Q1 | March 31, 2015 Vaughan Nelson Value Opportunity Fund Fund Highlights Morningstar Rating • A small/mid-cap value fund seeking to capitalize on temporary information and liquidity inefficiencies in the small- and mid-cap universes to pursue strong risk-adjusted returns • Follows a research-intensive investment process emphasizing company financials to help uncover value • May be suitable for investors seeking exposure to value-oriented, small- and mid-cap stocks Mid-Cap Blend – Class Y Average annualized total returns† Overall out of 319 funds 1 year 3 years 5 years 7.00% 12.73% 19.64% 16.48% Life of class 10/31/08 17.74% 0.84 6.22 17.30 15.12 16.66 7.06 13.05 19.96 16.77 18.04 2.42 11.70 18.60 15.84 18.04 3 months Class A at NAV Class A with 5.75% maximum sales charge Class Y Russell Midcap® Value Index4 Calendar year returns 2005 2006 2007 20081 2009 2010 2011 2012 Class A at NAV (%) - - - -3.75 30.98 19.64 -2.71 15.93 41.22 10.92 Russell Midcap® Value Index (%)4 - - - -5.73 34.21 24.75 -1.38 18.51 33.46 14.75 2013 2014 Overall rating derived from weighted average of the 3-, 5- and 10-year (if applicable) Morningstar Rating metrics; other ratings based on risk-adjusted returns. Three years out of 319 funds Five years out of 268 funds Share Class Ticker Cusip Class A Class C Class N Class Y VNVAX VNVCX VNVNX VNVYX 63872T-84-4 63872T-83-6 63872T-43-0 63872T-82-8 Class A maximum sales charge of 5.75% Class C maximum CDSC of 1.00% Fund Facts Seeks long-term capital appreciation Objective Investment return – Hypothetical growth of $10,000 investment since inception3 $35,000 Total net assets $30,000 Inception date $28,511 $25,000 $911.2 million 10/31/2008 Number of holdings $20,000 62 Turnover as of 12/31/2014 $15,000 58% Distribution frequency $10,000 Annual 2 Gross Expense Ratios (A/Y) $5,000 $0 ★★★★★ ★★★★★ ★★★★★ 10/08 3/09 12/09 9/10 6/11 3/12 12/12 9/13 6/14 3/15 2 Net Expense Ratios (A/Y) 1.41%/1.16% 1.41%/1.16% Performance data quoted represents past performance and is no guarantee of future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit ngam.natixis.com. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. †Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. 1 The calendar year performance shown for 2008 is a partial year of performance since inception on 10/31/2008 through 12/31/2008. 2 As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense cap of the fund has been exceeded. This arrangement is set to expire on 4/30/16. When an expense cap has not been exceeded, the gross and net expense ratios may be the same. 3 This chart tracks hypothetical growth of a $10,000 investment in Class A shares without the effect of sales charges. If the maximum sales charge were included, returns would have been lower. Not all share classes are available for purchase by all investors. See the prospectus for more details. For funds at least three years old, Morningstar calculates ratings based on a Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Past performance is no guarantee of future results. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star. Overall ratings are derived from a weighted average of the performance figures associated with three-, five-, and ten-year (if applicable) Morningstar metrics. Past performance is no guarantee of future results. © 2015 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Q1 | March 31, 2015 Vaughan Nelson Value Opportunity Fund Manager Overview Portfolio Overview Sector breakdown5 Sector Investment Manager Fund statistics Vaughan Nelson Investment Management specializes in value equity investing with a focus on absolute return. The firm employs a bottom-up, fundamental research process that seeks to capitalize on temporary information and liquidity inefficiencies in the equity universe. The firm’s long-term, consistent investment approach draws on its in-depth research capabilities. % of Portfolio Beta vs. Russell Midcap Value Index 1.1 Information Technology Consumer Discretionary Financials 20.76 R-Squared vs. Russell Midcap® Value Index7 84.6 18.27 P/E (Trailing) Ratio Health Care 12.08 P/B (Trailing) Ratio10 2.6 Industrials 10.52 11 $6.4 billion Materials 9.31 Top ten equity holdings12 Consumer Staples 3.99 Company Energy 