UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09945
Natixis Funds Trust IV
(Exact name of Registrant as specified in charter)
888 Boylston Street, Suite 800 Boston, Massachusetts 02199-8197
(Address of principal executive offices) (Zip code)
Susan McWhan Tobin, Esq.
Natixis Distribution, LLC
888 Boylston Street, Suite 800
Boston, Massachusetts 02199-8197
(Name and address of agent for service)
Registrant’s telephone number, including area code: (617) 449-2139
Date of fiscal year end: January 31
Date of reporting period: July 31, 2024
Item 1. Reports to Stockholders.
| | (a) | The Registrant’s Tailored Shareholder Reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are as follows: |
AEW Global Focused Real Estate Fund
Semi-annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about AEW Global Focused Real Estate Fund for the period of February 1, 2024 to July 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investmentFootnote Reference† |
|---|
| Class A | $60 | 1.16% |
| Footnote | Description |
Footnote† | Annualized |
- Total Net Assets$35,778,938
- # of Portfolio Holdings (including overnight repurchase agreements)59
- Portfolio Turnover Rate26%
- Total Advisory Fees Paid (after waiver/reimbursement)$0
What did the Fund invest in? (% of Net Assets)
| Value | Value |
|---|
Other investments less than 3% of net assetsFootnote Reference* | 0.9% |
| Hotel & Resort REITs | 3.1% |
| Office REITs | 5.8% |
| Health Care REITs | 8.4% |
| Diversified REITs | 9.6% |
| Real Estate Management & Development | 10.4% |
| Residential REITs | 11.9% |
| Retail REITs | 14.6% |
| Specialized REITs | 16.5% |
| Industrial REITs | 18.8% |
| Footnote | Description |
Footnote* | Net of other assets less liabilities |
| Prologis, Inc. | 7.2% |
| Welltower, Inc. | 6.4% |
| Equinix, Inc. | 5.0% |
| AvalonBay Communities, Inc. | 4.4% |
| Regency Centers Corp. | 4.3% |
| Realty Income Corp. | 4.1% |
| UDR, Inc. | 3.9% |
| Extra Space Storage, Inc. | 3.7% |
| Broadstone Net Lease, Inc. | 3.4% |
| Simon Property Group, Inc. | 3.1% |
| Value | Value |
|---|
Other investments less than 3% of net assetsFootnote Reference* | 13.8% |
| Australia | 5.1% |
| United Kingdom | 6.9% |
| Japan | 8.2% |
| United States | 66.0% |
| Footnote | Description |
Footnote* | Net of other assets less liabilities |
There were no material fund changes during the period.
There were no changes in or disagreements with Accountants during the period.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
AEW Global Focused Real Estate Fund
Semi-annual Shareholder Report
July 31, 2024
AEW Global Focused Real Estate Fund
Semi-annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about AEW Global Focused Real Estate Fund for the period of February 1, 2024 to July 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investmentFootnote Reference† |
|---|
| Class C | $98 | 1.91% |
| Footnote | Description |
Footnote† | Annualized |
- Total Net Assets$35,778,938
- # of Portfolio Holdings (including overnight repurchase agreements)59
- Portfolio Turnover Rate26%
- Total Advisory Fees Paid (after waiver/reimbursement)$0
What did the Fund invest in? (% of Net Assets)
| Value | Value |
|---|
Other investments less than 3% of net assetsFootnote Reference* | 0.9% |
| Hotel & Resort REITs | 3.1% |
| Office REITs | 5.8% |
| Health Care REITs | 8.4% |
| Diversified REITs | 9.6% |
| Real Estate Management & Development | 10.4% |
| Residential REITs | 11.9% |
| Retail REITs | 14.6% |
| Specialized REITs | 16.5% |
| Industrial REITs | 18.8% |
| Footnote | Description |
Footnote* | Net of other assets less liabilities |
| Prologis, Inc. | 7.2% |
| Welltower, Inc. | 6.4% |
| Equinix, Inc. | 5.0% |
| AvalonBay Communities, Inc. | 4.4% |
| Regency Centers Corp. | 4.3% |
| Realty Income Corp. | 4.1% |
| UDR, Inc. | 3.9% |
| Extra Space Storage, Inc. | 3.7% |
| Broadstone Net Lease, Inc. | 3.4% |
| Simon Property Group, Inc. | 3.1% |
| Value | Value |
|---|
Other investments less than 3% of net assetsFootnote Reference* | 13.8% |
| Australia | 5.1% |
| United Kingdom | 6.9% |
| Japan | 8.2% |
| United States | 66.0% |
| Footnote | Description |
Footnote* | Net of other assets less liabilities |
There were no material fund changes during the period.
There were no changes in or disagreements with Accountants during the period.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
AEW Global Focused Real Estate Fund
Semi-annual Shareholder Report
July 31, 2024
AEW Global Focused Real Estate Fund
Semi-annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about AEW Global Focused Real Estate Fund for the period of February 1, 2024 to July 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investmentFootnote Reference† |
|---|
| Class N | $44 | 0.86% |
| Footnote | Description |
Footnote† | Annualized |
- Total Net Assets$35,778,938
- # of Portfolio Holdings (including overnight repurchase agreements)59
- Portfolio Turnover Rate26%
- Total Advisory Fees Paid (after waiver/reimbursement)$0
What did the Fund invest in? (% of Net Assets)
| Value | Value |
|---|
Other investments less than 3% of net assetsFootnote Reference* | 0.9% |
| Hotel & Resort REITs | 3.1% |
| Office REITs | 5.8% |
| Health Care REITs | 8.4% |
| Diversified REITs | 9.6% |
| Real Estate Management & Development | 10.4% |
| Residential REITs | 11.9% |
| Retail REITs | 14.6% |
| Specialized REITs | 16.5% |
| Industrial REITs | 18.8% |
| Footnote | Description |
Footnote* | Net of other assets less liabilities |
| Prologis, Inc. | 7.2% |
| Welltower, Inc. | 6.4% |
| Equinix, Inc. | 5.0% |
| AvalonBay Communities, Inc. | 4.4% |
| Regency Centers Corp. | 4.3% |
| Realty Income Corp. | 4.1% |
| UDR, Inc. | 3.9% |
| Extra Space Storage, Inc. | 3.7% |
| Broadstone Net Lease, Inc. | 3.4% |
| Simon Property Group, Inc. | 3.1% |
| Value | Value |
|---|
Other investments less than 3% of net assetsFootnote Reference* | 13.8% |
| Australia | 5.1% |
| United Kingdom | 6.9% |
| Japan | 8.2% |
| United States | 66.0% |
| Footnote | Description |
Footnote* | Net of other assets less liabilities |
There were no material fund changes during the period.
There were no changes in or disagreements with Accountants during the period.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
AEW Global Focused Real Estate Fund
Semi-annual Shareholder Report
July 31, 2024
AEW Global Focused Real Estate Fund
Semi-annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about AEW Global Focused Real Estate Fund for the period of February 1, 2024 to July 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investmentFootnote Reference† |
|---|
| Class Y | $47 | 0.91% |
| Footnote | Description |
Footnote† | Annualized |
- Total Net Assets$35,778,938
- # of Portfolio Holdings (including overnight repurchase agreements)59
- Portfolio Turnover Rate26%
- Total Advisory Fees Paid (after waiver/reimbursement)$0
What did the Fund invest in? (% of Net Assets)
| Value | Value |
|---|
Other investments less than 3% of net assetsFootnote Reference* | 0.9% |
| Hotel & Resort REITs | 3.1% |
| Office REITs | 5.8% |
| Health Care REITs | 8.4% |
| Diversified REITs | 9.6% |
| Real Estate Management & Development | 10.4% |
| Residential REITs | 11.9% |
| Retail REITs | 14.6% |
| Specialized REITs | 16.5% |
| Industrial REITs | 18.8% |
| Footnote | Description |
Footnote* | Net of other assets less liabilities |
| Prologis, Inc. | 7.2% |
| Welltower, Inc. | 6.4% |
| Equinix, Inc. | 5.0% |
| AvalonBay Communities, Inc. | 4.4% |
| Regency Centers Corp. | 4.3% |
| Realty Income Corp. | 4.1% |
| UDR, Inc. | 3.9% |
| Extra Space Storage, Inc. | 3.7% |
| Broadstone Net Lease, Inc. | 3.4% |
| Simon Property Group, Inc. | 3.1% |
| Value | Value |
|---|
Other investments less than 3% of net assetsFootnote Reference* | 13.8% |
| Australia | 5.1% |
| United Kingdom | 6.9% |
| Japan | 8.2% |
| United States | 66.0% |
| Footnote | Description |
Footnote* | Net of other assets less liabilities |
There were no material fund changes during the period.
There were no changes in or disagreements with Accountants during the period.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
AEW Global Focused Real Estate Fund
Semi-annual Shareholder Report
July 31, 2024
Natixis Target Retirement 2015 Fund
Semi-annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about Natixis Target Retirement 2015 Fund for the period of February 1, 2024 to July 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly. This report describes changes to the Fund that occurred during the reporting period.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investmentFootnote Reference† |
|---|
| Class N | $11 | 0.22% |
| Footnote | Description |
Footnote† | Annualized |
Costs do not include the expenses of the underlying funds in which the Fund invests.
- Total Net Assets$5,817,619
- # of Portfolio Holdings (including overnight repurchase agreements)574
- Portfolio Turnover Rate12%
- Total Advisory Fees Paid (after waiver/reimbursement)$0
What did the Fund invest in? (% of Net Assets)
| Value | Value |
|---|
Other investments less than 2% of net assetsFootnote Reference* | 35.1% |
| Short-Term Investments | 2.6% |
| Exchange-Traded Funds | 3.3% |
| Banking | 2.3% |
| Treasuries | 2.8% |
| Mutual Funds | 4.7% |
| Mortgage Related | 5.8% |
| Affiliated Mutual Funds | 43.4% |
| Footnote | Description |
Footnote* | Net of other assets less liabilities |
| Equity | 36.6% |
| | AIA International Developed Markets Equity ESG Segment | 3.3% |
| | AIA U.S. Large Cap Core ESG Segment | 4.8% |
| | AIA U.S. Large Cap Value ESG Segment | 3.2% |
| | AIA U.S. Small/Mid Cap ESG Segment | 5.1% |
| | Harris Associates Large Cap Value Segment | 6.2% |
| | Loomis Sayles All Cap Growth Segment | 6.0% |
| | Mirova International Sustainable Equity Fund | 3.3% |
| | WCM Focused Emerging Markets Fund | 1.4% |
| | WCM Focused International Growth Fund | 3.3% |
| Fixed Income | 61.4% |
| | Loomis Sayles Core Fixed Income Segment | 21.5% |
| | Loomis Sayles Inflation Protected Securities Fund | 16.8% |
| | Loomis Sayles Limited Term Government and Agency Fund | 12.0% |
| | Mirova Global Green Bond Fund | 11.1% |
| Cash | 2.0% |
| Total | | 100.0% |
Effective July 1, 2024, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at 800-225-5478 or through your financial intermediary.
Name Change: The Fund's name was changed to Natixis Target Retirement 2015 Fund from Natixis Sustainable Future 2015 Fund.
Expenses: The expense limit as a percentage of average daily net assets was reduced to 0.44% from 0.50%.
There were no changes in or disagreements with Accountants during the period.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
Natixis Target Retirement 2015 Fund
Semi-annual Shareholder Report
July 31, 2024
Natixis Target Retirement 2020 Fund
Semi-annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about Natixis Target Retirement 2020 Fund for the period of February 1, 2024 to July 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly. This report describes changes to the Fund that occurred during the reporting period.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investmentFootnote Reference† |
|---|
| Class N | $12 | 0.24% |
| Footnote | Description |
Footnote† | Annualized |
Costs do not include the expenses of the underlying funds in which the Fund invests.
- Total Net Assets$5,848,626
- # of Portfolio Holdings (including overnight repurchase agreements)585
- Portfolio Turnover Rate25%
- Total Advisory Fees Paid (after waiver/reimbursement)$0
What did the Fund invest in? (% of Net Assets)
| Value | Value |
|---|
Other investments less than 2% of net assetsFootnote Reference* | 38.3% |
| Short-Term Investments | 2.7% |
| Exchange-Traded Funds | 4.1% |
| Banking | 2.0% |
| Software | 2.1% |
| Treasuries | 2.6% |
| Mutual Funds | 5.6% |
| Mortgage Related | 5.8% |
| Affiliated Mutual Funds | 36.8% |
| Footnote | Description |
Footnote* | Net of other assets less liabilities |
| Equity | 45.6% |
| | AIA International Developed Markets Equity ESG Segment | 4.1% |
| | AIA U.S. Large Cap Core ESG Segment | 6.1% |
| | AIA U.S. Large Cap Value ESG Segment | 4.0% |
| | AIA U.S. Small/Mid Cap ESG Segment | 6.5% |
| | Harris Associates Large Cap Value Segment | 7.8% |
| | Loomis Sayles All Cap Growth Segment | 7.4% |
| | Mirova International Sustainable Equity Fund | 4.1% |
| | WCM Focused Emerging Markets Fund | 1.5% |
| | WCM Focused International Growth Fund | 4.1% |
| Fixed Income | 52.4% |
| | Loomis Sayles Core Fixed Income Segment | 19.9% |
| | Loomis Sayles Inflation Protected Securities Fund | 12.3% |
| | Loomis Sayles Limited Term Government and Agency Fund | 10.2% |
| | Mirova Global Green Bond Fund | 10.0% |
| Cash | 2.0% |
| Total | | 100.0% |
Effective July 1, 2024, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at 800-225-5478 or through your financial intermediary.
Name Change: The Fund's name was changed to Natixis Target Retirement 2020 Fund from Natixis Sustainable Future 2020 Fund.
Expenses: The expense limit as a percentage of average daily net assets was reduced to 0.44% from 0.50%.
There were no changes in or disagreements with Accountants during the period.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
Natixis Target Retirement 2020 Fund
Semi-annual Shareholder Report
July 31, 2024
Natixis Target Retirement 2025 Fund
Semi-annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about Natixis Target Retirement 2025 Fund for the period of February 1, 2024 to July 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly. This report describes changes to the Fund that occurred during the reporting period.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investmentFootnote Reference† |
|---|
| Class N | $12 | 0.24% |
| Footnote | Description |
Footnote† | Annualized |
Costs do not include the expenses of the underlying funds in which the Fund invests.
- Total Net Assets$10,255,580
- # of Portfolio Holdings (including overnight repurchase agreements)580
- Portfolio Turnover Rate18%
- Total Advisory Fees Paid (after waiver/reimbursement)$0
What did the Fund invest in? (% of Net Assets)
| Value | Value |
|---|
Other investments less than 2% of net assetsFootnote Reference* | 35.5% |
| Short-Term Investments | 3.2% |
| Exchange-Traded Funds | 4.9% |
| Capital Markets | 2.0% |
| Banking | 2.0% |
| Banks | 2.1% |
| Semiconductors & Semiconductor Equipment | 2.1% |
| Treasuries | 2.4% |
| Software | 2.4% |
| Mortgage Related | 5.6% |
| Mutual Funds | 7.3% |
| Affiliated Mutual Funds | 30.5% |
| Footnote | Description |
Footnote* | Net of other assets less liabilities |
| Equity | 51.6% |
| | AIA International Developed Markets Equity ESG Segment | 5.1% |
| | AIA U.S. Large Cap Core ESG Segment | 7.1% |
| | AIA U.S. Large Cap Value ESG Segment | 4.3% |
| | AIA U.S. Small/Mid Cap ESG Segment | 4.7% |
| | Harris Associates Large Cap Value Segment | 9.1% |
| | Loomis Sayles All Cap Growth Segment | 8.7% |
| | Mirova International Sustainable Equity Fund | 5.0% |
| | WCM Focused Emerging Markets Fund | 2.5% |
| | WCM Focused International Growth Fund | 5.1% |
| Fixed Income | 46.3% |
| | Loomis Sayles Core Fixed Income Segment | 19.9% |
| | Loomis Sayles Inflation Protected Securities Fund | 7.5% |
| | Loomis Sayles Limited Term Government and Agency Fund | 9.1% |
| | Mirova Global Green Bond Fund | 9.8% |
| Cash | 2.1% |
| Total | | 100.0% |
Effective July 1, 2024, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at 800-225-5478 or through your financial intermediary.
Name Change: The Fund's name was changed to Natixis Target Retirement 2025 Fund from Natixis Sustainable Future 2025 Fund.
Expenses: The expense limit as a percentage of average daily net assets was reduced to 0.45% from 0.51%.
There were no changes in or disagreements with Accountants during the period.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
Natixis Target Retirement 2025 Fund
Semi-annual Shareholder Report
July 31, 2024
Natixis Target Retirement 2030 Fund
Semi-annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about Natixis Target Retirement 2030 Fund for the period of February 1, 2024 to July 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly. This report describes changes to the Fund that occurred during the reporting period.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investmentFootnote Reference† |
|---|
| Class N | $12 | 0.24% |
| Footnote | Description |
Footnote† | Annualized |
Costs do not include the expenses of the underlying funds in which the Fund invests.
- Total Net Assets$21,041,817
- # of Portfolio Holdings (including overnight repurchase agreements)590
- Portfolio Turnover Rate11%
- Total Advisory Fees Paid (after waiver/reimbursement)$0
What did the Fund invest in? (% of Net Assets)
| Value | Value |
|---|
Other investments less than 2% of net assetsFootnote Reference* | 40.5% |
| Short-Term Investments | 3.2% |
| Exchange-Traded Funds | 5.7% |
| Treasuries | 2.2% |
| Capital Markets | 2.2% |
| Banks | 2.4% |
| Semiconductors & Semiconductor Equipment | 2.5% |
| Software | 2.8% |
| Mortgage Related | 4.4% |
| Mutual Funds | 9.1% |
| Affiliated Mutual Funds | 25.0% |
| Footnote | Description |
Footnote* | Net of other assets less liabilities |
| Equity | 61.7% |
| | AIA International Developed Markets Equity ESG Segment | 5.6% |
| | AIA U.S. Large Cap Core ESG Segment | 8.0% |
| | AIA U.S. Large Cap Value ESG Segment | 5.1% |
| | AIA U.S. Small/Mid Cap ESG Segment | 8.3% |
| | Harris Associates Large Cap Value Segment | 10.0% |
| | Loomis Sayles All Cap Growth Segment | 9.9% |
| | Mirova International Sustainable Equity Fund | 5.7% |
| | WCM Focused Emerging Markets Fund | 3.4% |
| | WCM Focused International Growth Fund | 5.7% |
| Fixed Income | 36.4% |
| | Loomis Sayles Core Fixed Income Segment | 17.1% |
| | Loomis Sayles Inflation Protected Securities Fund | 5.1% |
| | Loomis Sayles Limited Term Government and Agency Fund | 6.1% |
| | Mirova Global Green Bond Fund | 8.1% |
| Cash | 1.9% |
| Total | | 100.0% |
Effective July 1, 2024, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at 800-225-5478 or through your financial intermediary.
Name Change: The Fund's name was changed to Natixis Target Retirement 2030 Fund from Natixis Sustainable Future 2030 Fund.
Expenses: The expense limit as a percentage of average daily net assets was reduced to 0.46% from 0.52%.
There were no changes in or disagreements with Accountants during the period.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
Natixis Target Retirement 2030 Fund
Semi-annual Shareholder Report
July 31, 2024
Natixis Target Retirement 2035 Fund
Semi-annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about Natixis Target Retirement 2035 Fund for the period of February 1, 2024 to July 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly. This report describes changes to the Fund that occurred during the reporting period.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investmentFootnote Reference† |
|---|
| Class N | $13 | 0.26% |
| Footnote | Description |
Footnote† | Annualized |
Costs do not include the expenses of the underlying funds in which the Fund invests.
- Total Net Assets$21,858,097
- # of Portfolio Holdings (including overnight repurchase agreements)590
- Portfolio Turnover Rate11%
- Total Advisory Fees Paid (after waiver/reimbursement)$0
What did the Fund invest in? (% of Net Assets)
| Value | Value |
|---|
Other investments less than 2% of net assetsFootnote Reference* | 40.0% |
| Short-Term Investments | 3.2% |
| Exchange-Traded Funds | 6.4% |
| Interactive Media & Services | 2.2% |
| Oil, Gas & Consumable Fuels | 2.2% |
| Capital Markets | 2.6% |
| Banks | 2.8% |
| Semiconductors & Semiconductor Equipment | 2.9% |
| Software | 3.2% |
| Mortgage Related | 3.3% |
| Mutual Funds | 9.9% |
| Affiliated Mutual Funds | 21.3% |
| Footnote | Description |
Footnote* | Net of other assets less liabilities |
| Equity | 70.5% |
| | AIA International Developed Markets Equity ESG Segment | 6.4% |
| | AIA U.S. Large Cap Core ESG Segment | 9.2% |
| | AIA U.S. Large Cap Value ESG Segment | 6.0% |
| | AIA U.S. Small/Mid Cap ESG Segment | 9.6% |
| | Harris Associates Large Cap Value Segment | 11.6% |
| | Loomis Sayles All Cap Growth Segment | 11.4% |
| | Mirova International Sustainable Equity Fund | 6.5% |
| | WCM Focused Emerging Markets Fund | 3.4% |
| | WCM Focused International Growth Fund | 6.4% |
| Fixed Income | 27.5% |
| | Loomis Sayles Core Fixed Income Segment | 12.7% |
| | Loomis Sayles Inflation Protected Securities Fund | 4.5% |
| | Loomis Sayles Limited Term Government and Agency Fund | 4.7% |
| | Mirova Global Green Bond Fund | 5.6% |
| Cash | 2.0% |
| Total | | 100.0% |
Effective July 1, 2024, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at 800-225-5478 or through your financial intermediary.
Name Change: The Fund's name was changed to Natixis Target Retirement 2035 Fund from Natixis Sustainable Future 2035 Fund.
Expenses: The expense limit as a percentage of average daily net assets was reduced to 0.47% from 0.53%.
There were no changes in or disagreements with Accountants during the period.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
Natixis Target Retirement 2035 Fund
Semi-annual Shareholder Report
July 31, 2024
Natixis Target Retirement 2040 Fund
Semi-annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about Natixis Target Retirement 2040 Fund for the period of February 1, 2024 to July 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly. This report describes changes to the Fund that occurred during the reporting period.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investmentFootnote Reference† |
|---|
| Class N | $14 | 0.27% |
| Footnote | Description |
Footnote† | Annualized |
Costs do not include the expenses of the underlying funds in which the Fund invests.
- Total Net Assets$25,538,637
- # of Portfolio Holdings (including overnight repurchase agreements)590
- Portfolio Turnover Rate10%
- Total Advisory Fees Paid (after waiver/reimbursement)$0
What did the Fund invest in? (% of Net Assets)
| Value | Value |
|---|
Other investments less than 2% of net assetsFootnote Reference* | 39.3% |
| Short-Term Investments | 3.3% |
| Exchange-Traded Funds | 6.9% |
| Financial Services | 2.1% |
| Mortgage Related | 2.2% |
| Interactive Media & Services | 2.5% |
| Oil, Gas & Consumable Fuels | 2.6% |
| Capital Markets | 3.0% |
| Banks | 3.2% |
| Semiconductors & Semiconductor Equipment | 3.3% |
| Software | 3.5% |
| Mutual Funds | 10.7% |
| Affiliated Mutual Funds | 17.4% |
| Footnote | Description |
Footnote* | Net of other assets less liabilities |
| Equity | 79.1% |
| | AIA International Developed Markets Equity ESG Segment | 6.9% |
| | AIA U.S. Large Cap Core ESG Segment | 10.4% |
| | AIA U.S. Large Cap Value ESG Segment | 6.9% |
| | AIA U.S. Small/Mid Cap ESG Segment | 11.2% |
| | Harris Associates Large Cap Value Segment | 13.5% |
| | Loomis Sayles All Cap Growth Segment | 12.6% |
| | Mirova International Sustainable Equity Fund | 6.9% |
| | WCM Focused Emerging Markets Fund | 3.8% |
| | WCM Focused International Growth Fund | 6.9% |
| Fixed Income | 18.9% |
| | Loomis Sayles Core Fixed Income Segment | 8.5% |
| | Loomis Sayles Inflation Protected Securities Fund | 3.5% |
| | Loomis Sayles Limited Term Government and Agency Fund | 2.8% |
| | Mirova Global Green Bond Fund | 4.1% |
| Cash | 2.0% |
| Total | | 100.0% |
Effective July 1, 2024, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at 800-225-5478 or through your financial intermediary.
Name Change: The Fund's name was changed to Natixis Target Retirement 2040 Fund from Natixis Sustainable Future 2040 Fund.
Expenses: The expense limit as a percentage of average daily net assets was reduced to 0.48% from 0.54%.
There were no changes in or disagreements with Accountants during the period.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
Natixis Target Retirement 2040 Fund
Semi-annual Shareholder Report
July 31, 2024
Natixis Target Retirement 2045 Fund
Semi-annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about Natixis Target Retirement 2045 Fund for the period of February 1, 2024 to July 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly. This report describes changes to the Fund that occurred during the reporting period.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investmentFootnote Reference† |
|---|
| Class N | $13 | 0.25% |
| Footnote | Description |
Footnote† | Annualized |
Costs do not include the expenses of the underlying funds in which the Fund invests.
- Total Net Assets$24,955,200
- # of Portfolio Holdings (including overnight repurchase agreements)586
- Portfolio Turnover Rate9%
- Total Advisory Fees Paid (after waiver/reimbursement)$0
What did the Fund invest in? (% of Net Assets)
| Value | Value |
|---|
Other investments less than 2% of net assetsFootnote Reference* | 42.0% |
| Short-Term Investments | 3.3% |
| Exchange-Traded Funds | 7.4% |
| Financial Services | 2.1% |
| Interactive Media & Services | 2.5% |
| Oil, Gas & Consumable Fuels | 2.6% |
| Capital Markets | 3.0% |
| Banks | 3.2% |
| Semiconductors & Semiconductor Equipment | 3.3% |
| Software | 3.6% |
| Mutual Funds | 12.1% |
| Affiliated Mutual Funds | 14.9% |
| Footnote | Description |
Footnote* | Net of other assets less liabilities |
| Equity | 85.7% |
| | AIA International Developed Markets Equity ESG Segment | 7.9% |
| | AIA U.S. Large Cap Core ESG Segment | 10.9% |
| | AIA U.S. Large Cap Value ESG Segment | 7.2% |
| | AIA U.S. Small/Mid Cap ESG Segment | 11.7% |
| | Harris Associates Large Cap Value Segment | 14.1% |
| | Loomis Sayles All Cap Growth Segment | 13.3% |
| | Mirova International Sustainable Equity Fund | 7.9% |
| | WCM Focused Emerging Markets Fund | 4.8% |
| | WCM Focused International Growth Fund | 7.9% |
| Fixed Income | 12.3% |
| | Loomis Sayles Core Fixed Income Segment | 4.6% |
| | Loomis Sayles Inflation Protected Securities Fund | 2.5% |
| | Loomis Sayles Limited Term Government and Agency Fund | 1.7% |
| | Mirova Global Green Bond Fund | 3.5% |
| Cash | 2.0% |
| Total | | 100.0% |
Effective July 1, 2024, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at 800-225-5478 or through your financial intermediary.
Name Change: The Fund's name was changed to Natixis Target Retirement 2045 Fund from Natixis Sustainable Future 2045 Fund.
Expenses: The expense limit as a percentage of average daily net assets was reduced to 0.48% from 0.54%.
There were no changes in or disagreements with Accountants during the period.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
Natixis Target Retirement 2045 Fund
Semi-annual Shareholder Report
July 31, 2024
Natixis Target Retirement 2050 Fund
Semi-annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about Natixis Target Retirement 2050 Fund for the period of February 1, 2024 to July 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly. This report describes changes to the Fund that occurred during the reporting period.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investmentFootnote Reference† |
|---|
| Class N | $14 | 0.27% |
| Footnote | Description |
Footnote† | Annualized |
Costs do not include the expenses of the underlying funds in which the Fund invests.
- Total Net Assets$24,719,983
- # of Portfolio Holdings (including overnight repurchase agreements)591
- Portfolio Turnover Rate8%
- Total Advisory Fees Paid (after waiver/reimbursement)$0
What did the Fund invest in? (% of Net Assets)
| Value | Value |
|---|
Other investments less than 2% of net assetsFootnote Reference* | 39.4% |
| Short-Term Investments | 3.8% |
| Exchange-Traded Funds | 8.4% |
| Insurance | 2.0% |
| Financial Services | 2.3% |
| Interactive Media & Services | 2.7% |
| Oil, Gas & Consumable Fuels | 2.8% |
| Capital Markets | 3.3% |
| Banks | 3.5% |
| Semiconductors & Semiconductor Equipment | 3.6% |
| Software | 3.9% |
| Affiliated Mutual Funds | 11.1% |
| Mutual Funds | 13.2% |
| Footnote | Description |
Footnote* | Net of other assets less liabilities |
| Equity | 89.8% |
| | AIA International Developed Markets Equity ESG Segment | 8.4% |
| | AIA U.S. Large Cap Core ESG Segment | 11.4% |
| | AIA U.S. Large Cap Value ESG Segment | 7.6% |
| | AIA U.S. Small/Mid Cap ESG Segment | 12.3% |
| | Harris Associates Large Cap Value Segment | 14.7% |
| | Loomis Sayles All Cap Growth Segment | 13.9% |
| | Mirova International Sustainable Equity Fund | 8.4% |
| | WCM Focused Emerging Markets Fund | 4.8% |
| | WCM Focused International Growth Fund | 8.3% |
| Fixed Income | 8.2% |
| | Loomis Sayles Core Fixed Income Segment | 5.5% |
| | Loomis Sayles Inflation Protected Securities Fund | 1.1% |
| | Mirova Global Green Bond Fund | 1.6% |
| Cash | 2.0% |
| Total | | 100.0% |
Effective July 1, 2024, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at 800-225-5478 or through your financial intermediary.
