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N-1A
LOOMIS SAYLES FUNDS I
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2026-05-01
Loomis Sayles Income Fund
INVESTMENT OBJECTIVE
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">The Fund seeks to provide income with a </span>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">secondary objective of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">capital appreciation.</span>
FUND FEES & EXPENSES
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">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, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">The Fund does not impose a sales charge, a redemption fee or an exchange fee.</span></div>
Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)
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0.0056
0.0056
0.0056
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April 30, 2027
Example
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">except that the example is based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement assuming </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">that such waiver and/or reimbursement will only be in place through the date noted above and on the Total Annual Fund Operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Expenses for the remaining periods. The example does not take into account brokerage commissions and other fees to financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">on these assumptions your costs would be:</span></div>
<div>
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</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;;"><b>1 year</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;;"><b>3 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;;"><b>5 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;;"><b>10 years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Institutional Class</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">65</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">220</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">388</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">876</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Retail Class</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">91</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">299</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">524</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1,172</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Admin Class</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">116</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">375</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">654</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1,449</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class N</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">60</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">198</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">347</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">782</span></div>
</td>
</tr>
</table></div>
65
220
388
876
91
299
524
1172
116
375
654
1449
60
198
347
782
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">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. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During its most </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">recently ended fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;">104%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> of the average value of its portfolio.</span></div>
1.04
INVESTMENTS, RISKS AND PERFORMANCEPrincipal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">fixed-income securities (for example, bonds and other investments that Loomis Sayles believes have similar economic characteristics, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">notes, debentures and loans). The Fund will normally invest at least 55% of its net assets in investment-grade fixed-income securities. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Fund may also invest up to 35% of its assets in below investment-grade fixed-income securities (commonly known as “junk bonds”)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">. Below </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">investment-grade fixed-income securities are rated below investment-grade quality (i.e., none of the three major rating agencies (Moody’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Investors Service, Inc., Fitch </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Ratings</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">, Inc. or S&P Global Ratings) have rated the securities in one of their respective top four ratings </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">categories). The Fund’s fixed-income securities investments may include unrated securities (securities that are not rated by a rating agency) if </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Loomis Sayles determines that the securities are of comparable quality to rated securities that the Fund may purchase. The Fund may invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">in fixed-income securities of any maturity.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">In deciding which securities to buy and sell, Loomis Sayles may consider a number of factors related to the bond issue and the current bond </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">market, including, for example, the stability and volatility of a country’s bond markets, the financial strength of the issuer, current interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">rates, current valuations, Loomis Sayles’ expectations regarding general trends in interest rates and currency considerations. Loomis Sayles </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">will also consider how purchasing or selling a bond would impact the overall portfolio’s risk profile (for example, its sensitivity to currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">risk, interest rate risk and sector-specific risk) and potential return (income and capital gains).</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Three themes typically drive the Fund’s investment approach. First, Loomis Sayles generally seeks fixed-income securities that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">attractively valued relative to the Loomis Sayles’ credit research team’s assessment of credit risk. The broad coverage combined with the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">objective of identifying attractive investment opportunities makes this an important component of the investment approach. Second, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Fund may invest significantly in securities the prices of which Loomis Sayles believes are more sensitive to events related to the underlying </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">issuer than to changes in general interest rates or overall market default rates. These securities may not have a direct correlation with changes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">in interest rates, thus helping to manage interest rate risk and to offer diversified sources for return. Third, Loomis Sayles analyzes different </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">sectors of the economy and differences in the yields (“spreads”) of various fixed-income securities (U.S. government securities, investment-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">grade corporate securities, securitized assets, high-yield corporate securities, emerging market securities, non-U.S. sovereigns and credits, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">convertibles, bank loans and municipals) in an effort to find securities that it believes may produce attractive returns for the Fund in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">comparison to their risk.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">The Fund may invest up to 40% of its assets in foreign securities, including emerging markets securities. The Fund may invest up to 20% of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">its assets in non-U.S. dollar-denominated securities. The Fund may invest without limit in obligations of supranational entities (e.g., the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">World Bank). Although certain securities purchased by the Fund may be issued by domestic companies incorporated outside of the United </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">States, the Adviser does not consider these securities to be foreign if the issuer is included in the U.S. fixed-income indices published by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Bloomberg.