XML 12 R3.htm IDEA: XBRL DOCUMENT v3.2.0.727
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Natixis Funds Trust II
Prospectus Date rr_ProspectusDate May 01, 2015
Supplement [Text Block] nftii_SupplementTextBlock
ASG TACTICAL U.S. MARKET FUND

MCDONNELL INTERMEDIATE MUNICIPAL BOND FUND

Supplement dated July 1, 2015 to the Prospectuses of ASG Tactical U.S. Market Fund and McDonnell

Intermediate Municipal Bond Fund (the “Funds”), each dated May 1, 2015 as may be revised and

supplemented from time to time.

ASG Tactical U.S. Market Fund

Effective July 1, 2015, AlphaSimplex Group, LLC, has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses (exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses) to 1.25%, 2.00%, and 1.00% of the Fund’s average daily net assets for Class A, Class C and Class Y shares, respectively.

This undertaking is in effect through April 30, 2017.

Accordingly, the Annual Fund Operating Expenses table and the Example table within the section “Fund Fees & Expenses” are amended and restated as follows with respect to the Fund:

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

 

     Class A     Class C     Class Y  
Management fees
      0.80 %      0.80 %      0.80 % 
Distribution and/or service (12b-1) fees
      0.25 %      1.00 %      0.00 % 
Other expenses1,2
      0.50 %      0.51 %      0.51 % 
Total annual fund operating expenses
      1.55 %      2.31 %      1.31 % 
Fee waiver and/or expense reimbursement3
      0.29 %      0.30 %      0.30 % 
Total annual fund operating expenses after fee waiver and/or expense reimbursement
      1.26 %      2.01 %      1.01 % 

 

1 Other expenses have been restated to reflect current custodian and transfer agency fees for the Fund effective October 1, 2014.
2 The expense information shown in the table above includes acquired fund fees and expenses of less than 0.01%; the ratios may differ from the expense information disclosed in the Fund’s financial highlights table because the financial highlights table reflects the operating expenses of the Fund and does not include acquired fund fees and expenses.
3 AlphaSimplex Group, LLC (“AlphaSimplex” or the “Adviser”) has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 1.25%, 2.00%, and 1.00% of the Fund’s average daily net assets for Class A, Class C and Class Y shares, respectively, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through April 30, 2017 and may be terminated before then only with the consent of the Fund’s Board of Trustees. The Fund’s investment adviser will be permitted to recover, on a class by class basis, management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below the applicable expense limitations for Class A, Class C and Class Y shares. The Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fee/expense was waived/reimbursed.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods (except where indicated). The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the example is based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first 22 months and on the Total Annual Fund Operating Expenses for the remaining periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

If shares are redeemed:  
     1 year      3 years      5 years      10 years  
Class A
    $ 696       $ 986       $ 1,323       $ 2,271   
Class C
    $ 304       $ 668       $ 1,184       $ 2,602   
Class Y
    $ 103       $ 360       $ 664       $ 1,530   

 

If shares are not redeemed:  
     1 year      3 years      5 years      10 years  
Class C
    $ 204       $ 668       $ 1,184       $ 2,602   

McDonnell Intermediate Municipal Bond Fund

Effective July 1, 2015, NGAM Advisors, L.P., has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses (exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses) to 0.70%, 1.45%, and 0.45% of the Fund’s average daily net assets for Class A, Class C and Class Y shares, respectively.

This undertaking is in effect through April 30, 2017.

Accordingly, the Annual Fund Operating Expenses table and the Example table within the section “Fund Fees & Expenses” are amended and restated as follows with respect to the Fund:

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

 

     Class A     Class C     Class Y  
Management fees
      0.40 %      0.40 %      0.40 % 
Distribution and/or service (12b-1) fees
      0.25 %      1.00 %      0.00 % 
Other expenses1
      0.58 %      0.61 %      0.59 % 
Total annual fund operating expenses
      1.23 %      2.01 %      0.99 % 
Fee waiver and/or expense reimbursement2
      0.53 %      0.56 %      0.54 % 
Total annual fund operating expenses after fee waiver and/or expense reimbursement
      0.70 %      1.45 %      0.45 % 

 