Name Change: The Fund's name was changed to Natixis Target Retirement 2050 Fund from Natixis Sustainable Future 2050 Fund.
Expenses: The expense limit as a percentage of average daily net assets was reduced to 0.49% from 0.55%.
There were no changes in or disagreements with Accountants during the period.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
Natixis Target Retirement 2050 Fund
Semi-annual Shareholder Report
July 31, 2024
Natixis Target Retirement 2055 Fund
Semi-annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about Natixis Target Retirement 2055 Fund for the period of February 1, 2024 to July 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly. This report describes changes to the Fund that occurred during the reporting period.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investmentFootnote Reference† |
|---|
| Class N | $14 | 0.26% |
| Footnote | Description |
Footnote† | Annualized |
Costs do not include the expenses of the underlying funds in which the Fund invests.
- Total Net Assets$19,799,524
- # of Portfolio Holdings (including overnight repurchase agreements)581
- Portfolio Turnover Rate10%
- Total Advisory Fees Paid (after waiver/reimbursement)$0
What did the Fund invest in? (% of Net Assets)
| Value | Value |
|---|
Other investments less than 2% of net assetsFootnote Reference* | 38.1% |
| Short-Term Investments | 3.5% |
| Exchange-Traded Funds | 9.0% |
| Insurance | 2.0% |
| Financial Services | 2.3% |
| Interactive Media & Services | 2.8% |
| Oil, Gas & Consumable Fuels | 2.9% |
| Capital Markets | 3.3% |
| Banks | 3.6% |
| Semiconductors & Semiconductor Equipment | 3.7% |
| Software | 4.0% |
| Affiliated Mutual Funds | 10.5% |
| Mutual Funds | 14.3% |
| Footnote | Description |
Footnote* | Net of other assets less liabilities |
| Equity | 92.4% |
| | AIA International Developed Markets Equity ESG Segment | 8.9% |
| | AIA U.S. Large Cap Core ESG Segment | 11.6% |
| | AIA U.S. Large Cap Value ESG Segment | 7.6% |
| | AIA U.S. Small/Mid Cap ESG Segment | 12.3% |
| | Harris Associates Large Cap Value Segment | 14.8% |
| | Loomis Sayles All Cap Growth Segment | 14.1% |
| | Mirova International Sustainable Equity Fund | 8.9% |
| | WCM Focused Emerging Markets Fund | 5.3% |
| | WCM Focused International Growth Fund | 8.9% |
| Fixed Income | 5.7% |
| | Loomis Sayles Core Fixed Income Segment | 4.1% |
| | Loomis Sayles Inflation Protected Securities Fund | 0.1% |
| | Mirova Global Green Bond Fund | 1.5% |
| Cash | 1.9% |
| Total | | 100.0% |
Effective July 1, 2024, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at 800-225-5478 or through your financial intermediary.
Name Change: The Fund's name was changed to Natixis Target Retirement 2055 Fund from Natixis Sustainable Future 2055 Fund.
Expenses: The expense limit as a percentage of average daily net assets was reduced to 0.49% from 0.55%.
There were no changes in or disagreements with Accountants during the period.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
Natixis Target Retirement 2055 Fund
Semi-annual Shareholder Report
July 31, 2024
Natixis Target Retirement 2060 Fund
Semi-annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about Natixis Target Retirement 2060 Fund for the period of February 1, 2024 to July 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly. This report describes changes to the Fund that occurred during the reporting period.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investmentFootnote Reference† |
|---|
| Class N | $14 | 0.26% |
| Footnote | Description |
Footnote† | Annualized |
Costs do not include the expenses of the underlying funds in which the Fund invests.
- Total Net Assets$16,389,934
- # of Portfolio Holdings (including overnight repurchase agreements)583
- Portfolio Turnover Rate8%
- Total Advisory Fees Paid (after waiver/reimbursement)$0
What did the Fund invest in? (% of Net Assets)
| Value | Value |
|---|
Other investments less than 2% of net assetsFootnote Reference* | 38.3% |
| Short-Term Investments | 3.7% |
| Exchange-Traded Funds | 8.9% |
| Insurance | 2.0% |
| Financial Services | 2.3% |
| Interactive Media & Services | 2.7% |
| Oil, Gas & Consumable Fuels | 2.9% |
| Capital Markets | 3.3% |
| Banks | 3.6% |
| Semiconductors & Semiconductor Equipment | 3.6% |
| Software | 4.0% |
| Affiliated Mutual Funds | 10.5% |
| Mutual Funds | 14.2% |
| Footnote | Description |
Footnote* | Net of other assets less liabilities |
| Equity | 92.5% |
| | AIA International Developed Markets Equity ESG Segment | 8.9% |
| | AIA U.S. Large Cap Core ESG Segment | 11.5% |
| | AIA U.S. Large Cap Value ESG Segment | 7.7% |
| | AIA U.S. Small/Mid Cap ESG Segment | 12.3% |
| | Harris Associates Large Cap Value Segment | 14.9% |
| | Loomis Sayles All Cap Growth Segment | 14.1% |
| | Mirova International Sustainable Equity Fund | 8.9% |
| | WCM Focused Emerging Markets Fund | 5.3% |
| | WCM Focused International Growth Fund | 8.9% |
| Fixed Income | 5.5% |
| | Loomis Sayles Core Fixed Income Segment | 4.0% |
| | Mirova Global Green Bond Fund | 1.5% |
| Cash | 2.0% |
| Total | | 100.0% |
Effective July 1, 2024, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at 800-225-5478 or through your financial intermediary.
Name Change: The Fund's name was changed to Natixis Target Retirement 2060 Fund from Natixis Sustainable Future 2060 Fund.
Expenses: The expense limit as a percentage of average daily net assets was reduced to 0.49% from 0.55%.
There were no changes in or disagreements with Accountants during the period.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
Natixis Target Retirement 2060 Fund
Semi-annual Shareholder Report
July 31, 2024
Natixis Target Retirement 2065 Fund
Semi-annual Shareholder Report - July 31, 2024
This semi-annual shareholder report contains important information about Natixis Target Retirement 2065 Fund for the period of February 1, 2024 to July 31, 2024. You can find additional information (including tax information) about the Fund at im.natixis.com/funddocuments. You can also request the information by contacting us at 800-225-5478 or by contacting your financial intermediary directly. This report describes changes to the Fund that occurred during the reporting period.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investmentFootnote Reference† |
|---|
| Class N | $14 | 0.27% |
| Footnote | Description |
Footnote† | Annualized |
Costs do not include the expenses of the underlying funds in which the Fund invests.
- Total Net Assets$3,802,211
- # of Portfolio Holdings (including overnight repurchase agreements)534
- Portfolio Turnover Rate9%
- Total Advisory Fees Paid (after waiver/reimbursement)$0
What did the Fund invest in? (% of Net Assets)
| Value | Value |
|---|
Other investments less than 2% of net assetsFootnote Reference* | 38.4% |
| Short-Term Investments | 3.5% |
| Exchange-Traded Funds | 9.0% |
| Insurance | 2.0% |
| Financial Services | 2.3% |
| Oil, Gas & Consumable Fuels | 2.8% |
| Interactive Media & Services | 2.9% |
| Capital Markets | 3.3% |
| Banks | 3.5% |
| Semiconductors & Semiconductor Equipment | 3.8% |
| Software | 4.1% |
| Affiliated Mutual Funds | 10.3% |
| Mutual Funds | 14.1% |
| Footnote | Description |
Footnote* | Net of other assets less liabilities |
| Equity | 92.6% |
| | AIA International Developed Markets Equity ESG Segment | 8.9% |
| | AIA U.S. Large Cap Core ESG Segment | 11.7% |
| | AIA U.S. Large Cap Value ESG Segment | 7.6% |
| | AIA U.S. Small/Mid Cap ESG Segment | 12.3% |
| | Harris Associates Large Cap Value Segment | 14.8% |
| | Loomis Sayles All Cap Growth Segment | 14.5% |
| | Mirova International Sustainable Equity Fund | 8.8% |
| | WCM Focused Emerging Markets Fund | 5.2% |
| | WCM Focused International Growth Fund | 8.8% |
| Fixed Income | 5.4% |
| | Loomis Sayles Core Fixed Income Segment | 4.0% |
| | Mirova Global Green Bond Fund | 1.4% |
| Cash | 2.0% |
| Total | | 100.0% |
Effective July 1, 2024, the Fund had the following material changes, which were reported in a supplement to the Fund's prospectus. For more information, you may review the Fund's prospectus at im.natixis.com/funddocuments or upon request at 800-225-5478 or through your financial intermediary.
Name Change: The Fund's name was changed to Natixis Target Retirement 2065 Fund from Natixis Sustainable Future 2065 Fund.
Expenses: The expense limit as a percentage of average daily net assets was reduced to 0.49% from 0.55%.
There were no changes in or disagreements with Accountants during the period.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit im.natixis.com/funddocuments
Phone: 800-225-5478
Email: secretaryofthefunds@natixis.com
Natixis Target Retirement 2065 Fund
Semi-annual Shareholder Report
July 31, 2024
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
The Schedule of Investments are incorporated by reference as part of the Financial Statements and Other Important Information for Open-End Management Investment Companies filed as Item 7 herewith.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
The Registrant’s Financial Statements and Other Important Information are as follows:
Semi-annual Financial Statements and Other Important Information
AEW Global Focused Real Estate Fund |
Portfolio of Investments – as of July 31, 2024 (Unaudited)AEW Global Focused Real Estate Fund
| | |
Common Stocks — 99.6% of Net Assets |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| |
| Dream Industrial Real Estate Investment Trust | |
| |
| | |
| | |
| | |
| Unibail-Rodamco-Westfield(a) | |
| | |
| |
| | |
| | |
| | |
| |
| | |
| | |
| Sun Hung Kai Properties Ltd. | |
| Wharf Real Estate Investment Co. Ltd. | |
| | |
| |
| | |
| Invincible Investment Corp. | |
| Japan Real Estate Investment Corp. | |
| KDX Realty Investment Corp. | |
| | |
| Nippon Accommodations Fund, Inc. | |
| Sumitomo Realty & Development Co. Ltd. | |
| | |
| |
| | |
| |
| Cromwell European Real Estate Investment Trust | |
| Digital Core REIT Management Pte. Ltd. | |
| Mapletree Logistics Trust | |
| | |
| | |
| |
| Merlin Properties SOCIMI SA | |
| |
| Fastighets AB Balder, Class B(a) | |
| |
| | |
| | |
| Great Portland Estates PLC | |
| | |
| | |
| | |
| | |
| United Kingdom — continued |
| | |
| | |
| | |
| |
| American Homes 4 Rent, Class A | |
| | |
| AvalonBay Communities, Inc. | |
| Broadstone Net Lease, Inc. | |
| | |
| Digital Realty Trust, Inc. | |
| | |
| Essential Properties Realty Trust, Inc. | |
| Extra Space Storage, Inc. | |
| Healthpeak Properties, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Ryman Hospitality Properties, Inc. | |
| Simon Property Group, Inc. | |
| | |
| | |
| | |
| Total Common Stocks
(Identified Cost $31,510,058) | |
| | |
Short-Term Investments — 0.9% |
| Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/2024 at 3.500% to be repurchased at $333,046 on 8/01/2024 collateralized by $340,100 U.S. Treasury Note, 4.250% due 12/31/2025 valued at $339,719 including accrued interest (Note 2 of Notes to Financial Statements)
(Identified Cost $333,014) | |
| Total Investments — 100.5%
(Identified Cost $31,843,072) | |
| Other assets less liabilities — (0.5)% | |
| | |
| See Note 2 of Notes to Financial Statements. |
| Non-income producing security. |
| Japan Real Estate Investment Trust |
| Real Estate Investment Trusts |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)AEW Global Focused Real Estate Fund (continued) Industry Summary at July 31, 2024 (Unaudited)
| |
| |
| |
| |
Real Estate Management & Development | |
| |
| |
| |
| |
| |
| |
| |
Other assets less liabilities | |
| |
Currency Exposure Summary at July 31, 2024 (Unaudited)
| |
| |
| |
| |
| |
| |
| |
| |
Other assets less liabilities | |
| |
See accompanying notes to financial statements.
Statement of Assets and Liabilities
July 31, 2024 (Unaudited)
| |
| |
Net unrealized appreciation | |
| |
| |
Receivable for Fund shares sold | |
Receivable for securities sold | |
Dividends and interest receivable | |
| |
| |
| |
| |
Payable for securities purchased | |
Payable for Fund shares redeemed | |
Management fees payable (Note 5) | |
Deferred Trustees’ fees (Note 5) | |
Administrative fees payable (Note 5) | |
Payable to distributor (Note 5d) | |
Audit and tax services fees payable | |
Other accounts payable and accrued expenses | |
| |
COMMITMENTS AND CONTINGENCIES(a) | |
| |
| |
| |
| |
| |
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | |
| |
| |
Shares of beneficial interest | |
Net asset value and redemption price per share | |
Offering price per share (100/94.25 of net asset value) (Note 1) | |
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1) | |
| |
Shares of beneficial interest | |
Net asset value and offering price per share | |
| |
| |
Shares of beneficial interest | |
Net asset value, offering and redemption price per share | |
| |
| |
Shares of beneficial interest | |
Net asset value, offering and redemption price per share | |
| As disclosed in the Notes to Financial Statements, if applicable. |
See accompanying notes to financial statements.
For the Six Months Ended July 31, 2024 (Unaudited)
| |
| |
| |
Less net foreign taxes withheld | |
| |
| |
| |
Service and distribution fees (Note 5) | |
Administrative fees (Note 5) | |
Trustees' fees and expenses (Note 5) | |
Transfer agent fees and expenses (Notes 5, 6 and 7) | |
Audit and tax services fees | |
Custodian fees and expenses | |
Interest expense (Note 10) | |
| |
| |
Shareholder reporting expenses | |
| |
| |
Less waiver and/or expense reimbursement (Note 5) | |
Less expense offset (Note 7) | |
| |
| |
Net realized and unrealized gain (loss) on Investments and Foreign currency transactions | |
Net realized gain (loss) on: | |
| |
Foreign currency transactions (Note 2c) | |
Net change in unrealized appreciation (depreciation) on: | |
| |
Foreign currency translations (Note 2c) | |
Net realized and unrealized gain on Investments and Foreign currency transactions | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | |
See accompanying notes to financial statements.
Statement of Changes in Net Assets
| Six Months Ended
July 31,2024
(Unaudited) | Year Ended
January 31,2024 |
| | |
| | |
Net realized gain (loss) on investments and foreign currency transactions | | |
Net change in unrealized appreciation on investments and foreign currency translations | | |
Net increase (decrease) in net assets resulting from operations | | |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | |
| | |
| | |
| | |
| | |
| | |
NET DECREASE IN NET ASSETS
FROM CAPITAL SHARES TRANSACTIONS
(Note 12) | | |
Net decrease in net assets | | |
| | |
| | |
| | |
See accompanying notes to financial statements.
For a share outstanding throughout each period.
| |
| Six Months
Ended
July 31,
2024
(Unaudited) | Year Ended
January 31,
2024 | Year Ended
January 31,
2023 | Year Ended
January 31,
2022 | Year Ended
January 31,
2021 | Year Ended
January 31,
2020 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.17, total return would have been 22.99% and the ratio of net investment income to average net assets would have been 1.14%. |
| A sales charge for Class A shares is not reflected in total return calculations. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
| Computed on an annualized basis for periods less than one year. |
| Includes transfer agent fees and expenses before expense offset and interest expense. Without these expenses the ratio of net expenses would have been 1.15% and the ratio of gross expenses would have been 1.98%. |
| Includes interest expense. Without this expense the ratio of net expenses would have been 1.15% and the ratio of gross expenses would have been 1.57%. |
| Effective June 1, 2019, the expense limit decreased from 1.25% to 1.15%. |
See accompanying notes to financial statements.
Financial Highlights (continued)
For a share outstanding throughout each period.
| |
| Six Months
Ended
July 31,
2024
(Unaudited) | Year Ended
January 31,
2024 | Year Ended
January 31,
2023 | Year Ended
January 31,
2022 | Year Ended
January 31,
2021 | Year Ended
January 31,
2020 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.07, total return would have been 21.99% and the ratio of net investment income to average net assets would have been 0.51%. |
| A contingent deferred sales charge for Class C shares is not reflected in total return calculations. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
| Computed on an annualized basis for periods less than one year. |
| Includes transfer agent fees and expenses before expense offset and interest expense. Without these expenses the ratio of net expenses would have been 1.90% and the ratio of gross expenses would have been 2.72%. |
| Includes interest expense. Without this expense the ratio of net expenses would have been 1.90% and the ratio of gross expenses would have been 2.32%. |
| Effective June 1, 2019, the expense limit decreased from 2.00% to 1.90%. |
See accompanying notes to financial statements.
Financial Highlights (continued)
For a share outstanding throughout each period.
| |
| Six Months
Ended
July 31,
2024
(Unaudited) | Year Ended
January 31,
2024 | Year Ended
January 31,
2023 | Year Ended
January 31,
2022 | Year Ended
January 31,
2021 | Year Ended
January 31,
2020 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.19, total return would have been 23.30% and the ratio of net investment income to average net assets would have been 1.43%. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
| Computed on an annualized basis for periods less than one year. |
| Includes interest expense. Without this expense the ratio of net expenses would have been 0.85% and the ratio of gross expenses would have been 1.58%. |
| Includes interest expense. Without this expense the ratio of net expenses would have been 0.85% and the ratio of gross expenses would have been 1.23%. |
| Effective June 1, 2019, the expense limit decreased from 0.95% to 0.85%. |
See accompanying notes to financial statements.
Financial Highlights (continued)
For a share outstanding throughout each period.
| |
| Six Months
Ended
July 31,
2024
(Unaudited) | Year Ended
January 31,
2024 | Year Ended
January 31,
2023 | Year Ended
January 31,
2022 | Year Ended
January 31,
2021 | Year Ended
January 31,
2020 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.17, total return would have been 23.22% and the ratio of net investment income to average net assets would have been 1.27%. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
| Computed on an annualized basis for periods less than one year. |
| Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross expenses would have been 1.72%. |
| Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross expenses would have been 1.32%. |
| Effective June 1, 2019, the expense limit decreased from 1.00% to 0.90%. |
See accompanying notes to financial statements.
Notes to Financial Statements
July 31, 2024 (Unaudited)
1.Organization. Natixis Funds Trust IV (the “Trust”) is organized as a Massachusetts business trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Declaration of Trust permits the Board of Trustees to authorize the issuance of an unlimited number of shares of the Trust in multiple series. The financial statements for certain funds of the Trust are presented in separate reports. Information presented in this report pertains to AEW Global Focused Real Estate Fund (the “Fund”).
The Fund is a diversified investment company.
The Fund offers Class A, Class C, Class N and Class Y shares.
Class A shares are sold with a maximum front-end sales charge of 5.75%. Class C shares do not pay a front-end sales charge, pay higher Rule 12b-1 fees than Class A shares for eight years (at which point they automatically convert to Class A shares) (prior to May 1, 2021, Class C shares automatically converted to Class A shares after ten years) and may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Class Y shares are offered with an initial minimum investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts for Class N and Class Y as outlined in the Fund’s prospectus.
Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the Funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”) and Natixis ETF Trust and Natixis ETF Trust II (“Natixis ETF Trusts”). Expenses of the Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule 12b-1 fees applicable to Class A and Class C), and transfer agent fees are borne collectively for Class A, Class C and Class Y and individually for Class N. In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of the Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.
2.Significant Accounting Policies. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The Fund’s financial statements follow the accounting and reporting guidelines provided for investment companies and are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has evaluated the events and transactions subsequent to period-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Fund’s financial statements.
a. Valuation. Registered investment companies are required to value portfolio investments using an unadjusted, readily available market quotation. Each Fund obtains readily available market quotations from independent pricing services. Fund investments for which readily available market quotations are not available are priced at fair value pursuant to the Funds’ Valuation Procedures. The Board of Trustees has approved a valuation designee who is subject to the Board’s oversight.
Unadjusted readily available market quotations that are utilized for exchange traded equity securities (including shares of closed-end investment companies and exchange-traded funds) include the last sale price quoted on the exchange where the security is traded most extensively. Shares of open-end investment companies are valued at net asset value ("NAV") per share.
Exchange traded equity securities for which there is no reported sale during the day are fair valued at the closing bid quotation as reported by an independent pricing service. Unlisted equity securities (except unlisted preferred equity securities) are fair valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be fair valued using evaluated bids furnished by an independent pricing service, if available.
Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. Broker-dealer bid prices may be used to fair value debt and unlisted equities where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the investment.
The Fund may also fair value investments in other circumstances such as when extraordinary events occur after the close of a foreign market, but prior to the close of the New York Stock Exchange. 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). When fair valuing a Fund’s investments, the valuation designee may, among other things, use modeling tools or other
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
processes that may take into account factors such as issuer specific information, or other related market activity and/or information that occurred after the close of the foreign market but before the time the Fund’s NAV is calculated. Fair valuation by the Fund’s valuation designee may require subjective determinations about the value of the investment, and fair values used to determine a Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of investments held by a Fund.
b. Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on the trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as the Fund is notified, and interest income is recorded on an accrual basis. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in dividends received from the Fund’s investments in real estate investment trusts (“REITs") are reported to the Fund after the end of the calendar year; accordingly, the Fund estimates these amounts for accounting purposes until the characterization of REIT distributions is reported to the Fund after the end of the calendar year. Estimates for the period from February 1 through July 31, 2024 are included in the Statement of Operations. Estimates are based on the most recent REIT distribution information available. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class-specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.
c. Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars, if any, are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars on the respective dates of such transactions.
Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded in the Fund’s books and records and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates. Net realized foreign exchange gains or losses and the net change in unrealized foreign exchange gains or losses are disclosed in the Statement of Operations. For federal income tax purposes, net realized foreign exchange gains or losses are characterized as ordinary income, and may, if the Fund has net losses, reduce the amount of income available to be distributed by the Fund.
The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statement of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities. For federal income tax purposes, a portion of the net realized gain or loss on investments arising from changes in exchange rates, which is reflected in the Statement of Operations, may be characterized as ordinary income and may, if the Fund has net losses, reduce the amount of income available to be distributed by the Fund.
The Fund may use foreign currency exchange contracts to facilitate transactions in foreign-denominated investments. Losses may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.
d. Federal and Foreign Income Taxes. The Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of the Fund’s tax positions for the open tax years as of July 31, 2024 and has concluded that no provisions for income tax are required. The Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Fund. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.
The Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statement of Operations as a reduction of
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
investment income, net of amounts that have been or are expected to be reclaimed and paid. Dividends and interest receivable on the Statement of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes where reclaims have been or are expected to be filed and paid are reflected on the Statement of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statement of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statement of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to the Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statement of Assets and Liabilities and are recorded as a realized gain when received.
e. Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. When the Fund identifies the character of distributions paid by REITs in the previous calendar year, certain distributions to Fund shareholders may be redesignated as capital gain distributions or, if in excess of taxable income, as a return of capital. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as foreign currency gains and losses, passive foreign investment company adjustments and capital gain distribution received. Permanent book and tax basis differences relating to shareholder distributions, net investment income, and net realized gains will result in reclassifications to the capital accounts reported on the Statement of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, passive foreign investment company adjustments and wash sales. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Fund’s fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.
The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended January 31, 2024 was as follows:
Distributions paid to shareholders from net investment income and net realized capital gains, based on accounting principles generally accepted in the United States of America, are consolidated and reported on the Statement of Changes in Net Assets as Distributions to Shareholders. Distributions paid to shareholders from net investment income and net realized capital gains expressed in per-share amounts, based on accounting principles generally accepted in the United States of America, are separately stated and reported within the Financial Highlights.
As of January 31, 2024, capital loss carryforwards were as follows:
Capital loss carryforward: | |
| |
| |
| |
| |
Total capital loss carryforward | |
As of July 31, 2024, the tax cost of investments and unrealized appreciation (depreciation) on a federal tax basis were as follows:
Amounts in the table above exclude certain adjustments that will be made at the end of the Fund's fiscal year for tax purposes. Adjustments may include, but are not limited to, wash sales.
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
f. Repurchase Agreements. The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. As of July 31, 2024, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statement of Assets and Liabilities for financial reporting purposes.
g. Indemnifications. Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
3.Fair Value Measurements In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:
• Level 1 — quoted prices in active markets for identical assets or liabilities;
• Level 2 — prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and
• Level 3 — prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect the Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The Fund’s pricing policies have been approved by the Board of Trustees. Investments for which market quotations are readily available are categorized in Level 1. Other investments for which an independent pricing service is utilized are categorized in Level 2. Broker-dealer bid prices for which the Fund has knowledge of the inputs used by the broker-dealer are categorized in Level 2. All other investments, including broker-dealer bid prices for which the Fund does not have knowledge of the inputs used by the broker-dealer, as well as investments fair valued by the valuation designee, are categorized in Level 3. All Level 2 and 3 securities are defined as being fair valued.
Under certain conditions and based upon specific facts and circumstances, the Fund’s valuation designee may determine that a fair valuation should be made for portfolio investment(s). These valuation designee fair valuations will be based upon a significant amount of Level 3 inputs.
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
The following is a summary of the inputs used to value the Fund’s investments as of July 31, 2024, at value:
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All Other Common Stocks(a) | | | | |
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| Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
4.Purchases and Sales of Securities. For the six months ended July 31, 2024, purchases and sales of securities (excluding short-term investments) were $10,281,156 and $32,573,297, respectively.
5.Management Fees and Other Transactions with Affiliates.
a. Management Fees. AEW Capital Management, L.P. (“AEW”) serves as the investment adviser to the Fund. AEW is a wholly-owned subsidiary of Natixis Investment Managers, LLC, which is part of Natixis Investment Managers, an international asset management group based in Paris, France. Under the terms of the management agreement, the Fund pays a management fee at the annual rate of 0.75%, calculated daily and payable monthly, based on the Fund’s average daily net assets.
AEW has given a binding undertaking to the Fund to waive management fees and/or reimburse certain expenses to limit the Fund’s operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. This undertaking is in effect until May 31, 2025, may be terminated before then only with the consent of the Fund’s Board of Trustees, and is reevaluated on an annual basis. Management fees payable, as reflected on the Statement of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statement of Assets and Liabilities as receivable from investment adviser.
For the six months ended July 31, 2024, the expense limits as a percentage of average daily net assets under the expense limitation agreement were as follows:
Expense Limit as a Percentage of Average Daily Net Assets |
| | | |
| | | |
AEW shall be permitted to recover expenses borne under the expense limitation agreement (whether through waiver of management fees or otherwise) on a class by class basis in later periods to the extent the annual operating expenses of a class fall below both (1) a class’ expense limitation ratio in place at the time such amounts were waived/reimbursed and (2) a class’ current applicable expense limitation ratio, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
For the six months ended July 31, 2024, the management fees and waiver of management fees for the Fund were as follows:
| Contractual
Waivers of
Management
| | Percentage of
Average
Daily Net Assets |
| |
| | | | |
| Management fee waiver is subject to possible recovery until January 31, 2025. |
In addition, AEW reimbursed non-class specific expenses in the amount of $12,177, for the six months ended July 31, 2024, which is subject to possible recovery until January 31, 2025.
No expenses were recovered during the six months ended July 31, 2024, under the terms of the expense limitation agreement.
b. Service and Distribution Fees. Natixis Distribution, LLC (“Natixis Distribution”), which is a wholly-owned subsidiary of Natixis Investment Managers, LLC, has entered into a distribution agreement with the Trust. Pursuant to this agreement, Natixis Distribution serves as principal underwriter of the Fund.
Pursuant to Rule 12b-1 under the 1940 Act, the Trust has adopted a Service Plan relating to the Fund’s Class A shares (the “Class A Plan”) and a Distribution and Service Plan relating to the Fund’s Class C shares (the “Class C Plan”).
Under the Class A Plan, the Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Class A shares, as reimbursement for expenses incurred by Natixis Distribution in providing personal services to investors in Class A shares and/or the maintenance of shareholder accounts.
Under the Class C Plan, the Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Class C shares, as compensation for services provided by Natixis Distribution in providing personal services to investors in Class C shares and/or the maintenance of shareholder accounts.
Also under the Class C Plan, the Fund pays Natixis Distribution a monthly distribution fee at the annual rate of 0.75% of the average daily net assets attributable to the Fund’s Class C shares, as compensation for services provided by Natixis Distribution in connection with the marketing or sale of Class C shares.
For the six months ended July 31, 2024, the service and distribution fees for the Fund were as follows:
c. Administrative Fees. Natixis Advisors, LLC ("Natixis Advisors") provides certain administrative services for the Fund and contracts with State Street Bank and Trust Company ("State Street Bank") to serve as sub-administrator. Natixis Advisors is a wholly-owned subsidiary of Natixis Investment Managers, LLC. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trusts and Natixis Advisors, the Fund pays Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0540% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts of $10 million, which is reevaluated on an annual basis.
For the six months ended July 31, 2024, the administrative fees were as follows:
d. Sub-Transfer Agent Fees. Natixis Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the Fund and has agreed to compensate the intermediaries for providing those services. Intermediaries transact with the Fund primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Fund. These services would have been provided by the Fund’s transfer agent and other service providers if the shareholders’
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
accounts were maintained directly at the Fund’s transfer agent. Accordingly, the Fund has agreed to reimburse Natixis Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to Natixis Distribution are subject to a current per-account equivalent fee limit approved by the Fund’s Board of Trustees, which is based on fees for similar services paid to the Fund’s transfer agent and other service providers. Class N shares do not bear such expenses.
For the six months ended July 31, 2024, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statement of Operations) for the Fund were $23,359.
As of July 31, 2024, the Fund owes Natixis Distribution $854 in reimbursements for sub-transfer agent fees (which are reflected in the Statement of Assets and Liabilities as payable to distributor).