2.14 1. Rite Aid Corp. 2.72 2. HCA Holdings, Inc. 2.40 3. Jarden Corp. 2.33 4. Crown Holdings, Inc. 2.26 Scott J. Weber, CFA® 5. Ares Capital Corp. 2.23 Chad Fargason, PhD 6. Amsurg Corp. 2.19 7. Catalent, Inc. 2.15 8. PacWest Bancorp 2.14 9. ServiceMaster Global Holdings, Inc. 2.03 10. Sabre Corp. 2.00 20.65 ® 6 8 Standard Deviation (%) 9 Median market cap 11.6 19.2 % of Portfolio Headquarters: Houston, TX Founded: 1970 Assets under management: $10.0 billion (as of 9/30/2014)13 Portfolio Managers14 Dennis G. Alff, CFA® Chris D. Wallis, CFA® Risks Small-cap investments carry special risks, including narrower markets, limited financial and management resources, less liquidity and greater volatility than large-company stocks. This fund invests in foreign and emerging market securities, which have special risks. These risks may include political, economic, regulatory and currency risks. Emerging markets may be more subject to these risks than developed markets. These risks affect your investment’s value. Value investing carries the risk that a security can continue to be undervalued by the market for long periods of time. See a prospectus for details. ® ® 4 Russell Midcap Value Index is an unmanaged index that measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. You may not invest directly in an index. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group. 5 Source: GICS Sectors via FactSet Research Systems Inc. 6 Beta is calculated for the three-year period and represents the risk associated with the fund relative to market risks. For example, the market has a beta of 1.00, so if a fund has a beta of 0.85, it can be expected to be 15% less volatile than the overall market. Conversely, if a fund has a beta of 1.08, it can be expected to be 8% more volatile than the overall market. 7 R-squared is calculated for the three-year period and represents the percentage of the fund’s movements that can be explained by the movements of the market. For example, index funds will tend to have R-squared values very close to 100. 8 Standard deviation measures the risk of a portfolio or market. Beta, R-squared and standard deviation are calculated on a monthly basis for the three-year annualized period as of the most recent quarter-end. 9 P/E (Trailing) Ratio is the weighted harmonic average of the price-to-earnings (P/E) ratios of all the stocks in the portfolio. P/E ratio is the ratio of a stock’s price to its earnings per share for the trailing twelve months. This excludes negative earnings. 10 P/B (trailing) Ratio is the weighted harmonic average of the price-to-book (P/B) ratios of all the stocks in the portfolio. P/B ratio is the ratio of a stock’s price to its book value per share. This excludes negative earnings. 11 Median market cap provides a measure of the market capitalization value of all the stocks in the portfolio. Market capitalization reflects the total market value of a company, as calculated by multiplying the current share price by the number of outstanding shares. 12 The portfolio is actively managed and holdings are subject to change. References to specific securities or industries should not be considered a recommendation. For current holdings, please visit our website. 13 Assets under management (AUM) may include assets for which non-regulatory AUM services are provided. Non-regulatory AUM includes assets which do not fall within the SEC's definition of 'regulatory AUM' in Form ADV, Part 1. 14 CFA® and Chartered Financial Analyst® are registered trademarks owned by the CFA Institute. Before investing, consider the fund’s investment objectives, risks, charges, and expenses. Visit ngam.natixis.com or call 800-225-5478 for a prospectus or a summary prospectus containing this and other information. Read it carefully. NGAM Distribution, L.P. is a limited purpose broker-dealer and the distributor of various registered investment companies for which advisory services are provided by affiliates of Natixis Global Asset Management, S.A. • NGAM Distribution, L.P. is located at 399 Boylston Street, Boston, MA 02116. • 800-225-5478 • ngam.natixis.com NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE 966292.1.4 VNVO59-0315
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