Loomis Sayles Funds II

Loomis, Sayles & Company, L.P. (“Loomis Sayles”)

Mark B. Baribeau, Pamela N. Czekanski and Richard D. Skaggs

485APOS 1 d485apos.htm LOOMIS SAYLES FUNDS II Loomis Sayles Funds II

Registration Nos. 33-39133

811-06241

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-1A


	REGISTRATION STATEMENT *UNDER* *THE SECURITIES ACT OF 1933*	¨
	Pre-Effective Amendment No.	¨
	Post-Effective Amendment No. 53	x

	and/or

	REGISTRATION STATEMENT *UNDER* *THE INVESTMENT COMPANY ACT OF 1940*	¨
	Amendment No. 56	x
(Check appropriate box or boxes.)

LOOMIS SAYLES FUNDS II

(Exact Name of Registrant as Specified in Charter)

399 Boylston Street, Boston, Massachusetts 02116

(Address of principal executive offices) (Zip Code)

Registrant’s Telephone Number, including Area Code (617) 449-2810

Coleen Downs Dinneen, Esq.

Natixis Distributors, L.P.

399 Boylston Street

Boston, Massachusetts 02116

(Name and Address of Agent for Service)

Copy to:

John M. Loder, Esq.

Ropes & Gray

One International Place

Boston, Massachusetts 02110

Approximate Date of Proposed Public Offering

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

¨	immediately upon filing pursuant to paragraph (b)

¨	on (date) pursuant to paragraph (b)

¨	60 days after filing pursuant to paragraph (a)(1)

x	on February 1, 2009, pursuant to paragraph (a)(1)

¨	75 days after filing pursuant to paragraph (a)(2)

¨	on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

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

Loomis Sayles Small Cap Growth Fund

Loomis Sayles Small Cap Value Fund

PROSPECTUS

February 1, 2009

LOGO

Loomis, Sayles & Company, L.P., which has been an investment adviser since 1926, is the investment adviser of the Funds.

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.

contents


Loomis Sayles Small Cap Growth Fund		1

Loomis Sayles Small Cap Value Fund		5

fees and expenses		9

summary of principal risks		12

management		21

Investment Adviser		21

Portfolio Managers		21

Distribution Plans and Administrative Services and Other Fees		22

general information		24

How Fund Shares Are Priced		24

Accessing Your Account Information		26

How To Purchase Shares		26

How To Redeem Shares		30

How To Exchange Shares		33

Conversion Rights		34

Restrictions On Buying and Selling Shares		35

Dividends and Distributions		38

Tax Consequences		39

financial highlights		41

To learn more about the possible risks of investing in the Funds, please refer to the section “Summary of Principal Risks.” 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.

Loomis Sayles Small Cap Growth Fund

Investment Objective The Fund’s investment objective is long-term capital growth from investments in common stocks or other equity securities. The Fund’s investment objective may be changed without shareholder approval.

Principal Investment Strategies The Fund normally will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in equity securities of companies with market capitalizations that fall within the capitalization range of the Russell 2000 Index, an index that tracks stocks of 2,000 of the smallest U.S. companies. In accordance with applicable Securities and Exchange Commission (“SEC”) requirements, the Fund will notify shareholders prior to any change to such policy taking effect. The Fund may invest the rest of its assets in companies of any size, including large capitalization companies.

In deciding which securities to buy and sell, Loomis Sayles seeks to identify companies that it believes have distinctive products, technologies, or services; dynamic earnings growth; prospects for high levels of profitability; and solid management. Loomis Sayles typically does not consider current income when making buy/sell decisions.

The Fund may invest any portion of its assets in securities of Canadian issuers and up to 20% of its assets in other foreign securities, including emerging markets securities. The Fund may engage in foreign currency transactions, options and futures transactions, and other derivative transactions and securities lending. Loomis Sayles may elect not to hedge currency risk, which may cause the Fund to incur losses that would not have been incurred had the risk been hedged. The Fund also may invest in Rule 144A securities. The Fund may engage in active and frequent trading of securities. Frequent trading may produce high transaction costs and a high level of taxable capital gains, which may lower the Fund’s return.

As a temporary defensive measure, the Fund may hold any portion of its assets in cash (U.S. Dollars, foreign currencies or multinational currency units) and/or invest in money market instruments or high quality debt securities as Loomis Sayles deems appropriate. The Fund may miss certain investment opportunities if it uses defensive strategies and thus may not achieve its investment objectives.

Principal 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 goal. You may lose money by investing in the Fund.

Currency Risk is the risk that the value of the Fund’s investments will fall as a result of changes in exchange rates.


1

Derivatives Risk is the risk that the value of the Fund’s derivative investments will fall, for example, because of changes in the value of the underlying reference instruments, pricing difficulties or lack of correlation with the underlying investment.

Emerging Markets Risk is the risk that the Fund’s investments may face greater foreign securities risk since emerging markets countries may be more likely to experience political or economic instability.

Equity Securities Risk is the risk that the value of a stock may decline for a number of reasons which relate directly to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods and services.

Foreign Securities Risk is the risk that the value of the Fund’s foreign investments will fall as a result of foreign political, social, economic or currency changes or other issues relating to foreign investing generally.

Liquidity Risk is the risk that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects.

Management Risk is the risk that Loomis Sayles’ investment techniques will be unsuccessful and cause the Fund to incur losses.

Market Risk is 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.

Small Capitalization Companies Risk is the risk that the Fund’s investments may be subject to more abrupt price movements, limited markets and less liquidity than investments in larger, more established companies, which could adversely affect the value of the portfolio.

For additional information see the section “Summary of Principal Risks.”

Fund 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, ten-year and since inception periods compare to 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.


		2

Bar Chart The bar chart below shows the Fund’s total returns for Institutional Class shares for each of the last ten calendar years. The returns for Retail Class shares differ from the Institutional Class returns shown in the bar chart to the extent their respective expenses differ.

LOGO

The Fund’s returns will vary. For example, during the period shown in the bar chart, the Fund’s best quarter was up [ ]% ([ ]quarter [ ]), and the Fund’s worst quarter was down [ ]% ([ ] quarter [ ]).

Performance Table The table below shows how the average annual total returns for each class of the Fund (before and after taxes for Institutional Class shares) for the one-year, five-year, ten-year, and since inception periods compare to those of the Russell 2000 Index and the Russell 2000 Growth Index. The Russell 2000 Index is an unmanaged index that consists of the 2,000 smallest companies in the Russell 3000 Index. The Russell 2000 Growth Index is an unmanaged index that measures the performance of those Russell 2000 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 its expenses on a class-by-class basis. Institutional Class returns have also been calculated to reflect return after taxes on distributions only and also return after taxes on distributions and sale of Fund shares. The Russell 2000 Index and the Russell 2000 Growth Index returns have not been adjusted for ongoing management, distribution and operating expenses applicable to mutual fund shares.

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2008

Loomis Sayles Small Cap Growth Fund

One
Year

Five
Years

Ten
Years

Since
Inception
(12/31/96)

Institutional Class

Return Before Taxes

[

Return After Taxes on Distributions¹

[

Return After Taxes on Distributions and Sale of Fund Shares¹

[

Retail Class - Return Before Taxes

[

Russell 2000 Index²

[

Russell 2000 Growth Index²

[


3

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

²	The returns of each index do not reflect a deduction for fees, expenses or taxes. Since inception data for the index covers the period from the month-end closest to the Fund’s inception date through December 31, 2008.


		4

Loomis Sayles Small Cap Value Fund

Loomis Sayles seeks to identify securities of smaller companies that it believes are undervalued by the market. Loomis Sayles will consider, among other things, price-to-earnings, price-to-book and price-to-cash flow ratios. The Fund’s investments may include companies that have suffered significant business problems but are believed by Loomis Sayles to have favorable prospects for recovery. The Fund’s investments may also include companies that are not yet well known to the investment community, but are considered to have favorable fundamental prospects and attractive valuation. Loomis Sayles generally seeks to achieve investment performance by selecting individual stocks it believes are attractive, rather than rotating the Fund’s holdings among various sectors of the economy.

The Fund may invest up to 20% of its assets in securities of foreign issuers, including emerging markets securities. The Fund may engage in foreign currency transactions, options and also may invest in real estate investment trusts (“REITs”), Rule 144A securities, and, to the extent permitted by the Investment Company Act of 1940 and the rules thereunder (the “1940 Act”), investment companies. Loomis Sayles may elect not to hedge currency risk, which may cause the Fund to incur losses that would not have been incurred had the risk been hedged.

Currency Risk is the risk that the value of the Fund’s investments will fall as a result of changes in exchange rates.


5

Liquidity Risk is the risk that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects.

Management Risk is the risk that Loomis Sayles’ investment techniques will be unsuccessful and cause the Fund to incur losses.

Real Estate Investment Trusts (REITs) Risk is the risk that the value of the Fund’s investments will fall as a result of changes in underlying real estate values, rising interest rates, limited diversification of holdings, higher costs and prepayment risk associated with related mortgages, as well as other risks particular to investments in real estate.

For additional information see the section “Summary of Principal Risks.”


		6

Bar Chart The bar chart below shows the Fund’s total returns for Institutional Class shares for each of the last ten calendar years.¹ The returns for Retail Class and Admin Class shares differ from the Institutional Class returns shown in the bar chart to the extent their respective expenses differ.

LOGO

The Fund’s returns will vary. For example, during the period shown in the bar chart, the Fund’s best quarter was up [ ]% ([ ] quarter [ ]), and the Fund’s worst quarter was down [ ]% ([ ]quarter [ ]).

Performance Table The table below shows how the average annual total returns for each class of the Fund (before and after taxes for Institutional Class shares) for the one-year, five-year, ten-year and since inception periods compare to those of the Russell 2000 Index and the Russell 2000 Value Index. The Russell 2000 Index is an unmanaged index that consists of the 2,000 smallest companies in the Russell 3000 Index. The Russell 2000 Value Index is 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 its expenses on a class-by-class basis. Institutional Class returns have also been calculated to reflect return after taxes on distributions only and also return after taxes on distributions and sale of Fund shares. The Russell 2000 Index and the Russell 2000 Value Index returns have not been adjusted for ongoing management, distribution and operating expenses applicable to mutual fund shares.


7

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2008¹

Loomis Sayles Small Cap Value Fund

One
Year

Five
Years

Ten
Years

Since
Inception
(5/13/91)

Institutional Class

Return Before Taxes

[

Return After Taxes on Distributions²

[

Return After Taxes on Distributions and Sale of Fund Shares²

[

Retail Class - Return Before Taxes

[

Admin Class - Return Before Taxes

[

Russell 2000 Index³

[

Russell 2000 Value Index³

[

The annual total returns shown reflect the results of the Loomis Sayles Small Cap Value Fund, a series of Loomis Sayles Funds II (the “Predecessor Fund”) whose assets and liabilities were reorganized into the Fund, a series of Loomis Sayles Funds I, on September 12, 2003. Returns shown for the Institutional Class, Retail Class and Admin Class shares of the Fund reflect the results of shares of the corresponding class of the Predecessor Fund through September 12, 2003. For periods before the inception of Retail Class shares (December 31, 1996) and Admin Class shares (January 2, 1998) of the Predecessor Fund, the performance shown for those Classes is based on the returns of the Predecessor Fund’s Institutional Class shares, adjusted to reflect the higher fees paid by Retail Class and Admin Class shares of the Predecessor Fund. Institutional Class Shares of the Predecessor Fund commenced operations on May 13, 1991.

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 after-tax returns are shown for the Institutional Class of the Fund. After-tax returns for 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 loss on a sale of Fund shares at the end of the measurement period.

³	The returns of each index do not reflect a deduction for fees, expenses or taxes. Since inception data for the index covers the period from the month-end closest to the Fund’s inception date through December 31, 2008.


		8

fees and expenses

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

SHAREHOLDER FEES (fees paid directly from your investment)


Fund/Class	Maximum Sales Charge(Load) Imposed on Purchases (as a percentage of offering price)	Maximum Deferred Sales Charge (Load)	Redemption Fee (as a percentage of amount redeemed, if applicable)
Loomis Sayles Small Cap Growth Fund
Institutional Class	None	None	2% of proceeds*
Retail Class	None	None	2% of proceeds*
Loomis Sayles Small Cap Value Fund
Institutional Class	None	None	2% of proceeds*
Retail Class	None	None	2% of proceeds*
Admin Class	None	None	2% of proceeds*

*	Will be charged on redemptions and exchanges of shares held for 60 days or less. For more information, see the section “Redemption Fees.”

ANNUAL FUND OPERATING EXPENSES (expenses that are deducted from fund assets, as a percentage of average daily net assets)

Fund/Class

Management
Fees

Distribution
(12b-1)
Fees

Other
Expenses

Total
Annual Fund
Operating
Expenses

Fee Reduction
and/or Expense
Reimbursement

Net
Expenses

Loomis Sayles Small Cap Growth Fund¹

Institutional Class

0.75

0.00

[

Retail Class

0.75

0.25

[

Loomis Sayles Small Cap Value Fund²

Institutional Class

0.75

0.00

[

]%^(a)

[

Retail Class

0.75

0.25

[

]%^(a)

[

Admin Class

0.75

0.25

[

]%^(a)(b)

[

^(a)

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.

^(b)

Other Expenses include an administrative services fee of 0.25% for Admin Class shares.

¹	Loomis Sayles has given a binding contractual undertaking to the Loomis Sayles Small Cap Growth Fund to limit the amount of the Fund’s total annual fund operating expenses, exclusive of Acquired Fund Fees and


9

Expenses, brokerage expenses, interest expense, taxes and organizational and extraordinary expenses, to 1.00% for Institutional class shares and 1.25% for Retail class shares. This undertaking is in effect through January 31, 2010, and is reevaluated on an annual basis. Without this undertaking expenses would have been higher.

Loomis Sayles has given a binding contractual undertaking to the Loomis Sayles Small Cap Value 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, to 0.90% for Institutional class shares, 1.15% for Retail class shares and 1.40% for Admin class shares. This undertaking is in effect through January 31, 2010 and is reevaluated on an annual basis. Without this undertaking expenses for Retail and Admin Class shares would have been higher.

Loomis Sayles will be permitted to recover, on a class by class basis, expenses it has borne through the undertakings described above to the extent that a Fund’s expenses in later periods fall below the annual rates set forth in the relevant undertaking. A Fund 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 and expense was deferred.

Example

The example, which is based upon the expenses shown in the “Total Annual Fund Operating Expenses” column, 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 the Funds for the time periods indicated; your investment has a 5% return each year; the Funds’ 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:

Fund/Class

1 Year*

3 Years*

5 Years*

10 Years*

Loomis Sayles Small Cap Growth Fund

Institutional Class

[

]

[

]

[

]

[

]

Retail Class

[

]

[

]

[

]

[

]

Loomis Sayles Small Cap Value Fund

Institutional Class

[

]

[

]

[

]

[

]

Retail Class

[

]

[

]

[

]

[

]

Admin Class

[

]

[

]

[

]

[

]

*	The examples for [ ] are based on the Net Expenses for the 1-year period and on the Total Annual Fund Operating Expenses for the remaining periods. The example for [ ] is based on the Total Annual Fund Operating Expenses for all periods.

A “snapshot” of each Fund’s investments may be found in each Fund’s 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, is available on the Funds’ website at www.loomissayles.com (click on “Investor Type,” “Individual Investors” and then “Holdings”). These holdings will remain accessible on the website until each Fund files its Form N-CSR or Form N-Q with the SEC for the period that includes the date of the information. In addition, a list of each Fund’s top 10 holdings as of the month-end is generally available within 5 days after the month-end on the Funds’ website at www.loomissayles.com (click on


		10

“Investor Type,” “Individual Investors,” select the name of the Fund whose holdings you wish to view and then “Portfolio”). Please see the back cover of this Prospectus for more information on obtaining a copy of a Fund’s current annual or semiannual report.


11

summary of principal risks

This section provides more information on the principal risks that may affect a Fund’s portfolio. In seeking to achieve their investment goals, the Funds may also invest in various types of securities and engage in various investment practices which are not a principal focus of the Funds and therefore are not described in this Prospectus. These securities and investment practices and their associated risks are discussed in the Funds’ Statement of Additional Information (“SAI”), which is available without charge upon request (see back cover).

Each Fund may borrow money for temporary or emergency purposes in accordance with its investment restrictions.

Credit Risk

This is the risk that the issuer or the guarantor of a fixed-income security, or the counterparty to an over-the-counter transaction, will be unable or unwilling to make timely payments of interest or principal or to otherwise honor its obligations. Each Fund may be subject to credit risk to the extent that it invests in fixed-income securities or is a party to over-the-counter transactions.

A Fund that may invest in lower-quality fixed-income securities (commonly known as “junk bonds”) are subject to greater credit risk and market risk than a Fund that invests in higher-quality fixed-income securities. Lower-rated fixed-income securities are considered predominantly speculative with respect to the ability of the issuer to make timely principal and interest payments.

A Fund that invests in fixed-income securities issued in connection with corporate restructurings by highly-leveraged issuers or in fixed-income securities that are not current in the payment of interest or principal (i.e., in default) will be subject to greater credit risk.

A Fund that may invest in foreign securities is subject to increased credit risk, for example, because of the difficulties of requiring foreign entities to honor their contractual commitments and because a number of foreign governments and other issuers are already in default.

Currency Risk

This is the risk that fluctuations in exchange rates between the U.S. dollar and foreign currencies may cause the value of a Fund’s investments to decline. The Funds are subject to currency risk because they may invest in securities or other instruments denominated in, or receive revenues in, foreign currencies.


		12

Derivatives Risk

Certain Funds may use derivatives, which are financial contracts whose value depends upon or is derived from the value of an underlying asset, reference rate, or index. Examples of derivatives include options, futures, swap transactions, foreign transactions and foreign currency transactions. A Fund may (but are not required to) use derivatives as part of a strategy designed to reduce exposure to other risks, such as risks associated with changes in interest rates or currency risk (“hedging”). The Funds may also use derivatives for leverage, which increases opportunities for gain but also involves greater risk of loss due to leveraging risk, and to earn income, enhance yield, or broaden the Fund’s diversification by gaining exposure to issuers, indices, sectors, currencies and/or geographic regions. This use of derivatives for these purposes entails greater risk than using derivatives solely for hedging purposes.

Funds that use derivatives also face additional risks, such as liquidity risk, market risk, management risk, the credit risk relating to the other party to a derivative contract, the risk of difficulties in pricing and valuation, the risk of ambiguous documentation and the risk that changes in the value of a derivative may not correlate perfectly with relevant assets, rates or indices. This could, for example, cause a derivative transaction to imperfectly hedge the risk which it was intended to hedge. A Fund’s use of derivative instruments may involve risks greater than the risks associated with investing directly in securities and other traditional investments, may cause the Fund to lose more than the principal amount invested and may subject a Fund to the potential for unlimited loss. A Fund may be required to sell other securities at inopportune times to meet collateral requirements on its derivatives transactions. In addition, a Fund’s use of derivatives may increase or accelerate the amount of taxes payable by shareholders. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that a Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial or that, if used, such strategies will be successful.

Recently, several broker-dealers and other financial institutions have experienced extreme financial difficulty, sometimes resulting in bankruptcy of the institution. Although the Fund’s adviser monitors the creditworthiness of the Fund’s derivative counterparties, there can be no assurance that the Fund’s counterparties will not experience similar difficulties, possibly resulting in losses to the Fund. Losses resulting from the use of derivatives will reduce the Fund’s net asset value, and possibly income, and the losses may be significantly greater than if derivatives had not been used.


13

Emerging Markets Risk

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

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

Companies trading in developing securities markets are generally smaller and have shorter operating histories than companies trading in developed markets. Foreign investors may be required to register the proceeds of sales. Settlement of securities transactions in emerging markets may be subject to risk of loss and may be delayed more often than transactions settled in the U.S. Disruptions resulting from social and political factors may cause the securities markets to close. If extended closings were to occur, the liquidity and value of the Fund’s assets invested in corporate debt obligations of emerging market companies would decline.

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

Emerging market countries may require governmental approval for the repatriation of investment income, capital or proceeds of sale of securities by foreign investors. In addition, if a deterioration occurs in an emerging market country’s balance of payments, the country could impose temporary restrictions on foreign capital remittances. A Fund could be adversely affected by delays in, or a refusal


		14

to grant, any required governmental approval for repatriation of capital, as well as by the application to a Fund of any restrictions on investments. Investing in local markets in emerging market countries may require a Fund to adopt special procedures, seek local governmental approvals or take other actions, each of which may involve additional costs to a Fund.

Equity Securities Risk

The value of 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. In addition, the value of stock in the Fund’s portfolio may decline for a number of reasons which relate directly to the issuer. Those reasons may include, among other things, management performance, the effects of financial leverage and reduced demand for a company’s goods and services. 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, REITs or other trusts and other similar securities.

Fixed Income Securities Risk

This is the risk that the value of fixed income securities in the Fund’s portfolio may decline for a number of reasons which relate directly to the issuer. This may include, among other things, management performance, the effects of financial leverage and reduced demand for a company’s goods and services. Fixed income securities are also subject to credit risk, interest rate risk and liquidity risk.

Foreign Securities Risk

This is the risk associated with investments in issuers located or that do business in foreign countries. A Fund’s investments in foreign securities may be less liquid and may experience more rapid and extreme changes in value than investments in securities of U.S. companies.