Sub-transfer agent fees attributable to Class A, Class C and Class Y are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.
e. Commissions. Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the six months ended July 31, 2024 amounted to $53.
f. Trustees Fees and Expenses. The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis Investment Managers, LLC or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $400,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $225,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the Chairperson of the Contract Review Committee and the Chairperson of the Audit Committee each receive an additional retainer fee at the annual rate of $25,000. The Chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $20,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Governance Committee member is compensated $2,500 for each Committee meeting that he or she attends. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.
A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts as designated by the participating Trustees. Changes in the value of participants’ deferral accounts are allocated pro rata among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts and are normally reflected as Trustees’ fees and expenses in the Statement of Operations. Deferred amounts remain in the funds until distributed in accordance with the provisions of the Plan. The portions of the accrued obligations allocated to the Fund under the Plan are reflected as Deferred Trustees’ fees in the Statement of Assets and Liabilities.
Certain officers and employees of Natixis Advisors and its affiliates are also officers and/or Trustees of the Trust.
g. Reimbursement of Transfer Agent Fees and Expenses. Natixis Advisors has given a binding contractual undertaking to the Fund to reimburse any and all transfer agency expenses for the Fund’s Class N shares. This undertaking is in effect through May 31, 2025 and is not subject to recovery under the expense limitation agreement described above.
For the six months ended July 31, 2024, Natixis Advisors reimbursed the Fund $661 for transfer agency expenses related to Class N shares.
6.Class-Specific Transfer Agent Fees and Expenses. Transfer agent fees and expenses attributable to Class A, Class C and Class Y are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.
For the six months ended July 31, 2024, the Fund incurred the following class-specific transfer agent fees and expenses (net of expense offsets and including sub-transfer agent fees, where applicable):
| | | | |
Transfer Agent Fees and Expenses | | | | |
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
7.Expense Offset Arrangements. The Fund has entered into an agreement with the transfer agent whereby certain transfer agent fees and expenses may be paid indirectly by credits earned on the Fund's cash balances. Transfer agent fees and expenses are presented in the Statement of Operations gross of such credits, and the credits are presented as offsets to expenses.
8.Line of Credit. The Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, entered into a syndicated, revolving, committed, unsecured line of credit with State Street Bank as administrative agent. The aggregate revolving commitment amount is $575,000,000. Any one Fund may borrow up to $402,500,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $575,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.
For the six months ended July 31, 2024, the Fund had no borrowings under this agreement.
9.Risk. The Fund concentrates its investments in real estate securities, including REITs. A fund with a concentrated portfolio is vulnerable to the risks of the industry in which it invests and is subject to greater risks and market fluctuations than funds investing in a broader range of industries. Real estate securities are susceptible to the risks associated with direct ownership of real estate such as declining property values, increases in property taxes, operating expenses, interest rates or competition, zoning changes and losses from casualty and condemnation.
The Fund’s investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks. The Fund’s investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.
Geopolitical events (such as trading halts, sanctions or wars) could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. These, and other related events, could significantly impact a Fund's performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to issuers in the country or countries involved.
10.Interest Expense. The Fund incurs interest expense on cash overdrafts. Interest expense incurred for the six months ended July 31, 2024 is reflected on the Statement of Operations.
11.Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Fund. As of July 31, 2024, based on management’s evaluation of the shareholder account base, the Fund had accounts representing controlling ownership of more than 5% of the Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:
Number of 5%
Account Holders | |
| |
Omnibus shareholder accounts for which Natixis Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for a non-discretionary customer are included in the table above. For other omnibus accounts, the Fund does not have information on the individual shareholder accounts underlying the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
12.Capital Shares. The Fund may issue an unlimited number of shares of beneficial interest, without par value. Transactions in capital shares were as follows:
| Six Months Ended
July 31, 2024 | Year Ended
January 31, 2024 |
| | | | |
| | | | |
Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
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Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
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| | | | |
Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
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| | | | |
Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
| | | | |
| | | | |
Decrease from capital share transactions | | | | |
BOARD APPROVAL OF THE EXISTING ADVISORY AGREEMENT
The Board of Trustees of the Trust (the “Board”), including the Independent Trustees, considers matters bearing on the Fund’s advisory agreement (the “Agreement”) at most of its meetings throughout the year. Each year, usually in the spring, the Contract Review Committee of the Board meets to review the Agreement to determine whether to recommend that the full Board approve the continuation of the Agreement, typically for an additional one-year period. This meeting typically includes all the Independent Trustees, including the Trustees who do not serve on the Contract Review Committee. After the Contract Review Committee has made its recommendation, the full Board, including the Independent Trustees, determines whether to approve the continuation of the Agreement at its June Board meeting.
In connection with these meetings, the Trustees receive materials that the Fund’s investment adviser (the “Adviser”) believes to be reasonably necessary for the Trustees to evaluate the Agreement. These materials generally include, among other items, (i) information on the investment performance of the Fund and the performance of a peer group of funds and the Fund’s performance benchmark, (ii) information on the Fund’s advisory fee and other expenses, including information comparing the Fund’s advisory fee to the fees charged to institutional accounts with similar strategies managed by the Adviser, if any, and to those of a peer group of funds and information about any applicable expense limitations and/or fee “breakpoints,” (iii) sales and redemption data in respect of the Fund, (iv) information about the profitability of the Agreement to the Adviser and (v) information obtained through the completion by the Adviser of questionnaires distributed on behalf of the Trustees throughout the year. The Board, including the Independent Trustees, also considers other matters such as (i) the Fund’s investment objective and strategies and the size, education and experience of the Adviser’s investment staff and its use of technology, external research and trading cost measurement tools, (ii) arrangements in respect of the distribution of the Fund’s shares and the related costs, (iii) the allocation of the Fund’s brokerage, if any, including, to the extent applicable, allocations to brokers affiliated with the Adviser and the use of “soft” commission dollars to pay for research and other similar services, (iv) the Adviser’s policies and procedures relating to, among other things, compliance, trading and best execution, proxy voting, liquidity and valuation, (v) information about amounts invested by the Fund’s portfolio managers in the Fund or in similar accounts that they manage and (vi) the general economic outlook with particular emphasis on the mutual fund industry. Throughout the process, the Trustees are afforded the opportunity to ask questions of and request additional materials from the Adviser and the Independent Trustees meet separately with independent legal counsel outside the presence of Adviser personnel.
In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreement, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide detailed information about the Fund’s investment performance and the fees charged to the Fund for advisory and other services. The information received by the Trustees generally includes, where available, among other things, an internal performance rating for the Fund based on agreed-upon criteria, graphs showing the Fund’s performance and expense differentials against the Fund’s peer group/category of funds, total return information for various periods, performance rankings provided by a third-party data provider for various periods comparing the Fund against similarly categorized funds and performance ratings provided by a different third-party rating organization. The portfolio management team for the Fund or other representatives of the Adviser make periodic presentations to the Contract Review Committee and/or the full Board, and if the Fund is identified as presenting possible performance concerns it may be subject to more frequent Board or Committee presentations and reviews. In addition, the Trustees are periodically provided with detailed statistical information about the Fund’s portfolio. The Trustees also receive periodic updates between meetings, both at the Board and at the Committee level.
The Board most recently approved the continuation of the Agreement for a one-year period at its meeting held in June 2024. In considering whether to approve the continuation of the Agreement, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreement included, but were not limited to, the factors listed below.
The nature, extent and quality of the services provided to the Fund under the Agreement. The Trustees considered the nature, extent and quality of the services provided by the Adviser and its affiliates to the Fund and the resources dedicated to the Fund by the Adviser and its affiliates. The Trustees also considered their experience with other funds advised or sub-advised by the Adviser as well as the affiliation between the Adviser and Natixis Investment Managers, LLC, whose affiliates provide investment advisory services to other funds in the Natixis family of funds.
The Trustees considered not only the advisory services provided by the Adviser to the Fund, but also the benefits to the Fund from the monitoring and oversight services provided by Natixis Advisors, LLC (“Natixis Advisors”). They also considered the administrative and shareholder services provided by Natixis Advisors and its affiliates to the Fund. They also took into consideration increases in the services provided resulting from new regulatory requirements, such as recent rules relating to the fair valuation of investments and the use of derivatives, implementation of tailored shareholder reports and amendments to the Names Rule, as well as from monitoring proposed rules, such as those relating to cybersecurity, environmental, social, and governance-specific regulatory changes, and vendor oversight.
The Trustees also considered the benefits to shareholders of investing in a mutual fund that is part of a family of funds that offers shareholders the right to exchange shares of one type of fund for shares of another type of fund, and provides a variety of fund and shareholder services.
After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the nature, extent and quality of services provided supported the renewal of the Agreement.
Investment performance of the Fund and the Adviser. As noted above, the Trustees received information about the performance of the Fund over various time periods, including information that compared the performance of the Fund to the performance of a peer group and category of funds and the Fund’s performance benchmark. The Board noted that while it found the data provided by the independent third-party data provider useful, it recognized its limitations, including, in particular, that notable differences may exist between the Fund and the performance comparisons (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the performance comparisons. In addition, the Trustees reviewed data prepared by an independent third-party rating organization that analyzed the performance of the Fund using a variety of performance metrics, including metrics that measured the performance of the Fund on a risk adjusted basis.
The Board noted that through December 31, 2023, the Fund’s one-, three- and five-year performance, stated as percentile rankings within categories selected by the independent third-party data provider, was as follows (where the best performance would be in the first percentile of its category):
| | | |
AEW Global Focused Real Estate Fund | | | |
The Board noted that the Fund’s performance lagged that of the Fund’s category group median as determined by the independent third-party data provider for the five-year period. The Board concluded that other factors relevant to performance supported renewal of the Agreement, including: (1) that the underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Adviser that were reasonable and consistent with the Fund’s investment objective and policies; (2) that the Fund’s shorter-term (one- and three-year) performance was stronger relative to its category; and (3) that the Fund’s long-term (ten-year) performance was stronger relative to its category. The Board also considered information about the Fund’s more recent performance, including how performance over various periods had been impacted by various factors such as market and economic events.
The Trustees also considered the Adviser’s performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of the Adviser to Trustee concerns about performance and the willingness of the Adviser to take steps intended to improve performance.
After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the performance of the Fund and the Adviser and/or other relevant factors supported the renewal of the Agreement.
The costs of the services to be provided and profits to be realized by the Adviser and its affiliates from their respective relationships with the Fund. The Trustees considered the fees charged to the Fund for advisory and administrative services as well as the total expense level of the Fund. This information included comparisons (provided both by management and by an independent third-party) of the Fund’s advisory fee and total expense level to those of its peer group and information about the advisory fees charged by the Adviser to comparable accounts (such as institutional separate accounts), as well as information about differences in such fees and the reasons for any such differences. In considering the fees charged to comparable accounts, the Trustees considered, among other things, management’s representations about the differences between managing mutual funds as compared to other types of accounts, including the additional resources required to effectively manage mutual fund assets, the greater regulatory costs associated with the management of such assets, and the entrepreneurial, regulatory and other risks associated with sponsoring and managing mutual funds. In evaluating the Fund’s advisory fee, the Trustees also took into account the demands, complexity and quality of the investment management of the Fund and the need for the Adviser to offer competitive compensation and the potential need to expend additional resources to the extent the Fund grows in size. The Trustees considered that over the past several years, management had demonstrated its intention to have competitive fee levels by making recommendations regarding reductions in advisory fee rates, implementation of advisory fee breakpoints and the institution of advisory fee waivers and expense limitations for various funds in the fund family. They noted that the Fund has an expense limitation in place and they considered the amounts waived or reimbursed by the Adviser for the Fund under its expense limitation agreement. The Trustees also noted that the Fund’s total advisory fee rate was below the median of a peer group of funds. The Board also considered that the fee and expense information reflected information as of a certain date and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.
The Trustees also considered the compensation directly or indirectly received by the Adviser and its affiliates from their relationships with the Fund. The Trustees reviewed information provided by management as to the profitability of the Adviser’s and its affiliates’
relationships with the Fund, and information about how expenses are determined and allocated for purposes of profitability calculations. They also reviewed information provided by management about the effect of distribution costs and changes in asset levels on Adviser profitability, including information regarding resources spent on distribution activities. When reviewing profitability, the Trustees also considered information about court cases in which adviser compensation or profitability were issues, the performance of the Fund, the expense levels of the Fund, whether the Adviser had implemented breakpoints and/or expense limitations with respect to the Fund and the overall profit margin of Natixis Investment Managers, LLC compared to that of certain other investment managers for which such data was available. The Board also noted the competitive nature of the global asset management industry.
After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the advisory fee charged to the Fund was fair and reasonable, and that the costs of these services generally and the related profitability of the Adviser and its affiliates in respect of their relationships with the Fund supported the renewal of the Agreement.
Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Adviser and whether those economies are shared with the Fund through breakpoints in its investment advisory fee or other means, such as expense limitations. The Trustees also considered management’s explanation of the factors that are taken into account with respect to the implementation of breakpoints in investment advisory fees or expense limitations, which reduced the total expenses borne by shareholders. With respect to economies of scale, the Trustees noted that the Fund was subject to an expense limitation. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and on a relative basis) and the profitability to the Adviser and its affiliates of their relationships with the Fund, as discussed above. They also considered that because of its relatively small size, the Fund did not benefit from significant economies of scale.
After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the extent to which economies of scale were shared with the Fund supported the renewal of the Agreement.
The Trustees also considered other factors, which included but were not limited to the following:
• The effect of various factors and recent market and economic events, such as recent market volatility, geopolitical instability, aggressive domestic and foreign central bank policies, and adverse developments affecting the financial services industry generally, as applicable, on the performance, asset levels and expense ratios of the Fund.
• Whether the Fund has operated in accordance with its investment objective and the Fund’s record of compliance with its investment restrictions, and the compliance programs of the Fund and the Adviser. They also considered the compliance-related resources the Adviser and its affiliates were providing to the Fund.
• So-called “fallout benefits” to the Adviser, such as the engagement of affiliates of the Adviser to provide distribution and administrative services to the Fund, and the benefits of research made available to the Adviser by reason of brokerage commissions (if any) generated by the Fund’s securities transactions. The Trustees considered the possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest.
• The Trustees’ review and discussion of the Fund’s advisory arrangements in prior years, and management’s record of responding to Trustee concerns raised during the year and in prior years.
Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that the existing Agreement should be continued through June 30, 2025.
This Page Intentionally Left Blank
˃To learn more about Natixis Funds products and services:
Visit: im.natixis.com Call: 800-225-5478
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 summary prospectus containing this and other information.
Contact us by mail:
If you wish to communicate with the funds’ Board of Trustees, you may do so by writing to:
Secretary of the Funds
Natixis Advisors, LLC
888 Boylston Street, Suite 800
Boston, MA 02199-8197
The correspondence must (a) be signed by the shareholder; (b) include the shareholder’s name and address; and (c) identify the fund(s), account number, share class, and number of shares held in that fund, as of a recent date.
Or by e-mail:
secretaryofthefunds@natixis.com (Communications regarding recommendations for Trustee candidates may not be submitted by e-mail.)
Please note: Unlike written correspondence, e-mail is not secure. Please do NOT include your account number, Social Security number, PIN, or any other non-public personal information in an e-mail communication because this information may be viewed by others.
Exp. 9/30/256422942.1.1RE58SA-0724This page is not part of the financial statements and other important information
Semi-annual Financial Statements and Other Important Information
Natixis Target Retirement 2015 Fund® |
Natixis Target Retirement 2020 Fund® |
Natixis Target Retirement 2025 Fund® |
Natixis Target Retirement 2030 Fund® |
Natixis Target Retirement 2035 Fund® |
Natixis Target Retirement 2040 Fund® |
Natixis Target Retirement 2045 Fund® |
Natixis Target Retirement 2050 Fund® |
Natixis Target Retirement 2055 Fund® |
Natixis Target Retirement 2060 Fund® |
Natixis Target Retirement 2065 Fund® |
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2015 Fund
| | |
Common Stocks — 25.2% of Net Assets |
| Aerospace & Defense — 0.6% |
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| L3Harris Technologies, Inc. | |
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| Air Freight & Logistics — 0.2% |
| Expeditors International of Washington, Inc. | |
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| United Parcel Service, Inc., Class B | |
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| Automobile Components — 0.2% |
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| Magna International, Inc. | |
| Mobileye Global, Inc., Class A(a) | |
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| Citizens Financial Group, Inc. | |
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| First Citizens BancShares, Inc., Class A | |
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| International Bancshares Corp. | |
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| PNC Financial Services Group, Inc. | |
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| Boston Beer Co., Inc., Class A(a) | |
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| Monster Beverage Corp.(a) | |
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| Biotechnology — continued |
| Alnylam Pharmaceuticals, Inc.(a) | |
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| BioMarin Pharmaceutical, Inc.(a) | |
| CRISPR Therapeutics AG(a) | |
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| Halozyme Therapeutics, Inc.(a) | |
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| Neurocrine Biosciences, Inc.(a) | |
| Regeneron Pharmaceuticals, Inc.(a) | |
| Sarepta Therapeutics, Inc.(a) | |
| United Therapeutics Corp.(a) | |
| Vertex Pharmaceuticals, Inc.(a) | |
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| Alibaba Group Holding Ltd., ADR | |
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| Fortune Brands Innovations, Inc. | |
| Lennox International, Inc. | |
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| Bank of New York Mellon Corp. | |
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| Cboe Global Markets, Inc. | |
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| FactSet Research Systems, Inc. | |
| Goldman Sachs Group, Inc. | |
| Intercontinental Exchange, Inc. | |
| Janus Henderson Group PLC | |
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| T. Rowe Price Group, Inc. | |
| Virtus Investment Partners, Inc. | |
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| Air Products & Chemicals, Inc. | |
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| Minerals Technologies, Inc. | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2015 Fund (continued) | | |
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| Commercial Services & Supplies — 0.1% |
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| Communications Equipment — 0.1% |
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| Construction & Engineering — 0.1% |
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| Comfort Systems USA, Inc. | |
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| Construction Materials — 0.1% |
| Martin Marietta Materials, Inc. | |
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| Capital One Financial Corp. | |
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| Consumer Staples Distribution & Retail — 0.5% |
| BJ's Wholesale Club Holdings, Inc.(a) | |
| Casey's General Stores, Inc. | |
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| Sprouts Farmers Market, Inc.(a) | |
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| Containers & Packaging — 0.1% |
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| | |
| Diversified Consumer Services — 0.1% |
| Grand Canyon Education, Inc.(a) | |
| Service Corp. International | |
| | |
| |
| American Assets Trust, Inc. | |
| Diversified Telecommunication Services — 0.2% |
| | |
| Iridium Communications, Inc. | |
| Verizon Communications, Inc. | |
| | |
| | |
| Electric Utilities — 0.2% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Electrical Equipment — 0.2% |
| | |
| | |
| | |
| | |
| | |
| | |
