expenses, losses or delays in the process of registering restricted securities prior to resale.

The Funds have implemented a liquidity risk management program pursuant to Rule 22e-4 under the 1940 Act. In accordance with Rule 22e-4, the Funds may not acquire any illiquid investment if, immediately after the acquisition, the Funds would have invested more than 15% of its net assets in illiquid investments. In the event a Fund's illiquid investments exceed 15% of the Fund's net assets, the Adviser will seek to bring the Fund's illiquid investments to or below 15% of the Fund's net assets within a reasonable time.

**Indirect Exposure to Cryptocurrency Risk**

Cryptocurrencies are currencies which exist in a digital form and may act as a store of wealth, a medium of exchange or an investment asset. Cryptocurrencies are not legal tender in the United States. There are thousands of cryptocurrencies, such as bitcoin. Some issuers have begun to accept cryptocurrency for payment of services, use cryptocurrencies as reserve assets or invest in cryptocurrencies, and the Funds may invest in securities of such issuers. The Funds may also invest in securities of issuers which provide cryptocurrency-related services.

Cryptocurrencies are subject to substantial fluctuations in value. Cryptocurrencies are not backed by any government, corporation, or other identified body. Rather, the value of a cryptocurrency is determined by other factors, such as the perceived future prospects or the supply and demand for such cryptocurrency in the global market for the trading of cryptocurrency. Such trading markets are unregulated and may be more exposed to operational or technical issues as well as fraud or manipulation in comparison to established, regulated exchanges for securities, derivatives and traditional currencies. The value of a cryptocurrency may decline precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a loss of confidence in its network or a change in user preference to other cryptocurrencies. An issuer that owns cryptocurrencies may experience custody issues, and may lose its cryptocurrency holdings through theft, hacking, and technical glitches in the applicable blockchain. The Funds may experience losses as a result of the decline in value of its securities of issuers that own or have exposure to cryptocurrencies or which provide cryptocurrency-related services, including banks that provide cryptocurrency-related banking services. If an issuer that owns cryptocurrencies intends to pay a dividend using such holdings or to otherwise make a distribution of such holdings to its stockholders, such dividends or distributions may face regulatory, operational and technical issues.

Factors affecting the further development of cryptocurrencies include, but are not limited to: continued worldwide growth of, or possible cessation of or reversal in, the adoption and use of cryptocurrencies and other digital assets; the developing regulatory environment relating to cryptocurrencies, including the characterization of cryptocurrencies as currencies, commodities, or securities, the tax treatment of cryptocurrencies, and government and quasi-government regulation or restrictions on, or regulation of access to and operation of,

------

[Back to **Table of Contents**](#TOC_4823)

cryptocurrency networks and the exchanges on which cryptocurrencies trade, including anti-money laundering regulations and requirements; perceptions regarding the environmental impact of a cryptocurrency; changes in consumer demographics and public preferences; general economic conditions; maintenance and development of open-source software protocols; the availability and popularity of other forms or methods of buying and selling goods and services; the use of the networks supporting digital assets, such as those for developing smart contracts and distributed applications; and general risks tied to the use of information technologies, including cyber risks. A hack or failure of one cryptocurrency may lead to a loss in confidence in, and thus decreased usage and/or value of, other cryptocurrencies.

**Inflation-Linked and Inflation-Indexed Securities**

Some Funds may invest in inflation-linked and -indexed securities. Inflation-linked and -indexed securities are fixed-income securities whose principal values are adjusted periodically according to the rate of inflation. These securities generally have maturities of ten or thirty years and interest is payable semiannually. The principal amount of these securities increases with increases in the price index used as a reference value for the securities. In addition, the amounts payable as coupon interest payments increase when the price index increases because the interest amount is calculated by multiplying the principal amount (as adjusted) by a fixed coupon rate.

Although inflation-linked and -indexed securities protect their holders from long-term inflationary trends, short-term increases in inflation may result in a decline in value. The values of inflation-linked and -indexed securities generally fluctuate in response to changes to real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. If inflation were to rise at a rate faster than nominal interest rates, real interest rates might decline, leading to an increase in value of the inflation-linked and -indexed securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of inflation-linked and -indexed securities. If inflation is lower than expected during a period in which a Fund holds inflation-linked and -indexed securities, the Fund may earn less on such securities than on a conventional security. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in inflation-linked and -indexed securities may not be protected to the extent that the increase is not reflected in the price index used as a reference for the securities. There can be no assurance that the price index used for an inflation-linked and -indexed security will accurately measure the real rate of inflation in the prices of goods and services. Inflation-linked and -indexed securities include Treasury Inflation-Protected Securities issued by the U.S. government (see the section "U.S. Government Securities" for additional information), but also may include securities issued by state, local and non-U.S. governments and corporations and supranational entities.

A Fund's investments in inflation-linked and -indexed securities can cause the Fund to accrue income for U.S. federal income tax purposes without a corresponding receipt of cash; the Fund may be required to dispose of portfolio securities (including when not otherwise advantageous to do so) in order to obtain sufficient cash to meet its distribution requirements for eligibility to be treated as a RIC under the Code.

**Initial Public Offerings ("IPO")**

Some Funds may purchase securities of companies that are offered pursuant to an IPO. An IPO is a company's first offering of stock to the public in the primary market, typically to raise additional capital. A Fund may purchase a "hot" IPO (also known as a "hot issue"), which is an IPO that is oversubscribed and, as a result, is an investment opportunity of limited availability. As a consequence, the price at which these IPO shares open in the secondary market may be significantly higher than the original IPO price. IPO securities tend to involve greater risk due, in part, to public perception and the lack of publicly available information and trading history. There is the possibility of losses resulting from the difference between the issue price and potential diminished value of the stock once traded in the secondary market. A Fund's investment in IPO securities may have a significant impact on the Fund's performance and may result in significant capital gains.

**Investment Companies**

Certain Funds may invest in other investment companies. Investment companies, including exchange-traded funds ("ETFs"), are essentially pools of securities. Investing in other investment companies involves substantially the same risks as investing directly in the underlying securities, but may involve additional expenses at the investment company level, such as investment advisory fees and operating expenses. In some cases, investing in an investment company may involve the payment of a premium over the value of the assets held in that investment company's portfolio. In other circumstances, the market value of an investment company's shares may be less than the NAV per share of the investment company. As an investor in another investment company, a Fund will bear its ratable share of the investment company's expenses, including advisory fees, and the Fund's shareholders will bear such expenses indirectly, in addition to similar fees and expenses of the Fund. A Fund may also be exposed to the risks associated with the underlying investment company's investments.

Despite the possibility of greater fees and expenses, investment in other investment companies may be attractive nonetheless for several reasons, especially in connection with foreign investments. Because of restrictions on direct investment by U.S. entities in certain countries, investing indirectly in such countries (by purchasing shares of another fund that is permitted to invest in such countries) may be the most practical and efficient way for a Fund to invest in such countries. In other cases, when a Fund's Adviser or Subadviser desires to make only a relatively small investment in a particular country, investing through another fund that holds a diversified portfolio in that country may be more effective than investing directly in issuers in that country. In addition, it may be efficient for a Fund to gain exposure to particular market segments by investing in shares of one or more investment companies.

------

[Back to **Table of Contents**](#TOC_4823)

ETFs

Some of the Funds may invest in shares of ETFs. An ETF is an investment company that is generally registered under the 1940 Act that holds a portfolio of securities designed to track the performance of a particular index and may be actively managed. Unlike shares of a mutual fund, which can be bought and redeemed from the issuing fund by all shareholders at a price based on NAV, shares of an ETF may be purchased or redeemed directly from the ETF solely by Authorized Participants ("APs") and only in aggregations of a specified number of shares (often 10,000 or more) called "creation units." Shares representing fractional interests in these creation units are listed for trading on national securities exchanges and can be purchased and sold in the secondary market in lots of any size at any time during the trading day. The Funds will typically buy and redeem shares of ETFs on the secondary market. ETFs sometimes also refer to entities that are not registered under the 1940 Act that invest directly in commodities or other assets (*e.g.,* gold bullion). Investments in ETFs involve certain inherent risks generally associated with investments in a broadly-based portfolio of securities, including risks that the general level of stock prices may decline, thereby adversely affecting the value of each unit of the ETF or other instrument. In addition, an ETF may not fully replicate the performance of its benchmark index because of the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or number of stocks held. ETFs are also subject to additional risks, including, among others, the risk that the market price of an ETF's shares may trade above or below its NAV, the risk that an active trading market for an ETF's shares may not develop or be maintained, the risk that trading of an ETF's shares may be halted, and the risk that the ETF's shares may be delisted from the listing exchange. ETFs may have a limited number of financial institutions that act as APs and to the extent that those APs exit the business, or are unable to or choose not to process creation and/or redemption orders for creation units and no other AP steps forward to create and redeem ETF shares, the ETF's shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.

*Limitations on Investments in Other Investment Companies.*

Investments in other investment companies, including ETFs, are typically subject to limitations prescribed by the 1940 Act. The 1940 Act limitations currently provide, in part, that, unless an exception applies, a Fund may not purchase shares of an investment company if such a purchase would cause the Fund (a) to own in the aggregate more than 3% of the total outstanding voting stock of the investment company; (b) to have more than 5% of its total assets invested in the aggregate in the investment company; or (c) to have more than 10% of its total assets invested in the aggregate in all investment companies. Rule 12d1-4 under the 1940 Act permits the Funds to invest in other investment companies beyond the statutory limits, subject to certain conditions, including that the Funds must enter into investment agreements with other investment companies in certain circumstances. These restrictions could affect a Fund's ability to redeem its investments in other investment companies, make such investments less attractive, cause the Fund to incur losses, realize taxable gains distributable to shareholders, incur greater or unexpected expenses, or experience other adverse consequences.

**Market Capitalizations**

Some Funds may invest in companies with small, medium or large market capitalizations. Large capitalization companies are generally large companies that have been in existence for a number of years and are well established in their market. Middle market capitalization companies are generally medium-sized companies that are not as established as large capitalization companies, may be more volatile and are subject to many of the same risks as smaller capitalization companies.

*<u>Small Capitalization Companies</u>*

Some Funds may invest in companies with relatively small market capitalizations. Such investments may involve greater risk than is usually associated with more established companies. These companies often have sales and earnings growth rates that exceed those of companies with larger market capitalizations. Such growth rates may in turn be reflected in more rapid share price appreciation. However, companies with smaller market capitalization often have limited product lines, markets or financial resources and may be dependent upon a relatively small management group. These securities may have limited marketability and may be subject to more abrupt or erratic movements in price than securities of companies with larger market capitalization or market averages in general. To the extent that a Fund invests in companies with relatively small market capitalizations, the value of its stock portfolio may fluctuate more widely than broad market averages.

**Money Market Instruments**

Each Fund may invest in money market instruments. Money market instruments are high-quality, short-term securities. A Fund's money market investments at the time of purchase (other than U.S. government securities (defined below) and repurchase agreements relating thereto) generally will be rated at the time of purchase in the two highest short-term rating categories as rated by a major credit agency or, if unrated, will be of comparable quality as determined by the Adviser or Subadviser. A Fund may invest in instruments of lesser quality and do not have any minimum credit quality restriction. Money market instruments maturing in less than one year may yield less than obligations of comparable quality having longer maturities.

Although changes in interest rates can change the market value of a security, the Funds expect those changes to be minimal with respect to these securities, which may be purchased by a Fund for defensive purposes. A Fund's money market investments may be issued by U.S. banks, foreign banks (including their U.S. branches) or foreign branches and subsidiaries of U.S. banks. Obligations of foreign banks may be subject to foreign economic, political and legal risks. Such risks include foreign economic and political developments, foreign governmental restrictions that may adversely affect payment of principal and interest on the obligations, foreign withholding or

------

[Back to **Table of Contents**](#TOC_4823)

other taxes on interest income, difficulties in obtaining and enforcing a judgment against a foreign obligor, exchange control regulations (including currency blockage) and the expropriation or nationalization of assets or deposits. Foreign branches of U.S. banks and foreign banks are not necessarily subject to the same or similar regulatory requirements that apply to domestic banks. For instance, such branches and banks may not be subject to the types of requirements imposed on domestic banks with respect to mandatory reserves, loan limitations, examinations, accounting, auditing, recordkeeping and the public availability of information. Obligations of such branches or banks will be purchased only when the Adviser or Subadviser believes the risks are minimal.

A Fund may invest in U.S. government securities that include all securities issued or guaranteed by the U.S. government or its agencies, authorities or instrumentalities ("U.S. government securities"). Some U.S. government securities are backed by the full faith and credit of the United States. U.S. government securities that are not backed by the full faith and credit of the United States are considered riskier than those that are. See the section "U.S. Government Securities" for additional information.

Although the Funds may invest in money market instruments, they are not money market funds and therefore are not subject to the portfolio quality, maturity and NAV requirements applicable to money market funds. A Fund will not seek to maintain a stable NAV. The Funds also will not be required to comply with the rating restrictions applicable to money market funds, and will not necessarily sell an investment in cases where a security's rating has been downgraded.

Considerations of liquidity, safety and preservation of capital may preclude a Fund from investing in money market instruments paying the highest available yield at a particular time. In addition, a Fund's ability to trade money market securities may be constrained by the collateral requirements related to the Fund's other investments. As a result, a Fund may need to buy or sell money market instruments at inopportune times. In addition, even though money market instruments generally are considered to be high-quality and a low-risk investment, issuers of money market and money market-type instruments have in the past experienced financial difficulties, leading in some cases to rating downgrades and decreases in the value of their securities, and similar circumstances may occur in the future. For example, during the market volatility caused by the COVID-19 outbreak beginning in March 2020, many money market instruments that were thought to be highly liquid became illiquid and lost value. The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, took extraordinary actions with respect to the financial markets generally and money market instruments in particular. While these actions stabilized the markets for these instruments, there can be no assurances that governments and central banks will take such actions in response to similar market volatility in the future, or that any actions, if taken, would be effective. If a Fund's money market instruments become illiquid, the Fund may be unable to satisfy certain of its obligations or may only be able to do so by selling other securities at prices or times that may be disadvantageous to do so.

Changes in government regulations may adversely affect the value of a security held by a Fund. The SEC has adopted amendments to money market fund regulation that permit a money market fund to impose discretionary liquidity fees, increase the fund's daily and weekly liquid asset minimum requirements and eliminate the ability of the fund to temporarily suspend redemptions due to declines in such fund's weekly liquid assets, among other changes. These changes may result in reduced yields for money market funds, including funds that may invest in other money market funds. The SEC or other regulators may adopt additional money market fund reforms, which may impact the structure and operation or performance of a Fund.

**Mortgage Dollar Rolls**

The Funds may enter into mortgage dollar rolls. A dollar roll involves the sale of a security by a Fund and its agreement to repurchase the instrument at a specified time and price, and may be considered a form of borrowing for some purposes. A dollar roll involves potential risks of loss that are different from those related to the securities underlying the transactions. A Fund may be required to purchase securities at a higher price than may otherwise be available on the open market. Since the counterparty in the transaction is required to deliver a similar, but not identical, security to a Fund, the security that the Fund is required to buy under the dollar roll may be worth less than an identical security. There is no assurance that a Fund's use of the cash that it receives from a dollar roll will provide a return that exceeds borrowing costs.

**Mortgage-Related Securities**

Each Fund may invest in mortgage-related securities, such as Government National Mortgage Association ("GNMA") or Federal National Mortgage Association ("FNMA") certificates, which differ from traditional debt/fixed-income securities. Among the major differences are that interest and principal payments are made more frequently, usually monthly, and that principal may be prepaid at any time because the underlying mortgage loans generally may be prepaid at any time. As a result, if a Fund purchases these assets at a premium, a faster-than-expected prepayment rate will tend to reduce yield to maturity, and a slower-than-expected prepayment rate may have the opposite effect of increasing yield to maturity. If a Fund purchases mortgage-related securities at a discount, faster-than-expected prepayments will tend to increase, and slower-than-expected prepayments will tend to reduce, yield to maturity. Prepayments, and resulting amounts available for reinvestment by a Fund, are likely to be greater during a period of declining interest rates and, as a result, are likely to be reinvested at lower interest rates. Accelerated prepayments on securities purchased at a premium may result in a loss of principal if the premium has not been fully amortized at the time of prepayment. Although these securities will decrease in value as a result of increases in interest rates generally, they are likely to appreciate less than other fixed-income securities when interest rates decline because of the risk of prepayments. In addition, an increase in interest rates would increase the inherent volatility of a Fund by increasing the average life of the Fund's portfolio securities.

------

[Back to **Table of Contents**](#TOC_4823)

The value of some mortgage-backed or asset-backed securities in which a Fund invests may be particularly sensitive to changes in prevailing interest rates, and the ability of a Fund to successfully utilize these instruments may depend in part upon the ability of a Fund's Adviser or Subadviser to forecast interest rates and other economic factors correctly. These types of securities may also decline for reasons associated with the underlying collateral. The risk of non-payment is greater for mortgage-related securities that are backed by mortgage pools that contain "subprime" or "Alt-A" loans (loans made to borrowers with weakened credit histories, less documentation or with a lower capacity to make timely payments on their loans), but a level of risk exists for all loans. Market factors adversely affecting mortgage loan repayments may include a general economic downturn, high unemployment, a general slowdown in the real estate market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mortgage payments by holders of adjustable-rate mortgages. For example, ongoing developments in the residential and commercial mortgage markets may have additional consequences for the market for mortgage-backed securities. During periods of deteriorating economic conditions, such as recessions or periods of rising unemployment, delinquencies and losses generally increase, sometimes drastically, with respect to securitizations involving mortgage loans. Many subprime mortgage pools have become distressed during the periods of economic distress and may trade at significant discounts to their face value during such periods. The effects of and responses to pandemics and epidemics, may result in increased delinquencies and losses and may have other, potentially unanticipated, adverse effects on such investments and the markets for those investments.

Securities issued by the GNMA and the FNMA and similar issuers also may be exposed to risks described in the section "U.S. Government Securities." A Fund also may gain exposure to mortgage-related securities through entering into credit default swaps or other derivative instruments related to this asset class. For example, a Fund may enter into credit default swaps on CMBX, which are indices made up of tranches of commercial mortgage-backed securities, each with different credit ratings. Utilizing CMBX, one can either gain synthetic risk exposure to a portfolio of such securities by "selling protection" or take a short position by "buying protection." The protection buyer pays a monthly premium to the protection seller, and the seller agrees to cover any principal losses and interest shortfalls of the referenced underlying mortgage-backed securities. Credit default swaps and other derivative instruments related to mortgage-related securities are subject to the risks associated with mortgage-related securities generally, as well as the risks of derivatives transactions. See the section "Derivative Instruments" above.

**Municipal Obligations**

Some Funds may purchase municipal obligations. The term "municipal obligations" generally is understood to include debt obligations issued by municipalities to obtain funds for various public purposes, the income from which is, in the opinion of bond counsel to the issuer, excluded from gross income for U.S. federal income tax purposes. In addition, if the proceeds from private activity bonds are used for the construction, repair or improvement of privately operated industrial or commercial facilities, the interest paid on such bonds may be excluded from gross income for U.S. federal income tax purposes, although current U.S. federal income tax laws place substantial limitations on the size of these issues. A Fund's distributions of any interest it earns on municipal obligations will be taxable to shareholders as ordinary income.

The two principal classifications of municipal obligations are "general obligation" and "revenue" bonds. General obligation bonds are secured by the issuer's pledge of its faith, credit, and taxing power for the payment of principal and interest. Revenue bonds are payable from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise or other specific revenue source, but not from the general taxing power. Private activity bonds are revenue bonds that are issued by municipalities and other public authorities to finance development of industrial or other facilities for use by private enterprise. The private enterprise (and/or any guarantor) pays the principal and interest on the bond; the user does not pledge its faith, credit and taxing power for repayment. The credit and quality of private activity bonds are usually tied to the credit of the corporate user of the facilities. Sizable investments in these obligations could involve an increased risk to the Funds should any of the related facilities experience financial difficulties. Private activity bonds are in most cases revenue bonds and do not generally carry the pledge of the credit of the issuing municipality. There are, of course, variations in the security of municipal obligations, both within a particular classification and between classifications.

Municipal securities include debt obligations issued by governmental entities to obtain funds for various public purposes, such as the construction of a wide range of public facilities, the refunding of outstanding obligations, the payment of general operating expenses, and the extension of loans to other public institutions and facilities. Other types of municipal securities include short-term general obligation notes, tax anticipation notes, bond anticipation notes, revenue anticipation notes, project notes, tax-exempt commercial paper, construction loan notes and other forms of short-term tax-exempt loans. Such instruments are issued with a short-term maturity in anticipation of the receipt of tax funds, the proceeds of bond placements or other revenues. An issuer's obligations under its municipal securities are subject to the provisions of bankruptcy, insolvency, and other laws affecting the rights and remedies of creditors, such as the federal bankruptcy code, and laws, if any, which may be enacted by Congress or state legislatures extending the time for payment of principal or interest, or both, or imposing other constraints upon the enforcement of such obligations or upon the ability of municipalities to levy taxes. The power or ability of an issuer to meet its obligations for the payment of interest on and principal of its municipal securities may be materially adversely affected by litigation or other conditions.

Municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to taxation, legislative changes, or the rights of municipal security holders. Because many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market.

------

[Back to **Table of Contents**](#TOC_4823)

Additionally, because some municipal obligations may be secured or guaranteed by banks and other institutions, the risk associated with investments in such municipal securities could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. If such events occur, the value of the security could decrease or the value could be lost entirely, and it may be difficult or impossible to sell the security at the time and the price that normally prevails in the market.

Municipal bonds, which generally have maturities of more than one year when issued, are designed to meet longer-term capital needs. Some longer-term municipal bonds allow an investor to "put" or sell the security at a specified time and price to the issuer or other "put provider." If a put provider fails to honor its commitment to purchase the security, a Fund may have to treat the security's final maturity as its effective maturity, potentially increasing the volatility of the Fund.

A Fund that invests in the municipal bond market is subject to certain risks. The amount of public information available about the municipal bonds is generally less than that for corporate equities or bonds, and the investment performance of a Fund may therefore be more dependent on the analytical abilities of its Adviser or Subadviser. Recent events have demonstrated that the lack of disclosure rules in this area can make it difficult for investors to obtain reliable information on the obligations underlying municipal bonds. The secondary market for municipal bonds, particularly the lower-rated bonds, also tends to be less well developed or liquid than many other securities markets, which may adversely affect a Fund's ability to sell its bonds at attractive prices. Reduced liquidity in the secondary market for municipal bonds may have an adverse impact on the market price of such bonds and on a Fund's ability to sell such bonds in response to changes or anticipated changes in economic conditions or to meet the Fund's cash needs. Reduced liquidity may also make it more difficult to obtain market quotations based on actual trades for purposes of valuing a Fund's portfolio. The ability of municipal issuers to make timely payments of interest and principal may be diminished during general economic downturns and as governmental cost burdens are reallocated among federal, state and local governments. Local and national market forces–such as declines in real estate prices and general business activity–may result in decreasing tax bases, fluctuations in interest rates, and increasing construction costs, all of which could reduce the ability of certain issuers of municipal bonds to repay their obligations. Certain issuers of municipal bonds have also been unable to obtain additional financing through, or must pay higher interest rates on, new issues, which may reduce revenues available for issuers of municipal bonds to pay existing obligations. The recent economic downturn and budgetary constraints have made municipal bonds more susceptible to downgrade, default and bankruptcy. In the event of bankruptcy of such an issuer, a Fund could experience delays in collecting principal and interest and the Fund may not, in all circumstances, be able to collect all principal and interest to which it is entitled. In addition, difficulties in the municipal bond markets could result in increased liquidity risk, volatility risk and credit/counterparty risk, and a decrease in the number of municipal bond investment opportunities. The perceived increased likelihood of default among issuers of municipal bonds has resulted in reduced liquidity, increased price volatility and credit downgrades of issuers of municipal bonds. Adverse developments in the municipal bond market may negatively affect the value of all or a substantial portion of a Fund's holdings in municipal bonds.

The value of municipal bonds may also be affected by uncertainties involving the taxation of municipal bonds or the rights of municipal bond holders in the event of a bankruptcy. Proposals to restrict or eliminate the federal income tax exemption for interest on municipal bonds are introduced before Congress from time to time. In addition, laws enacted in the future by Congress or state legislatures or referenda could extend the time for payment of principal and/or interest, or impose other constraints on enforcement of such obligations, or on the ability of municipal issuers to levy taxes. These legal uncertainties could affect the municipal bond market as a whole, certain specific sectors of the market, or the credit rating of particular securities.

**National Security / Committee on Foreign Investment in the United States ("CFIUS") Regulation Risk**

Certain investments by a Fund that involve a business connected with or related to national security (including, without limitation, critical technology, critical infrastructure, or sensitive data) may be subject to review and approval by CFIUS and/or non-U.S. national security/investment clearance regulators. In the event that CFIUS or another regulator reviews one or more of a Fund's proposed or existing investments, it is possible that CFIUS or another regulator will seek to impose limitations on or prohibit one or more of the Fund's investments or unwind a transaction. Such limitations or restrictions may prevent a Fund from pursuing certain investments, cause delays with respect to consummating such investments, or require the Fund to consummate an investment on terms that are less advantageous than would be the case absent such restrictions. Where a Fund is required to unwind a transaction, in addition to incurring additional legal, administrative, and other costs, the Fund may have to dispose of the investment at a price that is less than it would have received had the Fund exited at a different time or under different circumstances. Any of these outcomes could adversely affect a Fund's performance.

**Original Issue Discount ("OID") Securities**

Some Funds may invest in OID securities. OID securities are securities that have OID as defined in section 1273 of the Code and that generate OID inclusions in the holder's taxable income under section 1272 of the Code. Generally, OID is the excess of a security's stated redemption price at maturity over the issue price. OID securities generally include any securities issued with a term exceeding one year at a discount to redemption price, including but not limited to pay-in-kind securities and zero-coupon securities. In general, for tax purposes, the amount of the OID is treated as interest income and is included in a Fund's income over the term of the debt security, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. In order to satisfy a requirement for qualification for treatment as a RIC under the Code, a Fund must distribute each year at least 90% of its net investment income, including the OID accrued on OID securities. Because a Fund will not, on a current basis, receive cash payments

------

[Back to **Table of Contents**](#TOC_4823)

from the issuer of an OID security in respect of accrued OID, in some years a Fund may have to distribute cash obtained from other sources in order to satisfy its distribution requirements for eligibility to be treated as a RIC under the Code and to eliminate tax at the fund level. Such cash might be obtained from selling other portfolio holdings of a Fund. In some circumstances, such sales might be necessary in order to satisfy cash distribution requirements even though investment considerations might otherwise make it undesirable for a Fund to sell such securities at such time.

**Pay-in-Kind Securities**

Some Funds may invest in pay-in-kind securities, which are securities that pay dividends or interest in the form of additional securities of the issuer, rather than in cash. These securities are usually issued and traded at a discount from their face amounts. The amount of the discount varies depending on various factors, such as the time remaining until maturity of the securities, prevailing interest rates, the liquidity of the security and the perceived credit quality of the issuer. The market prices of pay-in-kind securities generally are more volatile than the market prices of securities that pay interest periodically and are likely to respond to changes in interest rates to a greater degree than are other types of securities having similar maturities and credit quality. A Fund would be required to distribute the income on these instruments as it accrues, even though the Fund would not receive the income on a current basis or in cash. Thus, such Fund may have to sell other investments, including when it may not be advisable to do so, to make income distributions to its shareholders.

**Preferred Stock**

Some Funds may invest in preferred stock. Preferred stock pays dividends at a specified rate and generally has preference over common stock in the payment of dividends and the liquidation of the issuer's assets, but is junior to the debt securities of the issuer in those same respects. Unlike interest payments on debt securities, dividends on preferred stock are generally payable at the discretion of the issuer's board of directors. Shareholders may suffer a loss of value if dividends are not paid. The market prices of preferred stocks are subject to changes in interest rates and are more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. Under normal circumstances, preferred stock does not carry voting rights.

**Private Placements**

Some Funds may invest in securities that are purchased in private placements. While private placements may offer opportunities for investment that are not otherwise available on the open market, these securities may be subject to restrictions on resale as a matter of contract or under federal securities laws. Because there may be relatively few potential purchasers for these securities, especially under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, a Fund could find it more difficult or impossible to sell the securities when its Adviser or Subadviser believes that it is advisable to do so, or may be able to sell the securities only at prices lower than if the securities were more widely held. At times, it also may be more difficult to determine the fair value of the securities for purposes of computing a Fund's NAV.

The absence of a trading market can make it difficult to ascertain a market value for illiquid investments such as private placements. Disposing of illiquid investments may involve time-consuming negotiation and legal expenses, and it may be difficult or impossible for a Fund to sell the illiquid securities promptly at an acceptable price. A Fund may have to bear the extra expense of registering the securities for resale and the risk of substantial delay in effecting the registration. In addition, market quotations are typically less readily available (if available at all) for these securities. The judgment of a Fund's Adviser or Subadviser may at times play a greater role in valuing these securities than in the case of unrestricted securities.

A Fund may be deemed to be an underwriter for purposes of the Securities Act when reselling privately issued securities to the public. As such, a Fund may be liable to purchasers of the securities if the registration statement prepared by the issuer, or the prospectus forming a part of the registration statement, is materially inaccurate or misleading.

**Privatizations**

Some Funds may participate in privatizations. In a number of countries around the world, governments have undertaken to sell to investors interests in enterprises that the governments have historically owned or controlled. These transactions are known as "privatizations" and may in some cases represent opportunities for significant capital appreciation. In some cases, the ability of U.S. investors, such as the Funds, to participate in privatizations may be limited by local law, and the terms of participation for U.S. investors may be less advantageous than those for local investors. Also, there is no assurance that privatized enterprises will be successful, or that an investment in such an enterprise will retain its value or appreciate in value.

**Regulation S Securities**

Subject to certain conditions, a Fund may purchase securities issued pursuant to Regulation S of the Securities Act ("Regulation S Securities"). Regulation S Securities are subject to restrictions on sales to U.S. persons. Therefore, when a Fund sells Regulation S Securities that it has purchased, the market for such securities will generally be limited to non-U.S. investors.

------

[Back to **Table of Contents**](#TOC_4823)

**REITs**

Some Funds may invest in REITs. REITs are pooled investment vehicles that invest primarily in either real estate or real estate-related loans. REITs involve certain unique risks in addition to those risks associated with investing in the real estate industry in general (such as possible declines in the value of real estate, lack of availability of mortgage funds, or extended vacancies of property). The U.S. residential and commercial real estate markets may, in the future, experience and have, in the past, experienced a decline in value, with certain regions experiencing significant losses in property values. Exposure to such real estate, including through REITs, may adversely affect Fund performance. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended and changes in interest rates. REITs, whose underlying assets are concentrated in properties used by a particular industry, such as health care, are also subject to risks associated with such industry. REITs are dependent upon management skills, are not diversified, and are subject to heavy cash flow dependency, risks of default by borrowers, and self-liquidation. REITs are also subject to the possibilities of failing to qualify for favorable tax treatment available to REITs under the Code, and failing to maintain their exemptions from registration under the 1940 Act.

REITs (especially mortgage REITs) are also subject to interest rate risks, including prepayment risk. When interest rates decline, the value of a REIT's investment in fixed rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT's investment in fixed rate obligations can be expected to decline. If the REIT invests in adjustable rate mortgage loans the interest rates on which are reset periodically, yields on a REIT's investments in such loans will gradually align themselves to reflect changes in market interest rates. This causes the value of such investments to fluctuate less dramatically in response to interest rate fluctuations than would investments in fixed rate obligations. REITs may have limited financial resources, may trade less frequently and in a limited volume, and may be subject to more abrupt or erratic price movements than more widely held securities.

A Fund's investment in a REIT may result in the Fund making distributions that constitute a return of capital to Fund shareholders for U.S. federal income tax purposes. In addition, distributions by a Fund from REITs will not qualify for the corporate dividends-received deduction, or, generally, for treatment as qualified dividend income.

**Real Estate Securities**

The Funds may invest in securities of companies in the real estate industry, including REITs and issuers similar to REITs formed under the laws of non-U.S. countries. Therefore, the Funds are subject to the special risks associated with the real estate market and the real estate industry in general. Companies in the real estate industry are considered to be those that (i) have principal activity involving the development, ownership, construction, management or sale of real estate; (ii) have significant real estate holdings, such as hospitality companies, supermarkets and mining, lumber and paper companies; and/or (iii) provide products or services related to the real estate industry, such as financial institutions that make and/or service mortgage loans and manufacturers or distributors of building supplies. Securities of companies in the real estate industry are sensitive to factors such as changes in real estate values, property taxes, 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 (as well as the creditworthiness of and defaults by underlying borrowers and tenants). Companies in the real estate industry may also be subject to liabilities under applicable laws (e.g., Americans with Disabilities Act, environmental, tax and hazardous waste laws).

**Repurchase Agreements**

The Funds may enter into repurchase agreements, by which a Fund purchases a security and obtains a simultaneous commitment from the seller (a bank or, to the extent permitted by the 1940 Act, a recognized securities dealer) to repurchase the security at an agreed-upon price and date (usually seven days or less from the date of original purchase). The resale price is in excess of the purchase price and reflects an agreed-upon market interest rate unrelated to the coupon rate on the purchased security. Repurchase agreements are economically similar to collateralized loans by a Fund. Such transactions afford a Fund the opportunity to earn a return on temporarily available cash at relatively low market/issuer risk. The Funds do not have percentage limitations on how much of their total assets may be invested in repurchase agreements. The Funds typically may also use repurchase agreements for cash management and temporary defensive purposes, and certain Funds may use repurchase agreements for investment purposes. A Fund may invest in a repurchase agreement that does not produce a positive return to the Fund if the Adviser or Subadviser believes it is appropriate to do so under the circumstances (for example, to help protect the Fund's uninvested cash against the risk of loss during periods of market turmoil). While the underlying security may be a bill, certificate of indebtedness, note or bond issued by an agency, authority or instrumentality of the U.S. government, the obligation of the seller is not guaranteed by the U.S. government and there is a risk that the seller may fail to repurchase the underlying security. In such event, a Fund would attempt to exercise rights with respect to the underlying security, including possible disposition in the market. However, a Fund may be subject to various delays and risks of loss, including (i) possible declines in the value of the underlying security during the period while a Fund seeks to enforce its rights thereto, (ii) possible reduced levels of income and lack of access to income during this period, and (iii) inability to enforce rights and the expenses involved in the attempted enforcement, for example, against a counterparty undergoing financial distress. See also the "Credit/Counterparty Risk" and "Risk of Government Regulation of Derivatives" sections. The SEC recently finalized rules that will require certain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared. Historically, such transactions have not been required

------

[Back to **Table of Contents**](#TOC_4823)

to be cleared and voluntary clearing of such transactions has generally been limited. Compliance with these rules is expected to be required by mid-2027. Although the impact of these rules on each Fund is difficult to predict, they may reduce the availability or increase the costs of such transactions, or otherwise make it more difficult for a Fund to execute certain investment strategies, and may adversely affect a Fund's performance.

**Reverse Repurchase Agreements**

The Funds may enter into reverse repurchase agreements. In a reverse repurchase agreement a Fund transfers possession of a portfolio instrument to another person, such as a financial institution, broker or dealer, in return for cash, and agrees that on a stipulated date in the future the Fund will repurchase the portfolio instrument by remitting the original consideration plus interest at an agreed-upon rate. The ability to use reverse repurchase agreements may enable, but does not ensure the ability of, a Fund to avoid selling portfolio instruments at a time when a sale may be deemed to be disadvantageous. Pursuant to Rule 18f-4 under the 1940 Act, a Fund has the option to treat all reverse repurchase agreements and similar financing transactions as "derivatives transactions," or to include all such transactions in the Fund's asset coverage ratio for borrowings. The SEC recently finalized rules that will require certain transactions involving U.S. Treasuries, including reverse repurchase agreements, to be centrally cleared. Historically, such transactions have not been required to be cleared and voluntary clearing of such transactions has generally been limited. Compliance with these rules is expected to be required by mid-2027. Although the impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions, or otherwise make it more difficult for a Fund to execute certain investment strategies, and may adversely affect a Fund's performance.

**Rule 144A Securities and Section 4(a)(2) Commercial Paper**

The Funds may invest in Rule 144A securities and/or Section 4(a)(2) commercial paper. Rule 144A securities are privately offered securities that can be resold only to certain qualified institutional buyers pursuant to Rule 144A under the Securities Act. A Fund may also purchase commercial paper issued under Section 4(a)(2) of the Securities Act or similar debt obligations.

Commercial paper is generally considered to be short-term unsecured debt of corporations. Like all fixed-income securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial paper prices will decline and vice versa. However, the short-term nature of a commercial paper investment makes it less susceptible to volatility than many other fixed-income securities because interest rate risk typically increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate debt because securities with shorter maturities typically have lower effective yields than those with longer maturities. Section 4(a)(2) commercial paper is commercial paper issued in reliance on the so-called "private placement" exemption from registration afforded by Section 4(a)(2) of the Securities Act. Section 4(a)(2) commercial paper is restricted as to disposition under the federal securities laws, and generally is sold to investors who agree that they are purchasing the paper for investment and not with a view to public distribution. Any resale by the purchaser must be in an exempt transaction. Section 4(a)(2) commercial paper is normally resold to other investors through or with the assistance of the issuer or dealers who make a market in Section 4(a)(2) commercial paper, thus providing liquidity.

Investing in Rule 144A securities and Section 4(a)(2) commercial paper could have the effect of increasing the level of a Fund's illiquidity to the extent that qualified institutional buyers become, for a time, uninterested in purchasing these securities. The Adviser, in accordance with a Fund's liquidity risk management program, will determine whether securities purchased under Rule 144A and/or Section 4(a)(2) commercial paper are illiquid. A Fund's Adviser or Subadviser will also monitor the liquidity of Rule 144A securities and/or Section 4(a)(2) commercial paper and, if as a result of changes in market, trading, and investment-specific considerations, the Adviser or Subadviser determines that such securities are no longer liquid, the Adviser or Subadviser will review the Fund's holdings of illiquid securities to determine what, if any, action is required to assure that such Fund complies with its restriction on investment in illiquid securities. The Funds may also invest in securities that are purchased in other private placements. See the section "Private Placements" for more information.

**Securities Lending**

The Funds may lend a portion of their portfolio securities to brokers, dealers, financial institutions or other borrowers under contracts calling for the deposit by the borrower with the Funds' custodian of collateral equal to at least the market value of the securities loaned, marked to market on a daily basis. If a Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned and the Fund will also receive a fee or interest on the collateral, which may include shares of a money market fund subject to any investment restrictions listed in this Statement. These fees or interest are income to each Fund, although a Fund often must share a portion of the income with the securities lending agent and/or the borrower. A Fund will continue to benefit from interest or dividends on the securities loaned (although the payment characteristics may change) and may also earn a return from the collateral, which may include shares of a money market fund subject to any investment restrictions listed in this Statement. Under some securities lending arrangements, a Fund may receive a set fee for keeping its securities available for lending. Any voting rights, or rights to consent, relating to securities loaned, pass to the borrower. However, if a material event (as determined by the Adviser or Subadviser) affecting the investment occurs, a Fund may seek to recall the securities so that the securities may be voted by the Fund, although the Adviser or Subadviser may not know of such event in time to recall the securities or may be unable to recall the securities in time to vote them. The Funds pay various fees in connection with such loans, including fees to the party arranging the loans, shipping fees and custodian and placement fees approved by the Board or persons acting pursuant to the direction of the Board.

------

[Back to **Table of Contents**](#TOC_4823)

Securities loans must be fully collateralized at all times, but involve some credit/counterparty risk to the Funds if the borrower or the party (if any) guaranteeing the loan should default on its obligation and the Funds are delayed in or prevented from recovering or applying the collateral. In addition, any investment of cash collateral is generally at the sole risk of the Funds. Regulations require certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many securities lending agreements, terms that delay or restrict the rights of counterparties, such as the Funds, to terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible that these requirements, as well as potential additional government regulation and other developments in the market, could adversely affect a Fund's ability to terminate existing securities lending agreements or to realize amounts to be received under such agreements in the event the counterparty or its affiliate becomes subject to a resolution or insolvency proceeding. Any income or gains and losses from investing and reinvesting any cash collateral delivered by a borrower pursuant to a loan generally are at a Fund's risk, and to the extent any such losses reduce the amount of cash below the amount required to be returned to the borrower upon the termination of any loan, a Fund may be required by the securities lending agent to pay or cause to be paid to such borrower an amount equal to such shortfall in cash, possibly requiring it to liquidate other portfolio securities to satisfy its obligations. The Funds did not have any securities lending activity during their most recently completed fiscal year.

**Short Sales**

Some Funds may enter into short sales of securities. To sell a security short, a Fund must borrow that security from a lender, such as a prime broker, and deliver it to the short sale counterparty. If a Fund is unable to borrow the security it wishes to sell short at an advantageous time or price, the Fund's ability to pursue its short sale strategy may be adversely affected. When closing out a short position, a Fund will have to purchase the security it originally sold short. A Fund will realize a profit from closing out a short position if the price of the security sold short has declined since the short position was opened; a Fund will realize a loss from closing out a short position if the value of the shorted security has risen since the short position was opened. Because there is no upper limit on the price to which a security can rise, short selling exposes a Fund to potentially unlimited losses if it does not hold the security sold short.

While short sales can be used to further a Fund's investment objective, under certain market conditions, they can increase the volatility of the Fund and decrease the liquidity of the Fund. Under adverse market conditions, a Fund may have difficulty purchasing the securities required to meet its short sale delivery obligations, and may have to sell portfolio securities at a disadvantageous time or price to raise the funds necessary to meet its short sale obligations. If a request to return the borrowed securities occurs at a time when other short sellers of those same securities are receiving similar requests, a "short squeeze" can occur, and a Fund may be forced to replace the borrowed securities with purchases on the open market at a disadvantageous time, potentially at a cost that significantly exceeds the original short sale proceeds originally received in selling the securities short. It is possible that the value of a Fund's long positions will decrease at the same time that the value of its short positions increases, which could increase losses to the Fund.

Ordinarily, a Fund will incur a fee or pay a premium to borrow securities, may also be required to pay interest and other charges, and will have to repay the lender any dividends or interest that accrue on the security while the loan is outstanding. The amount of the premium, dividends, interest and other expenses a Fund pays in connection with the short sale will decrease the amount of any gain from a short sale and increase the amount of any loss.

Short sales may protect a Fund against the risk of losses in the value of its portfolio securities because any unrealized losses with respect to such portfolio securities should be wholly or partially offset by a corresponding gain in the short position. However, any potential gains in such portfolio securities should be wholly or partially offset by a corresponding loss in the short position. The extent to which such gains or losses are offset will depend on the amount of securities sold short relative to the amount a Fund owns, either directly or indirectly, and, in the case where the Fund owns convertible securities, changes in the conversion premium.

Short sale transactions involve certain risks. If the price of the security sold short increases between the time of the short sale and the time a Fund replaces the borrowed security, the Fund will incur a loss, and if the price declines during this period, the Fund will realize a short-term capital gain. Any realized short-term capital gain will be decreased, and any incurred loss increased, by the amount of transaction costs and any premium, dividend or interest which a Fund may have to pay in connection with such short sale. The prime broker(s) through which the Fund enters into short sale transactions has broad discretion to establish margin requirements for a Fund's short positions, and may change such margin requirements at any time. Certain provisions of the Code may limit the degree to which a Fund is able to enter into short sales. There is no limitation on the amount of each Fund's assets that, in the aggregate, may be deposited as collateral for the obligation to replace securities borrowed to effect short sales and allocated to segregated accounts in connection with short sales. A Fund is subject to credit/counterparty risk in connection with short sale transactions entered into through a prime broker. To the extent that a Fund uses a single prime broker, this risk will be magnified. If a Fund's prime broker becomes insolvent or otherwise fails to perform its obligations, a Fund may not be able to recover amounts owed to it in connection with its short positions, or may experience a significant delay and/or incur significant costs in recovering such amounts.

Additionally, the SEC has adopted new rules requiring the filing of monthly confidential reports with the SEC regarding equity short sales and related activity. Under the new rules, the SEC will publicly disclose aggregated short position information on a monthly basis. In addition, other non-U.S. jurisdictions where the Fund may trade have adopted reporting requirements.

------

[Back to **Table of Contents**](#TOC_4823)

In addition, the SEC and EU and UK regulators have imposed certain restrictions on short sales of certain securities, including short positions on such securities acquired through derivatives. If the SEC or regulatory authorities in other jurisdictions were to adopt additional restrictions regarding short sales and/or short positions, they could restrict a Fund's ability to engage in such investments in certain circumstances, and the Fund may be unable to execute its investment strategy as a result.

**Short-Term Trading**

The Funds may, consistent with their investment objectives, engage in portfolio trading in anticipation of, or in response to, changing economic or market conditions and trends. These policies may result in higher turnover rates in a Fund's portfolio, which may produce higher transaction costs and the realization of taxable capital gains (including short-term capital gains, which generally are taxed to individuals as ordinary income). Portfolio turnover considerations will not limit an Adviser's or Subadviser's investment discretion in managing a Fund's assets. Each Fund anticipates that its portfolio turnover rate will vary significantly from time to time depending on the volatility of economic and market conditions.

**Special Purpose Acquisition Companies**

A Fund may invest in stock, rights, warrants, and other securities of special purpose acquisition companies ("SPACs") or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital in the form of a blind pool via an IPO for the purpose of acquiring an existing company. The shares of a SPAC are typically issued in "units" that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares or partial shares. At a specified time following the SPAC's IPO (generally 1–2 months), the rights and warrants may be separated from the common stock at the election of the holder, after which the common stock, rights and warrants become freely tradeable. After going public and until an acquisition is completed, a SPAC generally invests the proceeds of its IPO (less a portion retained to cover expenses), which are held in trust, in U.S. government securities, money market securities and cash. To the extent the SPAC is invested in cash or similar securities, this may impact a Fund's ability to meet its investment objective. If a SPAC does not complete an acquisition within a specified period of time after going public, the SPAC is dissolved, at which point the invested funds are returned to the SPAC's shareholders (less certain permitted expenses) and any rights or warrants issued by the SPAC expire worthless or may be repurchased or retired by the SPAC at an unfavorable price.

Because SPACs and similar entities are in essence blank check companies without an operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. In addition, the securities issued by a SPAC, which are typically traded in the over-the-counter market, may be considered illiquid and/or be subject to restrictions on resale.

SPACs often have pre-determined time frames to make an acquisition (typically two years). In addition, as the number of SPACs grows, there is greater competition among SPACs and traditional purchasers of companies. These factors further increase the likelihood that SPAC sponsors may be incentivized to consummate acquisitions or mergers at less attractive valuations, as well as the risk that SPACs cannot successfully complete business combinations.

An investment in a SPAC is subject to a variety of risks in addition to those described above, including that: a significant portion of the funds raised by the SPAC for the purpose of identifying and effecting an acquisition or merger may be expended during the search for a target transaction; any proposed merger or acquisition may be unable to obtain the requisite approval, if any, of SPAC shareholders and/or antitrust and securities regulators; an acquisition or merger once effected may prove unsuccessful and an investment in the SPAC may lose value; the Fund may be delayed in receiving any redemption or liquidation proceeds from a SPAC to which it is entitled; an investment in a SPAC may be diluted by subsequent public or private offerings of securities in the SPAC or by other investors exercising existing rights to purchase securities of the SPAC; SPAC sponsors generally purchase interests in the SPAC at more favorable terms than investors in the IPO or subsequent investors on the open market; no or only a thinly traded market for shares of or interests in a SPAC may develop, leaving the Fund unable to sell its interest in a SPAC or to sell its interest only at a price below what the Fund believes is the SPAC security's value; and the values of investments in SPACs may be highly volatile and may depreciate significantly over time. SPACs are subject to increasing scrutiny, and potential legal challenges or regulatory developments may limit their effectiveness or prevalence (for example, the SEC recently adopted rules and guidance addressing a number of SPAC-related topics, including enhanced disclosure requirements).

**Step-Coupon Securities**

The Funds may invest in step-coupon securities. Step-coupon securities trade at a discount from their face value and pay coupon interest. The coupon rate is low for an initial period and then increases to a higher coupon rate thereafter. Market values of these types of securities generally fluctuate in response to changes in interest rates to a greater degree than conventional interest-paying securities of comparable term and quality. Under many market conditions, investments in such securities may be illiquid, making it difficult for a Fund to dispose of them or determine their current value.

------

[Back to **Table of Contents**](#TOC_4823)

**"Stripped" Securities**

The Funds may invest in stripped securities, which are usually structured with two or more classes that receive different proportions of the interest and principal distribution on a pool of U.S. government or foreign government securities or mortgage assets. In some cases, one class will receive all of the interest (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). Stripped securities commonly have greater market volatility than other types of fixed-income securities. In the case of stripped mortgage securities, if the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may fail to recoup fully its investments in IOs. Stripped securities may be illiquid. Stripped securities may be considered derivative instruments. See the section "Derivative Instruments."

**Structured Notes**

Each Fund may invest in a broad category of instruments known as "structured notes." These instruments are debt obligations issued by industrial corporations, financial institutions or governmental or international agencies. Traditional debt obligations typically obligate the issuer to repay the principal plus a specified rate of interest. Structured notes, by contrast, obligate the issuer to pay amounts of principal or interest that are determined by reference to changes in some external factor or factors, or the principal and interest rate may vary from the stated rate because of changes in these factors. For example, the issuer's obligations could be determined by reference to changes in the value of a commodity (such as gold or oil) or commodity index, a foreign currency, a security or an index of securities (such as the S&P 500<sup>®</sup> Index) or an interest rate (such as the U.S. Treasury bill rate). In some cases, the issuer's obligations are determined by reference to changes over time in the difference (or "spread") between two or more external factors (such as the U.S. prime lending rate and the total return of the stock market in a particular country, as measured by a stock index). In some cases, the issuer's obligations may fluctuate inversely with changes in an external factor or factors (for example, if the U.S. prime lending rate goes up, the issuer's interest payment obligations are reduced). In some cases, the issuer's obligations may be determined by some multiple of the change in an external factor or factors (for example, three times the change in the U.S. Treasury bill rate). In some cases, the issuer's obligations remain fixed (as with a traditional debt instrument) so long as an external factor or factors do not change by more than the specified amount (for example, if the value of a stock index does not exceed some specified maximum), but if the external factor or factors change by more than the specified amount, the issuer's obligations may be sharply reduced.

Structured notes include, but are not limited to, equity-linked notes. An equity-linked note is a note whose performance is tied to a single stock, a basket of stocks, or a stock index. Equity-linked notes combine the principal protection normally associated with fixed-income securities with the potential for capital appreciation normally associated with equity securities. For example, an equity-linked note that refers to the stock of an issuer may be the economic equivalent of holding a position in that stock and simultaneously selling a call option on that stock with a strike price greater than the current stock price. The holder of the note would be exposed to decreases in the price of the equity to the same extent as if it held the equity directly. However, if the stock appreciated in value, the noteholder would only benefit from stock price increases up to the strike price (i.e., the point at which the holder of the call option would be expected to exercise its right to buy the underlying stock). In exchange for limiting its ability to benefit from price appreciation, the noteholder may receive periodic payments on the note. In such a case, the note may be analyzed as converting potential stock appreciation into current yield.

Upon the maturity of the note, the holder generally receives a return of principal based on the capital appreciation of the linked securities. Depending on the terms of the note, equity-linked notes may also have a "cap" or "floor" on the principal amount to be repaid to holders, irrespective of the performance of the linked securities. For example, in consideration for greater current income (or yield), a noteholder may forego its participation in the capital appreciation of the underlying equity assets above a predetermined price limit. Alternatively, if the linked securities have depreciated in value, or if their price fluctuates outside of a preset range, the noteholder may receive only the principal amount of the note, or may lose the principal invested in the equity-linked note entirely.

Structured notes can serve many different purposes in the management of a Fund. For example, they can be used to increase a Fund's exposure to changes in the value of assets that the Fund would not ordinarily purchase directly (such as commodities or stocks traded in a market that is not open to U.S. investors). They can also be used to hedge the risks associated with other investments a Fund holds. For example, if a structured note has an interest rate that fluctuates inversely with general changes in a country's stock market index, the value of the structured note would generally move in the opposite direction to the value of holdings of stocks in that market, thus moderating the effect of stock market movements on the value of a Fund's portfolio as a whole. They will often be used to generate income while producing a level of exposure to equity markets or specific equity securities.

Structured notes involve special risks. As with any debt obligation, structured notes involve the risk that the issuer will become insolvent or otherwise default on its payment obligations. This risk is in addition to the risk that the issuer's obligations (and thus the value of a Fund's investment) will be reduced because of adverse changes in the external factor or factors to which the obligations are linked. The value of structured notes will in many cases be more volatile (that is, will change more rapidly or severely) than the value of traditional debt instruments. Volatility will be especially high if the issuer's obligations are determined by reference to some multiple of the change in the external factor or factors. Many structured notes have limited or no liquidity, so that a Fund would be unable to dispose of the investment prior to maturity. As with all investments, successful use of structured notes depends in significant part on the accuracy of an Adviser's or Subadviser's analysis of the issuer's creditworthiness and financial prospects, and of an Adviser's or Subadviser's forecast as to changes in relevant economic and financial market conditions and factors. In instances where the issuer of a structured note is a foreign entity, the usual risks associated with investments in foreign securities (described below) apply. Structured notes may be considered derivative instruments.

------

[Back to **Table of Contents**](#TOC_4823)

A Fund's use of commodity-linked structured notes will potentially be limited by the Fund's intention to qualify as a RIC, and will potentially bear on the Fund's ability to so qualify. The tax treatment of certain commodity-linked instruments including structured notes in which a Fund might invest is not certain, in particular with respect to whether income or gains from such instruments constitute qualifying income to a RIC. If a Fund were to treat income or gain from a particular instrument as qualifying income and the income or gain were later determined not to constitute qualifying income and, together with any other nonqualifying income, caused the Fund's nonqualifying income to exceed 10% of its gross income in any taxable year, the Fund would fail to qualify as a RIC unless it is eligible to and does pay a tax at the Fund level.

**Tax-Exempt Securities**

Some Funds may invest in tax-exempt securities ("Tax-Exempt Securities"), which are debt securities the interest from which is, in the opinion of bond counsel to the issuer (or on the basis of other authority believed by a Fund's portfolio manager to be reliable), exempt from U.S. federal income tax. Tax-Exempt Securities include debt obligations issued by or on behalf of states, territories and possessions of the United States and their political subdivisions (for example, counties, cities, towns, villages and school districts) and authorities to obtain funds for various public purposes, including the construction of a wide range of public facilities such as airports, bridges, highways, housing, hospitals, mass transportation, schools, streets and water and sewer works. Other public purposes for which certain Tax-Exempt Securities may be issued include the refunding of outstanding obligations, obtaining funds for federal operating expenses or obtaining funds to lend to public or private institutions for the construction of facilities such as educational, hospital and housing facilities. In addition, certain types of private activity bonds have been or may be issued by public authorities or on behalf of state or local governmental units to finance privately operated housing facilities, sports facilities, convention or trade facilities, air or water pollution control facilities and certain local facilities for water supply, gas, electricity or sewage or solid waste disposal. Such obligations are included within the term "Tax-Exempt Securities" if the interest paid thereon is, in the opinion of bond counsel to the issuer (or on the basis of other authority believed by a Fund's portfolio manager to be reliable), exempt from U.S. federal income taxation. The Funds do not expect to qualify to pass through to shareholders the tax-exempt character of interest paid on Tax-Exempt Securities.

Funds that invest in certain tax-exempt bonds or certain private activity bonds may not be a desirable investment for "substantial users" of facilities financed by such obligations or bonds or for "related persons" of substantial users. You should contact your financial adviser or attorney for more information if you think you may be a "substantial user" or a "related person" of a substantial user.

There are variations in the quality of Tax-Exempt Securities, both within a particular classification and between classifications, depending on numerous factors (see Appendix A).

The two principal classifications of tax-exempt bonds are general obligation bonds and limited obligation (or revenue) bonds. General obligation bonds are obligations involving the credit of an issuer possessing taxing power and are payable from the issuer's general unrestricted revenues and not from any particular fund or source. The characteristics and method of enforcement of general obligation bonds vary according to the law applicable to the particular issuer, and payment may be dependent upon an appropriation by the issuer's legislative body. Limited obligation bonds are payable only from the revenues derived from a particular facility or class of facilities, or in some cases from the proceeds of a special excise or other specific revenue source such as the user of the facility. Tax-exempt private activity bonds are in most cases revenue bonds and generally are not payable from the unrestricted revenues of the issuer. The credit and quality of such bonds are usually directly related to the credit standing of the corporate user of the facilities. Principal and interest on such bonds are the responsibilities of the corporate user (and any guarantor).

The yields on Tax-Exempt Securities are dependent on a variety of factors, including general money market conditions, the financial condition of the issuer, general conditions of the Tax-Exempt Securities market, the size of a particular offering, the maturity of the obligation and the rating of the issue. Further, information about the financial condition of an issuer of tax-exempt bonds may not be as extensive as that made available by corporations whose securities are publicly traded. The ratings of Moody's, S&P and Fitch represent their opinions as to the quality of the Tax-Exempt Securities which they undertake to rate. It should be emphasized, however, that ratings are general and are not absolute standards of quality. Consequently, Tax-Exempt Securities with the same maturity, interest rate and rating may have different yields while Tax-Exempt Securities of the same maturity and interest rate with different ratings may have the same yield. Subsequent to its purchase by a Fund, an issue of Tax-Exempt Securities or other investments may cease to be rated or the rating may be reduced below the minimum rating required for purchase by the Fund. Neither event will require the elimination of an investment from a Fund's portfolio, but the Adviser will consider such an event as part of its normal, ongoing review of all the Fund's portfolio securities.

Tax-Exempt Securities are subject to the provisions of bankruptcy, insolvency and other laws affecting the rights and remedies of creditors, such as the federal Bankruptcy Code, and laws, if any, which may be enacted by Congress or the state legislatures extending the time for payment of principal or interest, or both, or imposing other constraints upon enforcement of such obligations. There is also the possibility that as a result of litigation or other conditions, the power or ability of issuers to meet their obligations for the payment of interest and principal on their Tax-Exempt Securities may be materially affected or that their obligations may be found to be invalid and unenforceable. Such litigation or conditions may from time to time have the effect of introducing uncertainties in the market for tax-exempt bonds or certain segments thereof, or materially affecting the credit risk with respect to particular bonds. Adverse economic, legal or political developments might affect all or a substantial portion of a Fund's Tax-Exempt Securities in the same manner.

------

[Back to **Table of Contents**](#TOC_4823)

From time to time, proposals have been introduced before Congress for the purpose of restricting or eliminating the U.S. federal income tax exemption for interest on debt obligations issued by states and their political subdivisions. In this regard, for bonds issued after December 31, 2017, the tax-advantaged treatment previously available to "tax credit bonds" and "advance refunding bonds" is no longer available. Further similar proposals may well be introduced in the future. If such a proposal were enacted, the availability of Tax-Exempt Securities for investment by a Fund and the value of such Fund's portfolios could be materially affected, in which event such Fund would reevaluate its investment objectives and policies and consider changes in their structure or dissolution.

