AEW Global Focused Real Estate Fund Q4 • December 31, 2021

Fund Highlights
• A concentrated real estate fund holding 50-60 securities, diversified across property type, leverage, Morningstar Rating
yield, and geographic region. Global Real Estate – Class Y
• Managed by AEW, one of the largest real estate managers in the world. This focused global REIT is Overall rating derived from weighted average of the
managed by a firm whose core competency is real estate, providing a thoughtful disciplined approach 3-, 5- and 10-year (if applicable) Morningstar Rating
to real estate investments. metrics; other ratings based on risk-adjusted returns
• Access to AEW’s deep research, allowing world class macroeconomic and localized insight into Overall out of 197 funds ★★★★
geographic areas and real estate sectors. Three years out of 197 funds ★★★
★★★
• The Portfolio Management team takes a value approach to REIT security selection, focusing on
Five years out of 176 funds
companies with positive cash flow growth and increasing dividends.
• Capital is global, but real estate is local. The fund has local portfolio management teams in each Ten years out of 111 funds ★★★★
investment region allowing for conviction across the multi-cap universe.
• May be suitable for investors seeking portfolio diversification, yield, capital appreciation and total
return potential, along with the potential hedge to inflation through exposure to the public REITs Fund Facts
market. Objective
Average annualized total returns† (%) Seeks to provide investors with above-
average income and long-term growth of
3 months YTD 1 year 3 years 5 years 10 years capital
Class Y 10.72 28.29 28.29 14.59 8.34 9.79 Share Class Ticker Cusip
Class A at NAV 10.58 27.91 27.91 14.29 8.07 9.51 Class Y NRFYX 63872W-40-9
Class A with 5.75% Class A NRFAX 63872W-10-2
4.24 20.54 20.54 12.07 6.79 8.86
maximum sales charge Class C NRCFX 63872W-30-0
FTSE EPRA Nareit Class N NRFNX 63872W-50-8
10.16 26.09 26.09 11.82 7.81 8.64
Developed NR Index4

Class A maximum sales charge of 5.75%

Calendar year returns (%) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Class C maximum CDSC of 1.00%

Class Y 16.38 1.17 30.32 4.76 6.01 3.86 -4.49 24.22 -5.57 28.29
Total net assets $150.0 million
FTSE EPRA Nareit Inception date 8/31/2000
27.73 3.67 15.02 -0.79 4.06 10.36 -5.63 21.91 -9.04 26.09
Developed NR Index4 Number of holdings1 59
Turnover as of 01/31/2021 119%
Distribution frequency Quarterly
Investment return – Hypothetical growth of $10,000 investment3 Gross Expense Ratios (Y/A)2 1.30%/1.55%
$30,000 Net Expense Ratios (Y/A)2 0.90%/1.15%
$25,000
$20,000
$15,000
$25,438
$10,000
$5,000
$0
12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 12/21

The performance results shown above for the periods prior to the stock market close on May 31, 2019, reflect results achieved using a different investment strategy.
Performance data shown represents past performance and is no guarantee of, and not necessarily indicative 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 im.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 As of 11/30/2021. 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
limitation of the fund has been exceeded. This arrangement is set to expire on 05/31/2022. When an expense limitation has not been exceeded, the gross and net expense ratios and/or yields may
be the same. 3 This chart tracks the hypothetical growth of a $10,000 investment in Class Y shares. Investment returns would be lower for Class A share investments, which are subject to higher
fees and may also include sales charges.
Not all share classes are available for purchase by all investors. Class Y shares are available to institutional investors with a minimum initial investment of $100,000 and through certain wrap-fee
programs, retirement plans and investment advisory accounts with no minimum. See the prospectus for more details.
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ used to rank the fund against other funds in the same category. It is calculated based on a
Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly excess performance, without any adjustments for loads (frontend, deferred, or redemption fees), placing
more emphasis on downward variations and rewarding consistent performance. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative
purposes. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star
(each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). Past performance is no guarantee of
future results. ©2022 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.
AEW Global Focused Real Estate Fund Q4 • December 31, 2021