The securities markets of many foreign countries are relatively small, with a limited number of issuers and a small number of securities. In addition, foreign companies often are not subject to the same degree of regulation as U.S. companies. Reporting, accounting, and auditing standards of foreign countries differ, in some cases significantly, from U.S. standards. Among other things, nationalization, expropriation or confiscatory taxation, currency blockage, political changes, or diplomatic developments can cause the value of a Fund’s investments in a foreign country to decline. In the event of nationalization, expropriation, or other confiscation, a Fund could lose its entire foreign investment.


15

A Fund that invests in emerging markets may face greater foreign risk since emerging markets countries may be more likely to experience political and economic instability.

Inflation/Deflation Risk

Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the present value of future payments. Deflation risk is the risk that prices throughout the economy decline over time (the opposite of inflation). Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of a Fund’s portfolio.

Interest Rate Risk

This is the risk that changes in interest rates will affect the value of a Fund’s investments in fixed-income securities, such as bonds, notes, asset-backed securities, and other income-producing securities (such as preferred stocks). Fixed-income securities are obligations of the issuer to make payments of principal and/or interest on future dates. Increases in interest rates may cause the value of a Fund’s investments to decline.

Even Funds that generally invest a significant portion of their assets in high-quality fixed-income securities are subject to interest rate risk. Interest rate risk is greater for funds that generally invest a significant portion of their assets in lower-quality fixed-income securities (commonly known as “junk bonds”) or comparable unrated securities. Interest rate risk also is greater for Funds that generally invest in fixed-income securities with longer maturities or durations than for Funds that invest in fixed-income securities with shorter maturities or durations.

Interest rate risk is compounded for Funds when they invest a significant portion of their assets in mortgage-related or asset-backed securities because the value of mortgage-related and asset-backed securities generally is more sensitive to changes in interest rates than other types of fixed-income securities. When interest rates rise, the maturities of mortgage-related and asset-backed securities tend to lengthen, and the value of these securities decreases more significantly than the value of other types of securities. In addition, these types of securities are subject to prepayment when interest rates fall, which generally results in lower returns because funds that hold these types of securities must reinvest assets previously invested in these types of securities in fixed-income securities with lower interest rates.


		16

Each Fund also faces increased interest rate risk when it invests in fixed-income securities paying no current interest (such as zero-coupon securities and principal-only securities), interest-only securities and fixed-income securities paying non-cash interest in the form of other fixed-income securities, because the prices of those types of securities tend to react more to changes in interest rates.

Issuer Risk

The value of a Fund’s investments may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods and services.

Leveraging Risk

When a Fund borrows money or otherwise leverages its portfolio, the value of an investment in the Fund will be more volatile, and all other risks are generally compounded. Funds face this risk if they create leverage by using investments such as reverse repurchase agreements, inverse floating rate instruments or derivatives, or by borrowing money.

Liquidity Risk

Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing a Fund from selling these illiquid securities at the price or at the time desired. Liquidity issues could also make it difficult to value a Fund’s investments, which could also negatively impact net asset value. Derivatives and securities that involve substantial interest rate or credit risk tend to involve greater liquidity risk. In addition, liquidity risk tends to increase to the extent a Fund invests in securities whose sale may be restricted by law or by contract, such as Rule 144A securities.

Management Risk

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

Market Risk

This is the risk that the value of a Fund’s investments will change as financial markets fluctuate and that prices overall may decline. The value of a company’s securities may fall as a result of factors that directly relate to that company, such


17

as decisions made by its management or lower demand for the company’s products or services. A security’s value also may fall because of factors affecting not just the company, but companies in its industry or in a number of different industries, such as increases in production costs. The value of a company’s security also may be affected by changes in financial market or other economic conditions, such as changes in interest rates or currency exchange rates. In addition, a company’s securities generally pay dividends only after the company makes required payments to holders of its bonds or other debt. For this reason, the value of the stock will usually react more strongly than bonds and other fixed-income securities to actual or perceived changes in the company’s financial condition or prospects. Market risk tends to be greater when a Fund invests in fixed-income securities with longer maturities.

Market risk generally is greater for funds that invest substantially in small and medium-sized companies, since these companies tend to be more vulnerable to adverse developments than large companies. IPO securities tend to involve greater market risk than other equity securities due, in part, to public perception and the lack of public information and trading history.

REITS Risk

REITs involve certain unique risks in addition to those risks associated with investing in the real estate industry in general (such as possible declines in the value of real estate, lack of availability of mortgage funds, or extended vacancies of property). Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, are not diversified, and are subject to heavy cash flow dependency, risks of default by borrowers, and self-liquidation. REITs are also subject to the possibilities of failing to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended, and failing to maintain their exemptions from registration under the 1940 Act.

Furthermore, the real estate industry is particularly sensitive to economic downturns. Securities of companies in the real estate industry, including REITs, are particularly sensitive to factors such as changes in real estate values, property taxes, interest rates, cash flows or 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. A Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund.


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REITs may have limited financial resources, may trade less frequently and in a limited volume, and may be subject to more abrupt or erratic price movements than more widely-held securities.

A Fund’s investment in a REIT may require the Fund to accrue and distribute income not yet received or may result in the Fund making distributions that constitute a return of capital to Fund shareholders for federal income tax purposes. In addition, distributions by a Fund from REITs will not qualify for the corporate dividends-received deduction, or, generally, for treatment as qualified dividend income.

Small Capitalization Companies Risk

The general risks associated with corporate income-producing securities are particularly pronounced for securities issued by companies with smaller market capitalizations. These companies may have limited product lines, markets or financial resources or they may depend on a few key employees. As a result, they may be subject to greater levels of credit, market and issuer risk. Securities of smaller companies may trade less frequently and in lesser volume than more widely held securities and their values may fluctuate more sharply than other securities. Further, securities of smaller companies may perform differently in different cycles than larger company securities. Companies with medium-sized market capitalizations may have risks similar to those of smaller companies.

Securities Lending

Each Fund may lend a portion of its portfolio securities to brokers, dealers, and other financial institutions, provided that a number of conditions are satisfied, including that the loan is fully collateralized. Please see “Investment Strategies” in the 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. In addition, any investment of cash collateral is generally at the sole risk of the Funds. Any income or gains and losses from investing and reinvesting any cash collateral delivered by a borrower pursuant to a loan are generally at the Fund’s risk, and to the extent any such losses reduce the amount of cash below the amount required to be returned to the borrower upon the termination of any loan, the Fund may be required by the securities lending agent to pay or cause to be paid to such borrower an amount equal to such shortfall in cash, possibly requiring it to liquidate other portfolio securities to satisfy its obligations. A Fund may pay lending fees to the party arranging the loan.


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Transactions With Other Investment Companies

Pursuant to SEC exemptive relief, each Fund may be permitted to invest its daily cash balances in shares of money market and short-term bond funds advised by Natixis Asset Management Advisors, L.P. (“Natixis Advisors”) (an affiliate of Loomis Sayles) or its affiliates (the “Central Funds”). The Central Funds currently include two money market funds: Natixis Cash Management Trust — Money Market Series (the “Money Market Fund”) and Daily Income Fund. The Money Market Fund is advised by Natixis Advisors and subadvised by Reich & Tang and the Daily Income Fund is advised by Reich & Tang. Because Loomis Sayles, Natixis Advisors and Reich & Tang are each subsidiaries of Natixis Global Asset Management, L.P. (“Natixis US”), the Funds and the Central Funds may be considered to be related companies comprising a “group of investment companies” under the 1940 Act.

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 Management and Advisors, L.P., AlphaSimplex Group, LLC, BlackRock Investment Management, LLC (“BlackRock”), Dreman Value Management, LLC (“Dreman”), Gateway Investment Advisers, LLC, Hansberger Global Investors, Inc., Harris Associates L.P. and Vaughan Nelson Investment Management, L.P. Each of these advisers and subadvisers (except for 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. The Funds may also make investments in related investment companies to the extent permitted by SEC regulations.


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management

Investment Adviser

Loomis Sayles, located at One Financial Center, Boston, Massachusetts 02111, serves as the investment adviser to the Funds. Loomis Sayles is a subsidiary of Natixis US, which is part of Natixis Asset Management Group, an international asset management group based in Paris, France. Founded in 1926, Loomis Sayles is one of the oldest investment firms in the U.S. with over $ billion in assets under management as of December 31, 2008. Loomis Sayles is well known for its professional research staff, which is one of the largest in the industry. Loomis Sayles is responsible for making investment decisions for each Fund and for providing general business management and administration to each Fund.

The aggregate advisory fees paid by the Funds during the fiscal year ended September 30, 2008 as a percentage of each Fund’s average daily net assets were:


Fund	Aggregate Advisory Fee
Loomis Sayles Small Cap Growth Fund	[	]%
Loomis Sayles Small Cap Value Fund	[	]%

A discussion of the factors considered by the Funds’ Board of Trustees in approving the Funds’ investment advisory contracts is available in the Funds’ annual reports for the fiscal year ended September 30, 2008.

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. Except where noted, each portfolio manager has been employed by Loomis Sayles for at least five years.

Mark F. Burns has served as portfolio manager of the Loomis Sayles Small Cap Growth Fund since January 2005. Mr. Burns, Vice President of Loomis Sayles, began his investment career in 1993 and joined Loomis Sayles in 1999. Mr. Burns holds the designation of Chartered Financial Analyst. He received a B.A. from Colby College and a M.B.A. from Cornell University and has over 14 years of investment experience.

Joseph R. Gatz has served as portfolio manager of the Loomis Sayles Small Cap Value Fund since January 2000. Mr. Gatz, Vice President of Loomis Sayles, began his investment career in 1985 and joined Loomis Sayles in 1999. Mr. Gatz holds the designation of Chartered Financial Analyst. He received a B.A. from Michigan State University and an M.B.A. from Indiana University and has over 22 years of investment experience.


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John J. Slavik has served as portfolio manager of the Loomis Sayles Small Cap Growth Fund since April 2005. Mr. Slavik, Vice President of Loomis Sayles, began his investment career in 1991 and joined Loomis Sayles in April 2005. Prior to joining Loomis Sayles, Mr. Slavik was a vice president and portfolio manager at Westfield Capital Management, LLC from November 2000 to March 2005. Mr. Slavik holds the designation of Chartered Financial Analyst. He received a B.A. from the University of Connecticut and has over 16 years of investment experience.

Daniel G. Thelen has served as portfolio manager of the Loomis Sayles Small Cap Value Fund since April 2000. Mr. Thelen, Vice President of Loomis Sayles, began his investment career in 1990 and joined Loomis Sayles in 1996. Mr. Thelen holds the designation of Chartered Financial Analyst. He received a B.A. and an M.B.A. from Michigan State University and has over 17 years of investment experience.

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

Distribution Plans and Administrative Services and Other Fees

For the Retail and Admin Classes of the Funds, the Funds offering those classes have adopted distribution plans under Rule 12b-1 of the 1940 Act that allow the Funds to pay fees for the sale and distribution of Retail and Admin Class shares and for services provided to shareholders. This 12b-1 fee currently is 0.25% of a Fund’s average daily net assets attributable to the shares of a particular Class. Because distribution and service (12b-1) fees are paid out of the Funds’ assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges and service fees.

Admin Class shares of Loomis Sayles Small Cap Value Fund are offered exclusively through intermediaries, who will be the record owners of the shares. Admin Class shares may pay an administrative services fee at an annual rate of up to 0.25% of the average daily net assets attributable to Admin Class shares to securities dealers or financial intermediaries for providing personal service and account maintenance for their customers who hold these shares.

Natixis Distributors, L.P. (the “Distributor”), on behalf of Loomis Sayles, may pay certain broker-dealers and financial intermediaries whose customers are existing shareholders of the Funds a continuing fee at an annual rate of up to 0.35% of the value of Fund shares held for those customers’ accounts, although this continuing fee is paid by the Distributor, on behalf of Loomis Sayles, out of its own assets and is not assessed against the Fund.


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The Distributor, the Funds’ adviser and their respective affiliates may, out of their own resources, which generally come directly or indirectly from fees paid by the Funds, make payments in addition to the payments described in this section to 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 other financial intermediaries. Please also contact your dealer or financial intermediary for details about payments it may receive.


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general information

How Fund Shares Are Priced

Net asset value (“NAV”) 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
Net Asset Value	=	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 New York Stock Exchange (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, a Fund’s shares will not be priced on the holidays listed in the SAI. See the section “Net Asset Value” in the SAI for more details.

•

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

•

Requests received by a Fund 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, Natixis Distributors, L.P. (the “Distributor”) may enter into contractual agreements pursuant to which orders received by your investment dealer before the Fund determines its net asset value and transmitted to the Distributor prior to 9:30 a.m. on the next business day, 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.


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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 Fund or send your order by mail as described in the sections “How to Purchase Shares” and “How to Redeem Shares.”

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

Generally, Fund securities are valued as follows:

Equity securities. Last sale price on the exchange or market where primarily traded or if there is no reported sale during the day, the closing bid price.

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 non-U.S. exchange, unless a 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 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. Current settlement price.

Credit default swaps. Market value based on prices supplied by a pricing service, if available, or quotations obtained from broker dealers.

Foreign Currency Forward Contracts. Interpolated prices from information provided by an independent pricing service.

All other securities. Fair market value as determined by the adviser of the Fund pursuant to procedures approved by the Board of Trustees.


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(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.

Accessing Your Account Information

Loomis Sayles Funds Website. You can access our website at www.loomissayles.com to perform transactions (purchases, redemptions or exchanges), to review your account information, change your address, order duplicate statements or tax forms, or to obtain a prospectus, an SAI, an application or periodic reports.

Loomis Sayles Automated Voice Response System. You have access to your account 24 hours a day by calling Loomis Sayles’ automated voice response system at 800-633-3330, option 1. Using this customer service option you may review your account balance and Fund prices, order duplicate statements, order duplicate tax forms, obtain distribution and performance information and obtain wiring instructions.

How To Purchase Shares

The Loomis Sayles Small Cap Value Fund was closed to new investors effective September 15, 2008. The Fund remains open to existing shareholders, including currently funded defined contribution, defined benefit and all other employee benefit plans and their participants. The Fund may not be added to any employee benefit platforms. Qualified plans may be permitted to invest in the Fund if they were approved by Loomis Sayles prior to September 15, 2008 and funded by September 30, 2008.

Independent investment advisers, as well as registered representatives using broker/dealers for existing accounts in the Loomis Sayles Small Cap Value Fund, are allowed to add assets for their existing client accounts. Clients of independent investment advisers and registered representatives who did not have an existing account in the Fund prior to September 15, 2008 are not permitted to open new accounts.


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You can buy shares of each Fund in several ways:

Through a financial adviser. Your financial adviser will be responsible for furnishing all necessary documents to Loomis Sayles Funds. Your financial adviser may charge you for these services. Your adviser must receive your request in proper form before the close of regular trading on the NYSE for you to receive that day’s NAV.

Through a broker-dealer. You may purchase shares of the Funds through a broker-dealer that has been approved by the Distributor which can be contacted at 399 Boylston Street, Boston, MA 02116. Your broker-dealer may charge you a fee for effecting such transactions. Your broker-dealer must receive your request in proper form before the close of regular trading on the NYSE for you to receive that day’s NAV.

Directly from the Fund. Loomis Sayles Funds must receive your purchase request in proper form before the close of regular trading on the NYSE in order for you to receive that day’s NAV.

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

By mail. You can buy shares of each Fund by submitting a completed application form, which is available online at www.loomissayles.com or by calling Loomis Sayles Funds at 800-633-3330, for along with a check payable to Loomis Sayles Funds for the amount of your purchase to:


Regular Mail:		Overnight Mail:
Loomis Sayles Funds		Loomis Sayles Funds
P.O. Box 219594		330 West 9th Street
Kansas City, MO 64121-9594		Kansas City, MO 64105-1514

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

By wire. You also may wire subsequent investments by using the following wire instructions. Your bank may charge a fee for transmitting funds by wire.

State Street Bank and Trust Company

ABA No. 011000028

DDA 9904-622-9

(Your account number)

(Your name)

(Name of Fund)


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By telephone. If you established the electronic transfer privilege on your new account, you can make subsequent investments by calling Loomis Sayles Funds at 800-633-3330. If you did not establish the electronic transfer privilege on your application, you may add the privilege by obtaining an Account Options Form through your financial adviser, by calling Loomis Sayles Funds at 800-633-3330 or by visiting www.loomissayles.com.

By exchange. You may purchase shares of a Fund by exchange of shares of another Fund by sending a signed letter of instruction to Loomis Sayles Funds, by calling Loomis Sayles Funds at 800-633-3330 or by accessing your account online at www.loomissayles.com.

By internet. If you have established a Personal Identification Number (PIN) and you have established the electronic transfer privilege, you can make subsequent investments through your online account at www.loomissayles.com. If you have not established a PIN but you have established the electronic transfer privilege from www.loomissayles.com, click on “Account Access” then click on the appropriate user type and then follow the instructions.

Through systematic investing. You can make regular investments of $50 or more per month through automatic deductions from your bank checking or savings account. If you did not establish the electronic transfer privilege on your application, you may add the privilege by obtaining an Account Options Form through your financial adviser, by calling Loomis Sayles Funds at 800-633-3330 or by visiting www.loomissayles.com.

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

Subject to the approval of the Fund, an investor may purchase Institutional Class shares of a Fund with liquid securities and other assets that are eligible for purchase by the Fund (consistent with the Fund’s investment policies and restrictions) and that have a value that is readily ascertainable in accordance with the Fund’s valuation policies. These transactions will be effected only if Loomis Sayles deems the security to be an appropriate investment for the Fund. Assets purchased by a Fund in such a transaction will be valued in accordance with procedures adopted by the Fund. The Funds reserve the right to amend or terminate this practice at any time.


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All purchases made by check should be in U.S. dollars and made payable to Loomis Sayles Funds. Third party checks, starter checks and credit card convenience checks will not be accepted. When you make an investment by check or by periodic account investment, you will not be permitted to redeem that investment until the check has cleared or the shares have been in your account for 15 days.

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

Each Fund is required by federal regulations to obtain personal information from you and to use that information to verify your identity. A Fund 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 is not verified.

The following table shows the investment minimum for each class of shares of each Fund.


Fund		Minimum Initial Investment
Loomis Sayles Small Cap Growth Fund		Retail - $2,500
Loomis Sayles Small Cap Value Fund		Institutional - $100,000
		Retail - $2,500
		Admin - No Minimum

Each Fund’s shares (except Admin Class shares) may be purchased by all types of tax-deferred retirement plans. If you wish to open an individual retirement account (“IRA”) with a Fund, you may obtain retirement plan forms available online at www.loomissayles.com, or by calling Loomis Sayles Funds at 800-633-3330. Admin Class shares are intended primarily for qualified retirement plans held in an omnibus fashion and are not available for purchase by individual investors.

Each subsequent investment must be at least $50. Loomis Sayles Funds reserves the right to waive these minimums in its sole discretion, including for certain retirement plans whose accounts are held on the books of the Funds’ transfer agent in an omnibus fashion. At the discretion of Loomis Sayles, employees and clients of Loomis Sayles, and their respective family members, may purchase shares of the funds offered through this prospectus below the stated minimums. In addition, at the discretion of Natixis Advisors, clients of Natixis Advisors may also purchase shares of the Funds below the stated minimums.


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In our continuing effort to reduce your Fund’s expenses and amount of mail that you receive from Loomis Sayles Funds, we will mail only a single copy of prospectuses, proxy statements and financial reports to your household. Additional copies may be obtained by calling 800-633-3330.

This program will continue in effect unless you notify us that you do not want to participate in this combined mailing program. If you wish to receive separate mailings for each Fund you own in the future, please call us at the telephone number above or mail your written request to Loomis Sayles, P.O. Box 219594, Kansas City, MO 64121-9594 and we will resume separate mailings within 30 days.

Small Account Policy. In order to address the relatively higher costs of servicing smaller fund positions, each Fund may assess, on an annual basis, a minimum balance fee of $20 on accounts that fall below $500. The minimum balance fee is assessed by the automatic redemption of shares in the account in an amount sufficient to pay the fee. The minimum balance fee does not apply to directly registered accounts that (i) make monthly purchases through systematic investing or (ii) are retirement accounts. If your Fund account falls below $50 the Fund may redeem your remaining shares and send the proceeds to you. Accounts associated with defined contribution plans are excepted from the minimum balance fee and liquidation.

How To Redeem Shares

You can redeem shares of each Fund any day the NYSE is open either through your financial advisor or directly from the Fund. Shares purchased by check are redeemable, although each Fund may withhold payment until the purchase check has cleared. If you are redeeming shares that you purchased within the past 15 days by check, telephone ACH or online ACH, your redemption will be delayed until the shares have been in your account for 15 days.

Because large redemptions are likely to require liquidation by the Fund of portfolio holdings, payment for large redemptions may be delayed for up to seven days to provide for orderly liquidation of such holdings. Under unusual circumstances, the Funds may suspend redemptions or postpone payment for more than seven days. 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 would incur brokerage or other charges in converting the securities to cash.


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Redemptions through your financial adviser. Your adviser must receive your request in proper form before the close of regular trading on the NYSE for you to receive that day’s NAV (less any applicable charges). Your adviser will be responsible for furnishing all necessary documents to Loomis Sayles Funds on a timely basis and may charge you for his or her services.