All debt securities, including tax-exempt bonds, are subject to credit and market risk. Generally, for any given change in the level of interest rates, prices for longer maturity issues tend to fluctuate more than prices for shorter maturity issues.

**U.S. Government Securities**

The Funds may invest in some or all of the following U.S. government securities:

**U.S. Treasury Bills –** Direct obligations of the U.S. Treasury that are issued in maturities of one year or less. No interest is paid on Treasury bills; instead, they are issued at a discount and repaid at full face value when they mature. They are backed by the full faith and credit of the U.S. government.<br>

**U.S. Treasury Notes and Bonds –** Direct obligations of the U.S. Treasury issued in maturities that vary between one and thirty years, with interest normally payable every six (6) months. These obligations are backed by the full faith and credit of the U.S. government.<br>

**U.S. Treasury Floating Rate Notes –** Treasury Floating Rate Notes are relatively new instruments authorized by amendments to the U.S. Treasury's marketable securities auction rules. As with other floating rate securities, at certain intervals the interest payment on a Treasury Floating Rate Note will increase when the applicable index increases, and will decrease when the applicable index decreases. Treasury Floating Rate Notes are a relatively new type of financial instrument. As such, there is no significant trading history of these securities, and there can be no assurance that a liquid market in these securities will develop. Lack of a liquid market may impose the risk of higher transaction costs and the possibility that a Fund may be forced to liquidate positions when it would not be advantageous to do so.<br>

**Treasury Inflation-Protected Securities ("TIPS") –** Fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on TIPS is fixed at issuance, but over the life of the bond this interest may be paid on an increasing or decreasing principal value that has been adjusted for inflation. Although repayment of the original bond principal upon maturity is guaranteed, the market value of TIPS is not guaranteed, and will fluctuate.<br>

**"Ginnie Maes" –** Debt securities issued by a mortgage banker or other mortgagee that represent an interest in a pool of mortgages insured by the Federal Housing Administration or the Rural Housing Service or guaranteed by the Veterans Administration. The GNMA guarantees the timely payment of principal and interest when such payments are due, whether or not these amounts are collected by the issuer of these certificates on the underlying mortgages. It is generally understood that a guarantee by GNMA is backed by the full faith and credit of the United States. Mortgages included in single-family or multi-family residential mortgage pools backing an issue of Ginnie Maes have a maximum maturity of 30 years. Scheduled payments of principal and interest are made to the registered holders of Ginnie Maes (such as the Funds) each month. Unscheduled prepayments may be made by homeowners, or as a result of a default. Prepayments are passed through to the registered holder (such as the Funds, which reinvest any prepayments) of Ginnie Maes along with regular monthly payments of principal and interest.<br>

**"Fannie Maes" –** The FNMA is a government-sponsored corporation owned entirely by private stockholders that purchases residential mortgages from a list of approved seller/servicers, including state and federally chartered savings and loan associations, mutual savings banks, commercial banks, credit unions and mortgage banks. Fannie Maes are pass-through securities issued by FNMA that are guaranteed as to timely payment of principal and interest by FNMA, but these obligations are not backed by the full faith and credit of the U.S. government.<br>

**"Freddie Macs" –** The Federal Home Loan Mortgage Corporation ("FHLMC") is a corporate instrumentality of the U.S. government. Freddie Macs are participation certificates issued by FHLMC that represent an interest in residential mortgages from FHLMC's National Portfolio. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but these obligations are not backed by the full faith and credit of the U.S. government.<br>

U.S. government securities generally do not involve the credit/counterparty risks associated with investments in other types of fixed-income securities, although, as a result, the yields available from U.S. government securities generally are lower than the yields available from corporate fixed-income securities. Like other debt securities, however, the values of U.S. government securities change as interest rates fluctuate. Fluctuations in the value of portfolio securities will not affect interest income on existing portfolio securities but will be reflected in a Fund's NAV. Because the magnitude of these fluctuations generally will be greater at times when a Fund's average maturity is longer, under certain market conditions a Fund may, for temporary defensive purposes, accept lower current income from short-term investments rather than investing in higher yielding long-term securities. Securities such as those issued by Fannie Mae and Freddie Mac are guaranteed as to the payment of principal and interest by the relevant entity (*e.g.,* FNMA or FHLMC) 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's obligations. An event affecting the guaranteeing entity could adversely affect the payment of

------

[Back to **Table of Contents**](#TOC_4823)

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. From time to time, uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling could: increase the risk that the U.S. government may default on payments on certain U.S. government securities; cause the credit rating of the U.S. government to be downgraded or increase volatility in both stock and bond markets; result in higher interest rates; reduce prices of U.S. Treasury securities; and/or increase the costs of certain kinds of debt. If a U.S. government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of the entity may be adversely impacted.

The downgrade in the long-term U.S. credit rating by all three major rating agencies has introduced greater uncertainty about the ability of the U.S. to repay its obligations. Further credit rating downgrades or a U.S. credit default may result in increased volatility or liquidity risk, higher interest rates and lower prices for U.S. government securities and increased costs for all kinds of debt. The value of the Funds' shares may be adversely affected by rating agency downgrades of the U.S. government's credit rating given that the Funds may invest in U.S. government securities.

In September 2008, the U.S. Treasury Department placed FNMA and FHLMC into conservatorship. The companies remain in conservatorship, and the effect that this conservatorship will have on the companies' debt and equity securities is unclear. Although the U.S. government has provided financial support to FNMA and FHLMC in the past, there can be no assurance that it will support these or other government-sponsored enterprises in the future. In addition, any such government support may benefit the holders of only certain classes of an issuer's securities.

Under the Federal Housing Finance Agency's "Single Security Initiative," FNMA and FHLMC have entered into a joint initiative to develop a common securitization platform for the issuance of Uniform Mortgage-Backed Securities ("UMBS"), which would generally align the characteristics of FNMA and FHLMC mortgage-backed securities. In June 2019 FNMA and FHLMC started to issue UMBS in place of their current offerings of TBA-eligible mortgage-backed securities. The long-term effects of the issuance of UMBS on the market for mortgage-backed securities are still uncertain.

The values of TIPS generally fluctuate in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. If inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in the value of TIPS. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of TIPS. If inflation is lower than expected during the period a Fund holds TIPS, the Fund may earn less on the TIPS than on a conventional bond. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in TIPS may not be protected to the extent that the increase is not reflected in the bonds' inflation measure. There can be no assurance that the inflation index for TIPS will accurately measure the real rate of inflation in the prices of goods and services.

See the section "Mortgage-Related Securities" for additional information on these securities.

**Variable and Floating Rate Instruments**

The Funds may purchase variable and floating rate instruments (which may include bank loans, which are discussed in the section "Bank Loans, Loan Participations and Assignments" above). These instruments may include variable amount master demand notes, which are unsecured demand notes that permit the indebtedness thereunder to vary in addition to providing for periodic adjustments in the interest rate. These instruments may also include leveraged inverse floating rate debt instruments, or "inverse floaters." The interest rate of an inverse floater resets in the opposite direction from the market rate of interest on a security or interest to which it is related. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest, and is subject to many of the same risks as derivatives. The higher degree of leverage inherent in inverse floaters is associated with greater volatility in their market values. Certain of these investments may be illiquid. The absence of an active secondary market with respect to these investments could make it difficult for a Fund to dispose of a variable or floating rate note if the issuer defaulted on its payment obligation or during periods that the Fund is not entitled to exercise its demand rights, and the Fund could, for these or other reasons, suffer a loss with respect to such instruments.

Many variable and floating rate instruments use or may use a floating rate based on SOFR. See "Benchmark Reference Rates Risk" section for more information.

**When-Issued, Delayed Delivery and Forward Commitment Securities**

To reduce the risk of changes in interest rates and securities prices, the Funds may purchase securities on a forward commitment or when-issued or delayed delivery basis, which means delivery and payment take place a number of days after the date of the commitment to purchase. The payment obligation and the interest rate receivable with respect to such purchases are fixed when a Fund enters into the commitment, but a Fund does not make payment until it receives delivery from the counterparty. An Adviser or Subadviser will commit to purchase such securities only with the intention of actually acquiring the securities, but the Adviser or Subadviser may sell these securities before the settlement date if it is deemed advisable.

------

[Back to **Table of Contents**](#TOC_4823)

Securities purchased on a forward commitment or when-issued or delayed delivery basis are subject to changes in value, generally changing in the same way, i.e., appreciating when interest rates decline and depreciating when interest rates rise, based upon the public's perception of the creditworthiness of the issuer and changes, real or anticipated, in the level of interest rates. Securities so purchased may expose a Fund to risks because they may experience such fluctuations prior to their actual delivery. Purchasing securities on a when-issued or delayed delivery basis can involve the additional risk that the yield available in the market when the delivery takes place actually may be higher than that obtained in the transaction itself. Purchasing securities on a forward commitment or when-issued or delayed delivery basis when an Adviser or Subadviser is fully or almost fully invested may result in greater potential fluctuation in the value of a Fund's net assets. In addition, there is a risk that securities purchased on a when-issued or delayed delivery basis may not be delivered and that the purchaser of securities sold by a Fund on a forward commitment basis will not honor its purchase obligation. In such cases, a Fund may incur a loss.

**Zero-Coupon Securities**

Some Funds may invest in zero-coupon securities. Zero-coupon securities are debt obligations that do not entitle the holder to any periodic payments of interest either for the entire life of the obligation or for an initial period after the issuance of the obligations; the holder generally is entitled to receive the par value of the security at maturity. These securities are issued and traded at a discount from their face amounts. The amount of the discount varies depending on such factors as the time remaining until maturity of the securities, prevailing interest rates, the liquidity of the security and the perceived credit quality of the issuer. The market prices of zero-coupon securities generally are more volatile than the market prices of securities that pay interest periodically and are likely to respond to changes in interest rates to a greater degree than are other types of securities having similar maturities and credit quality. A Fund's investment in zero-coupon securities will require the Fund to accrue income without a corresponding receipt of cash; the Fund may be required to dispose of portfolio securities (including when not otherwise advantageous to do so) in order to obtain sufficient cash to meet its distribution requirements for treatment as a RIC under the Code.

**TEMPORARY DEFENSIVE POSITIONS**

Each Fund has the flexibility to respond promptly to changes in market and economic conditions. In the interest of preserving shareholders' capital, each Adviser or Subadviser may employ a temporary defensive strategy if it determines such a strategy to be warranted. Pursuant to such a defensive strategy, a Fund may temporarily hold cash (U.S. dollars, foreign currencies, or multinational currency units) and/or invest up to 100% of its assets in cash, high-quality debt securities or money market instruments of U.S. or foreign issuers. It is impossible to predict whether, when or for how long a Fund will employ temporary defensive strategies. The use of temporary defensive strategies may prevent a Fund from achieving its goals.

In addition, pending investment of proceeds from new sales of Fund shares or to meet ordinary daily cash needs, a Fund may temporarily hold cash (U.S. dollars, foreign currencies or multinational currency units) and may invest any portion of its assets in money market or other short-term high-quality debt instruments.

In the event of failure of any of the financial institutions where a Fund maintains its cash and cash equivalents, there can be no assurance that the Fund would be able to access uninsured funds in a timely manner or at all, and the Fund may incur losses. Any such event could adversely affect the business, liquidity, financial position and performance of the Fund.

**PORTFOLIO TURNOVER**

Each of the Funds' portfolio turnover rate for a fiscal year is calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year by the monthly average of the value of the portfolio securities owned by the Fund during the fiscal year, in each case excluding securities having maturity dates at acquisition of one year or less. High portfolio turnover involves correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by a Fund, thereby decreasing the Fund's total return. High portfolio turnover also may give rise to additional taxable income for a Fund's shareholders, including through the realization of short-term capital gains which are typically taxed to shareholders at ordinary income tax rates, and, therefore, can result in higher taxes for shareholders that hold their shares in taxable accounts. It is impossible to predict with certainty whether future portfolio turnover rates will be higher or lower than those experienced during past periods. Each Fund anticipates that its portfolio turnover rate will vary from time to time depending on the volatility of economic, market and other conditions.

Generally, the Funds intend to invest for long-term purposes. However, the rate of portfolio turnover will depend upon market and other conditions, and it will not be a limiting factor when the Fund's Adviser or Subadviser believes that portfolio changes are appropriate.

**PORTFOLIO HOLDINGS INFORMATION**

Each Trust's Board has adopted policies to limit the disclosure of confidential portfolio holdings information and to ensure equal access to such information, except in certain circumstances as approved by the Board. These policies are summarized below. Generally, portfolio holdings information will not be disclosed until it is first posted on the Funds' website at im.natixis.com. Generally, full portfolio holdings information will not be posted until it is aged for at least 30 calendar days. However, an officer of the Funds, after consultation with a Fund's Adviser and Subadviser, as appropriate, can approve a shorter or longer period if such officer determines that the different period is in the best interests of the Fund's shareholders. For the Global Megatrends Fund, portfolio holdings information will not be posted until it is aged for at least 10 business days, and for Mid Cap Fund and Small Cap Fund, 15 calendar days. Notwithstanding the

------

[Back to **Table of Contents**](#TOC_4823)

above, the top ten holdings of a Fund as of any month-end may be posted to a Fund's website prior to the approved aging period if the Adviser or Subadviser of the Fund has consented to the posting in advance. A list of the top 10 holdings of the Global Megatrends Fund, Mid Cap Fund, and Small Cap Fund will generally be posted on a monthly basis within 7 business days after month-end. Any holdings information that is released must clearly indicate the date of the information, and must state that due to active management, the Funds may or may not still invest in the securities listed. Portfolio characteristics, such as industry/sector breakdown, current yield, quality breakdown, duration, average price-earnings ratio and other similar information may be provided on a current basis. However, portfolio characteristics do not include references to specific portfolio holdings.

**Other Permitted Disclosure.** There are circumstances where disclosure of portfolio holdings to third parties is necessary in connection with services provided to the Funds or is otherwise in the best interests of the Funds. An officer of the Funds may permit such disclosure, but only if: (i) the recipient of the information has entered into a written confidentiality agreement with the Funds, their principal underwriter or an affiliate of the Funds' principal underwriter relating to such information, including a duty not to trade on the non-public information (or the recipient is otherwise subject to duties of confidentiality and not to trade); (ii) there is a legitimate business purpose for releasing the holdings disclosure; and (iii) the release of the holdings disclosure is necessary in connection with services provided to the Funds or is otherwise in the best interest of the Fund's shareholders. In addition, portfolio holdings information may be disclosed to an affiliate of a Fund's investment adviser if such affiliate requires the information for regulatory, oversight or other legitimate business purposes. Such release will be made in accordance with (i) through (iii) above.

As of the date of this Statement, the only entities that receive information pursuant to this exception are:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Entity**  | **Fund(s)** | **Type** | **Frequency** | **Purpose** |
|  Abel Noser  | Certain Funds | Transactions | Daily | Trade cost analysis |
|  ACA Group (formally Global Trading Analytics)  | Certain Funds | Transactions | Quarterly | Trade cost analysis |
|  Advent  | Certain Funds | Full portfolio holdings | Daily | Electronic reconciliation of portfolio holdings of the Funds |
|  Bloomberg  | Certain Funds | Full portfolio<br>holdings | Daily | Attribution analysis and portfolio analytics |
|  Broadridge Financial Solutions, Inc.  | All Funds | Full portfolio holdings | As needed | Proxy voting recordkeeping services |
|  CAPIS  | Certain Funds | Transactions | Daily | Trade cost analysis |
|  Confluence Technologies, Inc.  | All Funds | Full portfolio<br>holdings | Quarterly, or more frequently as needed | Performing certain functions related to quarterly Form N-PORT filings and production of shareholder reports |
|  Dinkum Management Consultants Co., Ltd.  | Certain Funds | Holdings in<br>Taiwan-based issuers | Annually | Performing certain duties for compliance with Taiwan's tax laws |
|  Donnelley Financial Solutions  | All Funds | Full portfolio<br>holdings | Quarterly, or more frequently as needed | Certain functions related to the production of the Funds' financial statements, quarterly Form N-PORT filings and other related items |
|  Ernst & Young LLP  | All Funds | Foreign equity<br>holdings | Annually, or more frequently as needed | Performing certain functions related to the production of the Funds' Federal income and excise tax returns |
|  eVestment  | Certain Funds | Full portfolio holdings | Quarterly | Provides research management services |
|  FactSet  | All Funds | Full portfolio<br>holdings | Daily | Performing attribution analysis and portfolio analytics |
|  Gateway  | Certain Funds | Full portfolio holdings | Daily | Fund Advisor |
|  Gresham Technologies plc  | Certain Funds | Full portfolio<br>holdings | Daily | Certain electronic reconciliations of portfolio holdings of the Funds |
|  ICE Data Services  | All Funds | Full portfolio<br>holdings | Daily | Performing functions related to the liquidity classification of investments, and facilitating reporting to Natixis as disclosed previously in this section |

---

------

[Back to **Table of Contents**](#TOC_4823)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Entity**  | **Fund(s)** | **Type** | **Frequency** | **Purpose**  |
|  Institutional Shareholder Services, Inc. (ISS)  | All Funds | Full portfolio holdings | As needed | Proxy voting administration and research |
|  KPMG LLP  | All Funds | Full portfolio<br>holdings | Annually, or more frequently as needed | Performing certain duties related to tax compliance services |
|  KPMG Global Services Private Limited  | All Funds | Full portfolio<br>holdings | Annually, or more frequently as needed | Performing certain duties related to tax compliance services |
|  Lipper  | Certain Funds | Full portfolio holdings | Monthly | Industry wide services |
|  Mirova  | Certain Funds | Full portfolio holdings | Daily | Fund Advisor |
|  Natixis Advisors, LLC  | All Funds | Full portfolio holdings | Daily | Fund Advisor and/or Administrator |
|  NIM-os, LLC  | Certain Funds | Full portfolio<br>holdings | Daily | Hosting of Portfolio Accounting and Trade Order Management and Compliance Systems, Corporate Actions, Trade Settlements, Pricing, and Reconciliation |
|  NIM-os EU  | All Funds | Full portfolio holdings | Daily | Risk Analysis |
|  OnCorps, Inc.  | All Funds | Full portfolio holdings | Quarterly, or more frequently as needed | Performing certain functions related to the production of the Funds' financial statements and quarterly Form N-PORT filings |
|  Pricewaterhouse<br>Coopers, LLP  | All Funds | Full portfolio holdings | Annually, or more frequently as needed | Funds' independent public accountant |
|  Qontigo  | Certain Funds | Full portfolio holdings | Daily | Compliance testing related to the Funds' use of derivatives. |
|  Ropes & Gray LLP  | All Funds | Full portfolio holdings | As needed | Funds' outside counsel |
|  Stradley Ronan Stevens & Young, LLP  | All Funds | Full portfolio holdings | As needed | Counsel to the independent Trustees |
|  State Street Bank & Trust Co.  | All Funds | Full portfolio holdings | Daily | Funds' custodian, fund accounting agent, and sub-administrator |
|  Vaughan Nelson  | Certain Funds | Full portfolio holdings | Daily | Fund Sub-Advisor |

---

These entities may in turn disclose portfolio holdings information to their affiliates and third parties. Although each Trust may enter into written confidentiality agreements, in other circumstances, the obligation to keep information confidential may be based on common law, professional or statutory duties of confidentiality. Common law, professional or statutory duties of confidentiality, including the duty not to trade on the information, may not be as clearly delineated and may be more difficult to enforce than contractual duties. The Board exercises oversight of the disclosure of portfolio holdings by, among other things, receiving and reviewing reports from the Funds' chief compliance officer regarding any material issues concerning the Funds' disclosure of portfolio holdings as well as periodic reports on the persons receiving portfolio holdings information as described above. Notwithstanding the above, there is no assurance that the Funds' policies on the sharing of portfolio holdings information will protect the Funds from the potential misuse of holdings by individuals or firms in possession of that information.

Other registered investment companies that are advised or sub-advised by the Advisers or Subadvisers may be subject to different portfolio holdings disclosure policies, and neither the Advisers/Subadviser nor the Board exercises control over such policies or disclosure. In addition, separate account clients of the Adviser or Subadviser have access to their portfolio holdings and are not subject to each Fund's portfolio holdings disclosure policies. Some of the funds that are advised or sub-advised by the Advisers or Subadvisers and some of the separate accounts managed by the Adviser or Subadviser may have investment objectives and strategies that are substantially similar or identical to the Funds', and therefore potentially substantially similar, and in certain cases nearly identical, portfolio holdings as certain Funds. As a result, it is possible that other market participants may be able to use such information for their own benefit, which could negatively impact the Funds' execution of purchase and sale transactions and, as a result, Fund performance.

In addition, any disclosures of portfolio holdings information by a Fund or an Adviser or Subadviser must be consistent with the anti-fraud provisions of the federal securities laws, a Fund's and the Adviser's or Subadviser's fiduciary duty to shareholders, and a Fund's code of ethics. Each Fund's policies expressly prohibit the sharing of portfolio holdings information if the Fund, an Adviser, Subadviser, or any other affiliated party receives compensation or other consideration in connection with such arrangement. The term "compensation or other consideration" includes any agreement to maintain assets in a Fund or in other funds or accounts managed by an Adviser and/or by any affiliated person of the Adviser and/or Subadviser, but shall not include the provision of "seed capital" by an Adviser or its affiliates.

------

[Back to **Table of Contents**](#TOC_4823)

**MANAGEMENT OF THE TRUSTS**

Each Trust is governed by the Board, which is responsible for generally overseeing the conduct of Fund business and for protecting the interests of shareholders. The Trustees of the Board (the "Trustees") meet periodically throughout the year to oversee the Funds' activities, review contractual arrangements with companies that provide services to the Funds and review the Funds' performance.

**Trustees and Officers**

The table below provides certain information regarding the Trustees and officers of the Trusts. For the purposes of this table and for purposes of this Statement, the term "Independent Trustee" means those Trustees who are not "interested persons," as defined in the 1940 Act, of the relevant Trust. In certain circumstances, Trustees are also required to have no direct or indirect financial interest in the approval of a matter being voted on in order to be considered "independent" for the purposes of the requisite approval. For the purposes of this Statement, the term "Interested Trustee" means those Trustees who are "interested persons," as defined in the 1940 Act, of the relevant Trust.

The following table provides information about the members of the Board, including information about their principal occupations during the past five years, information about other directorships held at public companies, and a summary of the experience, qualifications, attributes or skills that led to the conclusion that the Trustee should serve as such. Unless otherwise indicated, the address of all persons below is 888 Boylston Street, Suite 800, Boston, MA 02199-8197.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Year of Birth**  | **Position(s) Held with**<br>**the Trust(s), Length of**<br>**Time Served and Term**<br>**of Office<sup>1</sup>**  | **Principal**<br>**Occupation(s)**<br>**During Past 5**<br>**Years** | **Number of**<br>**Portfolios in Fund**<br>**Complex Overseen<sup>2</sup>**<br>**and Other**<br>**Directorships Held**<br>**During Past 5**<br>**Years** | **Experience,**<br>**Qualifications,**<br>**Attributes, Skills**<br>**for Board**<br>**Membership** |
|  **INDEPENDENT TRUSTEES**  | **INDEPENDENT TRUSTEES**  | **INDEPENDENT TRUSTEES**  | **INDEPENDENT TRUSTEES**  | **INDEPENDENT TRUSTEES**  |
|  **Edmond J. English** <br> (1953)  | Trustee since 2013<br> Contract Review Committee<br> Member | Executive Chairman of Bob's Discount Furniture (retail) | 36<br> Director, Burlington Stores, Inc. (retail); Director, Rue La La, Inc. (e-commerce retail) | Significant experience on the Board and on the boards of other business organizations (including retail companies and a bank); executive experience (including at a retail company) |
|  **Richard A. Goglia** <br> (1951)  | Trustee since 2015<br> Chairperson of the<br>Audit Committee | Retired | 36<br> Director, Ardian Access LLC (investment management/private markets industry) | Significant experience on the Board and executive experience (including his role as Vice President and treasurer of a defense company and experience at a financial services company) |
|  **Martin T. Meehan** <br> (1956)  | Trustee since 2012<br> Chairperson of the Governance Committee and Contract Review Committee Member | President, University of Massachusetts | 36<br> None | Significant experience on the Board and on the boards of other business organizations; experience as President of the University of Massachusetts; government experience (including as a member of the U.S. House of Representatives);academic experience |

---

------

[Back to **Table of Contents**](#TOC_4823)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Year of Birth**  | **Position(s) Held with**<br>**the Trust(s), Length of**<br>**Time Served and Term**<br>**of Office<sup>1</sup>**  | **Principal**<br>**Occupation(s)**<br>**During Past 5**<br>**Years** | **Number of**<br>**Portfolios in Fund**<br>**Complex Overseen<sup>2</sup>**<br>**and Other**<br>**Directorships Held**<br>**During Past 5**<br>**Years** | **Experience,**<br>**Qualifications,**<br>**Attributes, Skills**<br>**for Board**<br>**Membership** |
|  **Maureen B. Mitchell** <br> (1951)  | Trustee since 2017<br> Chairperson of the Contract Review Committee | Retired | 36<br> Director, Sterling Bancorp (bank) | Significant experience on the Board; financial services industry and executive experience (including role as President of global sales and marketing at a financial services company) |
|  **James P. Palermo** <br> (1955)  | Trustee since 2016<br> Audit Committee Member and Governance Committee Member | Founding Partner, Breton Capital Management, LLC (private equity); formerly, Partner, STEP Partners, LLC (private equity) | 36<br> Director, Candidly (chemicals and biofuels) | Significant experience on the Board; financial services industry and executive experience (including roles as Chief Executive Officer of client management and asset servicing for a banking and financial services company) |
|  **Erik R. Sirri** <br> (1958)  | Chairperson of the Board since 2021<br> Trustee since 2009<br> *Ex Officio* Member of the Audit Committee, Contract Review Committee and Governance Committee | Retired; formerly, Professor of Finance at Babson College | 36<br> None | Significant experience on the Board; experience as Director of the Division of Trading and Markets at the SEC; academic experience; training as an economist |
|  **Kirk A. Sykes** <br> (1958)  | Trustee since 2019<br> Contract Review Committee Member and Governance Committee Member | Managing Director of Accordia Partners, LLC (real estate development); President of Primary Corporation (real estate development); Managing Principal of Merrick Capital Partners (infrastructure finance) | 36<br> Advisor/Risk Management Committee, Eastern Bank (bank); Director, Apartment Investment and Management Company (real estate investment trust) | Significant experience on the Board and significant experience on the boards of other business organizations (including real estate companies and banks) |

---

------

[Back to **Table of Contents**](#TOC_4823)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Year of Birth**  | **Position(s) Held with**<br>**the Trust(s), Length of**<br>**Time Served and Term**<br>**of Office<sup>1</sup>**  | **Principal**<br>**Occupation(s)**<br>**During Past 5**<br>**Years** | **Number of**<br>**Portfolios in Fund**<br>**Complex Overseen<sup>2</sup>**<br>**and Other**<br>**Directorships Held**<br>**During Past 5**<br>**Years** | **Experience,**<br>**Qualifications,**<br>**Attributes, Skills**<br>**for Board**<br>**Membership** |
|  **Cynthia L. Walker** <br> (1956)  | Trustee since 2005<br> Audit Committee Member and Governance Committee Member | Executive Consultant for Finance & Administration, Dartmouth's Geisel School of Medicine; formerly, Deputy Dean for Finance and Administration, Yale University School of Medicine | 36<br> None | Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration) |
|  **INTERESTED TRUSTEES**  | **INTERESTED TRUSTEES**  | **INTERESTED TRUSTEES**  | **INTERESTED TRUSTEES**  | **INTERESTED TRUSTEES**  |
|  **Kevin P. Charleston<sup>3</sup>** <br> (1965) <br> One Financial Center<br>Boston, MA<br>02111  | Trustee since 2015<br> President and Chief Executive Officer of Loomis Sayles Funds I since 2015 | President, Chief Executive Officer and Chairman of the Board of Directors, Loomis, Sayles & Company, L. P. | 36<br> None | Significant experience on the Board; continuing service as President, Chief Executive Officer and Chairman of the Board of Directors of Loomis Sayles |
|  **David L. Giunta<sup>4</sup>** <br> (1965)  | Trustee since 2011<br> President and Chief Executive Officer of Natixis Funds Trust I, Executive Vice President of Loomis Sayles Funds I and President of Loomis Sayles Funds II since 2008; Chief Executive Officer of Loomis Sayles Funds II since 2015 | President and Chief Executive Officer, Natixis Advisors, and Natixis Distribution, LLC | 36<br> None | Significant experience on the Board; experience as President and Chief Executive Officer of Natixis Advisors, and Natixis Distribution, LLC |
|  **Marina Gross<sup>5</sup>**<br>**(1976)**  | Trustee since 2024 | Executive Vice President - Head of Solutions, US, Natixis Investment Managers | 36<br> None | Experience as Executive Vice President - Head of Solutions, US, Natixis Investment Managers |

---

1 Each Trustee serves until retirement, resignation, or removal from the Board. The current retirement age is 75. The position of Chairperson of the Board is appointed for a three-year term.

---

| | |
|:---|:---|
| 2 | The Trustees of the Trusts serve as Trustees of a fund complex that includes all series of the Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust, (collectively, the "Natixis Funds Trusts"), Loomis Sayles Funds I and Loomis Sayles Funds II (collectively, the "Loomis Sayles Funds Trusts"), and Natixis ETF Trust and Natixis ETF Trust II (collectively, the "Natixis ETF Trusts") (collectively, the "Fund Complex"). |

---

3 Mr. Charleston is deemed an "interested person" of the Trusts because he holds the following positions with an affiliated person of the Trusts: President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

4 Mr. Giunta is deemed an "interested person" of the Trusts because he holds the following positions with an affiliated person of the Trusts: President and Chief Executive Officer, Natixis Advisors, LLC and Natixis Distribution, LLC.

5 Ms. Gross is deemed an "interested person" of the Trusts because she holds the following position with an affiliated person of the Trusts: Executive Vice President and Head of Solutions, US, Natixis Investment Managers.

------

[Back to **Table of Contents**](#TOC_4823)

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth**  | **Position(s) Held with the** **Trust(s)** | **Term of Office<sup>1</sup>** **and** **Length of Time Served** | **Principal Occupation(s)**<br>**During Past 5 Years<sup>2</sup>**  |
|  **OFFICERS OF THE TRUST**  | **OFFICERS OF THE TRUST**  | **OFFICERS OF THE TRUST**  | **OFFICERS OF THE TRUST**  |
|  **Matthew J. Block** <br> (1981)  | Treasurer, Principal Financial and Accounting Officer | Since 2022 | Senior Vice President, Natixis Advisors and Natixis Distribution, LLC; formerly, Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC; Assistant Treasurer of the Fund Complex |
|  **Susan McWhan Tobin** <br> (1963)  | Secretary and Chief Legal Officer<br> Chief Compliance Officer and Anti-Money Laundering Officer | Since 2022<br> Since 2025 | Executive Vice President, General Counsel and Secretary, Natixis Advisors, LLC and Natixis Distribution, LLC; formerly, Executive Vice President and Chief Compliance Officer of Natixis Investment Managers (March 2019 - May 2022) |

---

1 Each officer of the Trusts serves for an indefinite term in accordance with the Trusts' current by-laws until the date his or her successor is elected and qualified, or until he or she sooner dies, retires, is removed or becomes disqualified.

---

| | |
|:---|:---|
| 2 | Each person listed above, except as noted, holds the same position(s) with the Fund Complex. Previous positions during the past five years with Natixis Distribution, LLC, Natixis Advisors or Loomis, Sayles & Company, L.P. are omitted, if not materially different from an officer's current position with such entity. |

---

**Qualifications of Trustees**

The preceding tables provide an overview of the considerations that led the Board to conclude that each individual serving as a Trustee of the Trusts should so serve. The current members of the Board have joined the Board at different points in time. Generally, no one factor was determinative in the original selection of an individual to join the Board. Among the factors the Board considered when concluding that an individual should serve on the Board were the following: (i) the individual's knowledge in matters relating to the mutual fund industry; (ii) any experience possessed by the individual as a director or senior officer of other public companies; (iii) the individual's educational background; (iv) the individual's reputation for high ethical standards and personal and professional integrity; (v) any specific financial, technical or other expertise possessed by the individual, and the extent to which such expertise would complement the Board's existing mix of skills and qualifications; (vi) the individual's perceived ability to contribute to the ongoing functions of the Board, including the individual's ability and commitment to attend meetings regularly and work collaboratively with other members of the Board; (vii) the individual's ability to qualify as an Independent Trustee for purposes of applicable regulations; and (viii) such other factors as the Board determined to be relevant in light of the existing composition of the Board and any anticipated vacancies or other transitions. Each Trustee's professional experience and additional considerations that contributed to the Board's conclusion that an individual should serve on the Board are summarized in the tables above.

**Leadership and Structure of the Board**

The Board is led by the Chairperson of the Board, who is an Independent Trustee. The Board currently consists of twelve Trustees, nine of whom are Independent Trustees. The Trustees have delegated significant oversight authority to the three standing committees of the Trusts, the Audit Committee, the Contract Review Committee and the Governance Committee, each of which consists solely of Independent Trustees. These committees meet separately and at times jointly, with the joint meetings intended to educate and involve all Independent Trustees in significant committee-level topics. As well as handling matters directly, the committees raise matters to the Board for consideration. In addition to the oversight performed by the committees and the Board, the Chairperson of the Board and the chairpersons of each committee interact frequently with management regarding topics to be considered at Board and committee meetings as well as items arising between meetings. At least once a year the Governance Committee reviews the Board's governance practices and procedures and recommends appropriate changes to the full Board. The Board believes its leadership structure is appropriate and effective in that it allows for oversight at the committee or board level, as the case may be, while facilitating communications among the Trustees and between the Board and Fund management.

The Contract Review Committee of the Trusts consists solely of Trustees who are not employees, officers or directors of Natixis Advisors, the Distributor or their affiliates and considers matters relating to advisory, subadvisory and distribution arrangements and potential conflicts of interest between a Fund's Adviser and the Trusts. During the fiscal year ended December 31, 2025, this committee held five meetings.

The Governance Committee of the Trusts consists solely of Trustees who are not employees, officers or directors of Natixis Advisors, the Distributor or their affiliates and considers matters relating to candidates for membership on the Board and Trustee compensation. The Governance Committee makes nominations for Independent Trustee membership on the Board when necessary and considers recommendations from shareholders of the Funds that are submitted in accordance with the procedures by which shareholders may communicate with the Board. Pursuant to those procedures, shareholders must submit a recommendation for nomination in a signed writing addressed to the attention of the Board, c/o Secretary of the Funds, Natixis Advisors, LLC, 888 Boylston Street, Suite 800, Boston, MA 02199-8197. This written communication must (i) be signed by the shareholder, (ii) include the name and address of the shareholder, (iii) identify the Fund(s) to which the communication relates, and (iv) identify the account number, class and number of

------

[Back to **Table of Contents**](#TOC_4823)

shares held by the shareholder as of a recent date or the intermediary through which the shares are held. The recommendation must be received in a timely manner (and in any event no later than the date specified for receipt of shareholder proposals in any applicable proxy statement with respect to a Fund). A recommendation for Trustee nomination shall be kept on file and considered by the Board for six (6) months from the date of receipt, after which the recommendation shall be considered stale and discarded. The recommendation must contain sufficient background information concerning the Trustee candidate to enable a proper judgment to be made as to the candidate's qualifications. During the fiscal year ended December 31, 2025, this committee held four meetings.

The Governance Committee has not established specific, minimum qualifications that must be met by an individual to be recommended for nomination as an Independent Trustee. The Governance Committee, however, believes that the Board as a whole should reflect a diversity of viewpoints, and will generally consider each nominee's professional experience, education, financial expertise, gender, ethnicity, age and other individual qualities and attributes. Such considerations will vary based on the Board's existing composition. The Governance Committee has adopted a diversity policy pursuant to which the committee, through its nomination and evaluation process, will seek to maintain a well-rounded and diverse Board that is composed of individuals who can fairly represent the interests and concerns of Fund shareholders. The Governance Committee conducts an annual self-assessment and will consider the effectiveness of its diversity policy as part of this process. In evaluating candidates for a position on the Board, the Governance Committee may consider a variety of factors, including (i) the nominee's reputation for integrity, honesty and adherence to high ethical standards; (ii) the nominee's educational and professional accomplishments; (iii) the nominee's demonstrated business acumen, including, but not limited to, knowledge of the mutual fund industry and/or any experience possessed by the nominee as a director or senior officer of a financial services company or a public company; (iv) the nominee's ability to exercise sound judgment in matters related to the objectives of the Funds; (v) the nominee's willingness to contribute positively to the decision-making process of the Board and to bring an independent point of view; (vi) the nominee's commitment and ability to devote the necessary time and energy to be an effective Independent Trustee; (vii) the nominee's ability to understand the sometimes conflicting interests of various constituencies of the Funds and to act in the interests of all shareholders; (viii) the absence of conflicts of interests that would impair his or her ability to represent all shareholders and to fulfill director fiduciary responsibilities; (ix) the nominee's ability to be collegial and compatible with current members of the Board and management of the Funds; (x) any specific financial, technical or other expertise possessed by the nominee, and the extent to which such expertise would complement the Board's existing mix of skills and qualifications; (xi) the nominee's ability to qualify as an Independent Trustee for purposes of applicable regulations; and (xii) such other factors as the Governance Committee may request in light of the existing composition of the Board and any anticipated vacancies or other transitions.

The Audit Committee of the Trusts consists solely of Independent Trustees and considers matters relating to the scope and results of the Trusts' audits and serves as a forum in which the independent registered public accounting firm can raise any issues or problems identified in an audit with the Board. The Audit Committee also reviews and monitors compliance with stated investment objectives and policies, SEC regulations as well as operational issues relating to the transfer agent, administrator, sub-administrator and custodian. In addition, the Audit Committee implements procedures for receipt, retention and treatment of complaints received by a Fund regarding its accounting, internal accounting controls and the confidential, anonymous submission by officers of a Fund or employees of certain service providers of concerns related to such matters. During the fiscal year ended December 31, 2025, this committee held four meetings.

The current membership of each committee is as follows:

---

| | | |
|:---|:---|:---|
|  **Audit Committee**  | **Contract Review Committee** | **Governance Committee** |
|  Richard A. Goglia – Chairperson  | Maureen B. Mitchell – Chairperson | Martin T. Meehan – Chairperson |
|  James P. Palermo  | Edmond J. English | James P. Palermo |
|  Cynthia L. Walker  | Martin T. Meehan | Kirk A. Sykes |
|  | Kirk A. Sykes | Cynthia L. Walker |

---

As Chairperson of the Board, Mr. Sirri is an *ex officio* member of each committee.

**Board's Role in Risk Oversight of the Funds**

The Board's role is one of oversight of the practices and processes of the Funds and their service providers, rather than active management of the Trusts, including in matters relating to risk management. The Board seeks to understand the key risks facing the Funds, including those involving conflicts of interest; how Fund management identifies and monitors these risks on an ongoing basis; how Fund management develops and implements controls to mitigate these risks; and how Fund management tests the effectiveness of those controls. The Board cannot foresee, know, or guard against all risks, nor are the Trustees guarantors against risk.

Periodically, Fund officers provide the full Board with an overview of the enterprise risk assessment program in place at Natixis Advisors and the Distributor, which serve as the administrator of and principal underwriter to the Funds, respectively. Fund officers on a quarterly and annual basis also provide the Board (or one of its standing committees) with written and oral reports on regulatory and compliance matters, operational and service provider matters, organizational developments, product proposals, Fund and internal audit results, and insurance and fidelity bond coverage, along with a discussion of the risks and controls associated with these matters, and periodically

------

[Back to **Table of Contents**](#TOC_4823)

make presentations to management on risk issues and industry best practices. Fund service providers, including advisory, subadvisory transfer agents and the custodian, periodically provide Fund management and/or the Board with information about their risk assessment programs and/or the risks arising out of their activities. The scope and frequency of these reports vary. Fund officers also communicate with the Trustees between meetings regarding material exceptions and other items germane to the Board's risk oversight function.

Pursuant to Rule 38a-1 under the 1940 Act, the Board has appointed a Chief Compliance Officer ("CCO") who is responsible for administering the Funds' compliance program, including monitoring and enforcing compliance by the Funds and their service providers with the federal securities laws. The CCO has an active role in daily Fund operations and maintains a working relationship with all relevant advisory, compliance, operations and administration personnel for the Funds' service providers. On at least a quarterly basis, the CCO reports to the Independent Trustees on significant compliance program developments, including material compliance matters, and on an annual basis, the CCO provides the full Board with a written report that summarizes his review and assessment of the adequacy of the compliance programs of the Funds and their service providers. The CCO also periodically communicates with the Audit Committee members between its scheduled meetings.

**Fund Securities Owned by the Trustees**

As of December 31, 2025, the Trustees had the following ownership in the Funds and in all funds in the Fund Complex:

---

| |
|:---|
|  **Dollar Range of Fund Shares<sup>1</sup>**  |
|  **Independent Trustees**  |
|  Equity Call Premium Fund <br> A |
|  Gateway Fund <br> A<br> E |
|  Global Megatrends Fund <br> A |
|  Mid Cap Fund <br> A<br> C |
|  Small Cap Fund <br> A<br> C |
|  **Aggregate Dollar Range of Fund Shares in** **Fund Complex Overseen by Trustee** <br> **E**<br> **E**<br> **E**<br> **E**<br> **E**<br> **E**<br> **E**<br> **D**<br> **E** |

---

---

| | |
|:---|:---|
| 1 | A. None<br>B. $1 – $10,000<br>C. $10,001 – $50,000<br>D. $50,001 – $100,000<br>E. over $100,000 |

---

---

| | |
|:---|:---|
| 2 | Amounts include economic value of notional investments held through the deferred compensation plan. |

---

---

| |
|:---|
|  **Dollar Range of Fund Shares<sup>1</sup>**  |
|  **Interested Trustees**  |
|  Equity Call Premium Fund <br> A<br> B |
|  Gateway Fund <br> A<br> E |
|  Global Megatrends Fund <br> A<br> D |
|  Mid Cap Fund <br> A<br> C |
|  Small Cap Fund <br> A<br> B |
|  **Aggregate Dollar Range of Fund Shares in Fund Complex** **Overseen by Trustee** <br> **E**<br> **E**<br> **E** |

---

---

| | |
|:---|:---|
| 1 | A. None<br>B. $1 – $10,000<br>C. $10,001 – $50,000<br>D. $50,001 – $100,000<br>E. over $100,000 |

---

As of December 31, 2025, none of the Independent Trustees or their immediate family members owned beneficially or of record any securities of the Adviser, the Distributor, or of a person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with the Adviser or the Distributor.

<u>**<u>Trustee Fees</u>**</u>

The Trusts pay no compensation to their officers or to Trustees who are employees, officers or directors of Natixis Advisors, the Distributor, or their affiliates.

------

[Back to **Table of Contents**](#TOC_4823)

The Chairperson of the Board receives a retainer fee at the annual rate of $410,000. The Chairperson does not receive any meeting attendance fees for Board meetings or committee meetings that he attends. Each Trustee who is not an employee, officer or director of Natixis Advisors, the Distributor or their affiliates (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $235,000. Each Trustee who is not an employee, officer or director of Natixis Advisors, the Distributor or their affiliates also receives a meeting attendance fee of $10,000 for each meeting of the Board that he or she attends in person and $5,000 for each meeting of the Board that he or she attends telephonically. In addition, the Chairperson of the Audit Committee and the Chairperson of the Contract Review Committee, each receives an additional retainer fee at an annual rate of $30,000. The Chairperson of the Governance Committee receives an additional retainer fee at an annual rate of $20,000. Each Contract Review Committee and Audit Committee member is compensated $6,000 for each committee meeting that he or she attends in person and $3,000 for each committee meeting that he or she attends telephonically. Each Governance Committee member is compensated $2,500 for each committee meeting that he or she attends. These fees are allocated among the funds in the Fund Complex based on a formula that takes into account, among other factors, the relative net assets of each mutual fund portfolio. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

During the fiscal year ended December 31, 2025, the Trustees received the amounts set forth in the following table for serving as Trustees of the Trusts and of the Fund Complex. The table also sets forth, as applicable, pension or retirement benefits accrued as part of fund expenses, as well as estimated annual retirement benefits:

**Compensation Table**

**For the Fiscal Year Ended December 31,** **2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Aggregate**<br>**Compensation**<br>**from Natixis**<br>**Funds Trust**<br>**I<sup>1</sup>**  | **Aggregate**<br>**Compensation**<br>**from Natixis**<br>**Funds Trust**<br>**II<sup>1</sup>**  | **Aggregate**<br>**Compensation**<br>**from Gateway**<br>**Trust<sup>1</sup>**  | **Pension or**<br>**Retirement**<br>**Benefits**<br>**Accrued as**<br>**Part of Fund**<br>**Expenses** | **Estimated**<br>**Annual**<br>**Benefits Upon**<br>**Retirement** | **Total**<br>**Compensation**<br>**from the**<br>**Fund**<br>**Complex<sup>2</sup>**  |
|  **INDEPENDENT TRUSTEES**  | **INDEPENDENT TRUSTEES**  | **INDEPENDENT TRUSTEES**  | **INDEPENDENT TRUSTEES**  | **INDEPENDENT TRUSTEES**  | **INDEPENDENT TRUSTEES**  | **INDEPENDENT TRUSTEES**  |
|  Edmond J. English  | $47711 | $22059 | $26520 | $0 | $0 | $310000 |
|  Richard A. Goglia  | $52340 | $24137 | $29136 | $0 | $0 | $340000 |
|  Martin T. Meehan  | $52340 | $24137 | $29136 | $0 | $0 | $340000 |
|  Maureen B. Mitchell  | $52340 | $24137 | $29136 | $0 | $0 | $340000 |
|  James P. Palermo  | $49254 | $22751 | $27392 | $0 | $0 | $320000 |
|  Erik R. Sirri  | $64820 | $19707 | $40255 | $0 | $0 | $410000 |
|  Peter J. Smail  | $47711 | $22059 | $26520 | $0 | $0 | $310000 |
|  Kirk A. Sykes  | $49254 | $22751 | $27392 | $0 | $0 | $320000 |
|  Cynthia L. Walker  | $49254 | $22751 | $27392 | $0 | $0 | $320000 |
|  **INTERESTED TRUSTEES**  | **INTERESTED TRUSTEES**  | **INTERESTED TRUSTEES**  | **INTERESTED TRUSTEES**  | **INTERESTED TRUSTEES**  | **INTERESTED TRUSTEES**  | **INTERESTED TRUSTEES**  |
|  Kevin P. Charleston  | $0 | $0 | $0 | $0 | $0 | $0 |
|  David L. Giunta  | $0 | $0 | $0 | $0 | $0 | $0 |
|  Marina Gross  | $0 | $0 | $0 | $0 | $0 | $0 |

---

---

| | |
|:---|:---|
| 1 | Amounts include payments deferred by Trustees for the fiscal year ended December 31, 2025, with respect to the Trusts. The total amount of deferred compensation accrued for Natixis Funds Trust I as of December 31, 2025 for the Trustees is as follows: English $134,962, Goglia $186,892, Meehan $246,446, Palermo $449,565, Sirri $225,830, Sykes $18,672 and Walker $981,886. The total amount of deferred compensation accrued for Natixis Funds Trust II as of December 31, 2025 for the Trustees is as follows: English $239,054, Goglia $230,023, Meehan $298,998, Palermo $343,310, Sirri $319,510, Sykes $10,016 and Walker $1,030,325. The total amount of deferred compensation accrued for Gateway Trust as of December 31, 2025 for the Trustees is as follows: English $107,114, Goglia $130,118, Meehan $176,622, Palermo $276,883, Sirri $152,739, Sykes $10,856 and Walker $605,655. |

---

---

| | |
|:---|:---|
| 2 | Total Compensation represents amounts paid during the fiscal year ended December 31, 2025 to a Trustee for serving on the board of eight (8) trusts with a total of thirty-six (36) funds as of December 31, 2025. |

---

The Fund Complex does not provide pension or retirement benefits to the Trustees, but has adopted a deferred payment arrangement under which each Trustee may elect not to receive fees from the Funds on a current basis but to receive in a subsequent period an amount equal to the value that such fees would have been if they had been invested in a Fund or another fund in the Fund Complex selected by the Trustee on the normal payment date for such fees.

<u>**<u>Management Ownership</u>**</u>

As of record on April 1, 2026, the officers and Trustees of the Trusts collectively owned less than 1% of the then outstanding shares of each of the Funds.

------

[Back to **Table of Contents**](#TOC_4823)

<u>**<u>Code of Ethics</u>**</u>

The Trusts, the Advisers, the Subadviser and the Distributor each have adopted a code of ethics under Rule 17j-1 of the 1940 Act. These codes of ethics permit the personnel of these entities to invest in securities, including securities that the Funds may purchase or hold. The codes of ethics are on public file with, and are available from the SEC.

<u>**<u>Proxy Voting Policies</u>**</u>

The Board has adopted the Proxy Voting Policy and Guidelines (the "Procedures") for the voting of proxies for securities held by the Funds. Under the Procedures, decisions regarding the voting of proxies are to be made solely in the interest of a Fund and its shareholders. The adviser or subadviser shall exercise its fiduciary responsibilities to vote proxies with respect to a Fund's investments that are managed by that adviser or subadviser in a prudent manner in accordance with the Procedures and the proxy voting policies of the adviser or subadviser. The adviser or subadviser is responsible for maintaining certain records and reporting to the Audit Committee of the Trusts in connection with the voting of proxies. The adviser or subadviser shall make available to a Fund, or Natixis Advisors, the Fund's administrator, the records and information maintained by the adviser or subadviser under the Procedures.

**Natixis Advisors.** Generally, proxy voting responsibility and authority are delegated to a Fund's subadviser. In situations where Natixis Advisors retains proxy voting authority it follows the following guidelines. Natixis Advisors endeavors to do so in accordance with the best economic interest of its clients. Natixis Advisors endeavors to resolve any conflicts of interest exclusively in the best economic interest of the clients. In order to minimize conflicts of interest, Natixis Advisors has contracted with Broadridge/Glass, Lewis & Company ("Glass Lewis"), an independent third-party service provider, to vote Natixis Advisors' client proxies. Natixis Advisors has a fiduciary responsibility to exercise proxy voting authority, when such authority is granted to it. Glass Lewis may maintain records, provide reports, develop models and research, and vote proxies in accordance with instructions and guidelines provided or approved by Natixis Advisors. These instructions and guidelines shall be consistent with the proxy voting policy of Natixis Advisors, which generally votes "for" proposals that, in the judgment of Natixis Advisors, would serve to enhance shareholder value, and votes "against" proposals that, in the judgment of Natixis Advisors, would impair shareholder value. These instructions and guidelines from Glass Lewis direct Broadridge to vote "for" or "against" specific types of routine proposals, while generally reserving other non-routine proposals for Natixis Advisors to decide on a case-by-case basis. With respect to proposals to be decided by Natixis Advisors on a case-by-case basis, a designated member of the portfolio management team of Natixis Advisors has the responsibility to determine how the proxies should be voted and for directing the proxy voting agent, through other operational personnel of Natixis Advisors, to vote accordingly.

Natixis Advisors reviews its proxy voting policy on a periodic basis, usually annually. Additionally, on a periodic basis, Natixis Advisors reviews reports produced by Broadridge that summarize voting activity. Furthermore, an internal team of Natixis Advisors, which team is composed of legal, compliance, portfolio management, and operational personnel, also conducts periodic reviews of proxy voting activity and issues, if any, that may arise. Finally, compliance conducts a random sampling review of proxy ballots to ascertain whether votes are cast in compliance with Natixis Advisors' proxy voting policy. Upon request, clients may obtain a full and complete copy of the Natixis Advisors proxy voting policy and a record of how their securities were voted.

**Gateway.** Under the Procedures, the responsibility for voting proxies generally is delegated to Gateway for securities held by the Funds advised by Gateway. Under the Procedures, decisions regarding the voting of proxies are to be made solely in the interest of the Fund and its shareholders. Gateway shall exercise its fiduciary responsibilities to vote proxies with respect to the Fund's investments that are managed by Gateway in a prudent manner in accordance with the Procedures and the proxy voting policies of Gateway. Gateway is responsible for maintaining certain records and reporting to the Audit Committee of the Trusts in connection with the voting of proxies. Gateway shall make available to the Fund and the Fund's administrator the records and information maintained by Gateway under the Procedures.

Gateway has formally adopted ISS Governance Services ("ISS Governance") proxy voting guidelines to determine how each issue on proxy ballots is to be voted and has appointed ISS Governance as its proxy agent to recommend how to vote each proxy as well as administer the voting of proxies on behalf of Gateway. ISS Governance has developed its US Proxy Voting Summary Procedures, which provide guidelines for proxy voting that are designed to serve the best interests of investors. These guidelines outline the rationale for determining how particular issues should be voted. Gateway has instructed ISS Governance to vote in accordance with the guidelines unless at least one of the following conditions apply:

---

| | |
|:---|:---|
| <sup>A.</sup> | Gateway's portfolio management team has decided to override the ISS Governance vote recommendation for a Client(s) based on its own determination that the Client(s) would best be served with a vote contrary to the ISS Governance recommendation based on Gateway's higher degree of analysis of ISS Governance's vote recommendation. Such decision(s) will be documented by Gateway (and communicated to ISS Governance if a decision(s) led to a vote override). Gateway's CIO will determine, on an annual basis, as to which classification level an ISS Governance vote recommendation should be analyzed further by Gateway (which may include highly contested matters regarding mergers and acquisitions, dissolutions, conversions, consolidations, or contested elections of directors); or |

---

------

[Back to **Table of Contents**](#TOC_4823)

---

| | |
|:---|:---|
| <sup>B.</sup> | Gateway's portfolio management team has decided to override ISS Governance's vote recommendation for a Client(s) based on its own determination that the Client(s) would best be served with a vote contrary to ISS Governance's recommendation based on Gateway's consideration of certain additional information. Specifically, in the event Gateway becomes aware that an issuer has filed additional soliciting material with the SEC regarding ISS Governance's vote recommendation and if such additional information would reasonably be expected to affect Gateway's voting determination, Gateway will consider this supplemental information if such additional material was submitted to Gateway via ISS no later than five (5) calendar days prior to the vote submission deadline. Only additional information from issuers that apply to the classification levels determined by the CIO would be considered information reasonably expected to affect Gateway's voting determination. Information received within the five (5) calendar days before the cutoff time frame, but before the vote submission deadline, may be considered, but only on a best-efforts basis. Decision(s) as to whether this additional information affects whether or not Gateway follows ISS Governance's vote recommendation will be documented by Gateway (and communicated to ISS Governance if the analysis led to a vote override); or |

---

---

| | |
|:---|:---|
| <sup>C.</sup> | ISS Governance does not give a vote recommendation, in which case Gateway will independently determine how a particular issue should be voted. In these instances, Gateway, through its portfolio management team, will document the reason(s) used in determining a vote and communicate Gateway's voting instruction to ISS Governance. Gateway will generally seek to vote in accordance with ISS Governance's guidelines; or if voting on any particular security compromises Gateway's ability to later transact in such security (e.g. shareblocking practices) or if, in Gateway's judgment, the expected cost associated with the vote exceeds the expected benefits of the vote (e.g. non-U.S. security restrictions), then Gateway will abstain from voting on a particular security; or |

---

---

| | |
|:---|:---|
| <sup>D.</sup> | If voting would impose costs on the Client, such as opportunity costs for the Client resulting from restricting the use of securities for lending in order to preserve the right to vote, then Gateway will not make efforts to vote these securities on behalf of the Client. |

---

**Mirova US and Mirova** understand that proxy voting is an important right of shareholders and that reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. Mirova US, in reliance on Mirova, will vote in a manner that is consistent with what it believes to be in the best interests of such clients and in accordance with the proxy voting policy and Procedures that it has adopted.

Mirova US has adopted written policies and procedures setting forth the principles and procedures by which it votes or gives consent with respect to securities owned by the Fund and other clients. With respect to its Mirova division, in particular, Mirova US has chosen to adopt a voting policy that develops an integrated voting and engagement strategy, focused on long-term value creation for all stakeholders. This approach is based on three principles: Pragmatism: Mirova analyses resolutions from an investor's point of view, considering the macro-economic context as well as countries' and companies' specific characteristics; Responsibility: Mirova takes into consideration Environmental, Social and Governance ("ESG") issues when analyzing resolutions and making voting decisions;

Engagement: Mirova conducts ongoing and constructive dialogue with companies in order to promote good corporate governance practices and the integration of sustainable development issues to their long-term strategies.

This proxy voting policy emphasizes the essential issues facing companies in the new context in which they operate. Mirova favors, notably: (i) the institution of a board that incorporates stakeholders in a balanced fashion and that resolutely takes account of issues of corporate social responsibility ("CSR"), (ii) an equitable distribution of value among the different stakeholders, notably integrating environmental and social criteria in the remuneration of executives, and (iii) the transparency and quality of financial and extra-financial information, with the implementation of reporting that integrates the issues of sustainable development. These principles furthermore constitute the primary themes of engagement that Mirova emphasizes in the context of its dialogue with issuers. Below is additional detail on how the Mirova division of Mirova US generally will/will not vote on certain matters:

---

| | |
|:---|:---|
|  Governance Structure and Balance of Power  | Mirova's voting decisions generally <u>will favor</u> the appointment of directors allowing for: (1) a balance in the composition of the board among the company's different strategic stakeholders; (2) effective supervision of decisions taken in the long-term interests of the company and the respect for the rights of all stakeholders; and (3) better integration of CSR issues in strategic considerations. |

---

------

[Back to **Table of Contents**](#TOC_4823)

---

| | |
|:---|:---|
|  Distribution of Value  | Mirova generally <u>will support</u> votes concerning aspects of the compensation of executives that are: (1) tied to the long-term strategy of the company; (2) correlated with long-term economic, but also environmental and social objectives (with pertinent and stable measurement indicators); (3) consistent with the creation of real value and its distribution among the different stakeholders; and (4) consistent with the company's social policy.<br> Mirova generally <u>will not</u> support votes on dividend policies that: (1) are not correlated with the creation of value; (2) are detrimental to the company's capacity to invest or to its solvency; and/or (3) are not consistent with the company's social policy.<br> Mirova generally <u>will support</u> all resolutions aiming to maintain the loyalty of long-term shareholders and to develop employee shareholding. |
|  Transparency of Information  | Mirova generally <u>will not support</u> a resolution approving the annual report if the annual report does not integrate audited and certified information on the environmental and social performance of the company |

---

The proxy voting policy is reviewed annually by the Research team in order to take into account potential changes in national or regional legal framework and to also reflect evolutions in the Sustainable and Responsible Investment ("SRI") philosophy. The Voting & Governance analyst and the Head of SRI Research are more specifically dedicated to this process. The new proxy voting policy is submitted to the Compliance Officer and the CEO for their respective approval.