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">The fixed-income securities in which the Fund may invest include, among other instruments, corporate bonds and other debt securities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">U.S. government securities, commercial paper, zero-coupon securities, mortgage-related securities (including senior and junior loans, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">mortgage dollar rolls, stripped mortgage-related securities and collateralized mortgage obligations) and other asset-backed securities, when-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">issued securities, real estate investment trusts (“REITs”), securities issued pursuant to Rule 144A under the Securities Act of 1933 (“Rule </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">144A securities”), other privately placed investments such as private credit investments, structured notes, collateralized loan obligations, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">bank loans, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">repurchase agreements and convertible securities. The Fund may engage in options and futures transactions, foreign currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">transactions (such as forward currency contracts) and swap transactions (including credit default swaps, in which one party agrees to make </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">periodic payments to a counterparty in exchange for the right to receive a payment in the event of a default of the underlying reference </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">security).</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">You may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">lose money by investing in the Fund.</span>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Fund shares are not bank deposits and are not guaranteed, endorsed or insured by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">government agency, and are subject to investment risks, including possible loss of the principal invested.</span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Bank Loans Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the Fund’s investments in bank loans are subject to credit risk and may not be adequately collateralized. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Indebtedness of borrowers whose creditworthiness is poor involves substantially greater risks and may be highly speculative. The interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">rates on many bank loans reset frequently, and thus bank loans are subject to interest rate risk. Transactions in bank loans may settle on a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">delayed basis, such that the Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. There </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">may also be less public information available about bank loans as compared to other debt securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Credit/Counterparty Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the issuer or guarantor of a fixed-income security in which the Fund invests, or the counterparty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">to a derivative or other transaction, will be unable or unwilling to make timely payments of interest or principal or to otherwise honor its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">obligations. As a result, the Fund may sustain losses or be unable or delayed in its ability to realize gains.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Below Investment-Grade Fixed-Income Securities Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the Fund’s investments in below investment-grade fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">securities may be subject to greater risks than other fixed-income securities, including being subject to greater levels of interest rate risk, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">credit risk (including a greater risk of default) and liquidity risk. The ability of the issuer to make principal and interest payments is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">predominantly speculative for below investment-grade fixed-income securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Currency Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the value of the Fund’s investments will fall as a result of changes in exchange rates. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Loomis Sayles may elect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">not to hedge currency risk or may hedge imperfectly, which may cause the Fund to incur losses that would not have been incurred had the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">risk been hedged.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Distribution Rate Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the Fund’s strategy of seeking to provide a specific and predictable level of monthly distributions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">may not be successful. The income payable on debt securities in general and the availability of investment opportunities varies based on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">market conditions. In addition, the Fund may not be effective in identifying income producing securities and managing distributions; as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">result, the level of dividend income may fluctuate. The Fund’s investments are subject to various risks including the risk that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">counterparty will not pay income when due which may adversely impact the level and predictability of dividend income paid by the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Tax and accounting considerations also may impact the Fund’s ability to pay predictable monthly distributions. The Fund does not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">guarantee that distributions will always be paid or paid at a predictable level.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Interest Rate Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the value of the Fund’s investments will fall if interest rates rise. Generally, the value of fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">securities rises when prevailing interest rates fall and falls when interest rates rise. Interest rate risk generally is greater for funds that invest in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">fixed-income securities with relatively longer durations than for funds that invest in fixed-income securities with shorter durations. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">values of zero-coupon securities and securities with longer maturities are generally more sensitive to fluctuations in interest rates than other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">fixed-income securities. In addition, an economic downturn or period of rising interest rates could adversely affect the market for these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">securities and reduce the Fund’s ability to sell them, negatively impacting the performance of the Fund. Fiscal, economic, monetary or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">governmental or central bank policies, actions or measures have in the past, and may in the future, cause or exacerbate risks associated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">interest rates, including fluctuations in interest rates.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Market/Issuer Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the market value of the Fund’s investments will move up and down, sometimes rapidly and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">unpredictably, based upon overall market and economic conditions, as well as a number of reasons that directly relate to the issuers of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Fund’s investments, such as management performance, financial condition and demand for the issuers’ goods and services.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Cybersecurity and Technology Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk associated with the increasing dependence of the Fund, its service providers, and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">market participants on complex information technology and communications systems. Such systems are subject to a number of different </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">threats and risks that could adversely affect the Fund and its shareholders. Cybersecurity and other operational and technology issues may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">result in financial losses to the Fund and its shareholders.