Redemptions through your broker-dealer. You may redeem shares of the Funds through a broker-dealer that has been approved by the Distributor, which can be contacted at 399 Boylston Street, Boston, MA 02116. Your broker-dealer may charge you a fee for effecting such transaction. Your broker-dealer must receive your request in proper form before the close of regular trading on the NYSE for you to receive that day’s NAV (less any applicable charges). Your redemptions generally will be wired to your broker-dealer on the first business day after your request is received in good order.

Redemptions directly from the Funds. Loomis Sayles Funds must receive your redemption request in proper form before the close of regular trading on the NYSE in order for you to receive that day’s NAV (less any applicable charges). Your redemptions generally will be sent to you via first class mail within three business days after your request is received in good order, although it may take longer.

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

By mail. Send a signed letter of instruction that includes the name of the Fund, the exact name(s) in which the shares are registered, any special capacity in which you are signing (such as trustee or custodian or on behalf of a partnership, corporation, or other entity), your address, telephone number, account number and the number of shares or dollar amount to be redeemed to the following address:


Regular Mail:		Overnight Mail:
Loomis Sayles Funds		Loomis Sayles Funds
P.O. Box 219594		330 West 9th Street
Kansas City, MO 64121-9594		Kansas City, MO 64105-1514

If you have certificates for the shares you want to sell, you must include them along with completed stock power forms.


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

By exchange. You may sell some or all of your shares of a Fund and use the proceeds to buy shares of another Loomis Sayles Fund by sending a letter of instruction to Loomis Sayles Funds, calling Loomis Sayles Funds at 800-633-3330 or exchanging online at www.loomissayles.com.

By internet. If you have established a Personal Identification Number (PIN), and you have established the electronic transfer privilege, you can redeem shares through your online account at www.loomissayles.com. If you have not established a PIN, but you have established the electronic transfer privilege, click on “Account Access” at www.loomissayles.com, click on the appropriate user type, and then follow the instructions.

By telephone. You may redeem shares by calling Loomis Sayles Funds at 800-633-3330. Proceeds from telephone redemption requests can be wired to your bank account, sent electronically by ACH to your bank account or sent by check in the name of the registered owner(s) to the record address. A wire fee will be deducted from your proceeds. Your bank may charge you a fee to receive the wire.

Retirement shares may not be redeemed by telephone. Please call Loomis Sayles Funds at 800-633-3330 for an IRA Distribution Form, or download the form online at www.loomissayles.com.

The telephone redemption privilege may be modified or terminated by the Funds without notice. Certain of the telephone redemption procedures may be waived for holders of Institutional Class shares.

The maximum value of shares that you may redeem by telephone or internet is $100,000. For your protection, telephone or internet redemption requests will not be permitted if Loomis Sayles Funds has been notified of an address change or bank account information change for your account within the preceding 30 days. Unless you indicate otherwise on your account application, Loomis Sayles Funds will be authorized to accept redemption and transfer instructions by telephone. If you prefer, you can decline telephone redemption and transfer privileges.

Systematic Withdrawal Plan. If the value of your account is $25,000 or more, you can have periodic redemptions automatically paid to you or to someone you designate. Please call 800-633-3330 for more information or to set up a systematic withdrawal plan or visit www.loomissayles.com to obtain an Account Options Form.


		32

By Wire. Before Loomis Sayles Funds can wire redemption proceeds to your bank account, you must provide specific wire instructions to Loomis Sayles Funds in writing. A wire fee will be deducted from the proceeds of each wire.

By ACH. For ACH redemptions, proceeds (less any applicable redemption fee) will generally arrive at your bank within three business days.

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

•

If you are redeeming shares worth more than $50,000.

•

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

•

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

•

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

The Funds will only accept medallion signature guarantees bearing the STAMP2000 Medallion imprint. Please note that a notary public cannot provide a medallion signature guarantee. This signature guarantee requirement may be waived by Loomis Sayles Funds in certain cases.

How To Exchange Shares

You may exchange Retail Class shares of your Fund offered through this prospectus, subject to investment minimums, for Retail Class shares of any Loomis Sayles Fund that offers Retail Class shares without paying a sales charge, if any, or for Class A shares of Natixis Cash Management Trust, a money market fund that is advised by Natixis Advisors, an affiliate of Loomis Sayles. You may exchange Admin Class shares of your Fund offered through this prospectus, subject to investment minimums, for Admin Class shares of any Loomis Sayles Fund that offers Admin Class shares without paying a sales charge or for Class A shares of Natixis Cash Management Trust. You may exchange Institutional Class shares of your Fund, subject to investment minimums, for Institutional Class shares of any Loomis Sayles Fund that offers Institutional Class shares, for Class Y shares of any Natixis Fund that offers Class Y shares or for Class A shares of Natixis Cash Management Trust. All exchanges are subject to any restrictions described in the applicable Funds’ prospectuses.

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.


33

The value of Fund shares that you wish to exchange must meet the investment minimum requirements of the new fund.

You may make an exchange by sending a signed letter of instruction, through your online account at www.loomissayles.com, or by telephone unless you have elected on your account application to decline telephone exchange privileges.

Please remember that an exchange may be a taxable event for federal and/or state income tax purposes, so that you may realize a gain or loss that is subject to income tax.

A 2% redemption fee may apply to exchanges of shares within 60 days of their acquisition. See the section “Restrictions on Buying, Selling and Exchanging Shares.”

Conversion Rights

In certain limited circumstances, you may convert Retail Class shares of your Fund to Institutional Class shares of the same Fund or convert Institutional Class shares of your Fund to Retail Class shares of the same Fund. The value of shares that you wish to convert must meet at least the investment minimum requirements of the new Class. The conversion from one class of shares to another will be based on the respective net asset values of the separate classes on the trade date for the conversion. You will not be charged any redemption fee or exchange fee as a result of the exchange. A conversion between share classes of the same fund is a nontaxable event to the shareholder.

You may convert Retail Class shares of your Fund to Institutional Class shares of the same Fund if you have accumulated shares with a net asset value greater than or equal to the minimum investment amount for Institutional Class shares of that same Fund. You may convert from Institutional Class shares to Retail Class shares only if the investment option or program through which you invest no longer permits the use of Institutional Class shares in that option or program or if you otherwise are no longer able to participate in Institutional Class shares. A conversion into a class of shares is subject to the purchase restrictions of such Class as described in the Fund’s prospectus (see “How to Purchase Shares”).

In order to convert shares, you must complete the Cross Share Exchange Form and return it to Loomis Sayles Funds at the following address:


Regular Mail:		Overnight Mail:
Loomis Sayles Funds		Loomis Sayles Funds
P.O. Box 219594		330 West 9th Street
Kansas City, MO 64121-9594		Kansas City, MO 64105-1514


		34

You can obtain the form by calling 800-633-3330 or by visiting the Funds’ website at www.loomissayles.com. All requests for conversions (including requests for accounts traded through the National Securities Clearing Corporation) must be provided on the Cross Share Exchange Form.

Restrictions On Buying and Selling Shares

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 a Fund’s portfolio, and increasing brokerage and administrative costs. A Fund 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. Each Fund discourages excessive, short-term trading that may be detrimental to the Fund and its shareholders. The Funds’ Board of Trustees has adopted the following policies to address and discourage such trading.

The Funds reserve 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 their shares by submitting a redemption request as described above under “How to Redeem 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 the 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 each 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 are not exclusive lists of activities that the Funds and the Distributor may consider to be “market timing.”


35

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 applicable Fund or the Distributor. A Fund and the Distributor may request additional information to enable them to determine that the fund-of-funds or asset allocation program is not designed to and/or is not serving as a vehicle for disruptive short-term trading, which may include requests for (i) written assurances from the sponsor or investment manager of the fund-of-funds or asset allocation program that it enforces the Fund’s frequent trading policy on investors or another policy reasonably designed to deter disruptive short-term trading in Fund shares, and/or (ii) data regarding transactions by investors in the fund-of-funds or asset allocation program, for periods and on a frequency determined by the Fund and Distributor, so that the Fund can monitor compliance by such investors with the trading limitations of the Fund or 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 each 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 Funds and the Distributor seek to act in a manner that they believe is consistent with the best interests of all shareholders. The Funds 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 each 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 each 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,


		36

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 Funds will be able to detect or prevent all market timing or other trading practices that may disadvantage the Funds.

Certain Funds also seek to prevent excessive and disruptive trading practices through the assessment of redemption fees on shares redeemed or exchanged within a given time period. See the section “Redemption Fees” for more information.

Redemption Fees. Shareholders will be charged a 2% redemption fee if they redeem, including redeeming by exchange, any class shares of these Funds within 60 days of their acquisition (including acquisition by exchange). The redemption fee is intended to help deter harmful short-term trading and to offset the costs to the Funds of short-term trading, such as portfolio transaction and market impact costs associated with redemption activity and administrative costs associated with processing redemptions. The redemption fee is deducted from the shareholder’s redemption or exchange proceeds and is paid to the Fund, although there may be a delay between the time the fee is deducted from such proceeds and when it is paid to the Fund.

The “first-in, first-out” (FIFO) method is used to determine the holding period of redeemed or exchange shares, which means that if you acquired shares on different days, the shares acquired first will be redeemed or exchanged first for purposes of determining whether the redemption fee applies. A new holding period begins with each purchase or exchange.

The Funds currently do not impose a redemption fee on a redemption of:

•

shares acquired by reinvestment of dividends or distributions of a Fund; or

•

shares held in an account of certain retirement plans or profit sharing plans or purchased through certain intermediaries; or

•

shares redeemed as part of a systematic withdrawal plan; or

•

shares redeemed due to the death or disability of the shareholder; or

•

shares redeemed by a Fund due to the shareholder’s failure to satisfy the Fund’s minimum balance policy or in connection with the merger or liquidation of the Fund; or

•

shares redeemed to return an excess contribution in a Natixis/Loomis-sponsored retirement plan, such as an IRA or 403(b)(7) plan, or to effect a required minimum distribution from such a retirement plan.


37

•

shares redeemed in participant-directed retirement plans where the application of a redemption fee would cause a Fund, or an asset allocation program of which the Fund is a part, to fail to be considered a “qualified default investment alternative” under ERISA.

The redemption fee also does not apply to changes of account registration or transfers within the same Fund or to shares converted from one share class to another share class of the same Fund. In these transactions, subject to systematic limitations, the redemption fee aging period will carry over to the acquired shares, such that if the acquired shares are redeemed or exchanged before the expiration of the aging period, a redemption fee will be applied.

The Funds may modify or eliminate these waivers at any time. In addition, the Funds may modify the way the redemption fee is applied, including the amount of the redemption fee and/or the length of time shares must be held before the redemption fee is no longer applied, for certain categories of investors or for shareholders investing through financial intermediaries which apply the redemption fee in a manner different from that described above.

The ability of a Fund to assess a redemption fee on transactions by underlying shareholders who own their shares through omnibus or other accounts maintained by financial intermediaries may be limited. The Funds generally do not apply redemption fees at the omnibus account level. Instead, the Funds look to financial intermediaries to assess redemption fees on underlying shareholder accounts and remit these fees to the Funds. There are no assurances that a Fund will successfully identify all financial intermediaries or that financial intermediaries will properly assess redemption fees.

Dividends and Distributions

It is the policy of each Fund to pay its shareholders each year, as dividends, substantially all of its net investment income. Each Fund generally declares and pays such dividends annually. Each Fund expects to distribute substantially 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.

Any capital gain distributions normally are made annually, but may be made more frequently as deemed advisable by the Funds and as permitted by applicable law. The trustees may change the frequency with which each Fund declares or pays dividends.

You may choose to:

•

Reinvest all distributions in additional shares.

•

Have checks sent to the address of record for the amount of distribution or have the distribution transferred through ACH to a bank of your choice.


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

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 non-U.S., state, or local tax consequences.

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

Taxation of Fund Distributions. 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 a 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, in general to 15%, with lower rates applying to taxpayers in the 10% and 15% rate brackets. For more information, see the SAI under “TAXES.”


39

her shares). Such distributions are likely to occur in respect of shares purchased at a time when the Fund’s net asset value reflects gains that are either unrealized or realized but not distributed.

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

Corporations may be able to take a dividends-received deduction for a portion of income dividends they receive.

Redemption, Sale or Exchange of Fund Shares. A redemption, sale or exchange of Fund shares (including an exchange of Fund shares for shares of another Natixis or Loomis Sayles Fund) is a taxable event and will generally result in recognition of gain or loss. Gain or loss, if any, recognized by a shareholder on a redemption, sale, exchange or other disposition of Fund shares will generally be treated as long-term capital gain or loss if the shareholders held the shares for more than one year, and as shot-term gain or loss if the shareholder held the shares for one year or less, assuming in each case that the shareholder held the shares as capital assets. Short-term capital gains are generally taxed at the rates applicable to ordinary income. Any loss realized upon a disposition of shares held for six months or less will be treated as long-term, rather than short-term, capital loss to the extent of any Capital Gain Dividends received by the shareholder with respect to the shares. The deductibility of capital losses is subject to limitations.

Taxation of Certain Fund Investments. Each Fund’s investments in foreign securities may be subject to foreign withholding or other taxes. In that case, the Fund’s yield on those securities would be decreased. The Funds generally do not expect that shareholders will be entitled to claim a credit or deduction with respect to foreign taxes incurred by a Fund. In addition, a Fund’s investments in foreign securities or 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.

A Fund’s investments in certain debt obligations, mortgage-backed securities, asset-backed securities, derivatives and REITs may cause a Fund to recognize taxable income in excess of the cash generated by such obligations. Thus, a Fund could be required to liquidate investments, including times when it may not be advantageous to do so, in order to satisfy its distribution requirements.


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Non-U.S. Shareholders. Capital Gain Dividends generally will not be subject to withholding. Dividends, other than Capital Gain Dividends, paid to a shareholder that is not a “U.S. person” within the meaning of the Code (a “Foreign Person”) are subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate). For further information, Foreign Persons should consult the SAI.

Backup Withholding. Each Fund is required in certain circumstances to apply backup withholding on taxable dividends, redemption proceeds and certain other payments that are paid to any shareholder (including a shareholder who is neither a citizen nor a resident of the U.S.) if the shareholder does not furnish the Funds certain information and certifications or the shareholder 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 the Funds.

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

financial highlights

The financial highlights tables are intended to help you understand each Fund’s financial performance for the last five years (or, if shorter, the period of the Fund’s operations). Certain information reflects financial results for a single Fund share. The total returns in the table represent the return that an investor would have earned (or lost) on an investment in a Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [ ], an independent registered public accounting firm, whose report, along with each Fund’s financial statements, is included in the Funds’ annual report to shareholders. The annual report is incorporated by reference into the SAI, both of which are available free of charge upon request from the Distributor.


41

financial highlights

For a share outstanding throughout each period.


			Income (Loss) from Investment Operations							Less Distributions
	Net asset value, beginning of the period		Net investment income^(c)(d)			Net realized and unrealized gain (loss)		Total from investment operations		Dividends from net investment income			Distributions from net realized capital gains			Total distributions
Small Cap Growth Fund
Institutional Class
9/30/2008
9/30/2007	$	12.00	$	(0.06	)^(f)	$	3.93	$	3.87	$	—		$	—		$	—
9/30/2006		11.08		(0.08	)		0.99		0.91		—			—			—
9/30/2005		8.96		(0.08	)		2.20		2.12		—			—			—
9/30/2004		8.59		(0.09	)		0.46		0.37		—			—			—
Retail Class
9/30/2008
9/30/2007	$	11.71	$	(0.09	)^(f)	$	3.83	$	3.74	$	—		$	—		$	—
9/30/2006		10.84		(0.11	)		0.97		0.86		—			—			—
9/30/2005		8.78		(0.11	)		2.17		2.06		—			—			—
9/30/2004		8.45		(0.11	)		0.44		0.33		—			—			—
Small Cap Value Fund
Institutional Class
9/30/2008
9/30/2007	$	27.69	$	0.12	^(f)(g)	$	4.29	$	4.41	$	(0.17	)	$	(3.16	)	$	(3.33	)
9/30/2006		27.43		0.13			2.70		2.83		(0.15	)		(2.42	)		(2.57	)
9/30/2005		25.75		0.13			4.22		4.35		(0.02	)		(2.65	)		(2.67	)
9/30/2004		21.34		0.04			4.97		5.01		(0.05	)		(0.55	)		(0.60	)
Retail Class
9/30/2008
9/30/2007	$	27.46	$	0.04	^(f)(g)	$	4.28	$	4.32	$	(0.10	)	$	(3.16	)	$	(3.26	)
9/30/2006		27.23		0.06			2.67		2.73		(0.08	)		(2.42	)		(2.50	)
9/30/2005		25.62		0.06			4.20		4.26		—			(2.65	)		(2.65	)
9/30/2004		21.25		(0.02	)		4.95		4.93		(0.01	)		(0.55	)		(0.56	)
Admin Class
9/30/2008
9/30/2007	$	27.14	$	(0.03	)^(f)(g)	$	4.22	$	4.19	$	(0.04	)	$	(3.16	)	$	(3.20	)
9/30/2006		26.94		(0.01	)		2.65		2.64		(0.02	)		(2.42	)		(2.44	)
9/30/2005		25.43		(0.00	)		4.16		4.16		—			(2.65	)		(2.65	)
9/30/2004		21.13		(0.08	)		4.93		4.85		—			(0.55	)		(0.55	)


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							Ratios to Average Net Assets
Redemption fees(d)		Net asset value, end of the period		Total return(%)^(a)	Net assets, end of the period (000’s)		Net expenses(%)^(b)		Gross expenses(%)		Net investment Income (loss)(%)		Portfolio Turnover rate(%)



$	0.00	$	15.87	32.3	$	28,088	1.00		1.23		(0.47	)	83
	0.01		12.00	8.3		20,414	1.00		1.38		(0.69	)	100
	0.00		11.08	23.7		15,785	1.00		1.70		(0.85	)	227
	0.00		8.96	4.3		15,867	1.00		1.31		(0.95	)	217


$	0.00	$	15.45	31.9	$	20,924	1.25		1.50		(0.66	)	83
	0.01		11.71	8.0		2,981	1.25		1.92		(0.94	)	100
	0.00		10.84	23.5		3,592	1.25		1.87		(1.14	)	227
	0.00		8.78	3.9		14,589	1.25		1.52		(1.19	)	217



$	0.00	$	28.77	17.0	$	534,776	0.89		0.89		0.43		57
	0.00		27.69	11.2		442,714	0.89	^(e)	0.89	^(e)	0.47		62
	0.00		27.43	18.0		403,110	0.90		0.93		0.48		59
	0.00		25.75	23.8		346,356	0.90		0.93		0.16		70


$	0.00	$	28.52	16.7	$	465,055	1.15		1.24		0.15		57
	0.00		27.46	10.9		291,690	1.15		1.20		0.21		62
	0.00		27.23	17.7		235,948	1.15		1.20		0.24		59
	0.00		25.62	23.5		173,411	1.15		1.18		(0.08	)	70


$	0.00	$	28.13	16.4	$	76,783	1.40		1.56		(0.10	)	57
	0.00		27.14	10.6		64,367	1.40		1.46		(0.04	)	62
	0.00		26.94	17.4		67,505	1.40		1.43		(0.01	)	59
	0.00		25.43	23.3		62,680	1.40		1.43		(0.33	)	70

^(a)

Had certain expenses not been reduced during the period, if applicable, total returns would have been lower. Periods less than one year, if applicable, are not annualized.

^(b)

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

^(c)

Per share net investment income (loss) has been determined on the basis of the weighted average number of shares outstanding during the period.

^(d)

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

^(e)

Includes expense recapture of 0.02%.

^(f)

Includes a non-recurring payment of $0.01 per share and $0.00 per share for Small Cap Growth Fund and Small Cap Value Fund, respectively.

^(g)

Includes a non-recurring special dividend of $0.05 per share in which the source of the dividend has not been determined by the issuer.


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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 Funds’ performance during the last fiscal year.

Statement of Additional Information (SAI)

Provides more detailed information about the Funds and their investment limitations and policies. The SAI has been filed with the SEC and is incorporated into this Prospectus by reference.

To order a free copy of the Funds’ annual or semiannual reports or their SAIs, or to make shareholder inquiries generally, contact your financial representative, or Loomis Sayles at 800-633-3330. The Funds’ annual and semiannual reports and SAI are available on the Funds’ website at www.loomissayles.com.

Information about the Funds, including their reports and SAIs, 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 SAIs 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 to 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”), an affiliate of Loomis Sayles, and other firms selling shares of Loomis Sayles 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 representatives. Investors may obtain a copy by contacting FINRA at 1-800-289-9999 or by visiting its website at www.FINRA.org.

Natixis Distributors distributes the Natixis Funds, Loomis Sayles Funds, Hansberger International Series and Delafield Fund. 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 - 12th Floor, Boston, MA 02116 or call us at 617-449-2828.

