Natixis Funds Trust II

Adviser:

AEW Management and Advisors, L.P. (“AEW”)

Manager:

Matthew A. Troxell

Category:

Mid-Cap Equity

497 1 d497.htm NATIXIS FUNDS TRUST II Natixis Funds Trust II

Natixis Equity Funds


Prospectus		May 1, 2008

LOGO

AEW Real Estate Fund

AEW Management and Advisors, L.P.

CGM Advisor Targeted Equity Fund

Capital Growth Management Limited Partnership

Hansberger International Fund

Hansberger Global Investors, Inc.

Harris Associates Focused Value Fund

Harris Associates L.P.

Harris Associates Large Cap Value Fund

Harris Associates L.P.

Natixis U.S. Diversified Portfolio

BlackRock Investment Management, LLC

Harris Associates L.P.

Loomis, Sayles & Company, L.P.

Vaughan Nelson Small Cap Value Fund

Vaughan Nelson Investment Management, L.P.

Westpeak 130/30 Growth Fund

Westpeak Global Advisors, L.P.

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

For general information on the Funds or any of their services and for assistance in opening an account, contact your financial representative or call Natixis Funds.

Natixis Funds, P.O. Box 219579, Kansas City, MO 64121-9579 • 800-225-5478 • www.funds.natixis.com

Table of Contents

Goals, Strategies & Risks

AEW Real Estate Fund 2

CGM Advisor Targeted Equity Fund 5

Hansberger International Fund 8

Harris Associates Focused Value Fund 12

Harris Associates Large Cap Value Fund 14

Natixis U.S. Diversified Portfolio 16

Vaughan Nelson Small Cap Value Fund 21

Westpeak 130/30 Growth Fund 24

Fund Fees & Expenses

Fund Fees & Expenses 27

More About Risk

More About Risk 30

Management Team

Meet the Funds’ Investment Advisers and Subadvisers 32

Meet the Funds’ Portfolio Managers 35

Fund Services

Investing in the Funds 38

How Sales Charges Are Calculated 39

Compensation to Securities Dealers 42

It’s Easy to Open an Account 43

Buying Shares 45

Selling Shares 46

Selling Shares in Writing 47

Exchanging Shares 48

Restrictions on Buying, Selling and Exchanging Shares 48

How Fund Shares Are Priced 51

Dividends and Distributions 52

Tax Consequences 53

Additional Investor Services 55

Financial Performance

Financial Performance 56

Glossary of Terms

Glossary of Terms 64

If you have any questions about any of the terms used in this Prospectus, please refer to the “Glossary of Terms.”

To learn more about the possible risks of investing in the Funds, please refer to the section “More About Risk.” This section details the risks of practices in which the Funds may engage. Please read this section carefully before you invest.

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

Please see the back cover of this Prospectus for important privacy policy information.

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Goals, Strategies & Risks

AEW Real Estate Fund


Ticker Symbol:	Class A	Class B	Class C
	NRFAX	NRFBX	NRCFX

Investment Goal

The Fund seeks to provide investors with above-average income and long-term growth of capital.

Principal Investment Strategies

Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in investments of real estate investment trusts (“REITs”) and/or real estate-related companies. In accordance with applicable Securities and Exchange Commission requirements, the Fund will notify shareholders prior to any change to such policy taking effect. REITs are generally dedicated to owning, and usually operating, income-producing real estate, or dedicated to financing real estate. The Fund primarily invests in equity REITs, which own or lease real estate and derive their income primarily from rental income. Real estate-related companies are those companies whose principal activity involves the development, ownership, construction, management or sale of real estate; companies with significant real estate holdings; and companies that provide products or services related to the real estate industry.

AEW employs a value-oriented investment strategy designed to identify securities that are priced below what it believes is their intrinsic value. AEW believes that ultimately the performance of real estate equity securities is dependent upon the performance of the underlying real estate assets and company management as well as the overall influence of capital markets. Consequently, when selecting securities for the Fund, AEW draws upon the combined expertise of its securities, real estate and research professionals. When selecting investments for the Fund, AEW generally considers the following factors that it believes help to identify those companies whose shares represent the greatest value and price appreciation potential:

•

Valuation: AEW has developed a proprietary model to assess the relative value of each stock in the Fund’s investment universe. This model is designed to estimate what an issuer’s anticipated cash flows are worth to a stock investor (a capital markets value) and to a direct real estate investor (a real estate value). The model helps AEW to identify stocks that it believes trade at discounts to either or both of these model values relative to similar stocks. AEW will generally sell a security once it is considered overvalued or when AEW believes that there is greater relative value in other securities in the Fund’s investment universe.

•

Price: AEW examines the historic pricing of each company in the Fund’s universe of potential investments. Those stocks that have underperformed in price, either in absolute terms or relative to the Fund’s universe in general, are typically of greater interest, provided AEW can identify and disagree with the sentiment that caused the underperformance.

•

Income: AEW further evaluates companies and REITs by analyzing their dividend yields as well as other factors that influence the sustainability and growth of dividends. These factors include cash flow, leverage and payout ratios.

•

Catalysts: When evaluating a security, AEW also seeks to identify potential catalysts that, in its opinion, could cause the marketplace to re-value the security upwards in the near term. These catalysts can be macro-economic, market-driven or company-specific in nature.

As a temporary defensive measure, the Fund may hold any portion of its assets in cash and/or invest in money market instruments or high quality debt securities as the adviser deems appropriate. The Fund may miss certain investment opportunities if it uses such defensive strategies and thus may not achieve its investment goal.

Principal Investment Risks

The principal risks of investing in the Fund are described below. There are other circumstances (including additional risks that are not described here) which could prevent the Fund from achieving its investment goal. You may lose money by investing in the Fund.

Equity securities risk: Securities of real estate-related companies and REITs in which the Fund may invest may be considered equity securities, thus subjecting the Fund to market risks. This means that you may lose money on your investment due to sudden, unpredictable drops in value or periods of below-average performance in a given stock or in the stock market as a whole.

Management risk: The risk that a strategy used by the Fund’s portfolio managers may fail to produce the intended result.

Market risk: The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably, based upon a change in an issuer’s financial condition as well as overall market and economic conditions.

Principal Investment Risks - continued

Real Estate Investment Trusts (“REITs”) risk: Because the Fund concentrates its investments in the real estate industry, the Fund’s performance will be dependent in part on the performance of the real estate market and the real estate industry in general. The real estate industry is particularly sensitive to economic downturns. Securities of companies in the real estate industry, including REITs, are sensitive to factors such as changes in real estate values, property taxes, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use and rents, and the management skill and creditworthiness of the issuer. Companies in the real estate industry may also be subject to liabilities under environmental and hazardous waste laws. In addition, the value of a REIT is affected by changes in the value of the properties owned by the REIT or securing mortgage loans held by the REIT. REITs are dependent upon cash flow from their investments to repay financing costs and also on the ability of the REITs’ managers. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund.

Small-cap companies risk: Companies in the real estate industry, including REITs, in which the Fund may invest may have relatively small market capitalizations. Small-cap companies and REITs, which AEW considers to be those with market capitalizations of $1 billion or less, tend to have more limited markets and resources than companies with larger market capitalizations. Consequently, share prices of small-cap companies and REITs can be more volatile than, and perform differently from, larger company stocks. As a result, it may be relatively more difficult for the Fund to buy and sell securities of small-cap companies.

For additional information, see the section “More About Risk.”

Evaluating the Fund’s Past Performance

The bar chart shows the Fund’s total returns for Class A shares for each calendar year since its first full year of operations. The returns for Class B and Class C shares differ from the Class A returns shown in the bar chart to the extent their respective expenses differ. The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund’s shares. A sales charge will reduce your return.

Ù Highest Quarterly Return:
Fourth Quarter 2004, up 16.34%

Ú Lowest Quarterly Return:
Fourth Quarter 2007, down 14.54%

The Fund’s Class A shares total return year to date as of March 31, 2008 was 3.31%.

Evaluating the Fund’s Past Performance - continued

The table below shows how the Fund’s average annual total returns for Class A, Class B and Class C shares (before and after taxes for Class A) for the one-year, five-year and since inception periods compare to those of the MSCI US REIT Index, an unmanaged index of the most actively traded REITs, designed to measure real estate equity performance. You may not invest directly in an index. The Fund’s total returns reflect, on a class by class basis, its expenses and the maximum sales charges that you may be required to pay when you buy or redeem the Fund’s shares. Class A total returns have also been calculated to reflect return after taxes on distributions only and also return after taxes on distributions and sales of Fund shares. The MSCI US REIT Index returns have not been adjusted for ongoing management, distribution and operating expenses and sales charges applicable to mutual fund investments.



Average Annual Total Returns (for the periods ended December 31, 2007)	Past 1 Year	Past 5 Years	Since Fund Inception (12/29/00)
AEW Real Estate Fund Class A – Return Before Taxes	-23.91%	16.59%	14.08%
Return After Taxes on Distributions*	-25.86%	14.66%	12.21%
Return After Taxes on Distributions & Sales of Fund Shares*	-13.43%	14.05%	11.71%
Class B – Return Before Taxes	-23.29%	16.90%	14.21%
Class C – Return Before Taxes	-20.49%	17.12%	14.24%
MSCI US REIT Index**	-16.82%	17.91%	15.04%

* 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 Fund shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual retirement accounts. The after-tax returns are shown for only one class of the Fund. After-tax returns for the other classes of the Fund will vary. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of fund shares at the end of the measurement period.

** The returns of the index do not reflect a deduction for fees, expenses or taxes. The returns of the index are calculated from January 1, 2001.

For information about Fund expenses, see the section “Fund Fees & Expenses.”

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                                    [GRAPHIC]

Goals, Strategies & Risks

CGM Advisor Targeted Equity Fund


Ticker Symbol:	Class A	Class B	Class C
	NEFGX	NEBGX	NEGCX

Investment Goal

The Fund seeks long-term growth of capital through investment in equity securities of companies whose earnings are expected to grow at a faster rate than that of the overall United States economy.

Principal Investment Strategies

Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in equity investments. In accordance with applicable Securities and Exchange Commission requirements, the Fund will notify shareholders prior to any change to such policy taking effect. The Fund will generally invest in a focused portfolio of common stocks of large capitalization companies that CGM expects will grow at a faster rate than that of the overall United States economy. When CGM believes that market conditions warrant, however, CGM may select stocks based upon overall economic factors, such as the general economic outlook, the level and direction of interest rates and potential impact of inflation. The Fund will not invest in small capitalization companies.

In general, CGM seeks companies with the following characteristics, although not all of the companies selected will have these attributes:

ü Well-established, with records of above-average growth

Promise of maintaining their leadership positions in their respective industries

Likely to benefit from internal revitalization or innovations, changes in consumer demand or basic economic forces

Rather than following a particular style, CGM employs a flexible approach and seeks to take advantage of opportunities as they arise. In making an investment decision, CGM generally employs the following methods:

•

It uses a top-down approach, meaning that it analyzes the overall economic factors that may affect a potential investment.

•

CGM then conducts a thorough analysis of certain industries and companies, evaluating the fundamentals of each on a case-by-case basis and focusing on companies that it determines are attractively valued.

•

CGM’s ultimate decision to purchase a security results from a thorough assessment of all of the information that CGM deems to be relevant at the time of investment.

•

CGM will sell a stock if it determines that its investment expectations are not being met, if better opportunities are identified or if its price objective has been attained.

The Fund may also:

•

Invest a significant portion of its assets in a single industry sector.

•

Invest in foreign securities.

•

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

•

Invest in real estate investment trusts (“REITs”).

•

Engage in active and frequent trading of securities. Frequent trading may produce high transaction costs, which may lower the Fund’s return.

Principal Investment Risks

Equity securities risk: The value of the Fund's investments in equity securities is subject to the risks of unpredictable declines in the value of individual securities and periods of below-average performance in individual securities or in the equity market as a whole. Equity securities may include common stocks, preferred stocks, warrants, securities convertible into common or preferred stocks and other equity-like interests in an entity. Equity securities may take the form of stock in corporation, limited partnership interests, interests in limited liability companies, real estate investment trusts (REITs) or other trusts and other similar securities. Growth stocks are generally more sensitive to market movements than other types of stocks primarily because their stock prices are based heavily on future expectations.

Focused investment risk: Because the Fund may invest in a small number of industries or securities, it may have more risk because the impact of a single economic,

Principal Investment Risks - continued

political or regulatory occurrence may have a greater adverse impact on the Fund’s net asset value.

Foreign securities risk: Foreign securities are subject to foreign currency fluctuations, higher volatility than U.S. securities and limited liquidity. Political, economic and information risks are also associated with foreign securities. Investments in emerging markets may be subject to these risks to a greater extent than those in more developed markets. The Fund’s investments in foreign securities may be subject to foreign withholding taxes. In that case, the Fund’s yield on those securities would be decreased.

Investments in other investment companies risk: The Fund will indirectly bear the management service and other fees of the other investment company in addition to its own expenses.

Management risk: The risk that a strategy used by the Fund’s portfolio managers may fail to produce the intended result.

Market risk: The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably, based upon a change in an issuer’s financial condition, as well as overall market and economic conditions.

Real Estate Investment Trusts (“REITs”) risk: The real estate industry is particularly sensitive to economic downturns. Securities of companies in the real estate industry, including REITs, are sensitive to factors such as changes in real estate values, property taxes, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use and rents, and the management skill and creditworthiness of the issuer. Companies in the real estate industry may also be subject to liabilities under environmental and hazardous waste laws. In addition, the value of a REIT is affected by changes in the value of the properties owned by the REIT or securing mortgage loans held by the REIT. REITs are dependent upon cash flow from their investments to repay financing costs and also on the ability of the REITs’ managers. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund.

For additional information, see the section “More About Risk.”

Evaluating the Fund’s Past Performance

The bar chart shows the Fund’s total returns for Class A shares for each of the last ten calendar years. The returns for Class B and Class C shares differ from the Class A returns shown in the bar chart to the extent their respective expenses differ. The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund’s shares. A sales charge will reduce your return.

Ù Highest Quarterly Return:
Fourth Quarter 1998, up 28.51%

Ú Lowest Quarterly Return:
Third Quarter 2001, down 19.52%

Evaluating the Fund’s Past Performance - continued

The table below shows how the Fund’s average annual total returns for Class A, Class B and Class C shares (before and after taxes for Class A) for the one-year, five-year and ten-year periods (or since inception if shorter) compare to those of the Standard & Poor’s 500 Index (“S&P 500 Index”), an unmanaged index of U.S. common stocks. You may not invest directly in an index. The Fund’s total returns reflect, on a class by class basis, its expenses and the maximum sales charges that you may be required to pay when you buy or redeem the Fund’s shares. Class A total returns have also been calculated to reflect return after taxes on distributions only and also return after taxes on distributions and sales of Fund shares. The S&P 500 Index returns have not been adjusted for ongoing management, distribution and operating expenses and sales charges applicable to mutual fund investments.



Average Annual Total Returns (for the periods ended December 31, 2007)	Past 1 Year	Past 5 Years	Past 10 Years	Since Class C Inception (9/1/98)
CGM Advisor Targeted Equity Fund Class A – Return Before Taxes	26.72%	20.42%	8.28%	—
Return After Taxes on Distributions*	23.64%	19.70%	6.58%	—
Return After Taxes on Distributions & Sales of Fund Shares*	18.38%	17.83%	6.27%	—
Class B – Return Before Taxes	28.41%	20.75%	8.12%	—
Class C – Return Before Taxes	32.47%	20.97%	—	7.79%
S&P 500 Index**	5.49%	12.83%	5.91%	6.39%

** The returns of the index do not reflect a deduction for fees, expenses or taxes.

For information about Fund expenses, see the section “Fund Fees & Expenses.”

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Goals, Strategies & Risks

Hansberger International Fund


Category:		International Equity


Ticker Symbol:	Class A	Class B	Class C
	NEFDX	NEDBX	NEDCX

Investment Goal

The Fund seeks long-term growth of capital. The Fund’s investment goal may be changed without shareholder approval.

Principal Investment Strategies

The Fund seeks to attain its goal by investing substantially all of its assets in equity securities. The Fund is an international mutual fund, which means that it seeks to invest in common stocks of companies located outside the United States. The Fund invests in small-, mid-, and large-capitalization companies and expects to invest its assets across developed and emerging markets in Eastern and Western Europe, the Far East and Latin America.

The Fund may also:

•

Invest in convertible preferred stock and convertible debt securities.

•

Invest up to 35% of its assets in fixed-income securities, including government bonds as well as lower-quality debt securities.

•

Invest in real estate investment trusts (“REITs”).

•

Engage in active and frequent trading of securities. Frequent trading may produce high transaction costs and a high level of taxable capital gains, which may lower the Fund’s return.

As a temporary defensive measure, the Fund may hold any portion of its assets in cash and/or invest in money market instruments or high quality debt securities as the subadviser deems appropriate. The Fund may miss certain investment opportunities if it uses such defensive strategies and thus may not achieve its investment goal.

Subject to the allocation policy adopted by the Board of Trustees, Natixis Advisors generally allocates capital invested in the Fund equally between its two segments, which are managed by the subadviser as described below. Under the allocation policy, Natixis Advisors may also allocate capital away or towards a segment from time to time.

Growth Segment: In managing this segment, Hansberger follows a flexible investment policy that allows it to select those investments it believes are best suited to achieve the Fund’s investment objective over the long-term, using a disciplined, long-term approach to international investing. The growth segment will primarily invest in the equity securities of companies organized or headquartered outside of the United States. This segment will invest in at least three different countries and expects to be invested in more than three countries, including countries considered to be emerging market countries. In general, Hansberger seeks companies with the following characteristics, although not all of the companies selected will have these attributes:

High secular growth

Superior profitability

Medium to large capitalizations, although there are no limitations on the size of the companies in which the segment may invest

In making investment decisions, Hansberger generally employs the following methods:

•

Securities are selected on the basis of fundamental company-by-company analysis.

•

In choosing equity instruments, Hansberger will typically focus on the market price of a company’s securities relative to its evaluation of the company’s long-term earnings and cash flow potential.

•

In addition, a company’s valuation measures, including but not limited to price-to-earnings ratio and price-to-book ratio, will customarily be considered.

•

Hansberger seeks to control portfolio risk through top-down geographic and sector allocation.

Hansberger generally sells a security if its price target is met, the company’s fundamentals change, or if the portfolio is fully invested and a better investment opportunity arises.

Principal Investment Strategies - continued

of a company’s management, the competitive position of a company within its industry, the financial strength of the company, the quality and growth potential of its earnings, and the outlook for the company’s future based on these and other similar factors. Hansberger will also consider other factors in its analysis, including country and political risks as well as economic and market conditions.

Hansberger seeks to broaden the scope and increase the effectiveness of its fundamental analysis by searching for undervalued stocks in many countries around the world, including emerging markets. This global search provides Hansberger with more diverse opportunities and with the flexibility to shift portfolio investments, not only from company to company and industry to industry, but also from country to country, in search of undervalued stocks. Hansberger’s objective is to identify undervalued securities, to hold them for the long-term, and to achieve long-term capital growth as the marketplace realizes the value of these securities over time. Hansberger expects to typically invest in 70 to 80 stocks (for this segment), across a broad spectrum of market capitalizations. In terms of both industry representation and capitalization, the segment’s holdings may differ significantly from those of the typical international equity fund. A stock is generally sold when its share price rises above sell target and superior alternatives are found. Additionally, when selling a stock, Hansberger may take into account the issuer’s structural company and industry specific factors, changes in shareholder orientation (for example, a shift from treating all shareholders fairly to disadvantaging minority shareholders), and the company’s management.

Principal Investment Risks

Equity securities risk: You may lose money on your investment due to unpredictable drops in a stock’s value or periods of below-average performance in a given stock or in the stock market as a whole. Small capitalization and emerging growth companies may be subject to more abrupt price movements, limited markets and less liquidity than larger, more established companies which could adversely affect the value of the Fund’s portfolio. Growth stocks are generally more sensitive to market movements than other types of stocks primarily because their stock prices are based heavily on future expectations. Growth stocks may underperform value stocks during any given period. Value stocks present the risk that they may fall out of favor with investors and underperform growth stocks during any given period. Equity securities may include common stocks, preferred stocks, warrants, securities convertible into common or preferred stocks and other equity-like interests in an entity. Equity securities may take the form of stock in corporation, limited partnership interests, interests in limited liability companies, real estate investment trusts (REITs) or other trusts and other similar securities.

Fixed-income securities risk: Fixed-income securities are subject to credit risk, interest rate risk and liquidity risk. Generally, the value of fixed-income securities rises when prevailing interest rates fall and falls when interest rates rise. This means that you may lose money on your investment due to unpredictable drops in a security’s value or periods of below-average performance in a given security or in the securities market as a whole. Lower-quality fixed-income securities (commonly known as “junk bonds”) may be subject to these risks to a greater extent than other fixed-income securities. These securities are considered predominantly speculative with respect to the issuer’s continuing ability to make principal and interest payments.

Management risk: The risk that a strategy used by the Fund’s portfolio managers may fail to produce the intended result.

For additional information, see the section “More About Risk.”

Evaluating the Fund’s Past Performance

The bar chart and table shown below 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 with those of two broad measures of market performance. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Prior to March 1, 2004, the Fund had multiple subadvisers, including the current subadviser. The performance results shown below, for the periods prior to March 1, 2004, reflect results achieved by those multiple subadvisers. The Fund’s performance might have been different had the current advisory arrangements and investment strategies been in place for all periods shown.

Ù Highest Quarterly Return:
Fourth Quarter 1999, up 24.05%

Ú Lowest Quarterly Return:
Third Quarter 2002, down 20.60%

Evaluating the Fund’s Past Performance - continued

The table below shows how the Fund’s average annual total returns for Class A, Class B and Class C shares (before and after taxes for Class A) for the one-year, five-year and ten-year periods compare to those of the Morgan Stanley Capital International Europe Australasia and Far East Index (“MSCI EAFE Index”), an unmanaged index designed to measure developed market equity performance, excluding the United States and Canada; and the Morgan Stanley Capital International All Country World Index ex-U.S. (“MSCI ACWI ex-U.S. Index”), an unmanaged index designed to measure equity market performance in developed and emerging markets, excluding the United States. The MSCI EAFE Index is the Fund’s primary benchmark. You may not invest directly in an index. The Fund’s total returns reflect, on a class by class basis, the maximum sales charge that you may be required to pay when you buy or redeem the Fund’s shares. Class A total returns have also been calculated to reflect returns after taxes on distributions only and also returns after taxes on distributions and sales of Fund shares. The MSCI EAFE Index and MSCI ACWI ex-U.S. Index returns have not been adjusted for ongoing management, distribution and operating expenses and sales charges applicable to mutual fund investments.



Average Annual Total Returns (for the periods ended December 31, 2007)	Past 1 Year	Past 5 Years	Past 10 Years
Hansberger International Fund Class A – Return Before Taxes	9.70%	20.08%	9.09%
Return After Taxes on Distributions*	7.46%	18.94%	7.80%
Return After Taxes on Distributions & Sales of Fund Shares*	8.45%	17.50%	7.44%
Class B – Return Before Taxes	10.63%	20.43%	8.94%
Class C – Return Before Taxes	14.54%	20.61%	8.92%
MSCI EAFE Index**	11.63%	22.08%	9.04%
MSCI ACWI ex-U.S. Index**	17.12%	24.52%	10.09%

** The returns of each index do not reflect a deduction for fees, expenses or taxes.

For information about Fund expenses, see the section “Fund Fees & Expenses.”

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Goals, Strategies & Risks

Harris Associates Focused Value Fund


Category:		Large-Cap Equity


Ticker Symbol:	Class A	Class B	Class C
	NRSAX	NRSBX	NRSCX

Investment Goal

The Fund seeks long-term capital appreciation. The Fund’s investment goal may be changed without shareholder approval.

Principal Investment Strategies

The Fund will invest primarily in common stocks of U.S. companies. The Fund is non-diversified, which means that it is not limited under the Investment Company Act of 1940 to a percentage of assets that it may invest in any one issuer. The Fund could own as few as 12 securities, but generally will have 25 to 30 securities in its portfolio. The Fund will normally invest in companies with mid-to-large capitalizations.

Harris Associates uses a value investment philosophy in selecting equity securities. This philosophy is based upon the belief that, over time, a company’s stock price converges with the company’s true business value. By “true business value,” Harris Associates means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. Harris Associates believes that investing in securities priced significantly below their true business value presents the best opportunity to achieve the Fund’s investment objectives.

As a temporary defensive measure, the Fund may hold any portion of its assets in cash and/or invest in money market instruments or high quality debt securities as the subadviser deems appropriate. The Fund may miss certain investment opportunities if it uses defensive strategies and thus may not achieve its investment goal.

Principal Investment Risks

Equity securities risk: The value of the Fund's investments in equity securities is subject to the risks of unpredictable declines in the value of individual securities and periods of below-average performance in individual securities or in the equity market as a whole. Value stocks present the risk that they may fall out of favor with investors and underperform growth stocks during any given period. Equity securities may include common stocks, preferred stocks, warrants, securities convertible into common or preferred stocks and other equity-like interests in an entity. Equity securities may take the form of stock in corporation, limited partnership interests, interests in limited liability companies, real estate investment trusts (REITs) or other trusts and other similar securities.

Management risk: The risk that a strategy used by the Fund’s portfolio managers may fail to produce the intended result.

Non-diversification risk: Compared with other mutual funds, the Fund may invest a greater percentage of its assets in a particular issuer and may invest in fewer issuers. Therefore, changes in the value of a single security or the impact of a single economic, political or regulatory occurrence may have a greater adverse impact on the Fund’s net asset value compared with other mutual funds.

For additional information, see the section “More About Risk.”

Evaluating the Fund’s Past Performance

Ù Highest Quarterly Return:
Second Quarter 2003, up 15.02%

Ú Lowest Quarterly Return:
Third Quarter 2002, down 14.98%

The table below shows how the average annual total returns for Class A, Class B and Class C shares (before and after taxes for Class A) for the one-year, five-year and since inception periods compare to those of the Standard & Poor’s 500 Index (“S&P 500 Index”), an unmanaged index of U.S. common stocks. You may not invest directly in an index. The Fund’s total returns reflect, on a class by class basis, its expenses and the maximum sales charges that you may be required to pay when you buy or redeem the Fund’s shares. Class A total returns have also been calculated to reflect return after taxes on distributions only and also return after taxes on distributions and sales of Fund shares. The S&P 500 Index returns have not been adjusted for ongoing management, distribution and operating expenses and sales charges applicable to mutual fund investments.



Average Annual Total Returns (for the periods ended December 31, 2007)	Past 1 Year	Past 5 Years	Since Fund Inception (3/15/01)
Harris Associates Focused Value Fund Class A – Return Before Taxes	-12.20%	8.16%	4.71%
Return After Taxes on Distributions*	-14.46%	6.55%	3.56%
Return After Taxes on Distributions & Sales of Fund Shares*	-5.16%	6.94%	3.98%
Class B – Return Before Taxes	-11.23%	8.37%	4.85%
Class C – Return Before Taxes	-8.16%	8.63%	4.85%
S&P 500 Index**	5.49%	12.83%	5.38%

** The returns of the index do not reflect a deduction for fees, expenses or taxes. The returns of the index are calculated from April 1, 2001.

For information about Fund expenses, see the section “Fund Fees & Expenses.”

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Goals, Strategies & Risks

Harris Associates Large Cap Value Fund


Category:		Large-Cap Equity


Ticker Symbol:	Class A	Class B	Class C
	NEFOX	NEGBX	NECOX

Investment Goal

The Fund seeks opportunities for long-term capital growth and income. The Fund’s investment goal may be changed without shareholder approval.

Principal Investment Strategies

Under normal market conditions, the Fund will invest substantially all of its assets in common stock of large- and mid-capitalization companies in any industry. The Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in companies that have market capitalizations within the capitalization range of the Russell 1000 Index, a nationally recognized index of large-cap companies. In accordance with applicable Securities and Exchange Commission requirements, the Fund will notify shareholders prior to any change to such policy taking effect.

The Fund may also:

•

Invest in foreign securities traded in U.S. markets (through American Depositary Receipts (“ADRs”) or stocks sold in U.S. dollars). ADRs are securities issued by a U.S. bank that represent shares of a foreign company.

•

Engage in active and frequent trading of securities. Frequent trading may produce high transaction costs, which may lower the Fund’s return.

As a temporary defensive measure, the Fund may hold any portion of its assets in cash and/or invest in money market instruments or high quality debt securities as the subadviser deems appropriate. The Fund may miss certain investment opportunities if it uses defensive strategies and thus may not achieve its investment goal.

Principal Investment Risks

Equity securities risk: The value of the Fund's investments in equity securities is subject to the risks of unpredictable declines in the value of individual securities and periods of below-average performance in individual securities or in the equity market as a whole. Value stocks present the risk that they may fall out of favor with investors and underperform growth stocks during any given period. Equity securities may include common stocks, preferred stocks, warrants, securities convertible into common or preferred stocks and other equity-like interests in an entity. Equity securities may take the form of stock in corporation, limited partnership interests, interests in limited liability companies, real estate investment trusts (REITs) or other trusts and other similar securities.

Management risk: The risk that a strategy used by the Fund’s portfolio managers may fail to produce the intended result.

For additional information, see the section “More About Risk.”

Evaluating the Fund’s Past Performance

The bar chart and table shown below 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 with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. The Fund’s current subadviser assumed that function on July 1, 2002. The performance results shown below, for the periods prior to July 1, 2002, reflect results achieved by different subadvisers under different investment strategies. The Fund’s performance might have been different had the current subadvisory arrangements and investment strategies been in place for all the periods shown.

Ù Highest Quarterly Return:
Second Quarter 2003, up 20.20%

Ú Lowest Quarterly Return:
Third Quarter 2002, down 16.98%

The table below shows how the Fund’s average annual total returns for Class A, Class B and Class C shares (before and after taxes for Class A) for the one-year, five-year and ten-year periods compare to those of the Russell 1000 Value Index, an unmanaged index that measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. You may not invest directly in an index. The Fund’s total returns reflect, on a class by class basis, its expenses and the maximum sales charge that you may be required to pay when you buy or redeem the Fund’s shares. Class A total returns have also been calculated to reflect return after taxes on distributions only and also return after taxes on distributions and sales of Fund shares. The Russell 1000 Value Index returns have not been adjusted for ongoing management, distribution and operating expenses and sales charges applicable to mutual fund investments.



Average Annual Total Returns (for the periods ended December 31, 2007)	Past 1 Year	Past 5 Years	Past 10 Years
Harris Associates Large Cap Value Fund Class A – Return Before Taxes	-8.55%	8.60%	2.63%
Return After Taxes on Distributions*	-8.63%	8.57%	1.68%
Return After Taxes on Distributions & Sales of Fund Shares*	-5.45%	7.47%	1.78%
Class B – Return Before Taxes	-8.48%	8.77%	2.47%
Class C – Return Before Taxes	-4.65%	9.05%	2.46%
Russell 1000 Value Index**	-0.17%	14.63%	7.68%

** The returns of the index do not reflect a deduction for fees, expenses or taxes.

For information about Fund expenses, see the section “Fund Fees & Expenses.”

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Goals, Strategies & Risks

Natixis U.S. Diversified Portfolio


Adviser:		Natixis Asset Management Advisors, L.P. (“Natixis Advisors”)
Subadvisers:		BlackRock Investment Management, LLC (“BlackRock”), Harris Associates L.P. (“Harris Associates”) and Loomis, Sayles & Company, L.P. (“Loomis Sayles”)


Category:		All-Cap Equity


Ticker Symbol:	Class A	Class B	Class C
	NEFSX	NESBX	NECCX

Investment Goal

The Fund seeks long-term growth of capital. The Fund’s investment goal may be changed without shareholder approval.

Principal Investment Strategies

Natixis Advisors believes that this Fund’s multi-manager approach to equity investing — which combines the varied styles of multiple subadvisers in selecting securities for each of the Fund’s four segments — offers uncommon diversification and a different investment opportunity than funds managed by a single adviser using a single style. Natixis Advisors believes that having several subadvisers with varying and successful management styles may increase the likelihood that the Fund may produce better returns for its shareholders with less variability of return and less risk of persistent underperformance than a fund managed by a single adviser.