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Derivatives Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the value of the Fund’s derivative investments such as forward currency contracts, structured notes, options, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">futures transactions and swap transactions will fall, for example, because of changes in the value of the underlying reference instruments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">pricing difficulties or lack of correlation with the underlying investments. The use of derivatives for other than hedging purposes may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">considered a speculative activity, and involves greater risks than are involved in hedging. There is also the risk that the Fund may be unable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">to terminate or sell a derivative position at an advantageous time or price. The Fund’s derivative counterparties may experience financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">difficulties or otherwise be unwilling or unable to honor their obligations, possibly resulting in losses to the Fund. This risk is greater for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">forward currency contracts, uncleared swaps and other over</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">counter (“OTC”) traded derivatives. Investing in derivatives gives rise to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">other risks, such as leverage risk, liquidity risk, credit/counterparty risk, interest rate risk and market/issuer risk. The use of derivatives may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">cause the Fund to incur losses greater than those which would have occurred had derivatives not been used.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Emerging Markets Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the Fund’s investments in emerging markets may face greater foreign securities risk. Emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">markets investments are subject to greater risks arising from political or economic instability, war, nationalization or confiscatory taxation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">currency exchange or repatriation restrictions, sanctions by other countries (such as the United States or the European Union), new or </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">inconsistent government treatment of or restrictions on issuers and instruments, and an issuer’s unwillingness or inability to make dividend, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">principal or interest payments on its securities. Emerging markets companies may be smaller and have shorter operating histories than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">companies in developed markets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Foreign Securities Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the value of the Fund’s foreign investments will fall as a result of foreign political, social, economic, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">environmental, credit, informational or currency changes or other issues relating to foreign investing generally. Foreign securities may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. The Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">securities may be subject to foreign withholding or other taxes, which would decrease the yield on those securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Inflation/Deflation Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">the present value of future payments. As inflation increases, the real value of the Fund’s portfolio could decline. Inflation rates may change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">frequently and drastically. The Fund’s investments may not keep pace with inflation, which may result in losses to the Fund’s investors. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Deflation risk is the risk that prices throughout the economy decline over time - the opposite of inflation. Deflation may have an adverse </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">portfolio.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Large Shareholder Transaction Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that ownership of shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">may be concentrated in one or a few large investors. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Such investors may redeem shares in large quantities or on a frequent basis. In addition, a large number of shareholders collectively may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">purchase or redeem Fund shares in large amounts rapidly or unexpectedly (collectively, such transactions are referred to as “large shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">transactions”). In the event of a large shareholder transaction, the Fund may be required to sell investments at unfavorable times or prices, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">which may increase realized capital gains, including short-term capital gains taxable as ordinary income for shareholders who hold Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">shares in a taxable account, may accelerate the realization of taxable income to shareholders, may increase transaction costs, and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">otherwise negatively impact fund performance. The effects of taxable income and/or gains resulting from large shareholder transactions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA, 401(k) plan or other tax-advantaged </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">plan. In addition, such transactions potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">capital gains (if any). Such transactions may also increase the Fund’s expenses. A number of circumstances may cause </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> Fund to experience </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">large redemptions, such as changes in the eligibility criteria for the Fund or share class of the Fund; liquidations, reorganizations, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">repositionings, or other announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Leverage Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk associated with securities or investment practices (e.g., borrowing and the use of certain derivatives) that multiply </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">small index, market or asset price movements into larger changes in value. Use of derivative instruments (such as futures and forward </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">currency contracts) may involve leverage. When a derivative is used as a hedge against an offsetting position that the Fund also holds, any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">gains generated by the derivative should be substantially offset by losses on the hedged instrument, and vice versa. To the extent that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Fund uses a derivative for purposes other than as a hedge, or if the Fund hedges imperfectly, the Fund is directly exposed to the risks of that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">derivative and any loss generated by the derivative will not be offset by a gain. The use of leverage increases the impact of gains and losses on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">the Fund’s returns, and may lead to significant losses if investments are not successful.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Liquidity Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">expects. Events that may lead to increased redemptions, such as market disruptions or increases in interest rates, may also negatively impact </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">the liquidity of the Fund’s investments when it needs to dispose of them. Markets may become illiquid quickly. If the Fund is forced to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">unwilling or unable to make a market for certain securities. Securities acquired in a private placement, such as Rule 144A securities and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">privately negotiated credit and other investments, are generally subject to significant liquidity risk because they are subject to strict </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. In other circumstances, liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">investments may become illiquid. Derivatives, and particularly OTC derivatives, are generally subject to liquidity risk as well. Liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">issues may also make it difficult to value the Fund’s investments. The Fund may invest in liquid investments that become illiquid due to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">financial distress, or geopolitical events such as sanctions, trading halts or wars.