LOGO

P.O. Box 219594

Kansas City, MO 64121-9594

800-633-3330

www.loomissayles.com

Loomis Sayles Funds I

File No. 811-08282

Loomis Sayles Funds II

File No. 811-06241

M-LSEF51-0208


		Natixis Equity Funds
		Prospectus \| February 1, 2009


		Loomis Sayles Global Markets Fund

		Loomis Sayles Growth Fund

		Loomis Sayles Mid Cap Growth Fund

		Loomis Sayles Research Fund

		Loomis Sayles Value Fund

		Advised by Loomis, Sayles and Company, 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		1
Loomis Sayles Global Markets Fund		1
Loomis Sayles Growth Fund		5
Loomis Sayles Mid Cap Growth Fund		8
Loomis Sayles Research Fund		12
Loomis Sayles Value Fund		16

Fund Fees & Expenses		20

More About Risk		24

Management Team		25
Meet the Funds’ Investment Adviser		25
Meet the Funds’ Portfolio Managers		26

Fund Services		28
Investing in the Funds		28
How Sales Charges are Calculated		29
Compensation to Securities Dealers		32
It’s Easy to Open an Account		32
Buying Shares		35
Selling Shares		36
Selling Shares in Writing		36
Exchanging Shares		37
Restrictions on Buying, Selling and Exchanging Shares		37
How Fund Shares Are Priced		39
Dividends and Distributions		41
Tax Consequences		41
Additional Investor Services		43

Financial Performance		43

Glossary of Terms		56

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.

Natixis Equity Funds Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

Loomis Sayles Global Markets Fund


Adviser:		Loomis, Sayles & Company, L.P. (“Loomis Sayles”)

Managers:		Daniel J. Fuss, Warren Koontz, David Rolley, Mark B. Baribeau

Ticker Symbol:

Class A

Class C

LGMAX

LGMCX

Investment Goal

The Fund’s investment goal is high total investment return through a combination of capital appreciation and current income. The Fund’s investment goal may be changed without shareholder approval.

Principal Investment Strategies

Under normal market conditions, the Fund will invest primarily in equity and fixed-income securities of U.S. and foreign issuers, including securities of issuers located in countries with emerging securities markets. Loomis Sayles’ Global Asset Allocation Group allocates the Fund’s assets among the following four sectors:

•

Domestic equities

•

International equities

•

Domestic fixed income securities

•

International fixed income securities

In deciding how to allocate the Fund’s assets among these sectors, Loomis Sayles’ Global Asset Allocation Group attempts to determine the relative attractiveness of each of the four sectors based on fundamental factors such as economic cycles, relative interest rates, stock market valuations, and currency considerations.

In deciding which domestic and international equity securities to buy and sell, Loomis Sayles generally looks for companies that it believes have the potential for superior earnings growth relative to their current value. Loomis Sayles also looks for companies that appear to be undervalued relative to the intrinsic value of the companies’ assets or cash flows.

In deciding which domestic and international fixed-income securities to buy and sell, Loomis Sayles generally looks for securities that it believes are undervalued and have the potential for credit upgrades. The Fund may also invest in foreign currencies and may engage in other foreign currency transactions for investment or for hedging purposes. Loomis Sayles may hedge currency risk for the Fund (including “cross hedging” between two or more foreign currencies) if it believes the outlook for a particular foreign currency is unfavorable. Loomis Sayles may elect not to hedge currency risk, which may cause the Fund to incur losses that would not have been incurred had the risk been hedged.

The Fund may also:

•

Engage in options and futures transactions, foreign currency transactions, swap transactions (including credit default swaps) and other derivatives.

•

Invest in collateralized mortgage obligations, zero-coupon securities, when-issued securities, real estate investment trusts (“REITs”) and Rule 144A securities.

•

Invest in mortgage-related securities

•

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 (U.S. Dollars, foreign currencies or multinational currency units) and/or invest in money market instruments or high quality debt securities as Loomis Sayles deems appropriate. The Fund may miss certain investment opportunities if it uses such defensive strategies and thus may not achieve its investment goal.

Natixis Equity Funds 1 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

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.

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.

Credit risk: This is the risk that the issuer of a security, or the counterparty to a derivatives contract (such as a swap), 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: The risk that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. The Fund may, but is not required to, hedge its exposure to foreign currencies (including “cross hedging” between two or more foreign currencies), and may invest in foreign currencies as an asset class.

Derivative securities risk: Derivative securities 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 will be effective or that suitable transactions will be available. Even a small investment in derivatives may give rise to leverage risk and can have a significant impact on the Fund’s exposure to securities markets values, interest rates or the currency exchange rate. Derivative securities are also subject to credit risk and liquidity risk. Recently, several broker-dealers and other financial institutions have experienced extreme financial difficulty, sometimes resulting in bankruptcy of the institution. Although the Fund’s adviser monitors the creditworthiness of the Fund’s counterparties, there can be no assurance that the Fund’s derivative counterparties will not experience similar difficulties, possibly resulting in losses to the Fund. Losses resulting from the use of derivatives will reduce the Fund’s net asset value, and possibly income, and the losses may be significantly greater than if derivatives had not been used.

Emerging markets risk: 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.

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. 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. 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, REITs or other trusts and other similar securities.

Natixis Equity Funds 2 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

(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.

Foreign securities risk: This is the risk associated with investments in issuers located in foreign countries. The Fund’s investments in foreign securities may experience more rapid and extreme changes in value than investments in securities of U.S. companies. The securities markets of many foreign countries are relatively small, with a limited number of issuers and a small number of securities. In addition, foreign companies often are not subject to the same degree of regulation as U.S. companies. Reporting, accounting and auditing standards of foreign countries differ, in some cases significantly, from U.S. standards. Nationalization, expropriation or confiscatory taxation, currency blockage, political changes or diplomatic developments can cause the value of the Fund’s non-U.S. investments to decline. In the event of nationalization, expropriation, or other confiscation, the Fund could lose its entire foreign investment.

Liquidity risk: 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. This may result in a loss or may otherwise be costly to the Fund. These types of risks may also apply to derivatives, restricted securities, Section 4(2) commercial paper, structured notes and Rule 144A securities.

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.

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.

Furthermore, the real estate industry is particularly sensitive to economic downturns. Securities of companies in the real estate industry, including REITs, are particularly 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. 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 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 bar chart shows the Fund’s total returns for Class A shares, for each of the last ten calendar years.^†The returns for Class C shares differ from the Class A shares shown in the bar chart to the extent their respective expenses differ. The chart does not reflect any sales charge or redemption fee that you may be required to pay when you buy or redeem the Fund’s shares. A sales charge will reduce your return.

Natixis Equity Funds 3 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

LOGO

†

The returns shown in the table above for periods prior to February 1, 2006 reflect the results of the Fund’s Institutional Class shares which were converted to Class Y shares on February 1, 2006. For periods prior to the inception of Class A shares (February 1, 2006), performance shown for Class A shares has been based on prior Institutional Class performance, restated to reflect the higher expenses of the Fund’s Class A shares. The restatement of the Fund’s performance to reflect Class A expenses is based on the net expenses of these classes after taking into effect the Fund’s expense cap arrangements in effect on February 1, 2006.

The table below shows how average annual total returns for the Class A and Class C shares of the Fund (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 World Index (“MSCI World”), an index that measures global developed market equity performance, and the Citigroup World Government Bond Index (“Citigroup WGBI” and together with the MSCI World, the “Indices”), an index that measures the most significant and liquid government bond indices located around the world which carry at least an investment grade rating. The Indices are unmanaged, have no operating costs, and are included in the table to facilitate your comparison of the Fund’s performance to broad-based market indices. You may not invest directly in an index. The Fund’s total returns reflect, on a class by class basis, 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 return after taxes on distributions and sale of Fund shares. The Indices’ 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, 2008)	Past 1 Year		Past 5 Years		Past 10 Years
Loomis Sayles Global Markets Fund Class A – Return Before Taxes	[	]%	[	]%	[	]%
Return After Taxes on Distributions*	[	]%	[	]%	[	]%
Return After Taxes on Distributions and Sales of Fund Shares*	[	]%	[	]%	[	]%
Class C – Returns Before Taxes	[	]%	[	]%	[	]%
MSCI World**	[	]%	[	]%	[	]%
Citigroup WGBI**	[	]%	[	]%	[	]%

†

The returns shown in the table above for periods prior to February 1, 2006 reflect the results of the Fund’s Institutional Class shares which were converted to Class Y shares on February 1, 2006. For periods before the inception of Class A and Class C shares (February 1, 2006), performance shown for Class A and Class C shares has been based on prior Institutional Class performance, restated to reflect the higher expenses and sales loads of the Fund’s Class A and Class C shares, respectively. The restatement of the Fund’s performance to reflect Class A and Class C expenses is based on the net expenses of these classes after taking into effect the Fund’s expense cap arrangements in effect on February 1, 2006.

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. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Return After Taxes on Distributions and Sale of Fund Shares to be greater than the Return After Taxes on Distributions or even the Return Before Taxes. 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 each index do not reflect a deduction for fees, expenses or taxes.

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

Natixis Equity Funds 4 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

Loomis Sayles Growth Fund

Ticker Symbol:

Class A

Class B

Class C

LGRRX

LGRBX

LGRCX

Investment Goal

The Fund’s investment goal is 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 will invest primarily in equity securities, including common stocks, convertible securities, and warrants. The Fund focuses on stocks of large capitalization companies, but the Fund may invest in companies of any size.

In deciding which securities to buy and sell, Loomis Sayles generally seeks to identify well-managed companies that it believes have a leading position within their industry. Loomis Sayles then targets those companies that it believes have the potential for strong revenue growth, accelerating earnings growth, and rising profit margins.

Loomis Sayles typically does not consider current income when making buy/sell decisions. Instead, Loomis Sayles looks for companies that it believes have dynamic earnings growth and prospects for high levels of profitability, sustainable competitive advantages driven by proprietary products or technologies, and solid management whose interests are aligned with those of the company’s shareholders.

The Fund typically buys stocks of companies that Loomis Sayles believes are undervalued relative to future growth prospects. The Fund typically sells a stock when Loomis Sayles believes the company’s expected earnings or competitive situation no longer meet Loomis Sayles’ expectations.

The Fund may also:

•

Invest any portion of its assets in equity securities of Canadian issuers and up to 20% of its assets in other foreign securities, including emerging market securities.

•

Engage in foreign currency transactions and options. Loomis Sayles may elect not to hedge currency risk, which may cause the Fund to incur losses that would not have been incurred had the risk been hedged.

•

Invest in Rule 144A securities.

•

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

Currency Risk: The risk that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment.

Natixis Equity Funds 5 Prospectus – February 1, 2009

GOALS, STRATEGIES & 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

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 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 shares shown in the bar chart to the extent their respective expenses differ. The chart does not reflect any sales charge or redemption fee that you may be required to pay when you buy or redeem the Fund’s shares. A sales charge will reduce your return.

Natixis Equity Funds 6 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

LOGO

†

The table below shows how average annual total returns for Class A, Class B and Class C shares of the Fund (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 measuring 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, 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 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, 2008)	Past 1 Year		Past 5 Years		Past 10 Years
Loomis Sayles Growth Fund Class A – Return Before Taxes	[	]%	[	]%	[	]%
Return After Taxes on Distributions*	[	]%	[	]%	[	]%
Return After Taxes on Distributions & Sales of Fund Shares*	[	]%	[	]%	[	]%
Class B – Returns Before Taxes	[	]%	[	]%	[	]%
Class C – Returns Before Taxes	[	]%	[	]%	[	]%
Russell 1000 Growth Index**	[	]%	[	]%	[	]%

†

The returns shown above for Class A for periods prior to September 15, 2003 reflect the results of the Fund’s Retail Class shares, which were converted to Class A shares on September 12, 2003. The prior Retail Class performance has been restated to reflect expenses and sales loads of Class A shares. For periods prior to the inception of Class B and Class C shares
(September 12, 2003), performance shown for Class B and Class C shares has been based on prior Institutional Class performance, restated to reflect the expenses and sales loads of the Fund’s Class B and Class C shares, respectively. The restatement of the Fund’s performance to reflect Class A, Class B, and Class C expenses is based on the net expenses of these classes after taking into effect the Fund’s expense cap arrangements in effect on September 12, 2003.

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.”

Natixis Equity Funds 7 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

Loomis Sayles Mid Cap Growth Fund


Adviser:		Loomis, Sayles & Company, L.P. (“Loomis Sayles”)

Manager:		Philip C. Fine

Ticker Symbol:

Class A

Class C

LAGRX

[ ]

Investment Goal

The Fund’s investment objective is long-term capital growth from investments in common stocks or similar securities. The Fund’s investment objective may be changed without shareholder approval.

Principal Investment Strategies

The Fund normally will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in common stocks or other equity securities of companies with market capitalizations that fall within the capitalization range of companies included in the Russell Midcap Growth Index. In accordance with applicable Securities and Exchange Commission (the “SEC”) requirements, the Fund will notify shareholders prior to any change to such policy taking effect. The Fund may invest the rest of its assets in companies of any size.

In deciding which securities to buy and sell, Loomis Sayles seeks to identify companies that it believes have distinctive products, technologies, or services, dynamic earnings growth, prospects for high levels of profitability, and solid management. Loomis Sayles typically does not consider current income when making buy/sell decisions.

The Fund may invest any portion of its assets in securities of Canadian issuers and up to 20% of its assets in other foreign securities. The Fund may engage in foreign currency transactions, options and futures transactions, and securities lending. Loomis Sayles may elect not to hedge currency risk, which may cause the Fund to incur losses that would not have been incurred had the risk been hedged. The Fund also may invest in securities offered in the secondary markets or in initial public offerings, real estate investment trusts (“REITs”) and Rule 144A securities. The Fund may engage in active and frequent trading of securities. Frequent trading may produce high transaction costs and a high level of taxable capital gains, which may lower the Fund’s return.

Principal Investment Risks

Currency Risk: The risk that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment.

Natixis Equity Funds 8 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

creditworthiness of the Fund’s counterparties, there can be no assurance that the Fund’s derivative counterparties will not experience similar difficulties, possibly resulting in losses to the Fund. Losses resulting from the use of derivatives will reduce the Fund’s net asset value, and possibly income, and the losses may be significantly greater than if derivatives had not been used.

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.

Natixis Equity Funds 9 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

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. 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 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 (or since inception if shorter) 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 bar chart below shows the Fund’s total returns for Class A shares for each of the last ten calendar years.† The Fund’s Retail Class shares were redesignated as Class A shares on February 1, 2009. Class C shares were not outstanding during the periods shown. The returns for 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 or redemption fee that you may be required to pay when you buy or redeem the Fund’s shares. A sales charge will reduce your return. The Fund (formerly, Loomis Sayles Aggressive Growth Fund) changed its name and revised its investment strategies on February 1, 2007. The Fund’s performance may have been different had the current investment strategies been in place for all of the periods shown.

LOGO

†

The returns shown above for Class A shares reflect the results of Retail Class shares of the Fund, which converted to Class A shares on February 1, 2009. The prior Retail Class performance has been restated to reflect expenses of Class A shares. The restatement of the Fund’s performance to reflect Class A expenses is based on the net expenses of this class after taking into effect the Fund’s expense cap arrangements in effect on February 1, 2009.

The table below shows how the average annual total returns for the Class A and Class C shares of the Fund (before and after taxes for Class A shares) for the one-year, five-year and ten-year periods compare to those of the Russell Midcap Growth Index, an unmanaged, market capitalization weighted index of medium capitalization stocks determined by Russell to be growth stocks as measured by their price-to-book ratios and forecasted growth values. You may not invest directly in an index. The Fund’s total returns reflect its expenses on a class-by-class basis. Class A returns have also been calculated to reflect return after taxes on distributions only and also return after taxes on distributions and sale of Fund shares. The Russell Midcap Growth Index returns have not been adjusted for ongoing management, distribution and operating expenses applicable to mutual fund shares.

Natixis Equity Funds 10 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS


Average Annual Total Returns^† (for the periods ended December 31, 2008)	Past 1 Year		Past 5 Years		Past 10 Years
Loomis Sayles Mid Cap Growth Fund Class A – Return Before Taxes	[	]%	[	]%	[	]%
Return After Taxes on Distributions*	[	]%	[	]%	[	]%
Return After Taxes on Distributions & Sales of Fund Shares*	[	]%	[	]%	[	]%
Class C – Returns Before Taxes	[	]%	[	]%	[	]%
Russell Midcap Growth Index**	[	]%	[	]%	[	]%

†

The returns shown above for Class A reflect the results of the Fund’s Retail Class shares, which were converted to Class A shares on February 1, 2009. The prior Retail Class performance has been restated to reflect expenses and sales loads of Class A shares. Performance shown for Class C shares has been based on prior Retail Class performance, restated to reflect the expenses and sales loads of the Fund’s Class C shares. The restatement of the Fund’s performance to reflect Class A and Class C expenses and sales charges is based on the net expenses of these classes after taking into effect the Fund’s expense cap arrangements in effect on February 1, 2009.

**	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.”

Natixis Equity Funds 11 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

Loomis Sayles Research Fund

Ticker Symbol:

Class A

Class B

Class C

LSRRX

LSCBX

LSCCX

Investment Goal

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

Principal Investment Strategies

Loomis Sayles’ industry research analysts, who are grouped in teams representing the sectors of the Standard & Poor’s 500 Index (the “S&P 500 Index”), meet by team to recommend which securities to buy and sell. The teams meet regularly to compare fundamental trends across the various industries in the sectors and use this information along with security valuation procedures to determine which stocks they believe are best positioned to outperform the industry or sector. Sell decisions are made when there is a deterioration in fundamentals, a stock reaches a target price, or when a more attractive opportunity is found. Loomis Sayles uses a research-driven, company-by-company approach to identify stocks for the Fund, and invests without regard to the “growth” or “value” aspects of the Fund’s overall portfolio. The Fund allocates its assets across sectors in weightings that are relatively similar to the S&P 500 Index.

The Fund may also:

•

Invest any portion of its assets in equity securities of Canadian issuers and up to 20% of its assets in other foreign securities, including emerging market securities.

•

Engage in foreign currency transactions, options and futures transactions, and securities lending. Loomis Sayles may elect not to hedge currency risk, which may cause the Fund to incur losses that would not have been incurred had the risk been hedged.

•

Invest in Rule 144A securities.

•

Invest in other investment companies, to the extent permitted by the Investment Company Act of 1940 (the “1940 Act”) and the rules thereunder.

•

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

For temporary defensive purposes, hold any portion of its assets in cash (U.S. Dollars, foreign currencies or multinational currency units) and/or invest in money market instruments or high quality debt securities as Loomis Sayles 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

Natixis Equity Funds 12 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

Credit risk: This is the risk that the issuer of a security, or the counterparty to a derivatives contract (such as a swap), 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: The risk that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment.

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.

Liquidity risk: 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. This may result in a loss or may otherwise be costly to the Fund. These types of risks may also apply to derivatives, restricted securities, Section 4(2) commercial paper, structured notes and Rule 144A securities.

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

Natixis Equity Funds 13 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

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 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 or redemption fee that you may be required to pay when you buy or redeem the Fund’s shares. A sales charge will reduce your return.

LOGO

†

The table below shows how average annual total returns for Class A, Class B and Class C shares of the Fund (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 (the “S&P 500 Index”), an unmanaged index of U.S. common stock performance. You may not invest directly in an index. The Fund’s total returns reflect, on a class by class basis, 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 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, 2008)	Past 1 Year		Past 5 Years		Since Fund Inception (7/31/00)
Loomis Sayles Research Fund Class A – Return Before Taxes	[	]%	[	]%	[	]%
Return After Taxes on Distributions*	[	]%	[	]%	[	]%
Return After Taxes on Distributions & Sales of Fund Shares*	[	]%	[	]%	[	]%
Class B – Returns Before Taxes	[	]%	[	]%	[	]%
Class C – Returns Before Taxes	[	]%	[	]%	[	]%
S&P 500 Index**	[	]%	[	]%	[	]%

Natixis Equity Funds 14 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

†

The returns shown above for Class A shares for periods prior to September 15, 2003 reflect the results of Retail Class shares of the Fund, which were converted to Class A shares on September 12, 2003. The prior Retail Class performance has been restated to reflect the higher expenses and sales loads of Class A shares. For periods prior to the inception of Retail Class shares (November 30, 2001), performance shown for Class A shares has been based on performance of the Fund’s Institutional Class shares, adjusted to reflect the higher expenses and sales loads paid by Class A shares. For periods before the inception of Class B and Class C shares (September 12, 2003) performance shown for Class B and Class C shares has been based on prior Institutional Class performance, restated to reflect the expenses and sales loads of the Fund’s Class B and Class C shares, respectively. The restatement of the Fund’s performance to reflect Class A, Class B, and Class C expenses is based on the net expenses of these classes after taking into effect the Fund’s expense cap arrangements in effect on September 12, 2003.

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 for the index are calculated from August 1, 2000.

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

Natixis Equity Funds 15 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

Loomis Sayles Value Fund

Ticker Symbol:

Class A

Class B

Class C

LSVRX

LSVBX

LSCVX

Investment Goal

The Fund’s investment objective is long-term growth of capital and income. The Fund’s investment objective may be changed without shareholder approval.

Principal Investment Strategies

Under normal market conditions, the Fund will invest primarily in equity securities, including common stocks, convertible securities, and warrants. In deciding which securities to buy and sell, Loomis Sayles generally looks for companies that it believes are undervalued by the market in relation to earnings, dividends, assets, and growth prospects.

The Fund’s investments may include companies that have suffered significant business problems but that Loomis Sayles believes have favorable prospects for recovery.

Loomis Sayles seeks to identify companies that it believes are, among other things, attractively valued based on Loomis Sayles’ estimate of intrinsic value. Loomis Sayles generally seeks to find value by selecting individual stocks that it believes are attractive, rather than by attempting to achieve investment growth by rotating the Fund’s holdings among various sectors of the economy.