Subject to the allocation policy adopted by the Fund’s Board of Trustees, Natixis Advisors generally allocates capital invested in the Fund equally among its four segments which are managed by the subadvisers set forth above. Under the allocation policy, Natixis Advisors may also allocate capital away or towards one or more segment from time to time. Each subadviser manages its segment (or segments in the case of Loomis Sayles) of the Fund’s assets in accordance with its distinct investment style and strategy.

The Fund invests substantially all of its assets in equity securities. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in securities of U.S. issuers. In accordance with applicable Securities and Exchange Commission requirements, the Fund will notify shareholders prior to any change to such policy taking effect.

The Fund may also:

•

Invest in securities offered in initial public offerings (“IPOs”) and Rule 144A securities.

•

Invest in convertible preferred stock and convertible debt securities.

•

Invest in real estate investment trusts (“REITs”).

•

Invest in fixed-income securities, including U.S. government bonds and lower-quality corporate bonds.

•

Hold securities of foreign issuers traded over the counter or on foreign exchanges, including securities in emerging markets and related currency hedging transactions.

•

Invest in options and enter into futures, swap contracts and currency transactions.

•

Engage in active and frequent trading of securities. Frequent trading may produce high transaction costs, which may lower the Fund’s return.

As a temporary defensive measure, the Fund may hold any portion of its assets in cash and/or invest in money market instruments or high quality debt securities as the subadvisers deem appropriate. The Fund may miss certain investment opportunities if it uses such defensive strategies and thus may not achieve its investment goal.

For more detailed information on each subadviser’s investment strategies, please refer to the section “Natixis U.S. Diversified Portfolio — More on Investment Strategies.”

Principal Investment Risks

Allocation risk: The Fund’s investment performance depends on how its assets are allocated. The allocation, as set forth above, may not be optimal in every market condition. You could lose money on your investment in the Fund as a result of this allocation.

Derivative instruments risk: Derivative instruments are subject to changes in the underlying securities or indices on which such transactions are based. There is no guarantee that the use of derivatives for hedging purposes will be effective or that suitable transactions will be available. Even a small investment in derivatives (which include options, futures, swap contracts and other transactions) may give rise to leverage risk, and can have a significant impact on the Fund’s exposure to stock market values, interest rates or the currency exchange rate. Derivatives are also subject to credit risk and liquidity risk.

Principal Investment Risks - continued

Securities issued in initial public offerings (“IPOs”) tend to involve greater market risk than other equity securities due, in part, to public perception and the lack of publicly available information and trading history. This may impact the Fund’s performance and result in higher portfolio turnover, which may increase the tax liability to shareholders and the brokerage expenses incurred by the Fund. Rule 144A securities may be less liquid than other equity securities. Small capitalization and emerging growth companies may be subject to more abrupt price movements, limited markets and less liquidity than larger, more established companies which could adversely affect the value of the Fund’s portfolio. Growth stocks are generally more sensitive to market movements than other types of stocks primarily because their stock prices are based heavily on future expectations. Growth stocks may underperform value stocks during any given period. Value stocks present the risk that they may fall out of favor with investors and underperform growth stocks during any given period. Equity securities may include common stocks, preferred stocks, warrants, securities convertible into common or preferred stocks and other equity-like interests in an entity. Equity securities may take the form of stock in corporation, limited partnership interests, interests in limited liability companies, real estate investment trusts (REITs) or other trusts and other similar securities.

Management risk: The risk that a strategy used by the Fund’s portfolio managers may fail to produce the intended result.

For additional information, see the section “More About Risk.”

Evaluating the Fund’s Past Performance

The bar chart and table shown below 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 with those of several broad measures of market performance. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. The Fund uses multiple subadvisers. The performance results shown below reflect results achieved by previous subadvisers using different investment strategies. The Fund’s performance might have been different had the current subadvisory arrangements and investment strategies been in place for all periods shown.

Ù Highest Quarterly Return:
Fourth Quarter 1999, up 30.94%

Ú Lowest Quarterly Return:
Third Quarter 2002, down 17.32%

The table below shows how the Fund’s average annual total returns for Class A, Class B and Class C shares (before and after taxes for Class A) for the one-year, five-year and ten-year periods compare to those of the Standard & Poor’s 500 Index (“S&P 500 Index”), an unmanaged index of U.S. common stocks; the Dow Jones Wilshire 4500 Index, an unmanaged index of 4,500 mid- and small-sized companies; and the Standard & Poor’s MidCap 400 Index (“S&P MidCap 400 Index”), an unmanaged index of U.S. mid-sized companies. You may not invest directly in an index. The Fund’s total returns reflect, on a class by class basis, its expenses and the maximum sales charge that you may be required to pay when you buy or redeem the Fund’s shares. Class A total returns have also been calculated to reflect returns after taxes on distributions only and also returns after taxes on distributions and sales of Fund shares. The S&P 500 Index, Dow Jones Wilshire 4500 Index and S&P MidCap 400 Index returns have not been adjusted for ongoing management, distribution and operating expenses and sales charges applicable to mutual fund investments.



Average Annual Total Returns (for the periods ended December 31, 2007)	Past 1 Year	Past 5 Years	Past 10 Years
Natixis U.S. Diversified Portfolio Class A – Return Before Taxes	7.15%	14.60%	7.34%
Return After Taxes on Distributions*	6.96%	14.56%	6.08%
Return After Taxes on Distributions & Sales of Fund Shares*	4.90%	12.85%	5.69%
Class B – Return Before Taxes	7.83%	14.88%	7.17%
Class C – Return Before Taxes	11.82%	15.09%	7.17%
S&P 500 Index**	5.49%	12.83%	5.91%
Dow Jones Wilshire 4500 Index**	5.78%	18.20%	7.86%
S&P MidCap 400 Index**	7.98%	16.20%	11.19%

** The returns of each index do not reflect a deduction for fees, expenses or taxes.

For information about Fund expenses, see the section “Fund Fees & Expenses.”

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Goals, Strategies & Risks

Natixis U.S. Diversified Portfolio — More on Investment Strategies

The Fund’s portfolio is divided into four different segments managed by the three subadvisers set forth below. These subadvisers pursue the Fund’s overall goal by employing the strategies and techniques described below.

BlackRock

The segment of the Fund managed by BlackRock, under normal conditions, pursues long-term growth of capital. The segment primarily invests in a portfolio of common stocks of U.S. companies. The companies selected by BlackRock for the segment typically have the following characteristics:

Market capitalizations of any size with emphasis on capitalizations greater than $2 billion

Above-average rates of earnings growth. Some, but not all of the factors that may contribute to above-average rates of earnings growth include:

—

Above-average growth rates in sales

—

Improvements in profit margins

—

Providing proprietary or niche products and services

—

Strong industry growth

—

A lead in market share

The segment may also invest in the securities of foreign companies, either directly or indirectly through depositary receipts, as well as securities convertible into securities of foreign companies.

In making investment decisions, BlackRock generally employs the following methods:

•

Investment ideas are generated through company visits, financial reports, external research and extensive in-house analysis.

•

The investment process assesses industry momentum and cycles as well as corporate revenue and earnings growth.

•

Industries are evaluated based on expectations of future earnings momentum and the confirmation of these expectations over time. BlackRock believes sector selection will be a significant contributor to the segment’s long-term performance. BlackRock will usually sell a position if company fundamentals or management do not perform to expectations.

Harris Associates

The segment of the Fund managed by Harris Associates will invest primarily in the common stocks of large- and mid-capitalization companies that Harris Associates believes are trading at a substantial discount to the company’s “true business value.” Harris Associates’ value-oriented investment philosophy is based upon its belief that over time a stock’s discounted market price and its true business value will converge. Harris Associates believes that this philosophy provides the best opportunity to achieve long-term capital growth while also protecting from downside risk. It therefore uses this philosophy to locate companies with the following characteristics, although not all of the companies selected by Harris Associates will have each of these attributes:

Stock selling at less than 60% of its intrinsic value

Favorable intrinsic value growth potential

Owner-oriented management

In making investment decisions, Harris Associates generally employs the following methods:

•

Harris Associates uses a fundamental bottom-up investment approach, which means that it focuses on individual companies rather than macro-economic factors or specific industries. Each company is analyzed on a case-by-case basis to select those that meet Harris Associates’ standards of quality and value.

•

Once Harris Associates determines that a stock sells at a significant discount to its true business value and has other attractive qualities such as a positive free cash flow, it will consider that stock for purchase by analyzing the quality and motivation of the company’s management as well as the company’s market position within its industry.

•

Investments are continuously monitored by both analysts and portfolio managers. A senior committee sets specific “buy” and “sell” targets for each company. Harris Associates will generally buy a stock when it believes the stock sells for a price below 60% of its true business value, and will generally sell a stock when it believes the stock price approaches 90% of its true business value.

Loomis Sayles — Mid Cap Growth segment

The Mid Cap Growth segment of the Fund, which is one of two segments of the Fund managed by Loomis Sayles, will invest primarily in common stocks with market capitalizations, at the time of investment, within the capitalization range of companies included in the Russell Midcap Growth Index, an unmanaged index of midcap companies within the Russell 1000 Growth Index. Loomis Sayles seeks securities with the following characteristics:

Distinctive products, technologies or services

Loomis Sayles — Mid Cap Growth segment - continued

Attractive valuation relative to both competitors and their own operating history

Strong management team

Competitive barriers to entry within the company’s industry

In making investment decisions, Loomis Sayles employs the following methods:

•

Loomis Sayles uses a bottom-up, fundamental research process to build the segment’s portfolio. This research consists of broad, in-depth coverage, including regular contact with company management, near- and long-term projections of company fundamentals and evaluations of potential earnings growth.

•

Loomis Sayles also seeks to understand how companies are affected by larger, industry-wide dynamics. Typically, it will invest a portion of the segment’s assets in companies that it believes are positioned to benefit from disruptive change in their industry or sector.

•

Analysts and portfolio managers continuously monitor investments. The analysts and portfolio managers will evaluate the companies to determine whether they continue to possess the same fundamental characteristics for growth which made them candidates for the investment originally.

•

Loomis Sayles will generally sell a position if earnings or fundamentals deteriorate, if there is significant change in management or when more favorable opportunities arise.

Loomis Sayles — Small Cap Value segment

The Small Cap Value segment of the Fund, the other segment of the Fund managed by Loomis Sayles, will invest primarily in common stocks with a market capitalization, at the time of the investment, within the range of the market capitalizations of those companies constituting the Russell 2500 Index. The Russell 2500 Index is an unmanaged index of the 2,500 smallest companies in the Russell 3000 Index. Loomis Sayles may also invest up to 35% of the Small Cap Value segment’s assets in companies with larger capitalization levels. Loomis Sayles seeks to achieve the objective of the Fund by emphasizing companies undervalued by the market in relation to earnings, dividends, assets, and growth prospects. This segment of the Fund is value-oriented with emphasis on security selection rather than sector rotation and market timing. The securities selected by Loomis Sayles for the segment typically have the following characteristics:

Attractive valuations

Positive free cash flow

Strong balance sheets

Strong fundamental prospects

Loomis Sayles will build a core portfolio of companies which, in its opinion, possess the attributes set forth above. It also invests a smaller portion of the segment’s assets in companies which it believes are undergoing a “special situation” or turn-around. These types of companies may have experienced business problems but, in the opinion of Loomis Sayles, have favorable prospects for recovery.

In making investment decisions, Loomis Sayles generally employs the following methods:

•

Loomis Sayles uses a bottom-up, fundamental research process. This research consists of broad in-depth coverage, including contact with company management, near- and long-term projections of company fundamentals and evaluations of potential cash flow and earnings growth. The market capitalization of these companies will generally be within the range of the Russell 2500 Index.

•

Loomis Sayles emphasizes smaller companies that it believes are undervalued by the market. Target valuations are determined by analysis of cash flow and earnings prospects of each company considered for the portfolio. Absolute valuation levels, as well as valuations versus a peer group, are considered.

•

Loomis Sayles builds a diversified portfolio across many economic sectors in an attempt to protect the value segment of the Fund against the inherent volatility of small capitalization companies.

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Goals, Strategies & Risks

Vaughan Nelson Small Cap Value Fund


Category:		Small-Cap Equity


Ticker Symbol:	Class A	Class B	Class C
	NEFJX	NEJBX	NEJCX

Investment Goal

The Fund seeks capital appreciation. The Fund’s investment goal may be changed without shareholder approval.

Principal Investment Strategies

The Fund, under normal market conditions, will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in companies that, at the time of purchase, have market capitalizations within the capitalization range of the Russell 2000 Value Index, a market value-weighted unmanaged index of the 2,000 smallest companies in the Russell 3000 Index. In accordance with applicable Securities and Exchange Commission requirements, the Fund will notify shareholders prior to any change to such policy taking effect. The Fund may, however, invest in companies with larger capitalizations.

Vaughan Nelson invests in small capitalization companies with a focus on absolute return. Vaughan Nelson uses a bottom-up value oriented investment process in constructing the Fund’s portfolio. Vaughan Nelson seeks companies with the following characteristics, although not all of the companies selected will have these attributes:

•

Companies earning a positive economic margin with stable-to-improving returns

•

Companies valued at a discount to their asset value

•

Companies with an attractive dividend yield and minimal basis risk

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

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

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

Vaughan Nelson uses fundamental analysis to construct a portfolio of 60 to 80 securities consisting of quality companies in the opinion of Vaughan Nelson.

Vaughan Nelson will generally sell a stock when it reaches Vaughan Nelson’s price target, when the issuer shows a deteriorating financial condition, or when it has repeated negative earnings surprises.

The Fund may also:

•

Invest in convertible preferred stock and convertible debt securities.

•

Invest up to 35% of its assets in fixed-income securities, including U.S. government bonds as well as lower quality debt securities.

•

Invest in foreign securities, including those of emerging markets.

•

Invest in real estate investment trusts (“REITs”).

•

Invest in securities offered in initial public offerings (“IPOs”).

•

Engage in active and frequent trading of securities. Frequent trading may produce high transaction costs, which may lower the Fund’s return.

Principal Investment Risks

Equity securities risk: The value of the Fund's investments in equity securities is subject to the risks of unpredictable declines in the value of individual securities and periods of below-average performance in individual securities or in the equity market as a whole. Securities issued in IPOs tend to involve greater market risk than other equity securities due, in part, to public perception and the lack of publicly available information and trading history. This may impact the Fund’s performance and result in higher portfolio turnover, which may increase the tax liability to shareholders and the brokerage expenses incurred by the Fund. Small capitalization and emerging growth companies may be subject to more abrupt price movements, limited markets and less liquidity than larger, more established companies which could adversely affect the value of the Fund’s portfolio. Value stocks present the risk that they may fall out of favor

Principal Investment Risks - continued

with investors and underperform growth stocks during any given period. Equity securities may include common stocks, preferred stocks, warrants, securities convertible into common or preferred stocks and other equity-like interests in an entity. Equity securities may take the form of stock in corporation, limited partnership interests, interests in limited liability companies, real estate investment trusts (REITs) or other trusts and other similar securities.

Management risk: The risk that a strategy used by the Fund’s portfolio managers may fail to produce the intended result.

Real Estate Investment Trusts (“REITs”) risk: The real estate industry is particularly sensitive to economic downturns. Securities of companies in the real estate industry, including REITs, are sensitive to factors such as changes in real estate values, property taxes, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use and rents, and the management skill and creditworthiness of the issuer. Companies in the real estate industry may also be subject to liabilities under environmental and hazardous waste laws. In addition, the value of a REIT is affected by changes in the value of the properties owned by the REIT or securing mortgage loans held by the REIT. REITs are dependent upon cash flow from their investments to repay financing costs and also on the ability of the REITs’ managers. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund.

Small-cap companies risk: Small-cap companies tend to have more limited markets and resources, and less liquidity, than companies with larger market capitalizations. Consequently, share prices of small-cap companies can be more volatile than, and perform differently from, larger company stocks.

For additional information, see the section “More About Risk.”

Evaluating the Fund’s Past Performance

The bar chart and table shown below 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 with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Prior to March 1, 2004, the Fund had multiple subadvisers. The performance results shown below for the periods prior to March 1, 2004 reflect results achieved by the previous subadvisers using different investment strategies. The Fund’s performance might have been different had the current subadvisory arrangements and investment strategies been in place for all periods shown.

Ù Highest Quarterly Return:
Fourth Quarter 1999, up 42.28%

Ú Lowest Quarterly Return:
Third Quarter 2001, down 26.44%

The table below shows how the Fund’s average annual total returns for Class A, Class B and Class C shares (before and after taxes for Class A) for the one-year, five-year and ten-year periods compare to those of the Russell 2000 Value Index, an unmanaged index that measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. You may not invest directly in an index. The Fund’s total returns reflect, on a class by class basis, its expenses and the maximum sales charge that you may be required to pay when you buy or redeem the Fund’s shares. Class A total returns have also been calculated to reflect returns after taxes on distributions only and also returns after taxes on distributions and sales of Fund shares. The Russell 2000 Value Index returns have not been adjusted for ongoing management, distribution and operating expenses and sales charges applicable to mutual fund investments.



Average Annual Total Returns (for the periods ended December 31, 2007)	Past 1 Year	Past 5 Years	Past 10 Years
Vaughan Nelson Small Cap Value Fund Class A – Return Before Taxes	-0.23%	15.71%	6.46%
Return After Taxes on Distributions*	-0.23%	15.71%	5.45%
Return After Taxes on Distributions & Sales of Fund Shares*	-0.15%	13.85%	5.06%
Class B – Return Before Taxes	0.06%	15.98%	6.29%
Class C – Return Before Taxes	4.05%	16.21%	6.29%
Russell 2000 Value Index**	-9.78%	15.80%	9.06%

** The returns of the index do not reflect a deduction for fees, expenses or taxes.

For information about Fund expenses, see the section “Fund Fees & Expenses.”

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Goals, Strategies & Risks

Westpeak 130/30 Growth Fund


Adviser:		Natixis Asset Management Advisors, L.P. (“Natixis Advisors”)
Subadviser:		Westpeak Global Advisors, L.P. (“Westpeak”)
Managers:		Jean-Marc Diani, Stephen A. Komon and Stephen C. Platt


Category:		Large-Cap Equity


Ticker Symbol:	Class A	Class B	Class C
	NEFCX	NECBX	NECGX

Investment Goal

The Fund seeks long-term growth of capital. The Fund’s investment goal may be changed without shareholder approval.

Principal Investment Strategies

Under normal market conditions, the Fund pursues its investment objective by establishing long and short positions in equity securities issued by U.S. large- and mid-capitalization companies in any industry.

Westpeak constructs a portfolio of stocks that it believes exhibit reasonable valuations and underestimated growth potential. Westpeak believes risk and return can be accurately measured and controlled through thoughtful portfolio construction. Therefore, its focus will be on the aggregate characteristics of the portfolio and not just individual stocks.

Westpeak seeks to take long positions in securities of companies whose potential has been underestimated by the broad market, while simultaneously taking short positions in securities of companies it believes are overvalued. Westpeak believes that a good assessment of a company’s prospects can be obtained through systematic financial statement analysis and an insightful interpretation of investor behavior.

In selecting investments for the Fund’s portfolio, Westpeak uses proprietary quantitative research based on market and company-specific information and employs the following process:

•

Westpeak invests principally in the stock of large- and mid-capitalization companies in the Russell 1000 Growth Index.

•

Westpeak screens these stocks to develop a “score” for each stock using financial statement and market sentiment factors, such as:

valuation ratios

earnings quality measures

efficiency indicators

investor sentiment signals

management sentiment measures

•

Westpeak then utilizes a proprietary methodology that considers each stock’s respective score, along with its risk characteristics, to construct an optimal long-short portfolio designed to maximize excess return while maintaining an acceptable level of risk.

The desired result is a diversified portfolio of typically 60 to 80 long positions and 20 to 40 short positions that Westpeak believes will produce the highest long-term returns and that has characteristics similar to that of the Fund’s benchmark, the Russell 1000 Growth Index. The Fund’s industry weightings will not normally vary significantly from the benchmark.

The Fund takes long positions primarily in large- and mid-capitalization U.S. stocks that Westpeak has identified as attractive and short positions in such stocks that Westpeak believes are overvalued or expected to underperform based on the aforementioned stock “scores”. The Fund will generally use the proceeds from its short positions to purchase additional securities. Therefore, the Fund will normally hold long positions in equity securities and securities with equity-like characteristics up to 130% of its net assets, excluding cash. The Fund will normally hold short positions equal to approximately 30% of its net assets, excluding cash. The Fund’s relative long-short exposure may vary over time as market conditions change.

When the Fund takes a long position in a security, Westpeak purchases the security outright for the Fund’s portfolio. When the Fund takes a short position in a security, Westpeak sells a security that the Fund does not own at the current market price and delivers to the buyer a security that the Fund has borrowed. To complete or close out the short sale transaction, the Fund buys the same security in the market and returns it to the lender. The Fund generally profits on a short position when the market price of the security goes down after the short sale. Conversely, if the price of the security goes up after the sale, the Fund will lose money because it will have to pay more to replace the borrowed security than it received.

Until the Fund replaces the borrowed security, the Fund is required to maintain during the period of the short sale the short sale proceeds that the broker holds (which generally will be invested in equity securities) and any additional assets the lending broker requires as collateral. The Fund is also required to repay the lender of the security any dividends or interest that accrues on the security during the period of the loan. The Fund will also bear other costs, such as charges for the prime brokerage account, in connection with its short positions.

Westpeak may sell a long position or close out a short position for a variety of reasons, including, among others, to

Principal Investment Strategies - continued

secure gains, limit losses or redeploy assets into opportunities believed to be more promising.

The Fund may also engage in active and frequent trading of securities. Frequent trading may produce high transaction costs, which may lower the Fund’s return.

As a temporary defensive measure, the Fund may hold any portion of its assets in cash and/or invest in money market instruments or high quality debt securities as the subadviser deems appropriate. The Fund may miss certain investment opportunities if it uses defensive strategies and thus may not achieve its investment goal.

Principal Investment Risks

Equity securities risk: The value of the Fund's investments in equity securities is subject to the risks of unpredictable declines in the value of individual securities and periods of below-average performance in individual securities or in the equity market as a whole. Equity securities may include common stocks, preferred stocks, warrants, securities convertible into common or preferred stocks and other equity-like interests in an entity. Equity securities may take the form of stock in a corporation, limited partnership interests, interests in limited liability companies, real estate investment trusts (REITs) or other trusts and other similar securities.

Leverage risk: The risk associated with securities or practices (e.g., borrowing and selling securities short) that multiply small index or market movements into larger changes in value. When the Fund borrows securities or otherwise leverages its portfolio, the value of an investment in the Fund will be more volatile, and all other risks are generally compounded.

Management risk: The risk that a strategy used by the Fund’s portfolio managers may fail to produce the intended result.

Short sales risk: The risk that the Fund will incur a loss by subsequently buying a security at a higher price than the price at which the Fund previously sold the security short. Short sales expose the Fund to the risk that it will be required to buy the security sold short at a time when the security has appreciated in value. Positions in shorted securities may subject the Fund to more risk than long positions (purchases) because the maximum sustainable loss on a stock purchased is limited to the amount paid for the stock plus the transaction costs, whereas the loss on a short sale is potentially unlimited. Short sales will also give rise to leverage risk.

Valuation risk: The risk that the Fund has valued certain securities at a higher price than the price at which they can be sold or, for short positions, at a lower price than the price at which they can be purchased.

For additional information, see the section “More About Risk.”

Evaluating the Fund's Past Performance

The bar chart and table shown below 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 with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. The Fund’s current subadviser assumed that function on February 16, 1998. The performance results shown below reflect results achieved by the previous subadviser using different investment strategies for the periods prior to February 16, 1998. Prior to August 1, 2007, the Fund was managed using different principal investment strategies. The Fund’s performance might have been different had the current subadvisory arrangements and investment strategies been in place for all periods shown.

The bar chart shows the Fund's total returns for Class A shares for each of the last ten calendar years. The returns for Class B and Class C shares differ from the Class A returns shown in the bar chart to the extent their respective expenses differ. The chart does not reflect any sales charge that you may be required to pay when you buy or redeem the Fund’s shares. A sales charge will reduce your return.

Ù Highest Quarterly Return:
Fourth Quarter 1998, up 24.26%

Ú Lowest Quarterly Return:
Third Quarter 2001, down 21.85%

The table below shows how the average annual total returns for Class A, Class B and Class C shares (before and after taxes for Class A) for the one-year, five-year and ten-year periods compare to those of the Russell 1000 Growth Index, an unmanaged index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. You may not invest directly in an index. The Fund’s total returns reflect, on a class by class basis, its expenses and the maximum sales charge that you may be required to pay when you buy or redeem the Fund’s shares. Class A total returns have also been calculated to reflect return after taxes on distributions only and also return after taxes on distributions and sales of Fund shares. The Russell 1000 Growth Index returns have not been adjusted for ongoing management, distribution and operating expenses and sales charges applicable to mutual fund investments.



Average Annual Total Returns (for the periods ended December 31, 2007)	Past 1 Year	Past 5 Years	Past 10 Years
Westpeak 130/30 Growth Fund Class A – Return Before Taxes	-9.86%	6.59%	0.19%
Return After Taxes on Distributions*	-9.86%	6.59%	-1.00%
Return After Taxes on Distributions & Sales of Fund Shares*	-6.41%	5.70%	-0.14%
Class B – Return Before Taxes	-9.75%	6.77%	0.03%
Class C – Return Before Taxes	-5.96%	7.03%	0.01%
Russell 1000 Growth Index**	11.81%	12.11%	3.83%

* 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 Fund shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual retirement accounts. The after-tax returns are shown for only one class of the Fund. After-tax returns for the other classes of the Fund will vary. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of fund shares at the end of the measurement period.

** The returns of the index do not reflect a deduction for fees, expenses or taxes.

For information about Fund expenses, see the section “Fund Fees & Expenses.”

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Fund Fees & Expenses

The following tables describe the fees and expenses that you may pay if you buy and hold shares of each Fund.

Shareholder Fees

(fees paid directly from your investment)


	Class A	Class B	Class C
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)(1)(2)	5.75%	None	None
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, as applicable)(2)	(3)	5.00%	1.00%
Redemption fees	None*	None*	None*

(1)

A reduced sales charge on Class A shares applies in some cases. See the section “How Sales Charges Are Calculated” within the section “Fund Services.”

(2)

Does not apply to reinvested distributions.

(3)

A 1.00% contingent deferred sales charge (“CDSC”) applies with respect to certain purchases of Class A shares greater than $1,000,000 redeemed within 1 year after purchase, but not to any other purchases or redemptions of Class A shares. See the section “How Sales Charges Are Calculated” within the section “Fund Services.”

Generally, a transaction fee will be charged for expedited payment of redemption proceeds of $5.50 for wire transfers or $20.50 for overnight delivery. These fees are subject to change.

Annual Fund Operating Expenses

(expenses that are deducted from Fund assets, as a percentage of average daily net assets)


	AEW Real Estate Fund¹						CGM Advisor Targeted Equity Fund						Hansberger International Fund
	Class A		Class B		Class C		Class A		Class B		Class C		Class A		Class B		Class C
Management fees	0.80%		0.80%		0.80%		0.70%		0.70%		0.70%		0.80%		0.80%		0.80%
Distribution and/or service (12b-1) fees	0.25%		1.00%	*	1.00%	*	0.25%		1.00%	*	1.00%	*	0.25%		1.00%	*	1.00%	*
Other expenses	0.41%	†	0.43%	†	0.42%	†	0.22%	†	0.22%	†	0.23%	†	0.40%	†	0.40%	†	0.40%	†
Total annual fund operating expenses	1.46%		2.23%		2.22%		1.17%		1.92%		1.93%		1.45%		2.20%		2.20%
Less: Fee reduction and/or expense reimbursement	0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%
Net Expenses	1.46%		2.23%		2.22%		1.17%		1.92%		1.93%		1.45%		2.20%		2.20%
	Harris Associates Focused Value Fund²						Harris Associates Large Cap Value Fund³						Natixis U.S. Diversified Portfolio
	Class A		Class B		Class C		Class A		Class B		Class C		Class A		Class B		Class C
Management fees	0.90%		0.90%		0.90%		0.69%		0.69%		0.69%		0.90%		0.90%		0.90%
Distribution and/or service (12b-1) fees	0.25%		1.00%	*	1.00%	*	0.25%		1.00%	*	1.00%	*	0.25%		1.00%	*	1.00%	*
Other expenses	0.34%	†	0.34%	†	0.34%	†	0.34%	†	0.35%	†	0.35%	†	0.32%	†	0.31%	†	0.32%	†
Total annual fund operating expenses	1.49%		2.24%		2.24%		1.28%		2.04%		2.04%		1.47%		2.21%		2.22%
Less: Fee reduction and/or expense reimbursement	0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%
Net Expenses	1.49%		2.24%		2.24%		1.28%		2.04%		2.04%		1.47%		2.21%		2.22%

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                                    [GRAPHIC]

Fund Fees & Expenses (continued)

Annual Fund Operating Expenses - continued


	Vaughan Nelson Small Cap Value Fund⁴
	Class A		Class B		Class C
Management fees	0.90%		0.90%		0.90%
Distribution and/or service (12b-1) fees	0.25%		1.00%	*	1.00%	*
Other expenses	0.43%	†	0.42%	†	0.43%	†
Total annual fund operating expenses	1.58%		2.32%		2.33%
Less: Fee reduction and/or expense reimbursement	0.12%	††	0.11%	††	0.12%	††
Net Expenses	1.46%		2.21%		2.21%
	Westpeak 130/30 Growth Fund⁵
	Class A		Class B		Class C
Management Fees	0.75%		0.75%		0.75%
Distribution and/or service (12b-1 fees)	0.25%		1.00%	*	1.00%	*
Other expenses
Substitute dividend expenses on securities sold short**	0.30%		0.30%		0.30%
Remainder of other expenses***	0.75%	†	0.74%	†	0.74%	†
Total other expenses	1.05%		1.04%		1.04%
Total annual fund operating expenses	2.05%		2.79%		2.79%
Less: Fee reduction and/or expense reimbursement	0.10%		0.09%		0.09%
Net Expenses	1.95%		2.70%		2.70%

†

Other expenses include expenses indirectly borne by the Fund through investments in certain pooled investment vehicles (“Acquired Fund Fees and Expenses”) of less than 0.01% of the Fund’s average daily net assets. The expense information shown in the table above may differ from the expense information disclosed in the Fund’s financial highlights table because the financial highlights table reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

††

Fee waiver and/or expense reimbursement and Net Expenses have been restated to reflect the current expense cap arrangement.

Because of the higher 12b-1 fees, long-term shareholders may pay more than the economic equivalent of the maximum front-end sales charge permitted by the rules of Financial Industry Regulatory Authority (“FINRA”).

This expense reflects the estimate of amounts to be paid as substitute dividend expenses on securities borrowed for the settlement of short sales.

***

Other expenses have been restated to reflect current fees and expenses.

AEW has given a binding contractual undertaking to this Fund to limit the amount of the Fund’s total annual fund operating expenses , exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expense, taxes and organizational and extraordinary expenses, such as litigation and indemnification expenses, to 1.50%, 2.25% and 2.25% of the Fund’s average daily net assets for Classes A, B and C shares, respectively. This undertaking is in effect through April 30, 2009, and is reevaluated on an annual basis.

Natixis Advisors has given a binding contractual undertaking to this Fund to limit the amount of the Fund’s total annual fund operating expenses, exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expense, taxes and organizational and extraordinary expenses, such as litigation and indemnification expenses, to 1.70%, 2.45% and 2.45% of the Fund’s average daily net assets for Classes A, B and C shares, respectively. This undertaking is in effect through April 30, 2009, and is reevaluated on an annual basis.

Natixis Advisors has given a binding contractual undertaking to this Fund to limit the amount of the Fund’s total annual fund operating expenses, exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expense, taxes and organizational and extraordinary expenses, such as litigation and indemnification expenses, to 1.30%, 2.05% and 2.05% of the Fund’s average daily net assets for Classes A, B and C shares, respectively. This undertaking is in effect through April 30, 2009 and is reevaluated on an annual basis.

Natixis Advisors has given a binding contractual undertaking to this Fund to limit the amount of the Fund’s total annual fund operating expenses, exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expense, taxes and organizational and extraordinary expenses, such as litigation and indemnification expenses, to 1.45%, 2.20% and 2.20% of the Fund’s average daily net assets for Classes A, B and C shares, respectively. This undertaking is in effect through April 30, 2009 and is reevaluated on an annual basis. Without this undertaking, expenses would have been higher.