1 Other expenses have been restated to reflect current custodian and transfer agency fees for the Fund effective October 1, 2014.
2
The Fund’s investment adviser has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 0.70%, 1.45%, and 0.45% of the Fund’s average daily net assets for Class A, Class C and Class Y shares, respectively, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through April 30, 2017 and may be terminated before then only with the consent of the Fund’s Board of Trustees. The Fund’s investment adviser will be permitted to recover, on a class by class basis, management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below the applicable expense limitations for Class A, Class C and Class Y shares. The Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods (except where indicated). The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the example is based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first 22 months and on the Total Annual Fund Operating Expenses for the remaining periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

If shares are redeemed:  
     1 year      3 years      5 years      10 years  
Class A
    $ 419       $ 632       $ 910       $ 1,702   
Class C
    $ 248       $ 529       $ 986       $ 2,253   
Class Y
    $ 46       $ 214       $ 448       $ 1,121   

 

If shares are not redeemed:  
     1 year      3 years      5 years      10 years  
Class C
    $ 148       $ 529       $ 986       $ 2,253   
ASG Tactical U.S. Market Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] nftii_SupplementTextBlock
ASG TACTICAL U.S. MARKET FUND

Supplement dated July 1, 2015 to the Prospectuses of ASG Tactical U.S. Market Fund and McDonnell

Intermediate Municipal Bond Fund (the “Funds”), each dated May 1, 2015 as may be revised and

supplemented from time to time.

ASG Tactical U.S. Market Fund

Effective July 1, 2015, AlphaSimplex Group, LLC, has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses (exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses) to 1.25%, 2.00%, and 1.00% of the Fund’s average daily net assets for Class A, Class C and Class Y shares, respectively.

This undertaking is in effect through April 30, 2017.

Accordingly, the Annual Fund Operating Expenses table and the Example table within the section “Fund Fees & Expenses” are amended and restated as follows with respect to the Fund:

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

 

     Class A     Class C     Class Y  
Management fees
      0.80 %      0.80 %      0.80 % 
Distribution and/or service (12b-1) fees
      0.25 %      1.00 %      0.00 % 
Other expenses1,2
      0.50 %      0.51 %      0.51 % 
Total annual fund operating expenses
      1.55 %      2.31 %      1.31 % 
Fee waiver and/or expense reimbursement3
      0.29 %      0.30 %      0.30 % 
Total annual fund operating expenses after fee waiver and/or expense reimbursement
      1.26 %      2.01 %      1.01 % 

 

1 Other expenses have been restated to reflect current custodian and transfer agency fees for the Fund effective October 1, 2014.
2 The expense information shown in the table above includes acquired fund fees and expenses of less than 0.01%; the ratios may differ from the expense information disclosed in the Fund’s financial highlights table because the financial highlights table reflects the operating expenses of the Fund and does not include acquired fund fees and expenses.
3 AlphaSimplex Group, LLC (“AlphaSimplex” or the “Adviser”) has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 1.25%, 2.00%, and 1.00% of the Fund’s average daily net assets for Class A, Class C and Class Y shares, respectively, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through April 30, 2017 and may be terminated before then only with the consent of the Fund’s Board of Trustees. The Fund’s investment adviser will be permitted to recover, on a class by class basis, management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below the applicable expense limitations for Class A, Class C and Class Y shares. The Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fee/expense was waived/reimbursed.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods (except where indicated). The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the example is based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first 22 months and on the Total Annual Fund Operating Expenses for the remaining periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

If shares are redeemed:  
     1 year      3 years      5 years      10 years  
Class A
    $ 696       $ 986       $ 1,323       $ 2,271   
Class C
    $ 304       $ 668       $ 1,184       $ 2,602   
Class Y
    $ 103       $ 360       $ 664       $ 1,530   

 