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Management Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that Loomis Sayles’ investment techniques will be unsuccessful and cause the Fund to incur losses.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Mortgage-Related and Asset-Backed Securities Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk associated with the mortgages and assets underlying the securities, as well </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">as the risk that the securities may be prepaid and result in the reinvestment of the prepaid amounts in securities with lower yields than the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">beyond the expected prepayment time, typically reducing the security’s value, which is called extension risk. The Fund may also incur a loss </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">when there is a prepayment of securities that were purchased at a premium. It also includes risks associated with investing in the mortgages </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">underlying the mortgage-backed securities. The Fund’s investments in other asset-backed securities are subject to risks similar to those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">The Fund’s investments in mortgage-related and other asset-backed securities are also subject to the risks associated with investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">fixed-income securities generally (e.g., credit/counterparty, liquidity, inflation and valuation risks).</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Portfolio Turnover Rate Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the Fund may engage in active and frequent trading of portfolio securities to pursue its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">principal investment strategy. A high rate of portfolio turnover may involve correspondingly greater expenses, which must be borne by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Fund and its shareholders, and also may result in short term capital gains or losses to shareholders. Portfolio turnover is subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">fluctuations and is dependent on certain factors including current market conditions, portfolio re-balancing, cash flows, new issuance, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">individual portfolio needs.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>REITs Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the value of the Fund’s investments in REITs will fall as a result of changes in underlying real estate values, rising </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">interest rates, limited diversification of holdings, higher costs and prepayment risk associated with related mortgages, as well as other risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">particular to investments in real estate. Many REITs are highly leveraged, increasing their risk. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">The Fund will indirectly bear its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund.</span></div>
Risk/Return Bar Chart and Table
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">The following bar chart and table give an 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 compare to those of a broad-based securities market index that reflects the performance of the overall market applicable to the Fund. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. The Fund’s performance prior to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">December 31, 2025 reflects returns achieved pursuant to a different investment objective and different principal investment strategies than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">those that are currently being pursued. If the Fund’s current investment objective and strategies had been in place during those prior </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">periods, the performance information shown would have been different. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">www.loomissayles.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> and/or by calling the Fund toll-free at 800-633-3330.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> Effective after the close of business on June 5, 2026, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">telephone number will be 800-225-5478 and the website address will be www.im.natixis.com.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">been waived or reimbursed during the period, total returns would have been lower.</span></div>
The following bar chart and table give an 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 compare to those of a broad-based securities market index that reflects the performance of the overall market applicable to the Fund.
The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
www.loomissayles.com
800-633-3330
Total Returns for Institutional Class Shares
<div><img alt="image" src="pr4830img003.jpg"/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Highest Quarterly Return:</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Fourth Quarter 2023</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;">7.34%</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Lowest Quarterly Return:</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">First Quarter 2020</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;">-11.75%</span></div>
Highest Quarterly Return:
2023-12-31
0.0734
Lowest Quarterly Return:
2020-03-31
-0.1175
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:62.47755834829444%"></td>
<td style="height:1px;width:12.477558348294435%"></td>
<td style="height:1px;width:12.477558348294435%"></td>
<td style="height:1px;width:12.567324955116696%"></td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;;"><b>Average Annual Total Returns</b></span>
</div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;;">(for the periods ended December 31, 2025)</span>
</div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;;"><b>Past 1 Year</b></span></div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;;"><b>Past 5 Years</b></span></div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;;"><b>Past 10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Institutional Class - Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.14%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.59%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.92%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.09%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.70%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.20%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.36%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.13%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.31%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Retail Class - Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.93%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.34%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.66%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Admin Class - Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.60%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.11%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.42%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class N - Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.21%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.64%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.99%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Bloomberg U.S. Aggregate Bond Index</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.30%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.36%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.01%</span></div>
</td>
</tr>
</table></div>
Average Annual Total Returns(for the periods ended December 31, 2025)
0.0914
0.0259
0.0392
0.0709
0.007
0.022
0.0536
0.0113
0.0231
0.0893
0.0234
0.0366
0.086
0.0211
0.0342
0.0921
0.0264
0.0399
0.073
-0.0036
0.0201
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">not relevant to investors who hold their shares through tax-advantaged arrangements, such as 401(k) plans, qualified plans, education </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">savings accounts, such as 529 plans, or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">The after-tax returns are shown for the Institutional Class of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Fund. After-tax returns for the other classes of the Fund will vary. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Index performance reflects no deduction for fees, expenses or taxes.</span></div>
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-advantaged arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual retirement accounts.