| Electronic Equipment, Instruments & Components — 0.3% |
| Advanced Energy Industries, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Teledyne Technologies, Inc.(a) | |
| Zebra Technologies Corp., Class A(a) | |
| | |
| Energy Equipment & Services — 0.1% |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| Take-Two Interactive Software, Inc.(a) | |
| | |
| Warner Bros. Discovery, Inc.(a) | |
| | |
| Financial Services — 1.0% |
| | |
| Corebridge Financial, Inc. | |
| | |
| | |
| Jack Henry & Associates, Inc. | |
| Mastercard, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| Darling Ingredients, Inc.(a) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2015 Fund (continued) | | |
| Food Products — continued |
| | |
| | |
| | |
| | |
| | |
| | |
| Mondelez International, Inc., Class A | |
| | |
| |
| | |
| New Jersey Resources Corp. | |
| | |
| | |
| Ground Transportation — 0.2% |
| | |
| | |
| | |
| | |
| Uber Technologies, Inc.(a) | |
| | |
| | |
| | |
| Health Care Equipment & Supplies — 0.4% |
| | |
| Align Technology, Inc.(a) | |
| Baxter International, Inc. | |
| | |
| Edwards Lifesciences Corp.(a) | |
| Intuitive Surgical, Inc.(a) | |
| | |
| | |
| Merit Medical Systems, Inc.(a) | |
| | |
| | |
| | |
| Health Care Providers & Services — 0.7% |
| Acadia Healthcare Co., Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Select Medical Holdings Corp. | |
| | |
| | |
| Health Care Technology — 0.2% |
| Doximity, Inc., Class A(a) | |
| Veeva Systems, Inc., Class A(a) | |
| | |
| Hotel & Resort REITs — 0.0% |
| Host Hotels & Resorts, Inc. | |
| | |
| Hotels, Restaurants & Leisure — 0.4% |
| | |
| Chipotle Mexican Grill, Inc.(a) | |
| Marriott Vacations Worldwide Corp. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Household Durables — 0.2% |
| | |
| | |
| | |
| Taylor Morrison Home Corp.(a) | |
| | |
| Household Products — 0.2% |
| Church & Dwight Co., Inc. | |
| | |
| | |
| | |
| | |
| Independent Power & Renewable Electricity Producers — 0.1% |
| | |
| Clearway Energy, Inc., Class A | |
| | |
| Industrial Conglomerates — 0.0% |
| | |
| |
| | |
| Rexford Industrial Realty, Inc. | |
| | |
| |
| | |
| American International Group, Inc. | |
| Arch Capital Group Ltd.(a) | |
| | |
| | |
| | |
| | |
| First American Financial Corp. | |
| Hanover Insurance Group, Inc. | |
| Hartford Financial Services Group, Inc. | |
| Marsh & McLennan Cos., Inc. | |
| Prudential Financial, Inc. | |
| Reinsurance Group of America, Inc. | |
| Selective Insurance Group, Inc. | |
| | |
| | |
| | |
| Interactive Media & Services — 1.2% |
| | |
| | |
| Meta Platforms, Inc., Class A | |
| | |
| | |
| |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2015 Fund (continued) | | |
| |
| Cognizant Technology Solutions Corp., Class A | |
| International Business Machines Corp. | |
| Kyndryl Holdings, Inc.(a) | |
| Shopify, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| | |
| Life Sciences Tools & Services — 0.4% |
| Agilent Technologies, Inc. | |
| | |
| | |
| | |
| | |
| Thermo Fisher Scientific, Inc. | |
| | |
| |
| | |
| | |
| Chart Industries, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Illinois Tool Works, Inc. | |
| | |
| | |
| | |
| SPX Technologies, Inc.(a) | |
| | |
| | |
| | |
| |
| Charter Communications, Inc., Class A(a) | |
| | |
| Interpublic Group of Cos., Inc. | |
| Liberty Broadband Corp., Class C(a) | |
| | |
| | |
| |
| | |
| Cleveland-Cliffs, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Annaly Capital Management, Inc. | |
| |
| Consolidated Edison, Inc. | |
| | |
| | |
| | |
| |
| | |
| | |
| |
| Easterly Government Properties, Inc. | |
| Highwoods Properties, Inc. | |
| | |
| | |
| Oil, Gas & Consumable Fuels — 1.2% |
| | |
| Antero Resources Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Southwestern Energy Co.(a) | |
| | |
| | |
| | |
| | |
| Passenger Airlines — 0.1% |
| | |
| Personal Care Products — 0.1% |
| | |
| Estee Lauder Cos., Inc., Class A | |
| | |
| | |
| |
| | |
| | |
| Jazz Pharmaceuticals PLC(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Professional Services — 0.3% |
| Automatic Data Processing, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Paylocity Holding Corp.(a) | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2015 Fund (continued) | | |
| Real Estate Management & Development — 0.2% |
| CBRE Group, Inc., Class A(a) | |
| Jones Lang LaSalle, Inc.(a) | |
| | |
| |
| AvalonBay Communities, Inc. | |
| |
| Brixmor Property Group, Inc. | |
| | |
| Simon Property Group, Inc. | |
| | |
| Semiconductors & Semiconductor Equipment — 1.5% |
| Advanced Micro Devices, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Lattice Semiconductor Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| Silicon Laboratories, Inc.(a) | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Cadence Design Systems, Inc.(a) | |
| | |
| | |
| Manhattan Associates, Inc.(a) | |
| | |
| | |
| Palo Alto Networks, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Tyler Technologies, Inc.(a) | |
| Workday, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| Digital Realty Trust, Inc. | |
| | |
| | |
| | |
| |
| Abercrombie & Fitch Co., Class A(a) | |
| Asbury Automotive Group, Inc.(a) | |
| Burlington Stores, Inc.(a) | |
| | |
| Specialty Retail — continued |
| Dick's Sporting Goods, Inc. | |
| | |
| Floor & Decor Holdings, Inc., Class A(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Technology Hardware, Storage & Peripherals — 0.3% |
| | |
| Hewlett Packard Enterprise Co. | |
| | |
| | |
| | |
| | |
| Textiles, Apparel & Luxury Goods — 0.1% |
| | |
| | |
| | |
| | |
| Under Armour, Inc., Class A(a) | |
| | |
| Trading Companies & Distributors — 0.0% |
| | |
| |
| American States Water Co. | |
| American Water Works Co., Inc. | |
| Essential Utilities, Inc. | |
| | |
| Total Common Stocks
(Identified Cost $1,204,209) | |
| | |
|
| |
| Essex Portfolio LP, 3.000%, 1/15/2030 | |
| |
| Cummins, Inc., 5.150%, 2/20/2034 | |
| General Motors Financial Co., Inc., 4.350%, 1/17/2027 | |
| Lear Corp., 4.250%, 5/15/2029 | |
| Toyota Motor Credit Corp., MTN, 2.150%, 2/13/2030 | |
| | |
| |
| American Express Co., (fixed rate to 8/03/2032, variable rate thereafter), 4.420%, 8/03/2033 | |
| Bank of America Corp., MTN, 3.248%, 10/21/2027 | |
| Canadian Imperial Bank of Commerce, 1.250%, 6/22/2026 | |
| Citigroup, Inc., 4.600%, 3/09/2026 | |
| Goldman Sachs Group, Inc., 3.750%, 5/22/2025 | |
| KeyCorp, MTN, 2.550%, 10/01/2029 | |
| Macquarie Group Ltd., (fixed rate to 11/28/2027, variable rate thereafter), 3.763%, 11/28/2028(b) | |
| Morgan Stanley, GMTN, (fixed rate to 7/20/2026, variable rate thereafter), 1.512%, 7/20/2027 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2015 Fund (continued) | | |
| |
| Morgan Stanley, GMTN, (fixed rate to 1/23/2029, variable rate thereafter), 4.431%, 1/23/2030 | |
| PNC Financial Services Group, Inc., 2.600%, 7/23/2026 | |
| PNC Financial Services Group, Inc., (fixed rate to 1/26/2026, variable rate thereafter), 4.758%, 1/26/2027 | |
| State Street Corp., 2.400%, 1/24/2030 | |
| Toronto-Dominion Bank, GMTN, 2.450%, 1/12/2032 | |
| Westpac Banking Corp., 2.350%, 2/19/2025 | |
| | |
| |
| BlackRock, Inc., 2.400%, 4/30/2030 | |
| Intercontinental Exchange, Inc., 3.000%, 6/15/2050 | |
| | |
| Building Materials — 0.4% |
| Fortune Brands Innovations, Inc., 4.000%, 3/25/2032 | |
| Owens Corning, 3.950%, 8/15/2029 | |
| | |
| |
| Ecolab, Inc., 2.125%, 2/01/2032 | |
| LYB International Finance BV, 5.250%, 7/15/2043 | |
| | |
| |
| Procter & Gamble Co., 3.000%, 3/25/2030 | |
| Diversified Manufacturing — 0.3% |
| Eaton Corp., 4.150%, 3/15/2033 | |
| Emerson Electric Co., 2.000%, 12/21/2028 | |
| | |
| |
| DTE Electric Co., Series A, 1.900%, 4/01/2028 | |
| Entergy Corp., 0.900%, 9/15/2025 | |
| Exelon Corp., 4.050%, 4/15/2030 | |
| NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030 | |
| Pacific Gas & Electric Co., 4.550%, 7/01/2030 | |
| Southern California Edison Co., Series C, 4.125%, 3/01/2048 | |
| Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026 | |
| | |
| |
| Republic Services, Inc., 1.450%, 2/15/2031 | |
| Waste Management, Inc., 2.950%, 6/01/2041 | |
| | |
| |
| Ares Capital Corp., 3.250%, 7/15/2025 | |
| Oaktree Specialty Lending Corp., 2.700%, 1/15/2027 | |
| | |
| |
| Coca-Cola Co., 1.450%, 6/01/2027 | |
| General Mills, Inc., 4.000%, 4/17/2025 | |
| Mondelez International, Inc., 2.750%, 4/13/2030 | |
| PepsiCo, Inc., 2.750%, 3/19/2030 | |
| | |
| | |
| Government Owned - No Guarantee — 0.5% |
| Equinor ASA, 3.625%, 4/06/2040 | |
| Federal National Mortgage Association, 6.625%, 11/15/2030 | |
| | |
| |
| Welltower OP LLC, 2.800%, 6/01/2031 | |
| |
| Elevance Health, Inc., 4.101%, 3/01/2028 | |
| UnitedHealth Group, Inc., 5.800%, 3/15/2036 | |
| | |
| |
| CHRISTUS Health, Series C, 4.341%, 7/01/2028 | |
| CVS Health Corp., 4.300%, 3/25/2028 | |
| DH Europe Finance II SARL, 2.200%, 11/15/2024 | |
| Kaiser Foundation Hospitals, 3.150%, 5/01/2027 | |
| Quest Diagnostics, Inc., 2.950%, 6/30/2030 | |
| | |
| |
| Exxon Mobil Corp., 2.992%, 3/19/2025 | |
| Shell International Finance BV, 6.375%, 12/15/2038 | |
| | |
| |
| Athene Holding Ltd., 6.150%, 4/03/2030 | |
| Manulife Financial Corp., 3.703%, 3/16/2032 | |
| MetLife, Inc., 5.375%, 7/15/2033 | |
| | |
| Media Entertainment — 0.1% |
| Netflix, Inc., 3.625%, 6/15/2025(b) | |
| |
| Nucor Corp., 3.125%, 4/01/2032 | |
| |
| Enbridge, Inc., 5.625%, 4/05/2034 | |
| |
| Federal Home Loan Mortgage Corp., 2.000%, 3/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, 2/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, 6/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 4/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 6/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 9/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.500%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.500%, 10/01/2052 | |
| Federal Home Loan Mortgage Corp., 5.000%, 3/01/2054 | |
| Federal National Mortgage Association, 2.000%, 7/01/2051 | |
| Federal National Mortgage Association, 2.000%, 8/01/2051 | |
| Federal National Mortgage Association, 2.000%, 10/01/2051 | |
| Federal National Mortgage Association, 2.500%, 8/01/2050 | |
| Federal National Mortgage Association, 2.500%, 2/01/2051 | |
| Federal National Mortgage Association, 2.500%, 8/01/2051 | |
| Federal National Mortgage Association, 2.500%, 9/01/2051 | |
| Federal National Mortgage Association, 2.500%, 4/01/2052 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2015 Fund (continued) | | |
| Mortgage Related — continued |
| Federal National Mortgage Association, 3.000%, 4/01/2034 | |
| Federal National Mortgage Association, 3.000%, 12/01/2049 | |
| Federal National Mortgage Association, 3.000%, 6/01/2050 | |
| Federal National Mortgage Association, 3.000%, 5/01/2051 | |
| Federal National Mortgage Association, 3.000%, 4/01/2052 | |
| Federal National Mortgage Association, 3.000%, 7/01/2052 | |
| Federal National Mortgage Association, 3.500%, 6/01/2049 | |
| Federal National Mortgage Association, 3.500%, 8/01/2049 | |
| Federal National Mortgage Association, 3.500%, 4/01/2052 | |
| Federal National Mortgage Association, 3.500%, 5/01/2052 | |
| Federal National Mortgage Association, 4.000%, 3/01/2050 | |
| Federal National Mortgage Association, 4.000%, 8/01/2052 | |
| Federal National Mortgage Association, 4.000%, 9/01/2052 | |
| Federal National Mortgage Association, 4.000%, 5/01/2053 | |
| Federal National Mortgage Association, 4.500%, 5/01/2049 | |
| Federal National Mortgage Association, 4.500%, 6/01/2049 | |
| Federal National Mortgage Association, 4.500%, 2/01/2053 | |
| Federal National Mortgage Association, 4.500%, 4/01/2053 | |
| Federal National Mortgage Association, 4.500%, 8/01/2053 | |
| Government National Mortgage Association, 3.000%, 6/20/2052 | |
| Government National Mortgage Association, 4.000%, 8/20/2053 | |
| Government National Mortgage Association, 5.000%, 7/20/2053 | |
| Government National Mortgage Association, 5.500%, 4/20/2053 | |
| | |
| |
| Alexandria Real Estate Equities, Inc., 3.800%, 4/15/2026 | |
| Boston Properties LP, 2.750%, 10/01/2026 | |
| | |
| Oil Field Services — 0.2% |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.337%, 12/15/2027 | |
| Schlumberger Investment SA, 4.850%, 5/15/2033 | |
| | |
| |
| Prologis LP, 1.250%, 10/15/2030 | |
| |
| Astrazeneca Finance LLC, 2.250%, 5/28/2031 | |
| | |
| Pharmaceuticals — continued |
| Biogen, Inc., 2.250%, 5/01/2030 | |
| Bristol-Myers Squibb Co., 3.400%, 7/26/2029 | |
| Merck & Co., Inc., 1.450%, 6/24/2030 | |
| Viatris, Inc., 3.850%, 6/22/2040 | |
| | |
| Property & Casualty Insurance — 0.2% |
| Fidelity National Financial, Inc., 3.400%, 6/15/2030 | |
| Marsh & McLennan Cos., Inc., 2.250%, 11/15/2030 | |
| | |
| |
| CSX Corp., 2.600%, 11/01/2026 | |
| |
| Starbucks Corp., 2.250%, 3/12/2030 | |
| |
| Realty Income Corp., 2.700%, 2/15/2032 | |
| Realty Income Corp., 3.400%, 1/15/2028 | |
| | |
| |
| Amazon.com, Inc., 3.875%, 8/22/2037 | |
| TJX Cos., Inc., 1.150%, 5/15/2028 | |
| Walmart, Inc., 4.100%, 4/15/2033 | |
| | |
| |
| Adobe, Inc., 2.300%, 2/01/2030 | |
| Apple, Inc., 2.500%, 2/09/2025 | |
| Broadcom, Inc., 4.926%, 5/15/2037(b) | |
| Intel Corp., 2.450%, 11/15/2029 | |
| International Business Machines Corp., 4.000%, 6/20/2042 | |
| NVIDIA Corp., 2.850%, 4/01/2030 | |
| Oracle Corp., 2.950%, 5/15/2025 | |
| QUALCOMM, Inc., 1.650%, 5/20/2032 | |
| Salesforce, Inc., 1.500%, 7/15/2028 | |
| Texas Instruments, Inc., 4.900%, 3/14/2033 | |
| | |
| |
| U.S. Treasury Bonds, 1.250%, 5/15/2050 | |
| U.S. Treasury Bonds, 2.250%, 5/15/2041 | |
| U.S. Treasury Bonds, 2.500%, 5/15/2046 | |
| U.S. Treasury Bonds, 2.875%, 11/15/2046 | |
| U.S. Treasury Bonds, 3.000%, 5/15/2045 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2048 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2049 | |
| U.S. Treasury Bonds, 4.375%, 8/15/2043 | |
| U.S. Treasury Notes, 0.375%, 11/30/2025 | |
| | |
| |
| Essential Utilities, Inc., 4.276%, 5/01/2049 | |
| |
| Vodafone Group PLC, 6.150%, 2/27/2037 | |
| |
| AT&T, Inc., 3.650%, 6/01/2051 | |
| Verizon Communications, Inc., 2.650%, 11/20/2040 | |
| | |
| Total Bonds and Notes
(Identified Cost $1,326,286) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2015 Fund (continued)
| | |
Exchange-Traded Funds — 3.3% |
| iShares® ESG Aware MSCI EAFE ETF
(Identified Cost $170,212) | |
|
|
|
| WCM Focused Emerging Markets Fund, Institutional Class | |
| WCM Focused International Growth Fund, Institutional Class | |
| Total Mutual Funds
(Identified Cost $273,620) | |
|
|
Affiliated Mutual Funds — 43.4% |
| Loomis Sayles Inflation Protected Securities Fund, Class N | |
| Loomis Sayles Limited Term Government and Agency Fund, Class N | |
| Mirova Global Green Bond Fund, Class N | |
| Mirova International Sustainable Equity Fund, Class N | |
| Total Affiliated Mutual Funds
(Identified Cost $2,754,061) | |
| | |
Short-Term Investments — 2.6% |
| Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/2024 at 3.500% to be repurchased at $152,006 on 8/01/2024 collateralized by $153,800 U.S. Treasury Note, 0.375% due 1/31/2026 valued at $144,902; $10,800 U.S. Treasury Note, 4.000% due 2/15/2026 valued at $10,954 including accrued interest (Note 2 of Notes to Financial Statements)
(Identified Cost $151,991) | |
| Total Investments — 100.6%
(Identified Cost $5,880,379) | |
| Other assets less liabilities — (0.6)% | |
| | |
| See Note 2 of Notes to Financial Statements. |
| Non-income producing security. |
| All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2024, the value of Rule 144A holdings amounted to $15,528 or 0.3% of net assets. |
| An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. |
| |
| |
| |
| Real Estate Investment Trusts |
Asset Allocation Summary at July 31, 2024 (Unaudited)
| |
| |
| |
| |
Other assets less liabilities | |
| |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2020 Fund
| | |
Common Stocks — 31.6% of Net Assets |
| Aerospace & Defense — 0.8% |
| | |
| | |
| | |
| L3Harris Technologies, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Air Freight & Logistics — 0.2% |
| Expeditors International of Washington, Inc. | |
| | |
| | |
| United Parcel Service, Inc., Class B | |
| | |
| Automobile Components — 0.3% |
| | |
| | |
| | |
| Magna International, Inc. | |
| Mobileye Global, Inc., Class A(a) | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| Citizens Financial Group, Inc. | |
| | |
| First Citizens BancShares, Inc., Class A | |
| | |
| | |
| International Bancshares Corp. | |
| | |
| PNC Financial Services Group, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Boston Beer Co., Inc., Class A(a) | |
| | |
| | |
| Monster Beverage Corp.(a) | |
| | |
| | |
| |
| | |
| | |
| Biotechnology — continued |
| Alnylam Pharmaceuticals, Inc.(a) | |
| | |
| BioMarin Pharmaceutical, Inc.(a) | |
| CRISPR Therapeutics AG(a) | |
| | |
| | |
| Halozyme Therapeutics, Inc.(a) | |
| | |
| | |
| Neurocrine Biosciences, Inc.(a) | |
| Regeneron Pharmaceuticals, Inc.(a) | |
| Sarepta Therapeutics, Inc.(a) | |
| United Therapeutics Corp.(a) | |
| Vertex Pharmaceuticals, Inc.(a) | |
| | |
| |
| Alibaba Group Holding Ltd., ADR | |
| | |
| | |
| | |
| |
| | |
| | |
| Fortune Brands Innovations, Inc. | |
| Lennox International, Inc. | |
| | |
| | |
| | |
| | |
| |
| Bank of New York Mellon Corp. | |
| | |
| Cboe Global Markets, Inc. | |
| | |
| | |
| FactSet Research Systems, Inc. | |
| Goldman Sachs Group, Inc. | |
| Intercontinental Exchange, Inc. | |
| Janus Henderson Group PLC | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| T. Rowe Price Group, Inc. | |
| Virtus Investment Partners, Inc. | |
| | |
| |
| Air Products & Chemicals, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Minerals Technologies, Inc. | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2020 Fund (continued) | | |
| |
| | |
| | |
| | |
| Commercial Services & Supplies — 0.1% |
| | |
| | |
| | |
| | |
| Communications Equipment — 0.2% |
| | |
| | |
| | |
| | |
| | |
| Construction & Engineering — 0.1% |
| | |
| Comfort Systems USA, Inc. | |
| | |
| Construction Materials — 0.1% |
| Martin Marietta Materials, Inc. | |
| | |
| | |
| |
| | |
| | |
| Capital One Financial Corp. | |
| | |
| | |
| Consumer Staples Distribution & Retail — 0.7% |
| BJ's Wholesale Club Holdings, Inc.(a) | |
| Casey's General Stores, Inc. | |
| | |
| | |
| Sprouts Farmers Market, Inc.(a) | |
| | |
| | |
| | |
| Containers & Packaging — 0.1% |
| | |
| | |
| | |
| |
| | |
| Diversified Consumer Services — 0.1% |
| Grand Canyon Education, Inc.(a) | |
| Service Corp. International | |
| | |
| |
| American Assets Trust, Inc. | |
| Diversified Telecommunication Services — 0.2% |
| | |
| Iridium Communications, Inc. | |
| Verizon Communications, Inc. | |
| | |
| | |
| Electric Utilities — 0.3% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Electrical Equipment — 0.2% |
| | |
| | |
| | |
| | |
| | |
| | |
| Electronic Equipment, Instruments & Components — 0.4% |
| Advanced Energy Industries, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Teledyne Technologies, Inc.(a) | |
| Zebra Technologies Corp., Class A(a) | |
| | |
| Energy Equipment & Services — 0.1% |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| Take-Two Interactive Software, Inc.(a) | |
| | |
| Warner Bros. Discovery, Inc.(a) | |
| | |
| Financial Services — 1.2% |
| | |
| Corebridge Financial, Inc. | |
| | |
| | |
| Jack Henry & Associates, Inc. | |
| Mastercard, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| Darling Ingredients, Inc.(a) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2020 Fund (continued) | | |
| Food Products — continued |
| | |
| | |
| | |
| | |
| | |
| | |
| Mondelez International, Inc., Class A | |
| | |
| |
| | |
| New Jersey Resources Corp. | |
| | |
| | |
| Ground Transportation — 0.2% |
| | |
| | |
| | |
| | |
| Uber Technologies, Inc.(a) | |
| | |
| | |
| | |
| Health Care Equipment & Supplies — 0.5% |
| | |
| Align Technology, Inc.(a) | |
| Baxter International, Inc. | |
| | |
| Edwards Lifesciences Corp.(a) | |
| Intuitive Surgical, Inc.(a) | |
| | |
| | |
| Merit Medical Systems, Inc.(a) | |
| | |
| | |
| | |
| Health Care Providers & Services — 0.8% |
| Acadia Healthcare Co., Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Select Medical Holdings Corp. | |
| | |
| | |
| Health Care Technology — 0.2% |
| Doximity, Inc., Class A(a) | |
| Veeva Systems, Inc., Class A(a) | |
| | |
| Hotel & Resort REITs — 0.0% |
| Host Hotels & Resorts, Inc. | |
| | |
| Hotels, Restaurants & Leisure — 0.6% |
| | |
| | |
| Chipotle Mexican Grill, Inc.(a) | |
| Marriott Vacations Worldwide Corp. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Household Durables — 0.2% |
| | |
| | |
| | |
| Taylor Morrison Home Corp.(a) | |
| | |
| Household Products — 0.3% |
| Church & Dwight Co., Inc. | |
| | |
| | |
| | |
| | |
| Independent Power & Renewable Electricity Producers — 0.1% |
| | |
| Clearway Energy, Inc., Class A | |
| | |
| Industrial Conglomerates — 0.0% |
| | |
| |
| | |
| Rexford Industrial Realty, Inc. | |
| | |
| |
| | |
| American International Group, Inc. | |
| Arch Capital Group Ltd.(a) | |
| | |
| | |
| | |
| | |
| First American Financial Corp. | |
| Hanover Insurance Group, Inc. | |
| Hartford Financial Services Group, Inc. | |
| Marsh & McLennan Cos., Inc. | |
| Prudential Financial, Inc. | |
| Reinsurance Group of America, Inc. | |
| Selective Insurance Group, Inc. | |
| | |
| | |
| | |
| Interactive Media & Services — 1.5% |
| | |
| | |
| Meta Platforms, Inc., Class A | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2020 Fund (continued) | | |
| |
| | |
| Cognizant Technology Solutions Corp., Class A | |
| International Business Machines Corp. | |
| Kyndryl Holdings, Inc.(a) | |
| Shopify, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| | |
| Life Sciences Tools & Services — 0.5% |
| Agilent Technologies, Inc. | |
| | |
| | |
| | |
| | |
| Thermo Fisher Scientific, Inc. | |
| | |
| |
| | |
| | |
| Chart Industries, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Illinois Tool Works, Inc. | |
| | |
| | |
| | |
| SPX Technologies, Inc.(a) | |
| | |
| | |
| | |
| |
| Charter Communications, Inc., Class A(a) | |
| | |
| Interpublic Group of Cos., Inc. | |
| Liberty Broadband Corp., Class C(a) | |
| | |
| | |
| |
| | |
| Cleveland-Cliffs, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Annaly Capital Management, Inc. | |
| |
| Consolidated Edison, Inc. | |
| | |
| | |
| | |
| | |
| |
| | |
| Easterly Government Properties, Inc. | |
| Highwoods Properties, Inc. | |
| | |
| | |
| Oil, Gas & Consumable Fuels — 1.5% |
| | |
| Antero Resources Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Southwestern Energy Co.(a) | |
| | |
| | |
| | |
| | |
| Passenger Airlines — 0.2% |
| | |
| Personal Care Products — 0.2% |
| | |
| Estee Lauder Cos., Inc., Class A | |
| | |
| | |
| |
| | |
| | |
| Jazz Pharmaceuticals PLC(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Professional Services — 0.3% |
| Automatic Data Processing, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Paylocity Holding Corp.(a) | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2020 Fund (continued) | | |
| Real Estate Management & Development — 0.3% |
| CBRE Group, Inc., Class A(a) | |
| Jones Lang LaSalle, Inc.(a) | |
| | |
| |
| AvalonBay Communities, Inc. | |
| |
| Brixmor Property Group, Inc. | |
| | |
| Simon Property Group, Inc. | |
| | |
| Semiconductors & Semiconductor Equipment — 1.9% |
| Advanced Micro Devices, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Lattice Semiconductor Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| Silicon Laboratories, Inc.(a) | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Cadence Design Systems, Inc.(a) | |
| | |
| | |
| Manhattan Associates, Inc.(a) | |
| | |
| | |
| Palo Alto Networks, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Tyler Technologies, Inc.(a) | |
| Workday, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| Digital Realty Trust, Inc. | |
| | |
| | |
| | |
| |
| Abercrombie & Fitch Co., Class A(a) | |
| Asbury Automotive Group, Inc.(a) | |
| Burlington Stores, Inc.(a) | |
| | |
| Specialty Retail — continued |
| Dick's Sporting Goods, Inc. | |
| | |
| Floor & Decor Holdings, Inc., Class A(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Technology Hardware, Storage & Peripherals — 0.4% |
| | |
| Hewlett Packard Enterprise Co. | |
| | |
| | |
| | |
| | |
| Textiles, Apparel & Luxury Goods — 0.2% |
| | |
| | |
| | |
| | |
| Under Armour, Inc., Class A(a) | |
| | |
| Trading Companies & Distributors — 0.1% |
| | |
| |
| American States Water Co. | |
| American Water Works Co., Inc. | |
| Essential Utilities, Inc. | |
| | |
| Total Common Stocks
(Identified Cost $1,629,278) | |
| | |
|
| |
| Essex Portfolio LP, 3.000%, 1/15/2030 | |
| |
| Cummins, Inc., 5.150%, 2/20/2034 | |
| General Motors Financial Co., Inc., 4.350%, 1/17/2027 | |
| Lear Corp., 4.250%, 5/15/2029 | |
| Toyota Motor Credit Corp., MTN, 2.150%, 2/13/2030 | |
| | |
| |
| American Express Co., (fixed rate to 8/03/2032, variable rate thereafter), 4.420%, 8/03/2033 | |
| Bank of America Corp., MTN, 3.248%, 10/21/2027 | |
| Canadian Imperial Bank of Commerce, 1.250%, 6/22/2026 | |
| Citigroup, Inc., 4.600%, 3/09/2026 | |
| Goldman Sachs Group, Inc., 3.750%, 5/22/2025 | |
| KeyCorp, MTN, 2.550%, 10/01/2029 | |
| Macquarie Group Ltd., (fixed rate to 11/28/2027, variable rate thereafter), 3.763%, 11/28/2028(b) | |
| Morgan Stanley, GMTN, (fixed rate to 7/20/2026, variable rate thereafter), 1.512%, 7/20/2027 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2020 Fund (continued) | | |
| |
| Morgan Stanley, GMTN, (fixed rate to 1/23/2029, variable rate thereafter), 4.431%, 1/23/2030 | |
| PNC Financial Services Group, Inc., 2.600%, 7/23/2026 | |
| PNC Financial Services Group, Inc., (fixed rate to 1/26/2026, variable rate thereafter), 4.758%, 1/26/2027 | |
| State Street Corp., 2.400%, 1/24/2030 | |
| Toronto-Dominion Bank, GMTN, 2.450%, 1/12/2032 | |
| Westpac Banking Corp., 2.350%, 2/19/2025 | |
| | |
| |
| BlackRock, Inc., 2.400%, 4/30/2030 | |
| Intercontinental Exchange, Inc., 3.000%, 6/15/2050 | |
| | |
| Building Materials — 0.3% |
| Fortune Brands Innovations, Inc., 4.000%, 3/25/2032 | |
| Owens Corning, 3.950%, 8/15/2029 | |
| | |
| |
| Ecolab, Inc., 2.125%, 2/01/2032 | |
| LYB International Finance BV, 5.250%, 7/15/2043 | |
| | |
| |
| Procter & Gamble Co., 3.000%, 3/25/2030 | |
| Diversified Manufacturing — 0.3% |
| Eaton Corp., 4.150%, 3/15/2033 | |
| Emerson Electric Co., 2.000%, 12/21/2028 | |
| | |
| |
| DTE Electric Co., Series A, 1.900%, 4/01/2028 | |
| Entergy Corp., 0.900%, 9/15/2025 | |
| Exelon Corp., 4.050%, 4/15/2030 | |
| NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030 | |
| Pacific Gas & Electric Co., 4.550%, 7/01/2030 | |
| Southern California Edison Co., Series C, 4.125%, 3/01/2048 | |
| Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026 | |
| | |
| |
| Republic Services, Inc., 1.450%, 2/15/2031 | |
| Waste Management, Inc., 2.950%, 6/01/2041 | |
| | |
| |
| Ares Capital Corp., 3.250%, 7/15/2025 | |
| Oaktree Specialty Lending Corp., 2.700%, 1/15/2027 | |
| | |
| |
| Coca-Cola Co., 1.450%, 6/01/2027 | |
| General Mills, Inc., 4.000%, 4/17/2025 | |