The analysis of resolutions is carried out by the ESG Research team, and more specifically the Voting and Governance Analyst. This proxy voting procedure involves the analysis of resolutions presented at general meetings. Mirova may also engage in dialogue with issuers. Voting decisions are the responsibility of the voting committee, composed of Mirova's Chief Executive Officer, the Head of Responsible Investment Research, and the Voting and Governance Analyst. Managers and extra-financial analysts may be invited to participate in the committee's deliberations depending on the subject under discussion.

As part of the framework established for delegating voting rights, Mirova uses an independent voting services provider, Institutional Shareholder Services, to: (i) inform Mirova of upcoming general meetings related to securities belonging to its voting universe; (ii) analyze resolutions according to the principles defined in the present voting policy; (iii) provide access to a voting platform for the exercise of voting rights; and (iv) transmit voting instructions to issuers.

Although Mirova has implemented a customized voting policy with ISS, its in-house analysis has always priority on the voting recommendations proposed by ISS.

Mirova has implemented procedures to prevent, identify, and manage potential conflicts of interest. If a conflict of interest between Mirova and one of its clients is identified, the Head of Compliance and Internal Control, in coordination with the members of the voting committee, decide on the appropriate response. If exercising its voting rights for a given company exposes Mirova to a significant conflict of interest, the Voting and Governance Analyst will refer the matter to the Head of Compliance and Internal Control, who will decide on the appropriate measures to take, including whether or not to participate in the company's general meeting. Generally, Mirova does not participate in the general meeting where a potential conflict of interest has been identified. Mirova US's Chief Compliance Officer or her/his deputy is responsible for confirming that the Voting and Governance analyst is not aware of any conflicts of interest that may arise between Mirova US and its affiliates, on the one hand, and the interests of its clients, on the other, regardless of whether these conflicts are actual or perceived. If a conflict of interest is identified, the Chief Compliance Officer of Mirova US or her/his deputy (who may be located at Mirova) will decide on an appropriate response. Where the Chief Compliance Officer deems appropriate in her/his sole discretion, unaffiliated third parties may be used to help resolve conflicts. In this regard, the Chief Compliance Officer shall have the power to retain independent fiduciaries, consultants, or professionals to assist with voting decisions and/or to delegate voting or consent powers to such fiduciaries, consultants or professionals.

**Vaughan Nelson.** Vaughan Nelson undertakes to vote all client proxies in a manner reasonably expected to ensure that, where it has voting authority, the client's best interest is upheld and in a manner that does not subrogate the client's best interest to that of the firm's in instances where a material conflict exists. Vaughan Nelson's proxy voting policy and the Procedures, as implemented by the Vaughan Nelson Proxy Voting Committee ("PVC"), are intended to support good corporate governance, including those corporate practices that address environmental, social and governmental issues ("ESG Matters"), in all cases with the objective of protecting shareholder interests and maximizing shareholder value.

Vaughan Nelson has created a Proxy Voting Guideline ("Guideline") believed to be in the best interest of clients relating to common and recurring issues found within proxy voting material. The Guideline, reviewed annually, is the work product of Vaughan Nelson's Investment Team and it considers the nature of its business, the types of securities being managed and other sources of information including, but not limited to, research provided by an independent research firm Institutional Shareholder Services ("ISS"), internal

------

[Back to **Table of Contents**](#TOC_4823)

research, published information on corporate governance and experience. The Guideline helps to ensure voting consistency on issues common amongst issuers and to serve as evidence that a vote was not the product of a conflict of interest but rather a vote in accordance with a predetermined policy. However, in many recurring and common proxy issues a "blanket voting approach" cannot be applied. In these instances, the Guideline indicates that such issues will be addressed on a case-by-case basis in consultation with a portfolio manager to determine how to vote the issue in the client's best interest.

Vaughan Nelson uses ISS in a limited capacity to collect proxy ballots for clients, provide a platform in which to indicate Vaughan Nelson's vote, provide company research as a point of information and assist Vaughan Nelson in generating proxy voting reports.

Vaughan Nelson, in executing its duty to vote proxies, may encounter a material conflict of interest. Vaughan Nelson does not envision a large number of situations where a conflict of interest would exist, if any, given the nature of Vaughan Nelson's business, client base, relationships, and the types of securities managed. Notwithstanding, if a conflict of interest arises, Vaughan Nelson will undertake to vote the proxy or proxy issue in the client's continued best interest. This will be accomplished by either casting the vote in accordance with the Guideline, if the application of such policy to the issue at hand involves little discretion on Vaughan Nelson's part, or casting the vote as indicated by the independent third-party research firm, ISS. If a conflict involves ISS, Vaughan Nelson will take that into consideration when evaluating a proxy item that is not addressed in the firm's recurring Guideline. All issues presented for shareholder vote are subject to the oversight of the PVC, either directly or by application of this Policy and Guideline.

Vaughan Nelson, as an indirect subsidiary of a Bank Holding Company, is restricted from voting the shares it has invested in banking entities on the fund's behalf in instances where the aggregate ownership of all the Bank Holding Company's investment management subsidiaries exceed 5% of the outstanding share class of a bank. Where the aggregate ownership described exceeds the 5% threshold, the firm will instruct ISS, an independent third party, to vote the proxies in line with ISS's recommendation.

Finally, there may be circumstances or situations that may preclude or limit the manner in which a proxy is voted. These may include: 1) Mutual funds – whereby voting may be controlled by restrictions within the fund or the actions of authorized persons, 2) International Securities – whereby the perceived benefit of voting an international proxy does not outweigh the anticipated costs of doing so, 3) New Accounts – instances where security holdings assumed will be sold in the near term thereby limiting any benefit to be obtained by a vote of proxy material, 4) Small Combined Holdings / Unsupervised Securities – where the firm does not have a significant holding or basis on which to offer advice, 5) a security is out on loan (voting rights have been passed to the borrower), or 6) securities held on record date but divested prior to meeting date. In summary, Vaughan Nelson's goal is to vote proxy material in a manner that is believed to assist in maximizing the value of the portfolio.

Information regarding how the Funds voted proxies related to their respective portfolio securities during the 12-month period ended June 30 is available without charge (i) through the Funds' website, im.natixis.com and (ii) on the SEC's website at [www.sec.gov](DUMMY_4823_8_15).

**INVESTMENT ADVISORY AND OTHER SERVICES**

**<u>Information About the Organization and Ownership of the Advisers and Subadviser</u>**

**Gateway Investment Advisers, LLC** is a limited liability company owned by Natixis IM-NA.

**Mirova US** is a wholly-owned subsidiary of Mirova, which is in turn a subsidiary of Natixis Investment Managers. Mirova US has entered into a personnel-sharing arrangement with its Paris-based affiliate, Mirova, which, like Mirova US, is part of Natixis Investment Managers. Pursuant to this arrangement, certain employees of Mirova, as a "participating affiliate," serve as "associated persons" of Mirova US and, in this capacity, are subject to the oversight of Mirova US and its Chief Compliance Officer. These associated persons may, on behalf of Mirova US, provide discretionary investment management services (including acting as portfolio managers), research and related services to the Fund in accordance with the investment objectives, policies and limitations set forth in the Fund's Prospectus and Statement. Unlike Mirova US, Mirova is not registered as an investment adviser with the SEC. The personnel-sharing arrangement is based on no-action letters of the staff of the SEC that permit SEC-registered investment advisers to rely on and use the resources of advisory affiliates, subject to certain conditions.

**Vaughan Nelson** is a limited partnership owned by Natixis IM-NA.

**Natixis Advisors,** formed in 1995, is a limited liability company owned by Natixis IM-NA.

**Natixis IM-NA** is part of Natixis Investment Managers, an international asset management group based in Paris, France, that is in turn owned by Natixis, a French investment banking and financial services firm. Natixis is wholly owned by BPCE, France's second largest retail banking group. BPCE is owned by banks comprising two autonomous and complementary retail banking networks consisting of the Caisse d'Epargne regional savings banks and the Banque Populaire regional cooperative banks. The registered address of Natixis is 7 promenade Germaine Sablon, 75013 Paris, France. The registered address of BPCE is 7 promenade Germaine Sablon, 75013 Paris, France.

The 7 principal subsidiary or affiliated asset management firms of Natixis IM-NA collectively had over $716.1 billion in assets under management or administration as of December 31, 2025.

------

[Back to **Table of Contents**](#TOC_4823)

**<u>Advisory and Subadvisory Agreements</u>**

Each Fund's advisory agreement with its Adviser provides that the Adviser will furnish or pay the expenses of the applicable Fund for office space, facilities and equipment, services of executive and other personnel of the Trusts and certain administrative services. The Adviser may delegate certain administrative services to its affiliates. The Adviser is responsible for obtaining and evaluating such economic, statistical and financial data and information and performing such additional research as is necessary to manage the applicable Fund's assets in accordance with its investment objectives and policies.

Each Fund pays all expenses not borne by the Adviser or Subadviser including, but not limited to, the charges and expenses of the Funds' custodian and transfer agent, independent registered public accounting firm, legal counsel for the Funds, legal counsel for the Trusts' Independent Trustees, 12b-1 fees, all brokerage commissions and transfer taxes in connection with portfolio transactions, all taxes and filing fees, the fees and expenses for registration or qualification of its shares under federal and state securities laws, all expenses of shareholders' and Trustees' meetings and of preparing, printing and mailing reports to shareholders and the compensation of Trustees who are not directors, officers or employees of the Advisers, Subadvisers or their affiliates, other than affiliated registered investment companies. Certain expenses may be allocated differently among the Fund's Class A and Class C shares, on the one hand, and Class N or Class Y shares on the other hand. See the section "Description of the Trusts" and "Ownership of Fund Shares".

Each advisory and subadvisory agreement provides that it will continue in effect for two years from its date of execution and thereafter from year to year if its continuance is approved at least annually (i) by the Board of the relevant Trust or by vote of a majority of the outstanding voting securities of the relevant Fund and (ii) by vote of a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on such approval.

Each advisory and subadvisory agreement may be terminated without penalty by vote of the Board of the relevant Trust or by vote of a majority of the outstanding voting securities of the relevant Fund, upon 60 days' written notice, or by the Adviser upon 90 days' written notice. Each advisory and subadvisory agreement will terminate automatically in the event of its assignment (as defined in the 1940 Act). The subadvisory agreement also may be terminated by the Subadviser upon 90 days' notice, and automatically terminates upon termination of the related advisory agreement.

Each advisory and subadvisory agreement provides that the Adviser or Subadviser shall not be subject to any liability in connection with the performance of its services thereunder in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of their obligations and duties.

In addition, Natixis Advisors also provides subadvised Funds with administrative services which include, among other things, day-to-day administration of matters related to the Fund's existence, maintenance of its records, preparation of reports and assistance in the preparation of the Fund's registration statement under federal and state laws. In addition, Natixis Advisors does not determine what investments will be purchased or sold for any Fund. Each Adviser will provide, or cause the Fund's custodian to provide, information to the Subadviser regarding the composition of assets of the Fund and the assets to be invested and reinvested by the Subadviser. Each Adviser may terminate any subadvisory agreement to which it is a party without shareholder approval. In such case, such Adviser will either manage the Fund's assets itself or, subject to the receipt of any necessary shareholder approvals, retain one or more subadvisers to manage some or all of the Fund's assets.

<u>**<u>Distribution Agreements and Rule 12b-1 Plans</u>**</u>

Under a separate agreement with each Fund, the Distributor serves as the principal distributor of each class of shares of the Funds. The Distributor's principal business address is 888 Boylston Street, Suite 800, Boston, MA 02199-8197. Under these agreements (the "Distribution Agreements"), the Distributor conducts a continuous offering and is not obligated to sell a specific number of shares. The Distributor bears the cost of making information about the Funds available through advertising and other means, printing and mailing Prospectuses to persons other than shareholders, and providing compensation to underwriters, broker-dealers and sales personnel. Each Fund pays the cost of registering and qualifying its shares under state and federal securities laws and distributing Prospectuses to existing shareholders.

The Distributor is compensated under each agreement through receipt of the sales charges on Class A shares described below under "Net Asset Value" and is paid by each Fund the service and distribution fees described in the Prospectuses. The Distributor may, at its discretion, reallow the entire sales charge imposed on the sale of Class A and Class C shares of a Fund to investment dealers from time to time. The SEC is of the view that dealers receiving all or substantially all of the sales charge may be deemed underwriters of each Fund's shares.

Each of the Funds has adopted Rule 12b-1 plans (the "Plans") for its Class A and Class C shares. Class N and Class Y shares have no such plans. The Plans, among other things, permit the applicable class of shares to pay the Distributor monthly fees out of its net assets. These fees consist of a service fee and a distribution fee. Certain Distributor fees that are paid by a distributor to securities dealers are known as "trail commissions." Pursuant to Rule 12b-1 under the 1940 Act, each Plan was approved by the shareholders of each Fund, and (together with the related Distribution Agreement) by the Board, including a majority of the Independent Trustees of the Trusts. (Note that not all Funds offer Class N shares.)

------

[Back to **Table of Contents**](#TOC_4823)

Under the Plans, each Fund pays the Distributor a monthly service fee at an annual rate not to exceed 0.25% of each Fund's average daily net assets attributable to the Class A and Class C shares. In the case of Class C shares, the Distributor retains the first year's service fee of 0.25% assessed against such shares. For Class A, and, after the first year, for Class C shares, the Distributor may pay up to the entire amount of this fee to securities dealers who are dealers of record with respect to each Fund's shares, on a monthly (or quarterly) basis, unless other arrangements are made between the Distributor and the securities dealer, for providing personal services to investors in shares of the Funds and/or the maintenance of shareholder accounts. This service fee will accrue to securities dealers of record immediately with respect to reinvested income dividends and capital gain distributions of each Fund's Class A shares.

The service fees on Class A shares may be paid only to reimburse the Distributor for expenses of providing personal services to investors, including, but not limited to, (i) expenses (including overhead expenses) of the Distributor for providing personal services to investors in connection with the maintenance of shareholder accounts and (ii) payments made by the Distributor to any securities dealer or other organization (including, but not limited to, any affiliate of the Distributor) with which the Distributor has entered into a written agreement for this purpose, for providing personal services to investors and/or the maintenance of shareholder accounts, which payments to any such organization may be in amounts in excess of the cost incurred by such organization in connection therewith.

Each Fund's Class C shares also pay the Distributor a monthly distribution fee at an annual rate of 0.75% of the average net assets of the respective Fund's Class C shares. The Distributor retains the 0.75% distribution fee assessed against Class C shares during the first year of investment. After the first year for Class C shares, the Distributor may pay up to the entire amount of this fee to securities dealers who are dealers of record with respect to each Fund's shares, as distribution fees in connection with the sale of the Fund's shares on a quarterly basis, unless other arrangements are made between the Distributor and the securities dealer. As stated in the Prospectuses, investors will not be permitted to purchase $1,000,000 or more of Class C shares as a single investment per account.

Each Plan may be terminated by vote of a majority of the Independent Trustees, or by vote of a majority of the outstanding voting securities of the relevant class of shares of the relevant Fund. Each Plan may be amended by vote of the relevant Trustees, including a majority of the relevant Independent Trustees, cast in person at a meeting called for that purpose. Any change in any Plan that would materially increase the fees payable thereunder by the relevant class of shares of the relevant Fund requires approval by a vote of the holders of a majority of such shares outstanding. The Trustees review quarterly a written report of such costs and the purposes for which such costs have been incurred. For so long as a Plan is in effect, selection and nomination of those Trustees who are Independent Trustees of the Trusts shall be committed to the discretion of such Trustees.

Fees paid by Class A or Class C shares of any Fund may indirectly support sales and servicing efforts relating to shares of the other series of the Natixis Funds Trusts or the Loomis Sayles Funds Trusts. In reporting its expenses to the Trustees, the Distributor itemizes expenses that relate to the distribution and/or servicing of a single fund's shares, and allocates other expenses among the relevant funds based on their relative net assets or relative sales. Expenses allocated to each fund are further allocated among its classes of shares annually based on the relative sales of each class, except for any expenses that relate only to the sale or servicing of a single class.

The Distributor has entered into selling agreements with investment dealers, including affiliates of the Distributor, for the sale of the Funds' shares. As described in more detail below, the Distributor, the Adviser and their affiliates may, at their expense, pay additional amounts to dealers who have selling agreements with the Distributor. Class Y shares of the Funds may be offered by registered representatives of certain affiliates who are also employees of Natixis IM-NA and may receive compensation from the Adviser with respect to sales of Class Y shares.

The Distribution Agreements may be terminated at any time on 60 days' notice to the Distributor without payment of any penalty, by either vote of a majority of the outstanding voting securities or by vote of a majority of the Independent Trustees. The Distribution Agreements may be terminated at any time on 90 days', written notice to the Trusts, without payment of any penalty.

The Distribution Agreements and the Plans will continue in effect for successive one-year periods, provided that each such continuance is specifically approved (i) by the vote of a majority of the Independent Trustees cast in person at a meeting called for that purpose, and (ii) by the vote of the Board or by a vote of a majority of the outstanding securities of a Fund (or the relevant class, in the case of the Plans).

With the exception of the Distributor, its affiliated companies and those Trustees that are not Independent Trustees, no interested person of the Trusts or any Trustee of the Trusts had any direct or indirect financial interest in the operation of the Plans or any related agreement. Benefits to the Funds and their shareholders resulting from the Plans are believed to include (1) enhanced shareholder service, (2) asset retention, and (3) enhanced portfolio management opportunities and bargaining position with third-party service providers and economies of scale arising from having asset levels higher than they would be if the Plans were not in place.

The Distributor controls the word "Natixis" in the names of the Natixis Funds Trusts and if it should cease to be the principal distributor of such Funds' shares, the Trusts may be required to change their names and delete these words or letters. The Distributor also acts as principal distributor for Natixis Funds Trust I, Natixis Funds Trust IV, Loomis Sayles Funds I, Loomis Sayles Funds II, and Gateway Trust. The address of the Distributor is 888 Boylston Street, Suite 800, Boston, MA 02199-8197.

The portion of the various fees and expenses for Class A and Class C shares that are paid (reallowed) to securities dealers are shown below.

------

[Back to **Table of Contents**](#TOC_4823)

**<u>Class A</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Cumulative Investment**  | **Maximum**<br>**Sales Charge Paid**<br>**by Investors**<br>**(% of offering**<br>**price)** | **Maximum**<br>**Reallowance or**<br>**Commission**<br>**(% of offering**<br>**price)** | **Maximum**<br>**First Year**<br>**Service Fee**<br>**(% of net**<br>**investment)** | **Maximum**<br>**First Year**<br>**Compensation**<br>**(% of offering**<br>**price)** |
|  **All Funds**  |  |  |  |  |
|  Less than $50,000  | 5.75% | 5.00% | 0.25% | 5.25% |
| $50000 – $99999  | 4.50% | 4.00% | 0.25% | 4.25% |
| $100000 – $249999  | 3.50% | 3.00% | 0.25% | 3.25% |
| $250000 – $499999  | 2.50% | 2.15% | 0.25% | 2.40% |
| $500000 – $999999  | 2.00% | 1.70% | 0.25% | 1.95% |
|  **Investments of $1,000,000 or more<sup>1,</sup>**<sup>**2**</sup>  | **Investments of $1,000,000 or more<sup>1,</sup>**<sup>**2**</sup>  | **Investments of $1,000,000 or more<sup>1,</sup>**<sup>**2**</sup>  | **Investments of $1,000,000 or more<sup>1,</sup>**<sup>**2**</sup>  | **Investments of $1,000,000 or more<sup>1,</sup>**<sup>**2**</sup>  |
|  Up to $2,999,999  |  | 1.00% | 0.25% | 1.25% |
|  $3,000,000 to $4,999,999  |  | 0.75% | 0.25% | 1.00% |
|  Excess over $5,000,000  |  | 0.50% | 0.25% | 0.75% |
|  **Investments with No Sales Charge<sup>3</sup>**  |  | 0.00% | 0.25% | 0.25% |

---

---

| | |
|:---|:---|
| 1 | Commissions are based on cumulative investments over the life of the account with no adjustment for redemptions, transfers or market declines. For example, if a shareholder has accumulated investments in excess of $5,000,000 and subsequently redeems all or a portion of the account(s), purchases following the redemption will generate a dealer commission of 0.50%. |

---

---

| | |
|:---|:---|
| 2 | A securities dealer may elect, at the time of the investment, to waive their commission on investments of $1,000,000 or more. In such cases, investments will be processed as "Investment with no Sales Charge" as described above. No CDSC will be applied to these investments. |

---

3 Refers to any investments made by investors not subject to a sales charge as described in each Fund's Prospectus for Class A shares in the section "How Sales Charges Are Calculated." Also refers to any Class C share accounts established prior to December 1, 2000.

**<u>Class C</u>**

Class C service fees are payable regardless of the amount of the Distributor's related expenses.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Cumulative Investment**  | **Maximum**<br>**Sales Charge Paid**<br>**by Investors**<br>**(% of offering**<br>**price)** | **Maximum**<br>**Reallowance or**<br>**Commission**<br>**(% of offering**<br>**price)** | **Maximum**<br>**First Year**<br>**Service Fee**<br>**(% of net**<br>**investment)** | **Maximum**<br>**First Year**<br>**Compensation**<br>**(% of offering**<br>**price)** |
|  All amounts for Class C  |  | 1.00% | 0.00% | 1.00% |

---

As described in the Prospectuses, each purchase or sale of shares is effected at the NAV next determined after an order is received, less any applicable sales charge. The sales charge is allocated between the investment dealer and the Distributor, as indicated in the tables above. The Distributor receives the contingent deferred sales charge (the "CDSC"). Proceeds from the CDSC on Class A and Class C shares are paid to the Distributor and are used by the Distributor to defray the expenses for services the Distributor provides to the Trusts. The Distributor may, at its discretion, pay (reallow) the entire sales charge imposed on the sale of Class A shares to investment dealers from time to time.

For new amounts invested at NAV by an eligible governmental authority, the Distributor may, at its expense, pay investment dealers a commission of 0.025% of the average daily net assets of an account at the end of each calendar quarter for up to one year. These commissions are not payable if the purchase represents the reinvestment of redemption proceeds from any other Natixis Fund or if the account is registered in street name.

The Funds may pay fees to intermediaries such as banks, broker-dealers, financial advisors or other financial institutions for sub-administration, sub-transfer agency and other services, including, but not limited to, recordkeeping, shareholder or participant reporting or shareholder or participant recordkeeping ("recordkeeping and processing-related services") associated with shareholders whose shares are held of record in omnibus, other group accounts (for example, 401(k) plans) or accounts traded through registered securities clearing agents. These fees are paid directly or indirectly by the Funds (with the exception of Class N shares, which do not bear such expenses) in light of the fact that other costs may be avoided by the Funds where the intermediary, not the Funds' service providers, provides shareholder services to Fund shareholders. The intermediary may impose other account or service charges directly on account holders or participants. In addition, depending on the arrangements, the Funds' Advisers and/or Distributor or their affiliates may, out of their own resources, compensate such financial intermediaries or their agents directly or indirectly for such recordkeeping and processing-related services; such payments will not be made with respect to Class N shares. The services provided and related payments vary from firm to firm. Under these programs, the Distributor may enter into administrative services agreements with intermediaries pursuant to which intermediaries will provide sub-transfer agency services, sub-administrative services and other services with respect to the Funds. These services may include, but are not limited to, shareholder record set-up and maintenance, account statement preparation and mailing, transaction processing and settlement and account level tax reporting. The Distributor is reimbursed by the Funds for all or a

------

[Back to **Table of Contents**](#TOC_4823)

portion of any fees paid to intermediaries by the Distributor on behalf of the Funds. In certain cases, a recipient of 12b-1 distribution payments, shareholder servicing payments or revenue sharing payments may rebate some or all of such amounts to its clients or plan participants, or use such amounts to defray client or plan expenses. For more information, investors should contact their financial representatives or plan administrator.

*<u>Additional Payments</u>*

The Distributor, each Adviser and their affiliates may out of their own resources make additional payments to financial intermediaries who sell shares of the Funds (with the exception of Class N shares, for which such additional payments are not made). Such payments and compensation are in addition to any fees paid or reimbursed by the Funds. These payments may include: (i) full reallowance of the sales charge of Class A shares, (ii) additional compensation with respect to the sale and/or servicing of Class A, Class C, Class N, and Class Y shares, (iii) payments based upon various factors, as described below, and (iv) financial assistance programs to firms who sell or arrange for the sale of Fund shares including, but not limited to, remuneration for: the firm's internal sales contests and incentive programs, marketing and sales fees, expenses related to advertising or promotional activity and events, and shareholder recordkeeping, sub-transfer agency or miscellaneous administrative services. From its own profits and resources, the Distributor may, from time to time, make payments to qualified wholesalers, registered financial institutions and third-party marketers for marketing support services and/or retention of assets (with the exception of Class N shares, for which such additional payments are not made). Among others, an affiliate of the Advisor has agreed pay an annual fee for marketing support services to Equitable Advisors, LLC (formerly known as AXA Advisors, LLC). In addition to marketing and/or financial support payments described above, payment for travel, lodging and related expenses may be provided for attendance at Fund seminars and conferences, e.g., due diligence meetings held for training and educational purposes. The Distributor intends that the payment of these concessions and any other compensation offered will conform with state and federal laws and the rules of any self-regulatory organization, such as the Financial Industry Regulatory Authority. The participation of such firms in financial assistance programs is at the discretion of the firm and the Distributor. The payments described in (iii) above may be based on sales and/or the amount of assets a financial intermediary's clients have invested in the Funds. The actual payment rates to a financial intermediary will depend upon how the particular arrangement is structured (e.g., solely asset-based fees, solely sales-based fees or a combination of both) and other factors such as the length of time assets have remained invested in the Fund, redemption rates and the willingness of the financial intermediary to provide access to its representatives for educational and marketing purposes. The payments to financial intermediaries described in this section and elsewhere in this Statement, which may be significant to the financial intermediaries, may create an incentive for a financial intermediary or its representatives to recommend or sell shares of the Funds or particular share class over other mutual funds or share classes. Additionally, these payments may result in the Funds' inclusion on a sales list, including a preferred or select sales list, or in other sales programs. Investors should contact their financial representative for details about the payment the financial intermediaries may receive.

In addition, Gateway pays to Natixis Distribution 0.10% of the new assets of the Gateway Fund raised following the Reorganization.

From time to time, the Funds' service providers, or any of their affiliates, may also pay non-cash compensation to the sales representatives of financial intermediaries in the form of (i) occasional gifts; (ii) occasional meals, tickets or other entertainment; and/or (iii) sponsorship support of regional events of intermediaries.

Dealers may charge their customers a processing fee or service fee in connection with the purchase or redemption of fund shares. The amount and applicability of such a fee is determined and disclosed to its customers by its individual dealer. Processing or service fees typically are fixed, nominal dollar amounts and are in addition to the sales and other charges described in the Funds' Prospectuses and this Statement. Customers will be provided with specific information about any processing or service fees charged by their dealer.

The commissions and sales charges for the periods shown below were allocated as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **12/31/23** | **12/31/24** | **12/31/25** |
|  **NATIXIS FUNDS TRUST I<sup>†</sup>**  |  |  |  |
|  Total commissions on sales of Class A shares  | $77788 | $96706 | $60724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount reallowed to other securities dealers  | $67694 | $83929 | $52496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount retained by Distributor  | $10094 | $12777 | $8228 |
|  Total CDSCs on redemptions of Classes A and C shares  | $2802 | $2046 | $4277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount retained by Distributor<sup>1</sup>  | $2802 | $2046 | $4277 |
|  **NATIXIS FUNDS TRUST II<sup>†</sup>**  |  |  |  |
|  Total commissions on sales of Class A shares  | $3553 | $9001 | $398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount reallowed to other securities dealers  | $3139 | $7766 | $345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount retained by Distributor  | $414 | $1234 | $53 |
|  Total CDSCs on redemptions of Classes A and C shares  | $515 | $177 | $243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount retained by Distributor<sup>1</sup>  | $515 | $177 | $243 |

---

------

[Back to **Table of Contents**](#TOC_4823)

---

| | | | |
|:---|:---|:---|:---|
|  | **12/31/23** | **12/31/24** | **12/31/25**  |
|  **GATEWAY TRUST<sup>†</sup>**  |  |  |  |
|  Total commissions on sales of Class A shares  | $47031 | $61529 | $100200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount reallowed to other securities dealers  | $40794 | $53193 | $86774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount retained by Distributor  | $6237 | $8336 | $13426 |
|  Total CDSCs on redemptions of Classes A and C shares  | $32826 | $2905 | $6956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount retained by Distributor<sup>1</sup>  | $32826 | $2905 | $6956 |

---

† Information is only provided for the Funds in this Statement as listed on the cover page.

---

| | |
|:---|:---|
| 1 | See the section "Other Arrangements" for information about amounts received by the Distributor from the Trusts' Advisers and Subadvisers or the Funds directly for providing certain administrative services relating to the Trusts. |

---

**OTHER ARRANGEMENTS**

<u>**<u>Administrative Services</u>**</u><u>.</u> Natixis Advisors, 888 Boylston Street, Suite 800, Boston, MA 02199-8197, performs certain accounting and administrative services for the Funds, pursuant to an Administrative Services Agreement dated January 1, 2005, as amended from time to time (the "Administrative Agreement"). Under the Administrative Agreement, Natixis Advisors provides the following services to the Funds: (i) personnel that perform bookkeeping, accounting, internal auditing and financial reporting functions and clerical functions relating to the Funds, (ii) services required in connection with the preparation of registration statements and prospectuses, registration of shares in various states, shareholder reports and notices, proxy solicitation material furnished to shareholders of the Funds or regulatory authorities and reports and questionnaires for SEC compliance, (iii) the various registrations and filings required by various regulatory authorities, and (iv) consultation and legal advice on Fund-related matters.

For these services, Natixis Advisors received the following fees from the Funds for the last three fiscal years.

---

| | | | |
|:---|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| <br> **Fund**  | **12/31/23** | **12/31/24** | **12/31/25** |
|  | *Fee* | *Fee* | *Fee* |
|  **Equity Call Premium Fund**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Fees  | $106333 | $134840 | $114541 |
|  **Gateway Fund**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Fees  | $2925931 | $2917074 | $2927204 |
|  **Global Megatrends Fund**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Fees  | $452405 | $476643 | $385588 |
|  **Mid Cap Fund**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Fees  | $115399 | $112873 | $92233 |
|  **Small Cap Fund**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Fees  | $162073 | $465271 | $556203 |

---

<u>**<u>Support Services</u>**</u><u>***<u>.</u>***</u> Pursuant to intercompany agreements between Gateway and Natixis Advisors, Natixis Advisors provides various marketing, relationship management, and support services to the Funds and Gateway. Pursuant to separate support service agreements between Natixis Advisors and Mirova US (for the Global Megatrends Fund), Natixis Advisors provides various marketing, relationship management and other support services to the Funds, and Mirova US. With respect to these contractual arrangements, Gateway and Mirova US, and not the Funds, pay Natixis Advisors for such services.

<u>**<u>Custodial Arrangements.</u>**</u> State Street Bank and Trust Company ("State Street Bank"), One Congress Street, Suite 1, Boston, MA 02114, serves as the custodian for the Trusts. As such, State Street Bank holds in safekeeping certificated securities and cash belonging to the Funds and, in such capacity, is the registered owner of securities in book-entry form belonging to the Funds. Upon instruction, State Street Bank receives and delivers cash and securities of the Funds in connection with Fund transactions and collects all dividends and other distributions made with respect to Fund portfolio securities. State Street Bank also maintains certain accounts and records of the Trusts and calculates the total NAV, total net income and NAV per share of the Funds on a daily basis.

<u>**<u>Transfer Agency Services</u>**</u><u>***<u>.</u>***</u> Pursuant to a contract between the Trusts, on behalf of the Funds, and SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS" or the "Transfer Agent"), whose principal business address is 30 Braintree Hill Office Park, Suite 400 Braintree, MA 02184, SS&C GIDS acts as shareholder servicing and transfer agent and dividend paying agent for the Funds and is responsible for services in connection with the establishment, maintenance and recording of shareholder accounts, including all related tax and other reporting requirements and the implementation of investment and redemption arrangements offered in connection with the sale of the Funds' shares.

------

[Back to **Table of Contents**](#TOC_4823)

From time to time, the Funds, directly or indirectly through arrangements with the Adviser or Transfer Agent, may pay amounts to third parties that provide recordkeeping and other administrative services relating to a Fund to persons who beneficially own interests in the Fund, such as shareholders whose shares are held of record in omnibus, other group accounts (for example, 401(k) plans) or accounts traded through registered securities clearing agents. See the section "Distribution Agreements and Rule 12b-1 Plans."

*Transfer Agency Expenses.* Natixis Advisors has given a binding contractual undertaking to the Gateway Equity Call Premium Fund, Mirova Global Megatrends Fund, Vaughan Nelson Mid Cap Fund and Vaughan Nelson Small Cap Fund to reimburse any and all transfer agency expenses for Class N shares. This undertaking is in effect through April 30, 2027 and may be terminated before then only with the consent of the Board. For the fiscal year ended December 31, 2025, Natixis Advisors reimbursed the Gateway Equity Call Premium Fund $991, Mirova Global Megatrends Fund $4,774, Vaughan Nelson Mid Cap Fund $1,740, and Vaughan Nelson Small Cap Fund $3,886 for transfer agency expenses related to Class N shares.

<u>**<u>Independent Registered Public Accounting Firm.</u>**</u> ****The Trusts' independent registered public accounting firm is PricewaterhouseCoopers LLP, located at 101 Seaport Blvd., Boston, MA 02210. The independent registered public accounting firm conducts an annual audit of each Fund's financial statements, assists in the review of federal and state income tax returns and consults with the Trusts as to matters of accounting and federal and state income taxation. The financial highlights in the Funds' Prospectus and the Funds' audited financial statements and accompanying notes for the fiscal year ended December 31, 2025 contained in the [Natixis Funds Trust I Form N-CSR](https://www.sec.gov/Archives/edgar/data/770540/000119312526091070/d119574dncsr.htm), the [Natixis Funds Trust II Form N-CSR](https://www.sec.gov/Archives/edgar/data/52136/000119312526091064/d122957dncsr.htm), and the [Gateway Trust Form N-CSR](https://www.sec.gov/Archives/edgar/data/1406305/000119312526091069/d121158dncsr.htm), each for the fiscal year ended December 31, 2025 and incorporated by reference into this Statement, have been so included in reliance on the reports of the Trusts' independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

<u>**<u>Counsel to the Funds.</u>**</u> Ropes & Gray LLP, located at Prudential Tower, 800 Boylston Street, Boston, MA 02199, serves as counsel to the Funds.

**PORTFOLIO MANAGEMENT INFORMATION**

**Portfolio Managers' Management of Other Accounts**

As of December 31, 2025, the portfolio managers of the Funds managed other accounts in addition to managing one or more of the Funds. The following table provides information on the other accounts managed by each portfolio manager.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Registered**<br>**Investment Companies** | **Registered**<br>**Investment Companies** | **Registered**<br>**Investment Companies** | **Registered**<br>**Investment Companies** | **Other Pooled**<br>**Investment Vehicles** | **Other Pooled**<br>**Investment Vehicles** | **Other Pooled**<br>**Investment Vehicles** | **Other Pooled**<br>**Investment Vehicles** | **Other Accounts** | **Other Accounts** | **Other Accounts** | **Other Accounts** |
|  | **Other Accounts** **Managed** | **Other Accounts** **Managed** | **Advisory fee**<br>**is based on** **performance** | **Advisory fee**<br>**is based on** **performance** | **Other Accounts** **Managed** | **Other Accounts** **Managed** | **Advisory fee**<br>**is based on** **performance** | **Advisory fee**<br>**is based on** **performance** | **Other Accounts** **Managed** | **Other Accounts** **Managed** | **Advisory fee**<br>**is based on** **performance** | **Advisory fee**<br>**is based on** **performance** |
|  **Name of Portfolio**<br>**Manager (Firm)**  | **# of** **Accts** | **Total** **Assets** | **# of** **Accts** | **Total** **Assets** | **# of** **Accts** | **Total** **Assets** | **# of** **Accts** | **Total** **Assets** | **# of** **Accts** | **Total** **Assets** | **# of** **Accts** | **Total** **Assets** |
|  Dennis G. Alff<br>(Vaughan Nelson)  | 2 | $1.5<br>billion | 0 | $0 | 1 | $30.9 million | 0 | $0 | 29 | $628.5<br>million | 1 | $27.6<br>million |
|  Daniel M. Ashcraft (Gateway)  | 4 | $2,087.2<br>million | 0 | $0 | 0 | $0 | 0 | $0 | 70 | $607.8<br>million | 0 | $0 |
|  Michael T. Buckius<br>(Gateway)  | 4 | $2,087.2<br>million | 0 | $0 | 0 | $0 | 0 | $0 | 87 | $826.0<br>million | 0 | $0 |
|  Hua Cheng<br>(Mirova US)  | 1 | $847.3<br>million | 0 | $0 | 26 | $12.8<br>billion | 0 | $0 | 0 | $0 | 0 | $0 |
|  James Eisenman<br>(Vaughan Nelson)  | 3 | $970.1<br>million | 0 | $0 | 3 | $266.4<br>million | 0 | $0 | 88 | $2.5<br>billion | 0 | $0 |
|  Sundeep Khanna<br>(Vaughan Nelson)  | 2 | $1.5<br>billion | 0 | $0 | 1 | $30.9<br>million | 0 | $0 | 29 | $628.5<br>million | 1 | $27.6<br>million |
|  Jens Peers<br>(Mirova US)  | 1 | $847.3<br>million | 0 | $0 | 26 | $12.8<br>billion | 0 | $0 | 0 | $0 | 0 | $0 |
|  Kenneth H. Toft<br>(Gateway)  | 4 | $2,087.2<br>million | 0 | $0 | 0 | $0 | 0 | $0 | 16 | $320.3<br>million | 0 | $0 |
|  Mitchell J. Trotta<br>(Gateway)  | 3 | $1,994.0<br>million | 0 | $0 | 0 | $0 | 0 | $0 | 43 | $554.7<br>million | 0 | $0 |
|  Chris D. Wallis<br>(Vaughan Nelson)  | 9 | $3.3<br>billion | 0 | $0 | 9 | $61.1<br>million | 0 | $0 | 254 | $7.7<br>billion | 21 | $333.6 million |

---

------

[Back to **Table of Contents**](#TOC_4823)

**Material Conflicts of Interest**

Conflicts of interest may arise in the allocation of investment opportunities and the allocation of aggregated orders among the Funds and other accounts managed by the portfolio managers. A portfolio manager potentially could give favorable treatment to some accounts for a variety of reasons, including favoring larger accounts, accounts that pay higher fees, accounts that pay performance-based fees, accounts of affiliated companies and accounts in which the portfolio manager has an interest. In addition, due to differences in the investment strategies or restrictions among a Fund and a portfolio manager's other accounts, the portfolio manager may take action with respect to another account that differs from the action taken with respect to a Fund. Although such favorable treatment could lead to more favorable investment opportunities or allocations for some accounts and may appear to create additional conflicts of interest for the portfolio manager in the allocation of management time and resources, each Adviser and Subadviser strives to ensure that portfolio managers endeavor to exercise their discretion in a manner that is equitable to all interested persons. Furthermore, each Adviser and Subadviser makes investment decisions for all accounts (including institutional accounts, mutual funds, hedge funds and affiliated accounts) based on each account's investment objectives, investment guidelines and restrictions, the availability of other comparable investment opportunities, and each Adviser and Subadviser's desire to treat all accounts fairly and equitably over time. Each Adviser and Subadviser has adopted policies and procedures to mitigate the effects of these potential conflicts as well as other types of conflicts of interests. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises or that each Adviser or Subadviser will treat all accounts identically. For more information on how each Adviser and Subadviser allocates investment opportunities between the Funds and their other clients, see the section "Allocation of Investment Opportunity Among the Funds and Other Accounts Managed by the Advisers and/or Subadvisers" in this Statement. Conflicts of interest also arise to the extent a portfolio manager short sells a stock or otherwise takes a short position in one client account but holds that stock long in other accounts, including the Funds, or sells a stock for some accounts while buying the stock for others, and through the use of "soft dollar arrangements," which are discussed in the section "Portfolio Transactions and Brokerage."

**Portfolio Managers' Compensation**

The following describes the structure of, and the method used to determine, the compensation of each of the above-listed portfolio managers as of December 31, 2025:

**Gateway.** The compensation of the portfolio managers is comprised of three components: base salary; incentive compensation related to the profitability of Gateway (with management fees for the Gateway Fund, Equity Call Premium Fund and all other Gateway-managed accounts being asset-based, not performance-based, either absolutely or in relation to any benchmark); and a retirement plan. The incentive compensation component, comprised of both a long-term incentive pool and a short-term incentive pool, is anticipated to be larger than the base salary component. Messrs. Buckius and Toft are parties to employment agreements that provide for automatic renewals for successive one-calendar-year periods and, among other things, a specified base salary and certain undertakings not to compete with the Adviser or solicit its clients. The non-competition and non-solicitation undertakings will expire one year from the termination of employment.

**Mirova US and Mirova.** The portfolio managers are compensated according to the Mirova global salary policy. Mirova's global salary policy is intended to encourage staff loyalty and performance, by rewarding individual and collective performance in an unbiased manner. Investment professionals are compensated through both fixed and variable compensation.

Portfolio Manager compensation is made up primarily of three main components: fixed compensation (salary), variable compensation (bonus) and, for key people, a long-term incentive program.

**Fixed compensation** is re-evaluated annually and applies the firm's salary grid as well as industry compensation data. Base salary is a fixed amount based on a combination of factors, including industry experience, firm experience, job performance and market considerations.

**Variable compensation** is distributed in two forms:

● Cash bonuses awarded to portfolio managers and analysts, with the allocation based upon quantitative (collective and individual) as well as qualitative criteria. Quantitative criteria include the excess performance of the portfolio versus the benchmark, for both one-year and three-year periods. Qualitative criteria are defined annually to assess the contribution of each team to the overall performance of all portfolios, not just their own.

● A long-term incentive plan ("LTIP") is awarded to key people, i.e., people whose yearly performance and contribution to Mirova's results are high. The LTIP is indexed to Mirova's operating income before tax.

The allocation of variable compensation is validated by the Mirova Remuneration Committee to ensure internal equity and consistency with market practices. The Compliance Officer gives an annual opinion on Mirova's variable compensation policy.

**Vaughan Nelson.** The compensation program at Vaughan Nelson is designed to align the interests of portfolio management professionals with the interests of clients and Vaughan Nelson by retaining top-performing employees and creating incentives to enhance Vaughan Nelson's long-term success.

Compensation of portfolio management professionals includes a fixed base salary, a variable bonus and deferral plan and a contribution to the firm's retirement plan.

------

[Back to **Table of Contents**](#TOC_4823)

All portfolio management professionals (at the discretion of the Compensation Committee of the Vaughan Nelson Board) participate in the variable bonus and deferral plan component which, as a whole, is based upon a percentage of Vaughan Nelson's net profit. Each portfolio management professional's participation in the variable bonus and deferral plan is based upon many factors, including but not limited to

● Performance of the strategy managed (both absolute and relative to peers)

● Amount of revenue derived from the strategy managed

● Contribution to the development and execution of the firm's investment philosophy and process

● Participation and effectiveness in performing client service activities and marketing initiatives

The degree to which any one factor influences participation in the bonus pool will vary between individuals and over time. A portion of the variable bonus is subject to deferral and each participant has the option to invest the deferral into Vaughan Nelson managed product(s) while it vests. Each year's deferral is paid out over a period of three years. Payments are conditioned upon compliance with non-compete and non-solicitation arrangements.

The contribution to the firm's retirement plan is based on a percentage (at the discretion of the Vaughan Nelson Board) of total cash compensation (subject to the U.S. Internal Revenue Service ("IRS") limits) and such percentage is the same for all firm personnel. Compensation at Vaughan Nelson is determined by the Compensation Committee at the recommendation of the Chief Executive Officer. There is no distinction for purposes of compensation between the Funds and any other accounts managed.

**Portfolio Managers' Ownership of Fund Shares**

As of December 31, 2025, the portfolio managers of the Funds had the following ownership in the Funds:

---

| | |
|:---|:---|
|  **Name of Portfolio Manager**  | **Fund(s) Managed** |
|  Dennis G. Alff<br>(Vaughan Nelson)  | Mid Cap Fund<br> F |
|  Daniel M. Ashcraft<br>(Gateway)  | Equity Call Premium Fund<br>Gateway Fund<br> C<br>C |
|  Michael T. Buckius<br>(Gateway)  | Equity Call Premium Fund<br>Gateway Fund<br> G<br>G |
|  Hua Cheng<br>(Mirova US)  | Global Megatrends Fund<br> E |
|  James Eisenman<br>(Vaughan Nelson)  | Small Cap Fund<br> E |
|  Sundeep Khanna<sup>\*\*</sup><br>(Vaughan Nelson)  | Mid Cap Fund<br> E |
|  Soliane Varlet<br>(Mirova US)  | Global Megatrends Fund<br> A |
|  Jens Peers<br>(Mirova US)  | Global Megatrends Fund<br> E |
|  Kenneth H. Toft<br>(Gateway)  | Equity Call Premium Fund<br>Gateway Fund<br> F<br>F |
|  Mitchell J. Trotta<br>(Gateway)  | Equity Call Premium Fund<br>Gateway Fund<br> B<br>B |
|  Chris D. Wallis<br>(Vaughan Nelson)  | Small Cap Fund<br>Mid Cap Fund<br> A<br>A |

---

<sup>\*</sup>A. None

B. $1 – $10,000

C. $10,001 – $50,000

D. $50,001 – $100,000

E. $100,001 – $500,000

F. $500,001 – $1,000,000

G. over $1,000,000

------

[Back to **Table of Contents**](#TOC_4823)

There are various reasons why a portfolio manager may not own shares of the Fund(s) he or she manages. One reason is that a Fund's investment objectives and strategies may not match those of the portfolio manager's personal investment objective. In addition, the portfolio managers may invest in other funds or pooled investment vehicles or separate accounts managed by the portfolio manager in a similar style to the Fund managed by such portfolio manager. Administrative reasons (such as facilitating compliance with an Adviser's or Subadviser's code of ethics) also may explain why a portfolio manager has chosen not to invest in the Funds.

**Allocation of Investment Opportunity Among the Funds and Other Accounts Managed by the Advisers and/or Subadvisers**

**Gateway.** Gateway manages other accounts using investment strategies similar to that of the Equity Call Premium Fund and Gateway Fund. A conflict of interest may exist if Gateway identifies a limited investment opportunity that may be appropriate for more than one account, but a Fund is not able to take full advantage of that opportunity due to the need to allocate that opportunity among multiple accounts. In addition, Gateway may execute transactions for another account that may adversely impact the value of securities held by either Fund. However, Gateway believes that these risks are mitigated by the fact that accounts with like investment strategies managed by Gateway are generally managed in a similar fashion, subject to exceptions, such as those resulting from different cash availability and/or liquidity requirements, investment restrictions or policies, the time competing accounts have had funds available for investment or have had investments available for sale, an account's participation in other opportunities, tax considerations and the relative size of portfolio holdings of the same or comparable securities. In addition, Gateway has adopted trade allocation procedures that require equitable allocation of trade orders for a particular security among participating accounts.

**Mirova US.** Certain of a Fund's portfolio managers may encounter situations in which they must determine how to allocate investment opportunities among various clients and other persons. The Adviser has written policies and procedures relating to the allocation of investment opportunities. These policies and procedures address the potential conflicts of interest that may arise as the portfolio managers allocate investment opportunities among the Fund and other clients. In allocating investment opportunities to client accounts, the Adviser first determines which of its clients will participate in such opportunity. The Adviser assesses whether an investment opportunity is appropriate for a particular client based on the client's investment objectives, strategies and risk tolerance. Prior to allocating any investment opportunity to a client account, the Adviser determines what additional factors may restrict or limit the offering of an investment opportunity to the client. The Adviser then will, in its discretion, decide how to allocate such investment opportunity among the identified clients. To the extent a particular investment is suitable for multiple client accounts of the Adviser, such investment will be allocated among such client accounts in a manner that is fair and equitable over time under the circumstances to all clients. The Adviser's exercise of its discretion in allocating investment opportunities with respect to a particular investment among such clients in this manner may not, and often will not, result in proportional allocations among such clients, and such allocations may be more or less advantageous to some clients relative to other clients. In exercising its discretion to allocate investment opportunities and fees and expenses, the Adviser may be faced with a variety of potential conflicts of interest. It is the adviser's policy not to favor or disfavor, consistently or consciously, any client account or class of client accounts in relation to any other client accounts. Further, the Adviser will not allocate investment opportunities based, in whole or in part, on the relative fee structure or amount of fees paid by any client or the profitability of any client. In addition, principal executive officers and other personnel of the Adviser may invest indirectly in and may be permitted to invest directly in clients and may therefore participate indirectly in investments made by the clients in which such personnel may invest. Such interests will vary among clients. The existence of these varying circumstances may present conflicts of interest in determining how much, if any, of certain investment opportunities to offer to a client.

**Vaughan Nelson.** In addition to managing its Funds, Vaughan Nelson serves as investment adviser to foundations, university endowments, corporate retirement plans and family/individual funds. Portfolio transactions for each client account are either completed independently, or, when decisions are made to purchase or sell the same securities for a number of client accounts simultaneously, through a "blocked order." Investments decisions are typically implemented across all accounts managed within a particular strategy through a blocked order. Blocked orders are averaged as to price and are generally allocated on a pro rata basis based upon the actual purchase or sell orders placed for each security. Block orders are undertaken when possible to facilitate best execution, as well as for the purpose of negotiating more favorable brokerage commissions.

**PORTFOLIO TRANSACTIONS AND BROKERAGE**

In placing orders for the purchase and sale of equity securities, each Adviser or Subadviser selects only brokers that it believes are financially responsible, will provide efficient and effective services in executing, clearing and settling an order and will charge commission rates that, when combined with the quality of the foregoing services, will produce the best price and execution for the transaction. This does not necessarily mean that the lowest available brokerage commission, if any, will be paid. However, the commissions charged are believed to be competitive with generally prevailing rates. Each Adviser or Subadviser will use its best efforts to obtain information as to the general level of commission rates being charged by the brokerage community from time to time and will evaluate the overall reasonableness of brokerage commissions, if any, paid on transactions by reference to such data. In making such evaluation, factors affecting liquidity and execution of the order, as well as the amount of the capital commitment by the broker in connection with the order, are taken into account. An Adviser or Subadviser may place orders for the Funds which, combined with orders for the Adviser's/Subadviser's other clients, may impact the price of the relevant security. This could cause the Funds to obtain a worse price on the transaction than would otherwise be the case if the orders were placed in smaller amounts or spread out over a longer period of time.

------

[Back to **Table of Contents**](#TOC_4823)

Subject to the overriding objective of obtaining the best possible execution of orders, an Adviser or Subadviser may allocate brokerage transactions to affiliated brokers. Any such transactions will comply with Rule 17e-1 under the 1940 Act. In order for the affiliated broker to effect portfolio transactions for the Funds, the commissions, fees or other remuneration received by the affiliated broker must be reasonable and fair compared to the commissions, fees and other remuneration paid to other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period. Furthermore, the Board, including a majority of the Independent Trustees, has adopted procedures that are reasonably designed to provide that any commissions, fees or other remuneration paid to an affiliated broker are consistent with the foregoing standard.

Transactions on stock, option, and futures exchanges involve the payment of negotiated brokerage commissions. In the case of securities traded in the OTC market, OTC transactions incorporate any commission within the bid/ask spread.

**Gateway**

As discussed in more detail below, Gateway's receipt of brokerage and research services may sometimes be a factor in Gateway's selection of a broker or dealer to execute transactions for the Funds where Gateway believes that the broker or dealer will provide the best execution of the transactions. Such brokerage and research services may be paid for with Gateway's own assets or may, in connection with transactions in securities effected for client accounts for which Gateway exercises investment discretion, be paid for with client commissions (the latter sometimes referred to as "soft dollars").

In effecting portfolio transactions for the Funds, Gateway is obligated to seek best execution, which is to execute the Fund's transactions where the most favorable combination of price and execution services are available ("best execution"), except to the extent that it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In seeking best execution, Gateway, in the Funds' best interest, considers all relevant factors, including:

● price;

● the size of the transaction;

● the nature of the market for the security;

● the amount of commission;

● the timing of the transaction taking into account market prices and trends;

● the reputation, experience and financial stability of the broker-dealer involved;

● the quality of service rendered by the broker-dealer in other transactions.

Gateway may not consider sales of shares of the Funds as a factor in the selection of broker-dealers to execute securities transactions, nor may the Funds or Gateway enter into any agreement or understanding under which a Fund directs brokerage transactions or revenues generated by those transactions to broker-dealers to pay for distribution of Fund shares. Nevertheless, the Funds or Gateway may place portfolio transactions with brokers or dealers who promote or sell Fund shares so long as such placements are made pursuant to policies approved by the Funds' Board that are designed to ensure that the selection is based on the quality of the broker-dealer's execution and not on its sales efforts.

The Trust has no obligation to deal with any broker or dealer in the execution of its transactions.

While Gateway does not intend to limit the placement of orders to any particular broker or dealer, Gateway generally gives preference to those brokers or dealers who are believed to give best execution at the most favorable prices and who also provide brokerage research, statistical or other services to Gateway and/or the Trust. These services include not only a wide variety of reports on such matters as economic and political developments, industries, companies, securities, portfolio strategy, account performance, daily prices of securities, stock and bond market conditions and projections, asset allocation and portfolio structure, but also meetings with management representatives of issuers and with other analysts and specialists. Commissions charged by broker-dealers who provide these services may be higher than commissions charged by those who do not provide them. Higher commissions are paid only if Gateway determines that they are reasonable in relation to the value of the services provided. The availability of such services was taken into account in establishing the advisory fee. Specific brokerage and research services furnished by broker-dealers through whom the Trust effects securities transactions may be used by Gateway in servicing all of its accounts and may not be used with respect to the Funds. Similarly, specific brokerage and research services furnished by brokers who execute transactions for other Gateway clients may be used by Gateway for the benefit of the Trust.

**Mirova US**. Mirova US has a Best Execution Committee that meets on a quarterly basis to evaluate systematically the execution performance of brokers used. For products where price is the same between different brokers, the analysis will be mainly qualitative. For products where price is a major determinant (e.g., bonds, FX), a regular audit of whether the best price was actually chosen will be performed as determined necessary. In placing orders for the purchase and sale of securities for its Funds, Mirova US selects only brokers or dealers that it believes are financially responsible and will provide efficient and effective services in executing, clearing and settling an order. Transactions in unlisted securities are carried out through broker-dealers who make the primary market for such securities unless, in the judgment of Mirova US, a more favorable price can be obtained by carrying out such transactions through other brokers or dealers.

------

[Back to **Table of Contents**](#TOC_4823)

**Vaughan Nelson.** In placing orders for the purchase and sale of securities for its Funds, Vaughan Nelson selects only brokers or dealers that it believes are financially responsible and will provide efficient and effective services in executing, clearing and settling an order. Vaughan Nelson will use its best efforts to obtain information as to the general level of commission rates being charged by the brokerage community from time to time and will evaluate the overall reasonableness of brokerage commissions, if any, paid on transactions by reference to such data. Transactions in unlisted securities are carried out through broker-dealers who make the primary market for such securities unless, in the judgment of Vaughan Nelson, a more favorable price can be obtained by carrying out such transactions through other brokers or dealers.

Receipt of research services from brokers is one factor used in selecting a broker that Vaughan Nelson believes will provide best execution for a transaction. These research services include not only a wide variety of reports on such matters as economic and political developments, industries, companies, securities, portfolio strategy, account performance, daily prices of securities, stock and bond market conditions and projections, asset allocation and portfolio structure, but also meetings with management representatives of issuers and with other analysts and specialists. Although it is not possible to assign an exact dollar value to these services, they will, to the extent used, reduce Vaughan Nelson's expenses. Such services may be used by Vaughan Nelson in servicing other client accounts and in some cases may not be used with respect to the Funds. Receipt of services or products other than research from brokers is not a factor in the selection of brokers.

In placing orders for the purchase and sale of securities for a Fund, Vaughan Nelson may cause the Fund to pay a broker-dealer that provides the brokerage and research services to Vaughan Nelson an amount of commission for effecting a securities transaction for the Fund in excess of the amount another broker-dealer would have charged for effecting that transaction. Vaughan Nelson must determine in good faith that such greater commission is reasonable in relation to the value of the brokerage and research services provided by the executing broker-dealer viewed in terms of that particular transaction or Vaughan Nelson's overall responsibilities to Natixis Fund Trust I and Natixis Fund Trust II and its other clients. Vaughan Nelson's authority to cause the Funds to pay such greater commissions is also subject to such policies as the Trustees of the Trusts may adopt from time to time.

**General**

Subject to procedures adopted by the Board of each Trust, the Funds' brokerage transactions may be executed by brokers that are affiliated with Natixis IM-NA or the Advisers or Subadvisers. Any such transactions will comply with Rule 17e-1 under the 1940 Act, or other applicable restrictions as permitted by the SEC pursuant to exemptive relief or otherwise.

Under the 1940 Act, persons affiliated with the Trusts are prohibited from dealing with the Trusts' funds as a principal in the purchase and sale of securities. Since transactions in the OTC market usually involve transactions with dealers acting as principals for their own accounts, affiliated persons of the Trusts may not serve as the Funds' dealer in connection with such transactions.

To the extent permitted by applicable law, and in all instances subject to the foregoing policy of best execution, each Adviser or Subadviser may allocate brokerage transactions to broker-dealers (including affiliates of the Distributor) that have entered into arrangements in which the broker-dealer allocates a portion of the commissions paid by the Funds toward the reduction of the Funds' expenses.

It is expected that the portfolio transactions in fixed-income securities will generally be with issuers or dealers on a net basis without a stated commission. Securities firms may receive brokerage commissions on transactions involving options, futures and options on futures and the purchase and sale of underlying securities upon exercise of options. The brokerage commissions associated with buying and selling options may be proportionately higher than those associated with general securities transactions.

**DESCRIPTION OF THE TRUSTS**

The Declarations of Trust of Natixis Funds Trust I, Natixis Fund Trust II and Gateway Trust permit the Trustees to issue an unlimited number of full and fractional shares of each series. Each share of the Funds represents an equal proportionate interest in the Funds with each other share of the Funds and is entitled to a proportionate interest in the dividends and distributions from the Funds. The Declarations of Trust further permit the Board to divide the shares of each series into any number of separate classes, each having such rights and preferences relative to other classes of the same series as the Board may determine. When you invest in a Fund, you acquire freely transferable shares of beneficial interest that entitle you to receive dividends as determined by the Board and to cast a vote for each share you own at shareholder meetings. The shares of the Funds do not have any preemptive rights. Upon termination of the Funds, whether pursuant to liquidation of a Trust or otherwise, shareholders of each class of the Funds are entitled to share *pro rata* in the net assets attributable to that class of shares of the Funds available for distribution to shareholders. The Declarations of Trust also permit the applicable Board to charge shareholders directly for custodial, transfer agency and servicing expenses.