The Fund may also:

•

invest up to 20% of its assets in securities of foreign issuers, including emerging markets securities

•

invest in options, real estate investment trusts (“REITs”) and Rule 144A securities

Principal Investment Risks

Currency Risk: The risk that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment.

Natixis Equity Funds 16 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

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. 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, REITs or other trusts and other similar securities.

Foreign securities risk: This is the risk associated with investments in issuers located in foreign countries. The Fund’s investments in foreign securities may experience more rapid and extreme changes in value than investments in securities of U.S. companies. The securities markets of many foreign countries are relatively small, with a limited number of issuers and a small number of securities. In addition, foreign companies often are not subject to the same degree of regulation as U.S. companies. Reporting, accounting and auditing standards of foreign countries differ, in some cases significantly, from U.S. standards. Nationalization, expropriation or confiscatory taxation, currency blockage, political changes or diplomatic developments can cause the value of the Fund’s non-U.S. investments to decline. In the event of nationalization, expropriation, or other confiscation, the Fund could lose its entire foreign investment.

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

Furthermore, the real estate industry is particularly sensitive to economic downturns. Securities of companies in the real estate industry, including REITs, are particularly 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. 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 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.

Natixis Equity Funds 17 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

The bar chart shows the Fund’s total returns for Class A shares for each of the last ten calendar years.† The Fund’s Retail Class shares commenced operations on June 30, 2006 and were redesignated as Class A shares on June 1, 2007. Class B and Class C shares were not outstanding during the periods shown. 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 or redemption fee that you may be required to pay when you buy or redeem the Fund’s shares. A sales charge will reduce your return.

LOGO

†

The returns shown above for Class A shares for periods prior to June 1, 2007 reflect the results of Retail Class shares of the Fund, which were converted to Class A shares on June 1, 2007. The prior Retail Class performance has been restated to reflect expenses of Class A shares. For periods prior to the inception of Retail Class shares on June 30, 2006, performance shown for Class A shares has been based on performance of the Fund’s Institutional Class shares, adjusted to reflect the higher expenses and sales loads paid by Class A shares. The restatement of the Fund’s performance to reflect Class A expenses is based on the net expenses of this class after taking into effect the Fund’s expense cap arrangements in effect on June 1, 2007.

The table below shows how average annual total returns for Class A, Class B and Class C shares of the Fund (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 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 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, 2008)	Past 1 Year		Past 5 Years		Past 10 Years
Loomis Sayles Value Fund Class A – Return Before Taxes	[	]%	[	]%	[	]%
Return After Taxes on Distributions*	[	]%	[	]%	[	]%
Return After Taxes on Distributions & Sales of Fund Shares*	[	]%	[	]%	[	]%
Class B – Returns Before Taxes	[	]%	[	]%	[	]%
Class C – Returns Before Taxes	[	]%	[	]%	[	]%
Russell 1000 Value Index**	[	]%	[	]%	[	]%

†

The returns shown above for Class A shares for periods prior to June 1, 2007 reflect the results of Retail Class shares of the Fund, which were converted to Class A shares on June 1, 2007. The prior Retail Class performance has been restated to reflect expenses and sales loads of Class A shares. For periods before the inception of Retail Class shares (June 30, 2006), performance shown for Class A has been based on performance of the Fund’s Institutional Class shares, adjusted to reflect the higher expenses and sales loads paid by Class A shares. For periods before the inception of Class B and Class C shares (June 1, 2007) performance shown for Class B and Class C shares has been based on prior Institutional Class performance, restated to reflect the expenses and sales loads of the Fund’s Class B and Class C shares, respectively. The restatement of the Fund’s performance to reflect Class A, Class B, and Class C expenses is based on the net expenses of these classes after taking into effect the Fund’s expense cap arrangements in effect on June 1, 2007.

Natixis Equity Funds 18 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

529 plans, or individual retirement accounts. The 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 reduction for fees, expenses, or taxes.

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

Natixis Equity Funds 19 Prospectus – February 1, 2009

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)

Loomis Sayles Global Markets Fund
Loomis Sayles Mid Cap Growth Fund

Loomis Sayles Growth Fund
Loomis Sayles Research Fund
Loomis Sayles Value Fund

Class A

Class C

Class A

Class B

Class C

Maximum sales charge (load) imposed on purchases (as a percentage of offering price)^1,2

5.75

None

5.75

None

Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, as applicable)²

1.00

5.00

1.00

Redemption fees

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.

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)


	Loomis Sayles Global Markets Fund¹				Loomis Sayles Growth Fund²						Loomis Sayles Mid Cap Growth Fund³
	Class A		Class C		Class A		Class B		Class C		Class A		Class C
Management fees	0.75	%	0.75	%	0.50	%	0.50	%	0.50	%	0.75	%	0.75	%
Distribution and/or service (12b-1) fees*	0.25	%	1.00	%*	0.25	%	1.00	%*	1.00	%*	0.25	%	1.00	%*
Other expenses	[ ]	%	[ ]	%	[ ]	%	[ ]	%	[ ]	%	[ ]	%	[ ]	%
Total annual fund operating expenses	[ ]	%	[ ]	%	[ ]	%	[ ]	%	[ ]	%	[ ]	%	[ ]	%
Less: Fee Reduction and/or expense reimbursement	[ ]	%	[ ]	%	[ ]	%	[ ]	%	[ ]	%	[ ]	%	[ ]	%
Net Expenses	[ ]	%	[ ]	%	[ ]	%	[ ]	%	[ ]	%	[ ]	%	[ ]	%

Natixis Equity Funds 20 Prospectus – February 1, 2009

FUND FEES & EXPENSES


	Loomis Sayles Research Fund⁴						Loomis Sayles Value Fund⁵
	Class A		Class B		Class C		Class A		Class B		Class C
Management fees	0.50	%	0.50	%	0.50	%	0.50	%	0.50	%	0.50	%
Distribution and/or service (12b-1) fees*	0.25	%	1.00	%*	1.00	%*	0.25	%	1.00	%*	1.00	%*
Other expenses	[ ]	%	[ ]	%	[ ]	%	[ ]	%	[ ]	%	[ ]	%
Total annual fund operating expenses	[ ]	%	[ ]	%	[ ]	%	[ ]	%	[ ]	%	[ ]	%
Less: Fee Reduction and/or expense reimbursement	[ ]	%	[ ]	%	[ ]	%	[ ]	%	[ ]	%	[ ]	%
Net Expenses	[ ]	%	[ ]	%	[ ]	%	[ ]	%	[ ]	%	[ ]	%

*	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 the Financial Industry Regulatory Authority (“FINRA”).

Loomis Sayles has given a binding contractual undertaking to the Loomis Sayles Global Markets Fund to limit the amount of the Fund’s total annual fund operating expenses, exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and organizational and extraordinary expenses, such as litigation and indemnification expenses, to 1.25% and 2.00% of the Fund’s average daily net assets for Class A and Class C shares, respectively. This undertaking is in effect through [January 31, 2010] and will be reevaluated on an annual basis. Without this undertaking, expenses would have been higher.

Loomis Sayles has given a binding contractual undertaking to the Loomis Sayles Growth Fund to limit the amount of the Fund’s total annual fund operating expenses, exclusive of Acquired Funds Fees and Expenses, brokerage expenses, interest expense, taxes and organizational and extraordinary expenses, such as litigation and indemnification expenses, to 1.25%, 2.00% and 2.00% of the Fund’s average daily net assets for Class A, Class B and Class C shares, respectively. This undertaking is in effect through [January 31, 2010] and will be reevaluated on an annual basis.

Loomis Sayles has given a binding contractual undertaking to the Loomis Sayles Mid Cap Growth Fund to limit the amount of the Fund’s total annual fund operating expenses, exclusive of Acquired Funds Fees and Expenses, brokerage expenses, interest expenses, taxes and organizational and extraordinary expenses, such as litigation and indemnification expenses, to 1.25% and 2.00% of the Fund’s average daily net assets for Class A and Class C shares, respectively. This undertaking is in effect through [January 31, 2010] and will be reevaluated on an annual basis. Without this undertaking, expenses would have been higher.

Loomis Sayles has given a binding contractual undertaking to the Loomis Sayles Research Fund to limit the amount of the Fund’s total annual fund operating expenses, exclusive of Acquired Funds Fees and Expenses, brokerage expenses, interest expenses, taxes and organizational and extraordinary expenses, such as litigation and indemnification expenses, to 1.25%, 2.00% and 2.00% of the Fund’s average daily net assets for Class A, Class B and Class C shares, respectively. This undertaking is in effect through [January 31, 2010] and will be reevaluated on an annual basis. Without this undertaking, expenses would have been higher.

Loomis Sayles has given a binding contractual undertaking to the Loomis Sayles Value Fund to limit the amount of the Fund’s total annual fund operating expenses, exclusive of Acquired Funds Fees and Expenses, brokerage expenses, interest expense, taxes and organizational and extraordinary expenses, such as litigation and indemnification expenses, to 1.10%, 1.85% and 1.85% of the Fund’s average daily net assets for Class A, Class B and Class C shares, respectively. This undertaking is in effect through [January 31, 2010] and will be reevaluated on an annual basis. Without this undertaking, expenses for Class B and Class C shares would have been higher.

Natixis Equity Funds 21 Prospectus – February 1, 2009

FUND FEES & EXPENSES

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 and then redeem all of your shares;

•

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:

Loomis Sayles Global Markets Fund

Loomis Sayles Growth Fund

Class A

Class C

Class A

Class B

Class C

(1)

(2)

(1)

(2)

(1)

(2)

1 year

[

]

[

]

[

]

[

]

[

]

[

]

[

]

[

]

3 years

[

]

[

]

[

]

[

]

[

]

[

]

[

]

[

]

5 years

[

]

[

]

[

]

[

]

[

]

[

]

[

]

[

]

10 years**

[

]

[

]

[

]

[

]

[

]

[

]

[

]

[

]

Loomis Sayles Mid Cap Growth Fund

Loomis Sayles Research Fund

Class A

Class C

Class A

Class B

Class C

(1)

(2)

(1)

(2)

(1)

(2)

1 year

[

]

[

]

[

]

[

]

[

]

[

]

[

]

[

]

3 years

[

]

[

]

[

]

[

]

[

]

[

]

[

]

[

]

5 years

[

]

[

]

[

]

[

]

[

]

[

]

[

]

[

]

10 years**

[

]

[

]

[

]

[

]

[

]

[

]

[

]

[

]

Loomis Sayles Value Fund

Class A

Class B

Class C

(1)

(2)

(1)

(2)

1 year

[

]

[

]

[

]

[

]

[

]

3 years

[

]

[

]

[

]

[

]

[

]

5 years

[

]

[

]

[

]

[

]

[

]

10 years**

[

]

[

]

[

]

[

]

[

]

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 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. Loomis Sayles Growth Fund shares and Loomis Sayles Value Fund Class A shares are based on Total Annual Fund Operating Expenses for the entire period.

**	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.

Natixis Equity Funds 22 Prospectus – February 1, 2009

FUND FEES & EXPENSES

includes the date of the information. In addition, a list of each Fund’s top 10 holdings as of the month-end is generally available within 5 days after the month-end on the Fund’s website at www.funds.natixis.com (click on “Fund Information,” then “Our fund line-up,” then the name of the Fund and scroll down to “Portfolio Highlights”).

Natixis Equity Funds 23 Prospectus – February 1, 2009

More About Risk

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

Correlation Risk

The risk that changes in the value of a hedging instrument will not match those of the asset being hedged.

Credit Risk

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.

Emerging Markets Risk

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.

Information Risk

The risk that key information about a security is inaccurate or unavailable. Securities issued in initial public offerings, or IPO’s, involve greater information risk than other equity securities due to the lack of public information.

Interest Rate Risk

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

The risk associated with securities or practices (e.g., borrowing or derivatives) 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

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

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

Each 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. Examples of derivatives include options, futures, swap transactions (including credit default swaps) and structured notes. The Funds may (but are not required to) use derivatives as part of a strategy designed to reduce exposure to other risks, such as risks associated with changes in interest rates or currency risk (“hedging”). The Funds may also use derivatives for leverage, which increases opportunities for gain but also involves greater risk of loss due to leveraging risk, and to earn income, enhance yield or broaden the Fund’s diversification by gaining exposure to issuers, indices, sectors, currencies and/or geographic regions. This use of derivatives for these purposes entails greater risk than using derivatives solely for hedging purposes.

Funds that use derivatives also face additional risks, such as liquidity risk, market risk, management risk, the credit risk relating to the other party to a derivative contract, the risk of difficulties in pricing and valuation, the risk of ambiguous documentation and the risk that changes in the value of a derivative may not correlate perfectly with relevant assets, rates, or indices. This could, for example, cause a derivative transaction to imperfectly hedge the risk which it was intended to hedge. A Fund’s use of derivative instruments may involve risks greater than the risks associated with investing directly in securities and other traditional investments, may cause the Fund to lose more than the principal amount invested and may subject a Fund to the potential for unlimited loss. A Fund may be required to sell other securities at inopportune times to meet collateral requirements on its derivative transactions. In addition, a Fund’s use of derivatives may increase or accelerate the amount of taxes payable by shareholders. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that a Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial or that, if used, such strategies will be successful.

Natixis Equity Funds 24 Prospectus – February 1, 2009

MORE ABOUT RISK

Political Risk

The risk of losses directly attributable to government or political actions.

Prepayment Risk

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

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

The risk that the Fund has valued certain securities at a higher price than the price at which they can be sold.

Management Team

Meet the Funds’ Investment Adviser

The Natixis Funds family (as defined below) currently includes 25 mutual funds. The Natixis Funds family had combined assets of $24.3 billion as of September 30, 2008. Natixis Funds are distributed through Natixis Distributors, L.P. (the “Distributor”). This Prospectus covers the Loomis Sayles Global Markets Fund, Loomis Sayles Growth Fund, Loomis Sayles Mid Cap Growth Fund, Loomis Sayles Research Fund and Loomis Sayles Value Fund (each a “Fund” and together the “Funds”), which, along with the Natixis Income Funds, Natixis Diversified Portfolios, Loomis Sayles Strategic Income Fund, Natixis Cash Management Trust — Money Market Series (the “Money Market Fund”), Gateway Fund, ASG Global Alternatives Fund and Delafield Select Fund constitute the “Natixis Funds.”

Adviser

Loomis Sayles, located at One Financial Center, Boston, Massachusetts 02111, serves as adviser to the Fund. Loomis Sayles is a subsidiary of Natixis Global Asset Management, L.P. (“Natixis US”), which is part of Natixis Global Asset Management. Founded in 1926, Loomis Sayles is one of the oldest investment advisory firms in the United States with over $[ ] billion in assets under management as of December 31, 2008. Loomis Sayles is well known for its professional research staff, which is one of the largest in the industry. Loomis Sayles makes investment decisions for each of these Funds.

The aggregate advisory fees paid by the Funds during the fiscal year ended September 30, 2008, as a percentage of each Fund’s average daily net assets, were [ . ]% for Loomis Sayles Global Markets Fund (after reduction), [ . ]% for Loomis Sayles Growth Fund, [ . ]% for Loomis Sayles Mid Cap Growth Fund, [ . ]% for Loomis Sayles Research Fund (after reduction) and [ . ]% for Loomis Sayles Value Fund.

A discussion of the factors considered by the Funds’ Board of Trustees in approving the Funds’ investment advisory contract is available in each Fund’s annual report for the fiscal year ended September 30, 2008.

Portfolio Trades

In placing portfolio trades, Loomis Sayles may use brokerage firms that market the Funds’ shares or are affiliated with Natixis US or Loomis Sayles. In placing trades, Loomis Sayles 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.

Natixis Equity Funds 25 Prospectus – February 1, 2009

MANAGEMENT TEAM

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. A Fund may pay lending fees to the party arranging the loan.

In addition, any investment of cash is generally at the sole risk of the Funds. Any income or gains and losses from investing and reinvesting any cash collateral delivered by a borrower pursuant to a loan are generally at the Funds’ risk, and to the extent any such losses reduce the amount of cash below the amount required to be returned to the borrower upon the termination of any loan, the Funds may be required by the securities lending agent to pay or cause to be paid to such borrower an amount equal to such shortfall in cash, possibly requiring it to liquidate other portfolio securities to satisfy its obligations.

Transactions with Other Investment Companies. Pursuant to SEC exemptive relief, each 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 two money market funds: the Money Market Fund and the Daily Income Fund. The Money Market Fund is advised by Natixis Advisors and subadvised by Reich & Tang and the Daily Income Fund is advised by Reich & Tang. Because Natixis Advisors and Reich & Tang are each subsidiaries of Natixis US, the Fund and the Central Funds may be considered to be related companies comprising a “group of investment companies” under the Investment Company Act of 1940, as amended (the “1940 Act”).

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 & Company, L.P. (“Loomis Sayles”), AEW Management and Advisors, L.P., AlphaSimplex Group, LLC, BlackRock Investment Management, LLC (“BlackRock”), Dreman Value Management, LLC (“Dreman”), Gateway Investment Advisers, LLC, Hansberger Global Investors, Inc., Harris Associates L.P. and Vaughan Nelson Investment Management, 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 the 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. The Funds may also make investments in related investment companies to the extent permitted by SEC regulation.

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. Except where noted each portfolio manager has been employed by Loomis Sayles for at least five years.

Mark B. Baribeau — Mark B. Baribeau has co-managed the Loomis Sayles Growth Fund since 1999 and co-managed the domestic equity securities sector and international equity securities sector of the Loomis Sayles Global Markets Fund since 2004. Mr. Baribeau, Vice President of Loomis Sayles, began his investment career in 1985 and joined Loomis Sayles in 1989. He received an M.A. from the University of Maryland and a B.A. from the University of Vermont. He holds the designation of Chartered Financial Analyst and has over [22] years of investment experience.

Natixis Equity Funds 26 Prospectus – February 1, 2009

MANAGEMENT TEAM

Arthur Barry — Arthur Barry has co-managed the Loomis Sayles Value Fund since July 2005. Mr. Barry, Vice President of Loomis Sayles, began his investment career in 1994 and joined the firm in 2005. Prior to joining Loomis Sayles, Mr. Barry was a Senior Vice President and Portfolio manager at State Street Research & Management Company from November 2003 to January 2005 and Senior Portfolio Manager at INVESCO Capital Management from April 2001 to May 2003. Mr. Barry received a B.S. from Lehigh University and an M.B.A. from Carnegie Mellon University. He holds the designation of Chartered Financial Analyst and has over [13] years of investment management experience.

James L. Carroll — James L. Carroll has co-managed the Loomis Sayles Value Fund since November 2002. Mr. Carroll, Vice President of Loomis Sayles, began his investment career in 1974 and joined the firm in 1996. Mr. Carroll received a B.A. and an M.B.A. from Wayne State University. He holds the designation of Chartered Financial Analyst and has over [33] years of investment experience.

Pamela N. Czekanski — Pamela N. Czekanski has co-managed the Loomis Sayles Growth Fund since 2000. Ms. Czekanski, Vice President of Loomis Sayles, began her investment career in 1982 and joined Loomis Sayles in 1995. Ms. Czekanski received a B.A. from Middlebury College. She holds the designation of Chartered Financial Analyst and has over [25] years of investment experience.

Maureen G. Depp — Maureen G. Depp has co-managed the Loomis Sayles Research Fund and co-led the equity research analyst teams that provide investment idea generation and buy and sell recommendations for the Research Fund since July 2005. Ms. Depp, Vice President and co-director of Equity Research of Loomis Sayles, began her investment career in 1976 and joined Loomis Sayles in 2004. From 1998 to 2004, she was an Assistant Director and then a Managing Director of Research at State Street Research & Management Company. Ms. Depp received a B.S. from St. John’s University and an M.B.A. from the University of Rhode Island. She holds the designation of Chartered Financial Analyst and has over [31] years of investment experience.

Philip C. Fine — Philip C. Fine has served as portfolio manager of the Loomis Sayles Mid Cap Growth Fund since February 1999. Mr. Fine, Vice President of Loomis Sayles, began his investment career in 1988 and joined Loomis Sayles in 1996. Mr. Fine holds the designation of Chartered Financial Analyst. He received an A.B. and a Ph.D. from Harvard University and has over [19] years of investment experience.

Daniel J. Fuss — Daniel J. Fuss has managed the domestic fixed income securities sector of the Loomis Sayles Global Markets Fund since its inception in 1996. Mr. Fuss, Vice Chairman, Director and Managing Partner of Loomis Sayles, began his investment career in 1958 and joined Loomis Sayles in 1976. He received a B.S. and an M.B.A. from Marquette University. Mr. Fuss has over [49] years of investment experience.

Brian S. James — Brian S. James has co-managed the Loomis Sayles Research Fund and co-led the equity research analyst teams that provide investment idea generation and buy and sell recommendations for the Research Fund since July 2005. Mr. James, Vice President and co-director of Equity Research of Loomis Sayles, began his investment career in 1980 and joined Loomis Sayles in 1998. He received a B.A. from Hampshire College, an M.P.P. from Harvard University School of Government and an M.B.A. from Harvard University School of Business. Mr. James holds the designation of Chartered Financial Analyst and has over [27] years of investment experience.