| Mondelez International, Inc., 2.750%, 4/13/2030 | |
| PepsiCo, Inc., 2.750%, 3/19/2030 | |
| | |
| | |
| Government Owned - No Guarantee — 0.4% |
| Equinor ASA, 3.625%, 4/06/2040 | |
| Federal National Mortgage Association, 6.625%, 11/15/2030 | |
| | |
| |
| Welltower OP LLC, 2.800%, 6/01/2031 | |
| |
| Elevance Health, Inc., 4.101%, 3/01/2028 | |
| UnitedHealth Group, Inc., 5.800%, 3/15/2036 | |
| | |
| |
| CHRISTUS Health, Series C, 4.341%, 7/01/2028 | |
| CVS Health Corp., 4.300%, 3/25/2028 | |
| DH Europe Finance II SARL, 2.200%, 11/15/2024 | |
| Kaiser Foundation Hospitals, 3.150%, 5/01/2027 | |
| Quest Diagnostics, Inc., 2.950%, 6/30/2030 | |
| | |
| |
| Exxon Mobil Corp., 2.992%, 3/19/2025 | |
| Shell International Finance BV, 6.375%, 12/15/2038 | |
| | |
| |
| Athene Holding Ltd., 6.150%, 4/03/2030 | |
| Manulife Financial Corp., 3.703%, 3/16/2032 | |
| MetLife, Inc., 5.375%, 7/15/2033 | |
| | |
| Media Entertainment — 0.1% |
| Netflix, Inc., 3.625%, 6/15/2025(b) | |
| |
| Nucor Corp., 3.125%, 4/01/2032 | |
| |
| Enbridge, Inc., 5.625%, 4/05/2034 | |
| |
| Federal Home Loan Mortgage Corp., 2.000%, 3/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.000%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, 5/01/2051 | |
| Federal Home Loan Mortgage Corp., 2.500%, 12/01/2051 | |
| Federal Home Loan Mortgage Corp., 2.500%, 2/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 6/01/2049 | |
| Federal Home Loan Mortgage Corp., 3.000%, 4/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 6/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 8/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 9/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.500%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.500%, 10/01/2052 | |
| Federal Home Loan Mortgage Corp., 4.000%, 7/01/2052 | |
| Federal Home Loan Mortgage Corp., 5.000%, 3/01/2054 | |
| Federal National Mortgage Association, 2.000%, 9/01/2050 | |
| Federal National Mortgage Association, 2.000%, 7/01/2051 | |
| Federal National Mortgage Association, 2.000%, 8/01/2051 | |
| Federal National Mortgage Association, 2.000%, 10/01/2051 | |
| Federal National Mortgage Association, 2.000%, 3/01/2052 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2020 Fund (continued) | | |
| Mortgage Related — continued |
| Federal National Mortgage Association, 2.500%, 8/01/2050 | |
| Federal National Mortgage Association, 2.500%, 2/01/2051 | |
| Federal National Mortgage Association, 2.500%, 8/01/2051 | |
| Federal National Mortgage Association, 2.500%, 9/01/2051 | |
| Federal National Mortgage Association, 2.500%, 2/01/2052 | |
| Federal National Mortgage Association, 3.000%, 6/01/2035 | |
| Federal National Mortgage Association, 3.000%, 6/01/2050 | |
| Federal National Mortgage Association, 3.000%, 8/01/2050 | |
| Federal National Mortgage Association, 3.000%, 5/01/2051 | |
| Federal National Mortgage Association, 3.000%, 4/01/2052 | |
| Federal National Mortgage Association, 3.500%, 8/01/2049 | |
| Federal National Mortgage Association, 3.500%, 8/01/2049 | |
| Federal National Mortgage Association, 3.500%, 4/01/2052 | |
| Federal National Mortgage Association, 3.500%, 5/01/2052 | |
| Federal National Mortgage Association, 4.000%, 3/01/2050 | |
| Federal National Mortgage Association, 4.000%, 8/01/2052 | |
| Federal National Mortgage Association, 4.000%, 9/01/2052 | |
| Federal National Mortgage Association, 4.000%, 11/01/2052 | |
| Federal National Mortgage Association, 4.000%, 5/01/2053 | |
| Federal National Mortgage Association, 4.500%, 5/01/2049 | |
| Federal National Mortgage Association, 4.500%, 6/01/2049 | |
| Federal National Mortgage Association, 4.500%, 2/01/2053 | |
| Federal National Mortgage Association, 4.500%, 4/01/2053 | |
| Federal National Mortgage Association, 4.500%, 7/01/2053 | |
| Federal National Mortgage Association, 4.500%, 8/01/2053 | |
| Government National Mortgage Association, 3.000%, 4/20/2052 | |
| Government National Mortgage Association, 3.000%, 6/20/2052 | |
| Government National Mortgage Association, 4.000%, 8/20/2053 | |
| Government National Mortgage Association, 5.000%, 7/20/2053 | |
| Government National Mortgage Association, 5.500%, 4/20/2053 | |
| | |
| | |
| |
| Alexandria Real Estate Equities, Inc., 3.800%, 4/15/2026 | |
| Boston Properties LP, 2.750%, 10/01/2026 | |
| | |
| Oil Field Services — 0.2% |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.337%, 12/15/2027 | |
| Schlumberger Investment SA, 4.850%, 5/15/2033 | |
| | |
| |
| Prologis LP, 1.250%, 10/15/2030 | |
| |
| Astrazeneca Finance LLC, 2.250%, 5/28/2031 | |
| Biogen, Inc., 2.250%, 5/01/2030 | |
| Bristol-Myers Squibb Co., 3.400%, 7/26/2029 | |
| Merck & Co., Inc., 1.450%, 6/24/2030 | |
| Viatris, Inc., 3.850%, 6/22/2040 | |
| | |
| Property & Casualty Insurance — 0.1% |
| Fidelity National Financial, Inc., 3.400%, 6/15/2030 | |
| Marsh & McLennan Cos., Inc., 2.250%, 11/15/2030 | |
| | |
| |
| CSX Corp., 2.600%, 11/01/2026 | |
| |
| Starbucks Corp., 2.250%, 3/12/2030 | |
| |
| Realty Income Corp., 2.700%, 2/15/2032 | |
| Realty Income Corp., 3.400%, 1/15/2028 | |
| | |
| |
| Amazon.com, Inc., 3.875%, 8/22/2037 | |
| TJX Cos., Inc., 1.150%, 5/15/2028 | |
| Walmart, Inc., 4.100%, 4/15/2033 | |
| | |
| |
| Adobe, Inc., 2.300%, 2/01/2030 | |
| Apple, Inc., 2.500%, 2/09/2025 | |
| Broadcom, Inc., 3.137%, 11/15/2035(b) | |
| Broadcom, Inc., 4.926%, 5/15/2037(b) | |
| Intel Corp., 2.450%, 11/15/2029 | |
| International Business Machines Corp., 4.000%, 6/20/2042 | |
| NVIDIA Corp., 2.850%, 4/01/2030 | |
| Oracle Corp., 2.950%, 5/15/2025 | |
| QUALCOMM, Inc., 1.650%, 5/20/2032 | |
| Salesforce, Inc., 1.500%, 7/15/2028 | |
| Texas Instruments, Inc., 4.900%, 3/14/2033 | |
| | |
| |
| U.S. Treasury Bonds, 1.250%, 5/15/2050 | |
| U.S. Treasury Bonds, 2.250%, 5/15/2041 | |
| U.S. Treasury Bonds, 2.500%, 5/15/2046 | |
| U.S. Treasury Bonds, 2.875%, 11/15/2046 | |
| U.S. Treasury Bonds, 3.000%, 5/15/2045 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2048 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2049 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2020 Fund (continued) | | |
| |
| U.S. Treasury Bonds, 4.375%, 8/15/2043 | |
| U.S. Treasury Notes, 0.375%, 11/30/2025 | |
| | |
| |
| Essential Utilities, Inc., 4.276%, 5/01/2049 | |
| |
| Vodafone Group PLC, 6.150%, 2/27/2037 | |
| |
| AT&T, Inc., 3.650%, 6/01/2051 | |
| Verizon Communications, Inc., 2.650%, 11/20/2040 | |
| | |
| Total Bonds and Notes
(Identified Cost $1,212,935) | |
| | |
Exchange-Traded Funds — 4.1% |
| iShares® ESG Aware MSCI EAFE ETF
(Identified Cost $225,131) | |
|
|
|
| WCM Focused Emerging Markets Fund, Institutional Class | |
| WCM Focused International Growth Fund, Institutional Class | |
| Total Mutual Funds
(Identified Cost $327,206) | |
|
|
Affiliated Mutual Funds — 36.8% |
| Loomis Sayles Inflation Protected Securities Fund, Class N | |
| Loomis Sayles Limited Term Government and Agency Fund, Class N | |
| Mirova Global Green Bond Fund, Class N | |
| Mirova International Sustainable Equity Fund, Class N | |
| Total Affiliated Mutual Funds
(Identified Cost $2,244,436) | |
| | |
Short-Term Investments — 2.7% |
| Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/2024 at 3.500% to be repurchased at $159,855 on 8/01/2024 collateralized by $159,500 U.S. Treasury Note, 0.375% due 1/31/2026 valued at $150,284; $13,400 U.S. Treasury Note, 4.000% due 2/15/2026 valued at $13,538 including accrued interest (Note 2 of Notes to Financial Statements)
(Identified Cost $159,840) | |
| Total Investments — 100.7%
(Identified Cost $5,798,826) | |
| Other assets less liabilities — (0.7)% | |
| | |
| See Note 2 of Notes to Financial Statements. |
| Non-income producing security. |
| All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2024, the value of Rule 144A holdings amounted to $14,409 or 0.2% of net assets. |
| An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. |
| |
| |
| |
| Real Estate Investment Trusts |
Asset Allocation Summary at July 31, 2024 (Unaudited)
| |
| |
| |
| |
Other assets less liabilities | |
| |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2025 Fund
| | |
Common Stocks — 35.3% of Net Assets |
| Aerospace & Defense — 0.9% |
| | |
| | |
| | |
| L3Harris Technologies, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Air Freight & Logistics — 0.2% |
| Expeditors International of Washington, Inc. | |
| | |
| | |
| United Parcel Service, Inc., Class B | |
| | |
| Automobile Components — 0.3% |
| | |
| | |
| | |
| Magna International, Inc. | |
| Mobileye Global, Inc., Class A(a) | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| Citizens Financial Group, Inc. | |
| | |
| First Citizens BancShares, Inc., Class A | |
| | |
| | |
| International Bancshares Corp. | |
| | |
| PNC Financial Services Group, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Boston Beer Co., Inc., Class A(a) | |
| | |
| | |
| Monster Beverage Corp.(a) | |
| | |
| | |
| |
| | |
| | |
| Biotechnology — continued |
| Alnylam Pharmaceuticals, Inc.(a) | |
| | |
| BioMarin Pharmaceutical, Inc.(a) | |
| CRISPR Therapeutics AG(a) | |
| | |
| | |
| Halozyme Therapeutics, Inc.(a) | |
| | |
| | |
| Neurocrine Biosciences, Inc.(a) | |
| Regeneron Pharmaceuticals, Inc.(a) | |
| Sarepta Therapeutics, Inc.(a) | |
| United Therapeutics Corp.(a) | |
| Vertex Pharmaceuticals, Inc.(a) | |
| | |
| |
| Alibaba Group Holding Ltd., ADR | |
| | |
| | |
| | |
| |
| | |
| | |
| Fortune Brands Innovations, Inc. | |
| Lennox International, Inc. | |
| | |
| | |
| | |
| | |
| |
| Bank of New York Mellon Corp. | |
| | |
| Cboe Global Markets, Inc. | |
| | |
| | |
| FactSet Research Systems, Inc. | |
| Goldman Sachs Group, Inc. | |
| Intercontinental Exchange, Inc. | |
| Janus Henderson Group PLC | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| T. Rowe Price Group, Inc. | |
| Virtus Investment Partners, Inc. | |
| | |
| |
| Air Products & Chemicals, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Minerals Technologies, Inc. | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2025 Fund (continued) | | |
| |
| | |
| | |
| | |
| Commercial Services & Supplies — 0.1% |
| | |
| | |
| | |
| | |
| Communications Equipment — 0.2% |
| | |
| | |
| | |
| | |
| | |
| Construction & Engineering — 0.1% |
| | |
| Comfort Systems USA, Inc. | |
| | |
| Construction Materials — 0.1% |
| Martin Marietta Materials, Inc. | |
| | |
| | |
| |
| | |
| | |
| Capital One Financial Corp. | |
| | |
| | |
| Consumer Staples Distribution & Retail — 0.7% |
| BJ's Wholesale Club Holdings, Inc.(a) | |
| Casey's General Stores, Inc. | |
| | |
| | |
| Sprouts Farmers Market, Inc.(a) | |
| | |
| | |
| | |
| Containers & Packaging — 0.1% |
| | |
| | |
| | |
| |
| | |
| Diversified Consumer Services — 0.1% |
| Grand Canyon Education, Inc.(a) | |
| Service Corp. International | |
| | |
| |
| American Assets Trust, Inc. | |
| Diversified Telecommunication Services — 0.2% |
| | |
| Iridium Communications, Inc. | |
| Verizon Communications, Inc. | |
| | |
| | |
| Electric Utilities — 0.3% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Electrical Equipment — 0.3% |
| | |
| | |
| | |
| | |
| | |
| | |
| Electronic Equipment, Instruments & Components — 0.5% |
| Advanced Energy Industries, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Teledyne Technologies, Inc.(a) | |
| Zebra Technologies Corp., Class A(a) | |
| | |
| Energy Equipment & Services — 0.1% |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| Take-Two Interactive Software, Inc.(a) | |
| | |
| Warner Bros. Discovery, Inc.(a) | |
| | |
| Financial Services — 1.4% |
| | |
| Corebridge Financial, Inc. | |
| | |
| | |
| Jack Henry & Associates, Inc. | |
| Mastercard, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| Darling Ingredients, Inc.(a) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2025 Fund (continued) | | |
| Food Products — continued |
| | |
| | |
| | |
| | |
| | |
| | |
| Mondelez International, Inc., Class A | |
| | |
| |
| | |
| New Jersey Resources Corp. | |
| | |
| | |
| Ground Transportation — 0.2% |
| | |
| | |
| | |
| | |
| Uber Technologies, Inc.(a) | |
| | |
| | |
| | |
| Health Care Equipment & Supplies — 0.6% |
| | |
| Align Technology, Inc.(a) | |
| Baxter International, Inc. | |
| | |
| Edwards Lifesciences Corp.(a) | |
| Intuitive Surgical, Inc.(a) | |
| | |
| | |
| Merit Medical Systems, Inc.(a) | |
| | |
| | |
| | |
| Health Care Providers & Services — 1.0% |
| Acadia Healthcare Co., Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Select Medical Holdings Corp. | |
| | |
| | |
| Health Care Technology — 0.3% |
| Doximity, Inc., Class A(a) | |
| Veeva Systems, Inc., Class A(a) | |
| | |
| Hotel & Resort REITs — 0.0% |
| Host Hotels & Resorts, Inc. | |
| | |
| Hotels, Restaurants & Leisure — 0.6% |
| | |
| | |
| Chipotle Mexican Grill, Inc.(a) | |
| Marriott Vacations Worldwide Corp. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Household Durables — 0.2% |
| | |
| | |
| | |
| Taylor Morrison Home Corp.(a) | |
| | |
| Household Products — 0.3% |
| Church & Dwight Co., Inc. | |
| | |
| | |
| | |
| | |
| Independent Power & Renewable Electricity Producers — 0.1% |
| | |
| Clearway Energy, Inc., Class A | |
| | |
| Industrial Conglomerates — 0.0% |
| | |
| |
| | |
| Rexford Industrial Realty, Inc. | |
| | |
| |
| | |
| American International Group, Inc. | |
| Arch Capital Group Ltd.(a) | |
| | |
| | |
| | |
| | |
| First American Financial Corp. | |
| Hanover Insurance Group, Inc. | |
| Hartford Financial Services Group, Inc. | |
| Marsh & McLennan Cos., Inc. | |
| Prudential Financial, Inc. | |
| Reinsurance Group of America, Inc. | |
| Selective Insurance Group, Inc. | |
| | |
| | |
| | |
| Interactive Media & Services — 1.6% |
| | |
| | |
| Meta Platforms, Inc., Class A | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2025 Fund (continued) | | |
| |
| | |
| Cognizant Technology Solutions Corp., Class A | |
| International Business Machines Corp. | |
| Kyndryl Holdings, Inc.(a) | |
| Shopify, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| | |
| Life Sciences Tools & Services — 0.6% |
| Agilent Technologies, Inc. | |
| | |
| | |
| | |
| | |
| Thermo Fisher Scientific, Inc. | |
| | |
| |
| | |
| | |
| Chart Industries, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Illinois Tool Works, Inc. | |
| | |
| | |
| | |
| SPX Technologies, Inc.(a) | |
| | |
| | |
| | |
| |
| Charter Communications, Inc., Class A(a) | |
| | |
| Interpublic Group of Cos., Inc. | |
| Liberty Broadband Corp., Class C(a) | |
| | |
| | |
| |
| | |
| Cleveland-Cliffs, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Annaly Capital Management, Inc. | |
| |
| Consolidated Edison, Inc. | |
| | |
| | |
| | |
| | |
| |
| | |
| Easterly Government Properties, Inc. | |
| Highwoods Properties, Inc. | |
| | |
| | |
| Oil, Gas & Consumable Fuels — 1.7% |
| | |
| Antero Resources Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Southwestern Energy Co.(a) | |
| | |
| | |
| | |
| | |
| Passenger Airlines — 0.2% |
| | |
| Personal Care Products — 0.2% |
| | |
| Estee Lauder Cos., Inc., Class A | |
| | |
| | |
| |
| | |
| | |
| Jazz Pharmaceuticals PLC(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Professional Services — 0.4% |
| Automatic Data Processing, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Paylocity Holding Corp.(a) | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2025 Fund (continued) | | |
| Real Estate Management & Development — 0.3% |
| CBRE Group, Inc., Class A(a) | |
| Jones Lang LaSalle, Inc.(a) | |
| | |
| |
| AvalonBay Communities, Inc. | |
| |
| Brixmor Property Group, Inc. | |
| | |
| Simon Property Group, Inc. | |
| | |
| Semiconductors & Semiconductor Equipment — 2.1% |
| Advanced Micro Devices, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Lattice Semiconductor Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| Silicon Laboratories, Inc.(a) | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Cadence Design Systems, Inc.(a) | |
| | |
| | |
| Manhattan Associates, Inc.(a) | |
| | |
| | |
| Palo Alto Networks, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Tyler Technologies, Inc.(a) | |
| Workday, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| Digital Realty Trust, Inc. | |
| | |
| | |
| | |
| |
| Abercrombie & Fitch Co., Class A(a) | |
| Asbury Automotive Group, Inc.(a) | |
| Burlington Stores, Inc.(a) | |
| | |
| Specialty Retail — continued |
| Dick's Sporting Goods, Inc. | |
| | |
| Floor & Decor Holdings, Inc., Class A(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Technology Hardware, Storage & Peripherals — 0.5% |
| | |
| Hewlett Packard Enterprise Co. | |
| | |
| | |
| | |
| | |
| Textiles, Apparel & Luxury Goods — 0.2% |
| | |
| | |
| | |
| | |
| Under Armour, Inc., Class A(a) | |
| | |
| Trading Companies & Distributors — 0.1% |
| | |
| |
| American States Water Co. | |
| American Water Works Co., Inc. | |
| Essential Utilities, Inc. | |
| | |
| Total Common Stocks
(Identified Cost $3,111,260) | |
| | |
|
| |
| Essex Portfolio LP, 3.000%, 1/15/2030 | |
| |
| Cummins, Inc., 5.150%, 2/20/2034 | |
| General Motors Financial Co., Inc., 4.350%, 1/17/2027 | |
| Lear Corp., 4.250%, 5/15/2029 | |
| Toyota Motor Credit Corp., MTN, 2.150%, 2/13/2030 | |
| | |
| |
| American Express Co., (fixed rate to 8/03/2032, variable rate thereafter), 4.420%, 8/03/2033 | |
| Bank of America Corp., MTN, 3.248%, 10/21/2027 | |
| Canadian Imperial Bank of Commerce, 1.250%, 6/22/2026 | |
| Citigroup, Inc., 4.600%, 3/09/2026 | |
| Goldman Sachs Group, Inc., 3.750%, 5/22/2025 | |
| KeyCorp, MTN, 2.550%, 10/01/2029 | |
| Macquarie Group Ltd., (fixed rate to 11/28/2027, variable rate thereafter), 3.763%, 11/28/2028(b) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2025 Fund (continued) | | |
| |
| Morgan Stanley, GMTN, (fixed rate to 7/20/2026, variable rate thereafter), 1.512%, 7/20/2027 | |
| Morgan Stanley, GMTN, (fixed rate to 1/23/2029, variable rate thereafter), 4.431%, 1/23/2030 | |
| PNC Financial Services Group, Inc., 2.600%, 7/23/2026 | |
| PNC Financial Services Group, Inc., (fixed rate to 1/26/2026, variable rate thereafter), 4.758%, 1/26/2027 | |
| State Street Corp., 2.400%, 1/24/2030 | |
| Toronto-Dominion Bank, GMTN, 2.450%, 1/12/2032 | |
| Westpac Banking Corp., 2.350%, 2/19/2025 | |
| | |
| |
| BlackRock, Inc., 2.400%, 4/30/2030 | |
| Intercontinental Exchange, Inc., 3.000%, 6/15/2050 | |
| | |
| Building Materials — 0.3% |
| Fortune Brands Innovations, Inc., 4.000%, 3/25/2032 | |
| Owens Corning, 3.950%, 8/15/2029 | |
| | |
| |
| Ecolab, Inc., 2.125%, 2/01/2032 | |
| LYB International Finance BV, 5.250%, 7/15/2043 | |
| | |
| |
| Procter & Gamble Co., 3.000%, 3/25/2030 | |
| Diversified Manufacturing — 0.2% |
| Eaton Corp., 4.150%, 3/15/2033 | |
| Emerson Electric Co., 2.000%, 12/21/2028 | |
| | |
| |
| DTE Electric Co., Series A, 1.900%, 4/01/2028 | |
| Entergy Corp., 0.900%, 9/15/2025 | |
| Exelon Corp., 4.050%, 4/15/2030 | |
| NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030 | |
| Pacific Gas & Electric Co., 4.550%, 7/01/2030 | |
| Southern California Edison Co., Series C, 4.125%, 3/01/2048 | |
| Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026 | |
| | |
| |
| Republic Services, Inc., 1.450%, 2/15/2031 | |
| Waste Management, Inc., 2.950%, 6/01/2041 | |
| | |
| |
| Ares Capital Corp., 3.250%, 7/15/2025 | |
| Oaktree Specialty Lending Corp., 2.700%, 1/15/2027 | |
| | |
| |
| Coca-Cola Co., 1.450%, 6/01/2027 | |
| General Mills, Inc., 4.000%, 4/17/2025 | |
| Mondelez International, Inc., 2.750%, 4/13/2030 | |
| PepsiCo, Inc., 2.750%, 3/19/2030 | |
| | |
| | |
| Government Owned - No Guarantee — 0.4% |
| Equinor ASA, 3.625%, 4/06/2040 | |
| Federal National Mortgage Association, 6.625%, 11/15/2030 | |
| | |
| |
| Welltower OP LLC, 2.800%, 6/01/2031 | |
| |
| Elevance Health, Inc., 4.101%, 3/01/2028 | |
| UnitedHealth Group, Inc., 5.800%, 3/15/2036 | |
| | |
| |
| CHRISTUS Health, Series C, 4.341%, 7/01/2028 | |
| CVS Health Corp., 4.300%, 3/25/2028 | |
| Kaiser Foundation Hospitals, 3.150%, 5/01/2027 | |
| Quest Diagnostics, Inc., 2.950%, 6/30/2030 | |
| | |
| |
| Shell International Finance BV, 6.375%, 12/15/2038 | |
| |
| Athene Holding Ltd., 6.150%, 4/03/2030 | |
| Manulife Financial Corp., 3.703%, 3/16/2032 | |
| MetLife, Inc., 5.375%, 7/15/2033 | |
| | |
| Media Entertainment — 0.1% |
| Netflix, Inc., 3.625%, 6/15/2025(b) | |
| |
| Nucor Corp., 3.125%, 4/01/2032 | |
| |
| Enbridge, Inc., 5.625%, 4/05/2034 | |
| |
| Federal Home Loan Mortgage Corp., 2.000%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, 2/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 2/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 4/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 6/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 8/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.500%, 8/01/2049 | |
| Federal Home Loan Mortgage Corp., 3.500%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.500%, 10/01/2052 | |
| Federal Home Loan Mortgage Corp., 4.000%, 7/01/2052 | |
| Federal Home Loan Mortgage Corp., 4.000%, 9/01/2052 | |
| Federal Home Loan Mortgage Corp., 5.000%, 3/01/2054 | |
| Federal National Mortgage Association, 2.000%, 9/01/2050 | |
| Federal National Mortgage Association, 2.000%, 7/01/2051 | |
| Federal National Mortgage Association, 2.000%, 8/01/2051 | |
| Federal National Mortgage Association, 2.000%, 10/01/2051 | |
| Federal National Mortgage Association, 2.000%, 4/01/2052 | |
| Federal National Mortgage Association, 2.500%, 8/01/2050 | |
| Federal National Mortgage Association, 2.500%, 2/01/2051 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2025 Fund (continued) | | |
| Mortgage Related — continued |
| Federal National Mortgage Association, 2.500%, 8/01/2051 | |
| Federal National Mortgage Association, 2.500%, 9/01/2051 | |
| Federal National Mortgage Association, 2.500%, 2/01/2052 | |
| Federal National Mortgage Association, 3.000%, 4/01/2034 | |
| Federal National Mortgage Association, 3.000%, 6/01/2049 | |
| Federal National Mortgage Association, 3.000%, 12/01/2049 | |
| Federal National Mortgage Association, 3.000%, 6/01/2050 | |
| Federal National Mortgage Association, 3.000%, 5/01/2051 | |
| Federal National Mortgage Association, 3.000%, 4/01/2052 | |
| Federal National Mortgage Association, 3.500%, 6/01/2049 | |
| Federal National Mortgage Association, 3.500%, 7/01/2049 | |
| Federal National Mortgage Association, 3.500%, 8/01/2049 | |
| Federal National Mortgage Association, 3.500%, 4/01/2052 | |
| Federal National Mortgage Association, 3.500%, 5/01/2052 | |
| Federal National Mortgage Association, 3.500%, 7/01/2052 | |
| Federal National Mortgage Association, 4.000%, 6/01/2049 | |
| Federal National Mortgage Association, 4.000%, 3/01/2050 | |
| Federal National Mortgage Association, 4.000%, 8/01/2052 | |
| Federal National Mortgage Association, 4.000%, 9/01/2052 | |
| Federal National Mortgage Association, 4.000%, 5/01/2053 | |
| Federal National Mortgage Association, 4.500%, 6/01/2048 | |
| Federal National Mortgage Association, 4.500%, 5/01/2049 | |
| Federal National Mortgage Association, 4.500%, 2/01/2053 | |
| Federal National Mortgage Association, 4.500%, 8/01/2053 | |
| Government National Mortgage Association, 3.000%, 6/20/2052 | |
| Government National Mortgage Association, 4.000%, 8/20/2053 | |
| Government National Mortgage Association, 5.000%, 7/20/2053 | |
| Government National Mortgage Association, 5.500%, 4/20/2053 | |
| | |
| |
| Alexandria Real Estate Equities, Inc., 3.800%, 4/15/2026 | |
| Boston Properties LP, 2.750%, 10/01/2026 | |
| | |
| | |
| Oil Field Services — 0.2% |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.337%, 12/15/2027 | |
| Schlumberger Investment SA, 4.850%, 5/15/2033 | |
| | |
| |
| Prologis LP, 1.250%, 10/15/2030 | |
| |
| Astrazeneca Finance LLC, 2.250%, 5/28/2031 | |
| Biogen, Inc., 2.250%, 5/01/2030 | |
| Bristol-Myers Squibb Co., 3.400%, 7/26/2029 | |
| Merck & Co., Inc., 1.450%, 6/24/2030 | |
| Viatris, Inc., 3.850%, 6/22/2040 | |
| | |
| Property & Casualty Insurance — 0.2% |
| Fidelity National Financial, Inc., 3.400%, 6/15/2030 | |
| Marsh & McLennan Cos., Inc., 2.250%, 11/15/2030 | |
| | |
| |
| CSX Corp., 2.600%, 11/01/2026 | |
| |
| Starbucks Corp., 2.250%, 3/12/2030 | |
| |
| Realty Income Corp., 2.700%, 2/15/2032 | |
| Realty Income Corp., 3.400%, 1/15/2028 | |
| | |
| |
| Amazon.com, Inc., 3.875%, 8/22/2037 | |
| TJX Cos., Inc., 1.150%, 5/15/2028 | |
| Walmart, Inc., 4.100%, 4/15/2033 | |
| | |
| |
| Adobe, Inc., 2.300%, 2/01/2030 | |
| Broadcom, Inc., 4.926%, 5/15/2037(b) | |
| Intel Corp., 2.450%, 11/15/2029 | |
| International Business Machines Corp., 4.000%, 6/20/2042 | |
| NVIDIA Corp., 2.850%, 4/01/2030 | |
| Oracle Corp., 2.950%, 5/15/2025 | |
| QUALCOMM, Inc., 1.650%, 5/20/2032 | |
| Salesforce, Inc., 1.500%, 7/15/2028 | |
| Texas Instruments, Inc., 4.900%, 3/14/2033 | |
| | |
| |
| U.S. Treasury Bonds, 1.250%, 5/15/2050 | |
| U.S. Treasury Bonds, 2.250%, 5/15/2041 | |
| U.S. Treasury Bonds, 2.500%, 5/15/2046 | |
| U.S. Treasury Bonds, 2.875%, 11/15/2046 | |
| U.S. Treasury Bonds, 3.000%, 5/15/2045 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2048 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2049 | |
| U.S. Treasury Bonds, 4.375%, 8/15/2043 | |
| U.S. Treasury Notes, 0.375%, 11/30/2025 | |
| | |
| |
| Essential Utilities, Inc., 4.276%, 5/01/2049 | |
| |
| Vodafone Group PLC, 6.150%, 2/27/2037 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2025 Fund (continued) | | |
| |
| AT&T, Inc., 3.650%, 6/01/2051 | |
| Verizon Communications, Inc., 2.650%, 11/20/2040 | |
| | |
| Total Bonds and Notes
(Identified Cost $2,053,211) | |
| | |
Exchange-Traded Funds — 4.9% |
| iShares® ESG Aware MSCI EAFE ETF
(Identified Cost $474,559) | |
|
|
|
| WCM Focused Emerging Markets Fund, Institutional Class | |
| WCM Focused International Growth Fund, Institutional Class | |
| Total Mutual Funds
(Identified Cost $757,427) | |
|
|
Affiliated Mutual Funds — 30.5% |
| Loomis Sayles Inflation Protected Securities Fund, Class N | |
| Loomis Sayles Limited Term Government and Agency Fund, Class N | |
| Mirova Global Green Bond Fund, Class N | |
| Mirova International Sustainable Equity Fund, Class N | |
| Total Affiliated Mutual Funds
(Identified Cost $3,265,531) | |
| | |
Short-Term Investments — 3.2% |
| Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/2024 at 3.500% to be repurchased at $330,394 on 8/01/2024 collateralized by $359,100 U.S. Treasury Note, 0.375% due 1/31/2026 valued at $337,946 including accrued interest (Note 2 of Notes to Financial Statements)
(Identified Cost $330,362) | |
| Total Investments — 100.3%
(Identified Cost $9,992,350) | |
| Other assets less liabilities — (0.3)% | |
| | |
| See Note 2 of Notes to Financial Statements. |
| Non-income producing security. |
| All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2024, the value of Rule 144A holdings amounted to $28,097 or 0.3% of net assets. |
| An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. |
| |
| |
| |
| Real Estate Investment Trusts |
Asset Allocation Summary at July 31, 2024 (Unaudited)
| |
| |
| |
| |
Other assets less liabilities | |
| |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2030 Fund
| | |
Common Stocks — 40.3% of Net Assets |
| Aerospace & Defense — 1.0% |