The after-tax returns are shown for the Institutional Class of the Fund. After-tax returns for the other classes of the Fund will vary.
Index performance reflects no deduction for fees, expenses or taxes.
Loomis Sayles Investment Grade Fixed Income Fund
INVESTMENT OBJECTIVE
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">The Fund’s investment objective is above-average total investment return through a combination of current income and capital </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">appreciation.</span></div>
FUND FEES & EXPENSES
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">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, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">The Fund does not impose a sales charge, a redemption fee or an exchange fee.</span></div>
Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)
0.004
0
0.0019
0.0059
0.0053
April 30, 2027
Example
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">except that the example is based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement assuming </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">that such waiver and/or reimbursement will only be in place through the date noted above and on the Total Annual Fund Operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Expenses for the remaining periods. The example does not take into account brokerage commissions and other fees to financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">on these assumptions your costs would be:</span></div>
<div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:50.001795332136446%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.56193895870736%"></td>
<td style="height:1px;width:2.9156193895870732%"></td>
<td style="height:1px;width:9.651705565529623%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;;"><b>1 year</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;;"><b>3 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;;"><b>5 years</b></span></div>
</td>
<td colspan="2" style="padding-bottom:2pt;border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;;"><b>10 years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Institutional Class</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">54</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">183</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">323</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">$</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">732</span></div>
</td>
</tr>
</table></div>
54
183
323
732
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">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. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During its most </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">recently ended fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;">76%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> of the average value of its portfolio.</span></div>
0.76
INVESTMENTS, RISKS AND PERFORMANCEPrincipal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">investment-grade fixed-income securities. The Fund may invest up to 10% of its assets in below investment-grade fixed-income securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">(“junk bonds”) and up to 10% of its assets in equity securities (including preferred stocks and common stocks). Below investment-grade </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">fixed-income securities are rated below investment-grade quality (i.e., none of the three major </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">rating</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> agencies (Moody’s Investors Service, </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Inc., Fitch </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Ratings</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">, Inc. or S&P Global Ratings) have rated the securities in one of their respective top four ratings categories). The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">fixed-income securities investments may include unrated securities (securities that are not rated by a rating agency) if Loomis Sayles </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">determines that the securities are of comparable quality to rated securities that the Fund may purchase. The Fund may invest in fixed-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">income securities of any maturity.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">In deciding which securities to buy and sell, Loomis Sayles may consider a number of factors related to the bond issue and the current bond </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">market, including, for example, the stability and volatility of a country’s bond markets, the financial strength of the issuer, current interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">rates, current valuations, Loomis Sayles’ expectations regarding general trends in interest rates and currency considerations. Loomis Sayles </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">will also consider how purchasing or selling a bond would impact the overall portfolio’s risk profile (for example, its sensitivity to currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">risk, interest rate risk and sector-specific risk) and potential return (income and capital gains).</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Three themes typically drive the Fund’s investment approach. First, Loomis Sayles generally seeks fixed-income securities that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">attractively valued relative to the Loomis Sayles’ credit research team’s assessment of credit risk. The broad coverage combined with the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">objective of identifying attractive investment opportunities makes this an important component of the investment approach. Second, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Fund may invest significantly in securities the prices of which Loomis Sayles believes are more sensitive to events related to the underlying </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">issuer than to changes in general interest rates or overall market default rates. These securities may not have a direct correlation with changes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">in interest rates, thus helping to manage interest rate risk and to offer diversified sources for return. Third, Loomis Sayles analyzes different </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">sectors of the economy and differences in the yields (“spreads”) of various fixed-income securities (U.S. governments, investment-grade </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">corporates, securitized assets, high-yield corporates, emerging markets, non-U.S. sovereigns and credits, convertibles, bank loans and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">municipals) in an effort to find securities that it believes may produce attractive returns for the Fund in comparison to their risk.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">In deciding which equity securities to buy and sell, Loomis Sayles intends to emphasize dividend-paying stocks issued by companies with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">strong fundamentals and relatively limited anticipated volatility to supplement its fixed-income holdings. These securities will be selected </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">with the same bottom-up investment process that is the foundation of the Fund’s overall strategy.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">The Fund may invest up to 40% of its assets in foreign securities, including emerging markets securities. The Fund may invest up to 20% of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">its assets in non-U.S. dollar-denominated securities. The Fund may invest without limit in obligations of supranational entities (e.g., the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">World Bank). Although certain securities purchased by the Fund may be issued by domestic companies incorporated outside of the United </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">States, the Adviser does not consider these securities to be foreign if the issuer is included in the U.S. fixed-income indices published by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Bloomberg. The Fund may also invest in mortgage-related securities, including mortgage dollar rolls. The Fund may engage in futures </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">transactions and swaps (including credit default swaps, in which one party agrees to make periodic payments to a counterparty in exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">for the right to receive a payment in the event of a default of the underlying reference security).