The shares of all the Funds (except as noted in this Statement and in each of the Fund's Prospectuses) are divided into four classes: Class A, Class C, Class N, and Class Y. Each Fund offers such classes of shares as set forth in such Fund's Prospectus. As disclosed in the Prospectuses, not every Fund offers each class of shares. The share classes each have different eligibility and minimum investment requirements, which are disclosed in the relevant Prospectuses. All expenses of each Fund (including advisory and subadvisory fees but excluding class specific expenses such as transfer agency fees ("Other Expenses")) are borne by its Class A, Class C, Class N, and Class Y, as applicable, on a pro rata basis, except for 12b-1 fees, which are borne only by Class A and Class C shares and may be charged at a

------

[Back to **Table of Contents**](#TOC_4823)

separate rate to each such class. Other Expenses (with the exception of transfer agent expenses) are borne by such classes on a pro rata basis. Transfer agent expenses for Class A, Class C, and Class Y shares are borne on a pro rata basis. Class N transfer agent expenses are borne directly by that class. The multiple class structure could be terminated should certain IRS rulings or SEC regulatory positions be rescinded or modified.

The assets received by each class of the Funds for the issue or sale of its shares and all income, earnings, profits, losses and proceeds therefrom, subject only to the rights of creditors, are allocated to, and constitute the underlying assets of, that class of a Fund. The underlying assets of each class of a Fund are segregated and are charged with the expenses with respect to that class of a Fund and with a share of the general expenses of a Fund and Trust. Any general expenses of the Trusts that are not readily identifiable as belonging to a particular class of the Funds are allocated by or under the direction of the Trustees in such manner as the Trustees determine to be fair and equitable. While the expenses of the Trusts are allocated to the separate books of account of each series of the Trusts, certain expenses may be legally chargeable against the assets of all of the series in a Trust.

Each Declaration of Trust also permits the Board, without shareholder approval, to subdivide the Funds or series or class of shares into various sub-series or sub-classes with such dividend preferences and other rights as the Trustees may designate. The Board may also, without shareholder approval, except to the extent such shareholder approval is required by law, establish one or more additional series or classes or, with shareholder approval, merge two or more existing series or classes. Shareholders' investments in such an additional or merged series would be evidenced by a separate series of shares (i.e., a new "fund").

Each Declaration of Trust provides for the perpetual existence of the Trusts. Each Trust, however, may be terminated at any time by vote of at least two-thirds of the outstanding shares of each series of the Trust. In addition, a Fund may be terminated at any time by vote of at least two-thirds of the outstanding shares of such Fund. Similarly, any class of a Fund may be terminated by vote of at least two-thirds of the outstanding shares of such class. Each Declaration of Trust further provides that the Board may also, without shareholder approval, terminate the relevant Trust of Fund upon written notice to its shareholders.

**VOTING RIGHTS**

Shareholders of all Funds are entitled to one vote for each full share held (with fractional votes for each fractional share held) and may vote (to the extent provided therein) on the election of Trustees and the termination of a Trust and on other matters submitted to the vote of shareholders.

Shareholders of Natixis Funds Trust I, Natixis Funds Trust II and Gateway Trust have identical voting rights to each other. All classes of shares of each Fund have identical voting rights, except that each class of shares has exclusive voting rights on any matter submitted to shareholders that relates solely to that class, and has separate voting rights on any matter submitted to shareholders in which the interests of one class differ from the interests of any other class. On any matters submitted to a vote of shareholders, all shares of a Trust then entitled to vote shall, except as otherwise provided in the respective Trust's by-laws, be voted in the aggregate as a single class without regard to series or class of shares, except (i) when required by the 1940 Act, or when the Trustees shall have determined that the matter affects one or more series or class of shares materially differently, shares shall be voted by individual series or class and (ii) when the matter affects only the interest of one or more series or classes, only shareholders of such series or class shall be entitled to vote thereon. Consistent with the current position of the SEC, shareholders of all series and classes vote together, irrespective of series or class, on the election of Trustees and the selection of the Trusts' independent registered public accounting firm, but shareholders of each series vote separately on most other matters requiring shareholder approval, such as certain changes in investment policies of that series or the approval of the investment advisory and subadvisory agreement relating to that series, and shareholders of each class within a series vote separately as to the Rule 12b-1 plan (if any) relating to that class.

There will normally be no meetings of shareholders for the purpose of electing Trustees except that, in accordance with the 1940 Act, (i) a Trust will hold a shareholders' meeting for the election of Trustees at such time as less than a majority of the Trustees holding office have been elected by shareholders, and (ii) if there is a vacancy on the Board, such vacancy may be filled only by a vote of the shareholders unless, after filling such vacancy by other means, at least two-thirds of the Trustees holding office shall have been elected by the shareholders. In addition, Trustees may be removed from office by a written consent signed by the holders of two-thirds of the outstanding shares and filed with a Trust's custodian or by a vote of the holders of two-thirds of the outstanding shares at a meeting duly called for that purpose.

Upon written request by a minimum of ten holders of shares having held their shares for a minimum of six months and having a NAV of at least $25,000 or constituting at least 1% of the outstanding shares, whichever is less, stating that such shareholders wish to communicate with the other shareholders for the purpose of obtaining the signatures necessary to demand a meeting to consider removal of a Trustee, the Trusts have undertaken to provide a list of shareholders or to disseminate appropriate materials (at the expense of the requesting shareholders).

Except as set forth above, the Trustees shall continue to hold office and may appoint successor trustees. Shareholder voting rights are not cumulative.

------

[Back to **Table of Contents**](#TOC_4823)

The affirmative vote of a majority of shares of the Trusts voted (assuming a quorum is present in person or by proxy) is required to amend a Declaration of Trust if such amendment (1) affects the power of shareholders to vote, (2) amends the section of the Declaration of Trust governing amendments, (3) is one for which a vote is required by law or by the Trusts' registration statement, or (4) is submitted to the shareholders by the Trustees. If one or more new series of a Trust is established and designated by the Trustees, the shareholders having beneficial interests in the other funds shall not be entitled to vote on matters exclusively affecting such new series, such matters including, without limitation, the adoption of or any change in the investment objectives, policies or restrictions of the new series and the approval of the investment advisory contracts of the new series. Similarly, the shareholders of the new series shall not be entitled to vote on any such matters as they affect the other funds.

**SHAREHOLDER AND TRUSTEE LIABILITY**

Under Massachusetts law, shareholders could, under certain circumstances, be held personally liable for the obligations of a Trust. However, the Declarations of Trust disclaim shareholder liability for acts or obligations of a Trust and require that notice of such disclaimer be given in each agreement, obligation or instrument entered into or executed by a Trust or the Trustees. The Declarations of Trust provide for indemnification out of each Fund's property for all loss and expense of any shareholder held personally liable for the obligations of the Fund by reason of owning shares of such Fund. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is considered remote since it is limited to circumstances in which the disclaimer is inoperative and a Fund itself would be unable to meet its obligations.

The Declarations of Trust further provide that the relevant Board will not be liable for errors of judgment or mistakes of fact or law. However, nothing in the Declarations of Trust protects a Trustee against any liability to which the Trustee would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office. The by-laws of each Trust provide for indemnification by the Trust of Trustees and officers of the relevant Trust, except with respect to any matter as to which any such person did not act in good faith in the reasonable belief that his or her action was in the best interests of the Trust. Such persons may not be indemnified against any liability to the Trust or the Trust's shareholders to whom he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office. Each Trust offers only its own Funds' shares for sale, but it is possible that a Trust might become liable for any misstatements in a prospectus that relate to another Trust. The Trustees of each Trust have considered this possible liability and approved the use of the combined prospectus for Funds of the Trusts.

**HOW TO BUY SHARES**

The procedures for purchasing shares of the Funds are summarized in the Prospectuses. All purchases made by check should be in U.S. dollars and made payable to Natixis Funds or the Funds' custodian bank.

At the discretion of the Distributor, bank trust departments or trust companies may also be eligible for investment in Class Y shares at a reduced minimum, subject to certain conditions including a requirement to meet the minimum investment balance within a specified time period. Please contact the Distributor at 800-225-5478 for more information.

**REDEMPTIONS**

The procedures for redemption of shares of a Fund are summarized in its Prospectuses.

A shareholder automatically receives access to the ability to redeem shares by telephone following the completion of a Fund application, which is available at im.natixis.com or from your investment dealer. When selecting the service, a shareholder may have the withdrawal proceeds sent to his or her bank, in which case the shareholder must designate a bank account on his or her application to which the redemption proceeds should be sent as well as provide a check marked "VOID" and/or a deposit slip that includes the routing number of his or her bank. Any change in the bank account so designated or addition of a new bank account may be made by furnishing to SS&C GIDS or your investment dealer a completed Service Options Form, which may require a medallion signature guarantee or a Signature Validation Program Stamp. Telephone redemptions by ACH or wire may only be made if the designated bank is a member of the Federal Reserve System (the "System") or has a correspondent bank that is a member of the System. If the account is with a savings bank, it must have only one correspondent bank that is a member of the System. The Funds, the Distributor, the Transfer Agent and State Street Bank (the Funds' custodian) are not responsible for the authenticity of withdrawal instructions received by telephone, although they will apply established verification procedures. SS&C GIDS, as agreed to with the Funds, will employ reasonable procedures to confirm that your telephone instructions are genuine, and if it does not, it may be liable for any losses due to unauthorized or fraudulent instructions. Such verification procedures include, but are not limited to, requiring a form of personal identification prior to acting on an investor's telephone instructions and recording an investor's instructions.

The redemption price will be the NAV per share (less any applicable CDSC) next determined after the redemption request and any necessary special documentation is received by the Transfer Agent or your investment dealer in proper form. Payment normally will be made by the Funds within seven days thereafter. Shares purchased by check or through ACH may not be available immediately for redemption to the extent the check or ACH transaction has not cleared. The Funds may withhold redemption proceeds for ten days when redemptions are made within ten calendar days of purchase by check or through ACH.

------

[Back to **Table of Contents**](#TOC_4823)

The CDSC may be waived on redemptions made from IRA accounts due to attainment of age 59½ for IRA shareholders who established accounts prior to January 3, 1995. The CDSC may also be waived on redemptions made from IRA accounts due to death, disability, return of excess contribution, required minimum distributions (waivers apply only to amounts necessary to meet the required minimum amount based on assets held within a Fund), certain withdrawals pursuant to a systematic withdrawal plan, not to exceed 10% annually of the value of the account, and redemptions made from the account to pay custodial fees. The CDSC may also be waived on redemptions within one year following the death of (i) the sole shareholder of an individual account, (ii) a joint tenant where the surviving joint tenant is the deceased's spouse or (iii) the beneficiary of a Uniform Gifts to Minors Act, Uniform Transfer to Minors Act or other custodial account. If the account is transferred to an account registered in the name of the deceased's estate, the CDSC will be waived on any redemption occurring within one year of death. If the account is transferred to a new registration and then a redemption is requested, the applicable CDSC will be charged. However, if an account is transferred to a new registration solely as an operational processing step to facilitate the distribution request from the deceased shareholder's (or the estate's) account, the CDSC will be waived. If shares are not redeemed within one year of the death, they will remain subject to the applicable CDSC when redeemed from the transferee's account.

The CDSC may be waived on redemptions made from 403(b)(7) custodial accounts due to attainment of age 59½ for shareholders who established custodial accounts prior to January 3, 1995. The CDSC may also be waived on redemptions made from 403(b)(7) custodial accounts due to death or disability.

The CDSC also may be waived on redemptions necessary to pay plan participants or beneficiaries from certain retirement plans under Section 401 of the Code, including profit sharing plans, money purchase plans, 401(k) and custodial accounts under Section 403(b)(7) of the Code. Distributions necessary to pay plan participants and beneficiaries include payment made due to death, disability, separation from service, normal or early retirement as defined in the plan document, loans from the plan and hardship withdrawals, return of excess contributions, required minimum distributions (waivers only apply to amounts necessary to meet the required minimum amount), certain withdrawals pursuant to a systematic withdrawal plan, not to exceed 10% annually of the value of your account, and redemptions made from qualified retirement accounts or Section 403(b)(7) custodial accounts necessary to pay custodial fees.

A CDSC will apply in the event of plan level transfers, including transfers due to changes in investment where assets are transferred outside of Natixis Funds, including IRA and 403(b)(7) participant-directed transfers of assets to other custodians (except for the reasons given above) or qualified transfers of assets due to trustee-directed movement of plan assets due to merger, acquisition or addition of additional funds to the plan.

Each Fund will normally redeem shares for cash; however, each Fund reserves the right to pay the redemption price wholly or partly in-kind, if Natixis Advisors determines it to be advisable and in the interest of the remaining shareholders of a Fund. The redemptions in-kind will generally, but not necessarily, result in a pro rata distribution of each security held in a Fund's portfolio. If portfolio securities are distributed in lieu of cash, the shareholder will normally incur brokerage commissions upon subsequent disposition of any such securities. However, the Funds have elected to be governed by Rule 18f-1 under the 1940 Act, pursuant to which each Fund is obligated to redeem shares solely in cash for any shareholder during any 90-day period up to the lesser of $250,000 or 1% of the total NAV of each Fund at the beginning of such period.

The Funds do not currently impose any redemption charge other than the CDSC imposed by the Funds' Distributor, as described in the Prospectuses. The Board reserves the right to impose additional charges at any time. A redemption constitutes a sale of shares for U.S. federal income tax purposes on which the investor may realize a long- or short-term capital gain or loss. See the section "Taxes" in this Statement.

The Funds reserve the right to suspend account services or refuse transaction requests if a Fund receives notice of a dispute between registered owners or of the death of a registered owner or a Fund suspects a fraudulent act. If a Fund refuses a transaction request because it receives notice of a dispute, the transaction will be processed at the NAV next determined after the Fund receives notice that the dispute has been settled or a court order has been entered adjudicating the dispute. If a Fund determines that its suspicion of fraud or belief that a dispute existed was mistaken, the transaction will be processed as of the NAV next determined after the transaction request was first received in good order.

**SHAREHOLDER SERVICES**

**Open Accounts**

A shareholder's investment is automatically credited to an open account maintained for the shareholder by SS&C GIDS. Following each additional investment or redemption from the account initiated by an investor (with the exception of systematic investment plans), a shareholder will receive a confirmation statement disclosing the current balance of shares owned and the details of recent transactions in the account. After the close of each calendar year, the Funds will send each shareholder a statement providing account information that may include U.S. federal income tax information on dividends and distributions paid to the shareholder during the year. This Statement should be retained as a permanent record.

The open account system provides for full and fractional shares expressed to three decimal places and, by making the issuance and delivery of stock certificates unnecessary, eliminates problems of handling and safekeeping, and the cost and inconvenience of replacing lost, stolen, mutilated or destroyed certificates. Certificates will not be issued or honored for any class of shares.

------

[Back to **Table of Contents**](#TOC_4823)

The costs of maintaining the open account system are paid by the Funds and no direct charges are made to shareholders. Although the Funds have no present intention of making such direct charges to shareholders, they each reserve the right to do so. Shareholders will receive prior notice before any such charges are made.

**Minimum Balance Policy**

The Funds' minimum balance policy is described in the Prospectuses.

**Automatic Investment Plans**

Subject to each Fund's investor eligibility requirements, investors may automatically invest in additional shares of a Fund on a monthly basis under the Investment Builder Program by authorizing the Fund to draw from an investor's bank account. A Service Options Form must be completed to open an automatic investment plan and may be obtained by calling the Funds at 800-225-5478 or your investment dealer or by visiting the Funds' website at im.natixis.com.

This program is voluntary and may be terminated at any time by SS&C GIDS upon notice to existing plan participants. The Investment Builder Program plan may be discontinued at any time by the investor by written notice to SS&C GIDS, which must be received at least five business days prior to any payment date. The plan may be discontinued by State Street Bank at any time without prior notice if any check is not paid upon presentation or by written notice to the shareholder at least thirty days prior to any payment date. The Funds are under no obligation to notify shareholders as to the nonpayment of any check.

**Retirement Plans and Other Plans Offering Tax Benefits (Class A and Class C Shares)**

U.S. federal income tax laws provide for a variety of retirement plans offering tax benefits. These plans may be funded with shares of the Funds or with certain other investments. The plans include H.R. 10 ("Keogh") plans for self-employed individuals and partnerships, individual retirement accounts ("IRAs"), corporate pension trust and profit sharing plans, including 401(k) plans, and retirement plans for public school systems and certain tax-exempt organizations.

The minimum initial investment available to retirement plans and other plans offering tax benefits is referred to in the Prospectuses. For these plans, initial investments in a Fund for Class A and Class C shares must be at least $1,000 for IRAs and Keogh plans. There is no initial or subsequent investment minimum for SIMPLE IRAs using the Natixis Funds' prototype documents. Income dividends and capital gain distributions must be reinvested (unless the investor is over age 59 1/2 or disabled). These types of accounts may be subject to fees. Plan documents and further information can be obtained from the Distributor.

Certain retirement plans may also be eligible to purchase Class N and Class Y shares. See the Prospectuses for details.

**Systematic Withdrawal Plans**

An investor owning a Fund's shares having a value of $10,000 or more at the current public offering price may establish a Systematic Withdrawal Plan (a "SWP") providing for periodic payments of a fixed or variable amount. An investor may terminate the SWP at any time. A form for use in establishing an SWP is available from SS&C GIDS, your financial representative or by visiting the Funds' website at im.natixis.com. Withdrawals may be paid to a person other than the shareholder if a medallion signature guarantee is provided. Please consult your investment dealer or the Funds.

A shareholder under an SWP may elect to receive payments monthly, quarterly, semiannually or annually for a fixed amount of not less than $50 or a variable amount based on (1) the market value of a stated number of shares, or (2) a specified percentage of the account's market value.

In the case of shares subject to a CDSC, the amount or percentage you specify may not, on an annualized basis, exceed 10% of the value, as of the time you make the election, of your account with a Fund with respect to which you are electing the SWP. Withdrawals of shares of a Fund under the SWP will be treated as redemptions of shares purchased through the reinvestment of Fund distributions, or, to the extent such shares purchased through the reinvestment of distribution in your account are insufficient to cover SWP payments, as redemptions from the earliest purchased shares of such Fund in your account. No CDSC applies to redemptions pursuant to the SWP.

Since withdrawal payments represent proceeds from the liquidation of shares, withdrawals may reduce and possibly exhaust the value of the account, particularly in the event of a decline in NAV. Accordingly, a shareholder should consider whether an SWP and the specified amounts to be withdrawn are appropriate under the circumstances. The Funds and the Distributor make no recommendations or representations in this regard. It may be appropriate for a shareholder to consult a tax adviser before establishing an SWP. See the sections "Redemptions" and "Taxes" in this Statement for certain information as to U.S. federal income taxes.

It may be disadvantageous for a shareholder to purchase on a regular basis additional Fund shares with a sales charge while redeeming shares under an SWP. Accordingly, the Funds and the Distributor do not recommend additional investments in Class A shares by a shareholder who has an SWP in effect and who would be subject to a sales load on such additional investments. Natixis Funds may modify or terminate this program at any time.

Because of statutory restrictions an SWP may not be available to pension or profit-sharing plans and IRA plans that have UMB Bank N.A. as trustee. Different documentation may be required.

------

[Back to **Table of Contents**](#TOC_4823)

**Dividend Diversification Program**

You may also establish a Dividend Diversification Program, which allows you to have all dividends and any other distributions for Class A, Class C, Class N and Class Y shares automatically invested in shares of the same class of another Natixis Fund, subject to the investor eligibility requirements of that other Fund and to state securities law requirements. Shares will be purchased based upon the selected Fund's NAV (without a sales charge or CDSC) determined as of the close of regular trading on the NYSE on the ex-dividend date for each dividend and distribution. A dividend diversification account must be registered to the same shareholder as the distributing Fund account and, if a new account in the purchased Fund is being established, the purchased Fund's minimum investment requirements must be met. Before establishing a Dividend Diversification Program into any other Natixis Fund, you must obtain and carefully read a copy of that Fund's Prospectus.

**Exchanging or Converting Shares**

A Fund's policies for exchanging or converting shares are described in its Prospectus. Before requesting an exchange into any other Natixis Fund, please read its Prospectus carefully. Subject to the applicable rules of the SEC, the Board reserves the right to modify the exchange privilege at any time. Except as otherwise permitted by SEC rule, shareholders will receive at least 60 days' advance notice of any material change to the exchange privilege.

For purposes of determining the date on which Class C shares convert into Class A shares, a Class C share purchased through the reinvestment of dividends or capital gains distributions (a "Distributed Share") will be considered to have been purchased on the purchase date (or deemed purchase date) of the Class C share through which such Distributed Share was issued. In addition, any Class C shares for which the Transfer Agent cannot determine a holding period (commonly known as "Free Shares") may, depending upon system settings, convert to Class A shares even if such Class C Free Shares have been held for less than ten years. Free Shares typically arise with respect to reinvested dividends not associated with purchased shares and with respect to shares from a Fund that liquidated prior to implementation of the Class C to Class A conversion policy. Automatic conversions of Class C shares to Class A shares will generally be processed monthly on or about the 10th day of the month.

**Merrill Lynch Client Accounts Only**

A shareholder currently holding Class A or Class C shares of a Fund in a fee-based advisory program ("Advisory Program") account or currently holding Class A or Class C shares in a brokerage account but wishing to transfer into an Advisory Program account may convert such shares to Class Y shares of the Fund within the Advisory Program at any time. Such conversions will be on the basis of the relative net asset values per share, without requiring any investment minimum to be met and without the imposition of any redemption fee or other charge. If a CDSC is applicable to such Class A or Class C shares, then the conversion may not occur until after the shareholder has held the shares for an 18-month period (Class A shares) or 12-month period (Class C shares), except that a CDSC applicable to Class A or Class C shares converted to Class Y shares through a fee-based individual retirement account on the Merrill Lynch platform will be waived and Merrill Lynch will remit the portion of the payment to be made to the Distributor equal to the number of months remaining on the CDSC period divided by the total number of months of the CDSC period.

**Automatic Exchange Plan**

As described in the Prospectuses, a shareholder may establish an Automatic Exchange Plan under which Class A, Class C, Class N or Class Y shares of a Fund are automatically exchanged each month for shares of the same class of one or more of the other Funds. Registration on all accounts must be identical. The fund minimum of the new fund must be met in connection with each investment. Exchanges may be processed on any day of the month (or the first business day thereafter if the exchange date is not a business day) until the account is exhausted or until SS&C GIDS is notified in writing to terminate the plan. Exchanges may be made in amounts of $50 or more. The Service Options Form may be used to establish an Automatic Exchange Plan and is available from SS&C GIDS, your financial representative or by visiting the Funds' website at im.natixis.com.

**Restrictions on Buying, Selling and Exchanging Shares**

As stated in the Funds' Prospectuses, each Fund and the Distributor reserve the right to reject any purchase or exchange order for any reason. When a purchase or exchange order is rejected, a Fund or the Distributor will send notice to the prospective investor or the investor's financial intermediary promptly after receipt of the rejected order.

**Broker Trading Privileges**

The Distributor may, from time to time, enter into agreements with one or more brokers or other intermediaries to accept purchase and redemption orders for Fund shares until the close of regular trading on the NYSE (normally, 4:00 p.m., Eastern Time on each day that the NYSE is open for trading); such purchase and redemption orders will be deemed to have been received by Fund when the authorized broker or intermediary accepts such orders; and such orders will be priced using that Fund's NAV next computed after the orders are placed with and accepted by such brokers or intermediaries. Any purchase and redemption orders received by a broker or intermediary under these agreements will be transmitted daily to Fund no later than the time specified in such agreement; but, in any event, no later than market open, Eastern Time, following the day that such purchase or redemption orders are received by the broker or intermediary.

**Transcript Requests**

Transcripts of account transactions will be provided, free of charge, at the shareholder's request.

------

[Back to **Table of Contents**](#TOC_4823)

**Self-Servicing Your Account with Natixis Funds Personal Access Line<sup>®</sup>** **(All Classes Except Class N** **) and Website**

Natixis Funds' shareholders may access account information, including share balances and recent account activity, online by visiting our website at im.natixis.com. Transactions may also be processed online for certain accounts (restrictions may apply). Such transactions include purchases, redemptions and exchanges, and shareholders are automatically eligible for these features. Natixis Funds has taken measures to ensure the security of shareholder accounts, including the encryption of data and the use of personal identification numbers (PINs). In addition, you may restrict these privileges from your account by calling Natixis Funds at 800-225-5478, or writing to us at P.O. Box 219579, Kansas City, MO 64121-9579. More information regarding these features may be found on our website at im.natixis.com.

**NET ASSET VALUE**

The method for determining the public offering price and NAV per share is summarized in the Prospectuses. The total NAV of each class of shares of a Fund (the excess of the assets of such Fund attributable to such class over the liabilities attributable to such class) is determined at the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the NYSE is open for trading. Each Fund will not price its shares on the following holidays: New Year's Day, Martin Luther King Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. Fund securities and other investments for which market quotations are readily available, as outlined in the Funds' policies and procedures, are valued at market value. A Fund may use a third-party pricing service to obtain market quotations and other valuation information, such as evaluated bids. Generally, Fund securities and other investments are valued as follows:

● **Equity securities (including shares of closed-end investment companies and ETFs), exchange-traded notes, rights, and** **warrants** — listed equity securities are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by a third-party pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price ("NOCP"), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities discussed below) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by a third-party pricing service. If there is no sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by a third-party pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Valuations based on information from foreign markets may be subject to the Fund's fair value policies described below. If a right is not traded on any exchange, its value is based on the market value of the underlying security, less the cost to subscribe to the underlying security (*e.g.,* to exercise the right), adjusted for the subscription ratio. If a warrant is not traded on any exchange, a price is obtained from a broker-dealer.

● **Debt securities and unlisted preferred equity securities** — evaluated bids furnished to a Fund by a third-party pricing service using market information, transactions for comparable securities and various relationships between securities, if available, or bid prices obtained from broker-dealers.

● **Senior Loans** — bid prices supplied by a third-party pricing service, if available, or bid prices obtained from broker-dealers.

● **Bilateral Swaps** — bilateral credit default swaps are valued based on mid prices (between the bid and ask prices) supplied by a third-party pricing service. Bilateral interest rate swaps and bilateral standardized commodity and equity index total return swaps are valued based on prices supplied by a third-party pricing service. If prices from a third-party pricing service are not available, prices from a broker-dealer may be used.

● **Centrally Cleared Swaps** — settlement prices of the clearing house on which the contracts were traded or prices obtained from broker-dealers.

● **Options** — domestic exchange-traded index and single name equity options contracts (including options on ETFs) are valued at the mean of the National Best Bid and Offer quotations as determined by the Options Price Reporting Authority. Foreign exchange-traded single name equity options contracts are valued at the most recent settlement price. Options contracts on foreign indices are priced at the most recent settlement price. Options on futures contracts are valued using the current settlement price on the exchange on which, over time, they are traded most extensively. Other exchange-traded options are valued at the average of the closing bid and ask quotations on the exchange on which, over time, they are traded most extensively. OTC currency options and swaptions are valued at mid-prices (between the bid and ask prices) supplied by a third-party pricing service, if available. Other OTC options contracts (including currency options and swaptions not priced through a third-party pricing service) are valued based on prices obtained from broker-dealers. Valuations based on information from foreign markets may be subject to the Funds' fair value policies described below.

● **Futures** — most recent settlement price on the exchange on which the valuation designee believes that, over time, they are traded most extensively. Valuations based on information from foreign markets may be subject to the Funds' fair value policies described below.

● **Forward Foreign Currency Contracts** — interpolated rates determined based on information provided by a third-party pricing service.

● **Mutual Funds** — net asset value.

------

[Back to **Table of Contents**](#TOC_4823)

Foreign denominated assets and liabilities are translated into U.S. dollars based upon foreign exchange rates supplied by a third-party pricing service. As noted below, Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the Adviser or Subadviser in its capacity as "valuation designee." A Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the NYSE. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer's security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, each Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time a Fund's NAV is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine a Fund's NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by a Fund. Valuations for securities traded in the OTC market may be based on factors such as market information, transactions for comparable securities, and various relationships between securities or bid prices obtained from broker-dealers. Evaluated prices from a third-party pricing service may require subjective determinations and may be different than actual market prices or prices provided by other pricing services.

Rule 2a-5 under the 1940 Act addresses valuation practices and the role of the board of directors with respect to the fair value of the investments of a registered investment company. Among other things, Rule 2a-5 permits a fund's board to designate the fund's primary investment adviser to perform the fund's fair value determinations, which are subject to board oversight and certain reporting and other requirements. As of the date of this Statement, each Fund's adviser serves as the Fund's valuation designee for purposes of compliance with Rule 2a-5 under the 1940 Act.

Trading in some of the portfolio securities or other investments of the Funds takes place in various markets outside the United States on days and at times other than when the NYSE is open for trading. Therefore, the calculation of these Funds' NAV does not take place at the same time as the prices of many of their portfolio securities or other investments are determined, and the value of these Funds' portfolios may change on days when these Funds are not open for business and their shares may not be purchased or redeemed.

The per share NAV of a class of each Fund's shares is computed by dividing the number of shares outstanding into the total NAV attributable to such class. The public offering price of a Class A share of a Fund is the NAV per share plus a sales charge as set forth in each Fund's Prospectus.

**REDUCED SALES CHARGES**

The following special purchase plans are summarized in the Prospectuses and are described in greater detail below. Investors should note that in many cases, the financial intermediary, and not the Funds, is responsible for ensuring that the investor receives current discounts.

If you invest in Class A shares through a financial intermediary, it is the responsibility of the financial intermediary to ensure you obtain the proper "breakpoint" discount. In order to reduce your sales charge, it will be necessary at the time of purchase to inform the Distributor and your financial intermediary, in writing, of the existence of other accounts in which there are holdings eligible to be aggregated to meet sales load breakpoints. If the Distributor is not notified that you are eligible for a reduced sales charge, the Distributor will be unable to ensure that the reduction is applied to the investor's account. You may be required to provide certain records and information, such as account statements, with respect to all of your accounts which hold Fund shares, including accounts with other financial intermediaries, and your family members' and other related parties' accounts, in order to verify your eligibility for the reduced sales charge.

**Please see Appendix A to the Prospectus for information regarding eligibility for sales load waivers and discounts available** **through specific financial intermediaries, which may differ from those disclosed elsewhere in the Prospectus or this Statement.**

**Cumulative Purchase Discount**

The Cumulative Purchase Discount privilege is described in the Prospectus.

**Letter of Intent**

A Letter of Intent (a "Letter"), which can be effected at any time, is a privilege available to investors that reduces the sales charge on investments in Class A shares. Ordinarily, reduced sales charges are available for single purchases of Class A shares only when they reach certain breakpoints (*e.g.,* $50,000, $100,000, etc.). By signing a Letter, a shareholder indicates an intention to invest enough money in Class A shares within 13 months to reach a breakpoint. If the shareholder's intended aggregate purchases of all series and classes of the Trusts and other Natixis Funds over a defined 13-month period will be large enough to qualify for a reduced sales charge, the shareholder may invest the smaller individual amounts at the public offering price calculated using the sales load applicable to the 13-month aggregate investment.

A Letter is a non-binding commitment, the amount of which may be increased, decreased or canceled at any time. The effective date of a Letter is the date it is received in good order by the Transfer Agent.

Purchases made within 90 days of the establishment of the Letter may be used towards meeting the Letter of Intent.

------

[Back to **Table of Contents**](#TOC_4823)

The cumulative purchase discount, described in the Prospectus, permits the aggregate value at the current public offering price of Class A shares of any accounts with the Trusts held by a shareholder to be added to the dollar amount of the intended investment under a Letter, provided the shareholder lists them on the account application.

The Transfer Agent will hold in escrow shares with a value at the current public offering price of 5% of the aggregate amount of the intended investment. The amount in escrow will be released when the commitment stated in the Letter is completed. If the shareholder does not purchase shares in the amount indicated in the Letter, the shareholder agrees to remit to the Transfer Agent the difference between the sales charge actually paid and that which would have been paid had the Letter not been in effect, and authorizes the Transfer Agent to redeem escrowed shares in the amount necessary to make up the difference in sales charges. Reinvested dividends and distributions are not included in determining whether the Letter has been completed.

**Combining Accounts**

For purposes of determining the sales charge applicable to a given purchase, a shareholder may elect to combine the purchase and the shareholder's total investment (calculated at the current public offering price) in all series and classes of the Natixis Funds with the purchases and total investment of the shareholder's spouse, parents, children, siblings, grandparents, grandchildren and in-laws of those previously mentioned, single trust estates, individual retirement accounts and sole proprietorships or any other group of individuals acceptable to the Distributor. If the combined value of the purchases and total investments exceeds a sales charge breakpoint as disclosed in the Prospectuses, the lower sales charge applies to the entire amount of the purchase, even though some portion of that investment is below the breakpoint to which a reduced sales charge applies.

For certain retirement plans, the Distributor may, in its discretion, combine the purchases and total investment of all qualified participants in the same retirement plan for purposes of determining the availability of a reduced sales charge. Savings Incentive Match Plan for Employees ("SIMPLE IRA") contributions will automatically be linked with those of participants in the same SIMPLE IRA Plan (Class A shares only) using the Natixis Funds prototype documents. Effective May 8, 2026, all share classes will be linked for the purpose of calculating sales charges. SIMPLE IRA accounts may not be linked with any other Natixis Fund account for rights of accumulation.

Purchases and total investments of individuals may not be combined with purchases and total investments of the retirement plan accounts described in the preceding paragraph for the purpose of determining the availability of a reduced sales charge. Only the purchases and total investments in tax-qualified retirement plans or other employee benefit plans in which the shareholder is the sole participant may be combined with individual accounts for purposes of determining the availability of a reduced sales charge.

**Eligible Governmental Authorities**

There is no sales charge or CDSC related to investments in Class A shares by any state, county or city or any instrumentality, department, authority or agency thereof that has determined that Fund is a legally permissible investment and that is prohibited by applicable investment laws from paying a sales charge or commission in connection with the purchase of shares of any registered investment company.

**Investment Advisory Accounts**

Class A shares of any Fund may be purchased at NAV by registered investment advisers, financial planners or other intermediaries who place trades for their own accounts or by clients of registered investment advisers, financial planners or other intermediaries where the registered investment adviser, financial planner or other intermediary receives an advisory, management, or consulting fee for the investment in the Fund. Investors may be charged a fee if they effect transactions through a broker or agent.

**Certain Broker-Dealers and Financial Services Organizations**

Class A shares of any Fund may also be purchased at NAV through certain broker-dealers or financial services organizations without any transaction fee. Such organizations may also receive compensation paid by Natixis Advisors, or its affiliates out of their own assets (as described in the section "Distribution Agreements and Rule 12b-1 Plans"), or be paid indirectly by the Funds in the form of servicing, distribution or transfer agent fees.

**Certain Clients of Financial Intermediaries**

Class A shares may be offered without front-end sales charges or a CDSC to clients of a financial intermediary that has entered into an agreement with the Distributor and has been approved by the Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not charge a transaction fee.

**Certain Retirement Plans**

Class A shares of the Funds may be purchased at NAV for investments by certain retirement plans. The availability of this pricing may depend upon the policies and procedures of your specific intermediary; consult your financial adviser.

"Certain Retirement Plans" as it relates to load waivers, share class eligibility, and account minimums is defined as follows:

Certain Retirement Plans include 401(k), 457, 401(a) (including profit-sharing, money purchase pension plans), 403(b), 403(b)(7), defined benefit plans, non-qualified deferred compensation plans, Taft-Hartley multi-employer plans, and retiree health benefit plans. Accounts must be plan level omnibus accounts to qualify.

------

[Back to **Table of Contents**](#TOC_4823)

Certain Retirement Plans do not include individual retirement accounts such as an IRA, SIMPLE IRA, SEP IRA, SARSEP, IRA, and Roth IRA. Any account registered in the name of a participant does not qualify.

**The reduction or elimination of the sales charges in connection with special purchase plans described above reflects the absence** **or reduction of expenses associated with such sales.**

**DISTRIBUTIONS**

As described in the Prospectuses, it is the policy of each Fund to pay shareholders at least annually according to the schedule specified in each Fund's Prospectus, as dividends, all or substantially all of its net investment income and to distribute annually (or, in the case of short-term gains, more frequently than annually if determined by the Fund to be in the best interest of shareholders) all or substantially all of its net realized capital gains, if any, after offsetting any capital loss carryforwards. To the extent permitted by law, the Board may adopt a different schedule for making distributions as long as distributions of net investment income and net realized capital gains, if any, are made at least annually. A Fund's distribution rate fluctuates over time for various reasons, and there can be no assurance that a Fund's distributions will not decrease or that a Fund will make any distributions when scheduled. For example, foreign currency losses could potentially reduce or eliminate regularly scheduled distributions for certain funds.

Ordinary income dividends and capital gain distributions are reinvested based upon the NAV determined as of the close of the NYSE on the ex-dividend date for each dividend or distribution. Shareholders, however, may elect to receive their ordinary income dividends or capital gain distributions, or both, in cash. The election may be made at any time by submitting a written request directly to Natixis Funds, contacting Natixis Funds at 1-800-225-5478 or visiting im.natixis.com to change your distribution option. In order for a change to be in effect for any dividend or distribution, it must be received by the Funds on or before the record date for such dividend or distribution.

If you elect to receive your dividends in cash and the dividend checks sent to you are returned as "undeliverable" to the Funds or remain uncashed for six months, your cash election will automatically be changed and your future dividends will be reinvested. No interest will accrue on amounts represented by uncashed dividend or redemption checks.

As required by federal law, U.S. federal tax information regarding Fund distributions will be furnished to each shareholder for each calendar year early in the succeeding year. Funds with significant investments in REITs typically request a 30-day extension to provide such federal tax information to their shareholders.

**TAXES**

The following discussion of certain U.S. federal income tax consequences of an investment in a Fund is based on the Code, U.S. Treasury regulations, and other applicable authorities, all as of the date of this Statement. These authorities are subject to change by legislative or administrative action, possibly with retroactive effect. The following discussion is only a summary of some of the important U.S. federal tax considerations generally applicable to an investment in a Fund. There may be other tax considerations applicable to particular shareholders. Shareholders should consult their own tax advisers regarding their particular situations and the possible application of foreign, state and local tax laws.

**Taxation of the Funds**

Each Fund has elected to be treated and intends to qualify and be eligible to be treated each year as a RIC under Subchapter M of the Code. In order to qualify for the special tax treatment accorded RICs under the Code, each Fund must, among other things: (i) derive at least 90% of its gross income in each taxable year from (a) dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities or currencies and (b) net income derived from interests in qualified publicly traded partnerships ("QPTPs"); (ii) diversify its holdings so that at the end of each quarter of a Fund's taxable year (a) at least 50% of the value of the Fund's total assets consists of cash and cash items (including receivables), U.S. government securities, securities of other RICs, and other securities limited, with respect to any one issuer, to no more than 5% of the value of the Fund's total assets and 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of the Fund's total assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest (1) in the securities (other than those of the U.S. government or other RICs) of any one issuer or of two or more issuers that the Fund controls and that are engaged in the same, similar or related trades or businesses, or (2) in the securities of one or more QPTPs; and (iii) distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid—generally taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) and net tax-exempt income, if any, for such year.

In general, for purposes of the 90% gross income requirement described in (i) above, income derived by a Fund from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by the Fund. However, 100% of the net income derived by a Fund from an interest in a QPTP (a partnership (x) the interests in which are traded on an established securities market or are readily tradable on a secondary market or the

------

[Back to **Table of Contents**](#TOC_4823)

substantial equivalent thereof, and (y) that derives less than 90% of its income from the qualifying income described in (i)(a) above) will be treated as qualifying income. In general, such entities will be treated as partnerships for U.S. federal income tax purposes because they meet the passive income requirement under Code section 7704(c)(2). In addition, although in general the passive loss rules of the Code do not apply to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a QPTP.

For purposes of the diversification requirements described in (ii) above, outstanding voting securities of an issuer include the equity securities of a QPTP. Also for purposes of the diversification requirements described in (ii) above, identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and conditions of that investment. In some cases, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future guidance by the IRS with respect to identification of the issuer for a particular type of investment may adversely affect a Fund's ability to satisfy the diversification requirements in (ii) above.

Assuming that it qualifies for treatment as a RIC, a Fund will not be subject to U.S. federal income tax on income or gains distributed to its shareholders in a timely manner in the form of dividends (including Capital Gain Dividends, as defined below). If a Fund were to fail to meet the income, diversification or distribution requirements described above, the Fund could in some cases cure such failure, including by paying a fund-level tax or interest, disposing of certain assets or making additional distributions. If a Fund were ineligible to or did not cure such a failure for any year, or if the Fund otherwise were to fail to qualify as a RIC accorded special tax treatment for such year, the Fund would be subject to tax on its taxable income at corporate rates, and all distributions from earnings and profits, including any distributions of net long-term capital gain, would be taxable to shareholders as ordinary income. Some portions of such distributions may be eligible for the dividends received deduction in the case of corporate shareholders and may be eligible to be treated as "qualified dividend income" in the case of shareholders taxed as individuals, provided in both cases that the shareholder meets certain holding period and other requirements in respect of a Fund's shares (as described below). In addition, a Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before requalifying as a RIC that is accorded special tax treatment.

Each Fund intends to distribute at least annually to its shareholders all or substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction). If a Fund retains any investment company taxable income, the Fund will be subject to tax at regular corporate rates on the amount retained. Each Fund also intends to distribute annually all or substantially all of its net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss, in each case, determined with reference to any loss carryforwards). If a Fund retains any net capital gain, it will be subject to tax at regular corporate rates on the amounts retained, but may designate the retained amount as undistributed capital gains in a notice to its shareholders, who in turn (i) will be required to include in income for U.S. federal income tax purposes, as long-term capital gains, their shares of such undistributed amount, and (ii) will be entitled to credit their proportionate shares of the tax paid by the Fund on such undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds on properly filed U.S. federal income tax returns to the extent the credit exceeds such liabilities. If a Fund makes this designation, for U.S. federal income tax purposes, the tax basis of shares owned by a shareholder of a Fund will be increased by an amount equal to the difference between the amount of undistributed capital gains included in the shareholder's gross income under clause (i) of the preceding sentence and the tax deemed paid by the shareholder under clause (ii) of the preceding sentence. The Funds are not required to, and there can be no assurance that a Fund will, make this designation if a Fund retains all or a portion of its net capital gain in a taxable year.

In determining its net capital gain, including in connection with determining the amount available to support a Capital Gain Dividend, its taxable income and its earnings and profits, a RIC may elect to treat any post-October capital loss (defined as any net capital loss attributable to the portion of the taxable year, if any, after October 31 or, if there is no such loss, the net long-term capital loss or net short-term capital loss attributable to such portion of the taxable year) and certain late-year ordinary losses (generally, the sum of its (i) net ordinary loss, if any, from the sale, exchange or other taxable disposition of property attributable to the portion of the taxable year after October 31, and its (ii) other net ordinary loss, if any, attributable to the portion of the taxable year, if any, after December 31) as if incurred in the succeeding taxable year.

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against a Fund's net investment income. Instead, potentially subject to certain limitations, a Fund may carry net capital losses from any taxable year forward to subsequent taxable years to offset capital gains, if any, realized during such subsequent taxable years. Distributions from capital gains are generally made after applying any available capital loss carryforwards. Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, whether a Fund retains or distributes such gains. If a Fund incurs or has incurred net capital losses, those losses will be carried forward to one or more subsequent taxable years without expiration to offset capital gains realized during such subsequent taxable years; any such carryforward losses will retain their character as short-term or long-term.

If a Fund fails to distribute in a calendar year at least an amount equal to the sum of 98% of its ordinary income for such year and 98.2% of its capital gain net income for the one-year period ending on October 31 of such year (or December 31 of that year if the Fund is eligible to and so elects) plus any such amounts retained from the prior year, the Fund will be subject to a nondeductible 4% excise tax on the undistributed amounts. For purposes of the required excise tax distribution, a Fund's ordinary gains and losses from the sale, exchange or other taxable disposition of property that would be taken into account after October 31 (or December 31, if the Fund is

------

[Back to **Table of Contents**](#TOC_4823)

eligible to and makes the election referred to above) are generally treated as arising on January 1 of the following calendar year. Also for purposes of the excise tax, each Fund will be treated as having distributed any amount on which it has been subject to corporate income tax in the taxable year ending within the calendar year. Each Fund generally intends to make distributions sufficient to avoid imposition of the 4% excise tax, although there can be no assurance that it will be able to do so.

**Taxation of Fund Distributions**

For U.S. federal income tax purposes, distributions of investment income generally are taxable to shareholders as ordinary income to the extent of a Fund's earnings and profits. Taxes on distributions of capital gains are determined by how long a Fund owned (or is deemed to have owned) the investments that generated them, rather than how long a shareholder has owned his or her shares. In general, a Fund will recognize long-term capital gain or loss on the disposition of assets it has owned (or is deemed to have owned) for more than one year, and short-term capital gain or loss on the disposition of investments it has owned (or is deemed to have owned) for one year or less. Distributions of net capital gain that are properly reported by the Fund as capital gain dividends ("Capital Gain Dividends") generally will be taxable to a shareholder receiving such distributions as long-term capital gain includible in net capital gain and taxed to individuals at reduced rates. The IRS and the Department of the Treasury have issued final regulations that impose special rules in respect of Capital Gain Dividends received through partnership interests constituting "applicable partnership interests" under Section 1061 of the Code. Distributions of the excess of net short-term capital gain over net long-term capital loss generally will be taxable to a shareholder receiving such distributions as ordinary income. Distributions from capital gains generally are made after applying any available capital loss carryforwards.

Distributions of investment income properly reported by a Fund as derived from "qualified dividend income" will be taxed in the hands of individuals at the rates applicable to long-term capital gain. In order for some portion of the dividends received by a Fund shareholder to be qualified dividend income, the Fund must meet holding period and other requirements with respect to some portion of the dividend-paying stocks in its portfolio and the shareholder must meet holding period and other requirements with respect to the Fund's shares. In general, a dividend will not be treated as qualified dividend income (at either the Fund or the shareholder level) (1) if the dividend is received with respect to any share of stock held for fewer than 61 days during the 121-day period beginning on the date which is 60 days before the date on which such share becomes ex-dividend with respect to such dividend (or, in the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date), (2) to the extent that the recipient is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property, (3) if the recipient elects to have the dividend income treated as investment income for purposes of the limitation on deductibility of investment interest, or (4) if the dividend is received from a foreign corporation that is (a) not eligible for the benefits of a comprehensive income tax treaty with the United States (with the exception of dividends paid on stock of such a foreign corporation that is readily tradable on an established securities market in the United States) or (b) treated as a passive foreign investment company (as defined below). Income derived from investments in fixed-income securities, REITs and derivatives generally is not eligible for treatment as qualified dividend income.

In general, distributions of investment income properly reported by a Fund as derived from qualified dividend income will be treated as qualified dividend income in the hands of a shareholder taxed as an individual provided the shareholder meets the holding period and other requirements described above with respect to such Fund's shares. If the aggregate qualified dividends received by a Fund during any taxable year are 95% or more of its gross income, excluding net long-term capital gain over net short-term capital loss, then 100% of the Fund's dividends (other than dividends properly reported as Capital Gain Dividends) will be eligible to be treated as qualified dividend income.

In general, properly reported dividends of net investment income received by corporate shareholders of a Fund will qualify for the dividends received deduction generally available to corporations to the extent of the amount of eligible dividends received by the Fund from domestic corporations for the taxable year. In general, a dividend received by a Fund will not be treated as an eligible dividend (1) if it has been received with respect to any share of stock that the Fund has held for less than 46 days (91 days in the case of certain preferred stock) during the 91-day period beginning on the date which is 45 days before the date on which such share becomes ex-dividend with respect to such dividend (during the 181-day period beginning 90 days before such date in the case of certain preferred stock) or (2) to the extent that the Fund is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. Moreover, the dividends received deduction may be disallowed or reduced (1) if the corporate shareholder fails to satisfy the foregoing requirements with respect to its shares of the Fund or (2) otherwise by application of various provisions of the Code (for instance, the dividends received deduction is reduced in the case of a dividend received on debt-financed portfolio stock -- generally, stock acquired with borrowed funds).

Any distribution of income that is attributable to (i) income received by a Fund in lieu of dividends with respect to securities on loan pursuant to a securities lending transaction, or (ii) dividend income received by a Fund on securities it temporarily purchased from a counterparty pursuant to a repurchase agreement that is treated for U.S. federal income tax purposes as a loan by the Fund, may not constitute qualified dividend income to individual shareholders and may not be eligible for the dividends-received deduction for corporate shareholders.

------

[Back to **Table of Contents**](#TOC_4823)

Distributions by a RIC to its shareholders that the RIC properly reports as "section 199A dividends," as defined and subject to certain conditions described below, are treated as qualified REIT dividends in the hands of non-corporate shareholders. Non-corporate shareholders are permitted a federal income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a "section 199A dividend" is any dividend or portion thereof that is attributable to certain dividends received by the RIC from REITs, to the extent such dividends are properly reported as such by the RIC in a written notice to its shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A RIC is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so.

A RIC that receives business interest income may pass through its net business interest income to shareholders for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of Code. A RIC's total "Section 163(j) Interest Dividends" for a tax year are limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, among other requirements, in order to be eligible to treat a Section 163(j) Interest Dividend as interest income, a shareholder must have held the shares in the Fund on which such dividend is paid for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend.

The Code generally imposes a 3.8% tax on the net investment income of certain individuals, trusts and estates to the extent their income exceeds certain threshold amounts. For these purposes, "net investment income" generally includes, among other things, (i) distributions paid by a Fund of net investment income and capital gains as described above, and (ii) any net gain from the sale, redemption, exchange or other taxable disposition of Fund shares. Shareholders are advised to consult their tax advisers regarding the possible implications of this additional tax on their investment in a Fund.

Distributions are taxable to shareholders even if they are paid from income or gains earned by a Fund before a shareholder's investment (and thus were included in the price the shareholder paid for his or her shares). Distributions are taxable whether shareholders receive them in cash or in additional shares.

Dividends declared and payable by a Fund during October, November or December to shareholders of record on a date in any such month and paid by the Fund during the following January generally will be treated for U.S. federal income tax purposes as paid by the Fund and received by shareholders on December 31 of the year in which the dividends are declared rather than the calendar year in which they are received.

If a Fund makes a distribution in excess of its current and accumulated "earnings and profits" in any taxable year, the excess distribution will be treated as a return of capital to the extent of a shareholder's tax basis in his or her shares, and thereafter as capital gain. A return of capital generally is not taxable, but it reduces a shareholder's basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of such shares.

**Sale, Exchange or Redemption of Shares**

A sale, exchange or redemption of Fund shares generally will give rise to a gain or loss. In general, any gain or loss realized upon a taxable disposition of shares will be treated as long-term capital gain or loss if the shares have been held for more than 12 months. Otherwise, gain or loss on the taxable disposition of Fund shares generally will be treated as short-term capital gain or loss. However, any loss realized upon a taxable disposition of Fund shares held by a shareholder for six months or less will be treated as long-term, rather than short-term, to the extent of any Capital Gain Dividends received (or deemed received) by the shareholder with respect to the shares. All or a portion of any loss realized upon a taxable disposition of Fund shares will be disallowed under the Code's "wash sale" rules if other substantially identical shares are purchased within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

Upon the redemption or exchange of a Fund's shares, the Fund or, in the case of shares purchased through a financial intermediary, the financial intermediary may be required to provide you and the IRS with cost basis and certain other related tax information about the Fund shares you redeemed or exchanged. See the Funds' Prospectus for more information.

**Certain Fixed-Income and Other Instruments**

Some debt obligations with a fixed maturity date of more than one year from the date of issuance (and zero-coupon debt obligations with a fixed maturity date of more than one year from the date of issuance) that are acquired by a Fund will be treated as debt obligations that are issued originally at a discount. Generally, the amount of the OID is treated as interest income and is included in a Fund's income (and required to be distributed by the Fund) over the term of the debt security, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. In addition, payment-in-kind securities will give rise to income that is required to be distributed and is taxable even though a Fund holding the security receives no interest payment in cash on the security during the year.

------

[Back to **Table of Contents**](#TOC_4823)

Some debt obligations with a fixed maturity date of more than one year from the date of issuance that are acquired by a Fund in the secondary market may be treated as having "market discount." Very generally, market discount is the excess of the stated redemption price of a debt obligation (or in the case of an obligation issued with OID, its "revised issue price") over the purchase price of such obligation. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt security. Alternatively, a Fund may elect to accrue market discount currently, in which case the Fund will be required to include the accrued market discount in the Fund's income (as ordinary income) and thus distribute it over the term of the debt security, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. The rate at which the market discount accrues, and thus is included in a Fund's income, will depend upon which of the permitted accrual methods the Fund elects.

Some debt obligations with a fixed maturity date of one year or less from the date of issuance that are acquired by a Fund may be treated as having OID or, in certain cases, "acquisition discount" (very generally, the excess of the stated redemption price over the purchase price). A Fund will be required to include the OID or acquisition discount in income (as ordinary income) and thus distribute it over the term of the debt security, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. The rate at which OID or acquisition discount accrues, and thus is included in a Fund's income, will depend upon which of the permitted accrual methods the Fund elects.

If a Fund holds the foregoing kinds of debt obligations, or other debt obligations subject to special rules under the Code, it may be required to pay out as an income distribution each year an amount that is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or, if necessary, by disposition of portfolio securities including at a time when it may not be advantageous to do so. These dispositions may cause a Fund to realize higher amounts of short-term capital gains (generally taxed to shareholders at ordinary income tax rates) and, in the event the Fund realizes net capital gains from such transactions, its shareholders may receive a larger Capital Gain Dividend than if the Fund had not held such obligations.

**Investments in Collateralized Loan Obligations**

The timing and character of income or gains arising from CLOs can be uncertain depending on the tranche (debt or equity). Equity tranches of CLOs elect to be treated as partnerships or corporations. To the extent a Fund invests in equity tranches that are treated as partnerships for U.S. federal income tax purposes, all or a portion of any income and gains from such entities could constitute non-qualifying income to the Fund for purposes of the 90% gross income requirement described above. In such cases, a Fund's investments in such entities could be limited by its intention to qualify as a RIC, and could bear on its ability to so qualify. Income from such entities may be allocated to a Fund on a gross, rather than net, basis, for purposes of the 90% gross income requirement. To the extent a Fund invests in equity tranches that are treated as corporations, the CLO could be subject to the PFIC rules depending on where the CLO is organized. See "Passive Foreign Investment Companies" discussion below.

**Securities Purchased at a Premium**

Very generally, where a Fund purchases a bond at a price that exceeds the redemption price at maturity (*i.e*., a premium), the premium is amortizable over the remaining term of the bond. In the case of a taxable bond, if a Fund makes an election applicable to all such bonds it purchases, which election is irrevocable without consent of the IRS, the Fund reduces the current taxable income from the bond by the amortized premium and reduces its tax basis in the bond by the amount of such offset; upon the disposition or maturity of such bonds acquired on or after January 4, 2013, the Fund is permitted to deduct, any remaining premium allocable to a prior period. In the case of a tax-exempt bond, tax rules require a Fund to reduce its tax basis by the amount of amortized premium.

**Certain Higher-Risk and High Yield Securities**

A Fund may invest in lower-quality debt obligations or debt obligations that are unrated, including debt obligations of issuers not currently paying interest or who are in default. Investments in debt obligations that are at risk of default, or are in default, present special tax issues for a Fund. Tax rules are not entirely clear about issues such as whether a Fund should recognize market discount on a debt obligation and, if so, the amount of market discount the Fund should recognize, when a Fund may cease to accrue interest, OID or market discount, when and to what extent a Fund may take deductions for bad debts or worthless securities and how a Fund should allocate payments received on obligations in default between principal and interest. These and other related issues will be addressed by each Fund when as and if it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a RIC and does not become subject to U.S. federal income or excise tax.

A portion of the interest paid or accrued on certain high yield discount obligations in which a Fund may invest may be treated as a dividend for purposes of the corporate dividends received deduction. In such cases, if the issuer of the high yield discount obligations is a domestic corporation, dividend payments by the Fund to corporate shareholders may be eligible for the dividends received deduction to the extent of the deemed dividend portion of such accrued interest.

------

[Back to **Table of Contents**](#TOC_4823)

**Commodity-Linked Derivatives**

A Fund's use of commodities and commodity-linked derivatives can bear on or be limited by the Fund's intention to qualify as a RIC. Income and gains from certain commodity-linked derivatives do not constitute qualifying income to a RIC for purposes of the 90% gross income test described above. The tax treatment of certain other commodity-linked derivative instruments in which a Fund might invest, including ETNs and certain structured notes, is not certain, in particular with respect to whether income or gains from such instruments constitute qualifying income to a RIC. If a Fund were to treat income or gain from a particular instrument as qualifying income and the income or gain were later determined not to constitute qualifying income and, together with any other non-qualifying income, caused the Fund's non-qualifying income to exceed 10% of its gross income in any taxable year, the Fund would fail to qualify as a RIC unless it were eligible to and did pay a tax at the Fund level on the excess, to "cure" such failure.

**Passive Foreign Investment Companies**

Funds that invest in foreign securities may own shares (or be treated as owning shares) in certain foreign entities that are treated as "passive foreign investment companies" (each a "PFIC"), which could potentially subject such a Fund to U.S. federal income tax (including interest charges) on distributions received from the PFIC or on proceeds received from a disposition of shares in the PFIC. This tax cannot be eliminated by making distributions to Fund shareholders. However, the Fund may make certain elections to avoid the imposition of that tax. For example, a Fund may make an election to mark the gains (and to a limited extent losses) in a PFIC "to the market" as though the Fund had sold and repurchased its holdings in the PFIC on the last day of each taxable year of the Fund. Such gains and losses are treated as ordinary income and loss. Each Fund may also in certain cases elect to treat a PFIC as a "qualified electing fund" (*i.e*., make a "QEF election"), in which case the Fund would be required to include in its income annually its share of the PFIC's income and net capital gains, regardless of whether it receives any distributions from the PFIC.

The mark-to-market and QEF elections may accelerate the recognition of income (without the receipt of cash) and increase the amount required to be distributed by a Fund to avoid taxation. Making either of these elections therefore may require a Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirements, which also may accelerate the recognition of gain and affect the Fund's total return. Dividends paid by PFICs will not be eligible to be treated as qualified dividend income.

Because it is not always possible to identify a foreign corporation as a PFIC, a Fund may incur the tax and interest charges described above in some instances.

**Foreign Taxes**

Income, gains and proceeds received by Fund from investments in securities of foreign issuers may be subject to foreign withholding and other taxes. This will decrease the Fund's yield on securities subject to such taxes. Tax treaties between certain countries and the U.S. may reduce or eliminate such taxes. The Funds generally do not expect that shareholders will be entitled to claim a credit or deduction with respect to such foreign taxes incurred by the Funds.

**Tax Implications of Certain Fund Investments**

**Options, Futures, Forward Contracts, Swap Agreements** **and Hedging Transactions.**

The tax treatment of certain positions entered into by the Funds, including regulated futures contracts, certain foreign currency positions and certain listed non-equity options, will be governed by Section 1256 of the Code ("Section 1256 Contracts"). Gains or losses on Section 1256 Contracts generally are considered 60% long-term and 40% short-term capital gains or losses ("60/40" gains or losses) although certain foreign currency gains and losses from such contracts may be treated as ordinary in character, as described below. Also, any Section 1256 Contracts held by the Funds at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as 60/40 or ordinary gain or loss, as applicable.