Natixis Advisors has given a binding contractual undertaking to this Fund to limit the amount of the Fund’s total annual fund operating expenses, exclusive of Acquired Fund Fees and Expenses, brokerage expenses incurred in connection with long positions, interest expense, substitute dividend expenses on securities sold short, taxes and organizational and extraordinary expenses, such as litigation and indemnification expenses, to 1.65%, 2.40%, and 2.40% of the Fund’s average daily net assets for Classes A, B, and C shares, respectively. As indicated by the table above, because of the types of expenses not included under the expense reimbursement agreement, the Fund’s net expenses are expected to be higher than these percentages. This undertaking is in effect through April 30, 2009 and is reevaluated on an annual basis. Without this undertaking, expenses would have been higher.

A Fund’s Adviser will be permitted to recover, on a class by class basis, management fees reduced and/or expenses reimbursed it has borne through the undertakings described above to the extent that a class’ expenses in later periods fall below the annual rates set forth in the relevant undertaking. A class will not be obligated to pay any such deferred fees and expenses more than one year after the end of the fiscal year in which the fee/expense was deferred.

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Fund Fees & Expenses (continued)

Example

This example*, which is based upon the expenses shown in the “Annual Fund Operating Expenses” table, is intended to help you compare the cost of investing in the Funds with the cost of investing in other mutual funds.

The example assumes that:

•

You invest $10,000 in a Fund for the time periods indicated;

•

Your investment has a 5% return each year;

•

The Fund’s operating expenses remain the same; and

•

All dividends and distributions are reinvested.

Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:


	AEW Real Estate Fund										CGM Advisor Targeted Equity Fund
	Class A		Class B				Class C				Class A		Class B				Class C
			(1)		(2)		(1)		(2)				(1)		(2)		(1)		(2)
1 year	$	715	$	726	$	226	$	325	$	225	$	687	$	695	$	195	$	296	$	196
3 years	$	1,010	$	997	$	697	$	694	$	694	$	925	$	903	$	603	$	606	$	606
5 years	$	1,327	$	1,395	$	1,195	$	1,190	$	1,190	$	1,182	$	1,237	$	1,037	$	1,042	$	1,042
10 years**	$	2,221	$	2,370	$	2,370	$	2,554	$	2,554	$	1,914	$	2,048	$	2,048	$	2,254	$	2,254

	Hansberger International Fund										Harris Associates Focused Value Fund
	Class A		Class B				Class C				Class A		Class B				Class C
			(1)		(2)		(1)		(2)				(1)		(2)		(1)		(2)
1 year	$	714	$	723	$	223	$	323	$	223	$	718	$	727	$	227	$	327	$	227
3 years	$	1,007	$	988	$	688	$	688	$	688	$	1,019	$	1,000	$	700	$	700	$	700
5 years	$	1,322	$	1,380	$	1,180	$	1,180	$	1,180	$	1,341	$	1,400	$	1,200	$	1,200	$	1,200
10 years**	$	2,210	$	2,344	$	2,344	$	2,534	$	2,534	$	2,252	$	2,386	$	2,386	$	2,575	$	2,575

	Harris Associates Large Cap Value Fund										Natixis U.S. Diversified Portfolio
	Class A		Class B				Class C				Class A		Class B				Class C
			(1)		(2)		(1)		(2)				(1)		(2)		(1)		(2)
1 year	$	698	$	707	$	207	$	307	$	207	$	716	$	724	$	224	$	325	$	225
3 years	$	958	$	940	$	640	$	640	$	640	$	1,013	$	991	$	691	$	694	$	694
5 years	$	1,237	$	1,298	$	1,098	$	1,098	$	1,098	$	1,332	$	1,385	$	1,185	$	1,190	$	1,190
10 years**	$	2,031	$	2,174	$	2,174	$	2,369	$	2,369	$	2,231	$	2,357	$	2,357	$	2,554	$	2,554

	Vaughan Nelson Small Cap Value Fund										Westpeak 130/30 Growth Fund
	Class A		Class B				Class C				Class A		Class B				Class C
			(1)		(2)		(1)		(2)				(1)		(2)		(1)		(2)
1 year	$	715	$	724	$	224	$	324	$	224	$	762	$	773	$	273	$	373	$	273
3 years	$	1,034	$	1,014	$	714	$	716	$	716	$	1,172	$	1,157	$	857	$	857	$	857
5 years	$	1,375	$	1,430	$	1,230	$	1,234	$	1,234	$	1,606	$	1,666	$	1,466	$	1,466	$	1,466
10 years**	$	2,336	$	2,462	$	2,462	$	2,657	$	2,657	$	2,810	$	2,935	$	2,935	$	3,112	$	3,112

(1)

Assumes redemption at end of period.

(2)

Assumes no redemption at end of period.

The Examples do not reflect sales charges (loads) on reinvested dividends and other distributions. If these sales charges (loads) were included, your costs would be higher. The Examples for Vaughan Nelson Small Cap Value Fund and Westpeak 130/30 Growth Fund are based on the Net Expenses shown above for the 1 year period and on the Total Annual Fund Operating Expenses for the remaining periods. The example is based on Total Annual Fund Operating Expenses for the other Funds for all periods.

Class B shares automatically convert to Class A shares after 8 years; therefore, in years 9 and 10 Class B amounts are calculated using Class A expenses.

A “snapshot” of each Fund’s investments may be found in the Funds’ annual and semiannual reports. In addition, a list of each Fund’s full portfolio holdings, which is updated monthly after an aging period of at least 30 days (60 days for AEW Real Estate Fund), is available on the Funds’ website at www.funds.natixis.com (click on “Fund Information” and then “Portfolio Holdings”). These holdings will remain accessible on the website until each Fund files its respective Form N-CSR or Form N-Q with the SEC for the period that includes the date of the information.

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More About Risk

Each Fund has principal investment strategies that come with inherent risks. The following is a list of risks to which each Fund may be subject because of its investment in various types of securities or engagement in various practices.

Correlation Risk (All Funds except AEW Real Estate and Harris Associates Focused Value Funds) The risk that changes in the value of a hedging instrument will not match those of the asset being hedged.

Credit Risk (All Funds) The risk that the issuer of a security, or the counterparty to a contract, will default or otherwise be unwilling or unable to honor a financial obligation. Funds that invest in securities rated below investment grade quality (i.e., below a rating of Baa by Moody’s, or below BBB by S&P or Fitch), or that are unrated but judged to be of comparable quality by the Fund’s adviser, are subject to greater credit risk than funds that do not invest in such securities.

Currency Risk (All Funds except AEW Real Estate, Harris Associates Large Cap Value and Westpeak 130/30 Growth Funds) The risk that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment.

Emerging Markets Risk (Hansberger International and Vaughan Nelson Small Cap Value Funds) The risk associated with investing in companies traded in developing securities markets, which may be smaller and have shorter operating histories than companies in developed markets. Emerging markets involve risks in addition to and greater than those generally associated with investing in developed foreign markets. The extent of economic development, political stability, market depth, infrastructure and capitalization, and regulatory oversight in emerging market economies is generally less than in more developed markets. Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a “failed settlement.” Failed settlements can result in losses to the funds.

Extension Risk (AEW Real Estate, Natixis U.S. Diversified Portfolio, Hansberger International, Vaughan Nelson Small Cap Value and Westpeak 130/30 Growth Funds) The risk that an unexpected rise in interest rates will extend the life of a mortgage- or asset-backed security beyond the expected prepayment time, typically reducing the security’s value.

Foreign Risk (All Funds except Westpeak 130/30 Growth Fund) The risk associated with investments in issuers located in foreign countries. A Fund’s investments in foreign securities may experience more rapid and extreme changes in value than investments in securities of U.S. companies. In the event of a nationalization, expropriation or other confiscation, a Fund that invests in foreign securities could lose its entire investment. When a Fund invests in securities from issuers located in countries with emerging markets, it may face greater foreign risk since emerging market countries may be more likely to experience political and economic instability. A Fund’s investment in foreign securities may be subject to foreign withholding taxes. In that case, the Fund’s yield on those securities would be decreased.

Information Risk (All Funds) The risk that key information about a security is inaccurate or unavailable. Securities issued in initial public offerings, or IPOs, involve greater information risk than other equity securities due to the lack of public information.

Interest Rate Risk (All Funds) The risk of market losses attributable to changes in interest rates. In general, the prices of fixed-income securities rise when interest rates fall, and prices fall when interest rates rise.

Leverage Risk (All Funds except AEW Real Estate and Harris Associates Focused Value Funds) The risk associated with securities or practices (e.g., borrowing) that multiply small index or market movements into larger changes in value. When a derivative security (a security whose value is based on another security, currency, index or other instrument) is used as a hedge against an offsetting position that a Fund also holds, any loss generated by the derivative security should be substantially offset by gains on the hedged instrument, and vice versa. To the extent that a Fund uses a derivative security for purposes other than as a hedge, or, if a Fund hedges imperfectly, that Fund is directly exposed to the risks of that derivative security, and any loss generated by the derivative security will not be offset by a gain. Structured notes may be considered derivative securities and may be subject to this type of risk.

Liquidity Risk (All Funds) The risk that certain securities or instruments may be difficult or impossible to sell at the time and at the price that the seller would like. Liquidity issues could also make it difficult to value a Fund’s securities. Liquidity issues may result in a loss or may otherwise be costly to a Fund. These types of risks may also apply to derivatives, restricted securities, Section 4(2) commercial paper, structured notes and Rule 144A securities.

Opportunity Risk (All Funds) The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are invested in less profitable investments.

Options, Futures, Swap Contracts and Other Derivatives Risks (All Funds, except AEW Real Estate and Harris Associates Focused Value Funds) A Fund may use derivatives, which are financial contracts whose value depends upon or is derived from the value of an underlying asset, currency, reference rate, or index. These transactions are subject to changes in the underlying security or groups of securities, index or other currency instrument or rate on which such transactions are based. It is important to note that even a small investment in these types of derivative instruments may give rise to leverage risk and can have a significant impact on a Fund’s exposure to stock market values, interest rates or currency exchange rates. These types of transactions will be used primarily for hedging purposes, including anticipatory hedging.

Political Risk (All Funds) The risk of losses directly attributable to government or political actions.

Prepayment Risk (AEW Real Estate, Natixis U.S. Diversified Portfolio, Hansberger International and Vaughan Nelson Small Cap Value Funds) The risk that unanticipated prepayments may occur, reducing the return from mortgage- or asset-backed securities, or real estate investment trusts.

Small Capitalization Companies Risk (AEW Real Estate, Natixis U.S. Diversified Portfolio, Hansberger International and Vaughan Nelson Small Cap Value Funds) These companies carry special risks, including narrower markets, more limited financial and management resources, less liquidity and greater volatility than large company securities.

Valuation Risk (All Funds) The risk that a Fund has valued certain securities at a higher price than the price at which they can be sold.

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Management Team

Meet the Funds’ Investment Advisers and Subadvisers

The Natixis Funds family (as defined below) currently includes 24 mutual funds. The Natixis Funds family had combined assets of $19.0 billion as of December 31, 2007. Natixis Funds are distributed through Natixis Distributors, L.P. (the “Distributor”). This Prospectus covers the Natixis Equity Funds (the “Funds” or each a “Fund”), which, along with the Natixis Income and Tax -Free Income Funds, Natixis Diversified Portfolios, Loomis Sayles Global Markets Fund, Loomis Sayles Growth Fund, Loomis Sayles Research Fund, Loomis Sayles Value Fund, Loomis Sayles Strategic Income Fund, Natixis Cash Management Trust — Money Market Series (the “Money Market Fund”) and Gateway Fund constitute the “Natixis Funds.”

Advisers

Natixis Advisors, located at 399 Boylston Street, Boston Massachusetts 02116, serves as the adviser to each of the Funds, except for AEW Real Estate Fund (for which AEW serves as adviser) and CGM Advisor Targeted Equity Fund (for which CGM serves as adviser). Natixis Advisors is a subsidiary of Natixis Global Asset Management, L.P. (“Natixis US”) (formerly IXIS Asset Management US Group), which is part of Natixis Global Asset Management (formerly IXIS Asset Management Group), an international asset management group based in Paris, France. Natixis Global Asset Management is ultimately owned principally by three large French financial service entities: Natixis, an investment banking and financial services firm which is publicly traded on Euronext in Paris; the Caisse d’Epargne, a financial institution owned by French regional savings banks known as the Caisse d’Epargne, and Banque Federale des Banques Populaires, a financial institution owned by regional cooperative banks known as the Banque Populaires. Natixis US has 14 principal subsidiary or affiliated asset management firms that collectively had over $291 billion in assets under management at December 31, 2007. Natixis Advisors oversees, evaluates, and monitors the subadvisory services provided to each Fund, except for AEW Real Estate Fund and CGM Advisor Targeted Equity Fund. It also provides general business management and administration to each Fund, except for AEW Real Estate Fund and CGM Advisor Targeted Equity Fund. Natixis Advisors does not determine what investments will be purchased or sold by the Funds. The subadvisers listed below make the investment decisions for their respective Funds.

The combined advisory and subadvisory fees paid by the Funds during the fiscal year ended December 31, 2007 as a percentage of each Fund’s average daily net assets were 0.80% for the Hansberger International Fund, 0.90% for the Harris Associates Focused Value Fund, 0.69% for the Harris Associates Large Cap Value Fund, 0.90% for the Natixis U.S. Diversified Portfolio, 0.90% for the Vaughan Nelson Small Cap Value Fund and 0.75% for Westpeak 130/30 Growth Fund.

AEW, located at World Trade Center East, Two Seaport Lane, Boston, Massachusetts 02210, serves as the adviser to the AEW Real Estate Fund. AEW is a subsidiary of Natixis US. Together with other AEW adviser affiliates, AEW had $47.0 billion in assets under management as of December 31, 2007. For the fiscal year ended January 31, 2008, AEW Real Estate Fund paid 0.80% of its average daily net assets to AEW in advisory fees.

CGM, located at One International Place, Boston, Massachusetts 02110, has served as adviser to the CGM Advisor Targeted Equity Fund since CGM’s inception in 1989. It also serves as investment adviser to four additional mutual funds and various institutional investors. CGM is an affiliate of Natixis US and had over $10.5 billion in assets under management as of December 31, 2007. For the fiscal year ended December 31, 2007, CGM Advisor Targeted Equity Fund paid 0.70% of its average daily net assets to CGM in advisory fees.

Subadvisers

Each subadviser has full investment discretion and makes all determinations with respect to the investment of the assets of a Fund or a segment of a Fund, subject to the general supervision of the Fund’s adviser and the Board of Trustees.

BlackRock, 800 Scudders Mill Road, Plainsboro, New Jersey 08536, is an indirect, wholly owned subsidiary of BlackRock, Inc. and serves as subadviser to Natixis U.S. Diversified Portfolio. BlackRock is a registered investment adviser and commodity pool operator organized in 1999. BlackRock and its affiliates had approximately $1.357 trillion in investment company and other portfolio assets under management as of December 31, 2007.

Hansberger, located at 401 East Las Olas Boulevard, Suite 1700, Fort Lauderdale, Florida 33301, serves as a subadviser to the Hansberger International Fund. Established in 1994, Hansberger is a subsidiary of Natixis US. Hansberger managed approximately $12.0 billion in assets as of December 31, 2007, and specializes in international investing, managing institutional separate portfolios and mutual funds.

Harris Associates, located at Two North LaSalle Street, Chicago, Illinois 60602, serves as subadviser to the Harris Associates Large Cap Value Fund, Harris Associates Focused Value Fund and a segment of the Natixis U.S. Diversified Portfolio. Harris Associates, a subsidiary of Natixis US, managed $65.7 billion in assets as of December 31, 2007, and, together with its predecessor, has managed investments since 1976. It also manages investments for other mutual funds as well as assets of individuals, trusts, retirement plans, endowments, foundations, and several private partnerships.

Loomis Sayles, located at One Financial Center, Boston, Massachusetts 02111, serves as a subadviser to segments of the Natixis U.S. Diversified Portfolio. Loomis Sayles is a subsidiary of Natixis US. Founded in 1926, Loomis Sayles is one of the oldest investment advisory firms in the United States with over $129.9 billion in assets under management as of December 31, 2007. Loomis Sayles is well known for its professional research staff, which is one of the largest in the industry.

Vaughan Nelson, located at 600 Travis Street, Suite 6300, Houston, Texas 77002, serves as subadviser to the Vaughan Nelson Small Cap Value Fund. Vaughan Nelson is a subsidiary of Natixis US. Originally founded in 1970, Vaughan Nelson focuses primarily on managing equity and fixed-income funds for clients who consist of foundations, university endowments and corporate retirement and family/individual core funds. As of December 31, 2007, Vaughan Nelson had $8.2 billion in assets under management.

Westpeak, located at 1470 Walnut Street, Boulder, Colorado 80302, serves as subadviser to the Westpeak 130/30 Growth Fund. Westpeak is a subsidiary of Natixis US. Westpeak employs a team approach in managing the Fund’s portfolio. Founded in 1991, Westpeak had $3.3 billion in assets under management as of December 31, 2007.

Subadvisory Agreements

The Natixis Funds have received an exemptive order from the Securities and Exchange Commission (the “SEC”) that permits Natixis Advisors to amend or continue existing subadvisory agreements when approved by the Board of Trustees, without shareholder approval. The exemption also permits Natixis Advisors to enter into new subadvisory agreements with subadvisers that are not affiliated with Natixis Advisors without shareholder approval, if approved by the Board of Trustees. Before a Fund can rely on the exemptions described above, a majority of the shareholders of the Fund must approve reliance by the Fund on the exemptive order. Certain Funds have received shareholder approval to rely on the exemptive order. Shareholders will be notified of any subadviser changes within 90 days of such changes.

A discussion of the factors considered by the Funds’ Board of Trustees in approving the Funds’ investment advisory and sub-advisory contracts is available in the Funds’ semiannual reports for the six months ended June 30, 2007 for the CGM Advisor Targeted Equity Fund, Hansberger International Fund, Harris Associates Focused Value Fund, Harris Associates Large Cap Value Fund, Natixis U.S. Diversified Portfolio, Vaughan Nelson Small Cap Value Fund and Westpeak 130/30 Growth Fund and for the six months ended July 31, 2007 for the AEW Real Estate Fund.

Portfolio Trades

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

Securities Lending. Each Fund may lend a portion of its portfolio securities to brokers, dealers, and other financial institutions provided a number of conditions are satisfied, including that the loan is fully collateralized. Please see “Investment Strategies” in the Statement of Additional Information (“SAI”) for details. When a Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned, and the Fund will also receive a fee or interest on the collateral. Securities lending involves the risk of loss of rights in the collateral or delay in recovery of the collateral if the borrower fails to return the security loaned or becomes insolvent. Investments of cash collateral may also lose value or become illiquid, although each Fund remains obligated to return the collateral

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Management Team

Meet the Funds’ Investment Advisers and Subadvisers (continued)

amount to the borrower upon termination or maturity of the securities loan, and may realize losses on the collateral investments or be required to liquidate other portfolio securities to satisfy its obligations. A Fund may pay lending fees to the party arranging the loan.

Transactions with Other Investment Companies. Pursuant to SEC exemptive relief, each Fund (except CGM Advisor Targeted Equity Fund) may be permitted to invest its daily cash balances in shares of money market and short-term bond funds advised by Natixis Advisors or its affiliates (“Central Funds”). The Central Funds currently include the Money Market Fund, Institutional Daily Income Fund, Cortland Trust, Inc., and Short Term Income Fund, Inc. Each Central Fund is advised by Reich & Tang Asset Management, LLC (“Reich & Tang”), except for the Money Market Fund, which is advised by Natixis Advisors and subadvised by Reich & Tang. Because Loomis Sayles, Natixis Advisors and Reich & Tang are each subsidiaries of Natixis US, the Funds and the Central Funds may be considered to be related companies comprising a “group of investment companies” under the Investment Company Act of 1940 (the “1940 Act”). The Fund may also make investments in related investment companies to the extent permitted by SEC regulation.

Pursuant to such exemptive relief, the Funds may also borrow and lend money for temporary or emergency purposes directly to and from other Funds through an interfund credit facility. In addition to the Funds and the Central Funds, series of the following mutual fund groups may also be able to participate in the facility: Natixis Funds Trust I (except the CGM Advisor Targeted Equity Fund series), Natixis Funds Trust II, Natixis Funds Trust III, Natixis Funds Trust IV, Harris Associates Investment Trust, Loomis Sayles Funds I, Loomis Sayles Funds II and Gateway Trust. The advisers and subadvisers to these mutual funds currently include Natixis Advisors, Reich & Tang, Loomis Sayles, AEW, BlackRock, Dreman Value Management, LLC (“Dreman”), Gateway Investment Advisors, L.P., Harris Associates, Hansberger, Vaughan Nelson and Westpeak. Each of these advisers and subadvisers (except BlackRock and Dreman) are subsidiaries of Natixis US and are thus “affiliated persons” under the 1940 Act by reason of being under common control by Natixis US. In addition, because the Funds, and other funds, are advised by firms that are affiliated with one another, they may be considered to be related companies comprising a “group of investment companies” under the 1940 Act. The Central Funds will participate in the credit facility only as lenders. Participation in such an interfund lending program would be voluntary for both borrowing and lending funds, and a Fund would participate in an interfund lending program only if the Board of Trustees determined that doing so would benefit a Fund. Should a Fund participate in such an interfund lending program, the Board of Trustees would establish procedures for the operation of the program by the advisers or an affiliate. The Funds may engage in the transactions described above without further notice to shareholders.

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Management Team

Meet the Funds’ Portfolio Managers

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

AEW

Matthew A. Troxell

Matthew A. Troxell has managed the AEW Real Estate Fund since its inception in December 2000. Mr. Troxell, Managing Director and Portfolio Manager, joined AEW in 1994. Mr. Troxell, a member of the National Association of Real Estate Investment Trusts, received a B.A. from Tufts University. He holds the designation of Chartered Financial Analyst and has over 25 years of experience in investment analysis and portfolio management.

BlackRock

Thomas Burke

Thomas Burke has served as Senior Portfolio Manager for the segment of Natixis U.S. Diversified Portfolio that is currently subadvised by BlackRock since April 2006. Mr. Burke is primarily responsible for the day-to-day management of the BlackRock segment of the Natixis U.S. Diversified Portfolio and the selection of its investments. He served as an Associate Portfolio Manager of the segment from July 2001 through March 2006. Mr. Burke has been a Managing Director of BlackRock since 2007. He was a Director with BlackRock from 2006 to 2007. Prior to joining BlackRock, Mr. Burke was a portfolio manager and Director of Merrill Lynch Investment Managers L.P., from 1998 to 2006. Mr. Burke received a B.A. from Pace University. Mr. Burke holds the designation of Chartered Financial Analyst and has over 26 years of investment experience.

CGM

G. Kenneth Heebner

G. Kenneth Heebner has managed the CGM Advisor Targeted Equity Fund since 1976. Mr. Heebner currently serves as senior portfolio manager of CGM, which he co-founded in 1989. Mr. Heebner received a B.S. from Amherst College and an M.B.A. from Harvard Business School. He holds the designation of Chartered Financial Analyst and is a 42-year veteran of the investment industry.

Hansberger

Trevor Graham

Trevor Graham has co-managed the international growth segment of the Hansberger International Fund since August 2005. Mr. Graham, Vice President — Research of Hansberger, joined the firm in 2004. Prior to joining Hansberger, he was an analyst at Phillips, Hager & North Investment Management Ltd. Mr. Graham received a Bachelor of Commerce Degree in International Finance from the University of Victoria. He holds the designation of Chartered Financial Analyst and has over 12 years of investment experience.

Ronald Holt

Ronald Holt has co-managed the international value segment of the Hansberger International Fund since August 2003. Mr. Holt, CEO and Co-CIO — Value Team joined Hansberger in 1997. Prior to assuming the role of CEO and Co-CIO — Value Team, he was a senior research analyst and portfolio manager at Hansberger. Mr. Holt received a B.A. from Columbia University and an M.B.A. in Finance from New York University’s Stern School of Business. He holds the designation of Chartered Financial Analyst and has over 17 years of financial services experience.

Barry A. Lockhart

Barry A. Lockhart has co-managed international growth segment of the Hansberger International Fund since March 2002. He also manages other Hansberger mutual funds. Mr. Lockhart, Senior Vice President — Research, of Hansberger, joined the firm in 1999. Mr. Lockhart received an M.B.A. and a Bachelor of Commerce Degree from McMaster University. He holds the designation of Chartered Financial Analyst and has over 19 years of financial services experience.

Lauretta Reeves

Lauretta (Retz) Reeves has co-managed the international value segment of Hansberger International Fund since August 2003. Ms. Reeves, Co-CIO — Value Team, joined Hansberger in 1996. Ms. Reeves received a B.S. from Florida International University and an M.B.A. from Nova-Southeastern University. She holds the designation of Chartered Financial Analyst and has over 21 years of investment experience.

Patrick H. Tan

Patrick H. Tan has co-managed the international growth segment of Hansberger International Fund since March 2002. He also manages other Hansberger mutual funds. Mr. Tan, Vice President — Research, of Hansberger, joined the firm in 1999. Mr. Tan received a B.A. from the University of Toronto and has over 14 years of investment-related experience.

Thomas R.H. Tibbles

Thomas R.H. Tibbles has led the management team for the international growth segment of Hansberger

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Management Team

Meet the Funds’ Portfolio Managers (continued)

International Fund since March 2002. He also manages other Hansberger mutual funds. Mr. Tibbles, CIO — Growth Team, joined the firm in 1999. He received a Bachelor of Commerce Degree with distinction from the University of Toronto, Trinity College. Mr. Tibbles holds the designation of Chartered Financial Analyst and has over 21 years of financial services experience.

Harris Associates

Robert M. Levy

Robert M. Levy has co-managed the Harris Associates Focused Value Fund since May 2005. Mr. Levy is Partner, Chairman and Chief Investment Officer of Harris Associates, which he joined in 1985. Mr. Levy received a B.A. from Vanderbilt University and an M.B.A. from the Wharton School of Business at the University of Pennsylvania. Mr. Levy holds the designation of Chartered Financial Analyst and has over 31 years of investment experience.

Edward S. Loeb

Edward S. Loeb has co-managed the Harris Associates Large Cap Value Fund since July 2002 and the Harris Associates segment of the Natixis U.S. Diversified Portfolio since October 2000. Mr. Loeb, a Partner of Harris Associates, joined the firm in 1989. Mr. Loeb received an M.B.A. from Northwestern University and a B.A. from Princeton University. Mr. Loeb holds the designation of Chartered Financial Analyst and has over 19 years of investment experience.

Michael J. Mangan

Michael J. Mangan has co-managed the Harris Associates Large Cap Value Fund since July 2002, the Harris Associates segment of Natixis U.S. Diversified Portfolio since May 2005 and the Harris Associates Focused Value Fund since October 2006. Mr. Mangan, a Partner of Harris Associates, joined the firm in 1997. Mr. Mangan received a B.B.A. from the University of Iowa and an M.B.A. from Northwestern University. Mr. Mangan is a CPA, holds the designation of Chartered Financial Analyst and has over 19 years of investment experience.

Diane L. Mustain

Diane L. Mustain has co-managed the Harris Associates Large Cap Value Fund and the Natixis U.S. Diversified Portfolio since May 2005. Ms. Mustain, a portfolio manager of Harris Associates, joined the firm in 2002. Ms. Mustain received a B.S. and an M.B.A. from DePaul University. Ms. Mustain holds the designation of Chartered Financial Analyst and has over 26 years of investment experience.

Loomis Sayles

Philip C. Fine

Philip C. Fine has managed the Loomis Sayles mid-cap growth segment of Natixis U.S. Diversified Portfolio since March 2001. Mr. Fine, Vice President of Loomis Sayles, began his investment career in 1988 and joined the firm in 1996. He received an A.B. and a Ph.D. from Harvard University. He holds the designation of Chartered Financial Analyst and has over 19 years of investment experience.

Joseph R. Gatz

Joseph R. Gatz has served as lead portfolio manager of the Loomis Sayles small cap value segment of Natixis U.S. Diversified Portfolio since January 2000. Mr. Gatz, Vice President of Loomis Sayles, began his investment career in 1985 and joined the firm in 1999. Mr. Gatz received an M.B.A. from Indiana University and a B.A. from Michigan State University. He holds the designation of Chartered Financial Analyst and has over 22 years of investment experience.

Daniel G. Thelen

Daniel G. Thelen has co-managed the Loomis Sayles small cap value segment of Natixis U.S. Diversified Portfolio since April 2000. Mr. Thelen, Vice President of Loomis Sayles, began his investment career in 1990 and joined the firm in 1996. Mr. Thelen received an M.B.A. and a B.A. from Michigan State University. He holds the designation of Chartered Financial Analyst and has over 17 years of investment experience.

Vaughan Nelson

Chris D. Wallis

Chris D. Wallis has co-managed Vaughan Nelson Small Cap Value Fund since March 2004. Mr. Wallis, a Senior Portfolio Manager of Vaughan Nelson, joined the firm in 1999. Mr. Wallis received a B.B.A. from Baylor University and an M.B.A. from Harvard Business School. Mr. Wallis holds the designation of Chartered Financial Analyst and has over 16 years of investment/financial analysis and accounting experience.

Scott J. Weber

the University of the South and an M.B.A. from Tulane

University. He has over 11 years of investment management and financial analysis experience.

Westpeak

Jean-Marc Diani

Jean-Marc Diani is a member of the portfolio team that manages the Westpeak 130/30 Growth Fund. Dr. Diani, a Vice President of Westpeak Global Advisors, joined the firm in 2004. Prior to joining Westpeak, he was deputy head of IT and Operations at IXIS Asset Management US Group. He received a Ph.D., in Mechanical Engineering from the Ecole des Mines de Paris and a Masters of Science from the Paris VI University, graduating from the Ecole Polytechnique. Dr. Diani has over six years of investment experience.

Stephen A. Komon

Stephen A. Komon is a member of the portfolio team that manages and has primary day-to-day portfolio management responsibilities for the Westpeak 130/30 Growth Fund. Mr. Komon, a Vice President of Westpeak Global Advisors, joined the firm in 2001. Mr. Komon received an M.B.A., in Finance and Accounting from the University of Chicago Graduate School of Business and a B.S., with Distinction, from the University of Virginia. He holds the designation of Chartered Financial Analyst and has over 15 years of investment experience.

Stephen C. Platt

Stephen C. Platt is a member of the portfolio team that manages the Westpeak 130/30 Growth Fund. Mr. Platt, a Senior Vice President and Director of Portfolio Management, joined the firm in 1999. He received a B.S. from the University of Colorado. Mr. Platt holds the designation of Chartered Financial Analyst and has over 17 years of investment experience.

Please see the Funds’ SAI for information on Portfolio Manager compensation, other accounts under management by the Portfolio Managers and the Portfolio Managers’ ownership of securities in the Funds.

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Fund Services

Investing in the Funds

Choosing a Share Class

Each Fund offers Class A and Class C shares to the public. No new accounts may be opened and no additional investments may be made in Class B shares. Each class has different costs associated with buying, selling and holding Fund shares, which allows you to choose the class that best meets your needs. Which class is best for you depends upon the size of your investment and how long you intend to hold your shares. Class C shares and certain shareholder features may not be available to you if you hold your shares in a street name account. Your financial representative can help you decide which class of shares is most appropriate for you.

Class A Shares

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

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

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You do not pay a sales charge on orders of $1 million or more, but you may pay a charge on redemptions if you redeem these shares within one year of purchase.

Class B Shares

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No new accounts may be opened and no additional investments may be made in Class B shares.

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You pay higher annual expenses than Class A shares.

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You will pay a charge on redemptions if you sell your shares within six years of purchase, as described in the section “How Sales Charges Are Calculated.”

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Your Class B shares will automatically convert into Class A shares after eight years, which reduces your annual expenses.

Class C Shares

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

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You pay higher annual expenses than Class A shares.

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

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Your Class C shares will not automatically convert into Class A shares. If you hold your shares for longer than eight years, you’ll pay higher expenses than shareholders of other classes.

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

For information about the Funds’ expenses, see the section “Fund Fees & Expenses” in this Prospectus.

Certificates

Certificates will not be issued for any class of shares.