</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">The fixed-income securities in which the Fund may invest include, among other instruments, corporate securities, U.S. government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">securities, collateralized loan obligations, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">bank loans, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">zero-coupon securities, mortgage-backed securities, collateralized mortgage obligations, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">when-issued securities, real estate investment trusts (“REITs”), securities issued pursuant to Rule 144A under the Securities Act of 1933 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">(“Rule 144A securities”), other privately placed investments such as private </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">credit</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> investments and structured notes, among others.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">You may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">lose money by investing in the Fund.</span>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Fund shares are not bank deposits and are not guaranteed, endorsed or insured by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">government agency, and are subject to investment risks, including possible loss of the principal invested.</span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Bank Loans Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the Fund’s investments in bank loans are subject to credit risk and may not be adequately collateralized. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Indebtedness of borrowers whose creditworthiness is poor involves substantially greater risks and may be highly speculative. The interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">rates on many bank loans reset frequently, and thus bank loans are subject to interest rate risk. Transactions in bank loans may settle on a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">delayed basis, such that the Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. There </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">may also be less public information available about bank loans as compared to other debt securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Credit/Counterparty Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the issuer or guarantor of a fixed-income security in which the Fund invests, or the counterparty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">to a derivative or other transaction, will be unable or unwilling to make timely payments of interest or principal or to otherwise honor its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">obligations. As a result, the Fund may sustain losses or be unable or delayed in its ability to realize gains.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Below Investment-Grade Fixed-Income Securities Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the Fund’s investments in below investment-grade fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">securities may be subject to greater risks than other fixed-income securities, including being subject to greater levels of interest rate risk, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">credit risk (including a greater risk of default) and liquidity risk. The ability of the issuer to make principal and interest payments is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">predominantly speculative for below investment-grade fixed-income securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Interest Rate Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the value of the Fund’s investments will fall if interest rates rise. Generally, the value of fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">securities rises when prevailing interest rates fall and falls when interest rates rise. Interest rate risk generally is greater for funds that invest in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">fixed-income securities with relatively longer durations than for funds that invest in fixed-income securities with shorter durations. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">values of zero-coupon securities and securities with longer maturities are generally more sensitive to fluctuations in interest rates than other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">fixed-income securities. In addition, an economic downturn or period of rising interest rates could adversely affect the market for these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">securities and reduce the Fund’s ability to sell them, negatively impacting the performance of the Fund. Fiscal, economic, monetary or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">governmental or central bank policies, actions or measures have in the past, and may in the future, cause or exacerbate risks associated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">interest rates, including fluctuations in interest rates.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Currency Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the value of the Fund’s investments will fall as a result of changes in exchange rates. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Loomis Sayles may elect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">not to hedge currency risk or may hedge imperfectly, which may cause the Fund to incur losses that would not have been incurred had the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">risk been hedged.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Market/Issuer Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the market value of the Fund’s investments will move up and down, sometimes rapidly and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">unpredictably, based upon overall market and economic conditions, as well as a number of reasons that directly relate to the issuers of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Fund’s investments, such as management performance, financial condition and demand for the issuers’ goods and services.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Cybersecurity and Technology Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk associated with the increasing dependence of the Fund, its service providers, and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">market participants on complex information technology and communications systems. Such systems are subject to a number of different </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">threats and risks that could adversely affect the Fund and its shareholders. Cybersecurity and other operational and technology issues may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">result in financial losses to the Fund and its shareholders.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Derivatives Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the value of the Fund’s derivative investments such as structured notes, futures transactions and swap </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">transactions will fall, for example, because of changes in the value of the underlying reference instruments, pricing difficulties or lack of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">correlation with the underlying investments. The use of derivatives for other than hedging purposes may be considered a speculative activity, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">and involves greater risks than are involved in hedging. There is also the risk that the Fund may be unable to terminate or sell a derivative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">position at an advantageous time or price. The Fund’s derivative counterparties may experience financial difficulties or otherwise be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">unwilling or unable to honor their obligations, possibly resulting in losses to the Fund. This risk is greater for uncleared swaps and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">over the counter (“OTC”) traded derivatives. Investing in derivatives gives rise to other risks, such as leverage risk, liquidity risk, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">credit/counterparty risk, interest rate risk and market/issuer risk. The use of derivatives may cause the Fund to incur losses greater than those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">which would have occurred had derivatives not been used.