A Fund's investments in futures contracts, forward contracts, options, straddles, contingent payment debt instruments, trust preferred securities, convertible bonds, swap agreements, and options on swaps and foreign currencies, derivatives, as well as any of its other hedging, short sale, or similar transactions, may be subject to one or more special tax rules (including the mark-to-market, constructive sale, notional principal contract, straddle, wash sale and short sale rules). These rules may affect whether gains and losses recognized by a Fund are treated as ordinary or capital, accelerate the recognition of income (without receipt of cash) and increase the amount required to be distributed by a Fund to avoid taxation, defer losses to the Fund, or cause adjustments in the holding periods of the Fund's securities, thereby affecting whether capital gains and losses are treated as short-term or long-term. These rules, therefore, could affect the amount, timing and/or character of distributions to shareholders. In certain cases, these tax implications may require a Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirements (to avoid the payment of Fund-level taxes), which also may accelerate the recognition of gain and affect the Fund's total return.

Moreover, because the tax rules applicable to these types of transactions are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether a Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a RIC and avoid a Fund-level tax.

------

[Back to **Table of Contents**](#TOC_4823)

In general, option premiums received by a Fund are not immediately included in the income of the Fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the Fund transfers or otherwise terminates the option (*e.g.,* through a closing transaction). If a call option written by a Fund is exercised and the Fund sells or delivers the underlying stock, the Fund generally will recognize capital gain or loss equal to (a) the sum of the strike price and the option premium received by the Fund minus (b) the Fund's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by a Fund pursuant to the exercise of a put option written by it, that Fund generally will subtract the premium received for purposes of computing its cost basis in the securities purchased. Gain or loss arising in respect of a termination of a Fund's obligation under an option other than through the exercise of the option and related sale or delivery of the underlying stock will be short-term gain or loss depending on whether the premium income received by that Fund is greater or less than the amount paid by the Fund (if any) in terminating the transaction. Thus, for example, if an option written by a Fund expires unexercised, that Fund generally will recognize short-term gain equal to the premium received.

Certain covered call writing activities of a Fund may trigger the U.S. federal income tax straddle rules contained primarily in Section 1092 of the Code. Very generally, where applicable, Section 1092 requires (i) that losses be deferred on positions deemed to be offsetting positions with respect to "substantially similar or related property," to the extent of unrealized gain in the latter, and (ii) that the holding period of such a straddle position that has not already been held for the long-term holding period be terminated and begin anew once the position is no longer part of a straddle. Options on single stocks that are not "deep in the money" may constitute qualified covered calls, which generally are not subject to the straddle rules; the holding period on stock underlying qualified covered calls that are "in the money" although not "deep in the money" will be suspended during the period that such calls are outstanding. Thus, the straddle rules and the rules governing qualified covered calls could cause gains that would otherwise constitute long-term capital gains to be treated as short-term capital gains, and distributions that would otherwise constitute "qualified dividend income" or qualify for the dividends-received deduction to fail to satisfy the holding period requirements and therefore to be taxed as ordinary income or to fail to qualify for the dividends-received deduction, as the case may be.

A Fund's use of certain commodity-linked instruments and commodity-linked structured notes will potentially be limited by the Fund's intention to qualify as a RIC, and will potentially bear on the Fund's ability to so qualify. The tax treatment of certain commodity-linked instruments including structured notes in which a Fund might invest is not certain, in particular with respect to whether income or gains from such instruments constitute qualifying income to a RIC. If a Fund were to treat income or gain from a particular instrument as qualifying income and the income or gain were later determined not to constitute qualifying income and, together with any other nonqualifying income, caused the Fund's nonqualifying income to exceed 10% of its gross income in any taxable year, the Fund would fail to qualify as a RIC unless it is eligible to and does pay a tax at the Fund level.

Certain of a Fund's investments, including but not limited to, derivative instruments, foreign currency denominated instruments, and any of the Fund's transactions in foreign currencies and hedging activities, may produce a difference between its book income and its taxable income. If a Fund's book income is less than the sum of its taxable income and net tax-exempt income (if any), the Fund could be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment and avoid a fund-level tax. If a Fund's book income exceeds the sum of its taxable income, including net realized capital gains, and net tax-exempt income (if any), the distribution (if any) of such excess will be treated as (i) a dividend to the extent of the Fund's remaining earnings and profits (including earnings and profits arising from tax-exempt income, if any), (ii) thereafter, as a return of capital to the extent of the recipient's basis in the shares, and (iii) thereafter, as gain from the sale or exchange of a capital asset.

<u>*<u>Foreign Currency Transactions</u>*</u>

Gain or loss on foreign currency denominated debt securities and on certain other financial instruments, such as forward currency options, futures contracts, forward contracts and currency swaps (and similar instruments, that is attributable to fluctuations in exchange rates occurring between the date of acquisition and the date of settlement or disposition of such securities or instruments may be treated under Section 988 of the Code as ordinary income or loss. Any such net gains could require a larger dividend toward the end of the calendar year. Any such net losses generally will reduce and potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary income. Any net ordinary losses so created cannot be carried forward by Fund to offset income or gains earned in subsequent taxable years.

Fund may elect out of the application of Section 988 of the Code with respect to the tax treatment of each of its foreign currency forward contracts to the extent that (i) such contract is a capital asset in the hands of the Fund and is not part of a straddle transaction and (ii) the Fund makes an election by the close of the day the contract is entered into to treat the gain or loss attributable to such contract as capital gain or loss.

The Fund's forward contracts may qualify as Section 1256 contracts under the Code if the underlying currencies are currencies for which there are futures contracts that are traded on and subject to the rules of a qualified board or exchange. However, a forward currency contract that is a Section 1256 contract would, absent an election out of Section 988 of the Code as described in the preceding paragraph, be subject to Section 988. Accordingly, although such a forward currency contract would be marked-to-market annually like other Section 1256 contracts, the resulting gain or loss would be ordinary. If Fund were to elect out of Section 988 with respect to forward currency contracts that qualify as Section 1256 contracts, the tax treatment generally applicable to Section 1256 contracts, as described above, would apply to those forward currency contracts: that is, the contracts would be marked-to-market annually and gains and losses

------

[Back to **Table of Contents**](#TOC_4823)

with respect to the contracts would be treated as 60/40 gain or loss. If Fund were to elect out of Section 988 with respect to any of its forward currency contracts that do not qualify as Section 1256 contracts, such contracts would not be marked to market annually and the Fund would recognize short-term or long-term capital gain or loss depending on the Fund's holding period therein. Fund may elect out of Section 988 with respect to all, some or none of its forward currency contracts.

**Investments in Other RICs**

A Fund's investments in shares of another mutual fund, ETF or another company that qualifies as a RIC (each an "underlying RIC") can cause the Fund to be required to distribute greater amounts of net investment income or net capital gain than the Fund would have distributed had it invested directly in the securities held by the underlying RIC, rather than in shares of the underlying RIC. Further, the amount or timing of distributions from the Fund qualifying for treatment as a particular character (e.g., long-term capital gain, exempt interest, eligibility for dividends-received deduction, etc.) will not necessarily be the same as it would have been had the Fund invested directly in the securities held by the underlying RIC.

If a Fund receives dividends from an underlying RIC, and the an underlying RIC reports such dividends as qualified dividend income, then the Fund is permitted in turn to report a portion of its distributions as qualified dividend income, provided the Fund meets holding period and other requirements with respect to shares of the an underlying RIC.

If a Fund receives dividends from an underlying RIC and the an underlying RIC reports such dividends as eligible for the dividends-received deduction, then the Fund is permitted in turn to report its distributions derived from those dividends as eligible for the dividends-received deduction as well, provided the Fund meets holding period and other requirements with respect to shares of the an underlying RIC.

If a Fund were to own 20% or more of the voting interests of an underlying RIC, subject to a safe harbor in respect of certain fund of funds arrangements, the Fund would be required to "look through" the underlying RIC to its holdings and combine the appropriate percentage (as determined pursuant to the applicable Treasury Regulations) of the underlying RIC's assets with the Fund's assets for purposes of satisfying the 25% diversification test described above.

**Partnerships and Other Pass-Through Structures**

To the extent a Fund invests in entities that are treated as partnerships (other than QPTPs, as defined above), trusts, or other pass-through structures for U.S. federal income tax purposes, all or a portion of any income and gains from such entities could constitute non-qualifying income to the Fund for purposes of the 90% gross income requirement described above. For example, income that a Fund derives from indirect investments, through such entities, in certain commodity-linked instruments generally will not or may not be considered qualifying income for the purposes of the 90% gross income requirement. In such cases, a Fund's investments in such entities could be limited by its intention to qualify as a RIC, and could bear on its ability to so qualify. Income from such entities may be allocated to the Fund on a gross, rather than net, basis, for purposes of the 90% gross income requirement.

**Investments in Exchange-Traded Notes**

The timing and character of income or gains arising from exchange-traded notes can be uncertain. An adverse determination or future guidance by the IRS with respect to such rules (which determination or guidance could be retroactive) may affect the Fund's ability to qualify for treatment as a RIC and to avoid a fund-level tax.

**REITs, REMICs and TMPs**

A Fund's investments in REIT equity securities may result in the Fund's receipt of cash in excess of the REIT's earnings; if the Fund distributes these amounts, such distributions could constitute a return of capital to Fund shareholders for U.S. federal income tax purposes. Dividends received by a Fund from a REIT will not qualify for the corporate dividends-received deduction and generally will not constitute qualified dividend income.

A Fund may invest directly or indirectly (including through REITs) in residual interests in real estate mortgage investment conduits ("REMICs") (including by investing in residual interests in CMOs with respect to which an election to be treated as a REMIC is in effect) or equity interests in taxable mortgage pools ("TMPs"). Under a notice issued by the IRS in October 2006 and Treasury regulations that have yet to be issued but may apply retroactively, a portion of a Fund's income (including income allocated to the Fund from a REIT or other pass-through entity) that is attributable to a residual interest in a REMIC or an equity interest in a TMP (referred to in the Code as an "excess inclusion") will be subject to U.S. federal income tax in all events. This notice also provides, and the regulations are expected to provide, that excess inclusion income of a RIC generally will be allocated to shareholders of the RIC in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related interest directly. As a result, a Fund investing in such interests may not be a suitable investment for charitable remainder trusts ("CRTs"), as noted below. The Funds do not intend to invest in REITs in which a substantial portion of the assets will consist of residual interests in REMICs.

In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions) and (ii) will constitute unrelated business taxable income ("UBTI") to entities (including a qualified pension plan, an individual retirement account, a 401(k) plan, a Keogh plan or other tax-exempt entity) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to

------

[Back to **Table of Contents**](#TOC_4823)

file a tax return and pay tax on such income. A shareholder will be subject to U.S. federal income tax on such inclusions notwithstanding any exemption from such income tax otherwise available under the Code. See also the section "Tax-Exempt Shareholders" below for a discussion of the special tax consequences that may result where a tax-exempt entity invests in a RIC that recognizes excess inclusion income.

**Tax-Exempt Shareholders**

Income of a RIC that would be UBTI if earned directly by a tax-exempt entity generally will not constitute UBTI when distributed to a tax-exempt shareholder of the RIC. Notwithstanding this "blocking effect", a tax-exempt shareholder could realize UBTI by virtue of its investments in a Fund if shares in the Fund constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of Section 514(b) of the Code.

A tax-exempt shareholder may also recognize UBTI if a Fund recognizes excess inclusion income derived from direct or indirect investments in residual interests in REMICs or equity interests in TMPs, as described above, if the amount of such income recognized by the Fund exceeds the Fund's investment company taxable income (after taking into account deductions for dividends paid by the Fund). Furthermore, any investment in residual interests of a CMO that has elected to be treated as a REMIC can create complex tax consequences, especially if a Fund has state or local governments or other tax-exempt organizations as shareholders.

In addition, special tax consequences apply when CRTs invest in RICs that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs. Under legislation enacted in December 2006, if a CRT (as defined in Section 664 of the Code) realizes any UBTI for a taxable year, a 100% excise tax is imposed on such UBTI. Under IRS guidance issued in October 2006, a CRT will not recognize UBTI as a result of investing in a Fund that recognizes excess inclusion income. Rather, if at any time during any taxable year, a CRT (or one of certain other tax-exempt shareholders, such as the United States, a state or political subdivision, or an agency or instrumentality thereof, and certain energy cooperatives) is a record holder of a share in a Fund that recognizes excess inclusion income, then the Fund will be subject to a tax on that portion of its excess inclusion income for the taxable year that is allocable to such shareholders at the highest U.S. federal corporate income tax rate. The extent to which this IRS guidance remains applicable in light of the December 2006 legislation is unclear. To the extent permitted under the 1940 Act, each Fund may elect to specially allocate any such tax to the applicable CRT (or other shareholder), and thus reduce such shareholder's distributions for the year by the amount of the tax that relates to such shareholder's interest in the Fund. CRTs and other tax-exempt investors are urged to consult their tax advisors concerning the consequences of investing in a Fund.

**Backup Withholding**

Each Fund generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and redemption proceeds paid to any individual shareholder who fails to properly furnish a Fund with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to a Fund that he or she is not subject to such withholding.

Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

**Non-U.S. Shareholders**

Distributions by a Fund to shareholders that are not "U.S. persons" within the meaning of the Code ("Foreign Persons") properly reported by the Fund as (1) Capital Gain Dividends, (2) interest-related dividends and (3) short-term capital gain dividends, each as defined below and subject to certain conditions described below, generally are not subject to withholding of U.S. federal income tax.

In general, the Code defines (1) "short-term capital gain dividends" as distributions of net short-term capital gains in excess of net long-term capital losses and (2) "interest-related dividends" as distributions attributable to U.S.-source interest income of types similar to those that would not have been subject to U.S. federal income tax if earned directly by an individual shareholder that is a Foreign Person, in each case to the extent such distributions are properly reported as such by the Fund in a written notice to shareholders. The exceptions to withholding for Capital Gain Dividends and short-term capital gain dividends do not apply to (A) distributions to an individual Foreign Person who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (B) distributions attributable to gain that is treated as effectively connected with the conduct by the Foreign Person of a trade or business within the United States under special rules regarding the disposition of U.S. real property interests as described below. If a Fund invests in a RIC that pays such distributions to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to Foreign Persons. The exception to withholding for interest-related dividends does not apply to distributions to a Foreign Person (A) that has not provided a satisfactory statement that the beneficial owner is not a U.S. person, (B) to the extent that the dividend is attributable to certain interest on an obligation if the Foreign Person is the issuer or is a 10% shareholder of the issuer, (C) that is within certain foreign countries that have inadequate information exchange with the United States, and (D) to the extent the dividend is attributable to interest paid by a person that is a related person of the Foreign Person and the Foreign Person is a controlled foreign corporation. The Funds, however, do not intend to report any eligible distributions as interest-related or short-term capital gain dividends, and/or treat such dividends, in whole or in part, as ineligible for these exemptions from withholding.

In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports a payment as an interest-related or short-term capital gain dividend. Foreign Persons should contact their intermediaries regarding the application of these rules to their accounts.

------

[Back to **Table of Contents**](#TOC_4823)

Distributions by the Fund to Foreign Persons other than Capital Gain Dividends, interest-related dividends and short-term capital gain dividends (e.g., dividends attributable to dividend and foreign-source interest income or to short-term capital gains or U.S. source interest income to which the exception from withholding described above does not apply) are generally subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate).

If a beneficial holder of Fund shares who or which is a Foreign Person has a trade or business in the United States, and Fund dividends received by such holder are effectively connected with the conduct of such trade or business, the dividends generally will be subject to U.S. federal net income taxation at regular income tax rates and, in the case of a foreign corporation, may also be subject to a branch profits tax. If a beneficial holder of Fund shares who or which is a Foreign Person is eligible for the benefits of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by the holder in the United States. More generally, a beneficial holder of Fund shares who or which is a Foreign Person and who or which is a resident in a country with an income tax treaty with the United States may obtain different tax results than those described herein, and is urged to consult its tax advisors.

A beneficial holder of Fund shares who is a Foreign Person is not, in general, subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on a sale or redemption of shares of a Fund unless (i) such gain is effectively connected with the conduct of a trade or business carried on by such holder within the United States, (ii) in the case of an individual holder, the holder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale, or redemption and certain other conditions are met or (iii) the special rules relating to gain attributable to the sale or exchange of "U.S. real property interests" ("USRPIs") apply to the Foreign Person's sale of shares of the Fund (as described below).

Subject to certain exceptions (for example, for a fund that is a "United States real property holding corporation" as described below), a Fund is generally not required to withhold on the amount of a non-dividend distribution (i.e., a distribution that is not paid out of the Fund's current or accumulated earnings and profits for the applicable taxable year) when paid to a beneficial holder of Fund shares who or which is a Foreign Person.

Special rules would apply if a Fund were a qualified investment entity ("QIE") because it is either a "U.S. real property holding corporation" ("USRPHC") or would be a USRPHC but for the operation of certain exceptions to the definition of USRPIs described below. Very generally, a USRPHC is a domestic corporation that holds USRPIs the fair market value of which equals or exceeds 50% of the sum of the fair market values of the corporation's USRPIs, interests in real property located outside the United States, and other trade or business assets. USRPIs generally are defined as any interest in U.S. real property and any interest (other than solely as a creditor) in a USRPHC or, very generally, an entity that has been a USRPHC in the last five years. A Fund that holds, directly or indirectly, significant interests in REITs may be a USRPHC. Interests in domestically controlled QIEs, including REITs and RICs that are QIEs, not-greater- than-10% interests in publicly traded classes of stock in REITs and not-greater-than-5% interests in publicly traded classes of stock in RICs generally are not USRPIs, but these exceptions do not apply for purposes of determining whether a Fund is a QIE.

If a Fund were a QIE, under a special "look-through" rule, any distributions by the Fund to a shareholder that is a Foreign Person (including, in certain cases, distributions made by the Fund in redemption of its shares) attributable directly or indirectly to (i) distributions received by the Fund from a lower-tier RIC or REIT that the Fund is required to treat as USRPI gain in its hands and (ii) gains realized on the disposition of USRPIs by the Fund would retain their character as gains realized from USRPIs in the hands of the Fund's shareholders that are Foreign Persons and would be subject to U.S. tax withholding. In addition, such distributions could result in the Foreign Person being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a Foreign Person, including the rate of such withholding and character of such distributions (e.g., as ordinary income or USRPI gain), would vary depending upon the extent of the Foreign Person's current and past ownership of the Fund.

In addition, if an interest in a Fund were a USRPI, the Fund would be required to withhold U.S. tax on the proceeds of a share redemption by a greater-than-5% shareholder that is a Foreign Person, in which case such Foreign Person generally would also be required to file U.S. tax returns and pay any additional taxes due in connection with the redemption.

Shareholders of a Fund that are Foreign Persons also may be subject to "wash sale" rules to prevent the avoidance of the tax-filing and -payment obligations discussed above through the sale and repurchase of Fund shares.

The Funds generally do not expect that they will be QIEs.

In order to qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from backup withholding, Foreign Persons must comply with special certification and filing requirements relating to their non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, W-8BEN-E or substitute form). Foreign Persons should consult their tax advisors concerning the tax consequences of owning shares of the Funds, including the certification and filing requirements imposed on Foreign Persons in order to qualify for exemption from the backup withholding tax rates described above or a reduced rate of withholding provided by treaty.

------

[Back to **Table of Contents**](#TOC_4823)

**Shareholder Reporting Obligations With Respect to Foreign Bank and Financial Accounts**

Shareholders that are U.S. persons and own, directly or indirectly, more than 50% of a Fund by vote or value could be required to report annually their financial interest in the Fund's foreign financial accounts, if any, on FinCEN Form 114, Report of Foreign Bank and Financial Accounts. Shareholders should consult a tax advisor, or if holding shares through an intermediary, their intermediary, regarding the applicability to them of this reporting requirement.

**Tax Shelter Reporting Regulations**

Under Treasury regulations, if a shareholder recognizes a loss of at least $2 million in any single taxable year or $4 million in any combination of taxable years for an individual shareholder or at least $10 million in any taxable year or $20 million in any combination of taxable years for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct holders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

**Certain Additional Reporting and Withholding Requirements**

Sections 1471-1474 of the Code and the U.S. Treasury and IRS guidance issued thereunder (collectively, "FATCA") generally require a Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an "IGA") between the United States and a foreign government. If a shareholder fails to provide the requested information or otherwise fails to comply with FATCA or an IGA, a Fund may be required to withhold under FATCA at a rate of 30% with respect to that shareholder on ordinary dividends it pays. The IRS and the Department of Treasury have issued proposed regulations providing that these withholding rules will not apply to the gross proceeds of share redemptions or Capital Gain Dividends a Fund pays. If a payment by a Fund is subject to FATCA withholding, the Fund is required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to foreign shareholders described above (e.g., interest-related dividends and short-term capital gain dividends).

Each prospective investor is urged to consult its tax adviser regarding the applicability of FATCA and any other reporting requirements with respect to the prospective investor's own situation, including investments through an intermediary.

**Other Tax Matters**

Special tax rules apply to investments through defined contribution plans and other tax-qualified plans and tax-advantaged arrangements. Shareholders should consult their tax advisors to determine the suitability of shares of a Fund as an investment through such plans and arrangements and the precise effect of such an investment in their particular tax situations.

Dividends and distributions, and gains from the sale of Fund shares may be subject to state, local and foreign taxes. Shareholders are urged to consult their tax advisers regarding specific questions as to federal, state, local, and where applicable, foreign taxes.

**PERFORMANCE INFORMATION**

**Yield and Total Return**

Each Fund may advertise the yield and total return of each class of its shares. Each Fund's yield and total returns will vary from time to time depending upon market conditions, the composition of its portfolio and operating expenses of the relevant Trust allocated to each Fund. These factors, possible differences in the methods used in calculating yield and total returns and the tax-exempt status of distributions should be considered when comparing a Fund's yield and total returns to yields and total returns published for other investment companies and other investment vehicles. Yield and total returns should also be considered relative to changes in the value of the Fund's shares and to the relative risks associated with the investment objectives and policies of the Fund. Yield and total returns may be stated with or without giving effect to any expense limitations in effect for a Fund. For those funds that present yield and total returns reflecting an expense limitation, its yield and total return would have been lower if no limitation were in effect. Yield and total returns will generally be higher for Class A and Class Y shares than for Class C shares of the same Fund, because of the higher levels of expenses borne by the Class C shares. Because of its lower operating expenses, Class N shares of each Fund can be expected to achieve a higher yield and total return than the same Fund's Class A, Class C and Class Y shares.

Each Fund may also present one or more distribution rates for each class in its sales literature. These rates will be determined by annualizing the class's distributions from net investment income and net short-term capital gain over a recent 12-month, 3-month or 30-day period and dividing that amount by the maximum offering price or the NAV. If the NAV, rather than the maximum offering price, is used to calculate the distribution rate, the rate will be higher.

At any time in the future, yield and total returns may be higher or lower than past yield or total return and there can be no assurance that any historical results will continue.

------

[Back to **Table of Contents**](#TOC_4823)

Investors in the Funds are specifically advised that share prices, expressed as the NAVs per share, will vary just as yield will vary. An investor's focus on the yield of a Fund to the exclusion of the consideration of the share price of that Fund may result in the investor's misunderstanding the total return he or she may derive from the Fund.

**Benchmark Comparisons**

Performance information for each Fund is included in the Prospectuses (in the section "Risk/Return Bar Chart and Table" in each Fund's Fund Summary), along with the performance of an appropriate benchmark index. Because index comparisons are generally calculated as of the end of each month, index performance information under the "Life of Fund" or "Life of Class" headings in the Prospectuses for Funds with less than ten years of performance history may not be coincident with the inception date of the Fund (or class, as applicable). In such instances, index performance is generally presented from the month-end nearest to the inception date of the Fund (or class, as applicable).

**THIRD-PARTY INFORMATION**

The Prospectuses and this Statement may contain references to third-party copyrights, indexes, and trademarks, each of which is the property of its respective owner. Such owner is not affiliated with Natixis Investment Managers, LLC or any of its related or affiliated companies (collectively "Natixis Affiliates") and does not sponsor, endorse or participate in the provision of any Natixis Affiliates services, funds or other financial products.

The index information contained in the Prospectuses and this Statement is derived from third parties and is provided on an "as is" basis. The user of this information assumes the entire risk of use of this information. Each of the third-party entities involved in compiling, computing or creating index information, disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to such information.

**FINANCIAL STATEMENTS**

The financial statements, financial highlights and the reports of the independent registered public accounting firm for the Funds included in the [Natixis Funds Trust I Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/770540/000119312525047326/d930496dncsr.htm), the [Natixis Funds Trust II Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/52136/000119312525047324/d932548dncsr.htm), and the [Gateway Trust Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/1406305/000119312525047323/d934105dncsr.htm) dated December 31, 2025, are incorporated herein by reference to such reports. The Funds' shareholder reports are available upon request and without charge. Each Fund will send a single copy of its shareholder report to an address at which more than one shareholder of record with the same last name has indicated that mail is to be delivered. Shareholders may request additional copies of any shareholder report by telephone at 800-225-5478 or by writing to the Funds at: 888 Boylston Street, Suite 800, Boston, MA 02199-8197 or by visiting the Funds' website at im.natixis.com. The shareholder reports are also available online at the SEC's website at [www.sec.gov](DUMMY_4823_22_1).

------

[Back to **Table of Contents**](#TOC_4823)

**APPENDIX A**

**DESCRIPTION OF SECURITIES RATINGS**

The Funds make use of average portfolio credit quality standards to assist institutional investors whose own investment guidelines limit their investments accordingly. In determining a Fund's overall dollar-weighted average quality, unrated securities are treated as if rated, based on the Adviser's view of their comparability to rated securities. A Fund's use of average quality criteria is intended to be a guide for those investors whose investment guidelines require that assets be invested according to comparable criteria. Reference to an overall average quality rating for a Fund does not mean that all securities held by the Fund will be rated in that category or higher. A Fund's investments may range in quality from securities rated in the lowest category in which the Fund is permitted to invest to securities rated in the highest category (as rated by S&P Global Ratings, Moody's Investors Service, Inc. ("Moody's") or Fitch Ratings, Inc. ("Fitch") or, if unrated, determined by the Adviser to be of comparable quality). The percentage of a Fund's assets invested in securities in a particular rating category will vary. Following is a description of S&P Global Ratings, Moody's, and Fitch ratings applicable to fixed-income securities.

*S&P Global Ratings—*A brief description of the applicable rating symbols of S&P Global Ratings and their meanings (as published by S&P Global Ratings) follows:

An S&P Global Ratings issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the credit worthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P Global Ratings' view of the obligor's capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market, typically with an original maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. We would typically assign a long-term issue credit rating to an obligation with an original maturity of greater than 365 days. However, the ratings we assign to certain instruments may diverge from these guidelines based on market practices.

**Issue Credit Ratings**

**Long-Term Issue Credit Ratings**

Issue credit ratings are based, in varying degrees, on S&P Global Ratings' analysis of the following considerations:

● The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation;

● The nature and provisions of the financial obligation, and the promise we impute; and

● The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

**AAA**

An obligation rated 'AAA' has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA**

An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A**

An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB**

An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

------

[Back to **Table of Contents**](#TOC_4823)

**BB, B, CCC, CC, and C**

Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

**BB**

An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

**B**

An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC**

An obligation rated 'CCC' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

**CC**

An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

**C**

An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

**D**

An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

\*Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (–) sign to show relative standing within the rating categories.

**Short-Term Issue Credit Ratings**

**A-1**

A short-term obligation rated 'A-1' is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2**

A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3**

A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

**B**

A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

------

[Back to **Table of Contents**](#TOC_4823)

**C**

A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

**D**

A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

**SPUR (S&P Underlying Rating)**

A SPUR is an opinion about the stand-alone capacity of an obligor to pay debt service on a credit-enhanced debt issue, without giving effect to the enhancement that applies to it. These ratings are published only at the request of the debt issuer or obligor with the designation SPUR to distinguish them from the credit-enhanced rating that applies to the debt issue. S&P Global Ratings maintains surveillance of an issue with a published SPUR.

**Municipal Short-Term Note Ratings**

An S&P Global Ratings U.S. municipal note rating reflects S&P Global Ratings' opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P Global Ratings' analysis will review the following considerations:

● Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and

● Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.

**SP-1**

Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

**SP-2**

Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

**SP-3**

Speculative capacity to pay principal and interest.

**D**

'D' is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.

**Dual Ratings**

Dual ratings may be assigned to debt issues that have a put option or demand feature. The first component of the rating addresses the likelihood of repayment of principal and interest as due, and the second component of the rating addresses only the demand feature. The first component of the rating can relate to either a short-term or long-term transaction and accordingly use either short-term or long-term rating symbols. The second component of the rating relates to the put option and is assigned a short-term rating symbol (for example, 'AAA/A-1+' or 'A-1+/A-1'). With U.S. municipal short-term demand debt, the U.S. municipal short-term note rating symbols are used for the first component of the rating (for example, 'SP-1+/A-1+').

**S&P Global Ratings Disclaimers**

The analyses, including ratings, of S&P Global Ratings and its affiliates (together, S&P Global Ratings) are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or make any investment decisions. S&P Global Ratings assumes no obligation to update any information following publication. Users of ratings or other analyses should not rely on them in making any investment decision. S&P Global Ratings' opinions and analyses do not address the suitability of any security. S&P Global Ratings does not act as a fiduciary or an investment advisor except where registered as such. While S&P Global Ratings has obtained information from sources it believes to be reliable, it does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Ratings and other opinions may be changed, suspended, or withdrawn at any time.

------

[Back to **Table of Contents**](#TOC_4823)

**Active Qualifiers**

S&P Global Ratings uses the following qualifiers that limit the scope of a rating. The structure of the transaction can require the use of a qualifier such as a 'p' qualifier, which indicates the rating addresses the principal portion of the obligation only. A qualifier appears as a suffix and is part of the rating.

**Federal deposit insurance limit: 'L' qualifier**

Ratings qualified with 'L' apply only to amounts invested up to federal deposit insurance limits.

**Principal: 'p' qualifier**

This suffix is used for issues in which the credit factors, the terms, or both, that determine the likelihood of receipt of payment of principal are different from the credit factors, terms or both that determine the likelihood of receipt of interest on the obligation. The 'p' suffix indicates that the rating addresses the principal portion of the obligation only and that the interest is not rated.

**Preliminary ratings: 'prelim' qualifier**

Preliminary ratings, with the 'prelim' suffix, may be assigned to obligors or obligations, including financial programs, in the circumstances described below. Assignment of a final rating is conditional on the receipt by S&P Global Ratings of appropriate documentation. S&P Global Ratings reserves the right not to issue a final rating. Moreover, if a final rating is issued, it may differ from the preliminary rating.

● Preliminary ratings may be assigned to obligations, most commonly structured and project finance issues, pending receipt of final documentation and legal opinions.

● Preliminary ratings may be assigned to obligations that will likely be issued upon the obligor's emergence from bankruptcy or similar reorganization, based on late-stage reorganization plans, documentation, and discussions with the obligor. Preliminary ratings may also be assigned to the obligors. These ratings consider the anticipated general credit quality of the reorganized or post-bankruptcy issuer as well as attributes of the anticipated obligation(s).

● Preliminary ratings may be assigned to entities that are being formed or that are in the process of being independently established when, in S&P Global Ratings' opinion, documentation is close to final. Preliminary ratings may also be assigned to the obligations of these entities.

● Preliminary ratings may be assigned when a previously unrated entity is undergoing a well-formulated restructuring, recapitalization, significant financing, or other transformative event, generally at the point that investor or lender commitments are invited. The preliminary rating may be assigned to the entity and to its proposed obligation(s). These preliminary ratings consider the anticipated general credit quality of the obligor, as well as attributes of the anticipated obligation(s), assuming successful completion of the transformative event. Should the transformative event not occur, S&P Global Ratings would likely withdraw these preliminary ratings.

● A preliminary recovery rating may be assigned to an obligation that has a preliminary issue credit rating.

**Termination structures: 't' qualifier**

This symbol indicates termination structures that are designed to honor their contracts to full maturity or, should certain events occur, to terminate and cash settle all their contracts before their final maturity date.

**Counterparty instrument rating: 'cir' qualifier**

This symbol indicates a counterparty instrument rating ("CIR"), which is a forward-looking opinion about the creditworthiness of an issuer in a securitization structure with respect to a specific financial obligation to a counterparty (including interest rate swaps, currency swaps, and liquidity facilities). The CIR is determined on an ultimate payment basis; these opinions do not take into account timeliness of payment.

**Inactive Qualifiers**

Inactive qualifiers are no longer applied or outstanding.

**Contingent upon final documentation: '\*' inactive qualifier**

This symbol indicated that the rating was contingent upon S&P Global Ratings' receipt of an executed copy of the escrow agreement or closing documentation confirming investments and cash flows. Discontinued use in August 1998.

**Termination of obligation to tender: 'c' inactive qualifier**

This qualifier was used to provide additional information to investors that the bank may terminate its obligation to purchase tendered bonds if the long-term credit rating of the issuer was lowered to below an investment-grade level and/or the issuer's bonds were deemed taxable. Discontinued use in January 2001.

------

[Back to **Table of Contents**](#TOC_4823)

**U.S. direct government securities: 'G' inactive qualifier**

The letter 'G' followed the rating symbol when a fund's portfolio consisted primarily of direct U.S. government securities.

**Interest Payment: 'i' inactive qualifier**

This suffix was used for issues in which the credit factors, terms, or both that determine the likelihood of receipt of payment of interest are different from the credit factors, terms, or both that determine the likelihood of receipt of principal on the obligation. The 'i' suffix indicated that the rating addressed the interest portion of the obligation only. The 'i' suffix was always used in conjunction with the 'p' suffix, which addresses likelihood of receipt of principal. For example, a rated obligation could have been assigned a rating of 'AAApNRi' indicating that the principal portion was rated 'AAA' and the interest portion of the obligation was not rated.

**Public information ratings: 'pi' qualifier**

This qualifier was used to indicate ratings that were based on an analysis of an issuer's published financial information, as well as additional information in the public domain. Such ratings did not, however, reflect in-depth meetings with an issuer's management and therefore could have been based on less comprehensive information than ratings without a 'pi' suffix. Discontinued use as of December 2014 and as of August 2015 for Lloyd's Syndicate Assessments.

**Provisional ratings: 'pr' inactive qualifier**

The letters 'pr' indicate that the rating was provisional. A provisional rating assumed the successful completion of a project financed by the debt being rated and indicates that payment of debt service requirements was largely or entirely dependent upon the successful, timely completion of the project. This rating, however, while addressing credit quality subsequent to completion of the project, made no comment on the likelihood of or the risk of default upon failure of such completion.

**Quantitative analysis of public information: 'q' inactive qualifier**

A 'q' subscript indicates that the rating is based solely on quantitative analysis of publicly available information. Discontinued use in April 2001.

**Extraordinary risks: 'r' inactive qualifier**

The 'r' modifier was assigned to securities containing extraordinary risks, particularly market risks, that are not covered in the credit rating. The absence of an 'r' modifier should not be taken as an indication that an obligation would not exhibit extraordinary non-credit-related risks. S&P Global Ratings discontinued the use of the 'r' modifier for most obligations in June 2000 and for the balance of obligations (mainly structured finance transactions) in November 2002.

**Local Currency And Foreign Currency Ratings**

S&P Global Ratings' issuer credit ratings make a distinction between foreign currency ratings and local currency ratings. A foreign currency rating on an issuer can differ from the local currency rating on it when the obligor has a different capacity to meet its obligations denominated in its local currency versus obligations denominated in a foreign currency.

*Moody's Investors Service, Inc.*—A brief description of the applicable Moody's rating symbols and their meanings (as published by Moody's) follows:

**Moody's Global Rating Scales**

Credit Ratings are assigned on Moody's global long-term and short-term rating scales and are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Moody's defines credit risk as the risk that an entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the event of default or impairment. The contractual financial obligations addressed by Moody's ratings are those that call for, without regard to enforceability, the payment of an ascertainable amount, which may vary based upon standard sources of variation (e.g., floating interest rates), by an ascertainable date. Moody's rating addresses the issuer's ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody's ratings do not address non-standard sources of variation in the amount of the principal obligation (e.g., equity indexed), absent an express statement to the contrary in a press release accompanying an initial rating. Long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Moody's issues ratings at the issuer level and instrument level on both the long-term scale and the short-term scale. Typically, ratings are made publicly available although private and unpublished ratings may also be assigned.

------

[Back to **Table of Contents**](#TOC_4823)

Moody's differentiates structured finance ratings from fundamental ratings (*i.e.*, ratings on nonfinancial corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to all structured finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings and fundamental ratings at the same letter grade level will behave the same. The (sf) indicator for structured finance security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have different risk characteristics. Through its current methodologies, however, Moody's aspires to achieve broad expected equivalence in structured finance and fundamental rating performance when measured over a long period of time.

**Global Long-Term Rating Scale**

***Aaa***

Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

***Aa***

Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

***A***

Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

***Baa***

Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

***Ba***

Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

***B***

Obligations rated B are considered speculative and are subject to high credit risk.

***Caa***

Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

***Ca***

Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

***C***

Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

**Note**: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.<sup>\*</sup>

\* *By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.*

**Issuer Ratings**

Issuer Ratings are opinions of the ability of entities to honor senior unsecured debt and debt like obligations. As such, Issuer Ratings incorporate any external support that is expected to apply to all current and future issuance of senior unsecured financial obligations and contracts, such as explicit support stemming from a guarantee of all senior unsecured financial obligations and contracts, and/or implicit support for issuers subject to joint default analysis (*e.g.* banks and government-related issuers). Issuer Ratings do not incorporate support arrangements, such as guarantees, that apply only to specific (but not to all) senior unsecured financial obligations and contracts.

While Issuer Ratings reflect the risk that debt and debt-like claims are not serviced on a timely basis, they do not reflect the risk that a contract or other non-debt obligation will be subjected to commercial disputes. Additionally, while an issuer may have senior unsecured obligations held by both supranational institutions and central banks (*e.g.*, IMF, European Central Bank), as well as other investors, Issuer Ratings reflect only the risks faced by other investors.

------

[Back to **Table of Contents**](#TOC_4823)

**Long-Term and Short-Term Obligation Ratings**

Moody's assigns ratings to long-term and short-term financial obligations. Long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

**Medium-Term Note Program Ratings**

Moody's assigns provisional ratings to medium-term note ("MTN") or similar programs and definitive ratings to the individual debt securities issued from them (referred to as drawdowns or notes).

MTN program ratings are intended to reflect the ratings likely to be assigned to drawdowns issued from the program with the specified priority of claim (*e.g.* senior or subordinated). To capture the contingent nature of a program rating, Moody's assigns provisional ratings to MTN programs. A provisional rating is denoted by a (P) in front of the rating and is defined elsewhere in this document.

The rating assigned to a drawdown from a rated MTN or bank/deposit note program is definitive in nature, and may differ from the program rating if the drawdown is exposed to additional credit risks besides the issuer's default, such as links to the defaults of other issuers, or has other structural features that warrant a different rating. In some circumstances, no rating may be assigned to a drawdown.

Moody's encourages market participants to contact Moody's Ratings Desks or visit moodys.com directly if they have questions regarding ratings for specific notes issued under a medium-term note program. Unrated notes issued under an MTN program may be assigned an NR (not rated) symbol.

**Global Short-Term Rating Scale**

***P-1***

Ratings of Prime-1 reflect a superior ability to repay short-term obligations.

***P-2***

Ratings of Prime-2 reflect a strong ability to repay short-term obligations.

***P-3***

Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.

***NP***

Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

**Short-Term Issuer Ratings**

***N-1***

N-1 issuers or issuances represent the strongest likelihood of repayment of short-term debt obligations relative to other domestic issuers or issuances.

***N-2***

N-2 issuers or issuances represent an above average likelihood of repayment of short-term debt obligations relative to other domestic issuers or issuances.

***N-3***

N-3 issuers or issuances represent an average likelihood of repayment of short-term debt obligations relative to other domestic issuers or issuances.

***N-4***

N-4 issuers or issuances represent a below average likelihood of repayment of short-term debt obligations relative to other domestic issuers or issuances.

*Fitch Ratings , Inc.—*A brief description of the applicable rating symbols of Fitch and their meanings (as published by Fitch) follows:

**About Ratings and Rating Scales**

Fitch publishes credit ratings that are forward-looking opinions on the relative ability of an entity or obligation to meet financial commitments. Issuer Default Ratings ("IDRs") are assigned to corporations, sovereign entities, and financial institutions such as banks, leasing companies and insurers, and public finance entities (local and regional governments). Issue-level ratings are also assigned and often include an expectation of recovery, which may be notched above or below the issuer-level rating.

------

[Back to **Table of Contents**](#TOC_4823)

Issue ratings are assigned to secured and unsecured debt securities, loans, preferred stock and other instruments, Structured finance ratings are issue ratings to securities backed by receivables or other financial assets that consider the obligations' relative vulnerability to default.

Credit ratings are indications of the likelihood of repayment in accordance with the terms of the issuance. In limited cases, Fitch may include additional considerations (i.e., rate to a higher or lower standard than that implied in the obligation's documentation). Please see the section Specific Limitations Relating to Credit Rating Scales for details.

Fitch also publishes other ratings, scores and opinions. For example, Fitch provides specialized ratings of servicers of residential and commercial mortgages, asset managers and funds. In each case, users should refer to the definitions of each individual scale for guidance on the dimensions of risk covered in each assessment.

Fitch's credit rating scale for issuers and issues is expressed using the categories 'AAA' to 'BBB' (investment grade) and 'BB' to 'D' (speculative grade) with an additional +/- for 'AA' through ' CCC' levels indicating relative differences of probability of default or recovery for issues. The terms "investment grade" and "speculative grade" are market conventions and do not imply any recommendation or endorsement of a specific security for investment purposes. Investment-grade categories indicate relatively low to moderate credit risk, while ratings in the speculative categories signal either a higher level of credit risk or that a default already occurred.

Fitch may also disclose issues relating to a rated issuer that are not and have not been rated. Such issues are also denoted as 'NR' on its webpage.

Credit ratings express risk in relative rank order, which is to say they are ordinal measures of credit risk and are not predictive of a specific frequency of default or loss. For information about the historical performance of ratings, please refer to Fitch's Ratings Transition and Default Studies, which detail the historical default rates. The European Securities and Markets Authority also maintains a central repository of historical default rates.

Fitch's credit ratings do not directly address any risk other than credit risk. Credit ratings do not deal with the risk of market value loss due to changes in interest rates, liquidity and/or other market considerations. However, market risk may be considered to the extent that it influences the ability of an issuer to pay or refinance a financial commitment. Nonetheless, ratings do not reflect market risk to the extent that they influence the size or other conditionality of the obligation to pay upon a commitment (for example, payments linked to performance of an equity index).

Fitch will use credit rating scales to provide ratings to privately issued obligations or certain note issuance programs, or for private ratings using the same public scale and criteria. Private ratings are not published, and are only provided to the issuer or its agents in the form of a rating letter.

The primary credit rating scales may also be used to provide ratings for a narrower scope, including interest strips and return of principal, or in other forms of opinions such as Credit Opinions or Rating Assessment Services.

Credit Opinions are either a notch- or category-specific view using the primary rating scale and omit one or more characteristics of a full rating or meet them to a different standard. Credit Opinions will be indicated using a lowercase letter symbol combined with either an '\*' (e.g. 'bbb+\*') or (cat) suffix to denote the opinion status. Credit Opinions will be typically point-in-time but may be monitored if the analytical group believes information will be sufficiently available.

Rating Assessment Services are a notch-specific view using the primary rating scale of how an existing or potential rating may be changed by a given set of hypothetical circumstances. While Credit Opinions and Rating Assessment Services are point-in-time and are not monitored, they may have a directional Watch or Outlook assigned, which can signify the trajectory of the credit profile.

Ratings assigned by Fitch are opinions based on established, approved and published criteria. A variation to criteria may be applied but will be explicitly cited in our rating action commentaries (RACs), which are used to publish credit ratings when established and upon annual or periodic reviews.

Ratings are the collective work product of Fitch, and no individual, or group of individuals, is solely responsible for a rating. Ratings are not facts and, therefore, cannot be described as being "accurate" or "inaccurate." Users should refer to the definition of each individual rating for guidance on the dimensions of risk covered by the rating.

**Issuer Default Ratings**

Rated entities in several sectors, including financial and non-financial corporations, sovereigns, insurance companies and some sectors within public finance, are generally assigned IDRs. IDRs are also assigned to certain entities or enterprises in global infrastructure, project finance and public finance. IDRs opine on an entity's relative vulnerability to default - including by way of a distressed debt exchange ("DDE") - on financial obligations. The threshold default risk addressed by the IDR is generally that of the financial obligations whose non-payment would best reflect the uncured failure of that entity. As such, IDRs also address relative vulnerability to bankruptcy, administrative receivership or similar concepts.

In aggregate, IDRs provide an ordinal ranking of issuers based on the agency's view of their relative vulnerability to default, rather than a prediction of a specific percentage likelihood of default.

------

[Back to **Table of Contents**](#TOC_4823)

**AAA:** ***Highest Credit Quality.***

'AAA' ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA:** ***Very High Credit Quality.***

'AA' ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A:** ***High Credit Quality.***

'A' ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

**BBB:** ***Good Credit Quality.***

'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity.

**BB:** ***Speculative*** **.**

'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments.

**B:** ***Highly Speculative*** **.**

'B' ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

**CCC:** ***Substantial Credit Risk*** **.**

Default is a real possibility.

**CC:** ***Very High Levels of Credit Risk*** **.**

Default of some kind appears probable.

**C:** ***Near Default*** **.**

A default or default-like process has begun, or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a 'C' category rating for an issuer include:

● The issuer has entered into a grace or cure period following non-payment of a material financial obligation;

● The formal announcement by the issuer or their agent of a DDE ; and

● A closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent .

**RD:** ***Restricted Default****.*

'RD' ratings indicate an issuer that in Fitch's opinion has experienced:

● An uncured payment default or DDE on a bond, loan or other material financial obligation, but

● Has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedure, and

● Has not otherwise ceased operating. This would include:

○ The selective payment default on a specific class or currency of debt;

○ The uncured expiry of any applicable original grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation.

**D:** ***Default***

'D' ratings indicate an issuer that in Fitch's opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business and debt is still outstanding.

Default ratings are not assigned prospectively to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a DDE.

In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice.

------

[Back to **Table of Contents**](#TOC_4823)

**Specific Limitations Relevant to Ratings Assigned Using the Primary Credit Rating Scale and Financial Institution Ratings**

The following specific limitations relate to issuer default scales, ratings assigned to corporate finance obligations, ratings assigned to public finance obligations, ratings assigned to structured finance transactions, ratings assigned to global infrastructure and project finance transactions, ratings assigned for banks and non-bank financial institutions (Viability Ratings, Government Support Ratings, Shareholder Supporting Ratings, Derivative Counterparty Ratings, Ex-government Support Ratings, as well as historical Support Ratings and Support Rating Floors) and Insurer Financial Strength (IFS) ratings:

● The ratings do not predict a specific percentage of default likelihood or failure likelihood over any given time period.

● The ratings do not opine on the market value of an issuer's securities or stock, or the likelihood that this value may change.

● The ratings do not opine on the liquidity of an issuer's securities or stock.

● Obligation ratings assigned on the Probability of Default only scale do not opine on the possible loss severity on such obligation should an issuer (or an obligation with respect to structured finance transactions) default, except in limited circumstances for U.S. public finance obligations where Chapter 9 of the Bankruptcy Code provides reliably superior prospects for ultimate recovery to local government obligations that benefit from a statutory lien on revenues or during the pendency of a bankruptcy proceeding under the Code if there is sufficient visibility on potential recovery prospects.

● The ratings do not opine on the suitability of an issuer as a counterparty to trade credit.

The ratings do not opine on any quality related to an issuer's business, operational or financial profile other than the agency's opinion on its relative vulnerability to default or in the case of Viability Ratings (VRs) on its relative vulnerability to failure. For the avoidance of doubt, not all defaults will be considered a default for rating purposes. Typically, a default relates to a liability payable to an unaffiliated, outside investor.<br>

The ratings do not opine on any quality related to a transaction's profile other than the agency's opinion on the relative vulnerability to default of an issuer and/or of each rated tranche or security.

The ratings do not predict a specific percentage of extraordinary support likelihood over any given period.<br>

In the case of Government and Shareholder Support Ratings, the ratings do not opine on any quality related to an issuer's business, operational or financial profile other than the agency's opinion on its relative likelihood of receiving external extraordinary support.

The ratings do not opine on the suitability of any security for investment or any other purposes.

**Short-Term Ratings Assigned to Issuers and Obligations**

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention (a long-term rating can also be used to rate an issue with short maturity). Typically, this means a timeframe of up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets.

**F1:** ***Highest Short-Term Credit Quality***

Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

**F2:** ***Good Short-Term Credit Quality***

Good intrinsic capacity for timely payment of financial commitments.

**F3:** ***Fair Short-Term Credit Quality***

The intrinsic capacity for timely payment of financial commitments is adequate.

**B:** ***Speculative Short-Term Credit Quality***

Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

**C:** ***High Short-Term Default Risk***

Default is a real possibility.

**RD:** ***Restricted Default***

Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

***D: Default***

Indicates a broad-based default event for an entity, or the default of a short-term obligation.

------

[Back to **Table of Contents**](#TOC_4823)

**Rating Actions and Reviews**

**Assignment (New Rating)\*:**

A rating has been assigned to a previously unrated issuer or issue.

**Publication (Publish)\*:**

Initial public announcement of a rating on the agency's website, although not necessarily the first rating assigned. This action denotes when a previously private rating is published. In cases where the publication coincides with a rating change, Fitch will only publish the changed rating. The rating history during the time when the rating was private will not be published.

**Affirmations\*:**

The rating has been reviewed with no change in rating through this action. Ratings affirmations may also include an affirmation of, or change to, an Outlook when an Outlook is used.

**Upgrade\*:**

The rating has been raised in the scale.

**Downgrade\*:**

The rating has been lowered in the scale.

**Reviewed- No Action\*:**

The rating has been reviewed by a credit rating committee with no change in rating or Outlook. As of the review date, the credit rating committee determined that nothing had sufficiently changed to warrant a new rating action. Such review will be published on the agency's website, but a RAC will not be issued.

**Matured\*/Paid-In-Full:**

● 'Matured' – Denoted as 'NR'. This action is used when an issue has reached its redemption date and rating coverage is discontinued. This indicates that a previously rated issue has been repaid, but other issues of the same program (rated or unrated) may remain outstanding. For the convenience of investors, Fitch may also include issues relating to a rated issuer or transaction that are not and have not been rated on its section of the web page relating to the respective issuer or transaction. Such issues will also be denoted 'NR'.

● 'Paid-In-Full' – Denoted as 'PIF'. This action indicates that an issue has been paid in full. In covered bonds, PIF is only used when all issues of a program have been repaid.

**Pre-refunded\*:**

Assigned to certain long-term U.S. public finance issues after Fitch assesses refunding escrow.

**Withdrawn\*:**

The rating has been withdrawn and the issue or issuer is no longer rated by Fitch.

When a public rating is withdrawn, Fitch will issue a RAC that details the current rating and Outlook or Watch status (if applicable), a statement that the rating is withdrawn and the reason for the withdrawal. A RAC is not required when an issue has been redeemed, matured, repaid or paid in full.

Withdrawals cannot be used to forestall a rating action. Every effort is therefore made to ensure that the rating opinion upon withdrawal reflects an updated view. However, this is not always possible, for example if a rating is withdrawn due to a lack of information. Rating Watches are also resolved prior to or concurrent with withdrawal unless the timing of the event driving the Rating Watch does not support an immediate resolution. Ratings that have been withdrawn will be indicated by the symbol 'WD'.

**Under Criteria Observation**

The rating has been placed Under Criteria Observation ("UCO") upon the publication of new or revised criteria that is applicable to the rating, where the new or revised criteria has yet to be applied to the rating and where the criteria could result in a rating change when applied but the impact is not yet known. UCO is not a credit review and does not affect the rating level or Outlook/Watch, and does not satisfy the minimum annual review requirement. Placing a rating on UCO signals the beginning of a period during which the new or revised criteria will be applied. Where there is heightened probability of the application of the new or revised criteria resulting in a rating change in a particular direction, a Rating Watch may be assigned in lieu of the UCO to reflect the potential impact of the new or revised criteria. The status of UCO will be resolved after the application of the new or revised criteria, which must be completed within six months from the publication date of the new or revised criteria. UCO is only applicable to private and public international credit ratings. It is not applicable to National Ratings, Non-Credit Scale Ratings, Credit Opinions or Rating Assessment Services. It is not applicable to ratings status Paid in Full, Matured, Withdrawn or Not Rated.

**Criteria Observation Removed**

UCO can be addressed and removed by a subsequent rating action such as affirmation, upgrade or downgrade; with these actions, the annual review requirement is also met. Where a rating action has not been taken, a Criteria Observation Removed action may be taken if it has been determined that the rating would not change due to the application of the new criteria. The Criteria Observation Removed action does not satisfy Fitch's minimum annual credit review requirement.

------

[Back to **Table of Contents**](#TOC_4823)

**Recovery Rating Revision**

Change to an issue's Recovery Rating.

**Rating Modifier Actions**

Modifiers include Rating Outlooks and Rating Watches.

**Outlook Revision:**

Outlook revisions (e.g. to Stable from Positive) are used to indicate changes in the likelihood of rating transition. In structured finance transactions, the Outlook may be revised independently of a full review of the underlying rating (Revision Outlook).

**Rating Watch On** **\*** **:**

The issue or issuer has been placed on active Rating Watch status.

**Rating Watch Maintained\*:**

The issue or issuer has been reviewed and remains on active Rating Watch status.

**Rating Watch Revision\*:**

Rating Watch status has changed.

**Under Review:**

Applicable to ratings that may undergo a change in scale not related to changes in fundamental credit quality. Final action will be "Revision Rating."

\* *A Rating Action or Review must be recorded for each rating in a required cycle to be considered compliant with Fitch policy concerning aging of ratings. Not all Rating Actions, Data Actions, or changes in rating modifiers, meet this requirement. Actions or Reviews that can meet this requirement are noted with an* <sup>*\**</sup>*.*

------

Registration Nos. 333-144744

811-22099

**GATEWAY TRUST**

**PART C**

**OTHER INFORMATION**

Item 28. Exhibits.

(a) Articles
 of Incorporation.

(1) [Gateway Trust (the "Registrant") Agreement and Declaration of Trust dated May 29, 2007 (the "Agreement and Declaration") is incorporated by reference to exhibit (1) to the initial registration statement (the "Registration Statement") on Form N-14AE filed on October 23, 2007.](https://www.sec.gov/Archives/edgar/data/1406305/000119312507223958/dex991.htm)

(2) [Amendment No. 1 dated September 15, 2017 to the Agreement and Declaration is incorporated by reference to exhibit (a)(2) to post-effective amendment ("PEA") No. 45 to the Registration Statement filed on April 27, 2018.](https://www.sec.gov/Archives/edgar/data/1406305/000119312518139095/d558768dex99a2.htm)

(b) By-Laws.

(1) [The Registrant's Amended and Restated By-Laws dated September 23, 2008 (the "By-laws") is incorporated by reference to exhibit (b)(1) to PEA No. 2 to the Registration Statement filed on April 30, 2009.](https://www.sec.gov/Archives/edgar/data/1406305/000119312509094256/dex99b1.htm)

(c) Instruments
 Defining Rights of Security Holders.

(1) [Rights of shareholders are described in Article III, Section 6 of the Agreement and Declaration, which is incorporated by reference to exhibit (1) to the Registration Statement on Form N-14AE filed on October 23, 2007.](https://www.sec.gov/Archives/edgar/data/1406305/000119312507223958/dex991.htm)

(d) Investment
 Advisory Contracts.

(1) [Investment Advisory Agreement dated February 16, 2008 between the Registrant, on behalf of Gateway Fund, and Gateway Investment Advisers, LLC ("Gateway") is incorporated by reference to exhibit (6)(a) to the Registration Statement on Form N-14 filed on February 25, 2008](https://www.sec.gov/Archives/edgar/data/1406305/000119312508037454/dex996a.txt) .

(i) [Addendum dated July 1, 2014 to the Advisory Agreement dated February 16, 2008 between the Registrant, on behalf of Gateway Fund, and Gateway is incorporated by reference to exhibit (d)(2) to PEA No. 31 to the Registration Statement filed on July 17, 2014.](https://www.sec.gov/Archives/edgar/data/1406305/000119312514271200/d755211dex99d2.htm)

(ii) [Addendum dated July 1, 2021 to the Advisory Agreement dated February 16, 2008 between the Registrant, on behalf of Gateway Fund, and Gateway is incorporated by reference to exhibit (d)(2)(i) to PEA No. 50 to the Registration Statement filed on April 29, 2022.](https://www.sec.gov/Archives/edgar/data/1406305/000119312522133933/d279307dex99d2i.htm)

(2) [Investment Advisory Agreement dated September 30, 2014 between the Registrant, on behalf of Gateway Equity Call Premium Fund, and Gateway is incorporated by reference to exhibit (d)(4) to PEA No. 32 to the Registration Statement filed on September 29, 2014.](https://www.sec.gov/Archives/edgar/data/1406305/000119312514357148/d781928dex99d4.htm)

(i) [Addendum dated July 1, 2021 to the Advisory Agreement dated February 16, 2008 between the Registrant, on behalf of Gateway Equity Call Premium Fund, and Gateway is incorporated by reference to exhibit (d)(1)(ii) to PEA No. 50 to the Registration Statement filed on April 29, 2022.](https://www.sec.gov/Archives/edgar/data/1406305/000119312522133933/d279307dex99d1ii.htm)

(e) Underwriting
 Contracts.

(1) [Distribution Agreement dated February 19, 2008 between the Registrant, on behalf of Gateway Fund, and Natixis Distribution, LLC ("Natixis Distribution") is incorporated by reference to exhibit (7)(a) to the Registration Statement on Form N-14 filed on February 25, 2008.](https://www.sec.gov/Archives/edgar/data/1406305/000119312508037454/dex997a.txt)

(2) [Distribution Agreement dated September 30, 2014 between the Registrant, on behalf of Gateway Equity Call Premium Fund, and Natixis Distribution is incorporated by reference to exhibit (e)(3) to PEA No. 32 to the Registration Statement filed on September 29, 2014.](https://www.sec.gov/Archives/edgar/data/1406305/000119312514357148/d781928dex99e3.htm)

(3) [Form of Dealer Agreement used by Natixis Distribution is filed herewith.](gti-efp24063_ex99e3.htm)

(f) Bonus or Profit Sharing
 Contracts.

(1) Not applicable.

(g) Custodian Agreements.