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Fund Services

How Sales Charges Are Calculated

Class A Shares

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


	Class A Sales Charges**
Your Investment	As a % of offering price	As a % of your investment
Less than $ 50,000	5.75%	6.10%
$ 50,000 – $ 99,999	4.50%	4.71%
$ 100,000 – $249,999	3.50%	3.63%
$ 250,000 – $499,999	2.50%	2.56%
$ 500,000 – $999,999	2.00%	2.04%
$1,000,000 or more*	0.00%	0.00%

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

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

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

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

Reducing Front-End Sales Charges

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

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Letter of Intent — By signing a Letter of Intent, you may purchase Class A shares of any Natixis Fund over a 13-month period but pay sales charges as if you had purchased all shares at once. This program can save you money if you plan to invest $100,000 or more over 13 months. Purchases of Class C shares may be used toward meeting the letter of intent.

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

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

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

Certain Retirement Plan Accounts: The Distributor may, in its discretion, combine the purchase(s) and total investment of all qualified participants in the same retirement plan for purposes of determining the availability of a reduced sales charge.

In most instances, individual accounts may not be linked with certain retirement plan accounts for the purposes of calculating sales charges. Savings Incentive Match Plan for Employees of Small Employers (“SIMPLE”) IRA contributions will automatically be linked with those of other participants in the same SIMPLE IRA Plan (Class A shares only). SIMPLE IRA accounts may not be linked with any other Natixis Fund account for rights of accumulation. Please refer to the SAI for more detailed information on combining accounts.

The above-listed ways to reduce front-end sales charges may not apply to the Money Market Fund unless shares are purchased through an exchange from another Natixis Fund.

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Fund Services

How Sales Charges Are Calculated (continued)

Eliminating Front-End Sales Charges and CDSCs

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

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

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Selling brokers, sales representatives, registered investment advisers, financial planners or other intermediaries under arrangements with the Distributor;

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

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Participants in certain retirement plans with at least $1 million or more in total plan assets or with 100 eligible employees;

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

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Clients of an adviser or subadviser to any Natixis Fund (including the Money Market Fund) with investments of $25,000 or more in the Natixis Funds; and

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Clients of Natixis Advisors that invest in a Natixis Fund that does not offer Class Y shares.

In order to receive Class A shares without a front-end sales charge or a CDSC, you must notify the Fund of your eligibility at the time of purchase.

Repurchasing Fund Shares

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

If you repurchase Class A shares of $1 million or more within 30 days after you redeem such shares, the Distributor will rebate the amount of the CDSC charged on the redemption if the Fund is notified in writing at the time of the repurchase.

Eliminating the CDSC

As long as the Distributor is notified at the time you sell, the CDSC for Class A shares will generally be eliminated in the following cases: (1) to make distributions from a retirement plan (a plan termination or total plan redemption may incur a CDSC); (2) to make payments through a systematic withdrawal plan; or (3) due to shareholder death or disability.

Please see the SAI for more information on eliminating or reducing front-end sales charges and CDSC.

Class B Shares

No new accounts may be opened and no additional investments may be made in Class B shares. There is a CDSC on shares that are sold within six years of the date of their acquisition. The amount of the CDSC, if any, declines each year that you own your shares (except in the 3^rd and 4^th years, which have the same CDSC). The holding period for purposes of timing the conversion to Class A shares and determining the CDSC will continue to run after an exchange to Class B shares of another Natixis Fund (except the Money Market Fund). The CDSC equals the following percentages of the dollar amounts subject to the charge:


Class B Contingent Deferred Sales Charges
Year Since Purchase		CDSC on Shares Being Sold
1st		5.00%
2nd		4.00%
3rd		3.00%
4th		3.00%
5th		2.00%
6th		1.00%
Thereafter		0.00%

Eliminating the CDSC

As long as the Distributor is notified at the time you sell, the CDSC for Class B shares will generally be eliminated in the following cases: (1) to make distributions from a retirement plan (a plan termination or total plan redemption may incur a CDSC); (2) to make payments through a systematic withdrawal plan; or (3) due to shareholder death or disability.

Please see the SAI for more information on eliminating or reducing front-end sales charges and CDSC.

Class C Shares

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


Class C Contingent Deferred Sales Charges
Year Since Purchase		CDSC on Shares Being Sold
1st		1.00%
Thereafter		0.00%

Eliminating the CDSC

As long as the Distributor is notified at the time you sell, the CDSC for Class C shares will generally be eliminated in the following cases: (1) to make distributions from a retirement plan (a plan termination or total plan redemption may incur a CDSC); (2) to make payments through a systematic withdrawal plan; or (3) due to shareholder death or disability.

Please see the SAI for more information on eliminating or reducing front-end sales charges and the CDSC.

How the CDSC is Applied to Your Shares

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

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is calculated based on the number of shares you are selling;

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is based on either your original purchase price or the current net asset value of the shares being sold, whichever is lower;

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

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applies to redemptions made through the date of their acquisition for years one through six, as applicable.

A CDSC will not be charged on:

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increases in net asset value above the purchase price; or

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shares you acquired by reinvesting your dividends or capital gains distributions.

To keep your CDSC as low as possible, each time that you place a request to sell shares we will first sell any shares in your account that carry no CDSC. If there are not enough of these shares available to meet your request, we will sell the shares with the lowest CDSC.

Exchanges into Shares of the Money Market Fund

If you exchange Class B or Class C shares of a Fund into shares of the Money Market Fund, the holding period for purposes of determining the CDSC for Class B and Class C shares and conversion into Class A shares stops until you exchange back into shares of another Natixis Fund. If you choose to redeem those Money Market Fund shares, a CDSC may apply.

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Fund Services

Compensation to Securities Dealers

As part of their business strategies, the Funds pay securities dealers and other financial institutions (collectively, “dealers”) that sell their shares. This compensation originates from two sources: sales charges (front-end or deferred) and 12b-1 fees (comprising the annual service and/or distribution fees paid under a plan adopted pursuant to Rule 12b-1 under the 1940 Act). The sales charges, some or all of which may be paid to dealers, are discussed in the section “How Sales Charges Are Calculated.” Each class of Fund shares offered in this prospectus pays an annual service fee of 0.25% of its average daily net assets. In addition to a service fee, each Fund’s Class B shares pay an annual distribution fee of 0.75% of their average daily net assets for 8 years (at which time they automatically convert into Class A shares). Class C shares are subject to an annual distribution fee of 0.75% of their average daily net assets. Generally, the 12b-1 fees are paid to securities dealers on a quarterly basis, but may be paid on other schedules. The Distributor retains the first year of such fees for Class B and Class C shares. Some or all of such fees may also be paid to financial institutions that finance the payment of commissions or similar charges on Class B shares. Because these distribution fees and service fees are paid out of the Funds’ assets on an ongoing basis, over time these fees for Class B and Class C shares will increase the cost of your investment and may cost you more than paying the front-end sales charge and service fees on Class A shares.

The Distributor, the Fund’s adviser and their respective affiliates will, out of their own resources, which generally come directly or indirectly from fees paid by the Funds, make payments to certain dealers and other financial intermediaries that satisfy certain criteria established from time to time by the Distributor. Payments may vary based on sales, the amount of assets a dealer’s or intermediary’s clients have invested in the Funds, and other factors. These payments may also take the form of sponsorship of seminars or informational meetings or payments for attendance by persons associated with a dealer or intermediary at informational meetings. The Distributor and its affiliates may also make payments for recordkeeping and other transfer agency-related services to dealers and intermediaries that sell Fund shares.

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

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Fund Services

It’s Easy to Open an Account

To Open an Account with Natixis Funds:

Read this Prospectus carefully. Except to the extent otherwise permitted by the Distributor, the Funds will only accept accounts from U.S. citizens with a U.S. address or resident aliens with a U.S. address and a U.S. taxpayer identification number.

Determine how much you wish to invest. The following chart shows the investment minimums for various types of accounts:


Type of Account	Minimum Initial Purchase	Minimum Subsequent Purchase
Any account other than those listed below	$2,500	$100
For shareholders participating in Natixis Funds’ Investment Builder Program	$1,000	$50^*
For Traditional IRA, Roth IRA, Rollover IRA, SEP-IRA and Keogh plans using the Natixis Funds’ prototype document	$1,000	$100
Coverdell Education Savings Accounts	$500	$100
For SIMPLE IRA** and 403(b)(7) plans using Natixis Funds’ prototype document	$0	$0

Shareholders with accounts participating in Natixis Funds’ Investment Builder Program prior to May 1, 2005 may continue to make subsequent purchases of $25 into those accounts.

Effective January 1, 1997, the SIMPLE IRA became available, replacing Salary Reduction Simplified Employee Pension (“SARSEP”) plans. SARSEP plans established prior to January 1, 1997 are subject to the same minimums as SIMPLE IRAs. As of October 1, 2006, Natixis Funds no longer offers SIMPLE IRAs. SIMPLE IRA plans established prior to October 1, 2006 may remain active and continue to add new employees.

The Distributor, in its sole discretion, may lower investment minimums for accounts associated with wrap-fee programs sponsored by certain broker-dealers and investment advisers and for accounts associated with certain other defined contribution plans not using the Natixis Funds’ prototype document.

Complete the appropriate parts of the account application, carefully following the instructions. If you have any questions, please call your financial representative or Natixis Funds at 800-225-5478. For more information on Natixis Funds’ investment programs, refer to the section “Additional Investor Services” in this Prospectus.

Use the sections of this Prospectus that follow as your guide for purchasing shares.

Minimum Balance Policy

Each Fund, on an annual basis, may deduct a minimum balance fee of $20 for accounts that fall below the minimum amount required to establish an account, as described above. The minimum balance fee is assessed by the automatic redemption of shares in the account in an amount sufficient to pay the fee. The valuation of account balances and the deduction of the fee generally occur during September of each calendar year, although they may occur at another date in the year. The fee will not be deducted from Fund positions opened after June 30th of the calendar year in which the fee is assessed. Certain accounts, such as Class B accounts that fall below the minimum as a result of the automatic conversion from Class B to Class A shares, accounts using the Natixis Funds’ prototype document (including IRAs, Keogh plans, 403(b)(7) plans and Coverdell Education Savings Accounts) and accounts associated with defined contribution plans, are excepted from the minimum balance fee.

Each Fund may also close an account and send the account holder the proceeds if the account falls below the minimum amount required to establish an account. The valuation of account balances and the liquidation itself generally occur during October of each calendar year, although they may occur at another date in the year. Any account opened after June 30th of a calendar year will not be subject to the liquidation for that calendar year. Certain accounts, such as Class B accounts, accounts associated with wrap-fee programs or defined contribution plans are exempt from the liquidation. The determination of whether to deduct the minimum balance fee or close an account is made at the discretion of the Funds.

It is expected that accounts maintained by intermediaries through the National Securities Clearing Corporation may be liquidated rather than assessed a fee, if the account balance falls below such minimum and that directly registered accounts will be assessed a fee rather than be liquidated.

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Fund Services

It’s Easy to Open an Account (continued)

Self-Servicing Your Account

Buying or selling shares is easy with the services described below:

Natixis Funds Personal Access Line^®

800-225-5478, press 1

Natixis Funds Web Site

www.funds.natixis.com

You have access to your account 24 hours a day by calling the Personal Access Line^® from a touch-tone telephone or by visiting us online. Using these customer service options, you may:

•

purchase, exchange or redeem shares in your existing accounts (certain restrictions may apply);

•

review your account balance, recent transactions, Fund prices and recent performance;

•

order duplicate account statements; and

•

obtain tax information.

Please see the following pages for other ways to buy, exchange or sell your shares.

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Fund Services

Buying Shares


	Opening an Account	Adding to an Account
Through Your Investment Dealer
	• Call your investment dealer for information about opening or adding to an account. Dealers may also charge you a processing or service fee in connection with the purchase of fund shares.
By Mail
	• Make out a check in U.S. dollars for the investment amount, payable to “Natixis Funds.” Third party checks, “starter” checks and credit card convenience checks will not be accepted. • Mail the check with your completed application to Natixis Funds, P.O. Box 219579, Kansas City, MO 64121-9579. • Shares purchased by check are redeemable although the Fund may withhold payment until the purchase check has cleared. See the section “Selling Restrictions.”	• Make out a check in U.S. dollars for the investment amount, payable to “Natixis Funds.” Third party checks, “starter” checks and credit card convenience checks will not be accepted. • Complete the investment slip from an account statement or include a letter specifying the Fund name, your class of shares, your account number and the registered account name(s). • Shares purchased by check are redeemable although the Fund may withhold payment until the purchase check has cleared. See the section “Selling Restrictions.”
By Exchange (See the section “Exchanging Shares” for more details.)
	• Call your investment dealer or Natixis Funds at 800-225-5478 or visit www.funds.natixis.com to 1) obtain a current prospectus for the Fund into which you are exchanging and 2) request an exchange.	• Call your investment dealer or Natixis Funds at 800-225-5478 or visit www.funds.natixis.com to request an exchange.
By Wire
	• Opening an account by wire is not available.	• Visit www.funds.natixis.com to add shares to your account by wire. Instruct your bank to transfer funds to State Street Bank & Trust Company, ABA #011000028, and DDA #99011538. • Specify the Fund name, your class of shares, your account number and the registered account name(s). Your bank may charge you for such a transfer.
Through Automated Clearing House (“ACH”)
	• Although you cannot open an account through ACH, you may add this feature by selecting it on your account application. • Ask your bank or credit union whether it is a member of the ACH system.	• Call Natixis Funds at 800-225-5478 or visit www.funds.natixis.com to add shares to your account through ACH. • If you have not signed up for the ACH system, please call Natixis Funds or visit www.funds.natixis.com for a Service Options Form. A medallion signature guarantee may be required to add this privilege. • Shares purchased through ACH may not be available immediately for redemption. See the section “Selling Restrictions.”
Automatic Investing Through Investment Builder
	• Although you cannot open an account through Investment Builder, you may add this feature by selecting it on your application. • Ask your bank or credit union whether it is a member of the ACH system.	• If you have not signed up for Investment Builder, please call Natixis Funds at 800-225-5478 or visit www.funds.natixis.com for a Service Options Form. A medallion signature guarantee may be required to add this privilege. • See the section “Additional Investor Services.”

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Fund Services

Selling Shares

To Sell Some or All of Your Shares

Certain restrictions may apply. Investments made by check or through ACH may not be available immediately for redemption. See the section “Restrictions on Buying, Selling and Exchanging Shares.”


Through Your Investment Dealer
		• Call your investment dealer for information. Dealers may also charge you a processing or service fee in connection with the redemption of fund shares.
By Mail
		• Write a letter to request a redemption. Specify the name of your fund, class of shares, account number, the exact registered account name(s), the number of shares or the dollar amount to be redeemed and the method by which you wish to receive your proceeds. Additional materials may be required. See the section “Selling Shares in Writing.” • The request must be signed by all of the owners of the shares and must include the capacity in which they are signing, if appropriate. • Mail your request by regular mail to Natixis Funds, P.O. Box 219579, Kansas City, MO 64121-9579 or by registered, express or certified mail to Natixis Funds, 330 West 9th Street, Kansas City, MO 64105-1514. • Your proceeds (less any applicable CDSC) will be delivered by the method chosen in your letter. Proceeds delivered by mail will generally be mailed to you within three business days after the request is received in good order. See the section “Selling Restrictions.”
By Exchange (See the section “Exchanging Shares” for more details.)
		• Obtain a current prospectus for the fund into which you are exchanging by calling your investment dealer or Natixis Funds at 800-225-5478 or by visiting www.funds.natixis.com. • Call Natixis Funds or visit www.funds.natixis.com to request an exchange.
By Wire
		• Complete the “Bank Information” section on your account application. • Call Natixis Funds at 800-225-5478, visit www.funds.natixis.com or indicate in your redemption request letter (see above) that you wish to have your proceeds wired to your bank. • Proceeds (less any applicable CDSC) will generally be wired on the next business day. See the section “Selling Restrictions.” A wire fee will be deducted from the proceeds. Your bank may charge you a fee to receive the wire.
Through Automated Clearing House
		• Ask your bank or credit union whether it is a member of the ACH system. • Complete the “Bank Information” section on your account application. • If you have not signed up for the ACH system on your application, please call Natixis Funds at 800-225-5478 or visit www.funds.natixis.com for a Service Options Form. A medallion signature guarantee may be required to add this privilege. • Call Natixis Funds or visit www.funds.natixis.com to request an ACH redemption. • Proceeds (less any applicable CDSC) will generally arrive at your bank within three business days. See the section “Selling Restrictions.”
By Telephone
		• Call Natixis Funds at 800-225-5478 to choose the method you wish to use to redeem your shares. You may receive your proceeds by mail, by wire or through ACH (see above). Subject to certain restrictions. See the section “Selling Restrictions.”
By Systematic Withdrawal Plan (See the section “Additional Investor Services” for more details.)
		• Call Natixis Funds at 800-225-5478 or your financial representative for more information. • Because withdrawal payments may have tax consequences, you should consult your tax adviser before establishing such a plan.

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Fund Services

Selling Shares in Writing

If you wish to redeem your shares in writing, all owners of the shares must sign the redemption request in the exact names in which the shares are registered and indicate any special capacity in which they are signing. In certain situations, you will be required to make your request to sell shares in writing. In these instances, a letter of instruction signed by the authorized owner is necessary. In certain situations, we also may require a medallion signature guarantee or additional documentation.

A medallion signature guarantee protects you against fraudulent orders and is necessary if:

•

your address of record or bank account information has been changed within the past 30 days;

•

you are selling more than $100,000 worth of shares and you are requesting the proceeds by check;

•

a proceeds check for any amount is either mailed to an address other than the address of record or not payable to the registered owner(s); or

•

the proceeds are sent by check, wire, or in some circumstances ACH to a bank account whose owner(s) do not match the owner(s) of the fund account.

A notary public cannot provide a medallion signature guarantee. The Funds will only accept medallion signature guarantees bearing the STAMP2000 Medallion imprint. A medallion signature guarantee can be obtained from one of the following sources:

•

a financial representative or securities dealer;

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a federal savings bank, cooperative, or other type of bank;

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a savings and loan or other thrift institution;

•

a credit union; or

•

a securities exchange or clearing agency.

In some situations additional documentation may be necessary. Please contact your financial representative or Natixis Funds regarding documentation requirements.

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Fund Services

Exchanging Shares

In general, you may exchange shares of your Fund for shares of the same class of another Natixis Fund or Loomis Sayles Fund that offers such class of shares, without paying a sales charge or a CDSC (see the sections “Buying Shares” and “Selling Shares”) subject to certain restrictions noted below. For exchanges into the Money Market Fund, the holding period for determining the CDSC and conversion into Class A shares, if applicable, for Class B and Class C shares will stop and will resume only when an exchange into an applicable fund occurs. The exchange must be for at least the minimum to open an account (or the total net asset value of your account, whichever is less), or at least $100 if made under the Automatic Exchange Plan (see the section “Additional Investor Services”). All exchanges are subject to the eligibility requirements of the fund into which you are exchanging and any other limits on sales of or exchanges into that fund. The exchange privilege may be exercised only in those states where shares of such funds may be legally sold. For federal income tax purposes, an exchange of fund shares for shares of another fund is generally treated as a sale on which gain or loss may be recognized. Subject to the applicable rules of the SEC, the Board of Trustees reserves the right to modify the exchange privilege at any time. Before requesting an exchange into any other fund, please read its prospectus carefully. You may be unable to hold your shares through the same financial intermediary if you engage in certain share exchanges. You should contact your financial intermediary for further details. Please refer to the SAI for more detailed information on exchanging Fund shares.

In certain limited circumstances, accounts participating in wrap fee programs may exchange Class A shares of a Fund for Class Y shares of the same Fund. In order to exchange shares, a representative of the wrap fee program must contact the Distributor in advance and follow the procedures set forth by the Distributor. In addition, all Class A shares held through the specific wrap fee platform must be exchanged for Class Y shares of the same Fund. Shareholders will not be charged any redemption fee or exchange fee as a result of the exchange. The exchange between classes will generally be a non-taxable event to the shareholder.

Restrictions on Buying, Selling and Exchanging Shares

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

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

Limits on Frequent Trading. Without limiting the right of each Fund and the Distributor to reject any purchase or exchange order, each Fund and the Distributor may (but are not obligated to) restrict purchases and exchanges for the accounts of “market timers.” An account may be deemed to be one of a market timer if it makes two “round trips” in any Fund over a 90-day interval, as determined by the Fund. A “round trip” is a purchase (including a purchase by exchange) into a Fund followed by a redemption (including a redemption by exchange) of any amount out of the same Fund. The above limits are applicable whether you hold shares directly with a Fund or indirectly through a financial intermediary, such as a broker, bank, investment adviser, recordkeeper for retirement plan participants, or other third party. The preceding is not an exclusive description of activities that the Funds and the Distributor may consider to be “market timing.”

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

This policy also does not apply with respect to shares purchased by a fund-of-funds or similar asset allocation program that rebalances its investments no more frequently than quarterly. To be eligible for this exemption, the fund-of-funds or asset allocation program must identify itself to and receive prior written approval from the Fund or the Distributor. The Fund and Distributor may request additional information to enable them to determine that the fund-of-funds or asset allocation program is not designed to and/or is not serving as a vehicle for disruptive short-term trading, which may include requests for (i) written assurances from the sponsor or investment manager of the fund-of-funds or asset allocation program that it enforces the Fund’s frequent trading policy on investors or another policy reasonably designed to deter disruptive short-term trading in Fund shares, and/or (ii) data regarding transactions by investors in the fund-of-funds or asset allocation program, for periods and on a frequency determined by the Fund and Distributor, so that the Fund can monitor compliance by such investors with the trading limitations of the Fund, the fund-of-funds or asset allocation program.

Trade Activity Monitoring. Trading activity is monitored selectively on a daily basis in an effort to detect excessive short-term trading activities. If the Fund or the Distributor believes that a shareholder or financial intermediary has engaged in market timing or other excessive, short-term trading activity, it may, in its discretion, request that the shareholder or financial intermediary stop such activities or refuse to process purchases or exchanges in the accounts. In its discretion, the Fund or the Distributor may restrict or prohibit transactions by such identified shareholders or intermediaries. In making such judgments, the Fund and the Distributor seek to act in a manner that they believe is consistent with the best interests of all shareholders. The Fund and the Distributor also reserve the right to notify financial intermediaries of the shareholder’s trading activity.

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

Purchase Restrictions

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

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Fund Services

Restrictions on Buying, Selling and Exchanging Shares (continued)

Selling Restrictions

The table below describes restrictions placed on selling shares of any Fund described in this Prospectus. Please see the SAI for additional information regarding redemption payment policies:


Restriction		Situation
Each Fund may suspend the right of redemption or postpone payment for more than 7 days:		• When the New York Stock Exchange (the “NYSE”) is closed (other than a weekend/holiday) as permitted by the SEC. • During an emergency as permitted by the SEC. • During any other period permitted by the SEC.
Each Fund reserves the right to suspend account services or refuse transaction requests:		• With a notice of a dispute between registered owners or death of a registered owner. • With suspicion/evidence of a fraudulent act.
Each Fund may pay the redemption price in whole or in part by a distribution in kind of readily marketable securities in lieu of cash or may take up to 7 days to pay a redemption request in order to raise capital:		• When it is detrimental for a Fund to make cash payments as determined in the sole discretion of the adviser or subadviser.
Each Fund may withhold redemption proceeds for 10 days from the purchase date:		• When redemptions are made within 10 calendar days of purchase by check or ACH to allow the check or ACH transaction to clear.

If you hold certificates representing your shares, they must be sent with your request for it to be honored. It is recommended that certificates be sent by registered mail.

Although most redemptions are made in cash, as described in the SAI, each Fund reserves the right to redeem shares in kind. If a shareholder receives a distribution in kind, the shareholder will bear the market risk associated with the distributed securities and may incur brokerage or other charges in converting the securities to cash.

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Fund Services

How Fund Shares Are Priced

“Net asset value” is the price of one share of a Fund without a sales charge, and is calculated each business day using this formula:

Net Asset Value =

Total market value of securities + Cash and other assets – Liabilities

Number of outstanding shares

The net asset value of Fund shares is determined pursuant to policies and procedures approved by the Fund’s Board of Trustees, as summarized below:

•

A share’s net asset value is determined at the close of regular trading on the NYSE on the days the NYSE is open for trading. This is normally 4:00 p.m. Eastern time. The Fund’s shares will not be priced on the days on which the NYSE is closed for trading. In addition, the Fund’s shares will not be priced on the holidays listed in the SAI. See the section “Net Asset Value and Public Offering Price” in the SAI for more details.

•

The price you pay for purchasing, redeeming or exchanging a share will be based upon the net asset value next calculated (plus or minus applicable sales charges as described earlier in this Prospectus) after your order is received “in good order.”¹

•

Requests received by the Funds after the NYSE closes will be processed based upon the net asset value determined at the close of regular trading on the next day that the NYSE is open. The price you pay for purchasing, redeeming or exchanging a share will be based upon the net asset value next calculated after your order is received by the transfer agent “in good order.” If the transfer agent receives the order in good order by 4:00 p.m. Eastern time, the shareholder will receive that day’s net asset value. Under limited circumstances, the Distributor may enter into contractual agreements pursuant to which orders received by your investment dealer before the Fund determines its net asset value (normally 4:00 P.M. Eastern time) are processed at the net asset value determined on the day the order was received by your investment dealer. Please contact your investment dealer to determine whether it has entered into such a contractual agreement. If your investment dealer has not entered into such a contractual agreement, your order will be processed at the net asset value next determined after your investment dealer submits the order to the Fund.

•

A Fund significantly invested in foreign securities may have net asset value changes on days when you cannot buy or sell its shares.

Please see the “Buying Shares” section which provides additional information regarding who can receive a purchase order.

Generally, during times of substantial economic or market change, it may be difficult to place your order by phone. During these times, you may deliver your order in person to the Distributor or send your order by mail as described in the sections “Buying Shares” and “Selling Shares.”

Generally, Fund securities are valued as follows:

•

Equity securities — market price or as provided by a pricing service if market price is unavailable.

•

Debt securities (other than short-term obligations) — based upon pricing service valuations, which determine valuations for normal, institutional-size trading units of such securities using market information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders.

•

Short-term obligations (purchased with an original or remaining maturity of 60 days or less) — amortized cost (which approximates market value).

•

Securities traded on foreign exchanges — market price on the foreign exchange, unless the Fund believes that an occurrence after the close of that exchange will materially affect the security’s value. In that case, the security may be fair valued at the time the Fund determines its net asset value by or pursuant to procedures approved by the Board of Trustees. When fair valuing their securities, the Funds may, among other things, use modeling tools or other processes that may take into account factors such as securities market activity and/or significant events that occur after the close of the local market and before the time a Fund’s net asset value is calculated.

•

Options — the Funds generally value exchange traded options at the average of the closing bid and asked quotations.

•

Futures — unrealized gain or loss on the contract using current settlement price. When a settlement price is not used, futures contracts will be valued at their fair value as determined by or pursuant to procedures approved by the Board of Trustees.

•

All other securities — fair market value as determined by the adviser or subadviser of the Fund pursuant to procedures approved by the Board of Trustees.

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Fund Services

How Fund Shares Are Priced (continued)

As described above, if market prices are not readily available for a security, securities may not be priced on the basis of quotations from the primary market in which they are traded but rather may be priced by another method that the Board of Trustees believes is more likely to result in a price that reflects fair value (which is the amount that a Fund might reasonably expect to receive from a current sale of the security in the ordinary course of business). A Fund may also value securities at fair value or estimate their value pursuant to procedures approved by the Board of Trustees in other circumstances such as when extraordinary events occur after the close of the relevant market but prior to the close of the NYSE. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine a Fund’s net asset value may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by a Fund.

Dividends and Distributions

The Funds generally distribute most or all of their net investment income (other than capital gains) in the form of dividends. The following table shows when each Fund expects to distribute dividends. Each Fund expects to distribute all net realized long- and short-term capital gains annually, after applying any available capital loss carryovers. To the extent permitted by law, the Board of Trustees may adopt a different schedule as long as payments are made at least annually.


Dividend Payment Schedule
Annually		Quarterly
CGM Advisor Targeted Equity Fund		AEW Real Estate Fund
Hansberger International Fund
Harris Associates Focused Value Fund
Harris Associates Large Cap Value Fund
Natixis U.S. Diversified Portfolio
Vaughan Nelson Small Cap Value Fund
Westpeak 130/30 Growth Fund

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

•

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

•

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

•

Receive all distributions in cash.

For more information or to change your distribution option, contact Natixis Funds in writing or call 800-225-5478.

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

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Tax Consequences

Except where noted, the discussion below addresses only the U.S. federal income tax consequences of an investment in a Fund and does not address any foreign, state or local tax consequences.

Each Fund intends to meet all requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) necessary to qualify for treatment as a “regulated investment company” and thus does not expect to pay any federal income tax on income and capital gains distributed to shareholders. Even though the Harris Associates Focused Value Fund is not diversified for purposes of the Investment Company Act of 1940, the Fund still intends to be diversified for purposes of meeting the requirements of Subchapter M.

Taxation of Distributions from the Funds. For federal income tax purposes, distributions of investment income are generally taxable as ordinary income. Taxes on distributions of capital gains are determined by how long a Fund owned the investments that generated them, rather than how long a shareholder has owned his or her shares. Distributions attributable to the excess of net long-term capital gains from the sale of investments a Fund owned for more than one year over net short-term capital losses and that are designated by the Fund as capital gain dividends (“Capital Gain Dividends”) will generally be taxable to a shareholder receiving such distributions as long-term capital gain. Distributions attributable to the excess of net short-term capital gains from the sale of investments that a Fund owned for one year or less over net long-term capital losses will be taxable as ordinary income.

For taxable years beginning before January 1, 2011, distributions of investment income designated by a Fund as derived from “qualified dividend income” will be taxed in the hands of individuals at the rates applicable to long-term capital gain, provided holding period and other requirements are met at both the shareholder and Fund levels. Income generated by investments in fixed income securities, REITs and derivatives is generally not eligible for treatment as qualified dividend income.

For taxable years beginning before January 1, 2011, long-term capital gain rates applicable to individuals have been temporarily reduced to in general 15%, with lower rates applying to taxpayers in the 10% and 15% rate brackets.

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

Fund distributions are taxable to you even if they are paid from income or gains earned by a Fund before your investment (and thus were included in the price you paid for your shares). Such distributions are likely to occur in respect of shares purchased at a time when the relevant Fund’s net asset value reflects gains that are either unrealized or realized but not distributed. Fund distributions paid to you are taxable whether you in cash or reinvest them in additional shares. Distributions by the funds to retirement plans that qualify for tax-exempt treatment under federal income tax laws generally will not be taxable.

Sales or Exchanges of Fund Shares. A redemption, sale or exchange of a Fund’s shares (including an exchange of Fund shares for shares of another Natixis Fund or Loomis Sayles Fund) is a taxable event and will generally result in recognition of gain or loss. Gain or loss, if any, recognized on redemption, sale, exchange or other disposition of a Fund’s shares will be taxed as a long-term capital gain or loss if the shares are capital assets in the shareholder’s hands and if the shareholder held the shares for more than one year.

Taxation of Certain Investments. A Fund’s investments in foreign securities may be subject to foreign withholding and other taxes. In that case, the Fund’s yield on those securities would be decreased. Shareholders generally will not be entitled to claim a credit or deduction with respect to foreign taxes incurred by a Fund, except that a Fund investing more than 50 percent of its assets in foreign securities, such as the Hansberger International Fund, may elect to permit shareholders to claim a credit or deduction for their respective pro rata shares of qualifying foreign taxes paid by or withheld from amounts paid to the Fund. In such a case, shareholders will be required to include as gross income from foreign sources their pro rata shares of such taxes, and each shareholder’s ability to claim a foreign tax credit or deduction for such foreign taxes will be subject to generally applicable limitations imposed by the Code, which may result in a shareholder not getting a full credit or deduction for the amount of such taxes.

In addition, a Fund’s investments in foreign securities and foreign currencies may be subject to special tax rules that have the effect of increasing or accelerating a Fund’s recognition of ordinary income and may affect the timing or amount of a Fund’s distributions.

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Fund Services

Tax Consequences (continued)

Non-U.S. Shareholders. In general, dividends (other than Capital Gain Dividends) paid to a shareholder that is not a “U.S. person” within the meaning of the Code are subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate).