| | |
| | |
| | |
| L3Harris Technologies, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Air Freight & Logistics — 0.2% |
| Expeditors International of Washington, Inc. | |
| | |
| | |
| United Parcel Service, Inc., Class B | |
| | |
| Automobile Components — 0.4% |
| | |
| | |
| | |
| Magna International, Inc. | |
| Mobileye Global, Inc., Class A(a) | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| Citizens Financial Group, Inc. | |
| | |
| First Citizens BancShares, Inc., Class A | |
| | |
| | |
| International Bancshares Corp. | |
| | |
| PNC Financial Services Group, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Boston Beer Co., Inc., Class A(a) | |
| | |
| | |
| Monster Beverage Corp.(a) | |
| | |
| | |
| |
| | |
| | |
| Biotechnology — continued |
| Alnylam Pharmaceuticals, Inc.(a) | |
| | |
| BioMarin Pharmaceutical, Inc.(a) | |
| CRISPR Therapeutics AG(a) | |
| | |
| | |
| Halozyme Therapeutics, Inc.(a) | |
| | |
| | |
| Neurocrine Biosciences, Inc.(a) | |
| Regeneron Pharmaceuticals, Inc.(a) | |
| Sarepta Therapeutics, Inc.(a) | |
| United Therapeutics Corp.(a) | |
| Vertex Pharmaceuticals, Inc.(a) | |
| | |
| |
| Alibaba Group Holding Ltd., ADR | |
| | |
| | |
| | |
| |
| | |
| | |
| Fortune Brands Innovations, Inc. | |
| Lennox International, Inc. | |
| | |
| | |
| | |
| | |
| |
| Bank of New York Mellon Corp. | |
| | |
| Cboe Global Markets, Inc. | |
| | |
| | |
| FactSet Research Systems, Inc. | |
| Goldman Sachs Group, Inc. | |
| Intercontinental Exchange, Inc. | |
| Janus Henderson Group PLC | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| T. Rowe Price Group, Inc. | |
| Virtus Investment Partners, Inc. | |
| | |
| |
| Air Products & Chemicals, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Minerals Technologies, Inc. | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2030 Fund (continued) | | |
| |
| | |
| | |
| | |
| Commercial Services & Supplies — 0.1% |
| | |
| | |
| | |
| | |
| Communications Equipment — 0.2% |
| | |
| | |
| | |
| | |
| | |
| Construction & Engineering — 0.2% |
| | |
| Comfort Systems USA, Inc. | |
| | |
| Construction Materials — 0.1% |
| Martin Marietta Materials, Inc. | |
| | |
| | |
| |
| | |
| | |
| Capital One Financial Corp. | |
| | |
| | |
| Consumer Staples Distribution & Retail — 0.8% |
| BJ's Wholesale Club Holdings, Inc.(a) | |
| Casey's General Stores, Inc. | |
| | |
| | |
| Sprouts Farmers Market, Inc.(a) | |
| | |
| | |
| | |
| Containers & Packaging — 0.1% |
| | |
| | |
| | |
| |
| | |
| Diversified Consumer Services — 0.1% |
| Grand Canyon Education, Inc.(a) | |
| Service Corp. International | |
| | |
| |
| American Assets Trust, Inc. | |
| Diversified Telecommunication Services — 0.3% |
| | |
| Iridium Communications, Inc. | |
| Verizon Communications, Inc. | |
| | |
| | |
| Electric Utilities — 0.4% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Electrical Equipment — 0.3% |
| | |
| | |
| | |
| | |
| | |
| | |
| Electronic Equipment, Instruments & Components — 0.5% |
| Advanced Energy Industries, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Teledyne Technologies, Inc.(a) | |
| Zebra Technologies Corp., Class A(a) | |
| | |
| Energy Equipment & Services — 0.1% |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| Take-Two Interactive Software, Inc.(a) | |
| | |
| Warner Bros. Discovery, Inc.(a) | |
| | |
| Financial Services — 1.6% |
| | |
| Corebridge Financial, Inc. | |
| | |
| | |
| Jack Henry & Associates, Inc. | |
| Mastercard, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| Darling Ingredients, Inc.(a) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2030 Fund (continued) | | |
| Food Products — continued |
| | |
| | |
| | |
| | |
| | |
| | |
| Mondelez International, Inc., Class A | |
| | |
| |
| | |
| New Jersey Resources Corp. | |
| | |
| | |
| Ground Transportation — 0.3% |
| | |
| | |
| | |
| | |
| Uber Technologies, Inc.(a) | |
| | |
| | |
| | |
| Health Care Equipment & Supplies — 0.7% |
| | |
| Align Technology, Inc.(a) | |
| Baxter International, Inc. | |
| | |
| Edwards Lifesciences Corp.(a) | |
| Intuitive Surgical, Inc.(a) | |
| | |
| | |
| Merit Medical Systems, Inc.(a) | |
| | |
| | |
| | |
| Health Care Providers & Services — 1.1% |
| Acadia Healthcare Co., Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Select Medical Holdings Corp. | |
| | |
| | |
| Health Care Technology — 0.3% |
| Doximity, Inc., Class A(a) | |
| Veeva Systems, Inc., Class A(a) | |
| | |
| Hotel & Resort REITs — 0.0% |
| Host Hotels & Resorts, Inc. | |
| | |
| Hotels, Restaurants & Leisure — 0.7% |
| | |
| | |
| Chipotle Mexican Grill, Inc.(a) | |
| Marriott Vacations Worldwide Corp. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Household Durables — 0.3% |
| | |
| | |
| | |
| Taylor Morrison Home Corp.(a) | |
| | |
| Household Products — 0.3% |
| Church & Dwight Co., Inc. | |
| | |
| | |
| | |
| | |
| Independent Power & Renewable Electricity Producers — 0.1% |
| | |
| Clearway Energy, Inc., Class A | |
| | |
| Industrial Conglomerates — 0.0% |
| | |
| |
| | |
| Rexford Industrial Realty, Inc. | |
| | |
| |
| | |
| American International Group, Inc. | |
| Arch Capital Group Ltd.(a) | |
| | |
| | |
| | |
| | |
| First American Financial Corp. | |
| Hanover Insurance Group, Inc. | |
| Hartford Financial Services Group, Inc. | |
| Marsh & McLennan Cos., Inc. | |
| Prudential Financial, Inc. | |
| Reinsurance Group of America, Inc. | |
| Selective Insurance Group, Inc. | |
| | |
| | |
| | |
| Interactive Media & Services — 1.8% |
| | |
| | |
| Meta Platforms, Inc., Class A | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2030 Fund (continued) | | |
| |
| | |
| Cognizant Technology Solutions Corp., Class A | |
| International Business Machines Corp. | |
| Kyndryl Holdings, Inc.(a) | |
| Shopify, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| | |
| Life Sciences Tools & Services — 0.7% |
| Agilent Technologies, Inc. | |
| | |
| | |
| | |
| | |
| Thermo Fisher Scientific, Inc. | |
| | |
| |
| | |
| | |
| Chart Industries, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Illinois Tool Works, Inc. | |
| | |
| | |
| | |
| SPX Technologies, Inc.(a) | |
| | |
| | |
| | |
| |
| Charter Communications, Inc., Class A(a) | |
| | |
| Interpublic Group of Cos., Inc. | |
| Liberty Broadband Corp., Class C(a) | |
| | |
| | |
| |
| | |
| Cleveland-Cliffs, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Annaly Capital Management, Inc. | |
| |
| Consolidated Edison, Inc. | |
| | |
| | |
| | |
| | |
| |
| | |
| Easterly Government Properties, Inc. | |
| Highwoods Properties, Inc. | |
| | |
| | |
| Oil, Gas & Consumable Fuels — 1.9% |
| | |
| Antero Resources Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Southwestern Energy Co.(a) | |
| | |
| | |
| | |
| | |
| Passenger Airlines — 0.2% |
| | |
| Personal Care Products — 0.2% |
| | |
| Estee Lauder Cos., Inc., Class A | |
| | |
| | |
| |
| | |
| | |
| Jazz Pharmaceuticals PLC(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Professional Services — 0.4% |
| Automatic Data Processing, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Paylocity Holding Corp.(a) | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2030 Fund (continued) | | |
| Real Estate Management & Development — 0.4% |
| CBRE Group, Inc., Class A(a) | |
| Jones Lang LaSalle, Inc.(a) | |
| | |
| |
| AvalonBay Communities, Inc. | |
| |
| Brixmor Property Group, Inc. | |
| | |
| Simon Property Group, Inc. | |
| | |
| Semiconductors & Semiconductor Equipment — 2.5% |
| Advanced Micro Devices, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Lattice Semiconductor Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| Silicon Laboratories, Inc.(a) | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Cadence Design Systems, Inc.(a) | |
| | |
| | |
| Manhattan Associates, Inc.(a) | |
| | |
| | |
| Palo Alto Networks, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Tyler Technologies, Inc.(a) | |
| Workday, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| Digital Realty Trust, Inc. | |
| | |
| | |
| | |
| |
| Abercrombie & Fitch Co., Class A(a) | |
| Asbury Automotive Group, Inc.(a) | |
| Burlington Stores, Inc.(a) | |
| | |
| Specialty Retail — continued |
| Dick's Sporting Goods, Inc. | |
| | |
| Floor & Decor Holdings, Inc., Class A(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Technology Hardware, Storage & Peripherals — 0.6% |
| | |
| Hewlett Packard Enterprise Co. | |
| | |
| | |
| | |
| | |
| Textiles, Apparel & Luxury Goods — 0.2% |
| | |
| | |
| | |
| | |
| Under Armour, Inc., Class A(a) | |
| | |
| Trading Companies & Distributors — 0.1% |
| | |
| |
| American States Water Co. | |
| American Water Works Co., Inc. | |
| Essential Utilities, Inc. | |
| | |
| Total Common Stocks
(Identified Cost $7,190,381) | |
| | |
|
| |
| Essex Portfolio LP, 3.000%, 1/15/2030 | |
| |
| Cummins, Inc., 5.150%, 2/20/2034 | |
| General Motors Financial Co., Inc., 4.350%, 1/17/2027 | |
| Lear Corp., 4.250%, 5/15/2029 | |
| Toyota Motor Credit Corp., MTN, 2.150%, 2/13/2030 | |
| | |
| |
| American Express Co., (fixed rate to 8/03/2032, variable rate thereafter), 4.420%, 8/03/2033 | |
| Bank of America Corp., MTN, 3.248%, 10/21/2027 | |
| Canadian Imperial Bank of Commerce, 1.250%, 6/22/2026 | |
| Citigroup, Inc., 4.600%, 3/09/2026 | |
| Goldman Sachs Group, Inc., 3.750%, 5/22/2025 | |
| KeyCorp, MTN, 2.550%, 10/01/2029 | |
| Macquarie Group Ltd., (fixed rate to 11/28/2027, variable rate thereafter), 3.763%, 11/28/2028(b) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2030 Fund (continued) | | |
| |
| Morgan Stanley, GMTN, (fixed rate to 7/20/2026, variable rate thereafter), 1.512%, 7/20/2027 | |
| Morgan Stanley, GMTN, (fixed rate to 1/23/2029, variable rate thereafter), 4.431%, 1/23/2030 | |
| PNC Financial Services Group, Inc., 2.600%, 7/23/2026 | |
| PNC Financial Services Group, Inc., (fixed rate to 1/26/2026, variable rate thereafter), 4.758%, 1/26/2027 | |
| State Street Corp., 2.400%, 1/24/2030 | |
| Toronto-Dominion Bank, GMTN, 2.450%, 1/12/2032 | |
| Westpac Banking Corp., 2.350%, 2/19/2025 | |
| | |
| |
| BlackRock, Inc., 2.400%, 4/30/2030 | |
| Intercontinental Exchange, Inc., 3.000%, 6/15/2050 | |
| | |
| Building Materials — 0.2% |
| Fortune Brands Innovations, Inc., 4.000%, 3/25/2032 | |
| Owens Corning, 3.950%, 8/15/2029 | |
| | |
| |
| Ecolab, Inc., 2.125%, 2/01/2032 | |
| LYB International Finance BV, 5.250%, 7/15/2043 | |
| | |
| |
| Procter & Gamble Co., 3.000%, 3/25/2030 | |
| Diversified Manufacturing — 0.2% |
| Eaton Corp., 4.150%, 3/15/2033 | |
| Emerson Electric Co., 2.000%, 12/21/2028 | |
| | |
| |
| DTE Electric Co., Series A, 1.900%, 4/01/2028 | |
| Entergy Corp., 0.900%, 9/15/2025 | |
| Exelon Corp., 4.050%, 4/15/2030 | |
| NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030 | |
| Pacific Gas & Electric Co., 4.550%, 7/01/2030 | |
| Southern California Edison Co., Series C, 4.125%, 3/01/2048 | |
| Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026 | |
| | |
| |
| Republic Services, Inc., 1.450%, 2/15/2031 | |
| Waste Management, Inc., 2.950%, 6/01/2041 | |
| | |
| |
| Ares Capital Corp., 3.250%, 7/15/2025 | |
| Oaktree Specialty Lending Corp., 2.700%, 1/15/2027 | |
| | |
| |
| Coca-Cola Co., 1.450%, 6/01/2027 | |
| General Mills, Inc., 4.000%, 4/17/2025 | |
| Mondelez International, Inc., 2.750%, 4/13/2030 | |
| PepsiCo, Inc., 2.750%, 3/19/2030 | |
| | |
| | |
| Government Owned - No Guarantee — 0.4% |
| Equinor ASA, 3.625%, 4/06/2040 | |
| Federal National Mortgage Association, 6.625%, 11/15/2030 | |
| | |
| |
| Welltower OP LLC, 2.800%, 6/01/2031 | |
| |
| Elevance Health, Inc., 4.101%, 3/01/2028 | |
| UnitedHealth Group, Inc., 5.800%, 3/15/2036 | |
| | |
| |
| CHRISTUS Health, Series C, 4.341%, 7/01/2028 | |
| CVS Health Corp., 4.300%, 3/25/2028 | |
| DH Europe Finance II SARL, 2.200%, 11/15/2024 | |
| Kaiser Foundation Hospitals, 3.150%, 5/01/2027 | |
| Quest Diagnostics, Inc., 2.950%, 6/30/2030 | |
| | |
| |
| Exxon Mobil Corp., 2.992%, 3/19/2025 | |
| Shell International Finance BV, 6.375%, 12/15/2038 | |
| | |
| |
| Athene Holding Ltd., 6.150%, 4/03/2030 | |
| Manulife Financial Corp., 3.703%, 3/16/2032 | |
| MetLife, Inc., 5.375%, 7/15/2033 | |
| | |
| Media Entertainment — 0.1% |
| Netflix, Inc., 3.625%, 6/15/2025(b) | |
| |
| Nucor Corp., 3.125%, 4/01/2032 | |
| |
| Enbridge, Inc., 5.625%, 4/05/2034 | |
| |
| Federal Home Loan Mortgage Corp., 2.000%, 3/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, 12/01/2051 | |
| Federal Home Loan Mortgage Corp., 2.500%, 2/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 6/01/2049 | |
| Federal Home Loan Mortgage Corp., 3.000%, 4/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 6/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 9/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.500%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 4.000%, 7/01/2052 | |
| Federal Home Loan Mortgage Corp., 4.000%, 9/01/2052 | |
| Federal Home Loan Mortgage Corp., 5.000%, 3/01/2054 | |
| Federal National Mortgage Association, 2.000%, 9/01/2050 | |
| Federal National Mortgage Association, 2.000%, 7/01/2051 | |
| Federal National Mortgage Association, 2.000%, 8/01/2051 | |
| Federal National Mortgage Association, 2.000%, 10/01/2051 | |
| Federal National Mortgage Association, 2.000%, 4/01/2052 | |
| Federal National Mortgage Association, 2.500%, 8/01/2050 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2030 Fund (continued) | | |
| Mortgage Related — continued |
| Federal National Mortgage Association, 2.500%, 2/01/2051 | |
| Federal National Mortgage Association, 2.500%, 8/01/2051 | |
| Federal National Mortgage Association, 2.500%, 9/01/2051 | |
| Federal National Mortgage Association, 2.500%, 4/01/2052 | |
| Federal National Mortgage Association, 2.500%, 6/01/2052 | |
| Federal National Mortgage Association, 3.000%, 4/01/2034 | |
| Federal National Mortgage Association, 3.000%, 6/01/2049 | |
| Federal National Mortgage Association, 3.000%, 12/01/2049 | |
| Federal National Mortgage Association, 3.000%, 5/01/2051 | |
| Federal National Mortgage Association, 3.000%, 4/01/2052 | |
| Federal National Mortgage Association, 3.000%, 7/01/2052 | |
| Federal National Mortgage Association, 3.500%, 4/01/2049 | |
| Federal National Mortgage Association, 3.500%, 6/01/2049 | |
| Federal National Mortgage Association, 3.500%, 7/01/2049 | |
| Federal National Mortgage Association, 3.500%, 8/01/2049 | |
| Federal National Mortgage Association, 3.500%, 4/01/2052 | |
| Federal National Mortgage Association, 3.500%, 5/01/2052 | |
| Federal National Mortgage Association, 3.500%, 7/01/2052 | |
| Federal National Mortgage Association, 4.000%, 6/01/2049 | |
| Federal National Mortgage Association, 4.000%, 3/01/2050 | |
| Federal National Mortgage Association, 4.000%, 9/01/2052 | |
| Federal National Mortgage Association, 4.000%, 11/01/2052 | |
| Federal National Mortgage Association, 4.000%, 5/01/2053 | |
| Federal National Mortgage Association, 4.500%, 9/01/2048 | |
| Federal National Mortgage Association, 4.500%, 5/01/2049 | |
| Federal National Mortgage Association, 4.500%, 6/01/2049 | |
| Federal National Mortgage Association, 4.500%, 2/01/2053 | |
| Federal National Mortgage Association, 4.500%, 4/01/2053 | |
| Federal National Mortgage Association, 4.500%, 7/01/2053 | |
| Federal National Mortgage Association, 4.500%, 8/01/2053 | |
| Government National Mortgage Association, 3.000%, 4/20/2052 | |
| | |
| Mortgage Related — continued |
| Government National Mortgage Association, 3.000%, 6/20/2052 | |
| Government National Mortgage Association, 4.000%, 8/20/2053 | |
| Government National Mortgage Association, 5.000%, 7/20/2053 | |
| Government National Mortgage Association, 5.500%, 4/20/2053 | |
| | |
| |
| Alexandria Real Estate Equities, Inc., 3.800%, 4/15/2026 | |
| Boston Properties LP, 2.750%, 10/01/2026 | |
| | |
| Oil Field Services — 0.2% |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.337%, 12/15/2027 | |
| Schlumberger Investment SA, 4.850%, 5/15/2033 | |
| | |
| |
| Prologis LP, 1.250%, 10/15/2030 | |
| |
| Astrazeneca Finance LLC, 2.250%, 5/28/2031 | |
| Biogen, Inc., 2.250%, 5/01/2030 | |
| Bristol-Myers Squibb Co., 3.400%, 7/26/2029 | |
| Merck & Co., Inc., 1.450%, 6/24/2030 | |
| Viatris, Inc., 3.850%, 6/22/2040 | |
| | |
| Property & Casualty Insurance — 0.1% |
| Fidelity National Financial, Inc., 3.400%, 6/15/2030 | |
| Marsh & McLennan Cos., Inc., 2.250%, 11/15/2030 | |
| | |
| |
| CSX Corp., 2.600%, 11/01/2026 | |
| |
| Starbucks Corp., 2.250%, 3/12/2030 | |
| |
| Realty Income Corp., 2.700%, 2/15/2032 | |
| Realty Income Corp., 3.400%, 1/15/2028 | |
| | |
| |
| Amazon.com, Inc., 3.875%, 8/22/2037 | |
| TJX Cos., Inc., 1.150%, 5/15/2028 | |
| Walmart, Inc., 4.100%, 4/15/2033 | |
| | |
| |
| Adobe, Inc., 2.300%, 2/01/2030 | |
| Apple, Inc., 2.500%, 2/09/2025 | |
| Broadcom, Inc., 3.137%, 11/15/2035(b) | |
| Broadcom, Inc., 4.926%, 5/15/2037(b) | |
| Intel Corp., 2.450%, 11/15/2029 | |
| International Business Machines Corp., 4.000%, 6/20/2042 | |
| NVIDIA Corp., 2.850%, 4/01/2030 | |
| Oracle Corp., 2.950%, 5/15/2025 | |
| QUALCOMM, Inc., 1.650%, 5/20/2032 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2030 Fund (continued) | | |
| |
| Salesforce, Inc., 1.500%, 7/15/2028 | |
| Texas Instruments, Inc., 4.900%, 3/14/2033 | |
| | |
| |
| U.S. Treasury Bonds, 1.250%, 5/15/2050 | |
| U.S. Treasury Bonds, 2.250%, 5/15/2041 | |
| U.S. Treasury Bonds, 2.500%, 5/15/2046 | |
| U.S. Treasury Bonds, 2.875%, 11/15/2046 | |
| U.S. Treasury Bonds, 3.000%, 5/15/2045 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2048 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2049 | |
| U.S. Treasury Bonds, 4.375%, 8/15/2043 | |
| U.S. Treasury Notes, 0.375%, 11/30/2025 | |
| | |
| |
| Essential Utilities, Inc., 4.276%, 5/01/2049 | |
| |
| Vodafone Group PLC, 6.150%, 2/27/2037 | |
| |
| AT&T, Inc., 3.650%, 6/01/2051 | |
| Verizon Communications, Inc., 2.650%, 11/20/2040 | |
| | |
| Total Bonds and Notes
(Identified Cost $3,710,956) | |
| | |
Exchange-Traded Funds — 5.7% |
| iShares® ESG Aware MSCI EAFE ETF
(Identified Cost $1,117,938) | |
|
|
|
| WCM Focused Emerging Markets Fund, Institutional Class | |
| WCM Focused International Growth Fund, Institutional Class | |
| Total Mutual Funds
(Identified Cost $1,934,929) | |
|
|
Affiliated Mutual Funds — 25.0% |
| Loomis Sayles Inflation Protected Securities Fund, Class N | |
| Loomis Sayles Limited Term Government and Agency Fund, Class N | |
| Mirova Global Green Bond Fund, Class N | |
| Mirova International Sustainable Equity Fund, Class N | |
| Total Affiliated Mutual Funds
(Identified Cost $5,509,426) | |
| | |
Short-Term Investments — 3.2% |
| Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/2024 at 3.500% to be repurchased at $675,361 on 8/01/2024 collateralized by $733,400 U.S. Treasury Note, 0.375% due 1/31/2026 valued at $689,590 including accrued interest (Note 2 of Notes to Financial Statements)
(Identified Cost $675,295) | |
| Total Investments — 100.2%
(Identified Cost $20,138,925) | |
| Other assets less liabilities — (0.2)% | |
| | |
| See Note 2 of Notes to Financial Statements. |
| Non-income producing security. |
| All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2024, the value of Rule 144A holdings amounted to $65,459 or 0.3% of net assets. |
| An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. |
| |
| |
| |
| Real Estate Investment Trusts |
Asset Allocation Summary at July 31, 2024 (Unaudited)
| |
| |
| |
| |
Other assets less liabilities | |
| |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2035 Fund
| | |
Common Stocks — 46.8% of Net Assets |
| Aerospace & Defense — 1.1% |
| | |
| | |
| | |
| L3Harris Technologies, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Air Freight & Logistics — 0.3% |
| Expeditors International of Washington, Inc. | |
| | |
| | |
| United Parcel Service, Inc., Class B | |
| | |
| Automobile Components — 0.5% |
| | |
| | |
| | |
| Magna International, Inc. | |
| Mobileye Global, Inc., Class A(a) | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| Citizens Financial Group, Inc. | |
| | |
| First Citizens BancShares, Inc., Class A | |
| | |
| | |
| International Bancshares Corp. | |
| | |
| PNC Financial Services Group, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Boston Beer Co., Inc., Class A(a) | |
| | |
| | |
| Monster Beverage Corp.(a) | |
| | |
| | |
| |
| | |
| | |
| Biotechnology — continued |
| Alnylam Pharmaceuticals, Inc.(a) | |
| | |
| BioMarin Pharmaceutical, Inc.(a) | |
| CRISPR Therapeutics AG(a) | |
| | |
| | |
| Halozyme Therapeutics, Inc.(a) | |
| | |
| | |
| Neurocrine Biosciences, Inc.(a) | |
| Regeneron Pharmaceuticals, Inc.(a) | |
| Sarepta Therapeutics, Inc.(a) | |
| United Therapeutics Corp.(a) | |
| Vertex Pharmaceuticals, Inc.(a) | |
| | |
| |
| Alibaba Group Holding Ltd., ADR | |
| | |
| | |
| | |
| |
| | |
| | |
| Fortune Brands Innovations, Inc. | |
| Lennox International, Inc. | |
| | |
| | |
| | |
| | |
| |
| Bank of New York Mellon Corp. | |
| | |
| Cboe Global Markets, Inc. | |
| | |
| | |
| FactSet Research Systems, Inc. | |
| Goldman Sachs Group, Inc. | |
| Intercontinental Exchange, Inc. | |
| Janus Henderson Group PLC | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| T. Rowe Price Group, Inc. | |
| Virtus Investment Partners, Inc. | |
| | |
| |
| Air Products & Chemicals, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Minerals Technologies, Inc. | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2035 Fund (continued) | | |
| |
| | |
| | |
| | |
| Commercial Services & Supplies — 0.2% |
| | |
| | |
| | |
| | |
| Communications Equipment — 0.2% |
| | |
| | |
| | |
| | |
| | |
| Construction & Engineering — 0.2% |
| | |
| Comfort Systems USA, Inc. | |
| | |
| Construction Materials — 0.1% |
| Martin Marietta Materials, Inc. | |
| | |
| | |
| |
| | |
| | |
| Capital One Financial Corp. | |
| | |
| | |
| Consumer Staples Distribution & Retail — 1.0% |
| BJ's Wholesale Club Holdings, Inc.(a) | |
| Casey's General Stores, Inc. | |
| | |
| | |
| Sprouts Farmers Market, Inc.(a) | |
| | |
| | |
| | |
| Containers & Packaging — 0.1% |
| | |
| | |
| | |
| |
| | |
| Diversified Consumer Services — 0.1% |
| Grand Canyon Education, Inc.(a) | |
| Service Corp. International | |
| | |
| |
| American Assets Trust, Inc. | |
| Diversified Telecommunication Services — 0.3% |
| | |
| Iridium Communications, Inc. | |
| Verizon Communications, Inc. | |
| | |
| | |
| Electric Utilities — 0.4% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Electrical Equipment — 0.4% |
| | |
| | |
| | |
| | |
| | |
| | |
| Electronic Equipment, Instruments & Components — 0.6% |
| Advanced Energy Industries, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Teledyne Technologies, Inc.(a) | |
| Zebra Technologies Corp., Class A(a) | |
| | |
| Energy Equipment & Services — 0.2% |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| Take-Two Interactive Software, Inc.(a) | |
| | |
| Warner Bros. Discovery, Inc.(a) | |
| | |
| Financial Services — 1.8% |
| | |
| Corebridge Financial, Inc. | |
| | |
| | |
| Jack Henry & Associates, Inc. | |
| Mastercard, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| Darling Ingredients, Inc.(a) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2035 Fund (continued) | | |
| Food Products — continued |
| | |
| | |
| | |
| | |
| | |
| | |
| Mondelez International, Inc., Class A | |
| | |
| |
| | |
| New Jersey Resources Corp. | |
| | |
| | |
| Ground Transportation — 0.3% |
| | |
| | |
| | |
| | |
| Uber Technologies, Inc.(a) | |
| | |
| | |
| | |
| Health Care Equipment & Supplies — 0.8% |
| | |
| Align Technology, Inc.(a) | |
| Baxter International, Inc. | |
| | |
| Edwards Lifesciences Corp.(a) | |
| Intuitive Surgical, Inc.(a) | |
| | |
| | |
| Merit Medical Systems, Inc.(a) | |
| | |
| | |
| | |
| Health Care Providers & Services — 1.3% |
| Acadia Healthcare Co., Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Select Medical Holdings Corp. | |
| | |
| | |
| Health Care Technology — 0.3% |
| Doximity, Inc., Class A(a) | |
| Veeva Systems, Inc., Class A(a) | |
| | |
| Hotel & Resort REITs — 0.0% |
| Host Hotels & Resorts, Inc. | |
| | |
| Hotels, Restaurants & Leisure — 0.8% |
| | |
| | |
| Chipotle Mexican Grill, Inc.(a) | |
| Marriott Vacations Worldwide Corp. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Household Durables — 0.3% |
| | |
| | |
| | |
| Taylor Morrison Home Corp.(a) | |
| | |
| Household Products — 0.4% |
| Church & Dwight Co., Inc. | |
| | |
| | |
| | |
| | |
| Independent Power & Renewable Electricity Producers — 0.1% |
| | |
| Clearway Energy, Inc., Class A | |
| | |
| Industrial Conglomerates — 0.0% |
| | |
| |
| | |
| Rexford Industrial Realty, Inc. | |
| | |
| |
| | |
| American International Group, Inc. | |
| Arch Capital Group Ltd.(a) | |
| | |
| | |
| | |
| | |
| First American Financial Corp. | |
| Hanover Insurance Group, Inc. | |
| Hartford Financial Services Group, Inc. | |
| Marsh & McLennan Cos., Inc. | |
| Prudential Financial, Inc. | |
| Reinsurance Group of America, Inc. | |
| Selective Insurance Group, Inc. | |
| | |
| | |
| | |
| Interactive Media & Services — 2.2% |
| | |
| | |
| Meta Platforms, Inc., Class A | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2035 Fund (continued) | | |
| |
| | |
| Cognizant Technology Solutions Corp., Class A | |
| International Business Machines Corp. | |
| Kyndryl Holdings, Inc.(a) | |
| Shopify, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| | |
| Life Sciences Tools & Services — 0.8% |
| Agilent Technologies, Inc. | |
| | |
| | |
| | |
| | |
| Thermo Fisher Scientific, Inc. | |
| | |
| |
| | |
| | |
| Chart Industries, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Illinois Tool Works, Inc. | |
| | |
| | |
| | |
| SPX Technologies, Inc.(a) | |
| | |
| | |
| | |
| |
| Charter Communications, Inc., Class A(a) | |
| | |
| Interpublic Group of Cos., Inc. | |
| Liberty Broadband Corp., Class C(a) | |
| | |
| | |
| |
| | |
| Cleveland-Cliffs, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Annaly Capital Management, Inc. | |
| |
| Consolidated Edison, Inc. | |
| | |
| | |
| | |
| | |
| |
| | |
| Easterly Government Properties, Inc. | |
| Highwoods Properties, Inc. | |
| | |
| | |
| Oil, Gas & Consumable Fuels — 2.2% |
| | |
| Antero Resources Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Southwestern Energy Co.(a) | |
| | |
| | |
| | |
| | |
| Passenger Airlines — 0.3% |
| | |
| Personal Care Products — 0.2% |
| | |
| Estee Lauder Cos., Inc., Class A | |
| | |
| | |
| |
| | |
| | |
| Jazz Pharmaceuticals PLC(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Professional Services — 0.5% |
| Automatic Data Processing, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Paylocity Holding Corp.(a) | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2035 Fund (continued) | | |
| Real Estate Management & Development — 0.5% |
| CBRE Group, Inc., Class A(a) | |
| Jones Lang LaSalle, Inc.(a) | |
| | |
| |
| AvalonBay Communities, Inc. | |
| |
| Brixmor Property Group, Inc. | |
| | |
| Simon Property Group, Inc. | |
| | |
| Semiconductors & Semiconductor Equipment — 2.9% |