(1) [Master Custodian Agreement dated September 1, 2005 between the Registrant, on behalf of Gateway Fund, and State Street Bank and Trust Company ("State Street") is incorporated by reference to exhibit (g)(1) to the Registration Statement on Form N-1A/A filed on November 6, 2007.](https://www.sec.gov/Archives/edgar/data/1406305/000119312507236874/dex99g1.txt)

(2) [Amendment No. 1 dated September 15, 2006 to Master Custody Agreement dated September 1, 2005 between the Registrant, on behalf of Gateway Fund, and State Street is incorporated by reference to exhibit (g)(2) to the Registration Statement on Form N-1A/A filed on November 6, 2007.](https://www.sec.gov/Archives/edgar/data/1406305/000119312507236874/dex99g2.txt)

(3) (i) [Letter Agreement dated February 15, 2008 amending the Master Custodian Agreement dated September 1, 2005 between the Registrant, on behalf of Gateway Fund, and State Street is incorporated by reference to exhibit (9)(c) to the Registration Statement on Form N-14 filed on February 25, 2008.](https://www.sec.gov/Archives/edgar/data/1406305/000119312508037454/dex999c.txt)

(ii) [Letter Agreement dated September 30, 2014 amending the Master Custodian Agreement dated September 1, 2005 between the Registrant, on behalf of Gateway Equity Call Premium Fund, and State Street is incorporated by reference to exhibit (g)(3)(iii) to PEA No. 32 to the Registration Statement filed on September 29, 2014](https://www.sec.gov/Archives/edgar/data/1406305/000119312514357148/d781928dex99g3iii.htm) .

(4) [Amendment to Master Custody Agreement dated October 14, 2016 by and among the Registrant, on behalf of its Series, Loomis Sayles Funds II, Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Natixis ETF Trust and State Street is incorporated by reference to exhibit (g)(4) to PEA No. 39 to the Registration Statement filed on March 30, 2017.](https://www.sec.gov/Archives/edgar/data/1406305/000119312517104262/d356102dex99g4.htm)

(5) [Amended Appendix A and B dated December 13, 2023 to Master Custody Agreement dated August 25, 2020 by and among the Registrant, on behalf of its respective series, Gateway Trust, Loomis Sayles Funds I, Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Natixis ETF Trust, Natixis ETF Trust II and State Street is incorporated by reference to exhibit (g)(5) to PEA No. 52 to the Registration Statement filed on April 26, 2024.](https://www.sec.gov/Archives/edgar/data/1406305/000113322824004692/gt-html7729_ex99g5.htm)

(h) Other Material Contracts.

(1) (i) [Transfer Agency and Services Agreement dated October 1, 2005 among the Registrant, on behalf of its respective series, Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Loomis Sayles Funds I, Loomis Sayles Funds II and SS&C GIDS, Inc. (formerly, DST Systems, Inc.) ("SS&C") is incorporated by reference to exhibit (h)(1) to the Registration Statement on Form N-1A/A filed on November 6, 2007.](https://www.sec.gov/Archives/edgar/data/1406305/000119312507236874/dex99h1.txt)

(ii) [Amendment dated October 1, 2008 to Transfer Agency and Services Agreement dated October 1, 2005 among the Registrant, on behalf of its respective series, Natixis Funds Trust I, Natixis Trusts II, Natixis Funds Trust IV, Loomis Sayles Funds I, Loomis Sayles Funds II and SS&C is incorporated by reference to exhibit (h)(1)(iii) to PEA No. 2 to the Registration Statement filed on April 30, 2009.](https://www.sec.gov/Archives/edgar/data/1406305/000119312509094256/dex99h1iii.htm)

(iii) [Amendment dated October 1, 2011 to Transfer Agency and Services Agreement dated October 1, 2005 among the Registrant, on behalf of its respective series, Natixis Funds Trust I, Natixis Trusts II, Natixis Funds Trust IV, Loomis Sayles Funds I, Loomis Sayles Funds II and SS&C is incorporated by reference to exhibit (h)(1)(v) to PEA No. 17 to the Registration Statement filed on January 3, 2012.](https://www.sec.gov/Archives/edgar/data/1406305/000119312512000275/d260594dex99h1v.htm)

(iv) [Amendment dated February 21, 2012 to the Transfer Agency and Services Agreement dated October 1, 2005 among the Registrant on behalf of its respective series, Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Loomis Sayles Funds I, Loomis Sayles Funds II and SS&C is incorporated by reference to exhibit (h)(1)(vi) to PEA No. 20 to the Registration Statement filed on April 27, 2012.](https://www.sec.gov/Archives/edgar/data/1406305/000119312512190788/d325375dex99h1vi.htm)

(v) [Addendum dated September 12, 2014 to the Transfer Agency and Services Agreement dated October 1, 2005 among the Registrant on behalf of its respective series, Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Loomis Sayles Funds I, Loomis Sayles Funds II and SS&C is incorporated by reference to exhibit (h)(1)(viii) to PEA No. 32 to the Registration Statement filed on September 29, 2014.](https://www.sec.gov/Archives/edgar/data/1406305/000119312514357148/d781928dex99h18.htm)

(vi) [Amendment dated October 1, 2017 to Transfer Agency and Services Agreement dated October 1, 2005 among the Registrant on behalf of its respective series, Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Loomis Sayles Funds I, Loomis Sayles Funds II and SS&C is incorporated by reference to exhibit (h)(1)(xv) to PEA No. 43 to the Registration Statement filed on April 27, 2018.](https://www.sec.gov/Archives/edgar/data/1406305/000119312518139095/d558768dex99h1xv.htm)

(vii) [Amendment dated December 15, 2021 to the Transfer Agency and Services Agreement dated October 1, 2005 among the Registrant on behalf of its respective series, Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Loomis Sayles Funds I, Loomis Sayles Funds II and SS&C is incorporated by reference to exhibit (h)(1)(vii) to PEA No. 50 to the Registration Statement filed on April 29, 2022.](https://www.sec.gov/Archives/edgar/data/1406305/000119312522133933/d279307dex99h1xviii.htm)

(viii) [Amendment dated October 1, 2023 to the Transfer Agency and Services Agreement dated October 1, 2005 among the Registrant on behalf of its respective series, Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Loomis Sayles Funds I, Loomis Sayles Funds II and SS&C is incorporated by reference to exhibit (h)(1)(viii) to PEA No. 52 to the Registration Statement filed on April 26, 2024.](https://www.sec.gov/Archives/edgar/data/1406305/000113322824004692/gt-html7729_ex99h1viii.htm)

(vix) [Amendment dated September 23, 2025 to the Transfer Agency and Services Agreement dated October 1, 2005 among the Registrant on behalf of its respective series, Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Loomis Sayles Funds I, Loomis Sayles Funds II and SS&C is filed herewith.](gti-efp24063_ex99h1vix.htm)

(2) (i) [Administrative Services Agreement dated January 3, 2005 between the Registrant, Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Loomis Sayles Funds I and Loomis Sayles Funds II with Natixis Advisors, LLC ("Natixis Advisors") is incorporated by reference to exhibit (h)(4) to the Registration Statement on Form N-1A/A filed on November 6, 2007.](https://www.sec.gov/Archives/edgar/data/1406305/000119312507236874/dex99h4.txt)

(ii) [First Amendment dated November 1, 2005 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(5) to the Registration Statement on Form N-1A/A filed on November 6, 2007.](https://www.sec.gov/Archives/edgar/data/1406305/000119312507236874/dex99h5.txt)

(iii) [Second Amendment dated January 1, 2006 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(6) to the Registration Statement on Form N-1A/A filed on November 6, 2007.](https://www.sec.gov/Archives/edgar/data/1406305/000119312507236874/dex99h6.txt)

(iv) [Third Amendment dated July 1, 2007 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(7) to the Registration Statement on Form N-1A/A filed on November 6, 2007.](https://www.sec.gov/Archives/edgar/data/1406305/000119312507236874/dex99h7.txt)

(v) [Fourth Amendment dated September 17, 2007 to the Administrative Services Agreement Natixis Advisors is incorporated by reference to exhibit (h)(8) to the Registration Statement on Form N-1A/A filed on November 6, 2007.](https://www.sec.gov/Archives/edgar/data/1406305/000119312507236874/dex99h8.txt)

(vi) [Fifth Amendment dated February 1, 2008 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (13)(i) to the Registration Statement on Form N-14 filed on February 25, 2008.](https://www.sec.gov/Archives/edgar/data/1406305/000119312508037454/dex9913i.txt)

(vii) [Sixth Amendment dated February 19, 2008 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (13)(j) to the Registration Statement on Form N-14 filed on February 25, 2008.](https://www.sec.gov/Archives/edgar/data/1406305/000119312508037454/dex9913j.txt)

(viii) [Seventh Amendment dated July 1, 2008 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(viii) to PEA No. 2 to the Registration Statement filed on April 30, 2009.](https://www.sec.gov/Archives/edgar/data/1406305/000119312509094256/dex99h2viii.htm)

(ix) [Eighth Amendment dated September 29, 2008 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(ix) to PEA No. 2 to the Registration Statement filed on April 30, 2009.](https://www.sec.gov/Archives/edgar/data/1406305/000119312509094256/dex99h2ix.htm)

(x) [Ninth Amendment dated October 31, 2008 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(x) to PEA No. 2 to the Registration Statement filed on April 30, 2009.](https://www.sec.gov/Archives/edgar/data/1406305/000119312509094256/dex99h2x.htm)

(xi) [Tenth Amendment dated January 9, 2009 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(xi) to PEA No. 2 to the Registration Statement filed on April 30, 2009.](https://www.sec.gov/Archives/edgar/data/1406305/000119312509094256/dex99h2xi.htm)

(xii) [Eleventh Amendment dated July 27, 2009 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(xii) to PEA No. 4 to the Registration Statement filed on August 31, 2009.](https://www.sec.gov/Archives/edgar/data/1406305/000119312509184411/dex99h2xii.htm)

(xiii) [Twelfth Amendment dated February 25, 2010 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(xiii) to PEA No. 11 to the Registration Statement filed on March 1, 2010](https://www.sec.gov/Archives/edgar/data/1406305/000119312510044660/dex99h2xiii.htm) .

(xiv) [Thirteenth Amendment dated July 1, 2010 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(xiv) to PEA No. 15 to the Registration Statement filed on April 29, 2011.](https://www.sec.gov/Archives/edgar/data/1406305/000119312511118682/dex99h2xiv.htm)

(xv) [Fourteenth Amendment dated September 21, 2010 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(xv) to PEA No. 15 to the Registration Statement filed on April 29, 2011.](https://www.sec.gov/Archives/edgar/data/1406305/000119312511118682/dex99h2xv.htm)

(xvi) [Fifteenth Amendment dated December 14, 2010 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(xvi) to PEA No. 15 to the Registration Statement filed on April 29, 2011.](https://www.sec.gov/Archives/edgar/data/1406305/000119312511118682/dex99h2xvi.htm)

(xvii) [Sixteenth Amendment dated July 1, 2011 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(xvii) to PEA No. 17 to the Registration Statement filed on January 3, 2012.](https://www.sec.gov/Archives/edgar/data/1406305/000119312512000275/d260594dex99h2xvii.htm)

(xviii) [Seventeenth Amendment dated September 16, 2011 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(xviii) to PEA No. 17 to the Registration Statement filed on January 3, 2012.](https://www.sec.gov/Archives/edgar/data/1406305/000119312512000275/d260594dex99h2xviii.htm)

(xviv) [Eighteenth Amendment dated March 28, 2012 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(xviv) to PEA No. 18 to the Registration Statement filed on March 28, 2012.](https://www.sec.gov/Archives/edgar/data/1406305/000119312512136570/d308920dex99h2xviv.htm)

(xx) [Nineteenth Amendment dated June 29, 2012 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(xx) to PEA No. 22 to the Registration Statement filed on March 28, 2013.](https://www.sec.gov/Archives/edgar/data/1406305/000119312513131110/d499711dex99h2xx.htm)

(xxi) [Twentieth Amendment dated November 16, 2012 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(xxi) to PEA No. 22 to the Registration Statement filed on March 28, 2013.](https://www.sec.gov/Archives/edgar/data/1406305/000119312513131110/d499711dex99h2xxi.htm)

(xxii) [Twenty-First Amendment dated September 26, 2013 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(xxii) to PEA No. 27 to the Registration Statement filed on March 28, 2014.](https://www.sec.gov/Archives/edgar/data/1406305/000119312514120223/d686168dex99h2xxii.htm)

(xxiii) [Twenty-Second Amendment dated February 10, 2014 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(xxiii) to PEA No. 27 to the Registration Statement filed on March 28, 2014.](https://www.sec.gov/Archives/edgar/data/1406305/000119312514120223/d686168dex99h2xxiii.htm)

(xxiv) [Twenty-Third Amendment dated July 1, 2014 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(xxiv) to PEA No. 32 to the Registration Statement filed on September 29, 2014.](https://www.sec.gov/Archives/edgar/data/1406305/000119312514357148/d781928dex99h2xxiv.htm)

(xxv) [Twenty-Fourth Amendment dated July 10, 2014 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(xxv) to PEA No. 32 to the Registration Statement filed on September 29, 2014.](https://www.sec.gov/Archives/edgar/data/1406305/000119312514357148/d781928dex99h2xxv.htm)

(xxvi) [Twenty-Fifth Amendment dated September 30, 2014 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(xxvi) to PEA No. 32 to the Registration Statement filed on September 29, 2014.](https://www.sec.gov/Archives/edgar/data/1406305/000119312514357148/d781928dex99h2xxvi.htm)

(xxvii) [Twenty-Sixth Amendment dated December 1, 2014 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(xxvii) to PEA No. 33 to the Registration Statement filed on March 27, 2015.](https://www.sec.gov/Archives/edgar/data/1406305/000119312515108785/d882672dex99h2xxvii.htm)

(xxviii) [Twenty-Seventh Amendment dated June 30, 2015 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(xxviii) to PEA No. 37 to the Registration Statement filed on April 28, 2016.](https://www.sec.gov/Archives/edgar/data/1406305/000119312516563947/d174783dex99h2xxviii.htm)

(xxix) [Twenty-Eighth Amendment dated November 30, 2015 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(xxix) to PEA No. 37 to the Registration Statement filed on April 28, 2016.](https://www.sec.gov/Archives/edgar/data/1406305/000119312516563947/d174783dex99h2xxix.htm)

(xxx) [Twenty-Ninth Amendment dated March 31, 2016 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(xxx) to PEA No. 37 to the Registration Statement filed on April 28, 2016.](https://www.sec.gov/Archives/edgar/data/1406305/000119312516563947/d174783dex99h2xxx.htm)

(xxxi) [Thirtieth Amendment dated October 14, 2016 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(xxi) to PEA No. 39 to the Registration Statement filed on March 30, 2017.](https://www.sec.gov/Archives/edgar/data/1406305/000119312517104262/d356102dex99h2xxxi.htm)

(xxxii) [Thirty-First Amendment dated November 30, 2016 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(xxii) to PEA No. 39 to the Registration Statement filed on March 30, 2017.](https://www.sec.gov/Archives/edgar/data/1406305/000119312517104262/d356102dex99h2xxxii.htm)

(xxxiii) [Thirty-Second Amendment dated February 28, 2017 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(xxiii) to PEA No. 39 to the Registration Statement filed on March 30, 2017.](https://www.sec.gov/Archives/edgar/data/1406305/000119312517104262/d356102dex99h2xxxiii.htm)

(xxxiv) [Thirty-Third Amendment dated December 26, 2017 to the Administrative Services Agreement with Natixis Advisors is incorporated by reference to exhibit (h)(2)(xxxiv) to PEA No. 43 to the Registration Statement filed on April 27, 2018.](https://www.sec.gov/Archives/edgar/data/1406305/000119312518139095/d558768dex99h2xxxiv.htm)

(xxxv) [Thirty-Fourth Amendment dated July 1, 2018 to the Administrative Services Agreement is incorporated by reference to exhibit (h)(2)(xxxv) to PEA. No 45 to the Registration Statement filed on April 29, 2019.](https://www.sec.gov/Archives/edgar/data/1406305/000119312519125635/d728138dex99h2xxxv.htm)

(xxxvi) [Thirty-Fifth Amendment dated December 28, 2018 to the Administrative Services Agreement is incorporated by reference to exhibit (h)(2)(xxxvi) to PEA. No 45 to the Registration Statement filed on April 29, 2019.](https://www.sec.gov/Archives/edgar/data/1406305/000119312519125635/d728138dex99h2xxxvi.htm)

(xxxvii)&nbsp;&nbsp;&nbsp;&nbsp; [Thirty-Sixth Amendment dated July 1, 2019 to the Administrative Services Agreement is incorporated by reference to exhibit (h)(2)(xxxvii) to PEA No. 47 to the Registration Statement filed on April 28, 2020.](https://www.sec.gov/Archives/edgar/data/1406305/000168386320006199/f3909d3.htm)

(xxxviii) [Thirty-Seventh Amendment dated September 11, 2020 to the Administrative Services Agreement is incorporated by reference to exhibit (h)(2)(xxxviii) to PEA No. 49 to the Registration Statement filed on April 29, 2021.](https://www.sec.gov/Archives/edgar/data/1406305/000119312521140528/d125556dex99h2xxxviii.htm)

(xxxix) [Thirty-Eighth Amendment dated September 29, 2020 to the Administrative Services Agreement is incorporated by reference to exhibit (h)(2)(xxxix) to PEA No. 49 to the Registration Statement filed on April 29, 2021.](https://www.sec.gov/Archives/edgar/data/1406305/000119312521140528/d125556dex99h2xxxix.htm)

(xl) [Thirty-Ninth Amendment dated December 15, 2020 to the Administrative Services Agreement is incorporated by reference to exhibit (h)(2)(xl) to PEA No. 49 to the Registration Statement filed on April 29, 2021.](https://www.sec.gov/Archives/edgar/data/1406305/000119312521140528/d125556dex99h2xl.htm)

(xli) [Fortieth Amendment dated December 15, 2021 to the Administrative Services Agreement is incorporated by reference to exhibit (h)(2)(xli) to PEA No. 50 to the Registration Statement filed on April 29, 2022.](https://www.sec.gov/Archives/edgar/data/1406305/000119312522133933/d279307dex99h2xli.htm)

(xlii) [Forty-First Amendment dated June 28, 2023 to the Administrative Services Agreement is incorporated by reference to exhibit (h)(2)(xlii) to PEA No. 52 to the Registration Statement filed on April 26, 2024.](https://www.sec.gov/Archives/edgar/data/1406305/000113322824004692/gt-html7729_ex99h2xlii.htm)

(xliii) [Forty-Second Amendment dated December 13, 2023 to the Administrative Services Agreement is incorporated by reference to exhibit (h)(2)(xliii) to PEA No. 52 to the Registration Statement filed on April 26, 2024.](https://www.sec.gov/Archives/edgar/data/1406305/000113322824004692/gt-html7729_ex99h2xliii.htm)

(3) [Gateway Fee Waiver/Expense Reimbursement Undertaking dated April 30, 2026, between the Registrant, on behalf of Gateway Equity Call Premium Fund and Gateway Fund is filed herewith.](gti-efp24063_ex99h3.htm)

(4) [Natixis Advisors Administrative Services Fee Waiver dated February 18, 2008 is incorporated by reference to exhibit (13)(l) to the Registration Statement on Form N-14 filed on February 25, 2008.](https://www.sec.gov/Archives/edgar/data/1406305/000119312508037454/dex9913l.txt)

(5) (i) [Delegation Agreement dated February 16, 2008 between Gateway and Natixis Advisors is incorporated by reference to exhibit (13)(m) to the Registration Statement on Form N-14 filed on February 25, 2008.](https://www.sec.gov/Archives/edgar/data/1406305/000119312508037454/dex9913m.txt)

(ii) [Delegation Agreement dated September 30, 2014 between Gateway and Natixis Advisors on behalf of Gateway Equity Call Premium Fund is incorporated by reference to exhibit (h)(5)(iii) to PEA No. 32 to the Registration Statement filed on September 29, 2014.](https://www.sec.gov/Archives/edgar/data/1406305/000119312514357148/d781928dex99h5iii.htm)

(6) [Reliance Agreement for Exchange Privileges dated September 30, 2017 by and among Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Loomis Sayles Funds I Loomis Sayles Funds II and Registrant is incorporated by reference to exhibit (h)(6) to PEA No. 49 to the Registration Statement filed on April 29, 2021.](https://www.sec.gov/Archives/edgar/data/1406305/000119312521140528/d125556dex99h6.htm)

(7) [Expense Reimbursement Undertaking of Transfer Agency Expenses for Class N shares dated June 18, 2025, between Natixis Advisors and the Registrant, on behalf of Gateway Equity Call Premium Fund is filed herewith.](gti-efp24063_ex99h7.htm)

(9) [Fund of Funds Investment Agreement dated January 19, 2022 between the Gateway Fund and BNY Mellon Alternative Diversifier Strategies Fund is incorporated by reference to exhibit (h)(8) to PEA No. 50 to the Registration Statement filed on April 29, 2022.](https://www.sec.gov/Archives/edgar/data/1406305/000119312522133933/d279307dex99h8.htm)

(10) First Amendment
 dated September 18, 2024 to the Fund of Funds Investment Agreement dated January 19, 2022 between the Gateway Fund and BNY Mellon Alternative
 Diversifier Strategies Fund is incorporated by reference to exhibit (h)(10) to PEA No. 53 to the Registration Statement filed on April
 29, 2025.

(11) Fund of Funds Investment
 Agreement dated January 19, 2022 between Natixis Funds Trust II, on behalf of its respective series, and Invesco Exchange-Traded Fund
 Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund
 Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust is incorporated
 by reference to exhibit (h)(14) to PEA No. 235 to the Natixis Funds Trust II Registration Statement filed on March 29, 2022.

(12) [First Amendment dated September 18, 2024 to the Fund of Funds Investment Agreement dated January 19, 2022 among the Registrant, on behalf of its respective series, Natixis Funds Trust II and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust is filed herewith.](gti-efp24063_ex99h12.htm)

(13) [Second Amendment dated October 17, 2025 to the Fund of Funds Investment Agreement dated January 19, 2022 among the Registrant, on behalf of its respective series, Natixis ETF Trust and Natixis Funds Trust II and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust is filed herewith.](gti-efp24063_ex99h13.htm)

(14) [Fund of Funds Investment Agreement dated October 1, 2025 between the Registrant on behalf of Gateway Fund and Gateway Equity Call Premium Fund and BlackRock ETF Trust, BlackRock ETF Trust II, iShares Trust, iShares Inc., and iShares U.S. ETF Trust is filed herewith.](gti-efp24063_ex99h14.htm)

(i) Legal Opinion.

(1) [Opinion and Consent of Ropes & Gray LLP is incorporated by reference to exhibit (i) to the Registration Statement on Form N-1A/A filed on November 8, 2007.](https://www.sec.gov/Archives/edgar/data/1406305/000119312507240003/dex99i.txt)

(j) Other Opinions.

(1) [Consent of Independent Registered Public Accounting Firm is filed herewith.](gti-efp24063_ex99j1.htm)

(k) Omitted Financial Statements.

---

| | | |
|:---|:---|:---|
|  | (1) | Not Applicable. |
| (l) |  | Initial Capital Agreements. |
|  |  | Not applicable. |
| (m) |  | Rule 12b-1 Plans. |
|  | (1) | [Rule 12b-1 Plan for Class A shares of Gateway Fund is incorporated by reference to exhibit (m)(1) to the Registration Statement on Form N-1A filed on July 20, 2007.](https://www.sec.gov/Archives/edgar/data/1406305/000119312507158938/dex99m1.txt) |
|  | (2) | [Rule 12b-1 Plan for Class C shares of Gateway Fund is incorporated by reference to exhibit (m)(2) to the Registration Statement on Form N-1A filed on July 20, 2007.](https://www.sec.gov/Archives/edgar/data/1406305/000119312507158938/dex99m2.txt) |
|  | (3) | [Rule 12b-1 Plan for Class T shares of Gateway Fund is incorporated by reference to exhibit (m)(3) to PEA No. 39 to the Registration Statement filed on March 30, 2017.](https://www.sec.gov/Archives/edgar/data/1406305/000119312517104262/d356102dex99m3.htm) |
|  | (4) | [Rule 12b-1 Plan for Class A shares of Gateway Equity Call Premium Fund is incorporated by reference to exhibit (m)(5) to PEA No. 32 to the Registration Statement filed on September 29, 2014.](https://www.sec.gov/Archives/edgar/data/1406305/000119312514357148/d781928dex99m5.htm) |
|  | (5) | [Rule 12b-1 Plan for Class C shares of Gateway Equity Call Premium Fund is incorporated by reference to exhibit (m)(6) to PEA No. 32 to the Registration Statement filed on September 29, 2014.](https://www.sec.gov/Archives/edgar/data/1406305/000119312514357148/d781928dex99m6.htm) |
| (n) |  | Rule 18f-3 Plan. |
|  | (1) | [Amended and Restated Plan pursuant to Rule 18f-3(d) under the Investment Company Act of 1940, as amended ("1940 Act"), effective as of September 11, 2025 is filed herewith.](gti-efp24063_ex99n1.htm)<br>|
| (p) |  | Codes of Ethics. |
|  | (1) | [Code of Ethics dated September 14, 2007, as amended December 9, 2025 for the Registrant is filed herewith.](gti-efp24063_ex99p1.htm) |
|  | (2) | [Code of Ethics dated October 1, 2007, as amended January 2024 for Natixis Advisors and Natixis Distribution is filed herewith.](https://www.sec.gov/Archives/edgar/data/1406305/000113322824004692/gt-html7729_ex99p2.htm) |
|  | (3) | Code of Ethics dated February 15, 2008, as revised March 18, 2024 for Gateway is incorporated by reference to exhibit (p)(3) to PEA No. 53 to the Registration Statement filed on April 29, 2025. |
| (q) |  | Powers of Attorney. |

---

(1) [Power of Attorney for Kevin P. Charleston, Edmond J. English, David L. Giunta, Richard A. Goglia, Marina Gross, Martin T. Meehan, Maureen B. Mitchell, James P. Palermo, Erik R. Sirri, Peter J. Smail, Kirk A. Sykes, and Cynthia L. Walker dated January 02, 2026 and effective January 02, 2026, designating Michael G. Doherty, Matthew J. Block and Susan McWhan Tobin as attorneys to sign for each Trustee is filed herewith.](gti-efp24063_ex99q1.htm)

---

| | |
|:---|:---|
| EX-101.INS | XBRL Instance Document- the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL |
| EX-101.SCH | XBRL Taxonomy Extension Schema Document |
| EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase |
| EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase |
| EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase |
| EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase |

---

Item 29. Persons Controlled by or Under Common Control with the Registrant.

The Registrant is not aware of any person controlled by or under common control with any of its series.

As of April 1, 2026, the persons listed below owned 25% or more of the outstanding voting securities of one or more series of the Registrant and thus may be deemed to "control" the series within the meaning of Section 2(a)(9) of the 1940 Act:\*

---

| | | |
|:---|:---|:---|
| **Fund** | **Shareholder and Address** | **Percentage <br>of shares <br>held** |
| Gateway Equity Call Premium Fund | National Financial Services LLC<br> Jersey City, NJ 07310-1995 | 61.04% |

---

\* Such ownership may be beneficially held by individuals or entities other than the owner listed. To the extent that any listed shareholder beneficially owns more than 25% of the Fund, it may be deemed to "control" the Fund within the meaning of the 1940 Act.

Item 30. Indemnification.

Under Article 5 of the Registrant's By-laws, any past or present Trustee or officer of the Registrant and The Gateway Trust, an Ohio business trust, prior to the reorganization of such trust into the Registrant (each hereinafter referred to as a "Covered Person") shall be indemnified to the fullest extent permitted by law against all liability and all expenses reasonably incurred by him or her in connection with any claim, action, suit or proceeding to which he or she may be a party or otherwise involved by reason of his or her being or

having been a Covered Person. That provision does not authorize indemnification when it is determined that such Covered Person would otherwise be liable to the Registrant or its shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of his or her duties. This description is modified in its entirety by the provision of Article 5 of the Registrant's By-laws incorporated by reference to exhibit (b)(1) to PEA No. 2 to the Registration Statement filed on April 30, 2009.

The Distribution Agreement, the Custodian Agreement, the Transfer Agency and Service Agreement and the Administrative Services Agreement (the "Agreements") contained herein and in various PEAs and incorporated herein by reference, provide for indemnification. The general effect of these provisions is to indemnify entities contracting with the Registrant against liability and expenses in certain circumstances. This description is modified in its entirety by the provisions of the Agreements as contained in this Registration Statement and incorporated herein by reference.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "Securities Act"), may be permitted to Trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a Trustee, officer or controlling person of the Registrant in connection with the successful defense of any claim, action, suit or proceeding) is asserted against the Registrant by such Trustee, officer or controlling person in connection with the shares being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The Registrant and its Trustees, officers and employees are insured, under a policy of insurance maintained by the Registrant in conjunction with Natixis Investment Managers, LLC and its affiliates, within the limits and subject to the limitations of the policy, against certain expenses in connection with the defense of actions, suits or proceedings, and certain liabilities that might be imposed as a result of such actions, suits or proceedings, to which they are parties by reason of being or having been such Trustees or officers. The policy expressly excludes coverage for any Trustee or officer for any claim arising out of any fraudulent act or omission, any dishonest act or omission or any criminal act or omission of the Trustee or officer.

Item 31. Business and Other Connections of Investment Adviser.

---

| | |
|:---|:---|
| (a) | Gateway, a wholly owned subsidiary of Natixis Investment Managers, LLC, serves as investment adviser to Gateway Equity Call Premium Fund and Gateway Fund and provides investment advice to a number of other registered investment companies and to other organizations and individuals. |
|  | The list required by this Item 31 regarding any other business, profession, vocation or employment of a substantial nature engaged in by officers and partners of Gateway during the past two years is incorporated by reference to schedules A, C and D of Form ADV filed by Gateway pursuant to the Investment Advisers Act of 1940, as amended (SEC File No. 801-68972; IARD/CRD No. 146681). |

---

Item 32. Principal Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Natixis Distribution, the principal underwriter of
 the Registrant, also serves as principal underwriter for:

Natixis Funds Trust I

Natixis Funds Trust II

Natixis Funds Trust IV

Loomis Sayles Funds I

Loomis Sayles Funds II

Investment Managers Series Trust

Loomis Sayles Credit Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The officers of the Registrant's
 principal underwriter, Natixis Distribution, and their addresses are as follows:

---

| | | |
|:---|:---|:---|
| **Name** | **Positions and Offices**<br> **with Principal Underwriter** | **Positions and Offices**<br> **with the Registrant** |
| David L. Giunta | President and Chief Executive Officer,<br> Natixis Investment Managers, U.S. | President and Chief Executive Officer |
| Susan McWhan Tobin | Executive Vice President, General Counsel | Secretary and Chief Legal Officer |
| Matthew J. Block | Senior Vice President | Treasurer, Principal Financial and Accounting Officer |
| Warren Besser | Executive Vice President, Treasurer and Chief Financial Officer | None |
| Molly Gorman | Senior Vice President, Deputy General Counsel, Secretary and Clerk | None |
| Anthony Loureiro | Senior Vice President, Chief Compliance Officer – Broker-Dealer and Anti-Money Laundering Compliance Officer | None |
| Marilyn Rosh | Senior Vice President and Controller | None |
| Sara Kaufman | Vice President and Assistant Controller | None |
| Marina Gross | Executive Vice President and Head of Natixis Investment Managers Solutions | None |
| Cate McManus | Senior Vice President and Director of Operations | None |
| David Vallon | Senior Vice President and Chief Compliance Officer – Advisor | None |

---

---

| | | |
|:---|:---|:---|
| **Name** | **Positions and Offices**<br> **with Principal Underwriter** | **Positions and Offices**<br> **with the Registrant** |
| Matthew Coldren | Executive Vice President | None |
| James Cove | Executive Vice President | None |
| Abhijeet Dalvi | Executive Vice President | None |
| Kenneth Herold | Executive Vice President | None |
| Robert Hussey | Executive Vice President | None |
| Liana Magner | Executive Vice President | None |
| Susan St. Germain | Executive Vice President | None |
| Bonnie Bate | Senior Vice President | None |
| Graham Brewster | Senior Vice President | None |
| Mark Cintolo | Senior Vice President | None |
| Jeff Clough | Senior Vice President | None |
| James Dolan | Senior Vice President | None |
| Matthew Doucette | Senior Vice President | None |
| Tracy F. Duffy | Senior Vice President | None |
| Dineen Dusablon | Senior Vice President | None |
| Nick Elward | Senior Vice President | None |
| Gregory Fecteau | Senior Vice President | None |
| Matt Garzone | Senior Vice President | None |
| Alaina Giampapa | Senior Vice President | None |
| John Janasiewicz | Senior Vice President | None |
| Jeff Keselman | Senior Vice President | None |
| Michael Kroupa | Senior Vice President | None |
| Joseph Labresh | Senior Vice President | None |

---

---

| | | |
|:---|:---|:---|
| **Name** | **Positions and Offices**<br> **with Principal Underwriter** | **Positions and Offices**<br> **with the Registrant** |
| Karyn Lee | Senior Vice President | None |
| Robert Lyons | Senior Vice President | None |
| Neil Martin | Senior Vice President | None |
| Dianne Masel | Senior Vice President | None |
| Mark Mason | Senior Vice President | None |
| Brian O'Mara | Senior Vice President | None |
| Paige Skilling | Senior Vice President | None |
| Meghan Peachey | Senior Vice President | None |
| Rebecca Poulin | Senior Vice President | None |
| Jennifer Round | Senior Vice President | None |
| Steven Schedin | Senior Vice President | None |
| Manav Sehgal | Senior Vice President | None |
| Christopher Sharpe | Senior Vice President | None |
| Jebb Tether | Senior Vice President | None |
| Jay Wightman | Senior Vice President | None |
| Michael Yip | Senior Vice President | None |
| Kevin Finney | Managing Director | None |
| Pat Fitzsimons | Managing Director | None |
| Robert Hinckle | Managing Director | None |
| Christopher Hunter | Managing Director | None |
| Daniel Lynch | Managing Director | None |
| Ian MacDuff | Managing Director | None |
| Kent Mappin | Managing Director | None |
| Shawn McClain | Managing Director | None |

---

---

| | | |
|:---|:---|:---|
| **Name** | **Positions and Offices**<br> **with Principal Underwriter** | **Positions and Offices**<br> **with the Registrant** |
| Ryan McNeill | Managing Director | None |
| Mike Muti | Managing Director | None |
| Chuck Nanick | Managing Director | None |
| Bill Slimbaugh | Managing Director | None |

---

The principal business address of all the above persons or entities is 888 Boylston Street, Boston, Massachusetts 02199-8197.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not Applicable.

Item 33. Location of Accounts and Records.

The following companies, in the aggregate, maintain possession of the documents required to be maintained by Section 31(a) of the 1940 Act, and the rules thereunder:

---

| | |
|:---|:---|
| &nbsp;&nbsp;(a) | &nbsp;&nbsp;For all series of Registrant: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp;&nbsp;&nbsp;&nbsp; Gateway Trust<br> 888 Boylston Street<br> Boston, Massachusetts 02199-8197<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)&nbsp;&nbsp;&nbsp;&nbsp; Natixis Distribution, LLC<br> 888 Boylston Street<br> Boston, Massachusetts 02199-8197 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)&nbsp;&nbsp;&nbsp;&nbsp; Natixis Advisors, LLC<br> 888 Boylston Street<br> Boston, Massachusetts 02199-8197  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv)&nbsp;&nbsp;&nbsp;&nbsp; State Street Bank and Trust Company<br> One Congress Street, Suite 1<br> Boston, Massachusetts 02114-2016 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v)&nbsp;&nbsp;&nbsp;&nbsp; SS&C Global Investor & Distribution Solutions, Inc.<br> 30 Braintree Hill Office Park, Suite 400<br> Braintree, Massachusetts 02184 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vi)&nbsp;&nbsp;&nbsp;&nbsp; Gateway Investment Advisers, LLC<br> 312 Walnut Street<br> 35<sup>th</sup> Floor<br> Cincinnati, Ohio 45202<br>|

---

Item 34. Management Services.

None.

Item 35. Undertakings.

The Registrant undertakes to provide a copy of the annual report of any of its series to any person who receives a prospectus for such series and who requests the annual report.

**GATEWAY TRUST**

**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 Post-Effective Amendment to its Registration Statement under Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Post-Effective Amendment 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 29<sup>th</sup> day of April, 2026.

---

| | |
|:---|:---|
| GATEWAY TRUST | GATEWAY TRUST |
| By: | /s/ David L. Giunta |
|  | David L. Giunta |
|  | President and Chief Executive Officer |

---

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 | &nbsp;&nbsp;&nbsp;Title | &nbsp;&nbsp;Date |
| /s/ David L. Giunta |  |  |
| David L. Giunta | &nbsp;&nbsp;&nbsp;President, Chief Executive Officer and Trustee | &nbsp;&nbsp;April 29, 2026 |
| /s/ Matthew J. Block |  |  |
| Matthew J. Block | &nbsp;&nbsp;&nbsp;Treasurer, Principal Financial and Accounting Officer | &nbsp;&nbsp;April 29, 2026 |
| Kevin P. Charleston\* |  |  |
| Kevin P. Charleston | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;April 29, 2026 |
| Edmond J. English\* |  |  |
| Edmond J. English | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;April 29, 2026 |
| Richard A. Goglia\* |  |  |
| Richard A. Goglia | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;April 29, 2026 |
| Marina Gross\* |  |  |
| Marina Gross | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;April 29, 2026 |
| Martin T. Meehan\* |  |  |
| Martin T. Meehan | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;April 29, 2026 |
| Maureen B. Mitchell\* |  |  |
| Maureen B. Mitchell | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;April 29, 2026 |
| James P. Palermo\* |  |  |
| James P. Palermo | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;April 29, 2026 |

---

---

| | | |
|:---|:---|:---|
| Erik R. Sirri\* |  |  |
| Erik R. Sirri | Trustee, Chairperson of the Board | April 29, 2026 |
| Peter J. Smail\* |  |  |
| Peter J. Smail | Trustee | April 29, 2026 |
| Kirk A. Sykes\* |  |  |
| Kirk A. Sykes | Trustee | April 29, 2026 |
| Cynthia L. Walker\* |  |  |
| Cynthia L. Walker | Trustee | April 29, 2026 |

---

---

| | |
|:---|:---|
| \*By: | /s/ Susan McWhan Tobin |
|  | Susan McWhan Tobin |
|  | Attorney-In-Fact <sup>1</sup> |
|  | April 29, 2026 |

---

<sup>1</sup> Power of Attorney for Kevin P. Charleston, Edmond J. English, David L. Giunta, Richard A. Goglia, Marina Gross, Martin T. Meehan, Maureen B. Mitchell, James P. Palermo, Erik R. Sirri, Peter J. Smail, Kirk A. Sykes, and Cynthia L. Walker dated January 02, 2026 and effective January 02, 2026, designating Michael G. Doherty, Matthew J. Block and Susan McWhan Tobin as attorneys to sign for each Trustee is filed herewith.

## Ex-99.(E)(3)

**Exhibit (e)(3)**

**Natixis Distribution LLC**

888 Boylston Street

Boston, MA 02199

**Dealer Agreement**

This dealer agreement ("Dealer Agreement") is entered into between Natixis Distribution LLC (formerly, Natixis Distribution, L.P.) ("our", "us", or "we") and the undersigned company ("you"). We offer to sell to you shares of each of the mutual funds distributed by us (the "Funds" and each a "Fund"), for each of which we serve as principal underwriter as defined in the Investment Company Act of 1940, as amended (the "Act"), and from which we have the right to purchase shares.1 Shares are offered pursuant to the then current prospectus, including any supplements or amendments thereto, of each of the Funds (the "Prospectus," which term as hereinafter used shall include the Statement of Additional Information of the Fund).

With respect to each of the Funds (except for Section 5, which applies only with respect to each Fund having in effect from time to time a service plan, service and distribution plan or other plan adopted pursuant to Rule 12b-1 under the Act, each a "Plan" and together the "Plans"):

1. For all sales of shares of the Funds you shall act as dealer for your own account, and in no transaction shall you have any authority to act as agent, except as limited agent for purposes of receiving and transmitting orders and instructions regarding the purchase, exchange and redemption of shares of your customers and employees, with no authority to otherwise act as agent for any Fund or for us.

2. You or your designated agent agree to obtain and provide to your customers the Prospectus(es) of the applicable Fund(s) together with any supplemental sales literature you provide. You agree not to purchase any Fund shares for any customer, unless you deliver or cause to be delivered to such customer, at or prior to the time of such purchase, a copy of the Prospectus of the applicable Fund, or the Prospectus of the applicable Fund. You hereby represent that you understand your obligation to deliver a Prospectus to customers who purchase Fund shares pursuant to federal securities laws and you have taken all necessary steps to comply with such Prospectus delivery requirements.

3. Orders received from you will be accepted by us only at the public offering price applicable to each order, except for transactions to which a reduced offering price applies as provided in the Prospectus of the Fund(s). The minimum dollar purchase of shares of each Fund by any investor shall be the applicable minimum amount described in the Prospectus of the Fund and no order for less than such amount will be accepted hereunder. The public offering price shall be the net asset value per share plus the sales charge, if any, applicable to the transaction, expressed as a percentage of the public offering price, as determined and effective as of the time specified in the Prospectus of the Fund(s). The procedures relating to the handling of orders shall be subject to any instructions that we shall forward from time to time to you. All orders are subject to acceptance or rejection by us, or our designated agent, in our sole discretion. You hereby agree to comply with attached Appendix A, *Policies and Procedures with Respect to Mutual Fund Trading,* as well as with the terms of the Prospectus and the policies and procedures of the Funds. You understand that in recommending the purchase, sale or exchange of any Fund shares to your customers, you must have reasonable grounds for believing that such recommendation is suitable for such customer.

4. The sales charge applicable to any sale of Fund shares by you and the dealer concession or commission applicable to any order from you for the purchase of Fund shares accepted by us shall be set forth in the Prospectus of the Fund. You shall notify us if you are not eligible to receive a dealer concession or commission. You may be deemed to be an underwriter in connection with sales by you of shares of the Fund where you receive all or substantially all of the sales charge as set forth in the Fund's Prospectus, and therefore you may be subject to applicable provisions of the Securities Act of 1933.

<sup>1</sup> The definition of "Funds" shall not include the following mutual funds, which are distributed by Natixis Distribution LLC, but which are not available to you through the terms of this Dealer Agreement: Loomis Sayles Fixed Income Fund; Loomis Sayles Institutional High Income Fund; Loomis Sayles Investment Grade Fixed Income Fund; Loomis Sayles High Income Opportunities Fund; and Loomis Sayles Securitized Asset Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) We are entitled to a contingent deferred sales charge ("CDSC") on redemptions of applicable classes of shares of the Funds, as described in the Prospectus. You agree that you will sell shares subject to a CDSC and that are to be held in omnibus accounts only if you are a NETWORKING participant with the National Securities Clearing Corporation and if such accounts are established pursuant to a NETWORKING Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reduced sales charges or no sales charge may apply to certain transactions, including under letter of intent, combined purchases or investments, reinvestment of dividends and distributions, repurchase privilege, unit investment trust distribution reinvestment or other programs, as described in the Prospectus of the Fund(s). To obtain any such reductions, you must notify us when the sale that would qualify for such reduction takes place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) You agree to disclose your compensation under this Dealer Agreement, together with any other compensation you receive in connection with your customers' investment in the Funds, to your customers as required by applicable law.

5. Rule 12b-1 Plans. The substantive provisions of this Section 5 have been adopted pursuant to the Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You agree to provide (i) for the Funds with a service plan, personal services to investors in shares of the Funds and/or services related to the maintenance of shareholder accounts, and (ii) for those Funds with a service and distribution plan, both personal services to investors in shares of the Funds and/or services related to the maintenance of shareholder accounts and also distribution and marketing services in the promotion of Fund shares. As compensation for these services, we shall pay you, as agent, upon receipt by us from the Fund(s), a quarterly service fee or service fee and distribution fee based on the average daily net asset value of Fund shares at the rate set forth with respect to the relevant Class(es) of shares of the Fund(s) in the Prospectus. This fee will be based on the average daily net asset value of Fund shares that are owned of record by your firm as nominee for your customers or that are owned by those shareholders whose records, as maintained by the Fund or its agent, designate your firm as the shareholder's dealer of record. Normally, payment of such fee to you shall be made within forty-five (45) days after the close of each quarter for which such fee is payable ***provided***, ***however***, that any other provision of this Dealer Agreement or the Prospectuses to the contrary notwithstanding, we shall not have any obligation whatsoever to pay any amount of distribution and/or service fee with respect to shares of any Fund except to the extent, and only to the extent, that we have actually received payment of at least such amount of distribution and/or service fee from the Funds with respect to such shares pursuant to a Plan in consideration of you furnishing distribution and client services hereunder with respect to your customers that own such class of shares of such Fund, it being understood that our liability to you in respect of such fees is limited solely to the proceeds of such fees received by us from the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You shall furnish us and the Fund with such information as shall reasonably be requested by the Trustees of the Fund with respect to the fees paid to you pursuant to this Section 5 and you shall notify us if you are not eligible to receive 12b-1 fees, including without limitation by reason of your failure to provide the services as required in this Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions of this Section 5 may be terminated by the vote of a majority of the Trustees of the Funds who are not interested persons of the Funds and who have no direct or indirect financial interest in the operation of the Plan or in any agreements related to the Plan, or by a vote of a majority of the Fund's outstanding shares, on sixty (60) days' written notice, without payment of any penalty. Such provisions will be terminated also by any act that terminates either the Fund's Distribution Contract or Underwriting Agreement with us, or this Dealer Agreement under Section 16 hereof or otherwise and shall terminate automatically in the event of the assignment (as that term is defined in the Act) of this Dealer Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The provisions of the Distribution Contract or Underwriting Agreement between the Fund and us, insofar as they relate to the Plan, are incorporated herein by reference. The provisions of this Section 5 shall continue in full force and effect only so long as the continuance of the Plan, the Distribution Contract or Underwriting Agreement and these provisions are approved at least annually by a vote of the Trustees, including a majority of the Trustees who are not interested persons of the Fund and who have no direct or indirect financial interest in the operation of the Plan or in any agreements related to the Plan, cast in person at a meeting called for the purpose of voting thereon.

6. You agree to purchase Fund shares only from us or from your customers. If you purchase Fund shares from us, you agree that all such purchases shall be made only: (a) to cover orders already received by you from your customers; (b) for shares being acquired by your customers pursuant to either the exchange privilege or the reinvestment privilege, as described in the Prospectus of the Fund; or (c) for your own bona fide investment. If you purchase shares from your customers, you agree to pay such customers not less than the applicable redemption price next quoted by the Fund pursuant to the procedures set forth in the Prospectus of the Fund.

7. You shall sell shares only: (a) to customers at the applicable public offering price, except for shares being acquired by your customers at net asset value as described in the Prospectus of the Fund, and (b) to us as agent for the Fund at the redemption price. In such a sale to us, you may act either as principal for your own account or as agent for your customer. If

Contract #: «Contract_Number» 2 09-17

you act as principal for your own account in purchasing shares for resale to us, you agree to pay your customer not less than the price that you receive from us. If you act as agent for your customer in selling shares to us, you agree not to charge your customer more than a fair commission or fee for handling the transaction, except that you agree to receive no compensation of any kind based on the reinvestment of redemption or repurchase proceeds pursuant to the repurchase privilege, as described in the Prospectus of the Fund.

8. You hereby certify that all of your customers' taxpayer identification numbers ("TIN") or social security numbers ("SSN") furnished to us by you are correct and that you will not open an account without providing us with the customer's TIN or SSN. You agree to comply with the provisions of Appendix B, *Policies and Procedures with Respect to Rule 22c-2*.

9. You hereby acknowledge that, in the performance of the services contemplated by this Dealer Agreement, you use or have access to records, systems, or operations that include, in tangible or electronic form, information relating to your customers such as their name, address (including email address), phone number, account number, SSN, drivers license number, date of birth, account activity, investments, and other nonpublic personal information (including consumer reports) (collectively, "Personal Information" or "Customer Data"), which is subject to the requirements of the Gramm-Leach Bliley Act and Regulation S-P thereunder promulgated by the Securities and Exchange Commission, as from time to time amended, and other federal and state laws and regulations applicable to the management, use, disposal, and safekeeping of Personal Information and/or Customer Data as well as laws and regulations relating to "know your customer," anti-money laundering, and similar federal and state regulatory requirements (collectively "Privacy Laws"). You agree to comply with all applicable Privacy Laws relating to Personal Information and Customer Data and to cooperate with us in enabling us to satisfy our regulatory requirements relating to Personal Information. You acknowledge that nonpublic customer information (as defined in Regulation S-P, including any amendments thereto) of customers of the Funds received from the Funds or us is subject to the limitations on redisclosure and reuse set forth in Section 248.11 of such Regulation, and you agree such information (i) shall not be disclosed to any third party for any purpose without the written consent of the Funds unless permitted by exceptions 248.14 or 248.15 of such Regulation and (ii) shall be safeguarded pursuant to procedures adopted under Section 248.30 of such Regulation if so required.

10. You shall not withhold placing with us orders received from your customers so as to profit yourself as a result of such withholding; e.g., by a change in the net asset value from that used in determining the public offering price to your customers.

11. We will not accept from you any conditional orders for shares.

12. If any Fund shares sold to you or your customers under the terms of this Dealer Agreement are redeemed by the Fund or repurchased by us as agent for the Fund within seven (7) business days after the date of our confirmation of the original purchase by you or your customers, it is agreed that you shall forfeit your right to any dealer concession or commission received by you on such Fund shares. We will notify you of any such repurchase or redemption within ten (10) business days after the date thereof and you shall forthwith refund to us the entire concession or commission allowed or paid to you on such sale. We agree, in the event of any such repurchase or redemption, to refund to the Fund the portion of the sales charge, if any, retained by us and, upon receipt from you of the concession allowed to you on any Fund shares, to pay such refund forthwith to the Fund.

13. Payment for Fund shares sold to you shall be made on or before the settlement date specified in our confirmation, at the office of our clearing agent, and by check payable to the order of the Fund, which reserves the right to delay issuance, redemption or transfer of shares until such check has cleared. If such payment and all necessary applications and documents are not received by us, we reserve the right, without notice, forthwith either to cancel the sale, or at our option, sell the shares ordered back to the Fund, in which case you shall bear any loss resulting from your failure to make payment as aforesaid.

14. You will also act as principal in all purchases by a shareholder for whom you are the dealer of record of Fund shares with respect to payments sent directly by such shareholder to the Shareholder Services and Transfer Agent (the "TA") specified in the Prospectus of the Fund, and you authorize and appoint the TA to execute and confirm such purchases to such shareholders on your behalf. Upon receipt of payment from the Funds, we, as agent, will remit to you, no less frequently than monthly, the amount of any concessions due with respect to such purchases, except that no concessions will be paid to you on any transaction for which your net sales concession is less than $5.00 in any payment cycle. You also represent that with respect to all such direct purchases by such shareholder, you may lawfully sell shares of such Fund in the state designated as such shareholder's record address.

15. No person is authorized to make any representations concerning shares of the Funds except those contained in the Prospectuses of the Funds and in sales literature issued by us supplemental to such Prospectuses or approved in writing by us. In purchasing shares from us, you shall rely solely on the representations contained in such Prospectuses and such sales literature. We will furnish you with additional copies of such Prospectuses and such sales literature and other releases and information issued by us in reasonable quantities upon request.

Contract #: «Contract_Number» 3 09-17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If, with prior written approval from us, you use any advertisement or sales literature which has not been supplied by us, you are responsible for ensuring that the material complies with all applicable regulations and has been filed with the appropriate authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You shall indemnify and hold us (and our directors, officers, employees, controlling persons and agents) and the Fund and its Trustees and officers harmless from and against any and all losses, claims, liabilities and expenses (including reasonable attorneys' fees) ("Losses") incurred by us or any of them arising out of (i) your dissemination of information regarding any Fund that is alleged to contain an untrue statement of material fact or any omission of a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading and that was not published or provided to you by or on behalf of us, or accurately derived from information published or provided by or on behalf of us or any of our Affiliates, (ii) any breach by you of any representation, warranty or agreement contained in this Dealer Agreement, (iii) any act or omission, including without limitation any material misstatement by you in connection with any orders or solicitation of orders for, or transactions in, shares of the Funds, or (iv) any willful misconduct or negligence on your part in the performance of, or failure to perform, your obligations under this Dealer Agreement, except to the extent such losses are caused by our breach of this Dealer Agreement or our willful misconduct or negligence in the performance, or failure to perform, our obligations under this Dealer Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) We shall indemnify and hold you (and your directors, officers, employees, controlling persons and agents) harmless from and against any and all Losses incurred by you arising out of (i) our dissemination of information regarding any Fund that contains an untrue statement of material fact or any omission of a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading, (ii) any breach by us of any representation, warranty or agreement contained in this Dealer Agreement, (iii) any act or omission, including without limitation any material misstatement by us in connection with any orders or solicitation of orders for, or transactions in, shares of the Funds, or (iv) any willful misconduct or negligence on our part in the performance of, or failure to perform, our obligations under this Dealer Agreement, except to the extent such losses are caused by your breach of this Dealer Agreement or your willful misconduct or negligence in the performance, or failure to perform, your obligations under this Dealer Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Section 15 shall survive termination of this Dealer Agreement.

16. The Fund reserves the right in its discretion and we reserve the right in our discretion, without notice, to refuse any order for the purchase of Fund shares for any reason whatsoever, and to suspend sales or withdraw the offering of Fund shares (or shares of any class(es)) entirely. We reserve the right, by written notice to you, to change or amend any provision of this Dealer Agreement or restate this Dealer Agreement in its entirety, modify, cancel or assign this Dealer Agreement, including Section 5 hereof, and any appendices that are now or in the future attached to this Dealer Agreement. Notice for all purposes shall be deemed to be given when mailed or electronically transmitted to you. Any such change, amendment or restatement shall become binding on you and us on the date of your first order for shares of any Fund sold to you by us subsequent to our furnishing a copy of such notice to you. Upon written notice to you, we may change or discontinue any schedule or schedules of dealer discounts, of sales commissions and of distribution plan payments from time to time and we may issue a new or replacement schedule or schedules of dealer discounts, of sales (I) or of distribution plan payments. You hereby agree that you shall have no right or interest in any type or level of discount, sales commission, distribution assistance payment, or service fee, or right to expect or to rely upon the continuance in effect of any thereof, and that you shall have no claim against us or any Fund by virtue of any change or diminution in the rate or amount of, or discontinuance of, any discount, sales commission, distribution assistance payment or service fee in connection with shares of any Fund.

17. This Dealer Agreement shall replace any prior agreement between you and us or any of our predecessor entities (including but not limited to Natixis Distribution, L.P., Natixis Distributors, L.P., IXIS Asset Management Distributors, L.P., CDC IXIS Asset Management Distributors, L.P., Nvest Funds Distributor, L.P., New England Funds, L.P., TNE Investment Services Corporation, and Investment Trust of Boston Distributors, Inc.) and is conditioned upon your representation and warranty that you are (i) registered as a broker/dealer under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and are a member in good standing of the Financial Industry Regulatory Authority, Inc. ("FINRA") or (ii) exempt from registration as a broker/dealer under the 1934 Act. Regardless of whether you are a FINRA member, you and we agree to abide by the Rules and Regulations of FINRA, including without limitation Conduct Rules 2310, 2420, 3110, 3510 and 2830, and all applicable state and federal laws, rules and regulations. You agree to notify us immediately if you cease to be registered as a broker/dealer under the 1934 Act (or exempt from registration as a broker/dealer under the 1934 Act) and a member of FINRA. You agree to notify us of any material compliance matter related to the services provided by you pursuant to this Dealer Agreement. Should you cease to be registered as a broker/dealer under the 1934 Act (or exempt from such registration) and/or a cease to be a member in good standing of FINRA, you will be removed as broker-dealer of record and this Dealer Agreement will be terminated.

Contract #: «Contract_Number» 4 09-17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You will not offer Fund shares for sale in any state (a) where they are not qualified for sale under the blue sky laws and regulations of such state or (b) where you are not qualified to act as a broker/dealer. You agree to offer Fund shares only to U.S. citizens with U.S. addresses and U.S. tax payer identification numbers or in accordance with the shareholder eligibility terms of a Fund's prospectus if those terms differ from the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If you are a bank, with respect to any and all transactions in shares of the Funds pursuant to this Dealer Agreement, it is understood and agreed in each case that unless otherwise agreed to by us in writing: (i) you shall be acting solely as agent for the account of your customer; (ii) each transaction shall be initiated solely upon the order of your customer; (iii) we shall execute transactions only upon receiving instructions from you acting as agent for your customer; (iv) as between you and your customer, your customer will have full beneficial ownership of all shares; and (v) each transaction shall be for the account of your customer and not for your account.

18. Each of the parties represents and warrants that it has enacted appropriate safeguards to protect non-public customer information. If non-public personal information regarding either party's customers or consumers is disclosed to the other party in connection with this Dealer Agreement, the party receiving such information will not disclose or use that information other than as necessary to carry out the purposes of this Dealer Agreement and in accordance with Regulation S-P.

19. (I) You hereby represent and certify to us that you are aware of, and in compliance with, all applicable anti-money laundering laws, regulations, rules and government guidance, including the reporting, recordkeeping and compliance requirements of the Bank Secrecy Act ("BSA"), as amended by the USA PATRIOT Act of 2001 (the "Patriot Act"), its implementing regulations, and related Securities and Exchange Commission and self-regulatory organization rules and regulations. You hereby certify to us that, as required by the Patriot Act, you have a comprehensive anti-money laundering compliance program that includes: internal policies, procedures and controls for complying with the Patriot Act; a designated compliance officer or officers; an ongoing training program for appropriate employees; and an independent audit function. You also hereby certify to us that, to the extent applicable, you are in compliance with the economic sanctions programs administered by the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC"), and have an OFAC compliance program that satisfies all applicable laws and regulations and sanctions programs administered by the U.S. Treasury Department's Office of Foreign Laws and Regulations. You represent that you have adopted a Customer Identification Program in compliance with applicable laws, rules and regulations and will verify the identity of customers who open accounts with you and who invest in shares of the Funds. Except to the extent restricted by applicable law, you hereby agree to notify the Funds promptly whenever questionable activity or potential indications of suspicious activity or OFAC matches are detected with respect to the Funds. You hereby undertake to notify us promptly if any of the foregoing certifications cease to be true and correct for any reason. You further agree to monitor your employees' use of web based systems used by you to access customer account information. You agree to notify us should any system ID require reassignment. You agree to remove such access as necessary. You agree that any order to purchase shares shall constitute your continued certification of the matters you have certified in this Section 19.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) By performing your obligations as described in item 4(j)(1) above, you hereby agree to undertake the customer identification responsibilities of the Funds contemplated by the Patriot Act. You further agree that no less than annually you shall certify to us that you will continue to satisfy the Funds customer identification responsibilities in the manner contemplated herein.

20. You hereby agree that all purchases, redemptions and exchanges of shares contemplated by this Dealer Agreement shall be effected by you for your customers in accordance with each Fund's Prospectus, including, without limitation, the collection of any redemption fees, if applicable, and in accordance with applicable laws and regulations. You agree that, in the event that it should come to your attention that any of your customers are engaging in a pattern of purchases, redemptions and/or exchanges of Funds that potentially violates the Funds' frequent trading policy as described in the relevant Fund's Prospectus, you shall immediately notify us of such pattern and shall cooperate fully with us in any investigation and, if deemed necessary or appropriate by us, terminating any such pattern of trading, including, without limitation, by refusing such customer's orders to purchase or exchange shares of the Funds.