A Fund, such as the AEW Real Estate Fund, that holds significant interests in REITs may be treated as a U.S. real property corporation (“USRPHC”) for federal income tax purposes. If a Fund that is a USRPHC makes distributions to a foreign person that are in turn attributable to distributions from a REIT of gains from the disposition of U.S. real property interests, such Fund distributions may be subject to U.S. tax withholding and may also result in the foreign person being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. In addition, a Fund that is a USRPHC may be required withhold U.S. tax on the proceeds of share redemptions by certain foreign persons, in which case such foreign persons would also be required to file U.S. tax returns.

Backup Withholding. Each Fund is also required in certain circumstances to apply backup withholding on taxable dividends, redemption proceeds and certain other payments that are paid to any shareholder (including a shareholder who is neither a citizen nor a resident of the U.S.) who or which does not furnish the Fund certain information and certifications or who or which is otherwise subject to backup withholding. The backup withholding tax rate is 28% for amounts paid on or before December 31, 2010 and will be 31% for amounts paid after December 31, 2010. Backup withholding will not, however, be applied to payments that have been subject to the 30% withholding tax applicable to shareholders who are neither citizens nor residents of the United States.

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

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

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                                    [GRAPHIC]

Fund Services

Additional Investor Services

Retirement Plans

Natixis Funds offer a range of retirement plans, including Coverdell Education Savings Accounts, IRAs, SEPs, 403(b) plans and other pension and profit sharing plans. Refer to the section entitled “It’s Easy to Open an Account” for investment minimums. For more information about our Retirement Plans, call us at 800-225-5478.

Investment Builder Program

This is Natixis Funds’ automatic investment plan. Once you meet the Fund minimum, you may authorize automatic monthly transfers of $50 or more per Fund from your bank checking or savings account to purchase shares of one or more Natixis Funds. For instructions on how to join the Investment Builder Program, please refer to the section “Buying Shares.”

Dividend Diversification Program

This program allows you to have all dividends and any other distributions automatically invested in shares of the same class of another Natixis Fund or the Money Market Fund, subject to the eligibility requirements of that other fund and to state securities law requirements. Shares will be purchased at the selected fund’s net asset value without a front-end sales charge or CDSC on the dividend record date. Before establishing a Dividend Diversification Program into any other Natixis Fund or the Money Market Fund, please read its prospectus carefully.

Automatic Exchange Plan

Natixis Funds have an automatic exchange plan under which shares of a class of a Natixis Fund are automatically exchanged each month for shares of the same class of another Natixis Fund or the Money Market Fund. There is no fee for exchanges made under this plan, but there may be a sales charge in certain circumstances. Please see the section “Exchanging Shares” above and refer to the SAI for more information on the Automatic Exchange Plan.

Systematic Withdrawal Plan

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

Natixis Funds Personal Access Line^®

This automated customer service system allows you to have access to your account 24 hours a day by calling 800-225-5478, and pressing 1. With a touch-tone telephone, you can obtain information about your current account balance, recent transactions, Fund prices and recent performance. You may also use Personal Access Line^® to purchase, exchange or redeem shares in any of your existing accounts. Certain restrictions may apply.

Natixis Funds Web Site

Visit us at www.funds.natixis.com to review your account balance and recent transactions, to view daily prices and performance information or to order duplicate account statements and tax information. You may also go online to purchase, exchange or redeem shares in your existing accounts. Certain restrictions may apply.

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Financial Performance


			Income (Loss) from Investment Operations:									Less Distributions:

	Net asset value, beginning of period		Net investment income (loss)(b)			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains			Total distributions			Redemption fees(e)

AEW REAL ESTATE FUND
Class A
1/31/2008	$	26.49	$	0.30		$	(6.85	)	$	(6.55	)	$	(0.31	)	$	(2.67	)	$	(2.98	)		—
1/31/2007		20.78		0.19			7.24			7.43			(0.19	)		(1.53	)		(1.72	)		—
1/31/2006		16.83		0.21			5.45			5.66			(0.22	)		(1.49	)		(1.71	)		—
1/31/2005		15.13		0.34			2.35			2.69			(0.35	)		(0.64	)		(0.99	)		—
1/31/2004		11.00		0.36			4.49			4.85			(0.48	)		(0.24	)		(0.72	)		—
Class B
1/31/2008		26.45		0.11			(6.80	)		(6.69	)		(0.14	)		(2.67	)		(2.98	)		—
1/31/2007		20.77		0.01			7.24			7.25			(0.04	)		(1.53	)		(1.57	)		—
1/31/2006		16.82		0.07			5.44			5.51			(0.07	)		(1.49	)		(1.56	)		—
1/31/2005		15.10		0.22			2.38			2.60			(0.24	)		(0.64	)		(0.88	)		—
1/31/2004		11.00		0.26			4.46			4.72			(0.38	)		(0.24	)		(0.62	)		—
Class C
1/31/2008		26.49		0.12			(6.82	)		(6.70	)		(0.15	)		(2.67	)		(2.82	)		—
1/31/2007		20.80		0.02			7.24			7.26			(0.04	)		(1.53	)		(1.57	)		—
1/31/2006		16.84		0.07			5.45			5.52			(0.07	)		(1.49	)		(1.56	)		—
1/31/2005		15.15		0.22			2.35			2.57			(0.24	)		(0.64	)		(0.88	)		—
1/31/2004		11.01		0.26			4.50			4.76			(0.38	)		(0.24	)		(0.62	)		—

CGM ADVISOR TARGETED EQUITY FUND
Class A
12/31/2007	$	10.70	$	0.05		$	3.54		$	3.59		$	(0.13	)	$	(1.15	)	$	(1.28	)	$	0.00
12/31/2006		10.22		0.08			0.78			0.86			(0.07	)		(0.31	)		(0.38	)		0.00
12/31/2005		9.05		0.07			1.12			1.19			(0.02	)		—			(0.02	)		0.00
12/31/2004		7.94		0.01			1.10			1.11			—			—			—			0.00
12/31/2003		5.56		(0.03	)		2.41			2.38			—			—			—			—
Class B
12/31/2007		9.84		(0.04	)		3.24			3.20			(0.08	)		(1.15	)		(1.23	)		0.00
12/31/2006		9.48		0.00	(e)		0.74			0.74			(0.07	)		(0.31	)		(0.38	)		0.00
12/31/2005		8.45		0.00	(e)		1.04			1.04			(0.01	)		—			(0.01	)		0.00
12/31/2004		7.47		(0.04	)		1.02			0.98			—			—			—			0.00
12/31/2003		5.28		(0.07	)		2.26			2.19			—			—			—			—
Class C
12/31/2007		9.84		(0.03	)		3.22			3.19			(0.09	)		(1.15	)		(1.24	)		0.00
12/31/2006		9.48		0.00	(e)		0.74			0.74			(0.07	)		(0.31	)		(0.38	)		0.00
12/31/2005		8.45		0.00	(e)		1.04			1.04			(0.01	)		—			(0.01	)		0.00
12/31/2004		7.47		(0.04	)		1.02			0.98			—			—			—			0.00
12/31/2003		5.27		(0.07	)		2.27			2.20			—			—			—			—

(a)

A sales charge for Class A shares and Class C (prior to February 1, 2004) shares, and a contingent deferred sales charge for Class B and Class C shares are not reflected in total return calculations. Periods less than one year, if applicable, are not annualized.

(b)

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

(c)

Had certain expenses not been reduced during the period, if applicable, total return would have been lower.

(d)

The investment adviser agreed to reimburse a portion of the Fund’s expenses and/or reduce its advisory fee during the period. Without this reimbursement/fee reduction, if applicable, expense ratios would have been higher.

(e)

Amount rounds to less than $0.01 per share, if applicable.

(f)

Represents total expenses prior to advisory fee reduction and/or reimbursement of a portion of the Fund’s expenses, if applicable.

(g)

Includes expense recapture of 0.04%.


						Ratios to average net assets:

Net asset value, end of period		Total return (%)(a)(c)		Net assets, end of period (000’s)		Net expenses (%)(d)		Gross expenses (%)(f)		Net investment income (loss) (%)		Portfolio turnover rate (%)



$	16.96	(25.2	)	$	78,612	1.46		1.46		1.35		24
	26.49	37.4			120,151	1.48	(g)	1.48	(g)	0.82		15
	20.78	34.8			73,166	1.50		1.55		1.11		15
	16.83	17.8			58,965	1.50		1.71		2.11		20
	15.13	45.0			39,846	1.50		2.00		2.73		18

	16.95	(25.7	)		10,158	2.23		2.23		0.49		24
	26.45	36.3			21,166	2.22	(g)	2.22	(g)	0.06		15
	20.77	33.7			16,293	2.25		2.30		0.36		15
	16.82	17.1			14,131	2.25		2.46		1.36		20
	15.10	43.7			12,129	2.25		2.75		1.98		18

	16.97	(25.7	)		17,769	2.21		2.22		0.54		24
	26.49	36.3			29,694	2.23	(g)	2.23	(g)	0.08		15
	20.80	33.7			16,101	2.25		2.30		0.36		15
	16.84	16.9			14,388	2.25		2.46		1.36		20
	15.15	43.9			11,410	2.25		2.75		1.98		18



$	13.01	34.4		$	826,867	1.17		1.17		0.45		179
	10.70	8.5			679,897	1.16		1.16		0.76		171
	10.22	13.2			694,121	1.28		1.28		0.78		196
	9.05	14.0			689,967	1.42		1.42		0.16		265
	7.94	42.8			724,214	1.57		1.57		(0.40	)	261

	11.81	33.4			32,297	1.92		1.92		(0.34	)	179
	9.84	7.8			43,032	1.91		1.91		0.02		171
	9.48	12.4			53,005	2.03		2.03		0.03		196
	8.45	13.1			57,527	2.17		2.17		(0.58	)	265
	7.47	41.5			56,880	2.32		2.32		(1.14	)	261

	11.79	33.5			19,753	1.93		1.93		(0.24	)	179
	9.84	7.7			8,688	1.90		1.90		0.04		171
	9.48	12.4			5,133	2.04		2.04		0.03		196
	8.45	13.1			3,214	2.17		2.17		(0.58	)	265
	7.47	41.8			2,647	2.32		2.32		(1.14	)	261

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Financial Performance


			Income (Loss) from Investment Operations:									Less Distributions:

	Net asset value, beginning of period		Net investment income (loss)(b)			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains			Total distributions			Redemption fees(e)

HANSBERGER INTERNATIONAL FUND
Class A
12/31/2007	$	21.50	$	0.18		$	3.29		$	3.47		$	(0.40	)	$	(2.40	)	$	(2.80	)	$	0.00
12/31/2006		19.88		0.16			4.51			4.67			(0.35	)		(2.70	)		(3.05	)		0.00
12/31/2005		17.12		0.11			2.65			2.76			—			—			—			0.00
12/31/2004		15.07		0.02			2.03			2.05			—			—			—			0.00
12/31/2003		10.84		(0.04	)		4.27			4.23			—			—			—			—
Class B
12/31/2007		19.51		0.01			2.98			2.99			(0.22	)		(2.40	)		(2.62	)		0.00
12/31/2006		18.27		0.01			4.11			4.12			(0.18	)		(2.70	)		(2.88	)		0.00
12/31/2005		15.85		0.00	(e)		2.42			2.42			—			—			—			0.00
12/31/2004		14.06		(0.09	)		1.88			1.79			—			—			—			0.00
12/31/2003		10.19		(0.12	)		3.99			3.87			—			—			—			—
Class C
12/31/2007		19.48		0.01			2.97			2.98			(0.25	)		(2.40	)		(2.65	)		0.00
12/31/2006		18.28		0.00	(e)		4.11			4.11			(0.21	)		(2.70	)		(2.91	)		0.00
12/31/2005		15.86		(0.02	)		2.44			2.42			—			—			—			0.00
12/31/2004		14.06		(0.09	)		1.89			1.80			—			—			—			0.00
12/31/2003		10.19		(0.12	)		3.99			3.87			—			—			—			—

HARRIS ASSOCIATES FOCUSED VALUE FUND
Class A
12/31/2007	$	11.56	$	(0.06	)	$	(0.68	)(g)	$	(0.74	)		—		$	(1.76	)	$	(1.76	)	$	0.00
12/31/2006		12.08		(0.02	)		1.50			1.48			—			(2.00	)		(2.00	)		0.00
12/31/2005		13.06		0.00	(e)		0.76			0.76			—			(1.74	)		(1.74	)		0.00
12/31/2004		11.79		(0.02	)		1.29			1.27			—			—			—			0.00
12/31/2003		9.24		(0.03	)		2.58			2.55			—			—			—			—
Class B
12/31/2007		10.92		(0.14	)		(0.63	)(g)		(0.77	)		—			(1.76	)		(1.76	)		0.00
12/31/2006		11.59		(0.10	)		1.43			1.33			—			(2.00	)		(2.00	)		0.00
12/31/2005		12.69		(0.10	)		0.74			0.64			—			(1.74	)		(1.74	)		0.00
12/31/2004		11.55		(0.11	)		1.25			1.14			—			—			—			0.00
12/31/2003		9.12		(0.10	)		2.53			2.43			—			—			—			—
Class C
12/31/2007		10.92		(0.14	)		(0.63	)(g)		(0.77	)		—			(1.76	)		(1.76	)		0.00
12/31/2006		11.59		(0.10	)		1.43			1.33			—			(2.00	)		(2.00	)		0.00
12/31/2005		12.69		(0.10	)		0.74			0.64			—			(1.74	)		(1.74	)		0.00
12/31/2004		11.55		(0.11	)		1.25			1.14			—			—			—			0.00
12/31/2003		9.12		(0.10	)		2.53			2.43			—			—			—			—

(a)

(b)

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

(c)

Had certain expenses not been reduced during the period, if applicable, total return would have been lower.

(d)

The investment adviser agreed to reimburse a portion of the Fund’s expenses and/or reduce its management fee during the period. Without this reimbursement/fee reduction, if applicable, expenses would have been higher.

(e)

Amount rounds to less than $0.01 per share, if applicable.

(f)

Represents total expenses prior to advisory fee reduction and/or reimbursement of a portion of the Fund’s expenses, if applicable.

(g)

Includes a litigation payment of $0.02 per share.


						Ratios to average net assets:

Net asset value, end of period		Total return (%)(a)(c)		Net assets, end of period (000’s)		Net expenses (%)(d)	Gross expenses (%)(f)	Net investment income (loss) (%)		Portfolio turnover rate (%)



$	22.17	16.4		$	128,224	1.45	1.45	0.79		47
	21.50	24.1			112,814	1.49	1.49	0.75		49
	19.88	16.1			89,663	1.81	1.81	0.62		45
	17.12	13.6			73,707	1.91	1.92	0.14		81
	15.07	39.0			59,762	2.30	2.32	(0.34	)	92

	19.88	15.6			29,770	2.20	2.20	0.06		47
	19.51	23.2			33,016	2.25	2.25	0.03		49
	18.27	15.3			33,388	2.55	2.55	(0.02	)	45
	15.85	12.7			45,213	2.66	2.67	(0.60	)	81
	14.06	38.0			60,296	3.05	3.07	(1.09	)	92

	19.81	15.5			26,414	2.20	2.20	0.04		47
	19.48	23.1			23,541	2.25	2.25	0.01		49
	18.28	15.3			19,388	2.56	2.56	(0.11	)	45
	15.86	12.8			17,046	2.66	2.67	(0.63	)	81
	14.06	38.0			12,557	3.05	3.07	(1.09	)	92



$	9.06	(6.8	)	$	40,869	1.49	1.49	(0.51	)	51
	11.56	12.7			62,603	1.51	1.51	(0.12	)	36
	12.08	5.7			82,298	1.68	1.68	(0.04	)	39
	13.06	10.8			108,042	1.70	1.70	(0.15	)	26
	11.79	27.6			95,957	1.70	1.84	(0.28	)	30

	8.39	(7.4	)		47,194	2.24	2.24	(1.26	)	51
	10.92	11.9			78,950	2.26	2.26	(0.87	)	36
	11.59	5.0			97,256	2.43	2.43	(0.80	)	39
	12.69	9.9			110,275	2.45	2.45	(0.90	)	26
	11.55	26.6			107,017	2.45	2.59	(1.03	)	30

	8.39	(7.4	)		49,136	2.24	2.24	(1.26	)	51
	10.92	11.9			87,033	2.27	2.27	(0.88	)	36
	11.59	5.0			122,745	2.43	2.43	(0.79	)	39
	12.69	9.9			144,780	2.45	2.45	(0.90	)	26
	11.55	26.6			124,427	2.45	2.59	(1.03	)	30

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Financial Performance


			Income (Loss) from Investment Operations:									Less Distributions:

	Net asset value, beginning of period		Net investment income (loss)(b)			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Total distributions

HARRIS ASSOCIATES LARGE CAP VALUE FUND
Class A
12/31/2007	$	15.49	$	0.05		$	(0.48	)(g)	$	(0.43	)	$	(0.09	)	$	(0.09	)
12/31/2006		13.33		0.06			2.13			2.19			(0.03	)		(0.03	)
12/31/2005		13.37		0.05			(0.08	)		(0.03	)		(0.01	)		(0.01	)
12/31/2004		12.25		0.04			1.08			1.12			—			—
12/31/2003		9.42		0.01			2.82			2.83			—			—
Class B
12/31/2007		14.39		(0.06	)		(0.45	)(g)		(0.51	)		(0.04	)		(0.04	)
12/31/2006		12.48		(0.04	)		1.98			1.94			(0.03	)		(0.03	)
12/31/2005		12.62		(0.04	)		(0.09	)		(0.13	)		(0.01	)		(0.01	)
12/31/2004		11.64		(0.05	)		1.03			0.98			—			—
12/31/2003		9.02		(0.07	)		2.69			2.62			—			—
Class C
12/31/2007		14.37		(0.06	)		(0.45	)(g)		(0.51	)		(0.04	)		(0.04	)
12/31/2006		12.46		(0.04	)		1.98			1.94			(0.03	)		(0.03	)
12/31/2005		12.60		(0.04	)		(0.09	)		(0.13	)		(0.01	)		(0.01	)
12/31/2004		11.63		(0.05	)		1.02			0.97			—			—
12/31/2003		9.01		(0.07	)		2.69			2.62			—			—

NATIXIS U.S. DIVERSIFIED PORTFOLIO
Class A
12/31/2007	$	22.94	$	(0.06	)	$	3.19		$	3.13			—		$	(0.31	)
12/31/2006		20.17		0.04			2.73			2.77			—			—
12/31/2005		18.75		(0.11	)		1.53			1.42			—			—
12/31/2004		16.61		(0.12	)		2.26			2.14			—			—
12/31/2003		12.43		(0.13	)		4.31			4.18			—			—
Class B
12/31/2007		20.33		(0.22	)		2.83			2.61			—			(0.31	)
12/31/2006		18.01		(0.11	)		2.43			2.32			—			—
12/31/2005		16.87		(0.22	)		1.36			1.14			—			—
12/31/2004		15.06		(0.23	)		2.04			1.81			—			—
12/31/2003		11.35		(0.22	)		3.93			3.71			—			—
Class C
12/31/2007		20.36		(0.22	)		2.82			2.60			—			(0.31	)
12/31/2006		18.03		(0.11	)		2.44			2.33			—			—
12/31/2005		16.89		(0.22	)		1.36			1.14			—			—
12/31/2004		15.08		(0.23	)		2.04			1.81			—			—
12/31/2003		11.37		(0.22	)		3.93			3.71			—			—

(a)

A sales charge for Class A shares and Class C (prior to February 1, 2004) shares and a contingent deferred sales charge for Class B and Class C shares are not reflected in total return calculations. Periods less than one year, if applicable, are not annualized.

(b)

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

(c)

(d)

Had certain expenses not been reduced during the period, if applicable, total return would have been lower.


						Ratios to average net assets:

Net asset value, end of period		Total return (%)(a)(d)		Net assets, end of period (000’s)		Net expenses (%)(c)		Gross expenses (%)(f)		Net investment income (loss) (%)		Portfolio turnover rate (%)



$	14.97	(2.9	)	$	172,468	1.28	(h)(i)	1.28	(h)	0.35		30
	15.49	16.5			195,714	1.30		1.30		0.44		23
	13.33	(0.2	)		188,763	1.30		1.46		0.40		39
	13.37	9.1			222,434	1.30		1.49		0.30		27
	12.25	30.0			215,259	1.45		1.62		0.07		30	(e)

	13.84	(3.7	)		23,916	2.04	(h)(i)	2.04	(h)	(0.44	)	30
	14.39	15.6			42,894	2.05		2.07		(0.33	)	23
	12.48	(1.0	)		59,035	2.05		2.21		(0.35	)	39
	12.62	8.4			79,949	2.05		2.24		(0.46	)	27
	11.64	29.1			91,085	2.20		2.37		(0.69	)	30	(e)

	13.82	(3.7	)		15,616	2.04	(h)(i)	2.04	(h)	(0.41	)	30
	14.37	15.6			18,089	2.05		2.06		(0.32	)	23
	12.46	(1.0	)		20,308	2.05		2.21		(0.35	)	39
	12.60	8.3			26,392	2.05		2.24		(0.42	)	27
	11.63	29.1			15,553	2.20		2.37		(0.69	)	30	(e)



$	25.76	13.7		$	407,228	1.47		1.47		(0.24	)	82
	22.94	13.7			393,430	1.46		1.46		0.17		83
	20.17	7.6			386,084	1.73		1.73		(0.57	)	97
	18.75	12.9			392,726	1.87		1.87		(0.71	)	104
	16.61	33.6			354,755	1.99		1.99		(0.94	)	102

	22.63	12.8			119,028	2.21		2.21		(1.00	)	82
	20.33	12.9			147,819	2.22		2.22		(0.60	)	83
	18.01	6.8			174,745	2.48		2.48		(1.32	)	97
	16.87	12.0			223,349	2.62		2.62		(1.50	)	104
	15.06	32.7			272,533	2.74		2.74		(1.69	)	102

	22.65	12.8			47,239	2.22		2.22		(0.99	)	82
	20.36	12.9			46,064	2.22		2.22		(0.59	)	83
	18.03	6.8			48,262	2.48		2.48		(1.32	)	97
	16.89	12.0			58,883	2.62		2.62		(1.48	)	104
	15.08	32.6			60,783	2.74		2.74		(1.69	)	102

(e)

Portfolio turnover excludes the impact of assets as a result of a merger with another fund.

(f)

Represents total expenses prior to advisory fee reduction and/or reimbursement of a portion of the Fund’s expenses, if applicable.

(g)

Includes a litigation payment of $0.02 a share

(h)

Includes expense recapture of 0.00%, 0.02% and 0.01% for Class A, B and C, respectively.

(i)

Effect of voluntary waiver of expenses by adviser was less than 0.005%.

LOGO

Financial Performance


			Income (Loss) from Investment Operations:

	Net asset value, beginning of period		Net investment income (loss)(b)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions from net realized capital gains	Total distributions	Redemption fees(c)

VAUGHAN NELSON SMALL CAP VALUE FUND
Class A
12/31/2007	$	20.90	$	(0.02	)	$	1.23		$	1.21		—	—	$	0.00
12/31/2006		17.69		(0.05	)		3.26			3.21		—	—		0.00
12/31/2005		16.07		(0.08	)		1.70			1.62		—	—		0.00
12/31/2004		13.94		(0.13	)		2.26			2.13		—	—		0.00
12/31/2003		10.05		(0.19	)		4.08			3.89		—	—		—
Class B
12/31/2007		19.19		(0.17	)		1.13			0.96		—	—		0.00
12/31/2006		16.36		(0.20	)		3.03			2.83		—	—		0.00
12/31/2005		14.97		(0.19	)		1.58			1.39		—	—		0.00
12/31/2004		13.08		(0.22	)		2.11			1.89		—	—		0.00
12/31/2003		9.51		(0.26	)		3.83			3.57		—	—		—
Class C
12/31/2007		19.19		(0.17	)		1.14			0.97		—	—		0.00
12/31/2006		16.37		(0.19	)		3.01			2.82		—	—		0.00
12/31/2005		14.98		(0.19	)		1.58			1.39		—	—		0.00
12/31/2004		13.09		(0.22	)		2.11			1.89		—	—		0.00
12/31/2003		9.51		(0.26	)		3.84			3.58		—	—		—

WESTPEAK 130/30 GROWTH FUND
Class A
12/31/2007	$	13.09	$	(0.11	)	$	(0.46	)	$	(0.57	)	—	—	$	0.00
12/31/2006		11.81		(0.07	)		1.35			1.28		—	—		0.00
12/31/2005		11.43		(0.10	)		0.48			0.38		—	—		0.00
12/31/2004		10.87		(0.02	)(g)		0.58			0.56		—	—		0.00
12/31/2003		8.58		(0.08	)		2.37			2.29		—	—		—
Class B
12/31/2007		11.20		(0.18	)		(0.38	)		(0.56	)	—	—		0.00
12/31/2006		10.19		(0.14	)		1.15			1.01		—	—		0.00
12/31/2005		9.94		(0.16	)		0.41			0.25		—	—		0.00
12/31/2004		9.52		(0.09	)(g)		0.51			0.42		—	—		0.00
12/31/2003		7.56		(0.13	)		2.09			1.96		—	—		—
Class C
12/31/2007		11.18		(0.18	)		(0.38	)		(0.56	)	—	—		0.00
12/31/2006		10.17		(0.14	)		1.15			1.01		—	—		0.00
12/31/2005		9.92		(0.16	)		0.41			0.25		—	—		0.00
12/31/2004		9.50		(0.09	)(g)		0.51			0.42		—	—		0.00
12/31/2003		7.56		(0.13	)		2.07			1.94		—	—		—

(a)

(b)

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

(c)

Amount rounds to less than $0.01 per share, if applicable.

(d)

(e)

Represents total expenses prior to advisory fee waiver and/or reimbursement of a portion of the Fund’s expenses, if applicable.


						Ratios to average net assets:

Net asset value, end of period		Total return (%)(a)(f)		Net assets, end of period (000’s)		Net expenses (%)(d)		Gross expenses (%)(e)		Net investment income (loss) (%)		Portfolio turnover rate (%)



$	22.11	5.8		$	103,719	1.49		1.57		(0.11	)	78
	20.90	18.1			85,285	1.59		1.59		(0.28	)	88
	17.69	10.1			58,963	1.92		1.92		(0.47	)	80
	16.07	15.3			45,138	2.01		2.01		(0.89	)	172
	13.94	38.7			45,442	2.33		2.33		(1.69	)	156

	20.15	5.1			25,076	2.24		2.31		(0.84	)	78
	19.19	17.2			32,606	2.37		2.37		(1.10	)	88
	16.36	9.3			38,732	2.66		2.66		(1.24	)	80
	14.97	14.5			54,652	2.76		2.76		(1.65	)	172
	13.08	37.5			55,662	3.08		3.08		(2.44	)	156

	20.16	5.1			21,765	2.24		2.32		(0.85	)	78
	19.19	17.2			18,186	2.35		2.35		(1.04	)	88
	16.37	9.3			13,667	2.67		2.67		(1.23	)	80
	14.98	14.4			13,549	2.76		2.76		(1.63	)	172
	13.09	37.6			12,042	3.08		3.08		(2.44	)	156



$	12.52	(4.4	)	$	40,370	1.56	(i)	1.69	(h)	(0.84	)	143
	13.09	10.8			47,332	1.61		1.62		(0.59	)	126
	11.81	3.3			49,680	1.88		1.88		(0.84	)	132
	11.43	5.2			57,420	1.89		1.89		(0.18	)(g)	121
	10.87	26.7			63,380	1.93		1.93		(0.85	)	107

	10.64	(5.0	)		5,899	2.31	(i)	2.43	(h)	(1.59	)	143
	11.20	9.9			8,599	2.36		2.38		(1.35	)	126
	10.19	2.5			9,864	2.63		2.63		(1.59	)	132
	9.94	4.4			12,916	2.64		2.64		(0.97	)(g)	121
	9.52	25.9			16,485	2.68		2.68		(1.60	)	107

	10.62	(5.0	)		573	2.31	(i)	2.43	(h)	(1.59	)	143
	11.18	9.9			758	2.36		2.38		(1.35	)	126
	10.17	2.5			936	2.63		2.63		(1.59	)	132
	9.92	4.4			1,013	2.64		2.64		(0.94	)(g)	121
	9.50	25.7			1,174	2.68		2.68		(1.60	)	107

(f)

Had certain expenses not been reduced during the period, if applicable, total return would have been lower.

(g)

Includes special one-time distribution from Microsoft Corp. Without this distribution, net investment loss per share would have been $(0.08), $(0.14) and $(0.14) for Class A, Class B and Class C, respectively, and the ratio of net investment loss to average net assets would have been (0.76)%, (1.52)% and (1.51)% for Class A, Class B and Class C, respectively.

(h)

Gross expenses excluding dividend expenses for securities sold short were 1.58%, 2.33% and 2.33% for Class A, Class B and Class C share, respectively.

(i)

Net expenses excluding dividend expenses for securities sold short were 1.45%, 2.21% and 2.20% for Class A, Class B and Class C share, respectively.

Glossary of Terms

American Depositary Receipts (ADRs) — Instruments issued by U.S. banks that represent an interest in equity securities held by arrangement with the bank. These instruments can be either “sponsored” or “unsponsored.” Sponsored depositary receipts are issued by banks in cooperation with the issuer of the underlying equity securities. Unsponsored depositary receipts are arranged without involvement by the issuer of the underlying equity securities.

Bid price — The price a prospective buyer is ready to pay. This term is used by traders who maintain firm bid and offer prices in a given security by standing ready to buy or sell security units at publicly quoted prices.

Bottom-up analysis — The analysis of potential performance of individual stocks before considering the impact of economic trends. Such companies may be identified from research reports, stock screens or personal knowledge of the products and services.

Capital gain distributions — Payments to a Fund’s shareholders of net profits earned from selling securities in a Fund’s portfolio. Capital gain distributions are usually paid once a year.

Credit rating — Independent evaluation of a bond’s creditworthiness. This measurement is usually calculated through an index compiled by companies such as Standard & Poor’s Rating Service, Inc. (“S&P”), Moody’s Investors Service, Inc. (“Moody’s”), or Fitch Investors Services, Inc. (“Fitch”). Bonds with a credit rating of BBB or higher by S&P or Fitch, or Baa or higher by Moody’s, are generally considered investment grade.

Debt-to-Total Capital Ratio — Total debt (current and long-term) divided by total capital (debt and equity). This ratio provides information regarding the extent of a company’s reliance on debt financing. A high ratio indicates a high degree of financial leverage and a high degree of risk.

Derivative — A financial instrument whose value and performance are based on the value and performance of another security or financial instrument.

Discounted price — The difference between a bond’s current market price and its face or redemption value.

Diversification — The strategy of investing in a wide range of securities representing different market sectors to reduce the risk if an individual company or one sector suffers losses.

Dividend yield — The current or estimated annual dividend divided by the market price per share of a security.

Duration — An estimate of how much a bond’s price fluctuates with changes in comparable interest rates.

Earnings growth — A pattern of increasing rates of growth in earnings per share from one period to another, which usually causes a stock’s price to rise.

European Depositary Receipts (EDRs) — Instruments issued by European banks that represent an interest in equity securities held by arrangement with the bank. Sponsored depositary receipts are issued by banks in cooperation with the issuer of the underlying equity securities. Unsponsored depositary receipts are arranged without involvement by the issuer of the underlying equity securities.

FFO Multiple — The price per share of a REIT divided by its Funds from Operations (FFO). The FFO of a REIT is the measure of its operating performance showing its net income plus depreciation of real estate and excluding gains or losses from sales of property or debt restructuring.

Fundamental analysis — An analysis of the balance sheet and income statements of a company in order to forecast its future stock price movements. Fundamental analysis considers records of assets, earnings, sales, products, management and markets in predicting future trends in these indicators of a company’s success or failure. By appraising a company’s prospects, analysts using such an approach assess whether a particular stock or group of stocks is undervalued or overvalued at its current market price.

Global Depositary Receipts (GDRs) — Instruments issued by companies and offered in many markets around the world that represent an interest in equity securities held by arrangement with the bank. Sponsored depositary receipts are issued by banks in cooperation with the issuer of the underlying equity securities. Unsponsored depositary receipts are arranged without involvement by the issuer of the underlying equity securities.

Growth investing — An investment style that emphasizes companies with strong earnings growth. Growth investing is generally considered more aggressive than “value” investing.