Warren N. Koontz — Warren N. Koontz has managed the domestic equity securities sector and international equity securities sector of the Loomis Sayles Global Markets Fund since 2004 and co-managed the Loomis Sayles Value Fund since June 2000. Mr. Koontz, Vice President of Loomis Sayles, began his investment career in 1984 and joined Loomis Sayles in 1995. Mr. Koontz received a B.S. and an M.B.A. from The Ohio State University. He holds the designation of Chartered Financial Analyst and has over [24] years of investment experience.

David W. Rolley — David W. Rolley has managed the international fixed income securities sector of the Loomis Sayles Global Markets Fund since 2000. Mr. Rolley, Vice President of Loomis Sayles, began his investment career in 1980 and joined Loomis Sayles in 1994. He received a B.A. from Occidental College and studied graduate economics at the University of Pennsylvania. Mr. Rolley has over [27] years of investment experience.

Richard D. Skaggs — Richard D. Skaggs has co-managed the Loomis Sayles Growth Fund since 2000. Mr. Skaggs, Vice President of Loomis Sayles, began his investment career in 1985 and joined Loomis Sayles in 1994. Mr. Skaggs received a B.S. and an M.S.M. from Oakland University. He holds the designation of Chartered Financial Analyst and has over [22] years of investment experience.

Natixis Equity Funds 27 Prospectus – February 1, 2009

MANAGEMENT TEAM

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.

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

•

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.

•

Investors who were Retail Class shareholders of the Loomis Sayles Growth and Loomis Sayles Research Funds as of September 12, 2003, Loomis Sayles Value Fund as of June 1, 2007, Loomis Sayles Mid Cap Growth Fund as of February 1, 2009 and who were not subject to applicable sales charges may purchase additional Class A shares of a Natixis Fund without the imposition of a sales charge.

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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Class B shares pay higher 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 will 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 Fund’s expenses, see the section “Fund Fees & Expenses” in this Prospectus.

Certificates

Certificates will not be issued for any class of shares.

Natixis Equity Funds 28 Prospectus – February 1, 2009

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 the 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 of the Fund. 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 Fund’s 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 within 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 above, 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.

Natixis Equity Funds 29 Prospectus – February 1, 2009

FUND SERVICES

In most instances, individual accounts may not be linked with certain retirement plan accounts for the purposes of calculating sales charges. Savings Incentive Match Plan for Employees (“SIMPLE IRA”) contributions will automatically be linked with those of other participants in the same SIMPLE IRA Plan (Class A shares only). 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.

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, employees of affiliates of the Natixis Funds 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 (without paying a front end sales charge) 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^rdand 4^thyears, 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:

Natixis Equity Funds 30 Prospectus – February 1, 2009

FUND SERVICES

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:

•

increases in net asset value above the purchase price; or

•

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.

Natixis Equity Funds 31 Prospectus – February 1, 2009

FUND SERVICES

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.

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

It’s Easy to Open an Account

To Open an Account with Natixis Funds:

1.	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.

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

Natixis Equity Funds 32 Prospectus – February 1, 2009

FUND SERVICES


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.

4.	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 for this purpose 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, 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.

In its discretion, 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 for this purpose 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 liquidated.

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 Website

www.funds.natixis.com

Natixis Equity Funds 33 Prospectus – February 1, 2009

FUND SERVICES

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.

Natixis Equity Funds 34 Prospectus – February 1, 2009

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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.	• Call Natixis Funds at 800-225-5478 or visit www.funds.natixis.com to add shares to your account through ACH.

	• Ask your bank or credit union whether it is a member of the ACH system.	• 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.”

Natixis Equity Funds 35 Prospectus – February 1, 2009

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Selling Shares

To Sell Some or All of Your Shares

Certain restrictions may apply. Investments made by check, through ACH or Investment Builder 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 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 less any applicable CDSC 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.

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.

Natixis Equity Funds 36 Prospectus – February 1, 2009

FUND SERVICES

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;

•

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

•

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.

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, once the fund minimum is met, exchanges under the Automatic Exchange Plan must be made for at least $100 (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. An exchange of shares for shares of a different class in the same fund generally should not be a taxable event for the exchanging shareholder.

Restrictions on Buying, Selling and Exchanging Shares

Natixis Equity Funds 37 Prospectus – February 1, 2009

FUND SERVICES

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 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 or of 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

Natixis Equity Funds 38 Prospectus – February 1, 2009

FUND SERVICES

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.

Certain Funds also seek to prevent excessive and disruptive trading practices through the assessment of redemption fees on shares redeemed or exchanged within a given period after their purchase. See the section “Redemption Fees” for more information.

Purchase Restrictions

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

Selling Restrictions

The table below describes restrictions placed on selling shares of the Fund. 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.

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 would incur brokerage or other charges in converting the securities to cash.

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:


		Total market value of securities + Cash and other assets – Liabilities
Net Asset Value =
		Number of outstanding shares

Natixis Equity Funds 39 Prospectus – February 1, 2009

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The net asset value of Fund shares is determined pursuant to policies and procedures approved by the 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.

1 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 — last sale price on the exchange or market where primarily traded or, if there is no reported sale during the day, the closing bid price.

•

Debt securities (other than short-term obligations) — based upon evaluated bids furnished to a Fund by a pricing service, which service determines 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.

•

Credit default swaps — market value based on prices supplied by a pricing service, if available, or quotations obtained from broker dealers.

•

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

•

Futures — current settlement price.

•

Forward foreign currency contracts — interpolated prices determined from information provided by an independent pricing service.

•

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

Natixis Equity Funds 40 Prospectus – February 1, 2009

FUND SERVICES

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). The 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 the 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 the 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 Funds generally declare and pay dividends annually. Each Fund expects to distribute substantially 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 for making distributions as long as payments are made at least annually.

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.

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 that are timely distributed to shareholders.

Taxation of Distributions from the Funds. For federal income tax purposes, distributions of investment income are generally taxable to Fund shareholders as ordinary income. Taxes on distributions of capital gains are determined by how long a Fund owned the investments that generated them, rather than how long a shareholder has owned his or her shares. Distributions attributable to the excess of net long-term capital gains from the sale of investments that a Fund owned for more than one year over net short-term capital loss and that are properly 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.

Natixis Equity Funds 41 Prospectus – February 1, 2009

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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, derivatives and REITs generally is not eligible for treatment as qualified dividend income.

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 dividends are declared, rather than the calendar year in which the dividends are received.

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

Redemption, Sale or Exchange of Fund Shares. A redemption, sale or exchange of Fund shares (including an exchange of Fund shares for shares of another Natixis or Loomis Sayles Fund) is a taxable event and will generally result in recognition of gain or loss. Gain or loss, if any, recognized by a shareholder on a redemption, sale, exchange or other disposition of Fund shares will generally be treated as long-term capital gain or loss if the shareholder held the shares for more than one year, and as short-term capital gain of loss if the shareholder held the shares for one year of less, assuming in each case that the shareholder held the shares as capital assets. Short-term capital gains are generally taxed at the rates applicable to ordinary income. Any loss realized upon a disposition of shares held for six months or less will be treated as long-term, rather than short-term, capital loss to the extent of any Capital Gain Dividends received by the shareholder with respect to the shares. A deductibility of capital losses is subject to limitations.

Taxation of Certain Fund Investments. A Fund’s investments in foreign securities may be subject to foreign withholding and other taxes. In that case, the Fund’s yield on those securities would be decreased. The Funds generally do not expect that shareholders will be entitled to claim a credit or deduction with respect to foreign taxes incurred by a Fund. In addition, a Fund’s investments in foreign securities and foreign currencies may be subject to special tax rules that have the effect of increasing or accelerating a Fund’s recognition of ordinary income and may affect the timing or amount of the Fund’s distributions. Because the Funds invest in foreign securities, shareholders should consult their tax advisers about consequences of their investments under foreign laws.

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

Each Fund’s investments in certain debt obligations or REITs may cause that Fund to recognize taxable income in excess of the cash generated by such investments. Thus, a Fund could be required to liquidate investments, including at times when it is not advantageous to do so, in order to satisfy its distribution requirements.

Non-U.S. Shareholders. Capital Gains Dividends generally will not be subject to withholding of federal income tax. 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 (a “Foreign Person”) are subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate). For further information, Foreign Persons should consult the SAI.

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.) if the shareholder does not furnish the Funds certain information and certifications or the shareholder 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.

Natixis Equity Funds 42 Prospectus – February 1, 2009

FUND SERVICES

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, local, foreign or other applicable taxes.

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.

Financial Performance

Natixis Equity Funds 43 Prospectus – February 1, 2009

FINANCIAL PERFORMANCE

Loomis Sayles Mid Cap Growth Fund were redesignated as Class A shares on June 1, 2007 and February 1, 2009, respectively. Class C shares of the Loomis Sayles Mid Cap Growth Fund are newly formed and were not offered during the periods shown. This information has been audited by [ ], an independent registered public accounting firm, whose report, along with each Fund’s financial statements, is included in each Fund’s 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.

Natixis Equity Funds 44 Prospectus – February 1, 2009

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FINANCIAL PERFORMANCE

For a share outstanding throughout each period.


				Income (Loss) from Investment Operations:									Less Distributions:
	Net asset value, beginning of period			Net investment income (loss)^c			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^d
GLOBAL MARKETS FUND
Class A
9/30/2008	$	[ ]		$	[ ]		$	[	]	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]
9/30/2007		12.49			0.20			3.39			3.59			(0.25	)		—			(0.25	)		0.00
9/30/2006*		12.71			0.12			(0.34	)		(0.22	)		—			—			—			—
Class C
9/30/2008		[	]		[	]		[	]		[	]		[	]		[	]		[	]		[	]
9/30/2007		12.43			0.10			3.36			3.46			(0.19	)		—			(0.19	)		0.00
9/30/2006*		12.71			0.06			(0.34	)		(0.28	)		—			—			—			—

Natixis Equity Funds 46 Prospectus – February 1, 2009

FINANCIAL PERFORMANCE


						Ratios to average net assets:
Net asset value, end of period	Total return(%)^a,e		Net assets, end of period (000’s)			Net expenses(%)^b,f		Gross expenses(%)^f		Net investment income(%)^f		Portfolio turnover rate(%)
$[ ]	[	]	$	[	]	[	]	[	]	[	]	[	]
15.83	29.1			28,927		1.25		1.37		1.44		78
12.49	(1.7	)		10,438		1.25		1.56		1.52		103
[ ]	[	]		[	]	[	]	[	]	[	]	[	]
15.70	28.0			60,179		2.00		2.11		0.69		78
12.43	(2.1	)		20,228		2.00		2.32		0.78		103

*	From commencement of Class operations on February 1, 2006 through September 30, 2006.

a	Had certain expenses not been reduced during the period, if applicable, total returns would have been lower. Periods less than one year, if applicable, are not annualized.

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

c	Per share net investment income (loss) has been determined on the basis of the weighted average number of shares outstanding during the period.

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

e	A sales charge for Class A shares and a contingent deferred sales charge for Class C shares are not reflected in total return calculations. Periods less than one year, if applicable, are not annualized.

f	Annualized for periods less than one year, if applicable.

Natixis Equity Funds 47 Prospectus – February 1, 2009

FINANCIAL PERFORMANCE

For a share outstanding throughout each period.


				Income (Loss) from Investment Operations:									Less Distributions:
	Net asset value, beginning of period			Net investment income (loss)^c,d			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains			Total distributions
GROWTH FUND
Class A
9/30/2008	$	[ ]		$	[	]	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]
9/30/2007	$	5.84		$	(0.03	)	$	1.20		$	1.17		$	—		$	—		$	—
9/30/2006		6.03			0.00			(0.19	)		(0.19	)		—			—			—
9/30/2005		4.98			(0.02	)		1.07			1.05			—			—			—
9/30/2004		4.41			(0.03	)		0.60			0.57			—			—			—
Class B
9/30/2008		[	]		[	]		[	]		[	]		[	]		[	]		[	]
9/30/2007		5.70			(0.07	)		1.16			1.09			—			—			—
9/30/2006		5.94			(0.05	)		(0.19	)		(0.24	)		—			—			—
9/30/2005		4.94			(0.06	)		1.06			1.00			—			—			—
9/30/2004		4.41			(0.07	)		0.60			0.53			—			—			—
Class C
9/30/2008		[	]		[	]		[	]		[	]		[	]		[	]		[	]
9/30/2007		5.71			(0.08	)		1.17			1.09			—			—			—
9/30/2006		5.94			(0.04	)		(0.19	)		(0.23	)		—			—			—
9/30/2005		4.94			(0.06	)		1.06			1.00			—			—			—
9/30/2004		4.41			(0.06	)		0.59			0.53			—			—			—

Natixis Equity Funds 48 Prospectus – February 1, 2009

FINANCIAL PERFORMANCE


							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(%)
$	[ ]	[	]	$	[	]	[	]	[	]	[	]	[	]
$	7.01	20.0	^e	$	228,629		1.14	^h	1.14	^h	(0.49	)	134
	5.84	(3.2	)^e		225,729		1.10		1.17		(0.03	)	174
	6.03	21.1	^e		51,248		1.10		1.60		(0.38	)	164
	4.98	12.9	^e		14,072		1.10		1.70		(0.58	)	171
	[ ]	[	]		[	]	[	]	[	]	[	]	[	]
	6.79	19.1	^e		28,258		1.85	^h	1.85	^h	(1.20	)	134
	5.70	(4.0	)^e		32,160		1.95		2.11		(0.85	)	174
	5.94	20.2	^e		38,538		1.85		2.33		(1.14	)	164
	4.94	12.0	^e		12,532		1.85		2.45		(1.33	)	171
	[ ]	[	]		[	]	[	]	[	]	[	]	[	]
	6.80	19.1	^e		39,157		1.88		1.88		(1.23	)	134
	5.71	(3.9	)^e		43,415		1.85		1.95		(0.76	)	174
	5.94	20.2	^e		25,734		1.85		2.35		(1.10	)	164
	4.94	12.0	^e		6,826		1.85		2.45		(1.30	)	171

a	Had certain expenses not been reduced during the period, if applicable, total returns would have been lower. Periods less than one year, if applicable, are not annualized.

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

c	Per share net investment income (loss) has been determined on the basis of the weighted average number of shares outstanding during the period.

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

e	A sales charge for Class A 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.

f	A sales charge for Class A and Class C 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.

g	Annualized for periods less than one year, if applicable.

h	Includes expense recapture of 0.01% and 0.08% for Class A and Class B, shares, respectively.

Natixis Equity Funds 49 Prospectus – February 1, 2009

FINANCIAL PERFORMANCE

For a share outstanding throughout each period.


				Income (Loss) from Investment Operations									Less Distributions
	Net asset value, beginning of the period			Net investment income^(c)			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains			Total distributions
MID CAP GROWTH FUND
Class A*
9/30/2008	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]
9/30/2007		19.69			(0.16	)^(d)		7.31			7.15			—			—			—
9/30/2006		18.63			(0.15	)		1.21			1.06			—			—			—
9/30/2005		15.20			(0.14	)		3.70			3.56			(0.13	)		—			(0.13	)
9/30/2004		13.46			(0.16	)		1.90			1.74			—			—			—

Natixis Equity Funds 50 Prospectus – February 1, 2009

FINANCIAL PERFORMANCE


						Ratios to Average Net Assets
Net asset value, end of the period	Total return(%)^(a)		Net assets, end of the period (000’s)			Net expenses(%)^(b)		Gross expenses(%)		Net investment income (loss)(%)		Portfolio turnover rate(%)
$[ ]	[	]	$	[	]	[	]	[	]	[	]	[	]
26.84	36.3			30,654		1.25		1.43		(0.71	)	194
19.69	5.7			26,668		1.25		1.52		(0.72	)	211
18.63	23.6			25,802		1.25		1.50		(0.85	)	280
15.20	12.9			25,382		1.25		1.42		(1.10	)	284

*	Prior to the close of business on February 1, 2009, the Fund offered Retail Class shares, which were redesignated as Class A shares on that date.

a	Had certain expenses not been reduced during the period, if applicable, total returns would have been lower. Periods less than one year, if applicable, are not annualized.

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

c	Per share net investment loss has been determined on the basis of the weighted average number of shares outstanding during the period.

d	Includes a non-recurring payment of $0.02 per share.

Natixis Equity Funds 51 Prospectus – February 1, 2009

FINANCIAL PERFORMANCE

For a share outstanding throughout each period.


				Income (Loss) from Investment Operations:									Less Distributions:
	Net asset value, beginning of period			Net investment income (loss)^c,d			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income^d			Distributions from net realized capital gains			Total distributions^d
RESEARCH FUND
Class A
9/30/2008	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]
9/30/2007		9.42			0.02			1.53			1.55			(0.07	)		(1.13	)		(1.20	)
9/30/2006		9.22			0.05			0.64			0.69			(0.03	)		(0.46	)		(0.49	)
9/30/2005		7.79			0.00			1.43			1.43			0.00			—			0.00
9/30/2004		6.90			0.01			0.90			0.91			(0.02	)		—			(0.02	)
Class B
9/30/2008		[	]		[	]		[	]		[	]		[	]		[	]		[	]
9/30/2007		9.25			(0.05	)		1.50			1.45			(0.01	)		(1.13	)		(1.14	)
9/30/2006		9.10			(0.02	)		0.63			0.61			—			(0.46	)		(0.46	)
9/30/2005		7.73			(0.06	)		1.43			1.37			0.00			—			0.00
9/30/2004		6.90			(0.05	)		0.90			0.85			(0.02	)		—			(0.02	)
Class C
9/30/2008		[	]		[	]		[	]		[	]		[	]		[	]		[	]
9/30/2007		9.22			(0.05	)		1.50			1.45			(0.02	)		(1.13	)		(1.15	)
9/30/2006		9.08			(0.02	)		0.63			0.61			(0.01	)		(0.46	)		(0.47	)
9/30/2005		7.73			(0.07	)		1.42			1.35			0.00			—			0.00
9/30/2004		6.90			(0.05	)		0.88			0.83			—			—			—

Natixis Equity Funds 52 Prospectus – February 1, 2009

FINANCIAL PERFORMANCE


								Ratios to average net assets:
Net asset value, end of period			Total return(%)^a		Net assets, end of period (000’s)			Net expenses(%)^b,g		Gross expenses(%)^g		Net investment income (loss)(%)^g		Portfolio turnover rate(%)
$	[	]	[	]	$	[	]	[	]	[	]	[	]	[	]
	9.77		18.0	^e		1,198		1.25		1.50		0.22		148
	9.42		7.7	^e		1,331		1.25		1.68		0.56		143
	9.22		18.4	^e		344		1.25		34.73		0.03		133
	7.79		13.2	^e		106		1.21		39.85		0.07		151
	[	]	[	]		[	]	[	]	[	]	[	]	[	]
	9.56		17.1	^e		356		2.00		2.31		(0.51	)	148
	9.25		6.9	^e		331		2.00		2.33		(0.19	)	143
	9.10		17.8	^e		210		2.00		41.40		(0.71	)	133
	7.73		12.3	^e		57		2.00		40.60		(0.71	)	151
	[	]	[	]		[	]	[	]	[	]	[	]	[	]
	9.52		17.2	^e		1,164		2.00		2.29		(0.54	)	148
	9.22		6.9	^e		1,198		2.00		2.37		(0.18	)	143
	9.08		17.5	^e		140		2.00		37.60		(0.76	)	133
	7.73		12.0	^e		3		2.00		40.60		(0.59	)	151

a	Had certain expenses not been reduced during the period, if applicable, total returns would have been lower. Periods less than one year, if applicable, are not annualized.

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

c	Per share net investment income (loss) has been determined on the basis of the weighted average number of shares outstanding during the period.

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

e	A sales charge for Class A 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.

f	A sales charge for Class A and Class C 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.

g	Annualized for periods less than one year, if applicable.

Natixis Equity Funds 53 Prospectus – February 1, 2009

FINANCIAL PERFORMANCE

For a share outstanding throughout each period.


	Net asset value, beginning of period			Income (Loss) from Investment Operations:									Less Distributions:
	Net asset value, beginning of period			Net investment income (loss)^c,d			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains			Total distributions
VALUE FUND
Class A*
9/30/2008	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]
9/30/2007		21.04			0.19			3.27			3.46			(0.13	)		(0.91	)		(1.04	)
9/30/2006**		19.69			0.02			1.33			1.35			—			—			—
Class B
9/30/2008		[	]		[	]		[	]		[	]		[	]		[	]		[	]
9/30/2007***		24.00			0.00			(0.54	)		(0.54	)		—			—			—
Class C
9/30/2008		[	]		[	]		[	]		[	]		[	]		[	]		[	]
9/30/2007***		24.00			0.01			(0.55	)		(0.54	)		—			—			—

Natixis Equity Funds 54 Prospectus – February 1, 2009

FINANCIAL PERFORMANCE

Net asset

value,

end of
period

Total
return(%)^a,g

Net assets,
end of
period
(000’s)

Ratios to average net assets:

Portfolio
turnover
rate(%)

Net
expenses(%)^b,f

Gross
expenses(%)^f

Net
investment
income
(loss)(%)^f

$[ ]

[

]

[

]

[

]

[

]

[

]

[

]

23.46

16.9

17,500

1.09

0.79

21.04

6.9

466

1.10

8.65

0.42

[ ]

[

]

[

]

[

]

[

]

[

]

[

]

23.46

(2.3

)

108

1.85

1.89

0.03

[ ]

[

]

[

]

[

]

[

]

[

]

[

]

23.46

(2.3

)

1,390

1.85

1.94

0.10

*	Prior to the close of business on June 1, 2007, the Fund offered Retail Class shares, which were redesignated as Class A shares on that date.