21. You hereby represent that you have established and will maintain a business continuity program, in compliance with FINRA Rules 3510 and 3520, designed to ensure that you will at all times fulfill your obligations as set forth in this Dealer Agreement.

22. You hereby agree to provide any additional material as we may reasonably request to allow us to conduct periodic due diligence reviews and to ensure compliance with this Dealer Agreement.

Contract #: «Contract_Number» 5 09-17

23. You hereby acknowledge that each Fund and class of shares thereof may be offered and sold only in accordance with the terms and conditions set forth in the respective Fund's prospectus and statement of additional information, as may be amended from time to time.

24. All communications to us should be mailed to the above address and e-mailed to <u>thirdpartynotices@natixis.com</u>. Any notice to you shall be duly given if mailed or faxed to you at the address specified by you.

25. This Dealer Agreement together with attached appendices shall be effective when accepted by you below and shall be governed by and construed under the laws of the Commonwealth of Massachusetts.

26. This Dealer Agreement together with attached appendices shall be effective as against you and your successor in interest. All obligations, representations, warranties and covenants made and belonging to you shall be enforceable against your successor in interest to the same extent that such would be enforceable against you. Each party agrees that the electronic signatures, whether digital or encrypted, of the parties included in this Dealer Agreement, if any, are intended to authenticate this writing and to have the same force and effect as manual signatures.

27. (a). You warrant that (i) you have received the proper authority through appropriate written instructions (the "Instructions") signed by your customers requesting the transfer of his/her/its own shareholder account; (ii) the signature by your customer on the Instructions has been guaranteed by you pursuant to the Medallion Signature Program of the New York Stock Exchange ("NYSE"); and (iii) you have the proper authority from your customer to request this transfer on behalf of your customer.

(a). You agree to maintain the original documents of Instruction and any applicable or required supporting documentation relating to the Instructions (e.g. original, signed stock power, etc.) in accordance with all applicable state and federal laws.

(b). At the request of us, you agree to provide a list of individuals authorized to affect the transfers contemplated by this agreement.

(c). You further agree to provide to us, to the transfer agent of the Funds, or to any regulatory authority, in a timely manner, if so reasonably requested, copies of the Instructions and supporting documentation to such Instructions.

(d). In reliance upon you receiving and maintaining the properly authorized customer Instructions, we, through the Funds' transfer agent, agrees to process the transfer of shareholder accounts based only upon written Instructions it receives by mail or facsimile from you, which Instructions shall be certified and signed by a properly authorized representative of you. You acknowledge that we, the Funds, and the Funds' transfer agent may assume that the person(s) certifying and signing these Instructions are properly authorized by the you to certify, sign and submit such Instructions.

Contract #: «Contract_Number» 6 09-17

Your submission and our acceptance of an order for the Funds, or receipt by us of an executed copy of this Dealer Agreement from you represents your acknowledgement and acceptance of the terms and conditions of this Dealer Agreement and its attached appendices.

---

| | | | |
|:---|:---|:---|:---|
| **«Company_Name»** | **«Company_Name»** | **«Natixis Distribution LLC** | **«Natixis Distribution LLC** |
| By: |  | By: |  |
|  | Authorized Signature of Dealer |  | Authorized Signature |
| Name: |  | Name: |  |
|  | (Please print name) |  |  |
| Title: |  | Title: |  |
| Address: | «Company_Address1»<br> «Company_Address2»<br> «Company_City», «Company_State» «Company_Postal_Code» | Address: | «LE_Address1»<br> «LE_City», «LE_State»<br> «LE_Postal_Code» |
| Date: |  | Date: |  |

---

Contract #: «Contract_Number» 7 09-17

<u>**Appendix A**</u>

**Natixis Distribution LLC**

**Policies and Procedures with Respect to Mutual Fund Trading**

You shall establish and maintain effective internal policies and controls, including operational and system controls, with respect to the processing of orders of the funds received prior to and after the close of the New York Stock Exchange – normally 4:00 p.m. Eastern Time ("Pricing Time"), for the purchase, redemption and exchange of shares of mutual funds, including the Funds.

For all transactions in the Funds, you shall follow all applicable rules and regulations and shall establish internal policies regarding the timely handling of orders for the purchase, redemption and exchange of shares of the Funds ("Fund Orders") and maintain effective internal controls over the ability to distinguish and appropriately process Fund Orders received prior to and after the Fund's Pricing Time, including operational and systems controls. Specifically, you represent as of the date of Dealer Agreement and each time that you accept a Fund Order on behalf of a Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;• Your policies
and procedures provide reasonable assurance that Fund Orders received by you prior to the Fund's Pricing Time are segregated from
Fund Orders received by you after the Fund's Pricing Time and are properly transmitted to the Funds (or their agents) for execution
at the current day's net asset value ("NAV").

&nbsp;&nbsp;&nbsp;&nbsp;• Your policies
and procedures provide reasonable assurances that Fund Orders received by you after the Fund's Pricing

&nbsp;&nbsp;&nbsp;&nbsp;• Time are
properly transmitted to the Funds (or their agents) for execution at the next day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Your policies
and procedures provide reasonable assurance that transactional information is delivered to the Funds (or their agents) in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;• You have
designed procedures to provide reasonable assurance that policies with regard to the receipt and processing of Fund Orders are complied
with. Such procedures either prevent or detect, on a timely basis, instances of noncompliance with the policies governing the receipt
and processing of Fund Orders.

&nbsp;&nbsp;&nbsp;&nbsp;• Policies
and procedures governing the timely handling of Fund Orders have been designed and implemented effectively by all third parties to whom
you have designated the responsibility to distinguish and appropriately process Fund Orders received prior to and after the Fund's
Pricing Time.

To the extent we have entered into related agreements with you regarding your handling of Fund Orders, you acknowledge and agree that this appendix shall apply to your handling of all Fund Orders, whether authorized under the Dealer Agreement or any other agreement with us or our affiliates.

Contract #: «Contract_Number» 8 09-17

<u>**Appendix B**</u>

**Natixis Distribution LLC**

**Policies and Procedures with Respect to Rule 22c-2**

**I. <u>Shareholder Information.</u>**

1. **Agreement to Provide Information.** You agree to provide to the Fund, upon written request, the taxpayer identification number ("TIN"), the Individual/International Taxpayer Identification Number ("ITIN"), or other government-issued identifier ("GII"), if known, of any or all Shareholder(s) of each account held of record by you and the amount, date, name or other identifier of any investment professional(s) associated with the Shareholder(s) or account (if known), and transaction type (purchase, redemption, transfer, or exchange) of every purchase, redemption, transfer, or exchange of Shares held through an account maintained by you during the period covered by the request.

2. **Period Covered by Request.** Requests must set forth a specific period, not to exceed ninety (90) days from the date of the request, for which transaction information is sought. The Fund may request transaction information older than ninety (90) days from the date of the request as the Fund deems necessary to investigate compliance with policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding shares issued by the Fund.

The Fund reserves the right to request the information set forth in Section I. (1) for each trading day and you agree, if so directed by the Fund, to provide the information.

3. **Form and Timing of Response.** You agree to provide, promptly upon request of the Fund or its designee, the requested information specified in Section I. (1). If requested by the Fund or its designee, you agree to use best efforts to determine promptly whether any specific person about whom you have received identification and transaction information specified in Section I. (1) is itself a financial intermediary ("indirect intermediary") and, upon further request of the Fund or its designee, promptly either (i) provide (or arrange to have provided) the information set forth in Section I. (1) for those shareholders who hold an account with an indirect intermediary or (ii) restrict or prohibit the indirect intermediary from purchasing, in nominee name on behalf of other persons, securities issued by the Fund. You additionally agree to inform the Fund whether you plan to perform (i) or (ii). Responses required by this paragraph must be communicated in writing and in a format mutually agreed upon by the parties. To the extent practicable, the format for any transaction information provided to the Fund should be consistent with the NSCC Standardized Data Reporting Format.

4. **Limitations on Use of Information.** Fund agrees not to use the information received for marketing or any other similar purpose without your prior written consent.

5. **Agreement to Restrict Trading.** You agree to execute written instructions from the Fund to restrict or prohibit further purchases or exchanges of Shares by a Shareholder that has been identified by the Fund as having engaged in transactions of the Fund's Shares (directly or indirectly through your account) that violate policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding Shares issued by the Fund.

6. **Form of Instructions.** Instructions to restrict or prohibit trading must include the TIN, ITIN, GII, if known, and the specific restriction(s) to be executed. If the TIN, ITIN, or GII is not known, the instructions must include an equivalent identifying number of the Shareholder(s) or account(s) or other agreed upon information to which the instruction relates.

7. **Timing of Response.** You agree to execute instructions as soon as reasonably practicable, but not later than five (5)

business days after receipt of the instructions by you.

8. **Confirmation.** You must provide written confirmation to the Fund that instructions have been executed. You agree to provide confirmation as soon as reasonably practicable, but not later than ten (10) business days after the instructions have been executed.

9. **Definitions.** For purposes of this schedule only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The term "Fund" includes the fund's principal underwriter and transfer agent. The term does not include any "excepted funds" as defined in SEC Rule 22c-2(b) under the Investment Company Act of 1940.\*

\* As defined in SEC Rule 22c-2(b), the term "excepted fund" means any: (1) money market fund; (2) fund that issues securities that are listed on a national securities exchange; and (3) fund that affirmatively permits short-term trading of its securities, if its prospectus clearly and prominently discloses that the fund permits short-term trading of its securities and that such trading may result in additional costs for the fund

Contract #: «Contract_Number» 9 07-15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The term "Shares" means the interests of Shareholders corresponding to the redeemable securities of record issued by the Fund under the Investment Company Act of 1940 that are held by you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The term "Shareholder" means the beneficial owner of Shares, whether the Shares are held directly or by you in nominee name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Note that the term "Shareholder" may have alternative meanings as follows: (1) for Retirement Plan Recordkeepers the term "Shareholder" means the Plan participant notwithstanding that the Plan may be deemed to be the beneficial owner of Shares and (2) for Insurance Companies the term "Shareholder" means the holder of interests in a variable annuity or variable life insurance contract issued by an Intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The term "written" includes electronic writings and facsimile transmissions.

Contract #: «Contract_Number» 10 07-15

## Ex-99.(H)(1)(Vix)

**Exhibit (h)(1)(vix)**

**Amendment <br> to the**

**Transfer Agency and Service Agreement**

This Amendment (the "Amendment") as dated September 23, 2025 and as effective October 1, 2025 (the "Amendment Effective Date") by and between each of the investment companies listed below ("Customer") and **SS&C GIDS, Inc.,** *formerly known as DST Systems, Inc.* ("SS&C"). SS&C and Customer are together referred to herein as the "Parties" and individually as a "Party".

**WHEREAS**, the Parties previously entered into the Transfer Agency and Service Agreement effective October 1, 2005 ("Master Services Agreement");

**WHEREAS**, since the execution of the Master Services Agreement, the Parties entered into multiple amendments, addendums, statements of work, schedules, orders, and exhibits as listed in Annexure I to reflect changes in the terms and conditions of their arrangement (collectively with the Master Services Agreement, the "Agreement"); and

**WHEREAS**, the Parties now desire to amend the terms of the Agreement as outlined below. In the event of any conflict or inconsistency between the terms of this Amendment and the terms of the Agreement, the terms of this Amendment shall control and govern;

**NOW, THEREFORE,** the Parties agree to amend the Agreement upon execution of this Amendment as follows:

---

| | |
|:---|:---|
| 1. | **<u>Section 12.1.</u>** The first sentence of Section 12.1 shall be revised and replaced in its entirety with the following: |
|  | "The initial term of this Agreement (the "Initial Term") shall be extended through September 30, 2030 unless terminated pursuant to the provisions of <u>Section 12</u>." |

---

---

| | |
|:---|:---|
| 2. | **<u>Section 12.7.</u>** The following shall be added to the Agreement as Section 12.7: |
|  | "12.7 *Termination for Convenience by the Fund for specific circumstances* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Transfer Agent shall, at no cost to the Funds: (i)  ***TRAC Conversion*** *:* convert the legacy TRAC to TA2000; (ii)  ***Systems Consolidation*** *:* consolidate the systems used to provide the services provided under the Agreement ("Agreement
Services") to the Loomis Sayles Funds with the Agreement Services to the Natixis Funds; (iii)  ***Contact Center*** *:* implement
the following functionality within the Contact Center to allow for Secure Message Center, Chat, Intelligent Virtual Agent (IVA) Non-Transactional,
and Intelligent Virtual Agent (IVA) Transactional; and (iv)  ***Web Portal Services*** *:* deliver access to the SS&C Client
Web Portal and give the Fund the ability to run reports and extract PowerSelect tables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Transfer Agent fails to complete any one or more of the deliverables stipulated
in paragraph 12.7(a) above to a standard reasonably satisfactory to the Fund within 12 months of the Amendment Effective Date the Fund
may terminate the Agreement upon written notice to the Transfer Agent, which shall set forth a termination date as mutually agreed upon
by the parties. The notification requirements set forth under Section 12.1 shall not apply to a termination by the Fund as described in
this Section 12.7(b). In the event of such termination for convenience for these specific circumstances, the Fund shall not be liable
for the payment of: (i) any Early Termination Fee, nor (ii) any other termination expenses and costs under Section 12.3, except for any
such costs that would be reasonably required for deconversion to a successor Transfer Agent. The Fund shall remain responsible for all
other fees for transfer agency services provided pursuant to the Agreement up to the termination date. The Fund shall provide all information
reasonably required by the Transfer Agent to provide the deliverables and shall do so in a timely manner upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Transfer Agent does not complete the deliverables described in Section 12.7(a)(iv)
within 12 months of the Amendment Effective Date, and the Fund elects not to terminate the Agreement pursuant to Section 12.7(b), the
Fund shall nonetheless be entitled to request that the Transfer Agent provide the reports and PowerSelect tables that the Fund would otherwise
have the ability to run as part of the "Web Portal Services" on the Fund's behalf at no additional cost until such time
as the deliverables described in Section 12.7(a)(iv) are complete to a standard that is satisfactory to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that the Fund elects to terminate the Agreement pursuant to Section 12.7, the Transfer
Agent shall make a good faith effort to facilitate conversion to a successor service provider by the termination date, notwithstanding that the termination date
may be prior to the expiration of the then-current Initial or Renewal term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>**Schedule 3.1.**</u> Schedule 3.1 of the Agreement shall be deleted in its entirety
and replaced with the attached.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>**Effect on Agreement**</u> **.** As stated in the recitals of this Amendment, as of the Amendment Effective Date, this Amendment shall be effective to amend the Agreement
and to the extent of any conflict between the Agreement and any prior Amendments, this Amendment supersedes and replaces the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>**Execution in Counterparts**</u> **.** This Amendment may be executed in separate counterparts, each of which will be deemed to be an original and all of which, collectively,
will be deemed to constitute one and the same Amendment. This Amendment may also be signed by exchanging facsimiles copies of the Amendment,
duly executed, in which event the Parties hereto will promptly thereafter exchange original counterpart signed copies hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>**Terminology**</u> **.** The
words "include", "includes", and "including" will be deemed to be followed by the phrase "without
limitation". The words "herein", "hereof", "hereunder" and similar terms will refer to this
Amendment unless the context requires otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>**Agreement in Full Force and Effect**</u> **.** Except as specifically modified by this Amendment, the terms and conditions of the Agreement shall remain in full force and effect,
and the Agreement, as amended by this Amendment, and all of its terms, but not limited to any warranties and representations set forth
therein, if any, are hereby ratified and confirmed by Customer and SS&C as of the Amendment Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>**Capitalized Terms**</u> **.** All capitalized terms used but not defined in this Amendment will be deemed to be defined as set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>**Authorization**</u> **.** Each Party hereby represents and warrants to the other that the person or entity signing this Amendment on behalf of such Party is
duly authorized to execute and deliver this Amendment and to legally bind the Party on whose behalf this Amendment is signed to all of
the terms, covenants and conditions contained in this Amendment.

**IN WITNESS WHEREOF,** the Parties hereto have caused this Amendment to be executed by their duly authorized representatives as of the date first written herein above.

**Natixis Funds Trust I**

**Natixis Funds Trust II**

**Natixis Funds Trust IV**

**Loomis Sayles Fund I**

**Loomis Sayles Funds II**

---

| | | | |
|:---|:---|:---|:---|
| **Gateway Trust** | **Gateway Trust** | **SS&C GIDS, Inc.** | **SS&C GIDS, Inc.** |
| By: | /s/ Matt Block | By: | /s/ Rahul Kanwa |
| Printed Name: | Matt Block | Printed Name: | Rahul Kanwa |
| Title: | SVP, Fund Treasurer | Title: | Authorized Signatory |
| Date: | 09/23/2025 |  |  |

---

ANNEXURE I

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Transfer Agency and Service Agreement dated October 1, 2005, and as amended from
time to time, by and between SS&C GIDS, Inc. (f/k/a DST Systems, Inc.) and Natixis Funds Trust I, Natixis Funds Trust II, Natixis
Funds Trust IV, Loomis Sayles Funds I, Loomis Sayles Funds II, and Gateway Trust (as amended, the "TA&S Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Master Agreement for SS&C Digital Solutions Services dated September 26, 2018, by and between SS&C
GIDS, Inc. and each of the entities listed on Appendix A thereto (the "Digital Services Agreement") and Exhibits thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Master Agreement for SS&C FAN Mail Services dated July 15, 2021 by and between SS&C GIDS, Inc.
and Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Loomis Sayles Funds I, Loomis Sayles Funds II, and Gateway
Trust (the "FAN Mail Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Amendment to the Transfer Agency and Service Agreement dated October 1, 2023 by and between SS&C
GIDS, Inc. and Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Loomis Sayles Funds I, Loomis Sayles Funds II, and
Gateway Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Amendment to All Existing Agreements dated June 12, 2024 by and between SS&C GIDS, Inc. and Natixis
Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Loomis Sayles Funds I, Loomis Sayles Funds II, and Gateway Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Any Service Exhibits attached to the Digital Services Agreement and the FAN Mail Agreement.

SCHEDULE 3.1

FEES and EXPENSES

<u>**General**</u>: Fees are billable on a monthly basis at the rate of 1/12<sup>th</sup> of the annual fee. A charge is made for an account in the month that an account opens or closes.

<u>Annual Account Service Fees</u>

---

| | |
|:---|:---|
| Open Accounts<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Networked | $4.60/account |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Networked (Excluding Trust Accounts) | $16.50/account |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust Accounts | $6.00/account |
| Closed Accounts | No additional charge |

---

For billing purposes, Open Accounts are calculated and invoiced at the end of each month using the following formula: Open Accounts plus Closed Accounts, minus the prior month's Closed Accounts.

<u>Asset Based Fee</u><sup>2</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 - $25.0B | 0.20 basis points |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.0B - $50.0B | 0.15 basis points |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;> $50.0B | 0.05 basis points |

---

<u>**Annual Fiduciary Fee**</u>**<sup>3</sup>**: All fiduciary fees (including set-up, maintenance and closeout) paid by Shareholders or swept from current accounts will be retained by the Transfer Agent in accordance with the following:

---

| | |
|:---|:---|
| Individual Retirement Account ("IRA") | $20.00/SSN |

---

<sup>1</sup> Includes AML/CIP Services for non-networked accounts (excluding CIP-related search fees) and Shareholder transcript fees.

<sup>2</sup> Rates subject to annual CPI review

<sup>3</sup> The Fiduciary Fees shall be waived for certain mutually agreed upon accounts, consistent with the parties' past practice. The parties acknowledge that any additional waivers of these fees beyond those already previously agreed upon and currently in place may require adjustment to the fees and expenses set forth on this Schedule 3.1.

---

| | |
|:---|:---|
| Education Savings Account ("ESA") | $15.00/SSN |
| Keogh/403b | $10.00/account (not to |
|  | exceed $30.00) |

---

<u>Other</u>

---

| | |
|:---|:---|
| Ad Hoc Reporting | $0.00/standard report<sup>4</sup> |
| Cost Basis Support | No additional fees |

---

**DDA Balance Earnings Credits**: The Fund shall solely retain any earnings credits resulting from mutual fund and SIMPLE DDA balances. As per the current practice, all such earnings are to be credited to the Fund on the monthly invoices.

**<u>Remote Automated Work Distributor™ (AWD) Workstations</u><sup>5</sup>**: Five (5) remote AWD workstations (total, not per fund) will be provided at two locations at no charge to the Funds. Terminal charges for any additional remote AWD workstations will be billed to the Funds.

---

| | |
|:---|:---|
| Out of Pocket Fixed Rate Expense Charge**<sup>9</sup>** | $78,600 per year |

---

<u>SIMPLE IRA Fees and Expenses</u>

---

| | |
|:---|:---|
| **Fees payable by the Funds:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participant Fees | $45.00 per participant |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bounced Investment Checks | $30.00 per check AWD |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fax-In Line | $125.00 monthly |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Fund Set-Up | $500.00 per Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Mergers | $125.00 per event |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Training on Site | $125.00 per event |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Client Reporting | $250.00 to create |
|  | $50.00 to run |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Document Pulls | $25.00 per document |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIP | $0.10 per account |

---

<sup>4</sup> Waived for the first $50,000, which is an annual waiver.

<sup>5</sup> Use of remote terminals is subject to a separate license agreement (at no additional cost) with DST Technologies, Inc., wholly-owned subsidiary of SS&C Technologies, Inc. ("SS&C").

Fees Systematically Deducted From Participant Accounts:

---

| | |
|:---|:---|
| Distribution | $30.00 Termination of Account |

---

Quarterly Fee – dependent on how plan submits payroll rosters Automated

---

| | |
|:---|:---|
|  | $20.00 per year |
| Non-Automated | $35.00 per year |

---

**Project Management**: The Fund may request assistance from the Transfer Agent project team, including with respect to the coordination and usage of any SS&C products available for use by the Fund. The Transfer Agent will use all reasonable efforts to assist the Fund as requested, subject to available resources. The Fund acknowledges that certain systems or products are proprietary to SS&C. The Transfer Agent shall review with the Fund annually the project management requests received from the Fund during the preceding year and, in the event the Transfer Agent determines that an additional charge is necessary to continue to satisfy such requests, the parties agree to negotiate in good faith as to any such charges. 1,144 event/support hours are included in the fees; all support hours during the year will be deducted from that total and any hours over this amount shall be paid by Natixis or the Funds. Unused hours do not roll over from year-to-year.

<u>Reimbursable and Other Expenses</u><sup>6, 7, 8</sup> Billed As Incurred

<sup>6</sup> The following are the current rates for the reimbursable and other expenses noted, which are subject to change upon advance written notice to the Fund: Regulatory Compliance CUSIP Charge (no additional charge); AML/SAR Network Account Charge (no additional charge); Compliance Plus ($75,000/year); Microfiche/COOL (no additional charge); Return Checks (no additional charge); Document Pull (no additional charge); Business Analyst / Tester $165/hour, COBOL/Workstation Programming $220/hour, Web Developer $275/hour, Staff Support $110/hour, Escheatment ($250/CUSIP and $5.00 per each escheatable item); Manual and Systematic Wires (no additional fees; bank charges apply); 1099 Reporting, Bank Match Reporting and State Tax Withholding ($150/CUSIP/state/report, $200 annual CUSIP fee, maximum of $175,000); AWD fax in lines (no additional charge); New Fund Set Up ($1,500/fund), Rush Fee ($2,000/fund); Year-end COOL (no additional charge); Manual Check Pull ($20/check); Multiple Trailer Fee (no additional charge); Identity Check(no additional charge); jumbo processing (no additional charge); lost shareholder searches (no additional charge), lost shareholder tracking(no additional charge); PowerSelect (no additional charge); excess history (no additional charge); and Data Feed Fee ($0.05/record). The fees for the first 10 hours monthly of system development is waived. Hours above 10 will be billed at then current rates.

<sup>7</sup> The reimbursable expenses noted with an asterisk are pass through items where the charge is determined by a third party.

<sup>8</sup> There are no additional fees for TA2000 Voice.

<sup>9</sup> This fixed-rate expenses charge includes but is not limit to: Data Communications; Disaster Recovery; SS&C Products-Other; Year-end Processing; On-Request Reports; AWD (5 users); Supplies: eMedia; Confirms & Statements; Freight; Miscellaneous.

Reimbursable and other expenses include but are not limited to: tapes, postage\*, post office box rental\*, check writing postage\*, supplies\*, statements\*, check writing, print and mailing services\*, information disc (year end), TINS, average cost, data communications equipment\*, COOL (computer output on-line), microfiche, freight\*, telephone charges\*, fax lines\*, 800 line charges\*, TA2000 Voice, SS&C disaster recovery charge <sup>9</sup>, offsite storage\*, Vax payroll processing, state tax reporting, Fund/SERV\* and NSCC Processing, excess history, FAN Mail, jumbo processing, lost shareholder searches, lost shareholder tracking, PowerSelect, Short Term Trader, Vision, escheatment, programming hours, on-request reports, Shareholder proxy services, CIP-related search charges, literature requests, regulatory compliance charge (per CUSIP), suspicious activity reporting for networked accounts, Omnibus Transparency, Plan Trust Reports, bank fees\*, preparation of Form 1099Rs, project management, enhancements, audio response system, federal wire fees, Manual Check Pulls, New Fund Implementation, Compliance Plus, Multiple Trailer Fee, Data Feed Fee and other expenses incurred at the specific direction of the Fund or with advanced written notice to the Fund.

NOTE: The Transfer Agent reserves the right to introduce specific fee increases, as necessary, to cover increases in the costs of reimbursable and other expenses or regulatory changes; provided, that such fee increases are applied on a universal basis to other clients of the Transfer Agent and that the Transfer Agent provides 90 days advance written notice to the Fund of each such increase. E-mail communication directed to the respective parties identified in Section 15.13 of the Agreement shall be deemed a written communication for purposes of the notice provisions herein. Technical and support rates are subject to an annual review upon notification to the client.

**<u>Annual Asset-Based Fee Adjustment</u>**<u>:</u> The basis point rates for the asset based fee are subject to an annual review

on the anniversary of the agreement. Should the assets on which the asset based fees are measured increase by 3% or more, there shall be no change in the basis points rates. Should the assets decrease or increase by less than 3%, the basis points rates shall be subject to an annual increase. The amount of the rate adjustment shall be in an amount not less than the annual percentage of change in the Consumer Price Index for all Urban Consumers (CPI-U) in the Boston-Cambridge-Newton, MA-NH, Statistical Area, All Items, Base 1982-1984=100, as last reported by the U.S. Bureau of Labor Statistics. The annual increase in the basis point rate shall be capped at 3% annually. The comparison for the application of the CPI shall be the average assets on September 30<sup>th</sup> of each anniversary year. For example, if the assets on September 30, 2025, increase by 3% or more over the assets as of September 30, 2024, no CPI shall be applied

## Ex-99.(H)(3)

**Exhibit (h)(3)**

April 30, 2026

Gateway Trust (the "Trust")

888 Boylston Street, Suite 800

Boston, MA 02199-8197

Re: <u>Fee Waiver/Expense Reimbursement</u>

Ladies and Gentlemen:

Gateway Investment Advisers, LLC ("Gateway") notifies you that it will waive its management fee and, to the extent necessary, reimburse certain expenses of the Funds listed below through April 30, 2027 in order to limit the Funds' total annual fund operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, and organizational and extraordinary expenses, such as litigation and indemnification expenses, to the following annual rates:

---

| | |
|:---|:---|
| <u>Name of Fund</u> | <u>Expense Cap</u> |
| **May 1, 2026 through April 30, 2027:** |  |
| Gateway Equity Call Premium Fund<sup>1</sup> | 0.93% for Class A shares |
|  | 1.68% for Class C shares |
|  | 0.63% for Class N shares |
|  | 0.93% for Class T shares |
|  | 0.68% for Class Y shares |
| Gateway Fund | 0.94% for Class A shares |
|  | 1.70% for Class C shares |
|  | 0.65% for Class N shares |
|  | 0.94% for Class T shares |
|  | 0.70% for Class Y shares |

---

 

*<sup>1</sup>* *Natixis Advisors, LLC ("Natixis Advisors") will bear a portion of the waiver/reimbursement. The Natixis Advisors portion of the waiver/reimbursement will be will be equal to the ratio of the Natixis Advisors Support Services Fee divided by the management fee earned by Gateway.*

 

With respect to each Fund, subject to applicable legal requirements, Gateway shall be permitted to recover, on a class-by-class basis, management fees waived and/or expenses reimbursed subsequent to the effective date of this undertaking in later periods to the extent that a class' total annual fund operating expenses fall below both 1) the class' applicable expense limitation at the time such amounts were waived/reimbursed and 2) the class' current applicable expense limitation, provided, however, that a Fund is not obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fee/expense was waived/reimbursed.

During the period covered by this undertaking, the expense cap arrangement set forth above for each of the Funds may only be modified by a majority vote of the "non-interested" Trustees of the Trust affected.

For purposes of determining any such waiver or expense reimbursement, expenses shall not reflect the application of balance credits made available by the Funds' custodian or arrangements under which broker-dealers that execute portfolio transactions for the Funds agree to bear some portion of the Funds' expenses.

We understand and intend that you will rely on this undertaking in preparing and filing the Registration Statements on Form N-1A for the above referenced Funds with the Securities and Exchange Commission, in accruing each Fund's expenses for purposes of calculating its net asset value per share and for other purposes permitted under Form N-1A and/or the Investment Company Act of 1940, as amended, and expressly permit you to do so.

---

| | |
|:---|:---|
| Gateway Investment Advisers, LLC | Gateway Investment Advisers, LLC |
| By: | /s/ Michael T. Buckius |
| Name: | Michael T. Buckius |
| Title: | Chief Executive Officer, Chief Investment Officer and President |

---

## Ex-99.(H)(7)

**Exhibit (h)(7)**

June 18, 2025

Natixis Funds Trust I

Natixis Funds Trust II

Natixis Funds Trust IV

Loomis Sayles Funds I

Loomis Sayles Funds II

Gateway Trust

888 Boylston Street, Suite 800

Boston, MA 02199-8197

Re: <u>Reimbursement of Class N Transfer Agency Fees</u>

Ladies and Gentlemen:

Natixis Advisors, LLC notifies you that it will reimburse any and all transfer agency expenses for Class N shares for the following Funds during the periods indicated below:

---

| | |
|:---|:---|
| **Fund Name** | **Period Covered** |
| AEW Global Focused Real Estate Fund | June 1, 2026 – May 31, 2027 |
| Gateway Equity Call Premium Fund | May 1, 2026 – April 30, 2027 |
| Loomis Sayles Global Growth Fund | April 1, 2026 – March 31, 2027 |
| Loomis Sayles High Income Fund | May 1, 2026 – April 30, 2027 |
| Loomis Sayles Inflation Protected Securities Fund | February 1, 2026 – January 31, 2027 |
| Loomis Sayles Intermediate Duration Bond Fund | February 1, 2026 – January 31, 2027 |
| Loomis Sayles International Growth Fund | May 1, 2026 – April 30, 2027 |
| Loomis Sayles Limited Term Government and Agency Fund | February 1, 2026 – January 31, 2027 |
| Loomis Sayles Senior Floating Rate and Fixed Income Fund | April 1, 2026 – March 31, 2027 |
| Loomis Sayles Small/Mid Cap Growth Fund | February 1, 2026 – January 31, 2027 |
| Mirova Global Megatrends Fund | May 1, 2026 – April 30, 2027 |
| Mirova International Megatrends Fund | May 1, 2026 – April 30, 2027 |
| Natixis Oakmark Fund | May 1, 2026 – April 30, 2027 |
| Natixis Oakmark International Fund | May 1, 2026 – April 30, 2027 |
| Natixis U.S. Equity Opportunities Fund | May 1, 2026 – April 30, 2027 |
| Vaughan Nelson Mid Cap Fund | May 1, 2026 – April 30, 2027 |
| Vaughan Nelson Select Fund | April 1, 2026 – March 31, 2027 |
| Vaughan Nelson Small Cap Fund | May 1, 2026 – April 30, 2027 |

---

During the periods covered by this agreement, the expense reimbursement arrangement set forth above for each of the Funds may only be modified by a majority vote of the "non-interested" Trustees of the Trust affected.

We understand and intend that you will rely on this undertaking in preparing and filing the Registration Statements on Form N-1A for the Funds with the Securities and Exchange Commission, in accruing the Funds' expenses for purposes of calculating each Fund's net asset value per share, and for other purposes permitted under Form N-1A and/or the Investment Company Act of 1940, as amended, and expressly permit you to do so.

---

| | |
|:---|:---|
| Natixis Advisors, LLC | Natixis Advisors, LLC |
| By: | /s/ Susan McWhan Tobin |
| Name: | Susan McWhan Tobin |
| Title: | Executive Vice President, General |
|  | Counsel and Secretary |

---

## Ex-99.(H)(12)

**Exhibit (h)(12)**

**AMENDMENT NO. 1 TO RULE 12d1-4 FUND OF FUNDS INVESTMENT AGREEMNT**

This Amendment No. 1 to the Rule 12d1-4 Fund of Funds Investment Agreement (the Amendment") by and between Natixis Funds Trust II, on behalf of each series listed in Schedule *A* (each an "Acquiring Fund"), and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust, on behalf of each of their series (except such series listed on Schedule 8, as may be amended from time to time), severally and not jointly (each, an "Acquired Fund" and together with the Acquiring Funds, the "Funds") dated as of January 19, 2022 (the "Agreement") shall be effective as of September 18, 2024.

WHEREAS, the Acquiring Funds and Acquired Funds desire to amend the Agreement in accordance with the provisions of Section 6(d) thereof;

WHEREAS, the Funds desire to amend the Agreement to add the Gateway Fund and Gateway Equity Call Premium Fund, a series of Gateway Trust as an Acquiring Fund;

NOW, THEREFORE, in consideration of the above premises, Acquiring Funds and Acquired Funds hereby agree as follows:

Schedule *A* of the Agreement is deleted in its entirety and will be replaced with the following:

**Acquiring Funds**

**Natixis Funds Trust II**

Loomis Sayles Senior Floating Rate and Fixed Income Fund

**Gateway Trust**

Gateway Fund

Gateway Equity Call Premium Fund

Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect **in** accordance with its terms.

**IN** WITNESS WHEREOF, the parties have executed and delivered this Amendment No. 1 as of the date first above set forth.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **NATIXIS FUNDS TRUST II**<br> **GATEWAY TRUST** | &nbsp;&nbsp;&nbsp;&nbsp; **NATIXIS FUNDS TRUST II**<br> **GATEWAY TRUST** | &nbsp;&nbsp;&nbsp;&nbsp; **NATIXIS FUNDS TRUST II**<br> **GATEWAY TRUST** | **INVESCO EXCHANGE-TRADED FUND TRUST**<br> **INVESCO EXCHANGE-TRADED FUND TRUST II** <br> **INVESCO INDIA EXCHANGE-TRADED FUND TRUST**<br> **INVESCO ACTIVELY MANAGED EXCHANGE-TRADED FUND TRUST**<br> **INVESCO ACTIVELY MANAGED EXCHANGE-TRADED COMMODITY FUND TRUST**<br> **INVESCO EXCHANGE-TRADED SELF-INDEXED FUND TRUST** | **INVESCO EXCHANGE-TRADED FUND TRUST**<br> **INVESCO EXCHANGE-TRADED FUND TRUST II** <br> **INVESCO INDIA EXCHANGE-TRADED FUND TRUST**<br> **INVESCO ACTIVELY MANAGED EXCHANGE-TRADED FUND TRUST**<br> **INVESCO ACTIVELY MANAGED EXCHANGE-TRADED COMMODITY FUND TRUST**<br> **INVESCO EXCHANGE-TRADED SELF-INDEXED FUND TRUST** | **INVESCO EXCHANGE-TRADED FUND TRUST**<br> **INVESCO EXCHANGE-TRADED FUND TRUST II** <br> **INVESCO INDIA EXCHANGE-TRADED FUND TRUST**<br> **INVESCO ACTIVELY MANAGED EXCHANGE-TRADED FUND TRUST**<br> **INVESCO ACTIVELY MANAGED EXCHANGE-TRADED COMMODITY FUND TRUST**<br> **INVESCO EXCHANGE-TRADED SELF-INDEXED FUND TRUST** |
| By: | /s/ Natalie Wagner | /s/ Natalie Wagner | By: | /s/ Adam Henkel | /s/ Adam Henkel |
|  | Name: | Natalie Wagner |  | Name: | Adam Henkel |
|  | Title: | Chief Compliance Officer |  | Title: | Secretary |

---

## Ex-99.(H)(13)

**Exhibit (h)(13)**

**AMENDMENT NO. 2 TO RULE 12d1-4 FUND OF FUNDS INVESTMENT AGREEMNT**

This Amendment No. 21 to the Rule 12d1-4 Fund of Funds Investment Agreement (the "Amendment") by and between Natixis Funds Trust II, Natixis ETF Trust and Gateway Trust, on behalf of each series listed in Schedule *A* (each an "Acquiring Fund"), and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust, on behalf of each of their series (except such series listed on Schedule B, as may be amended from time to time), severally and not jointly (each, an "Acquired Fund" and together with the Acquiring Funds, the "Funds") dated as of January 19, 2022 (the "Agreement") shall be effective as of October 17, 2025.

WHEREAS, the Acquiring Funds and Acquired Funds desire to amend the Agreement in accordance with the provisions of Section 6(d) thereof;

WHEREAS, the Funds desire to amend the Agreement to add the Natixis Gateway Quality Income ETF, a series of Natixis ETF Trust as an Acquiring Fund;

NOW, THEREFORE, in consideration of the above premises, Acquiring Funds and Acquired Funds hereby agree as follows:

Schedule *A* of the Agreement is deleted in its entirety and will be replaced with the following:

**Acquiring Funds**

**Natixis ETF Trust**

Natixis Gateway Quality Income ETF

**Natixis Funds Trust II**

Loomis Sayles Senior Floating Rate and Fixed Income Fund

**Gateway Trust**

Gateway Fund

Gateway Equity Call Premium Fund

Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms.

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment No. 1 as of the date first above set forth.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NATIXIS ETF TRUST** <br> **NATIXIS FUNDS TRUST II**<br> **GATEWAY TRUST** | **NATIXIS ETF TRUST** <br> **NATIXIS FUNDS TRUST II**<br> **GATEWAY TRUST** | **NATIXIS ETF TRUST** <br> **NATIXIS FUNDS TRUST II**<br> **GATEWAY TRUST** | **INVESCO EXCHANGE-TRADED FUND TRUST** <br> **INVESCO EXCHANGE-TRADED FUND TRUST II**<br> **INVESCO INDIA EXCHANGE-TRADED FUND TRUST** <br> **INVESCO ACTIVELY MANAGED EXCHANGE-TRADED FUND TRUST**<br> **INVESCO ACTIVELY MANAGED EXCHANGE-TRADED COMMODITY FUND TRUST**<br> **INVESCO EXCHANGE-TRADED SELF-INDEXED FUND TRUST** | **INVESCO EXCHANGE-TRADED FUND TRUST** <br> **INVESCO EXCHANGE-TRADED FUND TRUST II**<br> **INVESCO INDIA EXCHANGE-TRADED FUND TRUST** <br> **INVESCO ACTIVELY MANAGED EXCHANGE-TRADED FUND TRUST**<br> **INVESCO ACTIVELY MANAGED EXCHANGE-TRADED COMMODITY FUND TRUST**<br> **INVESCO EXCHANGE-TRADED SELF-INDEXED FUND TRUST** | **INVESCO EXCHANGE-TRADED FUND TRUST** <br> **INVESCO EXCHANGE-TRADED FUND TRUST II**<br> **INVESCO INDIA EXCHANGE-TRADED FUND TRUST** <br> **INVESCO ACTIVELY MANAGED EXCHANGE-TRADED FUND TRUST**<br> **INVESCO ACTIVELY MANAGED EXCHANGE-TRADED COMMODITY FUND TRUST**<br> **INVESCO EXCHANGE-TRADED SELF-INDEXED FUND TRUST** |
| By: | /s/ Natalie Wagner | /s/ Natalie Wagner | By: | /s/ Adam Henkel | /s/ Adam Henkel |
|  | Name: | Natalie Wagner |  | Name: | Adam Henkel |
|  | Title: | Chief Compliance Officer |  | Title: | Secretary |

---

## Ex-99.(H)(14)

**Exhibit (h)(14)**

**BLACKROCK RULE 12d1-4**

**FUND OF FUNDS INVESTMENT AGREEMENT**

THIS FUND OF FUNDS INVESTMENT AGREEMENT (the "Agreement"), dated as of <u>October 1, 2025</u> (the "Effective Date"), is made by and between each registered open-end investment company (each, a "Registrant"), on behalf of each portfolio series of each such Registrant listed on Schedule A or Schedule B hereto, or if the relevant Registrant has no portfolio series, then the relevant Registrant (as applicable, each an "Acquiring Fund" or "Acquired Fund" pursuant to the applicable schedule), each severally and not jointly.

WHEREAS, each Registrant is registered with the U.S. Securities and Exchange Commission ("SEC") as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of other registered investment companies, and Section 12(d)(1)(B) limits the extent to which a registered investment company, its principal underwriter or registered brokers or dealers may knowingly sell shares of such registered investment company to other investment companies;

WHEREAS, Rule 12d1-4 under the 1940 Act (the "Rule") permits registered investment companies, such as the Acquiring Funds, to invest in shares of other registered investment companies, such as the Acquired Funds, in excess of the limits of Section 12(d)(1) of the 1940 Act subject to compliance with the conditions of the Rule; and

WHEREAS, an Acquiring Fund may, from time to time, invest in shares of one or more Acquired Funds in excess of the limitations of Section 12(d)(1)(A) in reliance on the Rule;

NOW THEREFORE, in accordance with the Rule, the Acquiring Funds and the Acquired Funds desire to set forth the following terms pursuant to which the Acquiring Funds may invest in the Acquired Funds in reliance on the Rule and certain additional terms of investment as provided below.

&nbsp;&nbsp;&nbsp;&nbsp;1. Terms of Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In order to help reasonably
address the risk of undue influence on an Acquired Fund by an Acquiring Fund, and to assist the Acquired Fund's investment adviser
with making the required findings under the Rule, each Acquiring Fund and each Acquired Fund agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. *In-kind redemptions*.
The Acquiring Fund acknowledges and agrees that, if and to the extent consistent with the Acquired Fund's registration statement,
as amended from time to time, the Acquired Fund may honor any redemption request partially or wholly in-kind in the sole discretion of
the Acquired Fund (which discretion of the Acquired Fund shall include the selection of portfolio securities to distribute in-kind), even
where such Acquired Fund does not ordinarily satisfy redemption requests in-kind (particularly
in the case of Acquired Funds that are not exchange-traded funds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. *Timing/advance notice of redemptions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. With respect to Enumerated
Funds (as defined on Schedule B), the Acquiring Fund will use reasonable efforts to provide the required advanced notification specified
in the 12d1-4 List (as defined below). Such notice shall be provided to the Acquired Fund(s) whenever practicable and consistent with
the Acquiring Fund's best interests. This provision shall only apply in connection with any investment made by an Acquiring Fund
in an Acquired Fund in excess of the limits in Section 12(d)(1)(A)(i) of the 1940 Act. For the avoidance of doubt, in the instance where
the Acquired Fund is an exchange-traded fund, the requirements of this paragraph (1) shall not apply to transactions in which an Acquiring
Fund did not know or have reason to know that such transaction would result in a redemption transaction with the Acquired Fund (such as
where an Acquiring Fund sells shares in the secondary market).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Acquired Fund acknowledges
and agrees that any notification provided pursuant to the foregoing is not a commitment to redeem and constitutes an estimate that may
differ materially from the amount, timing and manner in which a redemption request is submitted, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. *Scale of investment*.
Upon a reasonable request by an Acquired Fund, the Acquiring Fund will provide summary information regarding the anticipated timeline
of its investment in the Acquired Fund and the scale of its contemplated investments in the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to assist the Acquiring
Fund's investment adviser with evaluating the complexity of the structure and fees and expenses associated with an investment in
an Acquired Fund, each Acquired Fund shall provide each Acquiring Fund with information on the fees and expenses of the Acquired Fund
reasonably requested by the Acquiring Fund with reference to the Rule. Such fee and expense information shall be limited to that which
is made publicly available by the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;2. Representations of the Acquired Funds.

In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquired Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to Acquired Funds; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquiring Fund if such Acquired Fund fails to comply with the Rule with respect to an investment by the Acquiring Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;3. Representations of the Acquiring Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any investment
by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquiring Fund agrees to: (i) comply
with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to Acquiring Funds;
(ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquired Fund if such Acquiring Fund fails to comply
with the Rule with respect to its investment in such Acquired Fund, as interpreted or modified by the SEC or its Staff from time to time,
or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An Acquiring Fund shall promptly notify an Acquired Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. of any purchase or acquisition
of shares of an Acquired Fund that causes such Acquiring Fund to own 3% or more of such Acquired Fund's total outstanding voting
securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. of any purchase or acquisition
of shares of an Acquired Fund that causes such Acquiring Fund to invest 5% or more of its total assets in such Acquired Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. where an Acquiring Fund and
its Advisory Group (as defined in the Rule), individually or in the aggregate, hold more than 25% of such Acquired Fund's total
outstanding voting securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. if at any time an Acquiring
Fund no longer holds voting securities of an Acquired Fund in excess of an amount noted in (i), (ii), or (iii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything herein
to the contrary, any Acquiring Fund that has an "affiliated person" (as defined under the 1940 Act) that is: (i) a broker-dealer,
(ii) a broker-dealer or bank that borrows as part of a securities lending program, or (iii) a futures commission merchant or a swap dealer,
will: (a) not make an investment in an Acquired Fund that causes such Acquiring Fund to hold 5% or more of such Acquired Fund's
total outstanding voting securities without prior approval from the Acquired Fund, and (b) notify the Acquired Fund if any investment
by the Acquiring Fund that complied with (a) at the time of purchase no longer complies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The requirements set forth
in Sections 3(b)(i), 3(b)(ii), and 3(c) shall not apply where the Acquiring Fund's full portfolio is sub-advised by any affiliate
of BlackRock, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An Acquiring Fund shall provide
an Acquired Fund with information regarding the amount of such Acquiring Fund's investments in the Acquired Fund, and information
regarding affiliates of the Acquiring Fund, upon the Acquired Fund's reasonable request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Acquiring Fund acknowledges
that it may not rely on this Agreement to invest in the Ineligible Funds (as defined in Schedule B) and that the Enumerated Funds are
subject to certain additional conditions described on the list of Ineligible Funds and Enumerated Funds (the "12d1-4 List").
Each Acquiring Fund acknowledges that the 12d1-4 List is available as described in Schedule B, and
further acknowledges that it is an Acquiring Fund's obligation to review the 12d1-4 List on an ongoing basis for any changes which
may occur from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;4. Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Acquiring Fund agrees
to hold harmless and indemnify each Acquired Fund, including any of its principals, directors or trustees, officers, employees and agents,
against and from any and all losses, expenses or liabilities incurred by or claims or actions ("Claims") asserted against
the Acquired Fund, including any of their principals, directors or trustees, officers, employees and agents, to the extent such Claims
result from a violation or alleged violation by such Acquiring Fund of any provision of this Agreement, such indemnification to include
any reasonable counsel fees and expenses incurred in connection with investigating and/or defending such Claims; provided that no Acquiring
Fund shall be liable for indemnifying any Acquired Fund for any Claims resulting from violations that occur directly as a result of incomplete
or inaccurate information provided by the Acquired Fund to such Acquiring Fund pursuant to terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Acquired Fund agrees to
hold harmless and indemnify an Acquiring Fund, including any of its principals, directors or trustees, officers, employees and agents,
against and from any and all losses, expenses or liabilities incurred by or Claims asserted against the Acquiring Fund, including any
of its principals, directors or trustees, officers, employees and agents, to the extent such Claims result from a violation or alleged
violation by such Acquired Fund of any provision of this Agreement, such indemnification to include any reasonable counsel fees and expenses
incurred in connection with investigating and/or defending such Claims; provided that no Acquired Fund shall be liable for indemnifying
any Acquiring Fund for any Claims resulting from violations that occur directly as a result of incomplete or inaccurate information provided
by the Acquiring Fund to such Acquired Fund pursuant to terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any liability pursuant to the
forgoing provisions shall be several and not joint. In any action involving the parties under this Agreement, the parties agree to look
solely to the individual series of the Acquiring Fund(s) or Acquired Fund(s) that is/are involved in the matter in controversy and not
to any other series.

&nbsp;&nbsp;&nbsp;&nbsp;5. Use of Name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent an Acquiring
Fund refers to one or more Acquired Funds in any prospectus, statement of additional information or otherwise (but not in the financial
statements of the Acquiring Fund when the Acquired Fund is listed as a holding), each Acquiring Fund agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Refer to such Acquired Fund
by its legal name, for example, the "iShares® [Index Provider (when required)] [Exposure] ETF" (e.g., iShares U.S. Financial
Services ETF or iShares Core S&P 500 ETF or iShares MSCI ACWI ETF) upon first reference to such Acquired Fund, and by its legal
name or its ticker symbol for subsequent references; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Include the following notice
within reasonable proximity to the first reference to such Acquired Fund, as applicable:

iShares<sup>®</sup> is a registered trademark of BlackRock, Inc. or its subsidiaries ("BlackRock"). Neither BlackRock nor the iShares<sup>®</sup> Funds make any representations regarding the advisability of investing in [Name of Acquiring Fund].

BlackRock is a registered trademark of BlackRock, Inc. or its subsidiaries ("BlackRock"). Neither BlackRock nor the BlackRock Funds make any representations regarding the advisability of investing in [Name of Acquiring Fund].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Acquiring Fund shall use
the name or any tradename, trademark, service mark, symbol or any abbreviation, contraction or simulation thereof of the Acquired Fund,
BlackRock or any of their affiliates in its shareholder communications, advertising, sales literature and similar communications (other
than a prospectus, statement of additional information, fact sheet or similar disclosure document, or shareholder report) unless it first
receives prior written approval (including approval through written electronic communications) of the Acquired Fund or BlackRock. Additionally,
no Acquiring Fund shall use any logo of the Acquired Fund or of BlackRock without entering into a separate trademark license agreement
with BlackRock.

&nbsp;&nbsp;&nbsp;&nbsp;6. Notices.

All notices, including all information that either party is required to provide under the terms of this Agreement and the Rule, shall be in writing and shall be delivered by registered or overnight mail, facsimile, or electronic mail to the address for each party specified below.

Either party may notify the other in writing of any changes to these notice provisions. For the avoidance of doubt, it is acknowledged and agreed that no notice is required hereunder to update, supplement or otherwise amend the 12d1-4 List.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Acquiring Funds: | If to the Acquired Funds: |
| As set forth on Schedule C | **iShares ETFs**: |
|  | Email: Group12d14@blackrock.com |
|  | **BlackRock Mutual Funds and Active ETFs**: |
|  | Email: <u>GroupOfficeofRegisteredFunds@blackrock.com</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;7. Additional Acquiring Funds.

In the event that an Acquiring Fund wishes to include one or more series in addition to those originally set forth on Schedule A, the Acquiring Fund shall so notify the Acquired Fund in writing, and if the Acquired Fund agrees in writing, such series shall hereunder become an Acquiring Fund, and Schedule A shall be amended accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;8. Governing Law; Counterparts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement will be governed
by Delaware law without regard to choice of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be executed
in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
An electronic copy of a signature received in Portable Document Format (PDF) or a copy of a signature received via a fax machine shall
be deemed to be of the same force and effect as an original signature on an original executed document.

&nbsp;&nbsp;&nbsp;&nbsp;9. Term and Termination; Assignment; Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective
for the duration of the Acquired Funds' and the Acquiring Funds' reliance on the Rule, as interpreted or modified by the SEC
or its Staff from time to time. While the terms of the Agreement shall only be applicable to investments in Funds made in reliance on
the Rule, as interpreted or modified by the SEC or its Staff from time to time, the Agreement shall continue in effect until terminated
pursuant to Section 9(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue
until terminated in writing by either party upon 30 days' notice to the other party. Upon termination of this Agreement, the Acquiring
Fund may not purchase additional shares of the Acquired Fund beyond the Section 12(d)(1)(A) limits in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may not be assigned
by either party without the prior written consent of the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Other than as set forth in
Sections 6 and 7 above, this Agreement may be amended only by a writing that is signed by each affected party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the case of any Acquiring
Fund or Acquired Fund organized as a Massachusetts business trust (each, a "Massachusetts Trust"), a copy of the Declaration
of Trust of each Massachusetts Trust is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that
no trustee, officer, employee, agent, employee or shareholder of a Massachusetts Trust shall have any personal liability under this Agreement,
and that this Agreement is binding only upon the assets and property of the applicable series of each Massachusetts Trust. For the avoidance
of doubt, no director, trustee, officer, employee, agent, employee or shareholder of any other Registrant shall have any personal liability
under this Agreement, and that this Agreement is binding only upon the assets and property of the
applicable series of each such Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;10. Termination of Prior Agreements. The execution of this Agreement
shall be deemed to constitute the termination as of the Effective Date of any and all prior agreements between an Acquiring Fund and an
Acquired Fund that relates to the investment by any Acquiring Fund in any Acquired Fund in reliance on a participation agreement, exemptive
order or other arrangement among the parties intended to achieve compliance with Section 12(d)(1) of the 1940 Act (the "Prior Section
12 Agreements"). The parties hereby waive any notice provisions, conditions to termination, or matters otherwise required to terminate
such Prior Section 12 Agreements.

*[Remainder of page intentionally left blank; signature pages follow]*

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **EACH ACQUIRING FUND REGISTRANT LISTED ON SCHEDULE A HERETO, ON BEHALF OF ITS APPLICABLE SERIES** | **EACH ACQUIRING FUND REGISTRANT LISTED ON SCHEDULE A HERETO, ON BEHALF OF ITS APPLICABLE SERIES** |
| By: | /s/ Natalie Wagner |
| Name: | Natalie Wagner |
| Title: | Chief Compliance Officer |

---

*[Remainder of page intentionally left blank; Acquired Fund signature page follows]*

**THE FOLLOWING ACQUIRED FUND REGISTRANTS LISTED ON SCHEDULE B HERETO, EACH ON BEHALF OF ITS APPLICABLE SERIES**

---

| | |
|:---|:---|
| BlackRock ETF Trust BlackRock ETF Trust II | BlackRock ETF Trust BlackRock ETF Trust II |
| By: | /s/ Jennifer McGovern |
| Name: | Jennifer McGovern |
| Title: | Vice President |

---

**THE FOLLOWING ACQUIRED FUND REGISTRANTS LISTED ON SCHEDULE B HERETO, EACH ON BEHALF OF ITS APPLICABLE SERIES**

---

| | |
|:---|:---|
| **iShares Trust**<br> **iShares, Inc.**<br> **iShares U.S. ETF Trust** | **iShares Trust**<br> **iShares, Inc.**<br> **iShares U.S. ETF Trust** |
| By: | /s/ Shannon Ghia |
| Name: | Shannon Ghia |
| Title: | Assistant Secretary |

---

**Schedule A: Acquiring Funds**

Registrant: Natixis Funds Trust II

Series: Loomis Sayles Senior Floating Rate and Fixed Income Fund

Registrant: Gateway Trust

Series: Gateway Fund

Series: Gateway Equity Call Premium Fund

Registrant: Natixis ETF Trust

Series: Natixis Gateway Quality Income ETF

**Schedule B: Acquired Funds**

**<u>Exchange-Traded Funds:</u>**

BlackRock ETF Trust

All Series

BlackRock ETF Trust II

All Series iShares Trust

All Series iShares, Inc.

All Series iShares U.S. ETF Trust

All Series

This Schedule B is amended to exclude any Acquired Fund that is at the time included on the list of funds that are not permissible as Acquired Funds (the "Ineligible Funds") and is supplemented to include Acquired Funds that are subject to certain additional terms of investment as set forth in the Agreement (the "Enumerated Funds"), along with related requirements (the "12d1-4 List"), all such additional terms and requirements being deemed incorporated by reference into the Agreement, which is maintained at <u>https://www.ishares.com/us/literature/shareholder-letters/blackrock-12d1-4-list.pdf</u>, as such site is amended, supplemented or revised and in effect from time to time.

**Schedule C: Notice for Acquiring Funds**

Natalie Wagner

c/o Natixis Investment Managers 888 Boylston Street

Boston, MA 02199-8197

Email: Natalie.Wagner@natixis.com

With a copy to:

John DelPrete

c/o Natixis Investment Managers Attn: Legal Dept.

888 Boylston Street

Boston, MA 02199-8197

Email: John.DelPrete@natixis.com

## Ex-99.(J)(1)

**Exhibit (j)(1)**

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of the registrants listed in Appendix A (hereafter collectively referred to as the "Registrants") of our reports dated February 23, 2026, relating to the financial statements and financial highlights of the funds listed in Appendix A, which appear in the Registrants' Certified Shareholder Reports on Form N-CSR for the year ended December 31, 2025. We also consent to the references to us under the headings "Independent Registered Public Accounting Firm", "Other Permitted Disclosure", and "Financial Performance" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

April 27, 2026

**Appendix A**

---

| | |
|:---|:---|
| Fund Name | Registrant |
| Gateway Equity Call Premium Fund | Gateway Trust |
| Gateway Fund | Gateway Trust |
| Mirova Global Megatrends Fund | Natixis Funds Trust I |
| Vaughan Nelson Mid Cap Fund | Natixis Funds Trust II |
| Vaughan Nelson Small Cap Fund | Natixis Funds Trust I |

---

## Ex-99.(N)(1)

**Exhibit (n)(1)**

**Gateway Trust**

**Natixis Funds Trust I**

**Natixis Funds Trust II**

**Natixis Funds Trust IV**

**Loomis Sayles Funds I**

**Loomis Sayles Funds II**

<u>Amended and Restated Plan pursuant to Rule 18f-3(d)</u>

<u>under the Investment Company Act of 1940</u>

Effective as of September 11, 2025

Each series of Gateway Trust, Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Loomis Sayles Funds I and Loomis Sayles Funds II (each series individually a "Fund" and such Trusts collectively the "Trusts") may from time to time issue one or more of the following classes of shares: Class A shares, Class C shares, Class N shares, Class Y shares, Admin Class shares, Institutional Class shares and Retail Class shares. Shares of each class of a Fund shall represent an equal pro rata interest in such Fund and, generally, shall have identical voting, dividend, liquidation, and other rights, preferences, powers, restrictions, limitations, qualifications and terms and conditions, except that: (a) each class shall have a different designation; (b) each class shall bear any Class Expenses, as defined below; (c) each class shall have separate voting rights on any matter submitted to shareholders in which the interests of one class differ from the interests of any other class, and shall have exclusive voting rights on any matter submitted to shareholders that relates solely to that class; and (d) each class may have different conversion and exchange rights, as described below. In addition, each class is subject to such investment minimums and other conditions of eligibility as are set forth in the Funds' prospectuses (including statements of additional information) as from time to time in effect. The differences in expenses among these classes of shares are set forth below in this Plan, which is subject to change, to the extent permitted by law and by the Declaration of Trust and By-Laws of each Trust, by action of the Board of Trustees of each Trust. In such instances, the treatment is specifically noted.