Income distributions — Payments to a Fund’s shareholders resulting from the net interest or dividend income earned by a Fund’s portfolio.

Inflation — A general increase in prices coinciding with a fall in the real value of money, as measured by the Consumer Price Index.

Interest rate — Rate of interest charged for the use of money, usually expressed at an annual rate.

Market capitalization — Market price multiplied by number of shares outstanding. Whether a company is considered a: “large”, “medium” or “small” capitalization company for any particular Fund or segment will depend upon the company’s market capitalization at the time of measurement and the index being used and/or the guidelines used by the portfolio manager.

Maturity — The final date on which the payment of a debt instrument (e.g., bonds, notes, repurchase agreements) becomes due and payable. Short-term bonds generally have maturities of up to 5 years; intermediate-term bonds between 5 and 15 years; and long-term bonds over 15 years.

Net assets — A Fund’s assets minus its liabilities. With respect to the Funds that have a policy to invest 80% of their net assets in particular kinds of securities, “net assets” as used in such policies means net assets plus borrowings made for investment purposes.

Net asset value (NAV) per share — The market value of one share of a Fund on any given day without taking into account any front-end sales charge or CDSC. It is determined by dividing a Fund’s total net assets by the number of shares outstanding.

Price-to-book value ratio — Current market price of a stock divided by its book value. Some firms use the inverse ratio for this calculation (i.e., book-to-price ratio).

Price-to-earnings ratio — Current market price of a stock divided by its earnings per share. Also known as the “multiple,” the price-to-earnings ratio gives investors an idea of how much they are paying for a company’s earning power and is a useful tool for evaluating the costs of different securities. The ratio may be calculated using “trailing” earnings or estimates of future (or “forward”) earnings. Some firms use the inverse ratio for this calculation (i.e., earnings-to-price ratio).

Qualitative analysis — An analysis of the qualities possessed by a company, including its management, products and competitive positions, to help determine if the company can execute its strategies.

Return on equity — The amount, expressed as a percentage, earned on a company’s common stock investment for a given period. It is calculated by dividing common stock equity (net worth) at the beginning of the accounting period into net income for the period after preferred stock dividends but before common stock dividends. This tells common shareholders how effectively their money is being employed.

Rule 144A securities — Rule 144A securities are privately offered securities that can be resold only to certain qualified institutional buyers. Rule 144A securities are treated as illiquid, unless a manager has determined, under guidelines established by a Fund’s trustees, that a particular issue of Rule 144A securities is liquid.

Target price — Price that an investor is hoping a stock he or she has just bought will rise to within a specified period of time. An investor may buy XYZ at $20, with a target price of $40 in one year’s time, for instance.

Technical analysis — The research into the demand and supply for securities, options, mutual funds and commodities based on trading volume and price studies. Technical analysis uses charts or computer programs to identify and project price trends in a market, security, mutual fund or futures contract.

Top-down approach — The method in which an investor first looks at trends in the general economy, and next selects industries and then companies that the investor believes should benefit from those trends.

Total return — The change in value of an investment in a Fund over a specific time period expressed as a percentage. Total returns assume all distributions are reinvested in additional shares of a Fund.

Value investing — A relatively conservative investment approach that focuses on companies that may be temporarily out of favor or whose earnings or assets are not fully reflected in their stock prices. Value stocks will tend to have a lower price-to-earnings ratio than growth stocks.

Volatility — The general variability of a portfolio’s value resulting from price fluctuations of its investments. In most cases, the more diversified a portfolio is, the less volatile it will be.

Yield — The rate at which a Fund earns income, expressed as a percentage. Mutual fund yield calculations are standardized, based upon a formula developed by the SEC.

Yield-to-maturity — The concept used to determine the rate of return an investor will receive if a long-term, interest-bearing investment, such as a bond, is held to its maturity date. It takes into account purchase price, redemption value, time to maturity, coupon yield (the interest rate on a debt security the issuer promises to pay to the holder until maturity, expressed as an annual percentage of face value) and the time between interest payments.

If you would like more information about the Funds, the following documents are available free upon request:

Annual and Semiannual Reports — Provide additional information about each Fund’s investments. Each report includes a discussion of the market conditions and investment strategies that significantly affected the Fund’s performance during its last fiscal year.

Statement of Additional Information (SAI) — Provides more detailed information about the Funds and their investment limitations and policies. Each SAI has been filed with the SEC and is incorporated into this Prospectus by reference.

To order a free copy of the Funds’ annual or semiannual reports or their SAI, to request other information about the Funds and to make shareholder inquiries generally, contact your financial representative, or the Funds at:

Natixis Distributors, L.P.,

399 Boylston Street, Boston, MA 02116

Telephone: 800-225-5478

The Funds’ annual and semiannual reports and SAIs are available on the Funds’ website at: www.funds.natixis.com

Important Notice Regarding Delivery of Shareholder Documents:

In our continuing effort to reduce your fund’s expenses and the amount of mail that you receive from us, we will combine mailings of prospectuses, annual or semiannual reports and proxy statements to your household. If more than one family member in your household owns the same fund or funds described in a single prospectus, report or proxy statement, you will receive one mailing unless you request otherwise. Additional copies of our prospectuses, reports or proxy statements may be obtained at any time by calling 800-225-5478. If you are currently receiving multiple mailings to your household and would like to receive only one mailing or if you wish to receive separate mailings for each member of your household in the future, please call us at the telephone number listed above and we will resume separate mailings within 30 days of your request.

Your financial representative or Natixis Funds will also be happy to answer your questions or to provide any additional information that you may require.

Information about the Funds, including their respective reports and SAI, can be reviewed and copied at the Public Reference Room of the SEC in Washington, D.C. Text-only copies of the Funds’ reports and SAI are available free from the EDGAR Database on the SEC’s Internet site at: www.sec.gov. Copies of this information may also be obtained, after paying a duplicating fee, by electronic request at the following E-mail address:

publicinfo@sec.gov, or by writing the SEC’s Public Reference Section, Washington, D.C. 20549-0102.

Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-202-551-8090.

Portfolio Holdings — A description of the Funds’ policies and procedures with respect to the disclosure of each Fund’s portfolio securities is available in the Funds’ SAI.

Natixis Distributors, L.P. (“Natixis Distributors”), and other firms selling shares of Natixis Funds are members of the Financial Industry Regulatory Authority (“FINRA”). As a service to investors, FINRA has asked that we inform you of the availability of a brochure on its Public Disclosure Program. The program provides access to information about securities firms and their

(Investment Company Act File No. 811-04323)

(Investment Company Act File No. 811-00242)

(Investment Company Act File No. 811-07345)

(Investment Company Act File No. 811-09945)

representatives. Investors may obtain a copy by contacting FINRA at 1-800-289-9999 or by visiting its Web site at www.FINRA.org.

Natixis Distributors distributes the Natixis Funds and Loomis Sayles Funds. If you have a complaint concerning Natixis Distributors or any of its representatives or associated persons, please direct it to Natixis Distributors, L.P.,

Attn: Director of Compliance, 399 Boylston Street, Boston, MA 02116 or call us at 617-449-2828.

The following information is not part of the prospectus:

Notice of Privacy Policies and Practices

We ⁽¹⁾ consider shareholder relationships to be the hallmark of our business and are dedicated to protecting the confidentiality of any nonpublic personal information provided by our customers ⁽²⁾. We understand the trust that our customers place in us and are committed to earning that trust well into the future.

Types of Information Gathered

We collect personal information on applications, forms, documents, transaction histories and correspondence (electronic, written and telephonic) with customers. Through our Web sites we gather information about visitors and their needs submitted through answers to surveys, data input to calculators and information entered onto forms. This information includes but is not limited to name, postal address, e-mail address and social security number. Much of the data collected is statistical in nature and is not generally attributable to any specific customer.

How We Use the Information

We use the information gathered to service your account and to provide you with additional information about products and services. We do not disclose any nonpublic information about current or former customers to any unaffiliated third party except as permitted by law, or at the specific request of the customer. The information we collect, as described above, may be shared with our corporate affiliates in the financial services industry in order to enhance and improve customer communications, services, and products designed to meet our customers’ needs. We may disclose some or all of the above information to affiliated and unaffiliated companies that perform marketing and other services (such as preparing and mailing prospectuses, reports and account statements, conducting research on client satisfaction, and gathering votes for shareholder proxies) on our or the Funds’ behalf or to other financial institutions with whom we have joint marketing agreements. These parties that are not affiliated with us have agreed not to use this information for any other purpose.

Policies and Practices to Protect Confidential Information

Only those employees that have a business need for personally identifiable data about our customers are given access to that information. We maintain physical, electronic and procedural safeguards that comply with federal standards to protect your nonpublic personal information. For example, we take precautions to help keep our information systems secure, including the use of firewalls for our Internet-based systems. We also use, when appropriate, encryption technologies, user authentication systems and access control mechanisms.

⁽¹⁾ For purposes of this notice the term “we” includes Natixis Funds, Loomis Sayles Funds, Natixis Distributors, L.P., and their advisory affiliates which include Natixis Asset Management Advisors, L.P., Loomis, Sayles & Company, L.P. and all of their successors.

⁽²⁾ For purposes of this notice, the terms customer or customers include both shareholders of mutual funds in the Natixis Funds, Loomis Sayles Funds and individuals who provide nonpublic personal information, but do not invest in the Funds.

XS51-0508

Natixis Equity Funds


Prospectus		May 1, 2008

Class Y

LOGO

AEW Real Estate Fund

AEW Management and Advisors, L.P.

CGM Advisor Targeted Equity Fund

Capital Growth Management Limited Partnership

Gateway Fund

Gateway Investment Advisers, LLC

Hansberger International Fund

Hansberger Global Investors, Inc.

Harris Associates Large Cap Value Fund

Harris Associates L.P.

Natixis U.S. Diversified Portfolio

BlackRock Investment Management, LLC

Harris Associates L.P.

Loomis, Sayles & Company, L.P.

Vaughan Nelson Small Cap Value Fund

Vaughan Nelson Investment Management, L.P.

For general information on the Funds or any of their services and for assistance in opening an account, contact your financial representative or call Natixis Funds.

Natixis Funds, P.O. Box 219579, Kansas City, MO 64121-9579 • 800-225-5478 • www.funds.natixis.com

Table of Contents

Goals, Strategies & Risks

AEW Real Estate Fund 2

CGM Advisor Targeted Equity Fund 5

Gateway Fund 8

Hansberger International Fund 12

Harris Associates Large Cap Value Fund 15

Natixis U.S. Diversified Portfolio 17

Vaughan Nelson Small Cap Value Fund 22

Fund Fees & Expenses

Fund Fees & Expenses 25

More About Risk

More About Risk 27

Management Team

Meet the Funds’ Investment Advisers and Subadvisers 29

Meet the Funds’ Portfolio Managers 32

Fund Services

Compensation to Securities Dealers 35

It’s Easy to Open an Account 36

Buying Shares 37

Selling Shares 38

Selling Shares in Writing 39

Exchanging Shares 39

Restrictions on Buying, Selling and Exchanging Shares 39

How Fund Shares Are Priced 42

Dividends and Distributions 43

Tax Consequences 44

Financial Performance

Financial Performance 46

Glossary of Terms

Glossary of Terms 50

If you have any questions about any of the terms used in this Prospectus, please refer to the “Glossary of Terms.”

Please see the back cover of this Prospectus for important privacy policy information.

LOGO

Goals, Strategies & Risks

AEW Real Estate Fund


Adviser:		AEW Management and Advisors, L.P. (“AEW”)
Manager:		Matthew A. Troxell
Category:		Mid-Cap Equity


Ticker Symbol:		Class Y
		NRFYX

Investment Goal

The Fund seeks to provide investors with above-average income and long-term growth of capital.

Principal Investment Strategies

When selecting investments for the Fund, AEW generally considers the following factors that it believes help to identify those companies whose shares represent the greatest value and price appreciation potential:

•

Valuation: AEW has developed a proprietary model to assess the relative value of each stock in the Fund’s investment universe. This model is designed to estimate what an issuer’s anticipated cash flows are worth to a stock investor (a capital markets value) and to a direct real estate investor (a real estate value). The model helps AEW to identify stocks that it believes trade at discounts to either or both of these model values relative to similar stocks. AEW will generally sell a security once it is considered overvalued or when AEW believes that there is greater relative value in other securities in the Fund’s investment universe.

•

Price: AEW examines the historic pricing of each company in the Fund’s universe of potential investments. Those stocks that have underperformed in price, either in absolute terms or relative to the Fund’s universe in general, are typically of greater interest, provided AEW can identify and disagree with the sentiment that caused the underperformance.

•

Income: AEW further evaluates companies and REITs by analyzing their dividend yields as well as other factors that influence the sustainability and growth of dividends. These factors include cash flow, leverage and payout ratios.

•

Catalysts: When evaluating a security, AEW also seeks to identify potential catalysts that, in its opinion, could cause the marketplace to re-value the security upwards in the near term. These catalysts can be macro-economic, market-driven or company-specific in nature.

Principal Investment Risks

Management risk: The risk that a strategy used by the Fund’s portfolio managers may fail to produce the intended result.

Market risk: The risk that the market value of a security may move up and down, sometimes rapidly and

Principal Investment Risks - continued

unpredictably, based upon a change in an issuer’s financial condition as well as overall market and economic conditions.

Real Estate Investment Trusts (“REITs”) risk: Because the Fund concentrates its investments in the real estate industry, the Fund’s performance will be dependent in part on the performance of the real estate market and the real estate industry in general. The real estate industry is particularly sensitive to economic downturns. Securities of companies in the real estate industry, including REITs, are sensitive to factors such as changes in real estate values, property taxes, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use and rents, and the management skill and creditworthiness of the issuer. Companies in the real estate industry may also be subject to liabilities under environmental and hazardous waste laws. In addition, the value of a REIT is affected by changes in the value of the properties owned by the REIT or securing mortgage loans held by the REIT. REITs are dependent upon cash flow from their investments to repay financing costs and also on the ability of the REITs’ managers. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund.

For additional information, see the section “More About Risk.”

Evaluating the Fund’s Past Performance

The bar chart shows the Fund's total returns for Class Y shares for each calendar year since its first full year of operations.

Ù Highest Quarterly Return:
Fourth Quarter 2004, up 16.33%

Ú Lowest Quarterly Return:
Fourth Quarter 2007, down 14.42%

The Fund’s Class Y shares total return year-to-date as of March 31, 2008 was 3.36%.

Evaluating the Fund’s Past Performance - continued

The table below shows how the Fund’s average annual total returns (before and after taxes) for the one-year, five-year and since inception periods compare to those of the MSCI US REIT Index, an unmanaged index of the most actively traded real estate investment trusts (REITs), designed to measure real estate equity performance. You may not invest directly in an index. The Fund’s total returns reflect the expenses of the Fund’s Class Y shares. Class Y total returns have also been calculated to reflect return after taxes on distributions only and also return after taxes on distributions and sales of Fund shares. The MSCI US REIT Index returns have not been adjusted for ongoing management, distribution and operating expenses and sales charges applicable to mutual fund investments.



Average Annual Total Returns (for the periods ended December 31, 2007)	Past 1 Year	Past 5 Years	Since Class Inception (8/31/00)
AEW Real Estate Fund Class Y – Return Before Taxes	-18.87%	18.35%	15.96%
Return After Taxes on Distributions*	-21.07%	16.22%	13.70%
Return After Taxes on Distributions & Sales of Fund Shares*	-9.96%	15.54%	13.15%
MSCI US REIT Index**	-16.82%	17.91%	15.37%

* 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 Fund shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of fund shares at the end of the measurement period.

** The returns of the of the index do not reflect a deduction for fees, expenses or taxes. The returns of the index are calculated from September 1, 2000.

For information about Fund expenses, see the section “Fund Fees & Expenses.”

LOGO

Goals, Strategies & Risks

CGM Advisor Targeted Equity Fund


Adviser:		Capital Growth Management Limited Partnership (“CGM”)
Manager:		G. Kenneth Heebner
Category:		Large-Cap Equity


Ticker Symbol:		Class Y
		NEGYX

Investment Goal

The Fund seeks long-term growth of capital through investment in equity securities of companies whose earnings are expected to grow at a faster rate than that of the overall United States economy.

Principal Investment Strategies

In general, CGM seeks companies with the following characteristics, although not all of the companies selected will have these attributes:

Well-established, with records of above-average growth

Promise of maintaining their leadership positions in their respective industries

Likely to benefit from internal revitalization or innovations, changes in consumer demand or basic economic forces

•

It uses a top-down approach, meaning that it analyzes the overall economic factors that may affect a potential investment.

•

CGM’s ultimate decision to purchase a security results from a thorough assessment of all of the information that CGM deems to be relevant at the time of investment.

•

CGM will sell a stock if it determines that its investment expectations are not being met, if better opportunities are identified or if its price objective has been attained.

The Fund may also:

•

Invest a significant portion of its assets in a single industry sector.

•

Invest in foreign securities.

•

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

•

Invest in real estate investment trusts (“REITs”).

•

Engage in active and frequent trading of securities. Frequent trading may produce high transaction costs, which may lower the Fund’s return.

Principal Investment Risks

Equity securities risk: The value of the Fund’s investments in equity securities is subject to the risks of unpredictable declines in the value of individual securities and periods of below-average performance in individual securities or in the equity market as a whole. Equity securities may include common stocks, preferred stocks, warrants, securities convertible into common or preferred stocks and other equity-like interests in an entity. Equity securities may take the form of stock in corporation, limited partnership interests, interests in limited liability companies, real estate investment trusts (REITs) or other trusts and other similar securities. Growth stocks are generally more sensitive to market movements than other types of stocks primarily because their stock prices are based heavily on future expectations.

Focused investment risk: Because the Fund may invest in a small number of industries or securities, it may have more risk because the impact of a single economic,

Principal Investment Risks - continued

political or regulatory occurrence may have a greater adverse impact on the Fund’s net asset value.

Investments in other investment companies risk: The Fund will indirectly bear the management service and other fees of the other investment company in addition to its own expenses.

Management risk: The risk that a strategy used by the Fund’s portfolio managers may fail to produce the intended result.

For additional information, see the section “More About Risk.”

Evaluating the Fund’s Past Performance

The bar chart shows the Fund’s total returns for Class Y shares for each calendar year since its first full year of operations.

Ù Highest Quarterly Return:
Fourth Quarter 2001, up 17.87%

Ú Lowest Quarterly Return:
Third Quarter 2001, down 19.47%

Evaluating the Fund’s Past Performance - continued

The table below shows how the Fund’s average annual total returns (before and after taxes) for the one-year, five-year and since inception periods compare to those of the Standard and Poor’s 500 Index (“S&P 500 Index”), an unmanaged index of U.S. common stocks. You may not invest directly in an index. The Fund’s total returns reflect the expenses of the Fund’s Class Y shares. Class Y total returns have also been calculated to reflect return after taxes on distributions only and also return after taxes on distributions and sales of Fund shares. The S&P 500 Index returns have not been adjusted for ongoing management, distribution and operating expenses and sales charges applicable to mutual fund investments.



Average Annual Total Returns (for the periods ended December 31, 2007)	Past 1 Year	Past 5 Years	Since Class Inception (6/30/99)
CGM Advisor Targeted Equity Fund Class Y – Return Before Taxes	34.75%	22.25%	6.66%
Return After Taxes on Distributions*	31.45%	21.49%	5.20%
Return After Taxes on Distributions & Sales of Fund Shares*	23.64%	19.49%	4.95%
S&P 500 Index**	5.49%	12.83%	2.45%

* 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 Fund shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of fund shares at the end of the measurement period.

** The returns of the index do not reflect a deduction for fees, expenses or taxes. The returns of the index are calculated from July 1, 1999.

For information about Fund expenses, see the section “Fund Fees & Expenses.”

LOGO

Goals, Strategies & Risks

Gateway Fund


Adviser:		Gateway Investment Advisers, LLC “Gateway”
Managers:		J. Patrick Rogers, Paul R. Stewart
Category:		Hedged Equity


Ticker Symbol:		Class Y
		GTEYX

Investment Goal

The Fund seeks to capture the majority of the returns associated with equity market investments, while exposing investors to less risk than other equity investments. The Fund’s investment objective is non-fundamental, which means that it may be changed without shareholder approval. The Fund will provide 60 days’ prior written notice to shareholders before changing the investment goal.

Principal Investment Strategies

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

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

The Fund’s investment strategies are described in more detail below:

The Fund invests in a diversified stock portfolio, generally consisting of approximately 250 to 400 stocks, designed to support the Fund’s index-option based risk management strategy as efficiently as possible while seeking to enhance the Fund’s total return. Gateway uses a multi-factor quantitative model to construct the stock portfolio. The model evaluates approximately 9,000 common stocks traded on the New York Stock Exchange (the “NYSE”), the American Stock Exchange and the NASDAQ Stock Market to construct a portfolio that meets criteria and constraints established by Gateway. Generally, Gateway tries to minimize the difference between the performance of the stock portfolio and that of the index or indexes underlying the Fund’s option strategies while also considering other factors, such as predicted dividend yield. Gateway monitors this difference and the other factors, and rebalances and adjusts the stock portfolio from time to time, by purchasing and selling stocks. Gateway expects the portfolio to generally represent the broad U.S. equity market.

The Fund continuously sells index call options, typically on broad-based securities market indices, on the full value of its broadly diversified stock portfolio. As the seller of the index call option, the Fund receives cash (the “premium”) from the purchaser. The purchaser of an index call option has the right to any appreciation in the value of the index over a fixed price (the “exercise price”) on a certain date in the future (the “expiration date”). If the purchaser does not exercise the option, the Fund retains the premium. If the purchaser exercises the option, the Fund pays the purchaser the difference between the value of the index and the exercise price of the option. The premium, the exercise price and the value of the index

Principal Investment Strategies - continued

determine the gain or loss realized by the Fund as the seller of the index call option. The Fund can also repurchase the call option prior to the expiration date, ending its obligation. In this case, the cost of repurchasing the option compared to the premium received will determine the gain or loss realized by the Fund.

The Fund may buy index put options in an attempt to protect the Fund from a significant market decline over a short period of time. The value of an index put option generally increases as stock prices (and the value of the index) decrease and decreases as those stocks (and the index) increase in price. The Fund may not spend at any time more than 5% of its assets to purchase index put options.

The Fund may invest in foreign securities traded in U.S. markets (through ADRs or stocks sold in U.S. dollars). The Fund may also invest in other investment companies, including money market funds, to the extent permitted by the Investment Company Act of 1940 (the “1940 Act”). The Fund may enter into repurchase agreements and/or hold cash and cash equivalents.

As a temporary defensive measure, the Fund may purchase U.S. government securities, certificates of deposit, commercial paper, bankers’ acceptance, and/or repurchase agreements or hold cash for temporary defensive purposes in response to adverse market, economic or political conditions, or, under normal circumstances, for purposes of liquidity. These investments may prevent the Fund from achieving its investment objective.

Principal Investment Risks

The principal risks of investing in the Fund are described below. There are other circumstances (including non-principal risks that are not described here) which could prevent the Fund from achieving its investment goals. You may lose money by investing in the Fund.

Correlation risk: The effectiveness of the Fund’s index option-based risk management strategy may be reduced if the Fund’s equity portfolio does not correlate to the index underlying its option positions.

Foreign securities risk: The Fund may invest in foreign securities traded in U.S. markets, including through ADRs. Foreign securities are subject to foreign currency fluctuations, higher volatility than U.S. securities and limited liquidity. Political, economic and information risks are also associated with foreign securities. Investments in emerging markets may be subject to these risks to a greater extent than those in more developed markets. The Fund’s investments in foreign securities may be subject to foreign withholding taxes. In that case, the Fund’s yield on those securities would be decreased.

Management risk: The risk that a strategy used by the Fund’s portfolio management may fail to produce the intended result.

Options risk: The value of the Fund’s positions in index options fluctuates in response to changes in the value of the underlying index. Selling index call options reduces the risk of owning stocks, but it limits the opportunity to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option. The Fund also risks losing all or part of the cash paid for purchasing index put options. Unusual market conditions or the lack of a ready market for any particular option at a specific time may reduce the effectiveness of the Fund’s option strategies, and for these and other reasons the Fund’s option strategies may not reduce the Fund’s volatility to the extent desired. The Fund covers index options it has sold by owning and holding a portfolio of stocks equal in value to the aggregate contract price of the index option and that substantially replicates the movement of the index underlying the option. From time to time, the Fund may not own any put options, resulting in an increased exposure to a market decline.

REITs risk: The real estate industry is particularly sensitive to economic downturns. Securities of companies in the real estate industry, including REITs, are sensitive to factors such as changes in real estate values, property taxes, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use and rents, and the management skill and creditworthiness of the issuer. Companies in the real estate industry may also be subject to liabilities under environmental and hazardous waste laws. In addition, the value of a REIT is affected by changes in the value of the properties owned by the REIT or securing mortgage loans held by the REIT. REITs are dependent upon cash flow from their investments to repay financing costs and also on the ability of the REITs’ managers. The Fund will indirectly bear its proportionate share of expenses, including

Principal Investment Risks - continued

management fees, paid by each REIT in which it invests in addition to the expenses of the Fund.

For additional information, see the section “More About Risk.”

Evaluating the Fund’s Past Performance

The bar chart and table shown below 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 with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. The returns shown in the bar chart and table below are for the Fund’s predecessor (the “Predecessor Fund”), a series of Gateway Trust, an Ohio business trust whose assets and liabilities the Fund acquired in a reorganization that occurred in February 2008.

The bar chart below shows the total returns for the Predecessor Fund for each of the last ten calendar years. Shareholders of the Predecessor Fund received Class A shares of the Fund, which are offered in a separate prospectus. The Fund’s Class Y shares were not outstanding during the periods shown. Although the Predecessor Fund’s shares and the Fund’s Class Y shares would have had substantially similar annual returns because the shares would have been invested in the same portfolio of securities, returns for Class Y shares would have been different to the extent their respective expenses differ.

Ù Highest Quarterly Return:
Fourth Quarter 2002, up 9.55%

Ú Lowest Quarterly Return:
Third Quarter 2002, down 8.49%

Evaluating the Fund’s Past Performance - continued

The table below shows how average annual total returns for the Predecessor Fund’s shares (before and after taxes) for the one-year, five-year and ten-year periods compare to those of the Standard and Poor’s 500 Index (“S&P 500 Index”) and the Lehman Aggregate Bond Index. The S&P 500 Index is a popular indicator of the performance of the large capitalization sectors of the U.S. stock market. The Lehman Aggregate Bond Index is an unmanaged index of investment-grade bonds with one- to ten-year maturities issued by the U.S. government, its agencies and U.S. corporations. You cannot invest directly in an index.

The total returns reflect expenses of the Predecessor Fund’s shares. Total returns for the Predecessor Fund’s shares have also been calculated to reflect return after taxes on distributions only and return after taxes on distributions and sales of the shares. The S&P 500 Index and Lehman Aggregate Bond Index returns have not been adjusted for ongoing management, distribution and operating expenses applicable to mutual fund investments. The Fund’s Class Y shares were not outstanding during the periods shown. The average annual total returns for Class Y would have been different than the Predecessor Fund’s shares returns shown in the table to the extent their respective expenses differ.



Average Annual Total Returns (for the periods ended December 31, 2007)	Past 1 Year	Past 5 Years	Past 10 Years
Predecessor Fund
Return Before Taxes	7.94%	8.23%	6.31%
Return After Taxes on Distributions*	7.23%	7.68%	5.74%
Return After Taxes on Distributions & Sales of Fund Shares*	5.15%	6.80%	5.22%
S&P 500 Index**	5.49%	12.83%	5.91%
Lehman Aggregate Bond Index**	6.97%	4.42%	5.97%

*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-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual retirement accounts. The returns are shown for only one class of the Predecessor Fund. After-tax returns for the other classes of the Fund will vary. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

** The returns of each index do not reflect a deduction for fees, expenses or taxes.

LOGO

Goals, Strategies & Risks

Hansberger International Fund


Adviser:		Natixis Asset Management Advisors, L.P. (“Natixis Advisors”)
Subadviser:		Hansberger Global Investors, Inc. (“Hansberger”)

Managers:

Growth Segment: Trevor Graham,
Barry A. Lockhart, Patrick H. Tan, Thomas R.H. Tibbles

Value Segment: Ronald Holt, Lauretta Reeves

Category:

International Equity

Investment Goal

The Fund seeks long-term growth of capital. The Fund’s investment goal may be changed without shareholder approval.

Principal Investment Strategies

The Fund may also:

•

Invest in convertible preferred stock and convertible debt securities.

•

Invest up to 35% of its assets in fixed-income securities, including government bonds as well as lower-quality debt securities.

•

Invest in real estate investment trusts (“REITs”).

•

Engage in active and frequent trading of securities. Frequent trading may produce high transaction costs and a high level of taxable capital gains, which may lower the Fund’s return.

High secular growth

Superior profitability

Medium to large capitalizations, although there are no limitations on the size of the companies in which the segment may invest

In making investment decisions, Hansberger generally employs the following methods:

•

Securities are selected on the basis of fundamental company-by-company analysis.

•

In choosing equity instruments, Hansberger will typically will focus on the market price of a company’s securities relative to its evaluation of the company’s long-term earnings and cash flow potential.

•

In addition, a company’s valuation measures, including but not limited to price-to-earnings ratio and price-to-book ratio, will customarily be considered.

•

Hansberger seeks to control portfolio risk through top-down geographic and sector allocation.

Hansberger generally sells a security if its price target is met, the company’s fundamentals change, or if the portfolio is fully invested and a better investment opportunity arises.

Value Segment: In managing this segment, Hansberger employs an intensive fundamental approach to selecting stocks. Hansberger seeks to identify stocks with a market value that is believed to be less than a company’s intrinsic value, based on its long-term potential. Hansberger’s investment approach integrates extensive research (both internal and external), proprietary valuation screens, and fundamental analysis of stocks with a long-term investment perspective. This analysis involves evaluating a company’s prospects by focusing on such factors as the quality of a company’s management, the competitive position of a company within its industry, the financial strength of the company, the quality and growth potential of its earnings, and the outlook for the company’s future based on these and other similar factors. Hansberger will also consider other factors in its analysis, including country and political risks as well as economic and market conditions.

Principal Investment Strategies - continued

Hansberger seeks to broaden the scope and increase the effectiveness of its fundamental analysis by searching for undervalued stocks in many countries around the world, including emerging markets. This global search provides Hansberger with more diverse opportunities and with the flexibility to shift portfolio investments, not only from company to company and industry to industry, but also from country to country, in search of undervalued stocks. Hansberger’s objective is to identify undervalued securities, to hold them for the long term, and to achieve long-term capital growth as the marketplace realizes the value of these securities over time. Hansberger expects to typically invest in 70 to 80 stocks (for this segment), across a broad spectrum of market capitalizations. In terms of both industry representation and capitalization, the segment’s holdings may differ significantly from those of the typical international equity fund. A stock is generally sold when its share price rises above sell target and superior alternatives are found. Additionally, when selling a stock, Hansberger may take into account the issuer’s structural company and industry specific factors, changes in shareholder orientation (for example, a shift from treating all shareholders fairly to disadvantaging minority shareholders), and the company’s management.

Principal Investment Risks

Management risk: The risk that a strategy used by the Fund’s portfolio managers may fail to produce the intended result.

For additional information, see the section “More About Risk.”

Evaluating the Fund's Past Performance

Because the Fund did not have Class Y shares outstanding during the periods shown, the returns shown in the bar chart and average annual total returns table below are those of the Fund’s Class A shares, which are not offered in this prospectus. The bar chart shows the Fund’s total returns for Class A shares for each of the last ten calendar years. Class Y shares would have substantially similar returns because they are invested in the same portfolio of securities as Class A shares and would only differ to the extent the classes do not have the same expenses. The Class Y returns may be higher than the returns of Class A shares because Class A shares are subject to sales charges and higher expenses.