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Emerging Markets Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the Fund’s investments in emerging markets may face greater foreign securities risk. Emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">markets investments are subject to greater risks arising from political or economic instability, war, nationalization or confiscatory taxation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">currency exchange or repatriation restrictions, sanctions by other countries (such as the United States or the European Union), new or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">inconsistent government treatment of or restrictions on issuers and instruments, and an issuer’s unwillingness or inability to make dividend, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">principal or interest payments on its securities. Emerging markets companies may be smaller and have shorter operating histories than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">companies in developed markets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Equity Securities Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">the Fund’s investments in equity securities could be subject to unpredictable declines in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">the value of individual securities and periods of below-average performance in individual securities or in the equity market as a whole</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> In the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">event an issuer is liquidated or declares bankruptcy, the claims of owners of the issuer’s bonds generally take precedence over the claims of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">those who own preferred stock or common stock.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Foreign Securities Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the value of the Fund’s foreign investments will fall as a result of foreign political, social, economic, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">environmental, credit, informational or currency changes or other issues relating to foreign investing generally. Foreign securities may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. The Fund’s investments in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">securities may be subject to foreign withholding or other taxes, which would decrease the yield on those securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Large Shareholder Transaction Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that ownership of shares of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">may be concentrated in one or a few large investors. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Such investors may redeem shares in large quantities or on a frequent basis. In addition, a large number of shareholders collectively may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">purchase or redeem Fund shares in large amounts rapidly or unexpectedly (collectively, such transactions are referred to as “large shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">transactions”). In the event of a large shareholder transaction, the Fund may be required to sell investments at unfavorable times or prices, </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">which may increase realized capital gains, including short-term capital gains taxable as ordinary income for shareholders who hold Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">shares in a taxable account, may accelerate the realization of taxable income to shareholders, may increase transaction costs, and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">otherwise negatively impact fund performance. The effects of taxable income and/or gains resulting from large shareholder transactions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA, 401(k) plan or other tax-advantaged </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">plan. In addition, such transactions potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">capital gains (if any). Such transactions may also increase the Fund’s expenses. A number of circumstances may cause </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> Fund to experience </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">large redemptions, such as changes in the eligibility criteria for the Fund or share class of the Fund; liquidations, reorganizations, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">repositionings, or other announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Inflation/Deflation Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">the present value of future payments. As inflation increases, the real value of the Fund’s portfolio could decline. Inflation rates may change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">frequently and drastically. The Fund’s investments may not keep pace with inflation, which may result in losses to the Fund’s investors. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Deflation risk is the risk that prices throughout the economy decline over time - the opposite of inflation. Deflation may have an adverse </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">portfolio.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Leverage Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk associated with securities or investment practices (e.g., borrowing and the use of certain derivatives) that multiply </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">small index, market or asset price movements into larger changes in value. Use of derivative instruments (such as futures and forward </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">currency contracts) may involve leverage. When a derivative is used as a hedge against an offsetting position that the Fund also holds, any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">gains generated by the derivative should be substantially offset by losses on the hedged instrument, and vice versa. To the extent that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Fund uses a derivative for purposes other than as a hedge, or if the Fund hedges imperfectly, the Fund is directly exposed to the risks of that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">derivative and any loss generated by the derivative will not be offset by a gain. The use of leverage increases the impact of gains and losses on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">the Fund’s returns, and may lead to significant losses if investments are not successful.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Liquidity Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">expects. Events that may lead to increased redemptions, such as market disruptions or increases in interest rates, may also negatively impact </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">the liquidity of the Fund’s investments when it needs to dispose of them. Markets may become illiquid quickly. If the Fund is forced to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">unwilling or unable to make a market for certain securities. Securities acquired in a private placement, such as Rule 144A securities and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">privately negotiated credit and other investments, are generally subject to significant liquidity risk because they are subject to strict </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. In other circumstances, liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">investments may become illiquid. Derivatives, and particularly OTC derivatives, are generally subject to liquidity risk as well. Liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">issues may also make it difficult to value the Fund’s investments. The Fund may invest in liquid investments that become illiquid due to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">financial distress, or geopolitical events such as sanctions, trading halts or wars.