**	From commencement of Class operations on June 30, 2006 through September 30, 2006.

***	From commencement of Class operations on June 1, 2007 through September 30, 2007.

a	Had certain expenses not been reduced during the period, if applicable, total returns would have been lower. Periods less than one year, if applicable, are not annualized.

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

c	Per share net investment income (loss) has been determined on the basis of the weighted average number of shares outstanding during the period.

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

e	Includes expense recapture of 0.02%.

f	Annualized for periods less than one year, if applicable

g	A sales charge for Class A 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.

Natixis Equity Funds 55 Prospectus – February 1, 2009

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.

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.

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

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.

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.

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.

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 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).

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.

Natixis Equity Funds 56 Prospectus – February 1, 2009

GLOSSARY OF TERMS

investments or instruments. In a credit default swap, one party agrees to make periodic payments to a counterparty, in exchange for the right to receive a payment in the event of default of the underlying reference security.

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.

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.

Natixis Equity Funds 57 Prospectus – February 1, 2009

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 report (when available for the Loomis Sayles International Bond Fund) or their SAIs, to request other information about the Funds and to make shareholder inquiries generally, contact your financial representative, visit the Funds website at www.funds.natixis.com or call the Fund at 800-225-5478.

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 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, Loomis Sayles Funds, Hansberger International Series and Delafield Fund, Inc. 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.

Investment Company Act File No. 811-06241

XL51-0208


		Natixis Equity Funds
		Prospectus \| February 1, 2009		Class Y


		Loomis Sayles Global Markets Fund

		Loomis Sayles Growth Fund

		Loomis Sayles Mid Cap Growth Fund

		Loomis Sayles Research Fund

		Loomis Sayles Value Fund

		Advised by Loomis, Sayles and Company, 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		1
Loomis Sayles Global Markets Fund		1
Loomis Sayles Growth Fund		5
Loomis Sayles Mid Cap Growth Fund		8
Loomis Sayles Research Fund		12
Loomis Sayles Value Fund		16

Fund Fees & Expenses		19

More About Risk		21

Management Team		22
Meet the Funds’ Investment Adviser		22
Meet the Funds’ Portfolio Managers		23

Fund Services		26
Compensation to Securities Dealers		26
It’s Easy to Open an Account		27
Buying Shares		28
Selling Shares		29
Selling Shares in Writing		30
Exchanging Shares		30
Restrictions on Buying, Selling and Exchanging Shares		31
How Fund Shares Are Priced		33
Dividends and Distributions		34
Tax Consequences		34

Financial Performance		36

Glossary of Terms		48

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

Natixis Equity Funds Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

Loomis Sayles Global Markets Fund


Adviser:		Loomis, Sayles & Company, L.P. (“Loomis Sayles”)

Managers:		Daniel J. Fuss, Warren Koontz, David Rolley, Mark B. Baribeau

Ticker Symbol:		Class Y
		LSWWX

Investment Goal

Principal Investment Strategies

•

Domestic equities

•

International equities

•

Domestic fixed income securities

•

International fixed income securities

The Fund may also:

•

Engage in options and futures transactions, foreign currency transactions, swap transactions (including credit default swaps) and other derivative transactions.

•

Invest in collateralized mortgage obligations, zero-coupon securities, when-issued securities, real estate investment trusts (“REITs”) and Rule 144A securities.

•

Invest in mortgage-related securities.

•

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 Loomis Sayles deems appropriate. The Fund may miss certain investment opportunities if it uses such defensive strategies and thus may not achieve its investment goal.

Natixis Equity Funds 1 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

Principal Investment Risks

Natixis Equity Funds 2 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

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

Furthermore, the real estate industry is particularly sensitive to economic downturns. Securities of companies in the real estate industry, including REITs, are particularly 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. 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 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.

Natixis Equity Funds 3 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

The bar chart shows the Fund’s total returns for Class Y shares for each calendar year since inception.† The returns shown in the bar chart below reflect the results of the Fund’s Institutional Class shares, which were redesignated as Class Y shares on February 1, 2006. The Class Y expenses did not change as a result of this redesignation.

LOGO

The table below shows how average annual total returns for the Fund’s Class Y shares (before and after taxes) for the one-year, five-year and ten-year periods compare to those of the Morgan Stanley Capital International World Index (“MSCI World”), an index that measures global developed market equity performance and the Citigroup World Government Bond Index (“Citigroup WGBI” and together with the MSCI World, the “Indices”), an index that measures the most significant and liquid government bond indices located around the world which carry at least an investment grade rating. The Indices are unmanaged, have no operating costs, and are included in the table to facilitate your comparison of the Fund’s performance to broad-based market indices. You may not invest directly in an index. The Fund’s total returns reflect, on a class by class basis, 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 return after taxes on distributions only and return after taxes on distributions and sale of Fund shares. The Indices’ 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, 2008)	Past 1 Year		Past 5 Years		Past 10 Years
Loomis Sayles Global Markets Fund
Class Y – Return Before Taxes	[	]%	[	]%	[	]%
Return After Taxes on Distributions*	[	]%	[	]%	[	]%
Return After Taxes on Distributions and Sale of Fund Shares*	[	]%	[	]%	[	]%
MSCI World**	[	]%	[	]%	[	]%
Citigroup WGBI**	[	]%	[	]%	[	]%

†	The returns shown in the table above for periods prior to February 1, 2006 reflect the results of the Fund’s Institutional Class shares, which were redesignated as Class Y shares on February 1, 2006. The Class Y expenses did not change as a result of the redesignation.

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. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Return After Taxes on Distributions and Sale of Fund Shares to be greater than the Return After Taxes on Distributions or even the Return Before Taxes.

**	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.”

Natixis Equity Funds 4 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

Loomis Sayles Growth Fund


Adviser:		Loomis, Sayles & Company, L.P. (“Loomis Sayles”)

Managers:		Mark B. Baribeau, Pamela N. Czekanski and Richard D. Skaggs

Ticker Symbol:		Class Y
		LSGRX

Investment Goal

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

Principal Investment Strategies

The Fund may also:

•

Invest any portion of its assets in equity securities of Canadian issuers and up to 20% of its assets in other foreign securities, including emerging market securities.

•

Invest in Rule 144A securities.

•

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 Loomis Sayles 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

Currency Risk: The risk that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment.

Natixis Equity Funds 5 Prospectus – February 1, 2009

GOALS, STRATEGIES & 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

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 (or since inception if shorter) 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.

Natixis Equity Funds 6 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

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

LOGO

†

The returns shown in the bar chart above for periods prior to September 15, 2003 reflect the results of the Fund’s Institutional Class shares, which were converted to Class Y shares on September 12, 2003. The prior Institutional Class performance has been restated to reflect the expenses of Class Y shares. The restatement of the Fund’s performance to reflect Class Y expenses is based on the net expenses of the class after taking into effect the Fund’s expense cap arrangements at the time of the conversion.

The table below shows how average annual total returns for Class Y shares of the Fund (before and after taxes) for the one-year, five-year and ten-year periods compare to those of the Russell 1000 Growth Index, an unmanaged index measuring 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 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 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, 2008)	Past 1 Year		Past 5 Years		Past 10 Years
Loomis Sayles Growth Fund
Class Y – Return Before Taxes	[	]%	[	]%	[	]%
Return After Taxes on Distributions*	[	]%	[	]%	[	]%
Return After Taxes on Distributions & Sales of Fund Shares*	[	]%	[	]%	[	]%
Russell 1000 Growth Index**	[	]%	[	]%	[	]%

†

The returns shown in the table above for periods prior to September 15, 2003 reflect the results of the Fund’s Institutional Class shares, which were converted to Class Y shares on September 12, 2003. The prior Institutional Class performance has been restated to reflect the expenses of Class Y shares. The restatement of the Fund’s performance to reflect Class Y expenses is based on the net expenses of the Class after taking into effect the Fund’s expense cap arrangements at the time of the conversion.

**	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.”

Natixis Equity Funds 7 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

Loomis Sayles Mid Cap Growth Fund


Adviser:		Loomis, Sayles & Company, L.P. (“Loomis Sayles”)

Manager:		Philip C. Fine

Ticker Symbol:		Class Y
		LSAIX

Investment Goal

The Fund’s investment objective is long-term capital growth from investments in common stocks or similar securities. The Fund’s investment objective may be changed without shareholder approval.

Principal Investment Strategies

In deciding which securities to buy and sell, Loomis, Sayles & Company, L.P. (“Loomis Sayles”) seeks to identify companies that it believes have distinctive products, technologies, or services, dynamic earnings growth, prospects for high levels of profitability, and solid management. Loomis Sayles typically does not consider current income when making buy/sell decisions.

The Fund may invest any portion of its assets in securities of Canadian issuers and up to 20% of its assets in other foreign securities. The Fund may engage in foreign currency transactions, options and futures transactions, and securities lending. Loomis Sayles may elect not to hedge currency risk, which may cause the Fund to incur losses that would not have been incurred had the risk been hedged. The Fund also may invest in securities offered in the secondary markets or in initial public offerings real estate investment trusts (“REITs”) and Rule 144A securities. The Fund may engage in active and frequent trading of securities. Frequent trading may produce high transaction costs and a high level of taxable capital gains, which may lower the Fund’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 Loomis Sayles deems appropriate. The Fund may miss certain investment opportunities if it uses defensive strategies and thus may not achieve its investment objective.

Principal Investment Risks

Currency Risk: The risk that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment.

Natixis Equity Funds 8 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

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

Natixis Equity Funds 9 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

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 (or since inception if shorter) 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 bar chart below shows the Fund’s total returns for Class Y shares for each of the last ten calendar years.† The Fund’s Institutional Class shares were redesignated as Class Y shares on February 1, 2009. The Fund (formerly, Loomis Sayles Aggressive Growth Fund) changed its name and revised its investment strategies on February 1, 2007. The Fund’s performance may have been different had the current investment strategies been in place for all of the periods shown.

LOGO

†

The returns shown above for Class Y shares for periods prior to February 1, 2009 reflect the results of Institutional Class shares of the Fund, which converted to Class Y shares on February 1, 2009. The prior Institutional Class performance has been restated to reflect expenses of Class Y shares. The restatement of the Fund’s performance to reflect Class Y expenses is based on the net expenses of this class after taking into effect the Fund’s expense cap arrangements in effect on February 1, 2009.

The table below shows how the average annual total returns for Class Y shares of the Fund (before and after taxes) for the one-year, five-year, and ten-year periods compare to those of the Russell Midcap Growth Index, an unmanaged, market capitalization weighted index of medium capitalization stocks determined by Russell to be growth stocks as measured by their price-to-book ratios and forecasted growth values. You may not invest directly in an index. The Fund’s total returns reflect its expenses on a class-by-class basis. Class Y returns have also been calculated to reflect return after taxes on distributions only and also return after taxes on distributions and sale of Fund shares. The Russell Midcap Growth Index returns have not been adjusted for ongoing management, distribution and operating expenses applicable to mutual fund shares.


Average Annual Total Returns^† (for the periods ended December 31, 2008)	Past 1 Year		Past 5 Years		Past 10 Years
Loomis Sayles Mid Cap Growth Fund
Class Y – Return Before Taxes	[	]%	[	]%	[	]%
Return After Taxes on Distributions*	[	]%	[	]%	[	]%
Return After Taxes on Distributions & Sales of Fund Shares*	[	]%	[	]%	[	]%
Russell Midcap Growth Index**	[	]%	[	]%	[	]%

†	The returns shown above reflect the results of the Fund’s Institutional Class shares, which were converted to Class Y shares on February 1, 2009. The prior Institutional Class performance has been restated to reflect the expenses of Class Y shares. The restatement of the Fund’s performance to

Natixis Equity Funds 10 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

reflect Class Y expenses is based on the net expenses of the class after taking into effect the Fund’s expense cap arrangements in effect on February 1, 2009. The Class Y expenses did not change as a result of the redesignation.

**	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.”

Natixis Equity Funds 11 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

Loomis Sayles Research Fund


Adviser:		Loomis, Sayles & Company, L.P. (“Loomis Sayles”)

Managers:		Maureen G. Depp and Brian James

Ticker Symbol:		Class Y
		LISRX

Investment Goal

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

Principal Investment Strategies

The Fund may also:

•

Invest any portion of its assets in equity securities of Canadian issuers and up to 20% of its assets in other foreign securities, including emerging market securities.

•

Invest in Rule 144A securities.

•

Invest in other investment companies, to the extent permitted by the Investment Company Act of 1940 (the “1940 Act”) and the rules thereunder.

•

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

For temporary defensive purposes, hold any portion of its assets in cash and/or invest in money market instruments or high quality debt securities as Loomis Sayles 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

Natixis Equity Funds 12 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

Currency Risk: The risk that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment.

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.

Natixis Equity Funds 13 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

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

LOGO

†

The returns shown in the bar chart above for periods prior to September 15, 2003 reflect the results of Institutional Class shares of the Fund, which were converted to Class Y shares on September 12, 2003. The prior Institutional Class performance has been restated to reflect the expenses of Class Y shares. The restatement of the Fund’s performance to reflect Class Y expenses is based on the net expenses of the class after taking into effect the Fund’s expense cap arrangements at the time of the conversion.

The table below shows how average annual total returns for Class Y shares of the Fund (before and after taxes) for the one-year, five-year and since-inception periods compare to those of the Standard & Poor’s 500 Index ( the “S&P 500 Index”), an unmanaged index of U.S. common stock performance. You may not invest directly in an index. The Fund’s total returns reflect 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 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, 2008)	Past 1 Year		Past 5 Years		Since Fund Inception (7/31/00)
Loomis Sayles Research Fund
Class Y – Return Before Taxes	[	]%	[	]%	[	]%
Return After Taxes on Distributions*	[	]%	[	]%	[	]%
Return After Taxes on Distributions & Sales of Fund Shares*	[	]%	[	]%	[	]%
S&P 500 Index**	[	]%	[	]%	[	]%

†

The returns shown in the table above for periods prior to September 15, 2003 reflect the results of Institutional Class shares of the Fund, which were converted to Class Y shares on September 12, 2003. The prior Institutional Class performance has been restated to reflect the expenses of Class Y shares. The restatement of the Fund’s performance to reflect Class Y expenses is based on the net expenses of the class after taking into effect the Fund’s expense cap arrangements in effect on September 12, 2003.

Natixis Equity Funds 14 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

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

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

Natixis Equity Funds 15 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

Loomis Sayles Value Fund


Adviser:		Loomis, Sayles & Company, L.P. (“Loomis Sayles”)

Managers:		Arthur Barry, James L. Carroll, Warren N. Koontz

Ticker Symbol:		Class Y
		LSGIX

Investment Goal

The Fund’s investment objective is long-term growth of capital and income. The Fund’s investment objective may be changed without shareholder approval.

Principal Investment Strategies

Under normal market conditions, the Fund will invest primarily in equity securities, including common stocks, convertible securities, and warrants.

In deciding which securities to buy and sell, Loomis Sayles generally looks for companies that it believes are undervalued by the market in relation to earnings, dividends, assets, and growth prospects. The Fund’s investments may include companies that have suffered significant business problems but that Loomis Sayles believes have favorable prospects for recovery.

The Fund may also:

•

invest up to 20% of its assets in securities of foreign issuers, including emerging markets securities

•

invest in options, real estate investment trusts (“REITs”) and Rule 144A securities

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 Loomis Sayles deems appropriate. The Fund may miss certain investment opportunities if it uses defensive strategies and thus may not achieve its investment objectives.

Principal Investment Risks

Currency Risk: The risk that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment.

Natixis Equity Funds 16 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

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

Furthermore, the real estate industry is particularly sensitive to economic downturns. Securities of companies in the real estate industry, including REITs, are particularly 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. 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 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 (or since inception if shorter) 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.

Natixis Equity Funds 17 Prospectus – February 1, 2009

GOALS, STRATEGIES & RISKS

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

LOGO

†

The returns shown in the bar chart above for periods prior to June 1, 2007 reflect the results of Institutional Class shares of the Fund, which were converted to Class Y shares on June 1, 2007. The prior Institutional Class performance has been restated to reflect the expenses of Class Y shares. The restatement of the Fund’s performance to reflect Class Y expenses is based on the net expenses of the class after taking into effect the Fund’s expense cap arrangements at the time of the conversion.

The table below shows how average annual total returns for Class Y shares of the Fund (before and after taxes) 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 expenses. Class Y total returns have also been calculated to reflect return after taxes on distributions only and 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, 2008)	Past 1 Year		Past 5 Years		Past 10 Years
Loomis Sayles Value Fund
Class Y – Return Before Taxes	[	]%	[	]%	[	]%
Return After Taxes on Distributions*	[	]%	[	]%	[	]%
Return After Taxes on Distributions & Sales of Fund Shares*	[	]%	[	]%	[	]%
Russell 1000 Value Index**	[	]%	[	]%	[	]%

†	The returns shown in the bar chart and table reflect the results of the Fund’s Institutional Class shares, which were redesignated as Class Y shares on June 1, 2007. The Class Y expenses did not change as a result of the redesignation.

**	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.”

Natixis Equity Funds 18 Prospectus – February 1, 2009

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)


	All Funds
	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 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)

Loomis Sayles
Global Markets
Fund¹

Loomis Sayles
Growth
Fund²

Loomis Sayles
Mid Cap
Growth Fund³

Loomis Sayles
Research
Fund⁴

Loomis Sayles
Value
Fund⁵

Class Y

Management fees

0.75

0.50

0.75

0.50

Other expenses

[

Total annual fund operating expenses

[

Fee reduction and/or expense reimbursement

[

Net expenses

[

Loomis Sayles has given a binding contractual undertaking to the Loomis Sayles Global Markets Fund to limit the amount of the Fund’s total annual fund operating expenses, exclusive of Acquired Funds Fees and Expenses, brokerage expenses, interest expenses, taxes and organizational and extraordinary expenses, to 1.00% of the Fund’s average daily net assets for Class Y shares. This undertaking is in effect through [January 31, 2010] and will be reevaluated on an annual basis. Without this undertaking, expenses would have been higher.

Loomis Sayles has given a binding contractual undertaking to the Loomis Sayles Growth Fund to limit the amount of the Fund’s total annual fund operating expenses, exclusive of Acquired Funds Fees and Expenses, brokerage expenses, interest expenses, taxes and organizational and extraordinary expenses, to 0.85% of the Fund’s average daily net assets for Class Y shares. This undertaking is in effect through [January 31, 2010] and is reevaluated on an annual basis.

Loomis Sayles has given a binding contractual undertaking to the Loomis Sayles Mid Cap Growth Fund to limit the amount of the Fund’s total annual fund operating expenses, exclusive of Acquired Funds Fees and Expenses, brokerage expenses, interest expenses, taxes and organizational and extraordinary expenses, to 1.00% of the Fund’s average daily net assets for Class Y shares. This undertaking is in effect through [January 31, 2010] and is reevaluated on an annual basis.

Loomis Sayles has given a binding contractual undertaking to the Loomis Sayles Research Fund to limit the amount of the Fund’s total annual fund operating expenses, exclusive of Acquired Funds Fees and Expenses, brokerage expenses, interest expenses, taxes and organizational and extraordinary expenses, to 0.85% of the Fund’s average daily net assets for Class Y shares. This undertaking is in effect through [January 31, 2010] and is reevaluated on an annual basis. Without this undertaking, expenses would have been higher.

Loomis Sayles has given a binding contractual undertaking to the Loomis Sayles Value Fund to limit the amount of the Fund’s total annual fund operating expenses, exclusive of Acquired Funds Fees and Expenses, brokerage expenses, interest expenses, taxes and organizational and extraordinary expenses, to 0.85% of the Fund’s average daily net assets for Class Y shares. This undertaking is in effect through [January 31, 2010] and is reevaluated on an annual basis.

Natixis Equity Funds 19 Prospectus – February 1, 2009

FUND FEES & EXPENSES

Example

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:

Loomis Sayles
Global Markets
Fund

Loomis Sayles
Growth
Fund

Loomis Sayles
Mid Cap
Growth Fund

Loomis Sayles
Research
Fund

Loomis Sayles
Value
Fund

Class Y

1 year

[

]

[

]

[

]

[

]

[

]

3 years

[

]

[

]

[

]

[

]

[

]

5 years

[

]

[

]

[

]

[

]

[

]

10 years

[

]

[

]

[

]

[

]

[

]

*	The examples are based on the Net Expenses for the one-year period and on the Total Annual Fund Operating Expenses for the remaining years, except for the Loomis Sayles Growth Fund and Loomis Sayles Value Fund which are based on Total Annual Fund Operating Expenses for the entire period.

A “snapshot” of each Fund’s investments may be found in its 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, 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. In addition, a list of each Fund’s top 10 holdings as of the month-end is generally available within 5 days after the month-end on the Fund’s website at www.funds.natixis.com (click on “Fund Information,” then “Our fund line-up,” then the name of the Fund and scroll down to “Portfolio Highlights”).

Natixis Equity Funds 20 Prospectus – February 1, 2009

More About Risk

Correlation Risk

The risk that changes in the value of a hedging instrument will not match those of the asset being hedged.