If shares are not redeemed:  
     1 year      3 years      5 years      10 years  
Class C
    $ 204       $ 668       $ 1,184       $ 2,602   
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination April 30, 2017
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Other expenses have been restated to reflect current custodian and transfer agency fees for the Fund effective October 1, 2014.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The expense information shown in the table above includes acquired fund fees and expenses of less than 0.01%; the ratios may differ from the expense information disclosed in the Fund’s financial highlights table because the financial highlights table reflects the operating expenses of the Fund and does not include acquired fund fees and expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods (except where indicated). The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the example is based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first 22 months and on the Total Annual Fund Operating Expenses for the remaining periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption If shares are redeemed:
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption If shares are not redeemed:
ASG Tactical U.S. Market Fund | Class A  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.80%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses [1],[2] rr_OtherExpensesOverAssets 0.50%
Total annual fund operating expenses rr_ExpensesOverAssets 1.55%
Fee waiver and/or expense reimbursement [3] rr_FeeWaiverOrReimbursementOverAssets 0.29%
Total annual fund operating expenses after fee waiver and/or expense reimbursement rr_NetExpensesOverAssets 1.26%
1 year rr_ExpenseExampleYear01 $ 696
3 years rr_ExpenseExampleYear03 986
5 years rr_ExpenseExampleYear05 1,323
10 years rr_ExpenseExampleYear10 $ 2,271
ASG Tactical U.S. Market Fund | Class C  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.80%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses [1],[2] rr_OtherExpensesOverAssets 0.51%
Total annual fund operating expenses rr_ExpensesOverAssets 2.31%
Fee waiver and/or expense reimbursement [3] rr_FeeWaiverOrReimbursementOverAssets 0.30%
Total annual fund operating expenses after fee waiver and/or expense reimbursement rr_NetExpensesOverAssets 2.01%
1 year rr_ExpenseExampleYear01 $ 304
3 years rr_ExpenseExampleYear03 668
5 years rr_ExpenseExampleYear05 1,184
10 years rr_ExpenseExampleYear10 2,602
1 year rr_ExpenseExampleNoRedemptionYear01 204
3 years rr_ExpenseExampleNoRedemptionYear03 668
5 years rr_ExpenseExampleNoRedemptionYear05 1,184
10 years rr_ExpenseExampleNoRedemptionYear10 $ 2,602
ASG Tactical U.S. Market Fund | Class Y  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.80%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses [1],[2] rr_OtherExpensesOverAssets 0.51%
Total annual fund operating expenses rr_ExpensesOverAssets 1.31%
Fee waiver and/or expense reimbursement [3] rr_FeeWaiverOrReimbursementOverAssets 0.30%
Total annual fund operating expenses after fee waiver and/or expense reimbursement rr_NetExpensesOverAssets 1.01%
1 year rr_ExpenseExampleYear01 $ 103
3 years rr_ExpenseExampleYear03 360
5 years rr_ExpenseExampleYear05 664
10 years rr_ExpenseExampleYear10 $ 1,530
McDonnell Intermediate Municipal Bond Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] nftii_SupplementTextBlock
MCDONNELL INTERMEDIATE MUNICIPAL BOND FUND

Supplement dated July 1, 2015 to the Prospectuses of ASG Tactical U.S. Market Fund and McDonnell

Intermediate Municipal Bond Fund (the “Funds”), each dated May 1, 2015 as may be revised and

supplemented from time to time.

McDonnell Intermediate Municipal Bond Fund

Effective July 1, 2015, NGAM Advisors, L.P., has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses (exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses) to 0.70%, 1.45%, and 0.45% of the Fund’s average daily net assets for Class A, Class C and Class Y shares, respectively.

This undertaking is in effect through April 30, 2017.

Accordingly, the Annual Fund Operating Expenses table and the Example table within the section “Fund Fees & Expenses” are amended and restated as follows with respect to the Fund:

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

 

     Class A     Class C     Class Y  
Management fees
      0.40 %      0.40 %      0.40 % 
Distribution and/or service (12b-1) fees
      0.25 %      1.00 %      0.00 % 
Other expenses1
      0.58 %      0.61 %      0.59 % 
Total annual fund operating expenses
      1.23 %      2.01 %      0.99 % 
Fee waiver and/or expense reimbursement2
      0.53 %      0.56 %      0.54 % 
Total annual fund operating expenses after fee waiver and/or expense reimbursement
      0.70 %      1.45 %      0.45 % 

 

1 Other expenses have been restated to reflect current custodian and transfer agency fees for the Fund effective October 1, 2014.
2
The Fund’s investment adviser has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 0.70%, 1.45%, and 0.45% of the Fund’s average daily net assets for Class A, Class C and Class Y shares, respectively, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through April 30, 2017 and may be terminated before then only with the consent of the Fund’s Board of Trustees. The Fund’s investment adviser will be permitted to recover, on a class by class basis, management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below the applicable expense limitations for Class A, Class C and Class Y shares. The Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods (except where indicated). The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the example is based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first 22 months and on the Total Annual Fund Operating Expenses for the remaining periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