Ù Highest Quarterly Return:
Fourth Quarter 1999, up 24.05%

Ú Lowest Quarterly Return:
Third Quarter 2002, down 20.60%

The table below shows how the average annual total returns for Class A shares of the Fund (before and after taxes) for the one-year, five-year and ten-year periods compare to those of the Morgan Stanley Capital International Europe Australasia and Far East Index (“MSCI EAFE Index”), an unmanaged index designed to measure developed market equity performance, excluding the United States and Canada and the Morgan Stanley Capital International All Country World Index ex-U.S. (“MSCI ACWI ex-U.S. Index”), an unmanaged index designed to measure equity market performance in developed and emerging markets, excluding the United States. The MSCI EAFE Index is the Fund’s primary benchmark. You may not invest directly in an index. The Fund’s total returns reflect its expenses and the maximum sales charge that you may be required to pay when you buy or redeem the Fund’s shares. Class A total returns have also been calculated to reflect returns after taxes on distributions only and also returns after taxes on distributions and sales of Fund shares. The MSCI EAFE Index and MSCI ACWI ex-U.S. Index returns have not been adjusted for ongoing management, distribution and operating expenses and sales charges applicable to mutual fund investments.



Average Annual Total Returns (for the periods ended December 31, 2007)	Past 1 Year	Past 5 Years	Past 10 Years
Hansberger International Fund Class A – Return Before Taxes	9.70%	20.08%	9.09%
Return After Taxes on Distributions*	7.46%	18.94%	7.80%
Return After Taxes on Distributions & Sales of Fund Shares*	8.45%	17.50%	7.44%
MSCI EAFE Index**	11.63%	22.08%	9.04%
MSCI ACWI ex-U.S. Index**	17.12%	24.52%	10.09%

* 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 Fund shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of fund shares at the end of the measurement period.

** The returns of each index do not reflect a deduction for fees, expenses or taxes.

For information about Fund expenses, see the section “Fund Fees & Expenses.”

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Goals, Strategies & Risks

Harris Associates Large Cap Value Fund


Adviser:		Natixis Asset Management Advisors, L.P. (“Natixis Advisors”)
Subadviser:		Harris Associates L.P. (“Harris Associates”)
Managers:		Edward S. Loeb, Michael J. Mangan and Diane L. Mustain


Category:		Large-Cap Equity
Ticker Symbol:		Class Y
		NEOYX

Investment Goal

The Fund seeks opportunities for long-term capital growth and income. The Fund’s investment goal may be changed without shareholder approval.

Principal Investment Strategies

The Fund may also:

•

Engage in active and frequent trading of securities. Frequent trading may produce high transaction costs, which may lower the Fund’s return.

As a temporary defensive measure, the Fund may hold any portion of its assets in cash and/or invest in money market instruments or high quality debt securities as the subadviser deems appropriate. The Fund may miss certain investment opportunities if it uses defensive strategies and thus may not achieve its investment goal.

Principal Investment Risks

Equity securities risk: The value of the Fund’s investments in equity securities is subject to the risks of unpredictable declines in the value of individual securities and periods of below-average performance in individual securities or in the equity market as a whole. Value stocks present the risk that they may fall out of favor with investors and underperform growth stocks during any given period. Equity securities may include common stocks, preferred stocks, warrants, securities convertible into common or preferred stocks and other equity-like interests in an entity. Equity securities may take the form of stock in corporation, limited partnership interests, interests in limited liability companies, real estate investment trusts (REITs) or other trusts and other similar securities.

Management risk: The risk that a strategy used by the Fund’s portfolio managers may fail to produce the intended result.

For additional information, see the section “More About Risk.”

Evaluating the Fund’s Past Performance

The bar chart and table shown below 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 since inception periods compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. The Fund’s current subadviser assumed that function on July 1, 2002. The performance results shown below, for periods prior to July 1, 2002, reflect results achieved by different subadvisers under different investment strategies. The Fund’s performance might have been different had the current subadvisory arrangements and investment strategies been in place for all periods shown.

The bar chart shows the Fund’s total returns for Class Y shares for each calendar year since its first full year of operations.

Ù Highest Quarterly Return:
Second Quarter 2003, up 20.20%

Ú Lowest Quarterly Return:
Third Quarter 2001, down 16.94%

The table below shows how the Fund’s average annual total returns (before and after taxes) for the one-year, five-year and since inception periods compare to those of the Russell 1000 Value Index, an unmanaged index measuring the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. You may not invest directly in an index. The Fund’s total returns reflect the expenses of the Fund’s Class Y shares. Class Y total returns have also been calculated to reflect return after taxes on distributions only and also return after taxes on distributions and sales of Fund shares. The Russell 1000 Value Index returns have not been adjusted for ongoing management, distribution and operating expenses applicable to mutual fund investments.



Average Annual Total Returns (for the periods ended December 31, 2007)	Past 1 Year	Past 5 Years	Since Class Inception (11/18/98)
Harris Associates Large Cap Value Fund Class Y – Return Before Taxes	-2.59%	10.29%	2.43%
Return After Taxes on Distributions*	-2.73%	10.25%	1.79%
Return After Taxes on Distributions & Sales of Fund Shares*	-1.50%	8.98%	1.78%
Russell 1000 Value Index**	-0.17%	14.63%	7.16%

* 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 Fund shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529, plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of fund shares at the end of the measurement period.

** The returns of the index do not reflect a deduction for fees, expenses or taxes. The returns of the index are calculated from December 1, 1998.

For information about Fund expenses, see the section “Fund Fees and Expenses”.

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Goals, Strategies & Risks

Natixis U.S. Diversified Portfolio


Adviser:		Natixis Asset Management Advisors, L.P. (“Natixis Advisors”)
Subadvisers:		BlackRock Investment Management, LLC (“BlackRock”), Harris Associates L.P. (“Harris Associates”) and Loomis, Sayles & Company, L.P. (“Loomis Sayles”)


Category:		All-Cap Equity
Ticker Symbol:		Class Y
		NESYX

Investment Goal

The Fund seeks long-term growth of capital. The Fund’s investment goal may be changed without shareholder approval.

Principal Investment Strategies

The Fund may also:

•

Invest in securities offered in initial public offerings (“IPOs”) and Rule 144A securities.

•

Invest in convertible preferred stock and convertible debt securities.

•

Invest in real estate investment trusts (“REITs”).

•

Invest in fixed-income securities, including U.S. government bonds and lower-quality corporate bonds.

•

Hold securities of foreign issuers traded over the counter or on foreign exchanges, including securities in emerging markets and related currency hedging transactions.

•

Invest in options and enter into futures, swap contracts and currency transactions.

•

Engage in active and frequent trading of securities. Frequent trading may produce high transaction costs, which may lower the Fund’s return.

For more detailed information on each subadviser’s investment strategies, please refer to the section “Natixis U.S. Diversified Portfolio — More on Investment Strategies.”

Principal Investment Risks

Principal Investment Risks - continued

individual securities or in the equity market as a whole. Securities issued in initial public offerings (“IPOs”) tend to involve greater market risk than other equity securities due, in part, to public perception and the lack of publicly available information and trading history. This may impact the Fund’s performance and result in higher portfolio turnover, which may increase the tax liability to shareholders and the brokerage expenses incurred by the Fund. Rule 144A securities may be less liquid than other equity securities. Small capitalization and emerging growth companies may be subject to more abrupt price movements, limited markets and less liquidity than larger, more established companies which could adversely affect the value of the Fund’s portfolio. Growth stocks are generally more sensitive to market movements than other types of stocks primarily because their stock prices are based heavily on future expectations. Growth stocks may underperform value stocks during any given period. Value stocks present the risk that they may fall out of favor with investors and underperform growth stocks during any given period. Equity securities may include common stocks, preferred stocks, warrants, securities convertible into common or preferred stocks and other equity-like interests in an entity. Equity securities may take the form of stock in corporation, limited partnership interests, interests in limited liability companies, real estate investment trusts (REITs) or other trusts and other similar securities.

Management risk: The risk that a strategy used by the Fund’s portfolio managers may fail to produce the intended result.

For additional information, see the section “More About Risk.”

Evaluating the Fund's Past Performance

The bar chart and table shown below 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 with those of several broad measures of market performance. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. The Fund uses multiple subadvisers. The performance results shown below reflect results achieved by previous subadvisers using different investment strategies. The Fund’s performance might have been different had the current subadvisory arrangements and investment strategies been in place for all periods shown.

The bar chart shows the Fund's total returns for Class Y shares for each of the last ten calendar years.

Ù Highest Quarterly Return:
Fourth Quarter 1999, up 31.02%

Ú Lowest Quarterly Return:
Third Quarter 2002, down 17.18%

The table below shows how the Fund’s average annual total returns (before and after taxes) for the one-year, five-year and ten-year periods compare to those of the Standard and Poor’s 500 Index (“S&P 500 Index”) an unmanaged index of U.S. common stocks, the Dow Jones Wilshire 4500 Index, an unmanaged index of 4,500 mid- and small-sized companies; and the Standard & Poor’s MidCap 400 Index (“S&P MidCap 400 Index”), an unmanaged index of U.S. mid-sized companies. You may not invest directly in an index. The Fund's total returns reflect the expenses of the Fund’s Class Y shares. Class Y total returns have also been calculated to reflect returns after taxes on distributions only and also returns after taxes on distributions and sales of Fund shares. The S&P 500 Index, Dow Jones Wilshire 4500 Index and S&P MidCap 400 Index returns have not been adjusted for ongoing management, distribution and operating expenses applicable to mutual fund investments.



Average Annual Total Returns (for the periods ended December 31, 2007)	Past 1 Year	Past 5 Years	Past 10 Years
Natixis U.S. Diversified Portfolio Class Y – Return Before Taxes	14.02%	16.52%	8.46%
Return After Taxes on Distributions*	13.83%	16.48%	7.22%
Return After Taxes on Distributions & Sales of Fund Shares*	9.37%	14.59%	6.71%
S&P 500 Index**	5.49%	12.83%	5.91%
Dow Jones Wilshire 4500 Index**	5.78%	18.20%	7.86%
S&P MidCap 400 Index**	7.98%	16.20%	11.19%

* 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 Fund shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of fund shares at the end of the measurement period.

** The returns of each index do not reflect a deduction for fees, expenses or taxes.

For information about Fund expenses, see the section “Fund Fees & Expenses.”

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Goals, Strategies & Risks

Natixis U.S. Diversified Portfolio – More on Investment Strategies

BlackRock

Market capitalizations of any size with emphasis on capitalizations greater than $2 billion

Above-average rates of earnings growth. Some, but not all of the factors that may contribute to above-average rates of earnings growth include:

—

Above-average growth rates in sales

—

Improvements in profit margins

—

Providing proprietary or niche products and services

—

Strong industry growth

—

A lead in market share

The segment may also invest in the securities of foreign companies, either directly or indirectly through depositary receipts, as well as securities convertible into securities of foreign companies.

In making investment decisions, BlackRock generally employs the following methods:

•

Investment ideas are generated through company visits, financial reports, external research and extensive in-house analysis.

•

The investment process assesses industry momentum and cycles as well as corporate revenue and earnings growth.

•

Harris Associates

The segment of the Fund managed by Harris Associates will invest primarily in the common stocks of large- and mid-capitalization companies that Harris Associates believes are trading at a substantial discount to the company’s “true business value.” Harris Associates’ value- oriented investment philosophy is based upon its belief that over time a stock’s discounted market price and its true business value will converge. Harris Associates believes that this philosophy provides the best opportunity to achieve long-term capital growth while also protecting from downside risk. It therefore uses this philosophy to locate companies with the following characteristics, although not all of the companies selected by Harris Associates will have each of these attributes:

Stock selling at less than 60% of its intrinsic value

Favorable intrinsic value growth potential

Owner-oriented management

In making investment decisions, Harris Associates generally employs the following methods:

•

Loomis Sayles – Mid Cap Growth segment

Distinctive products, technologies or services

Attractive valuation relative to both competitors and their own operating history

Strong management team

Loomis Sayles – Mid Cap Growth segment - continued

Competitive barriers to entry within the company’s industry

In making investment decisions, Loomis Sayles employs the following methods:

•

Loomis Sayles will generally sell a position if earnings or fundamentals deteriorate, if there is significant change in management or when more favorable opportunities arise.

Loomis Sayles – Small Cap Value segment

Attractive valuations

Positive free cash flow

Strong balance sheets

Strong fundamental prospects

In making investment decisions, Loomis Sayles generally employs the following methods:

•

Loomis Sayles builds a diversified portfolio across many economic sectors in an attempt to protect the value segment of the Fund against the inherent volatility of small capitalization companies.

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Goals, Strategies & Risks

Vaughan Nelson Small Cap Value Fund


Adviser:		Natixis Asset Management Advisors, L.P. (“Natixis Advisors”)
Subadviser:		Vaughan Nelson Investment Management, L.P. (“Vaughan Nelson”)
Managers:		Chris D. Wallis and Scott J. Weber


Category:		Small-Cap Equity
Ticker Symbol:		Class Y
		NEJYX

Investment Goal

The Fund seeks capital appreciation. The Fund’s investment goal may be changed without shareholder approval.

Principal Investment Strategies

•

Companies earning a positive economic margin with stable-to-improving returns

•

Companies valued at a discount to their asset value

•

Companies with an attractive dividend yield and minimal basis risk

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

Vaughan Nelson uses fundamental analysis to construct a portfolio of 60 to 80 securities consisting of quality companies in the opinion of Vaughan Nelson.

Vaughan Nelson will generally sell a stock when it reaches Vaughan Nelson's price target, when the issuer shows a deteriorating financial condition, or when it has repeated negative earnings surprises.

The Fund may also:

•

Invest in convertible preferred stock and convertible debt securities.

•

Invest up to 35% of its assets in fixed-income securities, including U.S. government bonds as well as lower quality debt securities.

•

Invest in foreign securities, including those of emerging markets.

•

Invest in real estate investment trusts (“REITs”).

•

Invest in securities offered in initial public offerings (“IPOs”).

•

Engage in active and frequent trading of securities. Frequent trading may produce high transaction costs, which may lower the Fund’s return.

Principal Investment Risks

Equity securities risk: The value of the Fund’s investments in equity securities is subject to the risks of unpredictable declines in the value of individual securities and periods of below-average performance in individual securities or in the equity market as a whole. Securities issued in IPOs tend to involve greater market risk than other equity securities due, in part, to public perception and the lack of publicly available information and trading history. This may impact the Fund’s performance and result in higher portfolio turnover, which may increase the tax liability to shareholders and the brokerage expenses incurred by the Fund. Small capitalization and emerging growth companies may be subject to more abrupt price movements, limited markets and less liquidity than larger, more established companies which could

Principal Investment Risks - continued

adversely affect the value of the Fund’s portfolio. Value stocks present the risk that they may fall out of favor with investors and underperform growth stocks during any given period. Equity securities may include common stocks, preferred stocks, warrants, securities convertible into common or preferred stocks and other equity-like interests in an entity. Equity securities may take the form of stock in corporation, limited partnership interests, interests in limited liability companies, real estate investment trusts (REITs) or other trusts and other similar securities.

Management risk: The risk that a strategy used by the Fund’s portfolio managers may fail to produce the intended result.

Small-cap companies risk: Small-cap companies tend to have more limited markets and resources, and less liquidity, than companies with larger market capitalizations. Consequently, share prices of small-cap companies can be more volatile than, and perform differently from, larger company stocks.

For additional information, see the section “More About Risk.”

Evaluating the Fund's Past Performance

The bar chart and table shown below give an indication of the risks of investing in the Fund by showing the Fund’s performance during the most recent calendar year and by showing how the Fund’s average annual returns for the one-year, and since inception periods compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.

Ù Highest Quarterly Return:
Second Quarter 2007, up 6.14%

Ú Lowest Quarterly Return:
Fourth Quarter 2007, down 2.16%

The table below shows how the Fund’s average annual total returns (before and after taxes) for the one-year and since inception periods compare to those of the Russell 2000 Value Index, an unmanaged index measuring the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. You may not invest directly in an index. The Fund’s total returns reflect its expenses and the maximum sales charge that you may be required to pay when you buy or redeem the Fund’s shares. Class Y total returns have also been calculated to reflect returns after taxes on distributions only and also returns after taxes on distributions and sales of Fund shares. The Russell 2000 Value Index returns have not been adjusted for ongoing management, distribution and operating expenses applicable to mutual fund investments.



Average Annual Total Returns (for the periods ended December 31, 2007)	Past 1 Year	Since Class Inception (8/31/06)
Vaughan Nelson Small Cap Value Fund Class Y – Return Before Taxes	6.12%	12.25%
Return After Taxes on Distributions*	6.12%	12.25%
Return After Taxes on Distributions & Sales of Fund Shares*	3.98%	10.44%
Russell 2000 Value Index**	-9.78%	-0.50%

* 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 Fund shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts, such as 529 plans, or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of fund shares at the end of the measurement period.

** The returns of the index do not reflect a deduction for fees, expenses or taxes. The returns of the index are calculated from September 1, 2006.

For information about Fund expenses, see the section “Fund Fees & Expenses.”

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Fund Fees & Expenses

The following tables describe the fees and expenses that you may pay if you buy and hold shares of each Fund.

Shareholder Fees

(fees paid directly from your investment)


		Class Y
Maximum sales charge (load) imposed on purchases		None
Maximum deferred sales charge (load)		None
Redemption fees		None*

Generally, a transaction fee will be charged for expedited payment of redemption proceeds of $5.50 for wire transfers or $20.50 for overnight delivery. These fees are subject to change.

Annual Fund Operating Expenses

(expenses that are deducted from Fund assets, as a percentage of average daily net assets)


	AEW Real Estate Fund¹		CGM Advisor Targeted Equity Fund		Gateway Fund^2, 3, 4		Hansberger International Fund
	Class Y		Class Y		Class Y		Class Y
Management fees	0.80%		0.70%		0.65%		0.80%
Other expenses	0.29%	†	0.20%	†	0.11%	†	0.40%	†
Total annual fund operating expenses	1.09%		0.90%		0.76%		1.20%
Less: Fee reduction and/or expense reimbursement	0.00%		0.00%		0.06%		0.00%
Net Expenses	1.09%		0.90%		0.70%		1.20%
	Harris Associates Large Cap Value Fund⁵		Natixis U.S. Diversified Portfolio		Vaughan Nelson Small Cap Value Fund⁶
	Class Y		Class Y		Class Y
Management fees	0.69%		0.90%		0.90%
Other expenses	0.22%	†	0.22%	†	0.29%	†
Total annual fund operating expenses	0.91%		1.12%		1.19%
Less: Fee reduction and/or expense reimbursement	0.00%		0.00%		0.00%
Net expenses	0.91%		1.12%		1.19%

†

AEW has given a binding contractual undertaking to this Fund to limit the amount of the Fund’s total annual fund operating expenses, exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expense, taxes and organizational and extraordinary expenses, such as litigation and indemnification expenses, to 1.25% of the Fund’s average daily net assets for Class Y shares. This undertaking is in effect through April 30, 2009, and is reevaluated on an annual basis.

Natixis Asset Management Advisors, L.P. (“Natixis Advisors”) has contractually agreed to limit its administrative services fees attributable to the Fund for two years following the Acquisition (through February 18, 2010) to an amount not to exceed on an annual basis $300,000 plus the sub-administration expenses attributable to the Fund. This limitations represents 0.04% of the 0.06% shown in the table as the Fee Reduction and/or Expense Reimbursement.

“Other expenses” are based on the service provider arrangements that are in place following the Reorganization and include administrative services fees. The Fund does not expect to incur any interest expense in the upcoming fiscal year.

Gateway has given a binding contractual undertaking to this Fund to limit the amount of the Fund’s total annual fund operating expenses, exclusive of brokerage expenses, interest expense, taxes and organizational and extraordinary expenses, such as litigation and indemnification expenses, to 0.70% of the Fund’s average daily net assets for Class Y shares. This undertaking is in effect through April 30, 2010 and may be terminated only with the consent of the Fund’s board of trustees; however, the board of trustees does not intend to terminate this undertaking.

Natixis Advisors has given a binding contractual undertaking to this Fund to limit the amount of the Fund’s total annual fund operating expenses, exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expense, taxes and organizational and extraordinary expenses, such as litigation and indemnification expenses, to 1.05% of the Fund’s average daily net assets for Class Y shares. This undertaking is in effect through April 30, 2009, and is reevaluated on an annual basis.

Natixis Advisors has given a binding contractual undertaking to this Fund to limit the amount of the Fund’s total annual fund operating expenses, exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expense, taxes and organizational and extraordinary expenses, such as litigation and indemnification expenses, to 1.20% of the Fund’s average daily net assets for Class Y shares. This undertaking is in effect through April 30, 2009, and is reevaluated on an annual basis.

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Fund Fees & Expenses (continued)

Annual Fund Operating Expenses - continued

A Fund’s Adviser will be permitted to recover, on a class by class basis, management fees reduced and/or expenses (except for any Gateway Fund administrative fees waived by Natixis Asset Management Advisors, L.P.) it has borne through the undertakings described above to the extent that a class’ expenses in later periods fall below the annual rates set forth in the relevant undertaking. A class will not be obligated to pay any such deferred fees and expenses more than one year after the end of the fiscal year in which the fee/expense was deferred.

Example

The example assumes that:

•

You invest $10,000 in a Fund for the time periods indicated and then redeem all of your shares at the end of those periods;

•

Your investment has a 5% return each year;

•

The Fund’s operating expenses remain the same; and

•

All dividends and distributions are reinvested.

Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:


	AEW Real Estate Fund		CGM Advisor Targeted Equity Fund		Gateway Fund		Hansberger International Fund
	Class Y		Class Y		Class Y		Class Y
1 year	$	111	$	92	$	72	$	122
3 years	$	347	$	287	$	231	$	381
5 years	$	601	$	498	$	410	$	660
10 years	$	1,329	$	1,108	$	931	$	1,455

	Harris Associates Large Cap Value Fund		Natixis U.S. Diversified Portfolio		Vaughan Nelson Small Cap Value Fund
	Class Y		Class Y		Class Y
1 year	$	93	$	114	$	121
3 years	$	290	$	356	$	378
5 years	$	504	$	617	$	654
10 years	$	1,120	$	1,363	$	1,443

The example is based on Net Expenses for a two-year period for the Gateway Fund and on the Total Annual Fund Operating Expenses for the remaining periods. The example is based on Total Annual Fund Operating Expenses for the other Funds for all periods.

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More About Risk

Correlation Risk (All Funds except AEW Real Estate Fund) The risk that changes in the value of a hedging instrument will not match those of the asset being hedged.

Credit Risk (All Funds) The risk that the issuer of a security, or the counterparty to a contract, will default or otherwise be unwilling or unable to honor a financial obligation. Funds that invest in securities rated below investment -grade quality (i.e., below a rating of Baa by Moody’s, or below BBB by S&P or Fitch), or that are unrated but judged to be of comparable quality by the Fund’s adviser, are subject to greater credit risk than funds that do not invest in such securities.

Currency Risk (All Funds except AEW Real Estate and Harris Associates Large Cap Value Funds) The risk that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment.

Extension Risk (AEW Real Estate, Natixis U.S. Diversified Portfolio, Hansberger International and Vaughan Nelson Small Cap Value Funds) The risk that an unexpected rise in interest rates will extend the life of a mortgage- or asset-backed security beyond the expected prepayment time, typically reducing the security’s value.

Foreign Risk (All Funds) The risk associated with investments in issuers located in foreign countries. A Fund’s investments in foreign securities may experience more rapid and extreme changes in value than investments in securities of U.S. companies. In the event of a nationalization, expropriation or other confiscation, a Fund that invests in foreign securities could lose its entire investment. When a Fund invests in securities from issuers located in countries with emerging markets, it may face greater foreign risk since emerging market countries may be more likely to experience political and economic instability. A Fund’s investment in foreign securities may be subject to foreign withholding taxes. In that case, the Fund’s yield on those securities would be decreased.

Leverage Risk (All Funds except AEW Real Estate Fund) The risk associated with securities or practices (e.g., borrowing) that multiply small index or market movements into larger changes in value. When a derivative security (a security whose value is based on another security, currency, index or other instrument) is used as a hedge against an offsetting position that a Fund also holds, any loss generated by the derivative security should be substantially offset by gains on the hedged instrument, and vice versa. To the extent that a Fund uses a derivative security for purposes other than as a hedge, or, if a Fund hedges imperfectly, that Fund is directly exposed to the risks of that derivative security, and any loss generated by the derivative security will not be offset by a gain. Structured notes may be considered derivative securities and may be subject to this type of risk.

Opportunity Risk (All Funds) The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are invested in less profitable investments.

Options, Futures, Swap Contracts and Other Derivatives Risks (All Funds, except AEW Real Estate Fund) A Fund may use derivatives, which are financial contracts whose

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More About Risk (continued)

value depends upon or is derived from the value of an underlying asset, currency, reference rate, or index. These transactions are subject to changes in the underlying security or groups of securities, index or other currency instrument or rate on which such transactions are based. It is important to note that even a small investment in these types of derivative instruments may give rise to leverage risk and can have a significant impact on a Fund’s exposure to stock market values, interest rates or currency exchange rates. These types of transactions will be used primarily for hedging purposes, including anticipatory hedging.

Political Risk (All Funds) The risk of losses directly attributable to government or political actions.

Valuation Risk (All Funds) The risk that a Fund has valued certain securities at a higher price than the price at which they can be sold.

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Management Team

Meet the Funds’ Investment Advisers and Subadvisers

The Natixis Funds family (as defined below) currently includes 24 mutual funds. The Natixis Funds family had combined assets of $19.0 billion as of December 31, 2007. Natixis Funds are distributed through Natixis Distributors, L.P. (the “Distributor”). This Prospectus covers Class Y shares of the Natixis Equity Funds (the “Funds” or each a “Fund”), which, along with the Natixis Income and Tax-Free Income Funds, Natixis Diversified Portfolios, Loomis Sayles Global Markets Fund, Loomis Sayles Growth Fund, Loomis Sayles Research Fund, Loomis Sayles Value Fund, Loomis Sayles Strategic Income Fund, Natixis Cash Management Trust — Money Market Series (the “Money Market Fund”) and Gateway Fund constitute the “Natixis Funds.”

Advisers

Natixis Advisors, located at 399 Boylston Street, Boston Massachusetts 02116, serves as the adviser to each of the Funds, except for AEW Real Estate Fund (for which AEW serves as adviser) CGM Advisor Targeted Equity Fund (for which CGM serves as adviser) and the Gateway Fund (for which Gateway serves as adviser). Natixis Advisors is a subsidiary of Natixis Global Asset Management, L.P. (“Natixis US”) (formerly IXIS Asset Management US Group), which is part of Natixis Global Asset Management (formerly IXIS Asset Management Group), an international asset management group based in Paris, France. Natixis Global Asset Management is ultimately owned principally by three large French financial service entities: Natixis, an investment banking and financial services firm which is publicly traded on Euronext in Paris; the Caisse d’Epargne, a financial institution owned by French regional savings banks known as the Caisse d’Epargne, and Banque Federale des Banques Populaires, a financial institution owned by regional cooperative banks known as the Banque Populaires. Natixis US has 14 principal subsidiary or affiliated asset management firms that collectively had over $291 billion in assets under management at December 31, 2007. Natixis Advisors oversees, evaluates, and monitors the subadvisory services provided to each Fund except for AEW Real Estate Fund, CGM Advisor Targeted Equity Fund and Gateway Fund. It also provides general business management and administration to each Fund except for AEW Real Estate Fund, CGM Advisor Targeted Equity Fund and Gateway Fund. Natixis Advisors does not determine what investments will be purchased or sold by the Funds. The subadvisers listed below make the investment decisions for their respective Funds.

The combined advisory and subadvisory fees paid by the Funds during the fiscal year ended December 31, 2007 as a percentage of each Fund’s average daily net assets were 0.90% for the Natixis U.S. Diversified Portfolio, 0.80% for the Hansberger International Fund, 0.69% for the Harris Associates Large Cap Value Fund and 0.90% for the Vaughan Nelson Small Cap Value Fund.

AEW, located at World Trade Center East, Two Seaport Lane, Boston, Massachusetts 02210, serves as the adviser to the AEW Real Estate Fund. AEW is a subsidiary of Natixis US. Together with other AEW adviser affiliates, AEW had $47.0 billion in assets under management as of December 31, 2007. For the fiscal year ended January 31, 2008, AEW Real Estate Fund paid 0.80% of its average daily net assets to AEW in advisory fees.

CGM, located at One International Place, Boston, Massachusetts 02110, has served as adviser to the CGM Advisor Targeted Equity Fund since CGM’s inception in 1989. It also serves as investment adviser to four additional mutual funds and various institutional investors. CGM is an affiliate of Natixis US and had over $10.5 billion in assets under management as of December 31, 2007. For the fiscal year ended December 31, 2007, CGM Advisor Targeted Equity Fund paid 0.70% of its average daily net assets to CGM in advisory fees.

Gateway, located at Rockwood Tower, Suite 600, 3805 Edwards Road, Cincinnati, Ohio 45209, serves as adviser to the Fund. Gateway is a subsidiary of Natixis US. Gateway had over $7.9 billion in assets under management at December 31, 2007. The aggregate advisory fee paid by the Predecessor Fund during the fiscal year ended December 31, 2007, as a percentage of the Predecessor Fund’s average daily net assets was 0.60%.

Subadvisers

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Management Team

Meet the Funds’ Investment Advisers and Subadvisers (continued)

Harris Associates, located at Two North LaSalle Street, Chicago, Illinois 60602, serves as subadviser to a segment of the Natixis U.S. Diversified Portfolio and the Harris Associates Large Cap Value Fund. Harris Associates, a subsidiary of Natixis US, managed $65.7 billion in assets as of December 31, 2007, and, together with its predecessor, has managed investments since 1976. It also manages investments for other mutual funds as well as assets of individuals, trusts, retirement plans, endowments, foundations, and several private partnerships.

Subadvisory Agreements

A discussion of the factors considered by the Funds’ Board of Trustees in approving the Funds’ investment advisory and sub-advisory contracts is available in the Funds’ semiannual reports for the six months ended June 30, 2007 for the CGM Advisor Targeted Equity Fund, Hansberger International Fund, Harris Associates Large Cap Value Fund, Natixis U.S. Diversified Portfolio, and Vaughan Nelson Small Cap Value Fund and for the six months ended July 31, 2007 for the AEW Real Estate Fund. A discussion of the factors considered by the Funds’ Board of Trustees in approving the Gateway Fund’s investment advisory contract will be included in the Fund’s initial semiannual report.

Portfolio Trades

Securities Lending. Each Fund (except the Gateway Fund) may lend a portion of its portfolio securities to brokers, dealers, and other financial institutions provided a number of conditions are satisfied, including that the loan is fully collateralized. Please see “Investment Strategies” in the Statement of Additional Information (“SAI”) for details. When a Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned, and the Fund will also receive a fee or interest on the collateral. Securities lending involves the risk of loss of rights in the collateral or delay in recovery of the collateral if the borrower fails to return the security loaned or becomes insolvent. Investments of cash collateral may also lose value or become illiquid, although the Fund remains obligated to return the collateral amount to the borrower upon termination or maturity of the securities loan, and may realize losses on the collateral investments or be required to liquidate other portfolio securities to satisfy its obligations. A Fund may pay lending fees to the party arranging the loan.

Portfolio Trades - continued

Pursuant to such exemptive relief, the Funds may also borrow and lend money for temporary or emergency purposes directly to and from other Funds through an interfund credit facility. In addition to the Funds and the Central Funds, series of the following mutual fund groups may also be able to participate in the facility: Natixis Funds Trust I (except the CGM Advisor Targeted Equity Fund series), Natixis Funds Trust II, Natixis Funds Trust III, Natixis Funds Trust IV, Harris Associates Investment Trust, Loomis Sayles Funds I, Loomis Sayles Funds II and Gateway Trust. The advisers and subadvisers to these mutual funds currently include Natixis Advisors, Reich & Tang, Loomis Sayles, AEW, BlackRock, Dreman Value Management, LLC (“Dreman”), Gateway Investment Advisors, LLC, Harris Associates, Hansberger, Vaughan Nelson and Westpeak Global Advisors, L.P. Each of these advisers and subadvisers (except BlackRock and Dreman) are subsidiaries of Natixis US and are thus “affiliated persons” under the 1940 Act by reason of being under common control by Natixis US. In addition, because the Funds and other funds are advised by firms that are affiliated with one another, they may be considered to be related companies comprising a “group of investment companies” under the 1940 Act. The Central Funds will participate in the Credit Facility only as lenders. Participation in such an interfund lending program would be voluntary for both borrowing and lending funds, and a Fund would participate in an interfund lending program only if the Board of Trustees determined that doing so would benefit a Fund. Should a Fund participate in such an interfund lending program, the Board of Trustees would establish procedures for the operation of the program by the advisers or an affiliate. The Funds may engage in the transactions described above without further notice to shareholders.