| Advanced Micro Devices, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Lattice Semiconductor Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| Silicon Laboratories, Inc.(a) | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Cadence Design Systems, Inc.(a) | |
| | |
| | |
| Manhattan Associates, Inc.(a) | |
| | |
| | |
| Palo Alto Networks, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Tyler Technologies, Inc.(a) | |
| Workday, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| Digital Realty Trust, Inc. | |
| | |
| | |
| | |
| |
| Abercrombie & Fitch Co., Class A(a) | |
| Asbury Automotive Group, Inc.(a) | |
| Burlington Stores, Inc.(a) | |
| | |
| Specialty Retail — continued |
| Dick's Sporting Goods, Inc. | |
| | |
| Floor & Decor Holdings, Inc., Class A(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Technology Hardware, Storage & Peripherals — 0.6% |
| | |
| Hewlett Packard Enterprise Co. | |
| | |
| | |
| | |
| | |
| Textiles, Apparel & Luxury Goods — 0.3% |
| | |
| | |
| | |
| | |
| Under Armour, Inc., Class A(a) | |
| | |
| Trading Companies & Distributors — 0.1% |
| | |
| |
| American States Water Co. | |
| American Water Works Co., Inc. | |
| Essential Utilities, Inc. | |
| | |
| Total Common Stocks
(Identified Cost $8,531,231) | |
| | |
|
| |
| Essex Portfolio LP, 3.000%, 1/15/2030 | |
| |
| Cummins, Inc., 5.150%, 2/20/2034 | |
| General Motors Financial Co., Inc., 4.350%, 1/17/2027 | |
| Lear Corp., 4.250%, 5/15/2029 | |
| Toyota Motor Credit Corp., MTN, 2.150%, 2/13/2030 | |
| | |
| |
| American Express Co., (fixed rate to 8/03/2032, variable rate thereafter), 4.420%, 8/03/2033 | |
| Bank of America Corp., MTN, 3.248%, 10/21/2027 | |
| Canadian Imperial Bank of Commerce, 1.250%, 6/22/2026 | |
| Citigroup, Inc., 4.600%, 3/09/2026 | |
| Goldman Sachs Group, Inc., 3.750%, 5/22/2025 | |
| KeyCorp, MTN, 2.550%, 10/01/2029 | |
| Macquarie Group Ltd., (fixed rate to 11/28/2027, variable rate thereafter), 3.763%, 11/28/2028(b) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2035 Fund (continued) | | |
| |
| Morgan Stanley, GMTN, (fixed rate to 7/20/2026, variable rate thereafter), 1.512%, 7/20/2027 | |
| Morgan Stanley, GMTN, (fixed rate to 1/23/2029, variable rate thereafter), 4.431%, 1/23/2030 | |
| PNC Financial Services Group, Inc., 2.600%, 7/23/2026 | |
| PNC Financial Services Group, Inc., (fixed rate to 1/26/2026, variable rate thereafter), 4.758%, 1/26/2027 | |
| State Street Corp., 2.400%, 1/24/2030 | |
| Toronto-Dominion Bank, GMTN, 2.450%, 1/12/2032 | |
| Westpac Banking Corp., 2.350%, 2/19/2025 | |
| | |
| |
| BlackRock, Inc., 2.400%, 4/30/2030 | |
| Intercontinental Exchange, Inc., 3.000%, 6/15/2050 | |
| | |
| Building Materials — 0.2% |
| Fortune Brands Innovations, Inc., 4.000%, 3/25/2032 | |
| Owens Corning, 3.950%, 8/15/2029 | |
| | |
| |
| Ecolab, Inc., 2.125%, 2/01/2032 | |
| LYB International Finance BV, 5.250%, 7/15/2043 | |
| | |
| |
| Procter & Gamble Co., 3.000%, 3/25/2030 | |
| Diversified Manufacturing — 0.2% |
| Eaton Corp., 4.150%, 3/15/2033 | |
| Emerson Electric Co., 2.000%, 12/21/2028 | |
| | |
| |
| DTE Electric Co., Series A, 1.900%, 4/01/2028 | |
| Entergy Corp., 0.900%, 9/15/2025 | |
| Exelon Corp., 4.050%, 4/15/2030 | |
| NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030 | |
| Pacific Gas & Electric Co., 4.550%, 7/01/2030 | |
| Southern California Edison Co., Series C, 4.125%, 3/01/2048 | |
| Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026 | |
| | |
| |
| Republic Services, Inc., 1.450%, 2/15/2031 | |
| Waste Management, Inc., 2.950%, 6/01/2041 | |
| | |
| |
| Ares Capital Corp., 3.250%, 7/15/2025 | |
| Oaktree Specialty Lending Corp., 2.700%, 1/15/2027 | |
| | |
| |
| Coca-Cola Co., 1.450%, 6/01/2027 | |
| General Mills, Inc., 4.000%, 4/17/2025 | |
| Mondelez International, Inc., 2.750%, 4/13/2030 | |
| PepsiCo, Inc., 2.750%, 3/19/2030 | |
| | |
| | |
| Government Owned - No Guarantee — 0.2% |
| Equinor ASA, 3.625%, 4/06/2040 | |
| Federal National Mortgage Association, 6.625%, 11/15/2030 | |
| | |
| |
| Welltower OP LLC, 2.800%, 6/01/2031 | |
| |
| Elevance Health, Inc., 4.101%, 3/01/2028 | |
| UnitedHealth Group, Inc., 5.800%, 3/15/2036 | |
| | |
| |
| CHRISTUS Health, Series C, 4.341%, 7/01/2028 | |
| CVS Health Corp., 4.300%, 3/25/2028 | |
| DH Europe Finance II SARL, 2.200%, 11/15/2024 | |
| Kaiser Foundation Hospitals, 3.150%, 5/01/2027 | |
| Quest Diagnostics, Inc., 2.950%, 6/30/2030 | |
| | |
| |
| Exxon Mobil Corp., 2.992%, 3/19/2025 | |
| Shell International Finance BV, 6.375%, 12/15/2038 | |
| | |
| |
| Athene Holding Ltd., 6.150%, 4/03/2030 | |
| Manulife Financial Corp., 3.703%, 3/16/2032 | |
| MetLife, Inc., 5.375%, 7/15/2033 | |
| | |
| Media Entertainment — 0.1% |
| Netflix, Inc., 3.625%, 6/15/2025(b) | |
| |
| Nucor Corp., 3.125%, 4/01/2032 | |
| |
| Enbridge, Inc., 5.625%, 4/05/2034 | |
| |
| Federal Home Loan Mortgage Corp., 2.000%, 3/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, 12/01/2051 | |
| Federal Home Loan Mortgage Corp., 2.500%, 2/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 2/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 4/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 6/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 9/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.500%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.500%, 10/01/2052 | |
| Federal Home Loan Mortgage Corp., 4.000%, 7/01/2052 | |
| Federal Home Loan Mortgage Corp., 4.000%, 9/01/2052 | |
| Federal Home Loan Mortgage Corp., 5.000%, 3/01/2054 | |
| Federal National Mortgage Association, 2.000%, 9/01/2050 | |
| Federal National Mortgage Association, 2.000%, 7/01/2051 | |
| Federal National Mortgage Association, 2.000%, 8/01/2051 | |
| Federal National Mortgage Association, 2.000%, 10/01/2051 | |
| Federal National Mortgage Association, 2.000%, 11/01/2051 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2035 Fund (continued) | | |
| Mortgage Related — continued |
| Federal National Mortgage Association, 2.000%, 3/01/2052 | |
| Federal National Mortgage Association, 2.000%, 4/01/2052 | |
| Federal National Mortgage Association, 2.500%, 8/01/2050 | |
| Federal National Mortgage Association, 2.500%, 2/01/2051 | |
| Federal National Mortgage Association, 2.500%, 8/01/2051 | |
| Federal National Mortgage Association, 2.500%, 9/01/2051 | |
| Federal National Mortgage Association, 2.500%, 4/01/2052 | |
| Federal National Mortgage Association, 2.500%, 5/01/2052 | |
| Federal National Mortgage Association, 3.000%, 4/01/2034 | |
| Federal National Mortgage Association, 3.000%, 7/01/2034 | |
| Federal National Mortgage Association, 3.000%, 6/01/2049 | |
| Federal National Mortgage Association, 3.000%, 12/01/2049 | |
| Federal National Mortgage Association, 3.000%, 5/01/2051 | |
| Federal National Mortgage Association, 3.000%, 2/01/2052 | |
| Federal National Mortgage Association, 3.000%, 4/01/2052 | |
| Federal National Mortgage Association, 3.000%, 7/01/2052 | |
| Federal National Mortgage Association, 3.500%, 6/01/2049 | |
| Federal National Mortgage Association, 3.500%, 8/01/2049 | |
| Federal National Mortgage Association, 3.500%, 4/01/2052 | |
| Federal National Mortgage Association, 3.500%, 5/01/2052 | |
| Federal National Mortgage Association, 4.000%, 2/01/2049 | |
| Federal National Mortgage Association, 4.000%, 6/01/2049 | |
| Federal National Mortgage Association, 4.000%, 3/01/2050 | |
| Federal National Mortgage Association, 4.000%, 8/01/2052 | |
| Federal National Mortgage Association, 4.000%, 9/01/2052 | |
| Federal National Mortgage Association, 4.000%, 5/01/2053 | |
| Federal National Mortgage Association, 4.500%, 5/01/2049 | |
| Federal National Mortgage Association, 4.500%, 2/01/2053 | |
| Federal National Mortgage Association, 4.500%, 4/01/2053 | |
| Federal National Mortgage Association, 4.500%, 8/01/2053 | |
| Government National Mortgage Association, 3.000%, 4/20/2052 | |
| | |
| Mortgage Related — continued |
| Government National Mortgage Association, 3.000%, 6/20/2052 | |
| Government National Mortgage Association, 4.000%, 8/20/2053 | |
| Government National Mortgage Association, 5.000%, 7/20/2053 | |
| Government National Mortgage Association, 5.500%, 4/20/2053 | |
| | |
| |
| Alexandria Real Estate Equities, Inc., 3.800%, 4/15/2026 | |
| Boston Properties LP, 2.750%, 10/01/2026 | |
| | |
| Oil Field Services — 0.1% |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.337%, 12/15/2027 | |
| Schlumberger Investment SA, 4.850%, 5/15/2033 | |
| | |
| |
| Prologis LP, 1.250%, 10/15/2030 | |
| |
| Astrazeneca Finance LLC, 2.250%, 5/28/2031 | |
| Biogen, Inc., 2.250%, 5/01/2030 | |
| Bristol-Myers Squibb Co., 3.400%, 7/26/2029 | |
| Merck & Co., Inc., 1.450%, 6/24/2030 | |
| Viatris, Inc., 3.850%, 6/22/2040 | |
| | |
| Property & Casualty Insurance — 0.1% |
| Fidelity National Financial, Inc., 3.400%, 6/15/2030 | |
| Marsh & McLennan Cos., Inc., 2.250%, 11/15/2030 | |
| | |
| |
| CSX Corp., 2.600%, 11/01/2026 | |
| |
| Starbucks Corp., 2.250%, 3/12/2030 | |
| |
| Realty Income Corp., 2.700%, 2/15/2032 | |
| Realty Income Corp., 3.400%, 1/15/2028 | |
| | |
| |
| Amazon.com, Inc., 3.875%, 8/22/2037 | |
| TJX Cos., Inc., 1.150%, 5/15/2028 | |
| Walmart, Inc., 4.100%, 4/15/2033 | |
| | |
| |
| Adobe, Inc., 2.300%, 2/01/2030 | |
| Apple, Inc., 2.500%, 2/09/2025 | |
| Broadcom, Inc., 3.137%, 11/15/2035(b) | |
| Broadcom, Inc., 4.926%, 5/15/2037(b) | |
| Intel Corp., 2.450%, 11/15/2029 | |
| International Business Machines Corp., 4.000%, 6/20/2042 | |
| NVIDIA Corp., 2.850%, 4/01/2030 | |
| Oracle Corp., 2.950%, 5/15/2025 | |
| QUALCOMM, Inc., 1.650%, 5/20/2032 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2035 Fund (continued) | | |
| |
| Salesforce, Inc., 1.500%, 7/15/2028 | |
| Texas Instruments, Inc., 4.900%, 3/14/2033 | |
| | |
| |
| U.S. Treasury Bonds, 1.250%, 5/15/2050 | |
| U.S. Treasury Bonds, 2.250%, 5/15/2041 | |
| U.S. Treasury Bonds, 2.500%, 5/15/2046 | |
| U.S. Treasury Bonds, 2.875%, 11/15/2046 | |
| U.S. Treasury Bonds, 3.000%, 5/15/2045 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2048 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2049 | |
| U.S. Treasury Bonds, 4.375%, 8/15/2043 | |
| U.S. Treasury Notes, 0.375%, 11/30/2025 | |
| | |
| |
| Essential Utilities, Inc., 4.276%, 5/01/2049 | |
| |
| Vodafone Group PLC, 6.150%, 2/27/2037 | |
| |
| AT&T, Inc., 3.650%, 6/01/2051 | |
| Verizon Communications, Inc., 2.650%, 11/20/2040 | |
| | |
| Total Bonds and Notes
(Identified Cost $2,883,598) | |
| | |
Exchange-Traded Funds — 6.4% |
| iShares® ESG Aware MSCI EAFE ETF
(Identified Cost $1,307,866) | |
|
|
|
| WCM Focused Emerging Markets Fund, Institutional Class | |
| WCM Focused International Growth Fund, Institutional Class | |
| Total Mutual Funds
(Identified Cost $2,242,229) | |
|
|
Affiliated Mutual Funds — 21.3% |
| Loomis Sayles Inflation Protected Securities Fund, Class N | |
| Loomis Sayles Limited Term Government and Agency Fund, Class N | |
| Mirova Global Green Bond Fund, Class N | |
| Mirova International Sustainable Equity Fund, Class N | |
| Total Affiliated Mutual Funds
(Identified Cost $4,897,532) | |
| | |
Short-Term Investments — 3.2% |
| Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/2024 at 3.500% to be repurchased at $694,744 on 8/01/2024 collateralized by $754,300 U.S. Treasury Note, 0.375% due 1/31/2026 valued at $709,102 including accrued interest (Note 2 of Notes to Financial Statements)
(Identified Cost $694,677) | |
| Total Investments — 100.2%
(Identified Cost $20,557,133) | |
| Other assets less liabilities — (0.2)% | |
| | |
| See Note 2 of Notes to Financial Statements. |
| Non-income producing security. |
| All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2024, the value of Rule 144A holdings amounted to $42,120 or 0.2% of net assets. |
| An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. |
| |
| |
| |
| Real Estate Investment Trusts |
Asset Allocation Summary at July 31, 2024 (Unaudited)
| |
| |
| |
| |
Other assets less liabilities | |
| |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2040 Fund
| | |
Common Stocks — 53.4% of Net Assets |
| Aerospace & Defense — 1.3% |
| | |
| | |
| | |
| L3Harris Technologies, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Air Freight & Logistics — 0.3% |
| Expeditors International of Washington, Inc. | |
| | |
| | |
| United Parcel Service, Inc., Class B | |
| | |
| Automobile Components — 0.5% |
| | |
| | |
| | |
| Magna International, Inc. | |
| Mobileye Global, Inc., Class A(a) | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| Citizens Financial Group, Inc. | |
| | |
| First Citizens BancShares, Inc., Class A | |
| | |
| | |
| International Bancshares Corp. | |
| | |
| PNC Financial Services Group, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Boston Beer Co., Inc., Class A(a) | |
| | |
| | |
| Monster Beverage Corp.(a) | |
| | |
| | |
| |
| | |
| | |
| Biotechnology — continued |
| Alnylam Pharmaceuticals, Inc.(a) | |
| | |
| BioMarin Pharmaceutical, Inc.(a) | |
| CRISPR Therapeutics AG(a) | |
| | |
| | |
| Halozyme Therapeutics, Inc.(a) | |
| | |
| | |
| Neurocrine Biosciences, Inc.(a) | |
| Regeneron Pharmaceuticals, Inc.(a) | |
| Sarepta Therapeutics, Inc.(a) | |
| United Therapeutics Corp.(a) | |
| Vertex Pharmaceuticals, Inc.(a) | |
| | |
| |
| Alibaba Group Holding Ltd., ADR | |
| | |
| | |
| | |
| |
| | |
| | |
| Fortune Brands Innovations, Inc. | |
| Lennox International, Inc. | |
| | |
| | |
| | |
| | |
| |
| Bank of New York Mellon Corp. | |
| | |
| Cboe Global Markets, Inc. | |
| | |
| | |
| FactSet Research Systems, Inc. | |
| Goldman Sachs Group, Inc. | |
| Intercontinental Exchange, Inc. | |
| Janus Henderson Group PLC | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| T. Rowe Price Group, Inc. | |
| Virtus Investment Partners, Inc. | |
| | |
| |
| Air Products & Chemicals, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Minerals Technologies, Inc. | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2040 Fund (continued) | | |
| |
| | |
| | |
| | |
| Commercial Services & Supplies — 0.2% |
| | |
| | |
| | |
| | |
| Communications Equipment — 0.3% |
| | |
| | |
| | |
| | |
| | |
| Construction & Engineering — 0.2% |
| | |
| Comfort Systems USA, Inc. | |
| | |
| Construction Materials — 0.1% |
| Martin Marietta Materials, Inc. | |
| | |
| | |
| |
| | |
| | |
| Capital One Financial Corp. | |
| | |
| | |
| Consumer Staples Distribution & Retail — 1.1% |
| BJ's Wholesale Club Holdings, Inc.(a) | |
| Casey's General Stores, Inc. | |
| | |
| | |
| Sprouts Farmers Market, Inc.(a) | |
| | |
| | |
| | |
| Containers & Packaging — 0.2% |
| | |
| | |
| | |
| |
| | |
| Diversified Consumer Services — 0.2% |
| Grand Canyon Education, Inc.(a) | |
| Service Corp. International | |
| | |
| |
| American Assets Trust, Inc. | |
| Diversified Telecommunication Services — 0.3% |
| | |
| Iridium Communications, Inc. | |
| Verizon Communications, Inc. | |
| | |
| | |
| Electric Utilities — 0.5% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Electrical Equipment — 0.4% |
| | |
| | |
| | |
| | |
| | |
| | |
| Electronic Equipment, Instruments & Components — 0.7% |
| Advanced Energy Industries, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Teledyne Technologies, Inc.(a) | |
| Zebra Technologies Corp., Class A(a) | |
| | |
| Energy Equipment & Services — 0.2% |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| Take-Two Interactive Software, Inc.(a) | |
| | |
| Warner Bros. Discovery, Inc.(a) | |
| | |
| Financial Services — 2.1% |
| | |
| Corebridge Financial, Inc. | |
| | |
| | |
| Jack Henry & Associates, Inc. | |
| Mastercard, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| Darling Ingredients, Inc.(a) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2040 Fund (continued) | | |
| Food Products — continued |
| | |
| | |
| | |
| | |
| | |
| | |
| Mondelez International, Inc., Class A | |
| | |
| |
| | |
| New Jersey Resources Corp. | |
| | |
| | |
| Ground Transportation — 0.4% |
| | |
| | |
| | |
| | |
| Uber Technologies, Inc.(a) | |
| | |
| | |
| | |
| Health Care Equipment & Supplies — 0.9% |
| | |
| Align Technology, Inc.(a) | |
| Baxter International, Inc. | |
| | |
| Edwards Lifesciences Corp.(a) | |
| Intuitive Surgical, Inc.(a) | |
| | |
| | |
| Merit Medical Systems, Inc.(a) | |
| | |
| | |
| | |
| Health Care Providers & Services — 1.5% |
| Acadia Healthcare Co., Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Select Medical Holdings Corp. | |
| | |
| | |
| Health Care Technology — 0.4% |
| Doximity, Inc., Class A(a) | |
| Veeva Systems, Inc., Class A(a) | |
| | |
| Hotel & Resort REITs — 0.0% |
| Host Hotels & Resorts, Inc. | |
| | |
| Hotels, Restaurants & Leisure — 0.9% |
| | |
| | |
| Chipotle Mexican Grill, Inc.(a) | |
| Marriott Vacations Worldwide Corp. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Household Durables — 0.4% |
| | |
| | |
| | |
| Taylor Morrison Home Corp.(a) | |
| | |
| Household Products — 0.4% |
| Church & Dwight Co., Inc. | |
| | |
| | |
| | |
| | |
| Independent Power & Renewable Electricity Producers — 0.1% |
| | |
| Clearway Energy, Inc., Class A | |
| | |
| Industrial Conglomerates — 0.0% |
| | |
| |
| | |
| Rexford Industrial Realty, Inc. | |
| | |
| |
| | |
| American International Group, Inc. | |
| Arch Capital Group Ltd.(a) | |
| | |
| | |
| | |
| | |
| First American Financial Corp. | |
| Hanover Insurance Group, Inc. | |
| Hartford Financial Services Group, Inc. | |
| Marsh & McLennan Cos., Inc. | |
| Prudential Financial, Inc. | |
| Reinsurance Group of America, Inc. | |
| Selective Insurance Group, Inc. | |
| | |
| | |
| | |
| Interactive Media & Services — 2.5% |
| | |
| | |
| Meta Platforms, Inc., Class A | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2040 Fund (continued) | | |
| |
| | |
| Cognizant Technology Solutions Corp., Class A | |
| International Business Machines Corp. | |
| Kyndryl Holdings, Inc.(a) | |
| Shopify, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| | |
| Life Sciences Tools & Services — 0.9% |
| Agilent Technologies, Inc. | |
| | |
| | |
| | |
| | |
| Thermo Fisher Scientific, Inc. | |
| | |
| |
| | |
| | |
| Chart Industries, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Illinois Tool Works, Inc. | |
| | |
| | |
| | |
| SPX Technologies, Inc.(a) | |
| | |
| | |
| | |
| |
| Charter Communications, Inc., Class A(a) | |
| | |
| Interpublic Group of Cos., Inc. | |
| Liberty Broadband Corp., Class C(a) | |
| | |
| | |
| |
| | |
| Cleveland-Cliffs, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Annaly Capital Management, Inc. | |
| |
| Consolidated Edison, Inc. | |
| | |
| | |
| | |
| | |
| |
| | |
| Easterly Government Properties, Inc. | |
| Highwoods Properties, Inc. | |
| | |
| | |
| Oil, Gas & Consumable Fuels — 2.6% |
| | |
| Antero Resources Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Southwestern Energy Co.(a) | |
| | |
| | |
| | |
| | |
| Passenger Airlines — 0.3% |
| | |
| Personal Care Products — 0.3% |
| | |
| Estee Lauder Cos., Inc., Class A | |
| | |
| | |
| |
| | |
| | |
| Jazz Pharmaceuticals PLC(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Professional Services — 0.6% |
| Automatic Data Processing, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Paylocity Holding Corp.(a) | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2040 Fund (continued) | | |
| Real Estate Management & Development — 0.5% |
| CBRE Group, Inc., Class A(a) | |
| Jones Lang LaSalle, Inc.(a) | |
| | |
| |
| AvalonBay Communities, Inc. | |
| |
| Brixmor Property Group, Inc. | |
| | |
| Simon Property Group, Inc. | |
| | |
| Semiconductors & Semiconductor Equipment — 3.3% |
| Advanced Micro Devices, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Lattice Semiconductor Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| Silicon Laboratories, Inc.(a) | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Cadence Design Systems, Inc.(a) | |
| | |
| | |
| Manhattan Associates, Inc.(a) | |
| | |
| | |
| Palo Alto Networks, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Tyler Technologies, Inc.(a) | |
| Workday, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| Digital Realty Trust, Inc. | |
| | |
| | |
| | |
| |
| Abercrombie & Fitch Co., Class A(a) | |
| Asbury Automotive Group, Inc.(a) | |
| Burlington Stores, Inc.(a) | |
| | |
| Specialty Retail — continued |
| Dick's Sporting Goods, Inc. | |
| | |
| Floor & Decor Holdings, Inc., Class A(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Technology Hardware, Storage & Peripherals — 0.7% |
| | |
| Hewlett Packard Enterprise Co. | |
| | |
| | |
| | |
| | |
| Textiles, Apparel & Luxury Goods — 0.3% |
| | |
| | |
| | |
| | |
| Under Armour, Inc., Class A(a) | |
| | |
| Trading Companies & Distributors — 0.1% |
| | |
| |
| American States Water Co. | |
| American Water Works Co., Inc. | |
| Essential Utilities, Inc. | |
| | |
| Total Common Stocks
(Identified Cost $11,462,584) | |
| | |
|
| |
| Essex Portfolio LP, 3.000%, 1/15/2030 | |
| |
| Cummins, Inc., 5.150%, 2/20/2034 | |
| General Motors Financial Co., Inc., 4.350%, 1/17/2027 | |
| Lear Corp., 4.250%, 5/15/2029 | |
| Toyota Motor Credit Corp., MTN, 2.150%, 2/13/2030 | |
| | |
| |
| American Express Co., (fixed rate to 8/03/2032, variable rate thereafter), 4.420%, 8/03/2033 | |
| Bank of America Corp., MTN, 3.248%, 10/21/2027 | |
| Canadian Imperial Bank of Commerce, 1.250%, 6/22/2026 | |
| Citigroup, Inc., 4.600%, 3/09/2026 | |
| Goldman Sachs Group, Inc., 3.750%, 5/22/2025 | |
| KeyCorp, MTN, 2.550%, 10/01/2029 | |
| Macquarie Group Ltd., (fixed rate to 11/28/2027, variable rate thereafter), 3.763%, 11/28/2028(b) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2040 Fund (continued) | | |
| |
| Morgan Stanley, GMTN, (fixed rate to 7/20/2026, variable rate thereafter), 1.512%, 7/20/2027 | |
| Morgan Stanley, GMTN, (fixed rate to 1/23/2029, variable rate thereafter), 4.431%, 1/23/2030 | |
| PNC Financial Services Group, Inc., 2.600%, 7/23/2026 | |
| PNC Financial Services Group, Inc., (fixed rate to 1/26/2026, variable rate thereafter), 4.758%, 1/26/2027 | |
| State Street Corp., 2.400%, 1/24/2030 | |
| Toronto-Dominion Bank, GMTN, 2.450%, 1/12/2032 | |
| Westpac Banking Corp., 2.350%, 2/19/2025 | |
| | |
| |
| BlackRock, Inc., 2.400%, 4/30/2030 | |
| Intercontinental Exchange, Inc., 3.000%, 6/15/2050 | |
| | |
| Building Materials — 0.2% |
| Fortune Brands Innovations, Inc., 4.000%, 3/25/2032 | |
| Owens Corning, 3.950%, 8/15/2029 | |
| | |
| |
| Ecolab, Inc., 2.125%, 2/01/2032 | |
| LYB International Finance BV, 5.250%, 7/15/2043 | |
| | |
| |
| Procter & Gamble Co., 3.000%, 3/25/2030 | |
| Diversified Manufacturing — 0.1% |
| Eaton Corp., 4.150%, 3/15/2033 | |
| Emerson Electric Co., 2.000%, 12/21/2028 | |
| | |
| |
| DTE Electric Co., Series A, 1.900%, 4/01/2028 | |
| Entergy Corp., 0.900%, 9/15/2025 | |
| Exelon Corp., 4.050%, 4/15/2030 | |
| NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030 | |
| Pacific Gas & Electric Co., 4.550%, 7/01/2030 | |
| Southern California Edison Co., Series C, 4.125%, 3/01/2048 | |
| Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026 | |
| | |
| |
| Republic Services, Inc., 1.450%, 2/15/2031 | |
| Waste Management, Inc., 2.950%, 6/01/2041 | |
| | |
| |
| Ares Capital Corp., 3.250%, 7/15/2025 | |
| Oaktree Specialty Lending Corp., 2.700%, 1/15/2027 | |
| | |
| |
| Coca-Cola Co., 1.450%, 6/01/2027 | |
| General Mills, Inc., 4.000%, 4/17/2025 | |
| Mondelez International, Inc., 2.750%, 4/13/2030 | |
| PepsiCo, Inc., 2.750%, 3/19/2030 | |
| | |
| | |
| Government Owned - No Guarantee — 0.2% |
| Equinor ASA, 3.625%, 4/06/2040 | |
| Federal National Mortgage Association, 6.625%, 11/15/2030 | |
| | |
| |
| Welltower OP LLC, 2.800%, 6/01/2031 | |
| |
| Elevance Health, Inc., 4.101%, 3/01/2028 | |
| UnitedHealth Group, Inc., 5.800%, 3/15/2036 | |
| | |
| |
| CHRISTUS Health, Series C, 4.341%, 7/01/2028 | |
| CVS Health Corp., 4.300%, 3/25/2028 | |
| DH Europe Finance II SARL, 2.200%, 11/15/2024 | |
| Kaiser Foundation Hospitals, 3.150%, 5/01/2027 | |
| Quest Diagnostics, Inc., 2.950%, 6/30/2030 | |
| | |
| |
| Exxon Mobil Corp., 2.992%, 3/19/2025 | |
| Shell International Finance BV, 6.375%, 12/15/2038 | |
| | |
| |
| Athene Holding Ltd., 6.150%, 4/03/2030 | |
| Manulife Financial Corp., 3.703%, 3/16/2032 | |
| MetLife, Inc., 5.375%, 7/15/2033 | |
| | |
| Media Entertainment — 0.1% |
| Netflix, Inc., 3.625%, 6/15/2025(b) | |
| |
| Nucor Corp., 3.125%, 4/01/2032 | |
| |
| Enbridge, Inc., 5.625%, 4/05/2034 | |
| |
| Federal Home Loan Mortgage Corp., 2.000%, 3/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, 12/01/2051 | |
| Federal Home Loan Mortgage Corp., 2.500%, 2/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, 6/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 6/01/2049 | |
| Federal Home Loan Mortgage Corp., 3.000%, 2/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 4/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 6/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 8/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.500%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.500%, 6/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.500%, 10/01/2052 | |
| Federal Home Loan Mortgage Corp., 4.000%, 7/01/2052 | |
| Federal Home Loan Mortgage Corp., 4.000%, 9/01/2052 | |
| Federal Home Loan Mortgage Corp., 5.000%, 3/01/2054 | |
| Federal National Mortgage Association, 2.000%, 9/01/2050 | |
| Federal National Mortgage Association, 2.000%, 7/01/2051 | |
| Federal National Mortgage Association, 2.000%, 8/01/2051 | |
| Federal National Mortgage Association, 2.000%, 10/01/2051 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2040 Fund (continued) | | |
| Mortgage Related — continued |
| Federal National Mortgage Association, 2.000%, 3/01/2052 | |
| Federal National Mortgage Association, 2.000%, 4/01/2052 | |
| Federal National Mortgage Association, 2.500%, 8/01/2050 | |
| Federal National Mortgage Association, 2.500%, 2/01/2051 | |
| Federal National Mortgage Association, 2.500%, 8/01/2051 | |
| Federal National Mortgage Association, 2.500%, 9/01/2051 | |
| Federal National Mortgage Association, 2.500%, 2/01/2052 | |
| Federal National Mortgage Association, 2.500%, 4/01/2052 | |
| Federal National Mortgage Association, 3.000%, 4/01/2034 | |
| Federal National Mortgage Association, 3.000%, 12/01/2049 | |
| Federal National Mortgage Association, 3.000%, 5/01/2050 | |
| Federal National Mortgage Association, 3.000%, 5/01/2051 | |
| Federal National Mortgage Association, 3.000%, 4/01/2052 | |
| Federal National Mortgage Association, 3.000%, 7/01/2052 | |
| Federal National Mortgage Association, 3.500%, 4/01/2049 | |
| Federal National Mortgage Association, 3.500%, 6/01/2049 | |
| Federal National Mortgage Association, 3.500%, 8/01/2049 | |
| Federal National Mortgage Association, 3.500%, 4/01/2052 | |
| Federal National Mortgage Association, 3.500%, 5/01/2052 | |
| Federal National Mortgage Association, 4.000%, 6/01/2049 | |
| Federal National Mortgage Association, 4.000%, 3/01/2050 | |
| Federal National Mortgage Association, 4.000%, 8/01/2052 | |
| Federal National Mortgage Association, 4.000%, 9/01/2052 | |
| Federal National Mortgage Association, 4.000%, 5/01/2053 | |
| Federal National Mortgage Association, 4.500%, 5/01/2049 | |
| Federal National Mortgage Association, 4.500%, 6/01/2049 | |