If shares are redeemed:  
     1 year      3 years      5 years      10 years  
Class A
    $ 419       $ 632       $ 910       $ 1,702   
Class C
    $ 248       $ 529       $ 986       $ 2,253   
Class Y
    $ 46       $ 214       $ 448       $ 1,121   

 

If shares are not redeemed:  
     1 year      3 years      5 years      10 years  
Class C
    $ 148       $ 529       $ 986       $ 2,253   
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination April 30, 2017
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Other expenses have been restated to reflect current custodian and transfer agency fees for the Fund effective October 1, 2014.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods (except where indicated). The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the example is based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first 22 months and on the Total Annual Fund Operating Expenses for the remaining periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption If shares are redeemed:
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption If shares are not redeemed:
McDonnell Intermediate Municipal Bond Fund | Class A  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.40%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses [1] rr_OtherExpensesOverAssets 0.58%
Total annual fund operating expenses rr_ExpensesOverAssets 1.23%
Fee waiver and/or expense reimbursement [4] rr_FeeWaiverOrReimbursementOverAssets 0.53%
Total annual fund operating expenses after fee waiver and/or expense reimbursement rr_NetExpensesOverAssets 0.70%
1 year rr_ExpenseExampleYear01 $ 419
3 years rr_ExpenseExampleYear03 632
5 years rr_ExpenseExampleYear05 910
10 years rr_ExpenseExampleYear10 $ 1,702
McDonnell Intermediate Municipal Bond Fund | Class C  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.40%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses [1] rr_OtherExpensesOverAssets 0.61%
Total annual fund operating expenses rr_ExpensesOverAssets 2.01%
Fee waiver and/or expense reimbursement [4] rr_FeeWaiverOrReimbursementOverAssets 0.56%
Total annual fund operating expenses after fee waiver and/or expense reimbursement rr_NetExpensesOverAssets 1.45%
1 year rr_ExpenseExampleYear01 $ 248
3 years rr_ExpenseExampleYear03 529
5 years rr_ExpenseExampleYear05 986
10 years rr_ExpenseExampleYear10 2,253
1 year rr_ExpenseExampleNoRedemptionYear01 148
3 years rr_ExpenseExampleNoRedemptionYear03 529
5 years rr_ExpenseExampleNoRedemptionYear05 986
10 years rr_ExpenseExampleNoRedemptionYear10 $ 2,253
McDonnell Intermediate Municipal Bond Fund | Class Y  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.40%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses [1] rr_OtherExpensesOverAssets 0.59%
Total annual fund operating expenses rr_ExpensesOverAssets 0.99%
Fee waiver and/or expense reimbursement [4] rr_FeeWaiverOrReimbursementOverAssets 0.54%
Total annual fund operating expenses after fee waiver and/or expense reimbursement rr_NetExpensesOverAssets 0.45%
1 year rr_ExpenseExampleYear01 $ 46
3 years rr_ExpenseExampleYear03 214
5 years rr_ExpenseExampleYear05 448
10 years rr_ExpenseExampleYear10 $ 1,121
[1] Other expenses have been restated to reflect current custodian and transfer agency fees for the Fund effective October 1, 2014.
[2] The expense information shown in the table above includes acquired fund fees and expenses of less than 0.01%; the ratios may differ from the expense information disclosed in the Fund’s financial highlights table because the financial highlights table reflects the operating expenses of the Fund and does not include acquired fund fees and expenses.
[3] AlphaSimplex Group, LLC (“AlphaSimplex” or the “Adviser”) has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 1.25%, 2.00%, and 1.00% of the Fund’s average daily net assets for Class A, Class C and Class Y shares, respectively, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through April 30, 2017 and may be terminated before then only with the consent of the Fund’s Board of Trustees. The Fund’s investment adviser will be permitted to recover, on a class by class basis, management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below the applicable expense limitations for Class A, Class C and Class Y shares. The Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fee/expense was waived/reimbursed.
[4] The Fund’s investment adviser has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 0.70%, 1.45%, and 0.45% of the Fund’s average daily net assets for Class A, Class C and Class Y shares, respectively, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through April 30, 2017 and may be terminated before then only with the consent of the Fund’s Board of Trustees. The Fund’s investment adviser will be permitted to recover, on a class by class basis, management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below the applicable expense limitations for Class A, Class C and Class Y shares. The Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.