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Management Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that Loomis Sayles’ investment techniques will be unsuccessful and cause the Fund to incur losses.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>Mortgage-Related and Asset-Backed Securities Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk associated with the mortgages and assets underlying the securities, as well </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">as the risk that the securities may be prepaid and result in the reinvestment of the prepaid amounts in securities with lower yields than the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">beyond the expected prepayment time, typically reducing the security’s value, which is called extension risk. The Fund may also incur a loss </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">when there is a prepayment of securities that were purchased at a premium. It also includes risks associated with investing in the mortgages </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">underlying the mortgage-backed securities. The Fund’s investments in other asset-backed securities are subject to risks similar to those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">The Fund’s investments in mortgage-related and other asset-backed securities are also subject to the risks associated with investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">fixed-income securities generally (e.g., credit/counterparty, liquidity, inflation and valuation risks).</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"><b>REITs Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> is the risk that the value of the Fund’s investments in REITs will fall as a result of changes in underlying real estate values, rising </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">interest rates, limited diversification of holdings, higher costs and prepayment risk associated with related mortgages, as well as other risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">particular to investments in real estate. Many REITs are highly leveraged, increasing their risk. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">The Fund will indirectly bear its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund.</span></div>
Risk/Return Bar Chart and Table
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">The following bar chart and table give an 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 </span></div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">compare to those of a broad-based securities market index that reflects the performance of the overall market applicable to the Fund. </span> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Updated performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">www.loomissayles.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> and/or by calling the Fund toll-free at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">800-633-3330</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;"> Effective after the close of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">business on June 5, 2026, the telephone number will be 800-225-5478 and the website address will be www.im.natixis.com.</span><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">been waived or reimbursed during the period, total returns would have been lower.</span></div>
The following bar chart and table give an 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 compare to those of a broad-based securities market index that reflects the performance of the overall market applicable to the Fund.
The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
www.loomissayles.com
800-633-3330
Total Returns for Institutional Class Shares
<div><img alt="image" src="pr4830img004.jpg"/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Highest Quarterly Return:</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Fourth Quarter 2023</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;">7.59%</span><br/><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Lowest Quarterly Return:</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">First Quarter 2020</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">, </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;">-7.01%</span></div>
Highest Quarterly Return:
2023-12-31
0.0759
Lowest Quarterly Return:
2020-03-31
-0.0701
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:62.47755834829444%"></td>
<td style="height:1px;width:12.477558348294435%"></td>
<td style="height:1px;width:12.477558348294435%"></td>
<td style="height:1px;width:12.567324955116696%"></td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;;"><b>Average Annual Total Returns</b></span>
</div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;;">(for the periods ended December 31, 2025)</span>
</div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;;"><b>Past 1 Year</b></span></div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;;"><b>Past 5 Years</b></span></div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;;"><b>Past 10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Institutional Class - Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.59%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.24%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.48%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.34%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.54%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.85%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.46%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.09%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Bloomberg U.S. Aggregate Bond Index</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.30%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.36%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.75pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.01%</span></div>
</td>
</tr>
</table></div>
Average Annual Total Returns(for the periods ended December 31, 2025)
0.0759
0.0124
0.0348
0.0534
-0.0054
0.0185
0.0446
0.0025
0.0209
0.073
-0.0036
0.0201
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">not relevant to investors who hold their shares through tax-advantaged arrangements, such as 401(k) plans, qualified plans, education </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">savings accounts, such as 529 plans, or individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.52pt;;">Index performance reflects no deduction for fees, expenses or taxes.</span></div>
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-advantaged arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual retirement accounts.
Index performance reflects no deduction for fees, expenses or taxes.
1Other expenses include an administrative services fee of 0.24% for Admin Class shares.
2Loomis, Sayles & Company, L.P. (“Loomis Sayles” or the “Adviser”) has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 0.64%, 0.89%, 1.14% and 0.59% of the Fund’s average daily net assets for Institutional Class shares, Retail Class shares, Admin Class shares and Class N shares, respectively, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, and 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.
3In order to ensure that the total annual fund operating expenses after fee waiver and/or expense reimbursement do not exceed the amounts disclosed in the table, the Adviser may voluntarily waive additional advisory fees and/or other expenses. This may result in Admin Class shareholders realizing a total annual fund operating expense after fee waiver and/or expense reimbursement lower than 1.14% of the Fund’s average daily net assets. This additional waiver may be terminated at any time.
1Loomis, Sayles & Company, L.P. (“Loomis Sayles” or the “Adviser”) has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 0.53% of the Fund’s average daily net assets, 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 management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below both (1) the expense limitation at the time such amounts were waived/reimbursed and (2) the Fund’s 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.