Credit Risk

Emerging Markets Risk

Information Risk

Interest Rate Risk

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

Liquidity Risk

Opportunity Risk

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

Funds that use derivatives also face additional risks, such as liquidity risk, market risk, management risk, the credit risk relating to the other party to a derivative contract, the risk of difficulties in pricing and valuation, the risk of ambiguous documentation and the risk that changes in the value of a derivative may not correlate perfectly with relevant assets, rates, or indices. This could, for example, cause a derivative transaction to imperfectly hedge the risk which it was intended to hedge. A Fund’s use of derivative instruments may involve risks greater than the risks associated with investing directly in securities and other traditional investments, may cause the Fund to lose more than the principal amount invested and may subject a Fund to the potential for unlimited loss. A Fund may be required to sell other securities at inopportune times to meet collateral requirements on its derivative transactions. In addition, a Fund’s use of derivatives may increase or accelerate the amount of taxes payable by shareholders. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that a Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial or that, if used, such strategies will be successful.

Natixis Equity Funds 21 Prospectus – February 1, 2009

MORE ABOUT RISK

Political Risk

The risk of losses directly attributable to government or political actions.

Prepayment Risk

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

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

The risk that the Fund has valued certain securities at a higher price than the price at which they can be sold.

Management Team

Meet the Funds’ Investment Adviser

The Natixis Funds family (as defined below) currently includes 25 mutual funds. The Natixis Funds family had combined assets of $24.3 billion as of September 30, 2008. Natixis Funds are distributed through Natixis Distributors, L.P. (the “Distributor”). This Prospectus covers the Class Y shares of Loomis Sayles Global Markets Fund, Loomis Sayles Growth Fund, Loomis Sayles Mid Cap Growth Fund, Loomis Sayles Research Fund and Loomis Sayles Value Fund (each a “Fund” and together the “Funds”), which, along with the Natixis Income Funds, Natixis Diversified Portfolios, Loomis Sayles Strategic Income Fund, Natixis Cash Management Trust — Money Market Series (the “Money Market Fund”), Gateway Fund, ASG Global Alternatives Fund and Delafield Select Fund constitute the “Natixis Funds.”

Adviser

Loomis Sayles, located at One Financial Center, Boston, Massachusetts 02111, serves as adviser to the Fund. Loomis Sayles is a subsidiary of Natixis Global Asset Management, L.P. (“Natixis US”), which is part of Natixis Global Asset Management. Founded in 1926, Loomis Sayles is one of the oldest investment advisory firms in the United States with over $[ ] billion in assets under management as of December 31, 2008. Loomis Sayles is well known for its professional research staff, which is one of the largest in the industry. Loomis Sayles makes investment decisions for each of these Funds.

Portfolio Trades

Natixis Equity Funds 22 Prospectus – February 1, 2009

MANAGEMENT TEAM

Meet the Funds’ Portfolio Managers

Mark B. Baribeau — Mark B. Baribeau has co-managed the Loomis Sayles Growth Fund since 1999 and co-managed the domestic equity securities sector and international equity securities sector of the Loomis Sayles Global Markets Fund since 2004. Mr. Baribeau, Vice President of Loomis Sayles, began his investment career in 1985 and joined Loomis Sayles in 1989. He received an M.A. from the University of Maryland and a B.A. from the University of Vermont. He holds the designation of Chartered Financial Analyst and has over [22] years of investment experience.

Natixis Equity Funds 23 Prospectus – February 1, 2009

MANAGEMENT TEAM

Arthur Barry — Arthur Barry has co-managed the Loomis Sayles Value Fund since July 2005. Mr. Barry, Vice President of Loomis Sayles, began his investment career in 1994 and joined the firm in 2005. Prior to joining Loomis Sayles, Mr. Barry was a Senior Vice President and Portfolio manager at State Street Research & Management Company from November 2003 to January 2005 and Senior Portfolio Manager at INVESCO Capital Management from April 2001 to May 2003. Mr. Barry received a B.S. from Lehigh University and an M.B.A. from Carnegie Mellon University. He holds the designation of Chartered Financial Analyst and has over [13] years of investment management experience.

James L. Carroll — James L. Carroll has co-managed the Loomis Sayles Value Fund since November 2002. Mr. Carroll, Vice President of Loomis Sayles, began his investment career in 1974 and joined the firm in 1996. Mr. Carroll received a B.A. and an M.B.A. from Wayne State University. He holds the designation of Chartered Financial Analyst and has over [33] years of investment experience.

Pamela N. Czekanski — Pamela N. Czekanski has co-managed the Loomis Sayles Growth Fund since 2000. Ms. Czekanski, Vice President of Loomis Sayles, began her investment career in 1982 and joined Loomis Sayles in 1995. Ms. Czekanski received a B.A. from Middlebury College. She holds the designation of Chartered Financial Analyst and has over [25] years of investment experience.

Maureen G. Depp — Maureen G. Depp has co-managed the Loomis Sayles Research Fund and co-led the equity research analyst teams that provide investment idea generation and buy and sell recommendations for the Research Fund since July 2005. Ms. Depp, Vice President and co-director of Equity Research of Loomis Sayles, began her investment career in 1976 and joined Loomis Sayles in 2004. From 1998 to 2004, she was an Assistant Director and then a Managing Director of Research at State Street Research & Management Company. Ms. Depp received a B.S. from St. John’s University and an M.B.A. from the University of Rhode Island. She holds the designation of Chartered Financial Analyst and has over [31] years of investment experience.

Philip C. Fine — Philip C. Fine has served as portfolio manager of the Loomis Sayles Mid Cap Growth Fund since February 1999. Mr. Fine, Vice President of Loomis Sayles, began his investment career in 1988 and joined Loomis Sayles in 1996. Mr. Fine holds the designation of Chartered Financial Analyst. He received an A.B. and a Ph.D. from Harvard University and has over [19] years of investment experience.

Daniel J. Fuss — Daniel J. Fuss has managed the domestic fixed income securities sector of the Loomis Sayles Global Markets Fund since its inception in 1996. Mr. Fuss, Vice Chairman, Director and Managing Partner of Loomis Sayles, began his investment career in 1958 and joined Loomis Sayles in 1976. He received a B.S. and an M.B.A. from Marquette University. Mr. Fuss has over [49] years of investment experience.

Brian S. James — Brian S. James has co-managed the Loomis Sayles Research Fund and co-led the equity research analyst teams that provide investment idea generation and buy and sell recommendations for the Research Fund since July 2005. Mr. James, Vice President and co-director of Equity Research of Loomis Sayles, began his investment career in 1980 and joined Loomis Sayles in 1998. He received a B.A. from Hampshire College, an M.P.P. from Harvard University School of Government and an M.B.A. from Harvard University School of Business. Mr. James holds the designation of Chartered Financial Analyst and has over [27] years of investment experience.

Warren N. Koontz — Warren N. Koontz has managed the domestic equity securities sector and international equity securities sector of the Loomis Sayles Global Markets Fund since 2004 and co-managed the Loomis Sayles Value Fund since June 2000. Mr. Koontz, Vice President of Loomis Sayles, began his investment career in 1984 and joined Loomis Sayles in 1995. Mr. Koontz received a B.S. and an M.B.A. from The Ohio State University. He holds the designation of Chartered Financial Analyst and has over [24] years of investment experience.

David W. Rolley — David W. Rolley has managed the international fixed income securities sector of the Loomis Sayles Global Markets Fund since 2000. Mr. Rolley, Vice President of Loomis Sayles, began his investment career in 1980 and joined Loomis Sayles in 1994. He received a B.A. from Occidental College and studied graduate economics at the University of Pennsylvania. Mr. Rolley has over [27] years of investment experience.

Richard D. Skaggs — Richard D. Skaggs has co-managed the Loomis Sayles Growth Fund since 2000. Mr. Skaggs, Vice President of Loomis Sayles, began his investment career in 1985 and joined Loomis Sayles in 1994. Mr. Skaggs received a B.S. and an M.S.M. from Oakland University. He holds the designation of Chartered Financial Analyst and has over [22] years of investment experience.

Natixis Equity Funds 24 Prospectus – February 1, 2009

MANAGEMENT TEAM

Natixis Equity Funds 25 Prospectus – February 1, 2009

Fund Services

Compensation to Securities Dealers

The Distributor, the Funds’ 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

Natixis Equity Funds 26 Prospectus – February 1, 2009

FUND SERVICES

It’s Easy to Open an Account

To Open an Account with Natixis Funds:

1.	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.

2.	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:

•

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.

•

Retirement Plans such as 401(a), 401(k), 457 or 403(b) plans.

•

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.

•

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 Loomis Sayles, employees and clients of Loomis Sayles may purchase Class Y shares of the Funds below the stated minimums. In addition, at the discretion of Natixis Advisors, clients of Natixis Advisors and its affiliates may also purchase Class Y shares of the Funds below the stated minimums.

Additionally, the following accounts may purchase Class Y shares with no initial or subsequent investment minimum:

•

Insurance Company Accounts of New England Financial, Metropolitan Life Insurance Company (“MetLife”) or their affiliates.

•

Deferred Compensation Plan Accounts of New England Life Insurance Company (“NELICO”), MetLife or their affiliates (“Deferred Compensation Accounts”).

•

Separate Accounts of New England Financial, MetLife or their affiliates.

3.	You should contact Natixis Funds at 800-225-5478 for an application or if you have any questions about purchasing Fund shares.

4.	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.

Natixis Equity Funds 27 Prospectus – February 1, 2009

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.	• 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 to add shares to your account through ACH. • If you have not signed up for the ACH system, please call Natixis Funds 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 for a Service Options Form. A medallion signature guarantee may be required to add this privilege. • See the section “Additional Investor Services.”
Automatic Investing Through Investment Builder

Natixis Equity Funds 28 Prospectus – February 1, 2009

FUND SERVICES

Selling Shares

To Sell Some or All of Your 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 or by visiting www.funds.natixis.com. • 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 less any applicable CDSC 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.

Natixis Equity Funds 29 Prospectus – February 1, 2009

FUND SERVICES

Selling Shares in Writing

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 financial representative or securities dealer;

•

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

•

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.

Exchanging Shares

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.

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 fee as a result of the exchange. An exchange of shares for shares of a different class in the same fund generally should not be a taxable event for the exchanging shareholder.

Natixis Equity Funds 30 Prospectus – February 1, 2009

FUND SERVICES

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 Board of Trustees has adopted the following policies to address and discourage such trading.

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.”

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 or of the fund-of-funds or asset allocation program.

Natixis Equity Funds 31 Prospectus – February 1, 2009

FUND SERVICES

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

Selling Restrictions

The table below describes restrictions placed on selling shares of the Fund. 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.

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.

Natixis Equity Funds 32 Prospectus – February 1, 2009

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
Net Asset Value=		Number of outstanding shares

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

•

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

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

Generally, Fund securities are valued as follows:

•

Equity securities — last sale price on the exchange or market where primarily traded or, if there is no reported sale during the day, the closing bid price.

•

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

•

Credit default swaps — market value based on prices supplied by a pricing service, if available, or quotations obtained from broker dealers.

•

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

Natixis Equity Funds 33 Prospectus – February 1, 2009

FUND SERVICES

•

Futures — current settlement price.

•

Forward foreign currency contracts — interpolated prices determined from information provided by an independent pricing service.

•

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

Dividends and Distributions

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.

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.

Natixis Equity Funds 34 Prospectus – February 1, 2009

FUND SERVICES

(“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, derivatives and REITs generally is not eligible for treatment as qualified dividend income.

Redemption, Sale or Exchange of Fund Shares. A redemption, sale or exchange of Fund shares (including an exchange of Fund shares for shares of another Natixis or Loomis Sayles Fund) is a taxable event and will generally result in recognition of gain or loss. Gain or loss, if any, recognized by a shareholder on a redemption, sale, exchange or other disposition of Fund shares will generally be treated as long-term capital gain or loss if the shareholder held the shares for more than one year, and as short-term capital gain of loss if the shareholder held the shares for one year of less, assuming in each case that the shareholder held the shares as capital assets. Short-term capital gains are generally taxed at the rates applicable to ordinary income. Any loss realized upon a disposition of shares held for six months or less will be treated as long-term, rather than short-term, capital loss to the extent of any Capital Gain Dividends received by the shareholder with respect to the shares. A deductibility of capital losses is subject to limitations.

Natixis Equity Funds 35 Prospectus – February 1, 2009

FUND SERVICES

the shareholder 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.

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, local, foreign or other applicable taxes.

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). Institutional Class shares of the Loomis Sayles Value Fund and Loomis Sayles Mid Cap Growth Fund were redesignated as Class Y shares on June 1, 2007 and February 1, 2009, respectively. This information has been audited by [ ], an independent registered public accounting firm, whose report, along with each Fund’s financial statements, is included in each Fund’s 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.

Natixis Equity Funds 36 Prospectus – February 1, 2009

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FINANCIAL PERFORMANCE

For a share outstanding throughout each period.


				Income (Loss) from Investment Operations:									Less Distributions:
	Net asset value, beginning of period			Net investment income (loss)^c			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^d
GLOBAL MARKETS FUND
Class Y*
9/30/2008	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]
9/30/2007		12.51			0.24			3.39			3.63			(0.27	)		—			(0.27	)		0.00
9/30/2006		11.84			0.19			0.64			0.83			(0.16	)		—			(0.16	)		0.00
9/30/2005		10.19			0.19			1.73			1.92			(0.27	)		—			(0.27	)		0.00
9/30/2004		9.32			0.25			0.96			1.21			(0.34	)		—			(0.34	)		—

Natixis Equity Funds 38 Prospectus – February 1, 2009

FINANCIAL PERFORMANCE


						Ratios to average net assets:
Net asset value, end of period	Total return(%)^a		Net assets, end of period (000’s)			Net expenses(%)^b		Gross expenses(%)		Net investment income(%)		Portfolio turnover rate(%)
$[ ]	[	]	$	[	]	[	]	[	]	[	]	[	]
15.87	29.4			80,824		1.00		1.02		1.70		78
12.51	7.1			58,650		1.00		1.19		1.58		103
11.84	19.1			47,712		1.00		1.46		1.72		78
10.19	13.2			17,274		1.00		1.87		2.55		69

*	Prior to the close of business on February 1, 2006, the Fund offered Institutional Class shares, which were redesignated as Class Y shares on that date.

a	Had certain expenses not been reduced during the period, if applicable, total returns would have been lower. Periods less than one year, if applicable, are not annualized.

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

c	Per share net investment income (loss) has been determined on the basis of the weighted average number of shares outstanding during the period.

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

Natixis Equity Funds 39 Prospectus – February 1, 2009

FINANCIAL PERFORMANCE

For a share outstanding throughout each period.


				Income (Loss) from Investment Operations:									Less Distributions:
	Net asset value, beginning of period			Net investment income (loss)^c,d			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains			Total distributions
GROWTH FUND
Class Y
9/30/2008	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]
9/30/2007		6.08			0.00			1.24			1.24			—			—			—
9/30/2006		6.26			0.02			(0.20	)		(0.18	)		—			—			—
9/30/2005		5.15			0.00			1.11			1.11			—			—			—
9/30/2004		4.55			(0.02	)		0.62			0.60			—			—			—

Natixis Equity Funds 40 Prospectus – February 1, 2009

FINANCIAL PERFORMANCE


						Ratios to average net assets:
Net asset value, end of period	Total return(%)^a		Net assets, end of period (000’s)			Net expenses(%)^b		Gross expenses(%)		Net investment income (loss)(%)		Portfolio turnover rate(%)
$[ ]	[	]	$	[	]	[	]	[	]	[	]	[	]
7.32	20.4			124,663		0.67		0.67		(0.02	)	134
6.08	(2.9	)		121,478		0.80	^e	0.80	^e	0.31		174
6.26	21.6			95,534		0.85		0.97		(0.05	)	164
5.15	13.2			40,165		0.85		1.04		(0.32	)	171

a	Had certain expenses not been reduced during the period, if applicable, total returns would have been lower. Periods less than one year, if applicable, are not annualized.

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

c	Per share net investment income (loss) has been determined on the basis of the weighted average number of shares outstanding during the period.

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

e	Includes expense recapture of 0.07%.

Natixis Equity Funds 41 Prospectus – February 1, 2009

FINANCIAL PERFORMANCE

For a share outstanding throughout each period.


				Income (Loss) from Investment Operations									Less Distributions
	Net asset value, beginning of the period			Net investment income^(c)			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains			Total distributions
MID CAP GROWTH FUND
Class Y*
9/30/2008	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]
9/30/2007		20.13			(0.11	)^(d)		7.49			7.38			—			—			—
9/30/2006		19.00			(0.10	)		1.23			1.13			—			—			—
9/30/2005		15.50			(0.10	)		3.78			3.68			(0.18	)		—			(0.18	)
9/30/2004		13.69			(0.13	)		1.94			1.81			—			—			—

Natixis Equity Funds 42 Prospectus – February 1, 2009

FINANCIAL PERFORMANCE


						Ratios to Average Net Assets
Net asset value, end of the period	Total return(%)^(a)		Net assets, end of the period (000’s)			Net expenses(%)^(b)		Gross expenses(%)		Net investment income (loss)(%)		Portfolio turnover rate(%)
$[ ]	[	]	$	[	]	[	]	[	]	[	]	[	]
27.51	36.7			24,143		1.00		1.10		(0.47	)	194
20.13	6.0			17,467		1.00		1.12		(0.49	)	211
19.00	23.9			26,159		1.00		1.21		(0.60	)	280
15.50	13.2			25,191		1.00		1.17		(0.84	)	284

*	Prior to the close of business on February 1, 2009, the Fund offered Institutional Class Shares, which were redesignated as Class Y Shares on that date.

a	Had certain expenses not been reduced during the period, if applicable, total returns would have been lower. Periods less than one year, if applicable, are not annualized.

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

c	Per share net investment loss has been determined on the basis of the weighted average number of shares outstanding during the period.

d	Includes a non-recurring payment of $0.02 per share.

Natixis Equity Funds 43 Prospectus – February 1, 2009

FINANCIAL PERFORMANCE

For a share outstanding throughout each period.


				Income (Loss) from Investment Operations:									Less Distributions:
	Net asset value, beginning of period			Net investment income (loss)^c			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains			Total distributions
RESEARCH FUND
Class Y
9/30/2008	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]
9/30/2007		9.49			0.06			1.53			1.59			(0.10	)		(1.13	)		(1.23	)
9/30/2006		9.27			0.09			0.64			0.73			(0.05	)		(0.46	)		(0.51	)
9/30/2005		7.82			0.04			1.44			1.48			(0.03	)		—			(0.03	)
9/30/2004		6.92			0.03			0.90			0.93			(0.03	)		—			(0.03	)

Natixis Equity Funds 44 Prospectus – February 1, 2009

FINANCIAL PERFORMANCE


						Ratios to average net assets:
Net asset value, end of period	Total return(%)^a		Net assets, end of period (000’s)			Net expenses(%)^b		Gross expenses(%)		Net investment income (loss)(%)		Portfolio turnover rate(%)
$[ ]	[	]	$	[	]	[	]	[	]	[	]	[	]
9.85	18.4			27,400		0.85		1.11		0.62		148
9.49	8.1			23,096		0.85		1.26		0.98		143
9.27	19.0			24,651		0.85		1.31		0.43		133
7.82	3.5			21,721		0.85		1.50		0.44		151

a	Had certain expenses not been reduced during the period, if applicable, total returns would have been lower. Periods less than one year, if applicable, are not annualized.

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

c	Per share net investment income (loss) has been determined on the basis of the weighted average number of shares outstanding during the period.

Natixis Equity Funds 45 Prospectus – February 1, 2009

FINANCIAL PERFORMANCE

For a share outstanding throughout each period.


				Income (Loss) from Investment Operations:												Less Distributions:
	Net asset value, beginning of period			Net investment income (loss)^c			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains			Total distributions
VALUE FUND
Class Y*
9/30/2008	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]	$	[	]
9/30/2007		21.05			0.27			3.27			3.54			(0.14	)		(0.91	)		(1.05	)
9/30/2006		18.72			0.22			3.17			3.39			(0.27	)		(0.79	)		(1.06	)
9/30/2005		15.95			0.20			2.83			3.03			(0.26	)		—			(0.26	)
9/30/2004		13.52			0.21			2.39			2.60			(0.17	)		—			(0.17	)

Natixis Equity Funds 46 Prospectus – February 1, 2009

FINANCIAL PERFORMANCE


						Ratios to average net assets:
Net asset value, end of period	Total return(%)^a		Net assets, end of period (000’s)			Net expenses(%)^b		Gross expenses(%)		Net investment income(%)		Portfolio turnover rate(%)

$[ ]	[	]	$	[	]	[	]	[	]	[	]	[	]
23.54	17.3			182,002		0.72	^d	0.72	^d	1.19		41
21.05	18.9			71,147		0.85		0.91		1.13		36
18.72	19.2			37,255		0.85		0.92		1.13		34
15.95	19.4			33,563		0.85		0.93		1.38		47

*	Prior to the close of business on June 1, 2007, the Fund offered Institutional Class Shares, which were redesignated as Class Y Shares on that date.

a	Had certain expenses not been reduced during the period, if applicable, total returns would have been lower. Periods less than one year, if applicable, are not annualized.

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

c	Per share net investment income (loss) has been determined on the basis of the weighted average number of shares outstanding during the period.

d	Includes expense recapture of 0.01%