<u>Initial Sales Charge</u>

Class A shares are offered at a public offering price that is equal to their net asset value ("NAV") plus a sales charge of up to 5.75% of the public offering price (which maximum may be less for certain Funds, as described in the Funds' prospectuses as from time to time in effect). The sales charges on Class A shares are subject to reduction or waiver as permitted by Rule 22d-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and as described in the Funds' prospectuses as from time to time in effect.

Class C, Class N, Class Y, Admin Class, Retail Class and Institutional Class shares are offered at their NAV, without an initial sales charge.

<u>Contingent Deferred Sales Charge</u>

Purchases of Class A shares of $1 million or more ($500,000 or more for Loomis Sayles Limited Term Government and Agency Fund), as described in the Funds' prospectuses as from time to time in effect, that are redeemed within 18 months from purchase are subject to a contingent deferred sales charge (a "CDSC") of 1% (0.75% for Loomis Sayles Limited Term Government and Agency Fund) of either the purchase price or the NAV of the shares redeemed, whichever is less.

Purchases of Class C shares, as described in the Funds' prospectuses as from time to time in effect, that are redeemed within one year from purchase are subject to a CDSC of 1% of either the purchase price or the NAV of the shares redeemed, whichever is less.

Class A and Class C shares are not otherwise subject to a CDSC.

The CDSC on Class A and Class C shares is subject to reduction or waiver in certain circumstances, as permitted by Rule 6c-10 under the 1940 Act and as described in the Funds' prospectuses as from time to time in effect.

Class N, Class Y, Admin Class, Institutional Class and Retail Class shares are not subject to any CDSC.

<u>Service, Administration and Distribution Fees</u>

Class A, Class C, Admin Class and Retail Class shares pay distribution and/or service fees pursuant to plans adopted pursuant to Rule 12b-1 under the 1940 Act (the "12b-1 Plans") for such classes. Class A, Class C, Admin Class and Retail Class shares also bear any costs associated with obtaining shareholder approval of any amendments to a 12b-1 Plan. There is no 12b-1 Plan for Class N, Class Y or Institutional Class shares. Amounts payable under the 12b-1 Plans are subject to such further limitations as the Trustees may from time to time determine and as set forth in the prospectus of each Fund as from time to time in effect.

Class A, Class C, and Retail Class shares each pay, pursuant to the 12b-1 Plans, a service fee of up to 0.25% per annum of the average daily net assets attributable to such class (which percentage may be less for certain Funds, as described in the Funds' prospectuses as from time to time in effect).

Class C shares pay, pursuant to the 12b-1 Plans, a distribution fee of up to 0.75% per annum of the average daily net assets attributable to Class C shares (which percentages may be less for certain Funds, as described in the Funds' prospectuses as from time to time in effect).

Admin Class shares pay, pursuant to the 12b-1 Plans, distribution and service fees of up to 0.25% of the average daily net assets attributable to Admin Class shares (which percentages may be less for certain Funds, as described in the Funds' prospectuses as from time to time in effect). In addition, Admin Class shares pay administrative fees to certain financial intermediaries for providing personal service and account maintenance for their customers who hold Admin Class shares. These fees are paid on the average daily net assets attributable to Admin Class shares at the annual rate stated in the Funds' prospectuses as from time to time in effect.

<u>Exchange and Conversion Features</u>

Class A shares, Class C shares, Class N shares, Class Y shares, Admin Class shares, Institutional Class shares and Retail Class shares may be exchanged and/or converted to the extent provided in the prospectus of the relevant Fund as from time to time in effect.

All exchanges and conversions are subject to the eligibility requirements or other restrictions of the class and Fund, including minimum investment requirements, of the class into which the shareholder is exchanging and/or converting. The Funds reserve the right to terminate or limit the exchange privilege of any shareholder deemed to be engaging in "market timing" or other inappropriate trading activity as defined in the Funds' prospectuses as from time to time in effect. The Funds may terminate or change the exchange privilege and/or conversion features of each class at any time upon 60 days' notice to shareholders.

**Allocation of Income and Expenses**

Each class of shares pays the expenses associated with its different distribution and shareholder servicing arrangements ("Account Expenses"). Each class of shares may, at the Trustees' discretion, also pay a different share of other expenses (together with 12b-1 fees and Account Expenses, "Class Expenses"), not including advisory fees or other expenses related to the management of a Trust's assets, if these expenses are actually incurred in a different amount by that class, or if the class receives services of a different kind or to a different degree than other classes.

The gross income of each Fund generally shall be allocated to each class on the basis of net assets. To the extent practicable, certain expenses (other than Class Expenses as defined above, which shall be allocated more specifically) shall be subtracted from gross income on the basis of the net assets of each class of each Fund. These expenses include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expenses incurred by a Trust
(including, but not limited to, fees of Trustees, insurance and legal counsel) not attributable to a particular Fund or to a particular
class of shares of a Fund ("Trust Level Expenses"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expenses incurred by a Fund not
attributable to any particular class of the Fund's shares (for example, advisory fees, custodial fees or other expenses relating
to the management of the Fund's assets) ("Fund Expenses").

Expenses of a Fund shall be apportioned to each class of shares depending upon the nature of the expense item. Trust Level Expenses and Fund Expenses shall be allocated among the classes of shares based on their relative net assets in relation to the net assets of the relevant Trust. Approved Class Expenses shall be allocated to the particular class to which they are attributable. However, if a Class Expense can no longer be attributed to a class, it will be charged to a Fund for allocation among classes in proportion to the net assets of each such class. Any additional Class Expenses not specifically identified above that are subsequently identified and determined to be properly allocated to one class of shares shall not be so allocated until approved by the Board of Trustees of the Trust in light of the requirements of the 1940 Act and the Internal Revenue Code of 1986, as amended.

Each Trust reserves the right to utilize any other appropriate method to allocate income and expenses among the classes, including those specified in Rule 18f-3(c)(1), provided that a majority of the Trustees and a majority of the independent Trustees determine that the method is fair to the shareholders of each class and consistent with the requirements of Rule 18f-3.

## Ex-99.(P)(1)

**Exhibit (p)(1)**

**Natixis Funds Trust I**

**Natixis Funds Trust II**

**Natixis Funds Trust IV**

**Loomis Sayles Funds I**

**Loomis Sayles Funds II**

**Gateway Trust**

**Natixis ETF Trust**

**Natixis ETF Trust II**

**Loomis Sayles Credit Income Opportunities Fund**

**As amended December 9, 2025**

**<u>CODE OF ETHICS</u>**

In order to ensure that all acts, practices and courses of business engaged in by personnel of the above-named trusts (the "Trusts"), their advisers, subadvisers and underwriters reflect high standards of conduct and comply with the requirements of Section 17(j) of the Investment Company Act of 1940, as amended (the "1940 Act") and Rule 17j-1 thereunder, the Boards of Trustees of each Trust has determined that the Trust shall adopt this Code of Ethics.

It is the fundamental ethical principle of each Trust that actions taken on behalf of a Trust must be in the best interests of such Trust's shareholders. In that regard, it is the policy of each Trust that all Trust personnel, including each Trust's Trustees and Officers; its advisers; sub-advisers and principal underwriter should (1) at all times place the interests of fund shareholders first; (2) conduct all personal securities transactions in a manner that is consistent with this Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of the individual's position of trust and responsibility; and (3) adhere to the fundamental standard that Trust personnel, advisers, sub-advisers and underwriters should not take inappropriate advantage of their position or engage in any act, practice or course of conduct that would violate this Code of Ethics, the fiduciary duty owed to fund shareholders, or the provisions of Section 17(j) of the 1940 Act and Rule 17j-1 thereunder.

Each of the Advisers and the Underwriters, as defined below, imposes reporting and review requirements and restrictions on the personal securities transactions of its personnel. The Trustees have determined that, in addition to the requirements of this Code of Ethics, the standards and reporting and review requirements established by these organizations will be appropriately applied by each Trust to those of its officers and those of its Trustees who are affiliated with these organizations.

The provisions of the codes and policies of the Advisers and the Underwriters, as defined below, are incorporated in this Code of Ethics as the provisions applicable to officers, Trustees or advisory persons of the Fund who are officers, partners, directors or employees of these organizations. A violation of any such incorporated code or policy by any officer, Trustees or advisory persons of the Fund who are officers, partners, directors or employees of these organizations covered by that code or policy with respect to personal securities transactions or holdings reports covered herein shall constitute a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Definitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Access person" means any trustee, officer, general partner or advisory person of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Adviser" means each entity that serves as an investment adviser, investment manager or sub-adviser to any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Advisory person" means (i) any director, officer, general partner, or employee of a Fund or of any company in a control relationship to the Fund, who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by a Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (ii) any natural person in a control relationship to the Fund who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of Covered Securities by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Control" has the same meaning as in Section 2(a)(9) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Covered Fund" means any series of Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Loomis Sayles Funds I, Loomis Sayles Funds II, Gateway Trust, Natixis ETF Trust, Natixis ETF Trust II and any other open-end investment company, mutual fund or ETF under the supervision of the Disinterested Trustees covered by this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Covered Security" means a security as defined in section 2(a)(36) of the 1940 Act, except that it does not include: (i) direct obligations of the Government of the United States; (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and (iii) shares issued by open-end investment companies registered under the 1940 Act. Covered Security includes shares of closed-end funds and municipal obligations and securities issued by agencies and instrumentalities of the U.S. government (*e.g.*, GNMA obligations)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Disinterested Trustee" means a Trustee of a Fund who is not an "interested person" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Fund" or "Funds" means one or more series of Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Loomis Sayles Funds I, Loomis Sayles Funds II, Gateway Trust, Natixis ETF Trust and Natixis ETF Trust II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Purchase or sale of a security" includes, <u>among other things</u>, the writing of an option to purchase or sell a Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "Security held or to be acquired" by a Fund means (i) any Covered Security which, within the most recent 15 days, (A) is or has been held by the Fund, or (B) is being or has been considered by the Fund or its Adviser for purchase by the Fund; and (ii) any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security described in section (i) of this item (j).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "Underwriter" means the principal underwriter with respect to Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Loomis Sayles Funds I, Loomis Sayles Funds II and Gateway Trust and the principal underwriter with respect to the Natixis ETF Trust and Natixis ETF Trust II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Exempted Transactions

The prohibitions of Section 3 of this Code shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Purchases or sales of shares of a money market fund that is a Covered Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchases or sales effected in any account over which the access person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Purchases or sales which are non-volitional on the part of either the access person or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Purchases which are part of an automatic dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Purchases effected upon the exercise of rights issued by an issuer <u>pro rata</u> to all holders of a class of its securities, to
the extent such rights were acquired from such issuer, and sales of such rights so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Prohibitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No access person shall purchase or sell, directly or indirectly, any Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he or she knows or should have known at the time of such purchase or sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is being considered for purchase or sale by the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is being purchased or sold by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Access Person shall purchase and sell, or conversely sell and purchase, shares of the same Covered Fund, except shares of a money market fund, within 60 calendar days. For purposes of the preceding restriction, non-volitional trades (*e.g.*, company retirement plan matching contributions) or automatic transactions (*e.g.*, payroll deduction, deferred compensation, retirement plan contributions, systematic withdrawal plans) shall not be considered purchases or sales, as the case may be. However, this restriction does apply to exchanges and re-allocation of assets within an Access Person's retirement or deferred compensation plan account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless excepted by Section 4(c), every Access Person shall report to the Fund the information described in Section 4(d) and (e) of this Code with respect to portfolio holdings and transactions in any Covered Security in which such access person has, or by reason of such transaction acquires, any direct or indirect beneficial ownership in the Covered Security; provided, however, that an access person shall not be required to make a report with respect to portfolio holdings or transactions effected for any account over which such person does not have any direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 4(a) of this Code, an access person need not make reports where the reports would provide only information that previously has been reported pursuant to Rules 204-2(a)(12) or 204-2(a)(13) under the Investment Advisers Act of 1940 or pursuant to codes of ethics or policies and procedures with respect to the flow and use of material nonpublic (inside) information adopted by an Adviser or an Underwriter (collectively, "Adviser's or Underwriter's Codes"). Reports which have been filed with the Funds' Chief Compliance Officer shall be subject to inspection by appropriate representatives of the Fund, including the President and Secretary of the Fund, and the Funds' Chief Compliance Officer shall notify the Board of Trustees at least annually in writing of any issues arising under this Code or of an Adviser's or Underwriter's Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Disinterested Trustee of the Fund is not required to provide an initial or an annual holdings report, and need only provide a quarterly transaction report if such Trustee, at the time of that transaction, knew or, in the ordinary course of fulfilling his or her official duties as a Trustee of the Fund, should have known that, during the 15-day period immediately preceding the date of the transaction by the Trustee, such Covered Security was purchased or sold by the Fund or was being considered by the Fund or its investment adviser for purchase or sale by the Fund. For purposes of the reporting requirements, non-volitional trades or automatic transactions (*e.g.*, deferred compensation plan contributions, systematic investment or withdrawal plans) shall not be considered purchases or sales, as the case may be. However, this reporting requirement does apply to exchanges and re-allocation of assets within an Access Person's retirement or deferred compensation plan account. A Disinterested Trustee shall make a report containing the following information when reporting a transaction that is within the reporting requirements specified in this section:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The date of any transactions, the title, interest rate and maturity date (if applicable), and the number of shares, and the principal amount of each Covered Security or Covered Fund involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The nature of the transaction(s) (*i.e.*, purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The price at which the transaction(s) was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The name of the broker, dealer or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Identification of factors potentially relevant to a conflict of interest analysis, of which the access person is aware, including the existence of any substantial economic relationship between his or her transactions and transactions of or securities held or to be acquired by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Quarterly transaction reports shall be made not later than 10 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any securities accounts opened through a bank or broker-dealer during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The date of any transactions, the title, interest rate and maturity date (if applicable) and the number of shares, and the principal amount of each Covered Security or Covered Fund involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The nature of the transaction(s) (*i.e.*, purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The price at which the transaction(s) was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The name of the broker, dealer or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Identification of factors potentially relevant to a conflict of interest analysis, of which the access person is aware, including the existence of any substantial economic relationship between his or her transactions and transactions of or securities held or to be acquired by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Initial holdings reports shall be made no later than 10 days after the person becomes an Access Person, and shall include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The title, number or shares and principal amount of each Covered Security in which the Access Person maintained an account in which any securities were held for the direct or indirect beneficial ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The date that the report was submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Annual holdings reports shall include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) The title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any such reports may contain a statement that the reports shall not be construed as an admission by the person making such reports that he or she has any direct or indirect beneficial ownership in the security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Sanctions

Upon discovering a violation of this Code, the Board of Trustees of the Fund and/or the Adviser or the Underwriter may impose such sanctions as it or they deem appropriate, including, <u>inter alia</u>, a letter of censure or suspension or termination of the relationship to the Fund or of the employment by the Adviser or the Underwriter of the violator. Any material sanctions imposed by an Adviser or an Underwriter with respect to this Code or to an Adviser's or Underwriter's Code shall be annually reported to the Board of Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Review by Boards of Trustees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Boards of Trustees including a majority of Disinterested Trustees, must approve this code of ethics, the code of ethics of each investment adviser and principal underwriter of the Fund, and any material changes to these codes based upon a determination that the code contains provisions reasonably necessary to prevent access persons from engaging in any prohibited conduct as described in Rule 17j-1(b) under the 1940 Act and before approving a code of a Fund, investment adviser or principal underwriter or any amendment to the Code, the Board of Trustees must receive certification from the Fund, the investment adviser or principal underwriter that it has adopted procedures reasonably necessary to prevent access persons from violating the investment adviser's or principal underwriters code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No less frequently than annually, every Fund must furnish to the Fund's Board of Trustees and the Board of Trustees must consider, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Describes any issues arising under the code of ethics or procedures since the last report to the Board of Trustees, including but
not limited to, information about material violations of the code or procedures and sanctions imposed in response to the material violations;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Certifies that the Fund has adopted procedures reasonably necessary to prevent access persons from violating the code.

## Ex-99.(P)(2)

**Exhibit (p)(2)**

**Code of Ethics**

**Natixis Advisors, LLC**

**Natixis Distribution, LLC**

**As Amended**

**January 2026**

**<u>Introduction</u>**

This is the Code of Ethics ("Code") of Natixis Advisors, LLC ("Natixis Advisors") and Natixis Distribution, LLC ("Natixis Distribution") (the "Firms").

<u>Statement of General Principles</u>

It is the policy of the Firms that no **Supervised Person** shall engage in any act, practice, or course of conduct that would violate the Code, the fiduciary duty owed by the Firms and their personnel to **Clients**, or any applicable federal securities laws, including but not limited to certain sections of and rules promulgated under the Investment Advisers Act of 1940 (as amended; the "Advisers Act") including Rule 204A-1 thereunder, the Employee Retirement Income Security Act of 1974 (as amended; "ERISA"), or the Investment Company Act of 1940 (as amended; the "1940 Act") including Rule 17j-1 thereunder. The fundamental position of the Firms is, and has been, that at all times the interests of their **Clients** are placed first. Accordingly, a **Supervised Person's** personal financial transactions (and those of members of their **Family/Household**) and related activities must be conducted consistently with this Code and in such a manner as to avoid any actual or potential conflict of interest or abuse of the Firms' position of trust and responsibility.

It is not intended that the policies in this Code will specifically address every situation involving personal trading. These policies will be interpreted and applied, and exceptions and amendments will be made by the **Compliance Officer** in a manner considered fair and equitable, in all cases with the view of placing the Firms' **Clients'** interests paramount. It also bears emphasis that technical compliance with the procedures, prohibitions, and limitations of this Code will not automatically insulate a **Supervised Person** from scrutiny of, and sanctions for, securities transactions that indicate an abuse of the Firms' fiduciary duty to any of its **Clients**.

<u>Things You Need to Know to Use This Code</u>

1. <u>Terms</u> - Terms in boldface type have special meanings as used in this Code. To understand the Code, you need to read the definitions of these terms. The definitions are at the end of the Code.

2. <u>Purpose of the Code</u> - The policies in this Code reflect the Firms' desire to detect and prevent not only situations involving actual or potential conflicts of interest or unethical conduct, but also those situations involving even the appearance of these. This Code (i) sets forth standards of conduct expected of **Supervised Persons** (including compliance with the federal securities laws), (ii) is intended to safeguard material nonpublic information about **Client** transactions, and (iii) requires **Access Persons** to report personal securities transactions, including transactions in shares of certain investment companies managed by the Firms or any affiliate of any of the Firms ("**Covered Funds**"). A complete list of **Covered Funds** is maintained by the **Compliance Officer** and is posted on the Firms' Intranet; a printed list is available upon request from the **Compliance Officer**.

3. **<u>Access Persons</u>** – For purposes of this Code, all officers, directors, and employees of the Firms are considered **Access Persons,** except for any director who is not an officer or employee of the Firms and who meets <u>all</u> the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;▪ The employee, in connection with regular functions or duties, does not make, participate in or obtain
information regarding the purchase or sale of **Covered Securities** by a registered investment company, and whose functions do not relate to the making
of recommendations with respect to such purchases or sales;

&nbsp;&nbsp;&nbsp;&nbsp;▪ The employee does not have access to nonpublic information regarding any **Clients** ' purchase
or sale of securities, or nonpublic information regarding the portfolio holdings of any **Covered Fund**; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ The employee is not involved in making securities recommendations to **Clients** and does not have
access to such recommendations that are nonpublic.

While many officers and employees of the Firms do not have regular access to information regarding the purchase and sale of securities by either **Mutual Fund Clients** or **Separate Account Clients**, they may have occasional access to mutual fund or separate account portfolio information that has not been aged 30 days. Therefore, all officers and employees of the Firms have been designated **Access Persons**.

4. **<u>Investment Persons</u>** – All **Access Persons** (and employees of any company in a control relationship with the Firms) that have been specifically identified by the Compliance Department as having a greater chance of access to or knowledge of material nonpublic information regarding the purchase and sale of securities by **Mutual Fund Clients** or **Separate Account Clients** are also considered **Investment Persons**. A complete list of **Investment Persons** is maintained by the Compliance Department.

5. <u>Compliance Department and **Compliance Officer**</u> – This Code is administered by the **Compliance Officer** and their designee(s). Any significant issues, concerns, or findings identified by the **Compliance Officer** are reported to the Firms' Ethics and Supervisory Committee.

The **Compliance Officer** has the authority to grant written waivers of certain provisions of this Code in appropriate instances. However, some provisions of the Code are mandated by Securities and Exchange Commission (SEC) rules and cannot be waived.

6. <u>Ethics and Supervisory Committee ("Committee")</u> - The Committee is comprised of certain members of senior management of the Firms. The Committee is charged with ensuring the Code remains reasonably designed to prevent **Supervised Persons** from engaging in any act, practice, or course of conduct that would violate the fiduciary duty owed by the Firms and their personnel to **Clients**, any applicable federal securities laws, including but not limited to certain sections of and rules promulgated under the Advisers Act including Rule 204A-1 thereunder, ERISA, or the 1940 Act including Rule 17j-1 thereunder. The Committee will review the terms and provisions of this Code at least annually and make amendments, as necessary.

The Committee meets quarterly to review any Code violations, the severity the violation represents, and, if necessary, mete out disciplinary actions as described in Section E of this Code.

The **Compliance Officer** will distribute the Code to all **Supervised Persons** annually and upon any amendment. You are required to acknowledge your receipt and understanding of the Code annually through ACA ComplianceAlpha.

7. **<u>Mutual Fund Clients</u>** – Includes all investment companies for which Natixis Advisors serves as adviser, or for which Natixis Distribution is the Distributor. All investment company **Clients** are currently considered **Mutual Fund Clients.**

8. **<u>Separate Account Clients</u>** - Natixis Advisors markets the investment expertise of Natixis Solutions, its advisory affiliates, and other advisory firms to separate account platforms. While Natixis Advisors primarily relies on model portfolios provided by affiliates or third party subadvisers to manage **Client** assets, it normally has investment discretion over **Separate Account Client** portfolios.

For purposes of this Code of Ethics, **Mutual Fund Clients** and **Separate Account Clients** are collectively referred to as **Clients**.

<u>Specific Requirements of the Code</u>

A. <u>General Rules</u>

It is improper for **Supervised Persons** to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ use for their own benefit (or the benefit of anyone other than the **Clients**) information about the
trading activity or holdings of **Clients** or recommendations of the advisers or subadvisers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ take advantage of investment opportunities that would otherwise be available for the **Clients**; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ engage in insider trading or employ a manipulative and deceptive device; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ make any untrue statement of a material fact to any Client or omit to state a material fact necessary
in order to make the statements made to any Client, in light of the circumstances under which they are made, not misleading.

Also, as a matter of business policy, the Firms require that **Supervised Persons** adhere to a standard of conduct that: (i) reflects the fiduciary obligations of the Firms, including preventing access to material nonpublic information about **Clients** by **Supervised Persons** not needing such information to perform their duties; (ii) complies with all securities laws; and (iii) avoids even the appearance that **Supervised Persons** receive any improper benefit from information about trading activity or holdings of **Clients**, the advisers or subadvisers, or from our relationships with the brokerage and advisory communities.

The Firms expect all **Supervised Persons** to comply with the spirit of the Code, as well as the specific rules contained in the Code.

B. **<u>Feed Broker</u>** <u>Request</u>

Except as described in paragraphs (i)-(v) below, **Access Persons** who have personal accounts that hold or can hold securities, including **Covered Securities** or shares of **Covered Funds** in which they have **Beneficial Ownership** are encouraged to maintain such accounts at one of the following firms: Ameriprise, Charles Schwab, Chase, E\*Trade, Edward Jones, Fidelity Investments, First Republic, Interactive Brokers, JP Morgan, LPL Financial, Merrill Lynch, Morgan Stanley Smith Barney, National Financial Services, Northern Trust, Pershing, Raymond James, Robinhood, Royal Bank of Canada, UBS, Wells Fargo Advisors, or Vanguard (collectively, the "**Feed Brokers**").

**Access Persons** can continue to maintain accounts with brokers other than the **Feed Brokers** but must report the account through the Compliance system and either establish an aggregation connection or provide electronic copies of statements as described in the Aggregation Notice and Statement Requirement section (see Section F.5 of this Code) below.

NOTE: Access Persons are required to report all accounts in which any securities are held (not just Covered Securities and Covered Funds). *For example, a 401(k) account from a prior employer must be reported even if there are no Covered Funds available in the plan.*

NOTE: In instances in a deviation from the **Feed Broker** Request to any accounts that hold or can hold **Covered Securities** and/or **Covered Funds**, the Aggregation Notice and Statement Requirement (see Section F.5 of this Code) shall apply instead.

C. <u>Gifts to or from Brokers, **Clients,** or Others</u>

No **Access Person** may accept, receive or give on their own behalf, or on behalf of the Firms, any gift or other accommodations from or to a vendor, broker, securities salesman, **Client**, or prospective **Client** (a "business contact") that might create a conflict of interest or interfere with the impartial discharge of such **Access Person's** responsibilities to the Firms or the **Clients**, be construed as an improper attempt to influence the recipient, or place the recipient or the Firms in a difficult or embarrassing position. This prohibition applies equally to gifts to or from members of the **Family/Household** of **Access Persons**.

In no event should gifts to or from any one securities industry contact have a value that exceeds the annual limitation on the dollar value of gifts established by the **Compliance Officer** from time to time (currently $100). Extra care should be given when accepting any gifts or entertainment from Broker-Dealer or Research Provider Firms to ensure they are neither too frequent nor excessive in totality.

These policies are not intended to prohibit normal business entertainment such as meals or tickets to sporting events or the theatre. Please note that business entertainment is different than giving or receiving gifts. If you are unsure whether something is a gift or business entertainment, refer to the Firms' Non-Cash Compensation Policy, the Policy Regarding Employee Political Contributions to Certain Government Officials, or ask the **Compliance Officer.**

D. <u>Service on the Board or as an Officer of Another Company</u>

To avoid conflicts of interest, "inside information" concerns, and other compliance and business issues, the Firms prohibit all **Access Persons** from serving as officers or members of the board of any other entity, except with the advance written approval of the General Counsel or **Compliance Officer**. Approval must be obtained through the **Compliance Officer** and could require consideration by the Ethics and Supervisory Committee. The Firms can deny approval for any reason or without providing a reason. This prohibition does not apply to service as an officer or board member of any parent, subsidiary, or affiliate of the Firms, nor does it apply to non-employee members of the Firms' board (i.e., those board members who are not employees of the Firms).

E. <u>Violations and Penalties</u>

The Firms expect all **Supervised Persons** to comply with the spirit of the Code, as well as the specific rules contained in the Code. <u>Any violations must be reported promptly to the **Compliance Officer**.</u>

The Firms treat violations of this Code (including violations of the spirit of the Code) very seriously. If you violate either the letter or the spirit of this Code, the Firms (through the Ethics and Supervisory Committee) might take a variety of remedial measures. These may include imposing penalties or fines, cutting your compensation, demoting you, requiring disgorgement of trading gains, imposing a ban on your personal trading, suspending, or terminating your employment, or reporting the matter to civil or criminal authorities. Sanction guidelines can be found in the Firms' Violation and Sanctions Policy.

Improper trading activity may constitute a violation of this Code. You may also be considered in violation of this Code by failing to promptly report violations to the **Compliance Officer**, by failing to file required reports in a timely manner, or by making inaccurate, incomplete, or misleading reports or statements concerning trading activity or securities accounts. You may be considered in violation of this Code even if no harm results from your conduct.

If you have any doubt or uncertainty about what this Code requires or permits, you should ask the **Compliance Officer**. Do <u>not</u> just guess at the answer since ignorance of the requirements of the Code or the legal regulations underlying the Code will not serve as an excuse for a violation.

F. <u>Reporting Requirements -- Applies to All **Access Persons**</u>

One of the more important aspects of complying with this Code is understanding which holdings, transactions, and accounts you must report and what accounts are subject to trading restrictions. For example, accounts of members of your **Family/Household** are covered, as are certain categories of trust accounts, certain investment pools in which you might participate, and certain accounts that others may be managing for you. To be sure you understand which holdings, transactions, and accounts are covered, it is essential that you carefully review the definitions of **Covered Security**, **Covered Fund, Family/Household,** and **Beneficial Ownership** in the "Definitions" section of this Code.

NOTE: All reports specified in this Code must be submitted to the Compliance Department. You must file the reports described below, even if you have no holdings, transactions, or accounts to list in the reports, and whether or not your accounts are held at a **Designated Broker** or duplicate confirmation statements have been forwarded to the Compliance Department. With limited exceptions, reports are filed using ACA Compliance Alpha.

1. <u>Initial Holdings Report</u>**.** No later than 10 days after you become an **Access Person**, you must file with the **Compliance Officer** an Initial Holdings Report.

The Initial Holdings Report requires you to list all **Covered Securities** and **Covered Funds** in which you (or members of your **Family/Household**) have **Beneficial Ownership** (including the title and type of security; as applicable, the exchange ticker symbol or CUSIP number; the number of shares; and principal amount). The information reported must be current as of a date no more than 45 days prior to becoming an **Access Person**.

The Initial Holdings Report also requires you to list all brokers, dealers, and banks where you maintained an account in which <u>any</u> securities, including **Covered Funds** or **Covered Securities** were held or could have been held for the direct or indirect benefit of you or a member of your **Family/Household** on the date you became an **Access Person**.

The Initial Holdings Report also requires you to confirm that you have read and understand this Code; that you understand that it applies to you and members of your **Family/Household;** and that you are considered an **Access Person** under the Code.

NOTE: It is important for new **Access Persons** to be familiar with the **Feed Broker** Request of this Code; any questions concerning this requirement should be directed to the **Compliance Officer**.

2. <u>Quarterly Transaction Reports.</u> No later than 15 days after the end of March, June, September, and December each year, you must file with the **Compliance Officer** a Quarterly Transaction Report. While compliance with this requirement will be monitored, a late report will not be considered a regulatory violation of the Code unless it is filed with the **Compliance Officer** more than 30 days after the end of the quarter.

The Quarterly Transaction Report requires you to report all **volitional transactions** during the most recent calendar quarter in **Covered Securities** and **Covered Funds** (including the date of the transaction; the title and type of security; the exchange ticker symbol, CUSIP number, or interest rate and maturity date (as applicable); the number of shares; price; and principal amount), in which you (or a member of your **Family/Household**) had **Beneficial Ownership**. It also requires you to report the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition) and the name of the broker, dealer, or bank with or through which the transaction was affected.

You do not need to report **non-volitional transactions** effected pursuant to an automatic investment plan. An "automatic investment plan" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan and the Natixis 401(k). Applicable transactions within the Natixis 401(k) are provided directly from the plan sponsor and do not need to be included in the ACA ComplianceAlpha certification by employees.

**Non-volitional transactions** in **Covered Securities** (including **Covered Funds**) such as automatic monthly payroll deductions, changes to future contributions within the Natixis 401(k), dividend reinvestment programs, and dollar cost averaging programs are still subject to the Code's annual holdings reporting requirement.

If no volitional transactions in any **Covered Securities** were affected during a quarterly period by an **Access Person**, such **Access Person** shall nevertheless submit a report within the period specified stating that no reportable securities transactions were affected.

All Access Persons maintaining accounts at non-**Feed Brokers** are responsible for establishing an Aggregation Connection to automate the reporting; or attaching electronic or scanned copies of statements for those non-**Feed Broker** accounts when completing quarterly certifications in addition to entering the transactions into the certifications they make through the ACA ComplianceAlpha system. All transactions must be captured when the certification is submitted in order for the submission to be considered complete. Missing transactions will be considered a violation of this Policy. Three (3) violations of either failing to attach statements or failing to enter the transactions in the system may result in the employee being required to establish an aggregation connection, if available, or move the account to a **Feed Broker**.

The Quarterly Transaction Report also requires you to either confirm or amend your complete list of brokers, dealers, and banks with whom you or a member of your **Family/Household** established an account in which <u>any</u> securities, including **Covered Funds** or **Covered Securities**, were held or could have been held during the quarter for the direct or indirect benefit of you or a member of your **Family/Household.

7**

3. <u>Annual Holdings Reports.</u> By January 30 of each year, you must file with the **Compliance Officer** an Annual Holdings Report.

The Annual Holdings Report requires you to list all **Covered Securities** and **Covered Funds** (including the title and type of security; as applicable, the exchange ticker symbol or CUSIP number; the number of shares; and principal amount) in which you (or a member of your **Family/Household**) had **Beneficial Ownership**. It also requires you to list all brokers, dealers, and banks with whom you or a member of your **Family/Household** maintained an account in which <u>any</u> securities, including **Covered Securities** or **Covered Funds** were held, or could have been held, for the direct or indirect benefit of you or a member of your **Family/Household**.

All Access Persons maintaining accounts at non-**Feed Brokers** are responsible for establishing an Aggregation Connection to automate the reporting; or attaching electronic or scanned copies of the year-end statement for those accounts when completing annual certifications.

The Annual Holdings Report also requires you to confirm that during the prior year, except as otherwise indicated therein, you have complied with all applicable requirements of the Code and have reported all accounts, holdings, and transactions required to be reported under the Code, that you understand that it applies to all members of your **Family/Household**, that you understand that you have been designated an **Access Person**, and whether you have been designated an **Investment Person** under the Code.

4. <u>Annual Acknowledgement.</u> You must acknowledge your receipt and understanding of the Code (and any amendments), along with the Firms' <u>Statement of Policies and Procedures with Respect to the Flow and Use of Material, Non-Public (Inside) Information</u>, by submitting an electronic affirmation annually.

5. <u>Aggregation Notices and Statements.</u> Any **Access Person** or member of their **Family/Household** that has a securities account (in which **Covered Securities** or shares of **Covered Funds** are held, or could be held) with any broker, dealer, or bank that is not from the **Feed Broker** Request under Sections B. (iii), (iv), or (v) of this Code, must either establish an Aggregation connection to that account through the ACA ComplianceAlpha system or providing a scanned or digital copy of the statement through the ACA ComplianceAlpha system.

NOTE: In certain circumstances **Covered Securities** may be held in accounts that are not subject to the **Feed Broker** Request, but do not have the ability to generate duplicate confirmation notices and statements (i.e., ESOP, DRIP, and 401(k) Plans). In these limited circumstances, duplicate statements are not required, but approval must be granted by the **Compliance Officer**.

G. <u>Transaction Restrictions</u>

1. **<u>Initial Public Offerings, Initial Coin Offerings, Securitized Coin Offerings,</u>** <u>and **Private Placements.**</u> **Access Persons** may not acquire securities in an **Initial Public Offering** ("**IPO"), Initial Coin Offering ("ICO"), Securitized Coin Offering ("SCO")** or **Private Placement** unless prior written approval is obtained from the **Compliance Officer**, and, in the determination of the **Compliance Officer**, participation does not present a conflict of interest with any **Clients** or impede the equitable distribution of the offering to the public. Any request for allocation of an **IPO** or a **Private Placement** to an **Access Person** that is in any way connected with their position in the Firms will be denied. Further, the **Compliance Officer** may deny requests for any reason or without providing a reason.

**Access Persons** must request approval for participation in an **IPO, ICO, SCO** or **Private Placement** by submitting a written request to the **Compliance Officer**. These requests must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A brief description of the **Private Placement, ICO, SCO** or **IPO** opportunity

▪ In the case of a **Private Placement**, the nature of the employee's participation

▪ A statement as to how and why the opportunity was offered to the **Access Person** and other factors
relevant, from the perspective of the Firms, to the approval decision (e.g. whether participation in the **Private Placement** or **IPO** is connected with the **Access Person's** position with the Firms or will result in any conflicts of interest with **Client** portfolios.)

No **Access Person** will be allowed to participate in any **ICO** or **SCO** that is being offered by any Affiliated Entity.

2. <u>Futures and Related Options.</u> No **Access Person** shall use derivatives, including futures, options on futures, or options on a **Covered Security,** to evade the restrictions of the Code. In other words, no **Access Person** may use derivative transactions with respect to a **Covered Security** if the Code would prohibit the **Access Person** from taking the same position directly in the **Covered Security**.

 ****

3. <u>Blackout Period</u>. No **Access Person** (including any member of the **Family/Household** of such **Access Person**) may purchase or sell any **Covered Security** within the three calendar days immediately before or after a calendar day on which any **Mutual Fund Client** or a **Separate Account Client** purchases or sells that **Covered Security** (or any closely related security, such as an option or a related convertible or exchangeable security), unless the **Access Person** had no actual knowledge that the **Covered Security** (or any closely related security) was being considered for purchase or sale for any **Mutual Fund Client** or **Separate Account Client**. Note that the total blackout period is 7 days (the day of the **Client** trade, plus three days before and three days after).

The blackout period does not apply to **Access Person** transactions concurrent with **Separate Account Client** transactions intended merely to rebalance, liquidate, or open accounts for **Separate Account Clients** where Natixis Advisors acts as the adviser, for the following reasons: Natixis Advisors primarily relies on model portfolios supplied by investment advisory affiliates and third party investment advisory firms; due to the nature of Natixis Advisors' separate account program, a number of these **Separate Account Clients** may add or withdraw funds, and open or close accounts, on a daily basis; the trades generated by these activities are unpredictable; they are not caused by a change in the investment opinion of Natixis Advisors or any of its subadvisers; they tend to be small in size with little or no market impact; they are of an administrative nature; and if triggering a blackout period, they would likely have the effect of "blacking out" every security traded by **Separate Account Clients** of Natixis Advisors on every trading day. The blackout period does apply, however, to transactions concurrent with **Separate Account Client** transactions related to implementation of changes to model portfolios or related to changes in the investment opinion of Natixis Advisors or any of its subadvisers. However, the blackout period does not apply to model changes for overlay relationships where un-affiliated model portfolios are implemented, except for specifically designated **Investment Persons** (list maintained by the **Compliance Officer**).

NOTE: All transactions for **Access Persons** subject to the **Blackout Period** will be compared to transactions executed by Natixis Advisors or a subadviser on behalf of **Mutual Fund Clients** and **Separate**

**Account Clients**. The fact that the **Compliance Officer** has precleared a trade does not mean that it is not monitored. When evaluating a preclearance request, trades executed on behalf of **Separate Account Clients** over the previous 3 days are considered. Changes to model portfolios on the day preclearance is requested and over the subsequent 3 days may create a concurrent trade but will not be deemed a violation of the Code unless the employee had prior knowledge of the **Client** transaction. Due to the nature of Natixis Advisors' advisory activity with respect to **Mutual Fund Clients** it is impossible to consider trading by **Mutual Fund Clients** when granting preclearance. Transactions by **Access Persons** will be compared to transactions executed by both **Separate Account Clients** and **Mutual Fund Clients** at the end of the reporting period to determine any patterns.

*For example if an **Access Person** executes a trade in a **Covered Security** for which the employee has received proper preclearance on January 1<sup>st</sup>, and a subadviser changes a model portfolio which results in trades in the same **Covered Security** by **Separate Account Clients** any time before January 4<sup>th</sup> (the remainder of the 7 day blackout period), it may result in a violation of the Code, if the **Access Person** had knowledge that the **Covered Security** was being considered for purchase or sale for any **Client** account.*

 

Trading within the 7-day blackout period is not automatically considered a violation of the Code but is instead subject to the knowledge condition set forth above. The **Compliance Officer** will monitor personal securities trading activity and if a pattern appears to exist with respect to the trading activity of an **Access Person** and any **Mutual Fund Client** and/or **Separate Account Client** within the 7-day blackout periods, it will be investigated. If it is determined that a pattern of violations has occurred, the Firms will generally require any profits from the transactions to be disgorged and donated to charity and may impose other sanctions as deemed necessary (see Section E of this Code). A single trade lining up with a single client does not represent a pattern of abuse.

4. <u>Preclearance Requirement</u>. Access Persons are required to request and receive preclearance by the Compliance Officer before executing the purchase or sale of Covered Securities. Given the nature of Natixis Advisors' current advisory operations, which include oversight of other investment advisers, approving, and in some cases effecting, transactions for Client accounts, Natixis Advisors' role as an administrator, and Natixis Distribution's role as a distributor and underwriter, the Firms have incorporated several exemptions to the Preclearance Requirement that you should be familiar with.

&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Preclearance</u>. Unless specifically exempted by this Code, no **Access Person** shall purchase
or sell any **Covered Security** for their own account (or the account of any member of their **Family/Household**) without proper
preclearance. Unless specifically noted by the **Compliance Officer**, trades must be completed on the same day that preclearance is
granted. This requirement applies to all trades in **Covered Securities**. Instruments representing an indirect interest in a **Covered Security**, such as options and warrants, must also be precleared.

&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Process</u>. **Access Persons** are required to submit a preclearance request to the **Compliance Officer** and receive approval for the transaction <u>before</u> executing a trade for a **Covered Security** transaction requiring
preclearance. Trades in **Covered Securities** cannot be executed until the **Compliance Officer** provides specific approval. Preclearance
will not be granted for any trades that would violate the blackout period restriction as it applies to personal transactions effected
within 3 days after a **Separate Account Client** trade.

Due to the fact that the Firms do not and have no future plans to utilize products that invest in cryptocurrencies, there are no conflicts or fiduciary obligation issues with respect to client accounts.

Therefore, **all access persons can transact in cryptocurrencies without pre-approval**, however, they should report, prior to quarter end, new investments in cryptocurrencies to the Compliance Officer for guidance to be given if such currencies are determined to be securities and need to be included in future transactional and/or holding reports. The Firms reserve the right to revisit this specific policy at any time, which may include requiring preclearance for any cryptocurrencies.

**The Firms reserve the right to require any Access Person to preclear exempted transactions (discussed below) at any time and, if requested by the Firms, an Access Person must obtain the approval of the Compliance Officer before buying or selling any security, for such period (which may be indefinite) as the Compliance Officer shall determine.**

5. <u>Good Until Canceled and Limit Orders</u>. No **Access Person** shall place a "good until canceled", "limit", or equivalent order with their broker for any **Covered Security** subject to the preclearance requirement except that an **Access Person** may utilize a "day order with a limit" so long as the transaction is consistent with provisions of this Code, including the preclearance procedures. All orders must expire at the end of the trading day on which they are precleared unless otherwise extended by the **Compliance Officer**.

6. <u>Exempt Transactions</u>. The blackout period <u>and</u> preclearance requirements do not apply to **Covered Funds** and the following categories of transactions in **Covered Securities** by all **Access Persons**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions in accounts for which the **Access Person** has **Beneficial Ownership** but no investment
influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions in any **Covered Security** guaranteed by the United States Government, or any state government
or governmental agency of a municipality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions that occur by operation of law or under any other circumstance in which no investment discretion
is exercised, and no recommendations are made, by the **Access Person** or any member of their **Family/Household.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchases pursuant to the exercise of rights issued pro rata to all holders of the class of a **Covered Security** held by the **Access Person** (or **Family/Household** member) and received by the **Access Person** (or **Family/Household** member) from the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchases of a **Covered Security** pursuant to an automatic investment, withdrawal or dividend reinvestment
plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions in Exchange Traded Funds ("ETFs") other than those that are Covered Funds, are
ETFs for single stocks, or are Exchange Traded Notes ("ETNs"), as well as any related options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions in futures and options contracts on interest rate instruments, commodities, or indexes; and
options on such contracts, so long as the transactions do not violate the knowledge provision in Section G.3. of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The purchase of additional shares, (including mandatory capital calls), or the subsequent sale (partial
or full) of a previously approved **Private Placement**.

Additionally, the preclearance and blackout requirements do not apply to the following transactions by all **Access Persons**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions of 100 shares or less of common or preferred stocks of a class that is publicly traded on
a national stock exchange, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions with an aggregate dollar value (excluding commissions) of $10,000 or less, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions in **Covered Securities** issued by a company with a market capitalization of at least
$5 billion U.S. (or the equivalent in foreign currency).

NOTE: These transactions are not exempted from the reporting requirements of this Code.

H. **<u>Compliance Officer Approval</u>**

The **Compliance Officer** is charged with responsibility for ensuring that all **Access Persons** adhere to the reporting requirements of this Code of Ethics and that the review requirements of this Code are performed in a prompt manner.

<u>Definitions</u>

The following terms have special meanings in this Code of Ethics:

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Access Person** 

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Beneficial Ownership** 

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Client** 

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Compliance Officer** 

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Covered Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Covered Security** 

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Feed Broker** 

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Family/Household** 

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Initial Public Offering** 

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Investment Person** 

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Mutual Fund Client** 

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Non-volitional transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Private Placement** 

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Separate Account Client** 

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Supervised Person** 

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Volitional transactions** 

The special meanings of these terms as used in this Code of Ethics are explained below. Some of these terms (such as "**Beneficial Ownership**") are sometimes used in other contexts, not related to Code of Ethics, where they may have different meanings. For example, "**Beneficial Ownership**" has a different meaning in this Code of Ethics than it does in the SEC's rules for proxy statement disclosure of corporate directors' and officers' stockholdings, or in determining whether an investor has to file 13D or 13G reports with the SEC.

<u>IMPORTANT: If you have any doubt or question about whether an investment, account, or person is covered by any of these definitions, ask the **Compliance Officer**. Do not just guess at the answer.</u>

**<u>Access Person</u>** means **Access Person** as defined in Rule 17j-1 under the 1940 Act and/or Rule 204A-1 under the Advisers Act, as those rules are amended from time to time. The elements of these definitions are outlined beginning on page 2 of this Code.

Due to the nature of the Firms' activities and for the purposes of administering this Code, the Firms have designated all their officers, directors, and employees as **Access Persons** (except for directors that satisfy the conditions listed above), whether or not such officers, directors and employees fall within the definition of "Access Person" as defined in Rule 17j-1 under the 1940 Act and/or Rule 204A-1 under the Advisers Act. An officer, director or employee becomes an **Access Person** on their hire date.

The term "**Access Person"** under this Code and relating to the Firms normally does not include an employee of a company in a control relationship to the Firms, who is not an employee, officer, or director of any of the Firms, where such company is required to have a Code of Ethics containing provisions reasonably necessary to prevent the **Access Person** from engaging in any act, practice, or course of business prohibited by Rule 17j-1(b) and such employee is required to report their transactions to such company. However, in certain instances a person may be an employee of both the Firms and an affiliated adviser and may be subject to (and required to make required reports for) more than one Code of Ethics.

**<u>Beneficial Ownership</u>** means beneficial ownership as defined in Rule 17j-1 under the 1940 Act, as amended from time to time. Currently this means any opportunity, directly or indirectly, to profit or share in the profit from any transaction in securities. **Beneficial Ownership** is a very broad concept. Some examples of forms of **Beneficial Ownership** include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ securities held in a person's own name, or that are held for the person's benefit in nominee,
custodial, or "street name" accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ securities owned by a member of your **Family/Household.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ securities owned by or for a partnership, in which the person is a general partner (whether the ownership
is under the name of that partner, another partner, the partnership, or through a nominee, custodial, or "street name" account).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ securities that are being managed for a person's benefit on a discretionary basis by an investment
adviser, broker, bank, trust company, or other manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ securities in a person's individual retirement account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ securities in a person's account in a 401(k) or similar retirement plan, even if the person has
chosen to give someone else investment discretion over the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ securities owned by a trust of which the person is either a <u>trustee</u> or a <u>beneficiary</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ securities owned by a corporation, partnership, or other entity that the person controls (whether the
ownership is under the name of that person, under the name of the entity, or through a nominee, custodial, or "street name"
account).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ securities that are traded on behalf of an investment club of which an **Access Person** is a club
member or in which a member of their **Family/Household** is a member.

The above is not a complete list of the forms of ownership that could constitute **Beneficial Ownership** for purposes of this Code. You should ask the **Compliance Officer** if you have any questions or doubts at all about whether you or a member of your **Family/Household** would be considered to have **Beneficial Ownership** in any particular situation.

**<u>Client</u>** means any individual, entity, or registered investment company for which Natixis Advisors serves as adviser or subadviser, or Natixis Distribution serves as distributor. **Client** information includes information obtained from entities contracted by Natixis Advisors as adviser to serve as subadviser for certain **Mutual Fund Clients** and **Separate Account Clients**.

**<u>Compliance Officer</u>** currently means the Chief Compliance Officer of Natixis Advisors or another person that they have designated to perform the functions of **Compliance Officer**. For purposes of reviewing the **Compliance Officer's** own transactions and reports under this Code, evidence must be maintained that the review is completed by a different designee of the **Compliance Officer**.

**<u>Covered Fund</u>** means (i) any registered investment company advised or subadvised by Natixis Advisors, (ii) any registered investment company advised or subadvised by any investment adviser that controls Natixis Advisors, is controlled by Natixis Advisors or is under common control with Natixis Advisors (e.g. Loomis Sayles, Harris Associates, etc.), (iii) any registered investment company administered by Natixis Advisors, or (iv) any registered investment company distributed by Natixis Distribution (or any principal underwriter that controls Natixis Advisors, is controlled by Natixis Advisors or is under common control with Natixis Advisors). For clarification purposes, **Covered Funds** include, but are not limited to, the Natixis ETFs, the Natixis Funds, the Loomis Sayles Funds, and the Oakmark Funds.

NOTE: **Covered Funds** do not include money market funds whether or not Natixis Advisors (or any affiliate) serves as the investment adviser or subadviser.

NOTE: A 529 plan invested in underlying mutual funds will not be treated as a **Covered Security** or as an investment in **Covered Funds**, so long as the plan is <u>not</u> distributed, advised or subadvised by Natixis Advisors, Natixis Distribution, or any affiliated firm, and your 529 plan investments are not in any portfolios distributed, advised or subadvised by Natixis Advisors, Natixis Distribution, or any affiliated firm.

A complete list of **Covered Funds** may be obtained from the **Compliance Officer** or the Firms' Intranet. The **Compliance Officer** may either add or remove funds from this list if he determines that there is either a heightened risk of access to portfolio information (in the case of funds that would not be considered **Covered Funds** under this definition), or no access to portfolio information about a fund (for those funds that would otherwise meet the above criteria of a **Covered Fund**).

 ****

**<u>Covered Security</u>** means a reportable security as defined in Rule 204A-1 under the Advisers Act, as amended from time to time. Currently this means anything that is considered a "security" under the Advisers Act, <u>except</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Direct obligations of the U.S. Government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term
debt obligations, including repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares of money market funds that are registered under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares of <u>open-end</u> or <u>closed-end</u> investment companies that are (i) registered under the
1940 Act (mutual funds) and (ii) not Covered Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares of unit investment trusts that are invested exclusively in one or more mutual funds (none of which
are Covered Funds).

Security is a very broad term. It includes most kinds of investment instruments, including things that you might not ordinarily think of as "securities", such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Options on securities and currencies, and commodities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Commodity interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Certain Cryptocurrencies including ICOs and SCOs (currently only Bitcoin and Ethereum are exempt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Investments in all kinds of limited partnerships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Investments in closed end funds and exchange traded funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Investments in foreign unit trusts, and foreign mutual funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Investments in private investment funds, hedge funds, and investment clubs.

If you have any question or doubt about whether an investment is a considered a **Covered Security** or a **Covered Fund** under this Code, ask the **Compliance Officer**.

**<u>Feed Broker</u>** means Charles Schwab, Fidelity Investments, Merrill Lynch, Morgan Stanley Smith Barney, Northern Trust, T.D. Ameritrade, UBS, E\*Trade, Ameriprise, Interactive Brokers, or Vanguard (collectively, the "**Feed Brokers**").

**<u>Family/Household</u>** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Your spouse or live-in partner who shares your household and combines their financial resources in a manner
similar to that of married persons (unless they do not live in the same household as you and you do not contribute in any way to their
support).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Your children under the age of 18.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Your children who are 18 or older (if they live in the same household as you and you contribute in any
way to their support).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any of these people who live in your household: your stepchildren, grandchildren, parents, stepparents,
grandparents, brothers, sisters, parents-in-law, sons-in-law, daughters-in-law, brothers-in-law, and sisters-in-law, including adoptive
relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any individual for whom you are exercising investment control.

NOTE: There are a number of reasons why this Code covers transactions in which members of your **Family/Household** have **Beneficial Ownership**. First, the SEC regards any benefit to a person that you help support financially as indirectly benefiting you, because it could reduce the amount that you might otherwise need to contribute to that person's support. Second, members of your **Family/Household** could, in some circumstances, learn of information regarding the Firm's trading or recommendations for **Client** accounts, and must not be allowed to benefit from that information.

**<u>Initial Public Offering ("IPO")</u>** means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934.

**<u>Investment Persons</u>** – Include all **Access Persons** (and employees of any company in a control relationship with the Firms) that have been specifically identified by the Compliance Department as having regular or periodic knowledge of material nonpublic information regarding the purchase and sale of securities by **Mutual Fund Clients** or **Separate Account Clients.**

In addition to exposure to **Client** trading information, an individual may be designated an **Investment Person** for any reason. A complete list of **Investment Persons** is maintained by the Compliance Department.

NOTE: All **Investment Persons** are also **Access Persons** and must satisfy all applicable Code requirements.

**<u>Mutual Fund Client</u>** includes all investment companies for which Natixis Advisors serves as adviser, or for which Natixis Distribution is the Distributor. All investment company **Clients** are currently considered **Mutual Fund Clients.**

**<u>Non-Employee Access Persons</u>** are contractors or temporary employees hired through an affiliated or non-affiliated entity that, through their daily work responsibilities for Natixis Advisors may allow them access to information regarding the purchase or sale of **Covered Securities** and are therefore deemed to be treated the same way as an **Access Person** under the Code**.**

**<u>Non-volitional transactions</u>** are any transaction in which the employee has not determined the timing as to when the purchase or sale will occur and the amount of shares to be purchased or sold, i.e., changes to future contributions within the Natixis 401(k), dividend reinvestment programs, dollar cost averaging program, and automatic monthly payroll deductions. **Non-volitional transactions** are not subject to the pre-clearance or quarterly reporting requirements under the Code.

**<u>Private Placement</u>** means an offering of a stock or bond that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) or Pursuant to Rule 504, 505, or 506 thereunder.

**<u>Separate Account Client</u>** includes all separately managed accounts for which Natixis Advisors provides investment advisory services.

Although Natixis Advisors has the ultimate investment decision-making authority with respect to securities to be purchased or sold, in most cases Natixis Advisors generally follows the recommendations implicit in the model portfolios supplied by its subadvisers. While Natixis Advisors relies primarily on these model portfolios to manage **Client** assets, it will retain discretionary authority over **Client** portfolios. This discretion will be primarily used to execute trades and manage accounts according to specific **Client** requirements.

**<u>Supervised Person</u>** means any partner, officer, director (or other person occupying a similar station or performing similar functions) or employee of a Firm, or other person who either provides investment advice on behalf of Natixis Advisors or has access to information regarding the purchase or sale of **Covered Securities** and is subject to the supervision and control of Natixis Advisors. All **Access Persons** and **Non-Employee Access Persons** are also **Supervised Persons**.

**<u>Volitional transactions</u>** are any transactions in which the employee has determined the timing as to when the purchase or sale transaction will occur and number of shares to be purchased or sold. **Volitional transactions** are subject to the pre-clearance and reporting requirements under the Code.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Version** | &nbsp;&nbsp;**Revision Details** | &nbsp;&nbsp;**Date Effective** |
| &nbsp;&nbsp;V1.03.15.2020 | &nbsp;&nbsp;Updated to improve Investment Person Pre-clearance requirements | &nbsp;&nbsp;03/12/2020 |
| &nbsp;&nbsp;V2.07.01.2021 | &nbsp;&nbsp;Added new feeds, clarified non-designated broker responsibilities, and clarified cryptocurrency and covered funds | &nbsp;&nbsp;07/01/2021 |
| &nbsp;&nbsp;V3. 10.01.2022 | &nbsp;&nbsp;Revised language to cover new compliance system (ACA ComplianceAlpha), rename Feed Brokers from Designated since new system allows aggregation connections to 5,00 brokers, and to clean up process of setting up accounts in new system to limit the need for statements. | &nbsp;&nbsp;10/01/2022 |
| &nbsp;&nbsp;V4.04.01.2023 | &nbsp;&nbsp;Updated to include the designation of Non-Employee Access Persons and the requirement for them to be treated like an employee based on their access to transaction information in addition to non-material administrative changes. | &nbsp;&nbsp;04/01/2023 |
| &nbsp;&nbsp;V5.01.01.2024 | &nbsp;&nbsp;Updated for adjustments to market cap di minimis amount and for blackout period change to 3 days on either side of client trade. | &nbsp;&nbsp;01/01/2024 |
| &nbsp;&nbsp;V6.01.01.2025 | &nbsp;&nbsp;Updated to clarify the case is which disgorgement will be imposed. | &nbsp;&nbsp;01/01/2025 |
| &nbsp;&nbsp;V7.01.01.2026 | &nbsp;&nbsp;Updated to reflect Investment Actions not being internally received and cleaning up feed broker list. | &nbsp;&nbsp;01/01/2026 |

---

## Ex-99.(Q)(1)

**Exhibit (q)(1)**

**NATIXIS FUNDS TRUST I**

**NATIXIS FUNDS TRUST II**

**NATIXIS FUNDS TRUST IV**

**LOOMIS SAYLES FUNDS I**

**LOOMIS SAYLES FUND II**

**GATEWAY TRUST**

**NATIXIS ETF TRUST**

**NATIXIS ETF TRUST II**

**LOOMIS SAYLES CREDIT INCOME OPPORTUNITIES FUND**

**POWER OF ATTORNEY**

Effective January 2, 2026, we, the undersigned, hereby constitute Michael G. Doherty, Matthew Block, and Susan McWhan Tobin, each of them singly, our true and lawful attorneys, with full power to them and each of them to sign for us, and in our names in the capacity indicated below, any and all registration statements and any and all amendments thereto to be filed with the Securities and Exchange Commission for the purpose of registering from time to time investment companies of which we are now or hereafter a Director or Trustee and to register the shares of such companies and generally to do all such things in our names and on our behalf to enable such registered investment companies to comply with the provisions of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, and all requirements and regulations of the Securities and Exchange Commission, hereby ratifying and confirming our signatures as they may be signed by our said attorneys and any and all registration statements and amendments thereto.

Witness our hands on the 2<sup>nd</sup> day of January, 2026.

---

| | |
|:---|:---|
| /s/ Edmond J. English<br> Edmond J. English | /s/ Peter J. Smail<br> Peter J. Smail |
| /s/ Richard A. Goglia<br> Richard A. Goglia | /s/ Kirk A. Sykes<br> Kirk A. Sykes |
| /s/ Martin T. Meehan<br> Martin T. Meehan | /s/ Cynthia L. Walker<br> Cynthia L. Walker |
| /s/ Maureen B. Mitchell<br> Maureen B. Mitchell | /s/ Kevin P. Charleston<br> Kevin P. Charleston |
| /s/ James P. Palermo<br> James P. Palermo | /s/ David L. Giunta<br> David L. Giunta |
| /s/ Erik R. Sirri<br> Erik R. Sirri | /s/ Marina Gross<br> Marina Gross |

---