Portfolio Overview
Property type5 Fund statistics

Sector % of Portfolio
Beta vs. FTSE EPRA Nareit
0.87
Manager Overview
Developed (Net) Index6, 8
Industrial 20.79 Investment Manager
R-Squared vs. FTSE EPRA Nareit AEW is one of the world's largest
Apartment 14.91 96.7
Developed (Net) Index7, 8 real estate asset managers and
Diversified 9.54
Standard Deviation (%)8 17.8 has a long track record of
Storage 7.36 successfully implementing core,
Regional Mall 6.79 P/B Ratio9 1.7 value-add, and opportunistic
Office 6.73 investment strategies on behalf
Median market cap10 $7.8 billion of clients. It offers a wide range
Healthcare 6.01
of investment vehicles, including
Data Center 5.72 comingled funds, separate
Triple Net Lease 5.38 accounts, and securities
Shopping Center 4.56 Top ten equity holdings11* mandates, across all strategies.
Single-Family Rental 3.59 Company % of Portfolio
Headquarters: Boston, MA
Manufactured Housing 3.21 1. Essex Property Trust, Inc. 5.61
Hotel 2.88 2. Equinix, Inc. 5.54 Founded: 1981
3. ProLogis, Inc. 5.32 Assets under management:
4. Extra Space Storage, Inc. 4.44 $31.7 billion (as of 09/30/2021)12
5. Brixmor Property Group, Inc. 4.37
Top five countries 6. Independence Realty Trust, Inc. 4.20 Portfolio Managers13
7. VICI Properties, Inc. 3.83 Robert Oosterkamp
Country % of Portfolio
Milton Low, CFA®
1. United States 58.09 8. EastGroup Properties, Inc. 3.81
Gina Szymanski, CFA®
2. Japan 7.38 9. Tricon Residential, Inc. 3.44
3. Canada 6.53 10. Sun Communities, Inc. 3.08
4. United Kingdom 5.32
5. Germany 4.32

Region Breakdown
Region % of Portfolio
1. United States 58.09
2. Europe Ex Uk 11.45
3. Asia Ex Japan 8.72
4. Japan 7.38
5. North America Ex Us 6.53
6. United Kingdom 5.32

Risks
Real estate investing may be subject to risks including but not limited to declines in the value of real estate, risks related to general economic conditions, changes in the value of the underlying
property owned by the trust, and defaults by borrowers. Investments in small and midsize companies can be more volatile than those of larger companies. Equity securities are volatile and
can decline significantly in response to broad market and economic conditions. Currency exchange rates between the US dollar and foreign currencies may cause the value of the Fund's
investments to decline. Foreign securities may involve heightened risk due to currency fluctuations. Additionally, they may be subject to greater political, economic, environmental, credit, and
information risks. Foreign securities may be subject to higher volatility than US securities, due to varying degrees of regulation and limited liquidity.

*As of 11/30/2021
4 The FTSE EPRA Nareit Developed Index is designed to track the performance of listed real estate companies and REITS worldwide. By making the index constituents free-float adjusted,
liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (ETFs). 5 Source: AEW property type via
FactSet Research Systems Inc. Cash allocations not included. 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/B 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. 10 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. 11 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. 12 Assets under management (“AUM”), as reported, may include notional assets, assets serviced, gross assets and other types of non-regulatory AUM.
13 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 im.natixis.com or call 800-225-5478 for a prospectus or a summary prospectus
containing this and other information. Read it carefully.
Natixis Distribution, LLC is a limited purpose broker-dealer and the distributor of various registered investment companies for which advisory services are provided by affiliates of Natixis
Investment Managers. • Natixis Distribution, LLC is located at 888 Boylston Street, Suite 800, Boston, MA 02199-8197 • 800-225-5478 • im.natixis.com • Member FINRA | SIPC

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE 2866574.3.2 • Exp. 04/30/2022 • AEWRE59-1221