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Management Team

Meet the Funds’ Portfolio Managers

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

AEW

Matthew A. Troxell

Matthew A. Troxell has managed the AEW Real Estate Fund since its inception in December 2000. Mr. Troxell, Managing Director and Portfolio Manager, joined AEW in 1994 . Mr. Troxell, a member of the National Association of Real Estate Investment Trusts, received a B.A. from Tufts University. He holds the designation of Chartered Financial Analyst and has over 25 years of experience in investment analysis and portfolio management.

BlackRock

Thomas Burke

CGM

G. Kenneth Heebner

Gateway

J. Patrick Rogers, CFA

Mr. Rogers joined Gateway Investment Advisers, Inc., general partner of Gateway Investment Advisers, L.P., the predecessor to the Adviser (the “Predecessor Adviser”), in 1989 and has been its chief executive officer since 2006, its president and a member of its board of directors since 1995, and its chief investment officer from 1995 through 2005. He has been the co-portfolio manager for the Fund since December 2006. Mr. Rogers was previously portfolio manager from 1997 to December 2006 and prior to that co-portfolio manager from 1994. Mr. Rogers received a BBA from the University of Notre Dame in 1986 and an MBA from Xavier University in 1994. Mr. Rogers was the president of The Gateway Trust, the predecessor to the current Gateway Trust (the “Predecessor Trust”), from January 1997 and a trustee of the Predecessor Trust from December 1998.

Paul R. Stewart, CFA, CPA

Mr. Stewart joined the Predecessor Adviser in 1995. He served as treasurer of the Predecessor Trust through 1999 and as chief financial officer of the Predecessor Adviser through 2003. He became a senior vice president of the Predecessor Adviser and began working in the area of portfolio management in 2000. Mr. Stewart was appointed chief investment officer of the Predecessor Adviser in January 2006. He served as co-portfolio manager of the Fund since December 2006. Mr. Stewart received a BBA from Ohio University in 1988.

Hansberger

Trevor Graham

Ronald Holt

Barry A. Lockhart

Lauretta Reeves

Patrick H. Tan

Thomas R.H. Tibbles

Thomas R.H. Tibbles has led the management team for the international growth segment of Hansberger International Fund since March 2002. He also manages other Hansberger mutual funds. Mr. Tibbles, CIO — Growth Team, joined the firm in 1999. He received a Bachelor of Commerce Degree with distinction from the University of Toronto, Trinity College. Mr. Tibbles holds the designation of Chartered Financial Analyst and has over 21 years of financial services experience.

Harris Associates

Edward S. Loeb

Edward S. Loeb has co-managed the Harris Associates Large Cap Value Fund since July 2002 and the Harris Associates segment of the Natixis U.S. Diversified Portfolio since October 2000. Mr. Loeb, a Partner of Harris Associates, joined the firm in 1989. Mr. Loeb received an M.B.A. from Northwestern University and a B.A. from Princeton University. Mr. Loeb holds the designation of Chartered Financial Analyst and has over 19 years of investment experience.

Michael J. Mangan

Michael J. Mangan has co-managed Harris Associates Large Cap Value Fund since July 2002 and Harris Associates segment of the Natixis U.S. Diversified Portfolio since May 2005. Mr. Mangan, a Partner of Harris Associates, joined the firm in 1997. Mr. Mangan received a B.B.A. from the University of Iowa and an M.B.A. from Northwestern University. Mr. Mangan is a CPA, holds the designation of Chartered Financial Analyst and has over 19 years of investment management experience.

Diane L. Mustain

Diane L. Mustain has co-managed Harris Associates Large Cap Value Fund and the Harris Associates segment of the Natixis U.S. Diversified Portfolio since May 2005. Ms. Mustain, a portfolio manager of Harris Associates, joined the firm in 2002. Ms. Mustain received a B.S. and an M.B.A. from DePaul University. She holds the designation of Chartered Financial Analyst and has more than 26 years of investment experience.

Loomis Sayles

Philip C. Fine

Joseph R. Gatz

Joseph R. Gatz has served as lead portfolio manager of the Loomis Sayles small cap value segment of the Natixis U.S. Diversified Portfolio since January 2000. Mr. Gatz, Vice President of Loomis Sayles, began his investment career in 1985 and joined the firm in 1999. Mr. Gatz received an M.B.A. from Indiana University and a B.A. from Michigan State University. He holds the designation of Chartered Financial Analyst and has over 22 years of investment experience.

Daniel G. Thelen

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Management Team

Meet the Funds’ Portfolio Managers (continued)

Vaughan Nelson

Chris D. Wallis

Scott J. Weber

Scott J. Weber has co-managed Vaughan Nelson Small Cap Value Fund since April 2004. Mr. Weber, a Portfolio Manager of Vaughan Nelson, joined the firm in 2003. Prior to joining Vaughan Nelson he was a Vice President of RBC Capital Markets. Mr. Weber received a B.S. from the University of the South and an M.B.A. from Tulane University. He has over 11 years of investment management and financial analysis experience.

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Fund Services

Compensation to Securities Dealers

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Fund Services

It’s Easy to Open an Account

To Open an Account with Natixis Funds:

Read this Prospectus carefully. Except to the extent otherwise permitted by the Distributor, the Funds will only accept investments from U.S. citizens with a U.S. address or resident aliens with a U.S. address and a U.S. taxpayer identification number.

Read the following eligibility and minimum investment requirements to determine if you may purchase Class Y shares.

Class Y shares of the Funds may be purchased by the following entities at the following investment minimums.

A minimum initial investment of $100,000 and the minimum subsequent investment of $100 for:

•

Other mutual funds, endowments, foundations, bank trust departments or trust companies.

There is no initial or subsequent investment minimum for:

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Wrap Fee Programs of certain broker-dealers, the advisers or the Distributor. Such wrap fee programs may be subject to additional or different conditions, including a wrap account fee. Each broker-dealer is responsible for transmitting to its customer a schedule of fees and other information regarding any such conditions.

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Retirement Plans such as 401(a), 401(k), 457 or 403(b) plans.

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Certain Individual Retirement Accounts if the amounts invested represent rollover distributions from investments by any of the retirement plans invested in the Funds as set forth above.

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Service Accounts through an omnibus account by investment advisers, financial planners, broker-dealers or other intermediaries who have entered into a service agreement with a Fund. A fee may be charged to shareholders purchasing through a service account if they effect transactions through such parties, and they should contact such parties regarding information regarding such fees.

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

Investors in Class A shares of the Gateway Fund whose account value is $100,000 or more or who otherwise meet eligibility requirements of Class Y and who were shareholders of the Predecessor Fund on the date of the Reorganization may exchange their Class A shares for Class Y shares of the Gateway Fund. Shareholders who hold Class A shares of the Gateway Fund through certain intermediaries may not be eligible to exchange their shares to Class Y shares.

Additionally, the following accounts may purchase Class Y shares with no initial or subsequent investment minimum:

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Insurance Company Accounts of New England Financial, Metropolitan Life Insurance Company (“MetLife”) or their affiliates.

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Deferred Compensation Plan Accounts of New England Life Insurance Company (“NELICO”), MetLife or their affiliates (“Deferred Compensation Accounts”).

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Separate Accounts of New England Financial, MetLife or their affiliates.

You should contact Natixis Funds at 800-225-5478 for an application or if you have any questions about purchasing Fund shares.

Use the sections of this Prospectus that follow as your guide for purchasing shares.

Certificates

Certificates will not be issued for any class of shares.

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Fund Services

Buying Shares


	Opening an Account	Adding to an Account
Through Your Investment Dealer
	• Call your investment dealer for information about opening or adding to an account. Dealers may also charge you a processing or service fee in connection with the purchase of fund shares.
By Mail
	• Make out a check in U.S. dollars for the investment amount, payable to “Natixis Funds.” Third party checks, “starter” checks and credit card convenience checks will not be accepted. • Mail the check with your completed application to Natixis Funds, P.O. Box 219579, Kansas City, MO 64121-9579. • Shares purchased by check are redeemable although the Fund may withhold payment until the purchase check has cleared. See the section “Selling Restrictions.”	• Make out a check in U.S. dollars for the investment amount, payable to “Natixis Funds.” Third party checks, “starter” checks and credit card convenience checks will not be accepted. • Complete the investment slip from an account statement or include a letter specifying the Fund name, your class of shares, your account number and the registered account name(s). • Shares purchased by check are redeemable although the Fund may withhold payment until the purchase check has cleared. See the section “Selling Restrictions.”
By Exchange (See the section “Exchanging Shares” for more details.)
	• Call your investment dealer or Natixis Funds at 800-225-5478 to 1) obtain a current prospectus for the Fund into which you are exchanging, and 2) request an exchange.	• Call your investment dealer or Natixis Funds at 800-225-5478 to request an exchange.
By Wire
	• Mail your completed application to Natixis Funds, P.O. Box 219579, Kansas City, MO 64121-9579. • Call Natixis Funds to obtain an account number and wire transfer instructions. Your bank may charge you for such a transfer.	• Instruct your bank to transfer funds to State Street Bank & Trust Company, ABA # 011000028, and DDA # 99011538. • Specify the Fund name, your class of shares, your account number and the registered account name(s). Your bank may charge you for such a transfer.
Through Automated Clearing House (“ACH” )
	• Although you cannot open an account through ACH, you may add this feature by selecting it on your account application. • Ask your bank or credit union whether it is a member of the ACH system.	• Call Natixis Funds at 800-225-5478 or visit www.funds.natixis.com to add shares to your account through ACH. • If you have not signed up for the ACH system, please call Natixis Funds or visit www.funds.natixis.com for a Service Options Form. A medallion signature guarantee may be required to add this privilege. • Shares purchased through ACH may not be available immediately for redemption. See the section “Selling Restrictions.”

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Fund Services

Selling Shares

To Sell Some or All of Your Shares

Certain restrictions may apply. Investments made by check or through ACH may not be available immediately for redemption. See the section “Restrictions on Buying, Selling and Exchanging Shares.”


Through Your Investment Dealer
		• Call your investment dealer for information. Dealers may also charge you a processing or service fee in connection with the redemption of fund shares.
By Mail
		• Write a letter to request a redemption. Specify the name of your fund, class of shares, account number, the exact registered account name(s), the number of shares or the dollar amount to be redeemed and the method by which you wish to receive your proceeds. Additional materials may be required. See the section “Selling Shares in Writing.” • The request must be signed by all of the owners of the shares and must include the capacity in which they are signing, if appropriate. • Mail your request by regular mail to Natixis Funds, P.O. Box 219579, Kansas City, MO 64121-9579 or by registered, express or certified mail to Natixis Funds, 330 West 9th Street, Kansas City, MO 64105-1514. • Your proceeds will be delivered by the method chosen in your letter. Proceeds delivered by mail will generally be mailed to you within three business days after the request is received in good order. See the section “Selling Restrictions.”
By Exchange (See the section “Exchanging Shares” for more details.)
		• Obtain a current prospectus for the fund into which you are exchanging by calling your investment dealer or Natixis Funds at 800-225-5478. • Call Natixis Funds to request an exchange.
By Wire
		• Complete the “Bank Information” section on your account application. • Call Natixis Funds at 800-225-5478 or indicate in your redemption request letter (see above) that you wish to have your proceeds wired to your bank. • Proceeds will generally be wired on the next business day. See the section “Selling Restrictions.” A wire fee will be deducted from the proceeds. Your bank may charge you a fee to receive the wire.
Through Automated Clearing House
		• Ask your bank or credit union whether it is a member of the ACH system. • Complete the “Bank Information” section on your account application. • If you have not signed up for the ACH system on your application, please call Natixis Funds at 800-225-5478 for a Service Options Form. A medallion signature guarantee may be required to add this privilege. • Call Natixis Funds to request an ACH redemption. • Proceeds will generally arrive at your bank within three business days. See the section “Selling Restrictions.”
By Telephone
		• Call Natixis Funds at 800-225-5478 to choose the method you wish to use to redeem your shares. You may receive your proceeds by mail, by wire or through ACH (see above). Subject to certain restrictions. See the section “Selling Restrictions.”

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Fund Services

Selling Shares in Writing

A medallion signature guarantee protects you against fraudulent orders and is necessary if:

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your address of record or bank account information has been changed within the past 30 days;

•

you are selling more than $100,000 worth of shares and you are requesting the proceeds by check;

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a proceeds check for any amount is either mailed to an address other than the address of record or not payable to the registered owner(s); or

•

the proceeds are sent by check, wire, or in some circumstances ACH to a bank account whose owner(s) do not match the owner(s) of the fund account.

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a financial representative or securities dealer;

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a federal savings bank, cooperative, or other type of bank;

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a savings and loan or other thrift institution;

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a credit union; or

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a securities exchange or clearing agency.

In some situations additional documentation may be necessary. Please contact your financial representative or Natixis Funds regarding documentation requirements.

Exchanging Shares

In general, you may exchange Class Y shares of your Fund, subject to minimum investment requirements, for Class Y shares of any Natixis Fund that offers Class Y shares, for Institutional Class shares of any series of Loomis Sayles Funds that offers Institutional Class shares or for Class A shares of the Money Market Fund subject to certain restrictions noted below. Certain Funds that offer Institutional Class shares may be subject to redemption fees. The exchange must be for at least the minimum to open an account or the total net asset value of your account, whichever is less. All exchanges are subject to the eligibility requirements of the fund into which you are exchanging and any other limits on sales of or exchanges into that fund. The exchange privilege may be exercised only in those states where shares of such funds may be legally sold. For federal income tax purposes, an exchange of fund shares for shares of another fund is generally treated as a sale on which gain or loss may be recognized. Subject to the applicable rules of the SEC, the Board of Trustees reserves the right to modify the exchange privilege at any time. Before requesting an exchange into any other fund, please read its prospectus carefully. You may be unable to hold your shares through the same financial intermediary if you engage in certain share exchanges. You should contact your financial intermediary for further details. Please refer to the SAI for more detailed information on exchanging Fund shares.

Restrictions on Buying, Selling and Exchanging Shares

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Fund Services

Restrictions on Buying, Selling and Exchanging Shares (continued)

accounts of “market timers.” An account may be deemed to be one of a market timer if it makes two “round trips” in any Fund over a 90-day interval, as determined by the Fund. A “round trip” is a purchase (including a purchase by exchange) into a Fund followed by a redemption (including a redemption by exchange) of any amount out of the same Fund. The above limits are applicable whether you hold shares directly with a Fund or indirectly through a financial intermediary, such as a broker, bank, investment adviser, recordkeeper for retirement plan participants, or other third party. The preceding is not an exclusive description of activities that the Funds and the Distributor may consider to be “market timing.”

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

Purchase Restrictions

provided. Each Fund reserves the right to refuse to open an account, close an account and redeem your shares at the then current price or take other such steps that the Fund deems necessary to comply with federal regulations if your identity cannot be verified.

Selling Restrictions

The table below describes restrictions placed on selling shares of any Fund described in this Prospectus. Please see the SAI for additional information regarding redemption payment policies:


Restriction		Situation
Each Fund may suspend the right of redemption or postpone payment for more than 7 days:		• When the New York Stock Exchange (the “NYSE”) is closed (other than a weekend/holiday) as permitted by the SEC. • During an emergency as permitted by the SEC. • During any other period permitted by the SEC.
Each Fund reserves the right to suspend account services or refuse transaction requests:		• With a notice of a dispute between registered owners or death of a registered owner. • With suspicion/evidence of a fraudulent act.
Each Fund may pay the redemption price in whole or in part by a distribution in kind of readily marketable securities in lieu of cash or may take up to 7 days to pay a redemption request in order to raise capital:		• When it is detrimental for a Fund to make cash payments as determined in the sole discretion of the adviser or subadviser.
Each Fund may withhold redemption proceeds for 10 days from the purchase date:		• When redemptions are made within 10 calendar days of purchase by check or ACH to allow the check or ACH transaction to clear.

If you hold certificates representing your shares, they must be sent with your request for it to be honored. It is recommended that certificates be sent by registered mail.

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Fund Services

How Fund Shares Are Priced

“Net asset value” is the price of one share of a Fund without a sales charge, and is calculated each business day using this formula:

Net Asset Value =

Total market value of securities + Cash and other assets – Liabilities

Number of outstanding shares

The net asset value of Fund shares is determined pursuant to policies and procedures approved by the Fund's Board of Trustees, as summarized below:

•

Requests received by the Funds after the NYSE closes will be processed based upon the net asset value determined at the close of regular trading on the next day that the NYSE is open. The price you pay for purchasing, redeeming or exchanging a share will be based upon the net asset value next calculated after your order is received by the transfer agent “in good order.” If the transfer agent receives the order in good order by 4:00 p.m. Eastern time, the shareholder will receive that day’s net asset value. Under limited circumstances, the Distributor may enter into contractual agreements pursuant to which orders received by your investment dealer before the Fund determines its net asset value (normally 4:00 p.m. Eastern time) are processed at the net asset value determined on the day the order was received by your investment dealer. Please contact your investment dealer to determine whether it has entered into such a contractual agreement. If your investment dealer has not entered into such a contractual agreement, your order will be processed at the net asset value next determined after your investment dealer submits the order to the Fund.

•

A Fund significantly invested in foreign securities may have net asset value changes on days when you cannot buy or sell its shares.

Please see the “Buying Shares” section which provides additional information regarding who can receive a purchase order.

Generally, Fund securities are valued as follows:

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Equity securities — market price or as provided by a pricing service if market price is unavailable.

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Short-term obligations (purchased with an original or remaining maturity of 60 days or less) — amortized cost (which approximates market value).

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Options — a Fund generally values exchange traded options at the average of the closing bid and asked quotations. Under normal market conditions, the Fund will generally consider the value of options determined at the close of

trading on the Chicago Board Options Exchange (the “CBOE”) (normally 4:15 p.m. Eastern time) to be the value at the close of the NYSE (normally 4:00 p.m. Eastern time). However, if under the Fund’s valuation procedures a significant change in the value of the S&P 500 contracts is considered to have occurred between the close of the NYSE

and the close of the CBOE, the Fund will consider the closing price on the CBOE to not reflect the value of the index options at the close of the NYSE. In such circumstances the options will be fair valued by or pursuant to procedures approved by the Board of Trustees. On the last business day of the month, Gateway Fund will fair value index options using the closing rotation values as published by the CBOE.

•

All other securities — fair market value as determined by the adviser or subadviser of the Fund pursuant to procedures approved by the Board of Trustees.

Dividends and Distributions


Dividend Payment Schedule
Annually		Quarterly
CGM Advisor Targeted Equity Fund		AEW Real Estate Fund
Hansberger International Fund		Gateway Fund
Harris Associates Large Cap Value Fund
Natixis U.S. Diversified Portfolio
Vaughan Nelson Small Cap Value Fund

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

•

Receive distributions from dividends and interest in cash while reinvesting distributions from capital gains in additional Class Y shares of the Fund, or in Class Y shares of another Natixis Fund.

•

Receive all distributions in cash.

For more information or to change your distribution option, contact Natixis Funds in writing or call 800-225-5478.

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Fund Services

Tax Consequences

Except where noted, the discussion below addresses only the U.S. Federal income tax consequences of an investment in a Fund and does not address any foreign, state or local tax consequences.

Each Fund intends to meet all requirements under Subchapter M of the Internal Revenue Code (the “Code”) necessary to qualify for treatment as a “regulated investment company” and thus does not expect to pay any federal income tax on income and capital gains distributed to shareholders.

Taxation of Distributions for the Funds. Distributions derived from net short-term capital gains, i.e., gains from investments that a Fund held one year or less, or investment income (other than exempt interest dividends) are generally taxable at ordinary income rates. If you are a corporation investing in the Fund, a portion of these dividends may qualify for the dividends-received deduction provided that you meet certain holding period requirements. However, distributions by a Fund from REITs will not qualify for the corporate dividends-received deduction. In addition, distributions by a Fund to retirement plans that qualify for tax-exempt treatment under federal income tax laws generally will not be taxable. Distributions of gains from investments that a Fund owned for more than one year that are designated by a Fund as capital gain dividends will generally be taxable to a shareholder receiving such distributions as long-term capital gain, regardless of how long the shareholder has held Fund shares. For taxable years beginning on or before December 31, 2010, distributions of investment income designated by a Fund as derived from “qualified dividend income” will be taxed in the hands of individuals at the rates applicable to long-term capital gain provided holding period and other requirements are met at both the shareholder and Fund levels.

For taxable years beginning on or before December 31, 2010 long-term capital gain rates applicable to individuals have been temporarily reduced. For more information see the SAI under “Income Dividends, Capital Gain Distributions and Tax Status.”

Fund distributions paid to you are taxable whether you receive them in cash or reinvest them in additional shares. Distributions are taxable to you even if they are paid from income or gains earned by a Fund before your investment (and thus were included in the price you paid). Such distributions are likely to occur in respect of shares purchased at a time when a Fund’s net asset value reflects gains that are either unrealized or realized but not distributed.

Taxation of Certain Investments. A Fund’s investments in foreign securities may be subject to foreign withholding and other taxes. In that case, the Fund’s yield on those securities would be decreased. Shareholders generally will not be entitled to claim a credit or deduction with respect to foreign taxes, except in the case of a Fund that invests more than 50% of its assets in foreign securities, such as the Hansberger International Fund, in which case shareholders may be entitled to claim such credit or deduction. In addition, a Fund’s investments in foreign securities or foreign currencies may increase or accelerate a Fund’s recognition of ordinary income and may affect the timing or amount of a Fund’s distributions. Because the Funds invest in foreign securities, shareholders should consult their tax advisers about consequences of their investments under foreign laws.

A Fund’s investments in certain debt obligations may cause that Fund to recognize taxable income in excess of the cash generated by such obligations. Thus, a Fund could be required at times to liquidate other investments in order to satisfy its distribution requirements. Income generated by investments in fixed-income securities is not eligible for treatment as qualified dividend income.

REITs attempt to minimize their corporate tax costs by distributing at least 90% of their REIT taxable income to their interest holders. If a REIT failed to distribute such a percentage of its REIT taxable income or to satisfy the other requirements of REIT status, it would be taxed as a corporation, and amounts available for distribution to its shareholders (including AEW Real Estate and Targeted Equity Funds) would be reduced by any corporate taxes payable by the REIT. Income distributions from REITs generally are not entitled to be treated as qualified dividend income.

The Funds’ investments in other investment companies could affect the amount, timing, and character of distributions from the Funds, and, therefore, may increase the amount of taxes payable by shareholders.

Non-U.S. Shareholders. In general, dividends (other than capital gain dividends) paid to a shareholder that is not a “U.S. person” within the meaning of the Code (such shareholder, a “foreign person”) are subject to withholding of U.S. federal income tax at the rate of 30% (or lower applicable treaty rate). Although effective for taxable years of the Funds beginning before January 1, 2008, a Fund generally will not be required to withhold any amounts with respect to certain properly designated distributions of certain interest income and short-term capital gains. The Funds do not intend to make such designations.

Effective in respect of dividends paid or deemed paid on or before December 31, 2007, distributions to foreign persons attributable to gains from the sale or exchange of U.S. real property interests will give rise to an obligation for those foreign persons to file a U.S. tax return and pay tax, and may well be subject to withholding under future regulations.

Backup Withholding. Each Fund is also required in certain circumstances to apply backup withholding on taxable dividends, redemption proceeds and certain other payments that are paid to any shareholder (including a shareholder who is neither a citizen nor a resident of the U.S.) who does not furnish to the Fund certain information and certifications or who is otherwise subject to backup withholding. The backup withholding tax rate is 28% for amounts paid on or before December 31, 2010 and will be 31% for amounts paid after December 31, 2010. Backup withholding will not, however, be applied to payments that have been subject to the 30% withholding tax on shareholders who are neither citizens nor residents of the United States.

Sales or Exchanges of Fund Shares. The redemption, sale or exchange of Fund shares (including an exchange of Fund shares for shares of another Natixis Fund or Money Market Fund) is a taxable event and may result in the recognition of a gain or loss. Gain or loss, if any, recognized on the redemption, sale, exchange or other disposition of Fund shares will be taxed as a long-term capital gain or loss if the shares are capital assets in the shareholder’s hands and if the shareholder held the shares for more than one year.

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

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Financial Performance

The financial highlights tables are intended to help you understand each Fund’s financial performance for the last five years (or, if shorter, the period of the Fund’s operations). Certain information reflects financial results for a single Fund share. The total returns in the table represent the return that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). With the exception of the Gateway Fund, this information has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, whose report, along with each Fund’s financial statements, is included in the Fund annual report to shareholders. The financial information shown below for the Gateway Fund is that of the Predecessor Fund, which reorganized into the Gateway Fund during February 2008. This information has been audited by Ernst & Young LLP, an independent registered public accounting firm, whose report, along with the Predecessor Fund’s financial statements, is included in the Predecessor Fund’s December 31, 2007 annual report to shareholders. The annual reports are incorporated by reference into the SAI, both of which are available free of charge upon request from the Distributor.


			Income (Loss) from Investment Operations:									Less Distributions:

	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains			Total distributions			Redemption fees(a)

AEW REAL ESTATE FUND
Class Y
1/31/2008	$	25.78	$	0.38	(b)	$	(6.66	)	$	(6.28	)	$	(0.37	)	$	(2.67	)	$	(3.04	)		—
1/31/2007		20.25		0.27	(b)		7.05			7.32			(0.26	)		(1.53	)		(1.79	)		—
1/31/2006		16.45		0.25	(b)		5.32			5.57			(0.28	)		(1.49	)		(1.77	)		—
1/31/2005		14.83		0.38	(b)		2.28			2.66			(0.40	)		(0.64	)		(1.04	)		—
1/31/2004		10.80		0.40	(b)		4.40			4.80			(0.53	)		(0.24	)		(0.77	)		—

CGM ADVISOR TARGETED EQUITY FUND
Class Y
12/31/2007	$	10.93	$	0.09	(b)	$	3.61		$	3.70		$	(0.16	)	$	(1.15	)	$	(1.31	)	$	0.00
12/31/2006		10.42		0.11	(b)		0.82			0.93			(0.11	)		(0.31	)		(0.42	)		0.00
12/31/2005		9.23		0.10	(b)		1.14			1.24			(0.05	)		—			(0.05	)		0.00
12/31/2004		8.07		0.04	(b)		1.12			1.16			—			—			—			0.00
12/31/2003		5.63		0.01	(b)		2.43			2.44			—			—			—			—

GATEWAY FUND
12/31/2007	$	27.04	$	0.53		$	1.61		$	2.14		$	(0.54	)		—		$	(0.54	)		—
12/31/2006		25.00		0.48			2.04			2.52			(0.48	)		—			(0.48	)		—
12/31/2005		24.31		0.44			0.70			1.14			(0.45	)		—			(0.45	)		—
12/31/2004		23.00		0.29			1.31			1.60			(0.29	)		—			(0.29	)		—
12/31/2003		20.76		0.17			2.24			2.41			(0.17	)		—			(0.17	)		—

(a)

Amount rounds to less than $0.01 per share if applicable.

(b)

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

(c)

Had certain expenses not been reduced during the period, if applicable, total return would have been lower.

(d)

The investment advisor agreed to reimburse a portion of the Fund’s expenses and/or reduce its advisory fee during the period. Without this reimbursement/fee reduction, if applicable, expenses would have been higher.

(e)

Represents total expenses prior to advisory fee reduction and/or reimbursement of a portion of the Fund’s expenses, if applicable.

(f)

Includes expense recapture of 0.01%.


						Ratios to average net assets:

Net asset value, end of period		Total return (%)(c)		Net assets, end of period (000’s)		Net expenses (%)		Gross expenses (%)(e)		Net investment income (loss) (%)	Portfolio turnover rate (%)



$	16.46	(24.8	)	$	41,844	1.09	(d)	1.09		1.79	24
	25.78	37.8			48,080	1.09	(d)(f)	1.09	(f)	1.21	15
	20.25	35.1			19,015	1.25	(d)	1.28		1.35	15
	16.45	17.9			9,964	1.25	(d)	1.37		2.38	20
	14.83	45.5			7,210	1.25	(d)	1.55		2.98	18



$	13.32	34.8		$	17,520	0.90		0.90		0.74	179
	10.93	9.0			11,714	0.87		0.87		1.05	171
	10.42	13.4			11,181	1.07		1.07		0.99	196
	9.23	14.4			9,145	1.08		1.08		0.51	265
	8.07	43.3			7,773	1.03		1.03		0.16	261


$	28.64	7.9		$	4,278,699	0.94		0.94		1.91	5
	27.04	10.1			3,329,940	0.95		0.95		1.92	9
	25.00	4.7			2,707,643	0.95		0.95		1.87	15
	24.31	6.9			2,103,935	0.97		0.97		1.42	71
	23.00	11.6			1,405,561	0.97		0.97		0.86	5

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Financial Performance


			Income (Loss) from Investment Operations:

	Net asset value, beginning of period		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Dividends from net realized capital gains			Total distributions			Redemption fees(k)

HARRIS ASSOCIATES LARGE CAP VALUE FUND
Class Y
12/31/2007	$	16.01	$	0.12		$	(0.51	)(i)	$	(0.39	)	$	(0.15	)		—		$	(0.15	)		—
12/31/2006		13.72		0.12			2.20			2.32			(0.03	)		—			(0.03	)		—
12/31/2005		13.74		0.09			(0.10	)		(0.01	)		(0.01	)		—			(0.01	)		—
12/31/2004		12.54		0.07			1.13			1.20			—			—			—			—
12/31/2003		9.59		0.06			2.89			2.95			—			—			—			—

NATIXIS U.S. DIVERSIFIED PORTFOLIO
Class Y
12/31/2007	$	24.45	$	0.03		$	3.41		$	3.44			—		$	(0.31	)	$	(0.31	)		—
12/31/2006		21.41		0.14			2.90			3.04			—			—			—			—
12/31/2005		19.82		(0.03	)		1.62			1.59			—			—			—			—
12/31/2004		17.46		(0.05	)		2.41			2.36			—			—			—			—
12/31/2003		12.98		(0.04	)		4.52			4.48			—			—			—			—

VAUGHAN NELSON SMALL CAP VALUE FUND
Class Y
12/31/2007	$	20.91	$	0.04		$	1.25		$	1.29			—			—			—		$	0.00
12/31/2006(f)		19.02		0.02			1.87			1.89			—			—			—			—

(a)

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

(b)

(c)

Had certain expenses not been reduced during the period, if applicable, total return would have been lower.

(d)

Portfolio turnover excludes the impact of assets as a result of a merger with another fund.

(e)

Represents total expenses prior to advisory fee reduction and/or reimbursement of a portion of the Fund’s expenses, if applicable.

(f)

From commencement of class operations on August 31, 2006 through December 31, 2006.

(g)

Computed on an annualized basis for periods less than one year, if applicable.

(h)

Includes expense recapture of 0.04%.

(i)

Includes a litigation payment of $0.02 per share.

(j)

Effect of voluntary waiver of expenses by adviser was less than 0.005%.

(k)

Amount rounds to less than $0.01 per share, if applicable.


						Ratios to average net assets:

Net asset value, end of period		Total return (%)(c)		Net assets, end of period (000’s)		Net expenses (%)(b)(g)		Gross expenses (%)(e)(g)		Net investment income (loss) (%)(g)		Portfolio turnover rate (%)



$	15.47	(2.6	)	$	11,840	0.91	(j)	0.91		0.72		30
	16.01	17.0			14,057	0.91	(h)	0.91	(h)	0.82		23
	13.72	(0.0	)		14,226	1.05		1.09		0.65		39
	13.74	9.6			18,027	0.99		0.99		0.58		27
	12.54	30.8			26,545	1.01		1.01		0.51		30	(d)



$	27.58	14.0		$	16,649	1.12		1.12		0.10		82
	24.45	14.2			21,155	1.03		1.03		0.60		83
	21.41	8.0			20,445	1.32		1.32		(0.16	)	97
	19.82	13.5			25,060	1.33		1.33		(0.27	)	104
	17.46	34.5			47,485	1.34		1.34		(0.30	)	102



$	22.20	6.1		$	1,241	1.19	(h)	1.19	(h)	0.17		78
	20.91	9.9			427	1.35		1.90		0.35		88

Glossary of Terms

Capital gain distributions — Payments to a Fund’s shareholders of net profits earned from selling securities in a Fund's portfolio. Capital gain distributions are usually paid once a year.