| Federal National Mortgage Association, 4.500%, 2/01/2053 | |
| Federal National Mortgage Association, 4.500%, 4/01/2053 | |
| Federal National Mortgage Association, 4.500%, 8/01/2053 | |
| Government National Mortgage Association, 3.000%, 6/20/2052 | |
| Government National Mortgage Association, 4.000%, 8/20/2053 | |
| | |
| Mortgage Related — continued |
| Government National Mortgage Association, 5.000%, 7/20/2053 | |
| Government National Mortgage Association, 5.500%, 4/20/2053 | |
| | |
| |
| Alexandria Real Estate Equities, Inc., 3.800%, 4/15/2026 | |
| Boston Properties LP, 2.750%, 10/01/2026 | |
| | |
| Oil Field Services — 0.1% |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.337%, 12/15/2027 | |
| Schlumberger Investment SA, 4.850%, 5/15/2033 | |
| | |
| |
| Prologis LP, 1.250%, 10/15/2030 | |
| |
| Astrazeneca Finance LLC, 2.250%, 5/28/2031 | |
| Biogen, Inc., 2.250%, 5/01/2030 | |
| Bristol-Myers Squibb Co., 3.400%, 7/26/2029 | |
| Merck & Co., Inc., 1.450%, 6/24/2030 | |
| Viatris, Inc., 3.850%, 6/22/2040 | |
| | |
| Property & Casualty Insurance — 0.1% |
| Fidelity National Financial, Inc., 3.400%, 6/15/2030 | |
| Marsh & McLennan Cos., Inc., 2.250%, 11/15/2030 | |
| | |
| |
| CSX Corp., 2.600%, 11/01/2026 | |
| |
| Starbucks Corp., 2.250%, 3/12/2030 | |
| |
| Realty Income Corp., 2.700%, 2/15/2032 | |
| Realty Income Corp., 3.400%, 1/15/2028 | |
| | |
| |
| Amazon.com, Inc., 3.875%, 8/22/2037 | |
| TJX Cos., Inc., 1.150%, 5/15/2028 | |
| Walmart, Inc., 4.100%, 4/15/2033 | |
| | |
| |
| Adobe, Inc., 2.300%, 2/01/2030 | |
| Apple, Inc., 2.500%, 2/09/2025 | |
| Broadcom, Inc., 3.137%, 11/15/2035(b) | |
| Broadcom, Inc., 4.926%, 5/15/2037(b) | |
| Intel Corp., 2.450%, 11/15/2029 | |
| International Business Machines Corp., 4.000%, 6/20/2042 | |
| NVIDIA Corp., 2.850%, 4/01/2030 | |
| Oracle Corp., 2.950%, 5/15/2025 | |
| QUALCOMM, Inc., 1.650%, 5/20/2032 | |
| Salesforce, Inc., 1.500%, 7/15/2028 | |
| Texas Instruments, Inc., 4.900%, 3/14/2033 | |
| | |
| |
| U.S. Treasury Bonds, 1.250%, 5/15/2050 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2040 Fund (continued) | | |
| |
| U.S. Treasury Bonds, 2.250%, 5/15/2041 | |
| U.S. Treasury Bonds, 2.500%, 5/15/2046 | |
| U.S. Treasury Bonds, 2.875%, 11/15/2046 | |
| U.S. Treasury Bonds, 3.000%, 5/15/2045 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2048 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2049 | |
| U.S. Treasury Bonds, 4.375%, 8/15/2043 | |
| U.S. Treasury Notes, 0.375%, 11/30/2025 | |
| | |
| |
| Essential Utilities, Inc., 4.276%, 5/01/2049 | |
| |
| Vodafone Group PLC, 6.150%, 2/27/2037 | |
| |
| AT&T, Inc., 3.650%, 6/01/2051 | |
| Verizon Communications, Inc., 2.650%, 11/20/2040 | |
| | |
| Total Bonds and Notes
(Identified Cost $2,217,977) | |
| | |
Exchange-Traded Funds — 6.9% |
| iShares® ESG Aware MSCI EAFE ETF
(Identified Cost $1,637,681) | |
|
|
|
| WCM Focused Emerging Markets Fund, Institutional Class | |
| WCM Focused International Growth Fund, Institutional Class | |
| Total Mutual Funds
(Identified Cost $2,764,358) | |
|
|
Affiliated Mutual Funds — 17.4% |
| Loomis Sayles Inflation Protected Securities Fund, Class N | |
| Loomis Sayles Limited Term Government and Agency Fund, Class N | |
| Mirova Global Green Bond Fund, Class N | |
| Mirova International Sustainable Equity Fund, Class N | |
| Total Affiliated Mutual Funds
(Identified Cost $4,532,344) | |
| | |
Short-Term Investments — 3.3% |
| Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/2024 at 3.500% to be repurchased at $843,127 on 8/01/2024 collateralized by $787,200 U.S. Treasury Note, 0.375% due 1/31/2026 valued at $740,109; $119,400 U.S. Treasury Note, 4.000% due 2/15/2026 valued at $120,744 including accrued interest (Note 2 of Notes to Financial Statements)
(Identified Cost $843,045) | |
| Total Investments — 100.1%
(Identified Cost $23,457,989) | |
| Other assets less liabilities — (0.1)% | |
| | |
| See Note 2 of Notes to Financial Statements. |
| Non-income producing security. |
| All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2024, the value of Rule 144A holdings amounted to $42,120 or 0.2% of net assets. |
| An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. |
| |
| |
| |
| Real Estate Investment Trusts |
Asset Allocation Summary at July 31, 2024 (Unaudited)
| |
| |
| |
| |
Other assets less liabilities | |
| |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2045 Fund
| | |
Common Stocks — 53.5% of Net Assets |
| Aerospace & Defense — 1.3% |
| | |
| | |
| | |
| L3Harris Technologies, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Air Freight & Logistics — 0.3% |
| Expeditors International of Washington, Inc. | |
| | |
| | |
| United Parcel Service, Inc., Class B | |
| | |
| Automobile Components — 0.5% |
| | |
| | |
| | |
| Magna International, Inc. | |
| Mobileye Global, Inc., Class A(a) | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| Citizens Financial Group, Inc. | |
| | |
| First Citizens BancShares, Inc., Class A | |
| | |
| | |
| International Bancshares Corp. | |
| | |
| PNC Financial Services Group, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Boston Beer Co., Inc., Class A(a) | |
| | |
| | |
| Monster Beverage Corp.(a) | |
| | |
| | |
| |
| | |
| | |
| Biotechnology — continued |
| Alnylam Pharmaceuticals, Inc.(a) | |
| | |
| BioMarin Pharmaceutical, Inc.(a) | |
| CRISPR Therapeutics AG(a) | |
| | |
| | |
| Halozyme Therapeutics, Inc.(a) | |
| | |
| | |
| Neurocrine Biosciences, Inc.(a) | |
| Regeneron Pharmaceuticals, Inc.(a) | |
| Sarepta Therapeutics, Inc.(a) | |
| United Therapeutics Corp.(a) | |
| Vertex Pharmaceuticals, Inc.(a) | |
| | |
| |
| Alibaba Group Holding Ltd., ADR | |
| | |
| | |
| | |
| |
| | |
| | |
| Fortune Brands Innovations, Inc. | |
| Lennox International, Inc. | |
| | |
| | |
| | |
| | |
| |
| Bank of New York Mellon Corp. | |
| | |
| Cboe Global Markets, Inc. | |
| | |
| | |
| FactSet Research Systems, Inc. | |
| Goldman Sachs Group, Inc. | |
| Intercontinental Exchange, Inc. | |
| Janus Henderson Group PLC | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| T. Rowe Price Group, Inc. | |
| Virtus Investment Partners, Inc. | |
| | |
| |
| Air Products & Chemicals, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Minerals Technologies, Inc. | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2045 Fund (continued) | | |
| |
| | |
| | |
| | |
| Commercial Services & Supplies — 0.2% |
| | |
| | |
| | |
| | |
| Communications Equipment — 0.3% |
| | |
| | |
| | |
| | |
| | |
| Construction & Engineering — 0.2% |
| | |
| Comfort Systems USA, Inc. | |
| | |
| Construction Materials — 0.1% |
| Martin Marietta Materials, Inc. | |
| | |
| | |
| |
| | |
| | |
| Capital One Financial Corp. | |
| | |
| | |
| Consumer Staples Distribution & Retail — 1.1% |
| BJ's Wholesale Club Holdings, Inc.(a) | |
| Casey's General Stores, Inc. | |
| | |
| | |
| Sprouts Farmers Market, Inc.(a) | |
| | |
| | |
| | |
| Containers & Packaging — 0.2% |
| | |
| | |
| | |
| |
| | |
| Diversified Consumer Services — 0.2% |
| Grand Canyon Education, Inc.(a) | |
| Service Corp. International | |
| | |
| |
| American Assets Trust, Inc. | |
| Diversified Telecommunication Services — 0.4% |
| | |
| Iridium Communications, Inc. | |
| Verizon Communications, Inc. | |
| | |
| | |
| Electric Utilities — 0.5% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Electrical Equipment — 0.4% |
| | |
| | |
| | |
| | |
| | |
| | |
| Electronic Equipment, Instruments & Components — 0.7% |
| Advanced Energy Industries, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Teledyne Technologies, Inc.(a) | |
| Zebra Technologies Corp., Class A(a) | |
| | |
| Energy Equipment & Services — 0.2% |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| Take-Two Interactive Software, Inc.(a) | |
| | |
| Warner Bros. Discovery, Inc.(a) | |
| | |
| Financial Services — 2.1% |
| | |
| Corebridge Financial, Inc. | |
| | |
| | |
| Jack Henry & Associates, Inc. | |
| Mastercard, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| Darling Ingredients, Inc.(a) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2045 Fund (continued) | | |
| Food Products — continued |
| | |
| | |
| | |
| | |
| | |
| | |
| Mondelez International, Inc., Class A | |
| | |
| |
| | |
| New Jersey Resources Corp. | |
| | |
| | |
| Ground Transportation — 0.4% |
| | |
| | |
| | |
| | |
| Uber Technologies, Inc.(a) | |
| | |
| | |
| | |
| Health Care Equipment & Supplies — 0.9% |
| | |
| Align Technology, Inc.(a) | |
| Baxter International, Inc. | |
| | |
| Edwards Lifesciences Corp.(a) | |
| Intuitive Surgical, Inc.(a) | |
| | |
| | |
| Merit Medical Systems, Inc.(a) | |
| | |
| | |
| | |
| Health Care Providers & Services — 1.5% |
| Acadia Healthcare Co., Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Select Medical Holdings Corp. | |
| | |
| | |
| Health Care Technology — 0.4% |
| Doximity, Inc., Class A(a) | |
| Veeva Systems, Inc., Class A(a) | |
| | |
| Hotel & Resort REITs — 0.0% |
| Host Hotels & Resorts, Inc. | |
| | |
| Hotels, Restaurants & Leisure — 0.9% |
| | |
| | |
| Chipotle Mexican Grill, Inc.(a) | |
| Marriott Vacations Worldwide Corp. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Household Durables — 0.4% |
| | |
| | |
| | |
| Taylor Morrison Home Corp.(a) | |
| | |
| Household Products — 0.4% |
| Church & Dwight Co., Inc. | |
| | |
| | |
| | |
| | |
| Independent Power & Renewable Electricity Producers — 0.1% |
| | |
| Clearway Energy, Inc., Class A | |
| | |
| Industrial Conglomerates — 0.0% |
| | |
| |
| | |
| Rexford Industrial Realty, Inc. | |
| | |
| |
| | |
| American International Group, Inc. | |
| Arch Capital Group Ltd.(a) | |
| | |
| | |
| | |
| | |
| First American Financial Corp. | |
| Hanover Insurance Group, Inc. | |
| Hartford Financial Services Group, Inc. | |
| Marsh & McLennan Cos., Inc. | |
| Prudential Financial, Inc. | |
| Reinsurance Group of America, Inc. | |
| Selective Insurance Group, Inc. | |
| | |
| | |
| | |
| Interactive Media & Services — 2.5% |
| | |
| | |
| Meta Platforms, Inc., Class A | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2045 Fund (continued) | | |
| |
| | |
| Cognizant Technology Solutions Corp., Class A | |
| International Business Machines Corp. | |
| Kyndryl Holdings, Inc.(a) | |
| Shopify, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| | |
| Life Sciences Tools & Services — 0.9% |
| Agilent Technologies, Inc. | |
| | |
| | |
| | |
| | |
| Thermo Fisher Scientific, Inc. | |
| | |
| |
| | |
| | |
| Chart Industries, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Illinois Tool Works, Inc. | |
| | |
| | |
| | |
| SPX Technologies, Inc.(a) | |
| | |
| | |
| | |
| |
| Charter Communications, Inc., Class A(a) | |
| | |
| Interpublic Group of Cos., Inc. | |
| Liberty Broadband Corp., Class C(a) | |
| | |
| | |
| |
| | |
| Cleveland-Cliffs, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Annaly Capital Management, Inc. | |
| |
| Consolidated Edison, Inc. | |
| | |
| | |
| | |
| | |
| |
| | |
| Easterly Government Properties, Inc. | |
| Highwoods Properties, Inc. | |
| | |
| | |
| Oil, Gas & Consumable Fuels — 2.6% |
| | |
| Antero Resources Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Southwestern Energy Co.(a) | |
| | |
| | |
| | |
| | |
| Passenger Airlines — 0.3% |
| | |
| Personal Care Products — 0.3% |
| | |
| Estee Lauder Cos., Inc., Class A | |
| | |
| | |
| |
| | |
| | |
| Jazz Pharmaceuticals PLC(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Professional Services — 0.6% |
| Automatic Data Processing, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Paylocity Holding Corp.(a) | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2045 Fund (continued) | | |
| Real Estate Management & Development — 0.5% |
| CBRE Group, Inc., Class A(a) | |
| Jones Lang LaSalle, Inc.(a) | |
| | |
| |
| AvalonBay Communities, Inc. | |
| |
| Brixmor Property Group, Inc. | |
| | |
| Simon Property Group, Inc. | |
| | |
| Semiconductors & Semiconductor Equipment — 3.3% |
| Advanced Micro Devices, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Lattice Semiconductor Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| Silicon Laboratories, Inc.(a) | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Cadence Design Systems, Inc.(a) | |
| | |
| | |
| Manhattan Associates, Inc.(a) | |
| | |
| | |
| Palo Alto Networks, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Tyler Technologies, Inc.(a) | |
| Workday, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| Digital Realty Trust, Inc. | |
| | |
| | |
| | |
| |
| Abercrombie & Fitch Co., Class A(a) | |
| Asbury Automotive Group, Inc.(a) | |
| Burlington Stores, Inc.(a) | |
| | |
| Specialty Retail — continued |
| Dick's Sporting Goods, Inc. | |
| | |
| Floor & Decor Holdings, Inc., Class A(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Technology Hardware, Storage & Peripherals — 0.7% |
| | |
| Hewlett Packard Enterprise Co. | |
| | |
| | |
| | |
| | |
| Textiles, Apparel & Luxury Goods — 0.3% |
| | |
| | |
| | |
| | |
| Under Armour, Inc., Class A(a) | |
| | |
| Trading Companies & Distributors — 0.1% |
| | |
| |
| American States Water Co. | |
| American Water Works Co., Inc. | |
| Essential Utilities, Inc. | |
| | |
| Total Common Stocks
(Identified Cost $11,233,213) | |
| | |
|
| |
| Essex Portfolio LP, 3.000%, 1/15/2030 | |
| |
| Cummins, Inc., 5.150%, 2/20/2034 | |
| General Motors Financial Co., Inc., 4.350%, 1/17/2027 | |
| Lear Corp., 4.250%, 5/15/2029 | |
| Toyota Motor Credit Corp., MTN, 2.150%, 2/13/2030 | |
| | |
| |
| American Express Co., (fixed rate to 8/03/2032, variable rate thereafter), 4.420%, 8/03/2033 | |
| Bank of America Corp., MTN, 3.248%, 10/21/2027 | |
| Canadian Imperial Bank of Commerce, 1.250%, 6/22/2026 | |
| Citigroup, Inc., 4.600%, 3/09/2026 | |
| Goldman Sachs Group, Inc., 3.750%, 5/22/2025 | |
| KeyCorp, MTN, 2.550%, 10/01/2029 | |
| Macquarie Group Ltd., (fixed rate to 11/28/2027, variable rate thereafter), 3.763%, 11/28/2028(b) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2045 Fund (continued) | | |
| |
| Morgan Stanley, GMTN, (fixed rate to 7/20/2026, variable rate thereafter), 1.512%, 7/20/2027 | |
| Morgan Stanley, GMTN, (fixed rate to 1/23/2029, variable rate thereafter), 4.431%, 1/23/2030 | |
| PNC Financial Services Group, Inc., 2.600%, 7/23/2026 | |
| PNC Financial Services Group, Inc., (fixed rate to 1/26/2026, variable rate thereafter), 4.758%, 1/26/2027 | |
| State Street Corp., 2.400%, 1/24/2030 | |
| Toronto-Dominion Bank, GMTN, 2.450%, 1/12/2032 | |
| Westpac Banking Corp., 2.350%, 2/19/2025 | |
| | |
| |
| BlackRock, Inc., 2.400%, 4/30/2030 | |
| Intercontinental Exchange, Inc., 3.000%, 6/15/2050 | |
| | |
| Building Materials — 0.1% |
| Fortune Brands Innovations, Inc., 4.000%, 3/25/2032 | |
| Owens Corning, 3.950%, 8/15/2029 | |
| | |
| |
| Ecolab, Inc., 2.125%, 2/01/2032 | |
| LYB International Finance BV, 5.250%, 7/15/2043 | |
| | |
| |
| Procter & Gamble Co., 3.000%, 3/25/2030 | |
| Diversified Manufacturing — 0.1% |
| Eaton Corp., 4.150%, 3/15/2033 | |
| Emerson Electric Co., 2.000%, 12/21/2028 | |
| | |
| |
| DTE Electric Co., Series A, 1.900%, 4/01/2028 | |
| Entergy Corp., 0.900%, 9/15/2025 | |
| Exelon Corp., 4.050%, 4/15/2030 | |
| NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030 | |
| Pacific Gas & Electric Co., 4.550%, 7/01/2030 | |
| Southern California Edison Co., Series C, 4.125%, 3/01/2048 | |
| Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026 | |
| | |
| |
| Republic Services, Inc., 1.450%, 2/15/2031 | |
| Waste Management, Inc., 2.950%, 6/01/2041 | |
| | |
| |
| Ares Capital Corp., 3.250%, 7/15/2025 | |
| Oaktree Specialty Lending Corp., 2.700%, 1/15/2027 | |
| | |
| |
| Coca-Cola Co., 1.450%, 6/01/2027 | |
| General Mills, Inc., 4.000%, 4/17/2025 | |
| Mondelez International, Inc., 2.750%, 4/13/2030 | |
| PepsiCo, Inc., 2.750%, 3/19/2030 | |
| | |
| | |
| Government Owned - No Guarantee — 0.1% |
| Equinor ASA, 3.625%, 4/06/2040 | |
| Federal National Mortgage Association, 6.625%, 11/15/2030 | |
| | |
| |
| Welltower OP LLC, 2.800%, 6/01/2031 | |
| |
| Elevance Health, Inc., 4.101%, 3/01/2028 | |
| UnitedHealth Group, Inc., 5.800%, 3/15/2036 | |
| | |
| |
| CHRISTUS Health, Series C, 4.341%, 7/01/2028 | |
| CVS Health Corp., 4.300%, 3/25/2028 | |
| DH Europe Finance II SARL, 2.200%, 11/15/2024 | |
| Kaiser Foundation Hospitals, 3.150%, 5/01/2027 | |
| Quest Diagnostics, Inc., 2.950%, 6/30/2030 | |
| | |
| |
| Exxon Mobil Corp., 2.992%, 3/19/2025 | |
| Shell International Finance BV, 6.375%, 12/15/2038 | |
| | |
| |
| Athene Holding Ltd., 6.150%, 4/03/2030 | |
| Manulife Financial Corp., 3.703%, 3/16/2032 | |
| MetLife, Inc., 5.375%, 7/15/2033 | |
| | |
| Media Entertainment — 0.0% |
| Netflix, Inc., 3.625%, 6/15/2025(b) | |
| |
| Nucor Corp., 3.125%, 4/01/2032 | |
| |
| Enbridge, Inc., 5.625%, 4/05/2034 | |
| |
| Federal Home Loan Mortgage Corp., 2.000%, 3/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.000%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, 5/01/2051 | |
| Federal Home Loan Mortgage Corp., 2.500%, 12/01/2051 | |
| Federal Home Loan Mortgage Corp., 2.500%, 2/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, 6/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 6/01/2049 | |
| Federal Home Loan Mortgage Corp., 3.000%, 2/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 4/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 6/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 8/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.500%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.500%, 6/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.500%, 10/01/2052 | |
| Federal Home Loan Mortgage Corp., 4.000%, 7/01/2052 | |
| Federal Home Loan Mortgage Corp., 4.000%, 9/01/2052 | |
| Federal Home Loan Mortgage Corp., 5.000%, 3/01/2054 | |
| Federal National Mortgage Association, 2.000%, 7/01/2051 | |
| Federal National Mortgage Association, 2.000%, 8/01/2051 | |
| Federal National Mortgage Association, 2.000%, 10/01/2051 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2045 Fund (continued) | | |
| Mortgage Related — continued |
| Federal National Mortgage Association, 2.500%, 2/01/2051 | |
| Federal National Mortgage Association, 2.500%, 8/01/2051 | |
| Federal National Mortgage Association, 2.500%, 9/01/2051 | |
| Federal National Mortgage Association, 2.500%, 2/01/2052 | |
| Federal National Mortgage Association, 2.500%, 4/01/2052 | |
| Federal National Mortgage Association, 3.000%, 4/01/2034 | |
| Federal National Mortgage Association, 3.000%, 6/01/2049 | |
| Federal National Mortgage Association, 3.000%, 12/01/2049 | |
| Federal National Mortgage Association, 3.000%, 5/01/2051 | |
| Federal National Mortgage Association, 3.000%, 4/01/2052 | |
| Federal National Mortgage Association, 3.000%, 7/01/2052 | |
| Federal National Mortgage Association, 3.500%, 6/01/2049 | |
| Federal National Mortgage Association, 3.500%, 8/01/2049 | |
| Federal National Mortgage Association, 3.500%, 4/01/2052 | |
| Federal National Mortgage Association, 3.500%, 5/01/2052 | |
| Federal National Mortgage Association, 4.000%, 3/01/2050 | |
| Federal National Mortgage Association, 4.000%, 8/01/2052 | |
| Federal National Mortgage Association, 4.000%, 9/01/2052 | |
| Federal National Mortgage Association, 4.000%, 5/01/2053 | |
| Federal National Mortgage Association, 4.500%, 5/01/2049 | |
| Federal National Mortgage Association, 4.500%, 6/01/2049 | |
| Federal National Mortgage Association, 4.500%, 2/01/2053 | |
| Federal National Mortgage Association, 4.500%, 4/01/2053 | |
| Federal National Mortgage Association, 4.500%, 7/01/2053 | |
| Federal National Mortgage Association, 4.500%, 8/01/2053 | |
| Government National Mortgage Association, 3.000%, 6/20/2052 | |
| Government National Mortgage Association, 4.000%, 8/20/2053 | |
| Government National Mortgage Association, 5.000%, 7/20/2053 | |
| Government National Mortgage Association, 5.500%, 4/20/2053 | |
| | |
| | |
| |
| Alexandria Real Estate Equities, Inc., 3.800%, 4/15/2026 | |
| Boston Properties LP, 2.750%, 10/01/2026 | |
| | |
| Oil Field Services — 0.0% |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.337%, 12/15/2027 | |
| Schlumberger Investment SA, 4.850%, 5/15/2033 | |
| | |
| |
| Prologis LP, 1.250%, 10/15/2030 | |
| |
| Astrazeneca Finance LLC, 2.250%, 5/28/2031 | |
| Biogen, Inc., 2.250%, 5/01/2030 | |
| Bristol-Myers Squibb Co., 3.400%, 7/26/2029 | |
| Merck & Co., Inc., 1.450%, 6/24/2030 | |
| Viatris, Inc., 3.850%, 6/22/2040 | |
| | |
| Property & Casualty Insurance — 0.0% |
| Fidelity National Financial, Inc., 3.400%, 6/15/2030 | |
| Marsh & McLennan Cos., Inc., 2.250%, 11/15/2030 | |
| | |
| |
| CSX Corp., 2.600%, 11/01/2026 | |
| |
| Starbucks Corp., 2.250%, 3/12/2030 | |
| |
| Realty Income Corp., 2.700%, 2/15/2032 | |
| Realty Income Corp., 3.400%, 1/15/2028 | |
| | |
| |
| Amazon.com, Inc., 3.875%, 8/22/2037 | |
| TJX Cos., Inc., 1.150%, 5/15/2028 | |
| Walmart, Inc., 4.100%, 4/15/2033 | |
| | |
| |
| Adobe, Inc., 2.300%, 2/01/2030 | |
| Apple, Inc., 2.500%, 2/09/2025 | |
| Broadcom, Inc., 3.137%, 11/15/2035(b) | |
| Broadcom, Inc., 4.926%, 5/15/2037(b) | |
| Intel Corp., 2.450%, 11/15/2029 | |
| International Business Machines Corp., 4.000%, 6/20/2042 | |
| NVIDIA Corp., 2.850%, 4/01/2030 | |
| Oracle Corp., 2.950%, 5/15/2025 | |
| QUALCOMM, Inc., 1.650%, 5/20/2032 | |
| Salesforce, Inc., 1.500%, 7/15/2028 | |
| Texas Instruments, Inc., 4.900%, 3/14/2033 | |
| | |
| |
| U.S. Treasury Bonds, 1.250%, 5/15/2050 | |
| U.S. Treasury Bonds, 2.250%, 5/15/2041 | |
| U.S. Treasury Bonds, 2.500%, 5/15/2046 | |
| U.S. Treasury Bonds, 2.875%, 11/15/2046 | |
| U.S. Treasury Bonds, 3.000%, 5/15/2045 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2048 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2049 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2045 Fund (continued) | | |
| |
| U.S. Treasury Bonds, 4.375%, 8/15/2043 | |
| U.S. Treasury Notes, 0.375%, 11/30/2025 | |
| | |
| |
| Essential Utilities, Inc., 4.276%, 5/01/2049 | |
| |
| Vodafone Group PLC, 6.150%, 2/27/2037 | |
| |
| AT&T, Inc., 3.650%, 6/01/2051 | |
| Verizon Communications, Inc., 2.650%, 11/20/2040 | |
| | |
| Total Bonds and Notes
(Identified Cost $1,114,194) | |
| | |
Exchange-Traded Funds — 7.4% |
| iShares® ESG Aware MSCI EAFE ETF
(Identified Cost $1,745,590) | |
|
|
|
| WCM Focused Emerging Markets Fund, Institutional Class | |
| WCM Focused International Growth Fund, Institutional Class | |
| Total Mutual Funds
(Identified Cost $3,099,681) | |
|
|
Affiliated Mutual Funds — 14.9% |
| Loomis Sayles Inflation Protected Securities Fund, Class N | |
| Loomis Sayles Limited Term Government and Agency Fund, Class N | |
| Mirova Global Green Bond Fund, Class N | |
| Mirova International Sustainable Equity Fund, Class N | |
| Total Affiliated Mutual Funds
(Identified Cost $3,806,552) | |
| | |
Short-Term Investments — 3.3% |
| Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/2024 at 3.500% to be repurchased at $820,660 on 8/01/2024 collateralized by $891,000 U.S. Treasury Note, 0.375% due 1/31/2026 valued at $837,602 including accrued interest (Note 2 of Notes to Financial Statements)
(Identified Cost $820,580) | |
| Total Investments — 95.5%
(Identified Cost $21,819,810) | |
| Other assets less liabilities — 4.5% | |
| | |
| See Note 2 of Notes to Financial Statements. |
| Non-income producing security. |
| All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2024, the value of Rule 144A holdings amounted to $24,718 or 0.1% of net assets. |
| An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. |
| |
| |
| |
| Real Estate Investment Trusts |
Asset Allocation Summary at July 31, 2024 (Unaudited)
| |
| |
| |
| |
Other assets less liabilities | |
| |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2050 Fund
| | |
Common Stocks — 58.2% of Net Assets |
| Aerospace & Defense — 1.4% |
| | |
| | |
| | |
| L3Harris Technologies, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Air Freight & Logistics — 0.4% |
| Expeditors International of Washington, Inc. | |
| | |
| | |
| United Parcel Service, Inc., Class B | |
| | |
| Automobile Components — 0.6% |
| | |
| | |
| | |
| Magna International, Inc. | |
| Mobileye Global, Inc., Class A(a) | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| Citizens Financial Group, Inc. | |
| | |
| First Citizens BancShares, Inc., Class A | |
| | |
| | |
| International Bancshares Corp. | |
| | |
| PNC Financial Services Group, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Boston Beer Co., Inc., Class A(a) | |
| | |
| | |
| Monster Beverage Corp.(a) | |
| | |
| | |
| |
| | |
| | |
| Biotechnology — continued |
| Alnylam Pharmaceuticals, Inc.(a) | |
| | |
| BioMarin Pharmaceutical, Inc.(a) | |
| CRISPR Therapeutics AG(a) | |
| | |
| | |
| Halozyme Therapeutics, Inc.(a) | |
| | |
| | |
| Neurocrine Biosciences, Inc.(a) | |
| Regeneron Pharmaceuticals, Inc.(a) | |
| Sarepta Therapeutics, Inc.(a) | |
| United Therapeutics Corp.(a) | |
| Vertex Pharmaceuticals, Inc.(a) | |
| | |
| |
| Alibaba Group Holding Ltd., ADR | |
| | |
| | |
| | |
| |
| | |
| | |
| Fortune Brands Innovations, Inc. | |
| Lennox International, Inc. | |
| | |
| | |
| | |
| | |
| |
| Bank of New York Mellon Corp. | |
| | |
| Cboe Global Markets, Inc. | |
| | |
| | |
| FactSet Research Systems, Inc. | |
| Goldman Sachs Group, Inc. | |
| Intercontinental Exchange, Inc. | |
| Janus Henderson Group PLC | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| T. Rowe Price Group, Inc. | |
| Virtus Investment Partners, Inc. | |
| | |
| |
| Air Products & Chemicals, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Minerals Technologies, Inc. | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2050 Fund (continued) | | |
| |
| | |
| | |
| | |
| Commercial Services & Supplies — 0.2% |
| | |
| | |
| | |
| | |
| Communications Equipment — 0.3% |
| | |
| | |
| | |
| | |
| | |
| Construction & Engineering — 0.2% |
| | |
| Comfort Systems USA, Inc. | |
| | |
| Construction Materials — 0.2% |
| Martin Marietta Materials, Inc. | |
| | |
| | |
| |
| | |
| | |
| Capital One Financial Corp. | |
| | |
| | |
| Consumer Staples Distribution & Retail — 1.2% |
| BJ's Wholesale Club Holdings, Inc.(a) | |
| Casey's General Stores, Inc. | |
| | |
| | |
| Sprouts Farmers Market, Inc.(a) | |
| | |
| | |
| | |
| Containers & Packaging — 0.2% |
| | |
| | |
| | |
| |
| | |
| Diversified Consumer Services — 0.2% |
| Grand Canyon Education, Inc.(a) | |
| Service Corp. International | |
| | |
| |
| American Assets Trust, Inc. | |
| Diversified Telecommunication Services — 0.4% |
| | |
| Iridium Communications, Inc. | |
| Verizon Communications, Inc. | |
| | |
| | |
| Electric Utilities — 0.5% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Electrical Equipment — 0.4% |
| | |
| | |
| | |
| | |
| | |
| | |
| Electronic Equipment, Instruments & Components — 0.8% |
| Advanced Energy Industries, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Teledyne Technologies, Inc.(a) | |
| Zebra Technologies Corp., Class A(a) | |
| | |
| Energy Equipment & Services — 0.2% |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| Take-Two Interactive Software, Inc.(a) | |
| | |
| Warner Bros. Discovery, Inc.(a) | |
| | |
| Financial Services — 2.3% |
| | |
| Corebridge Financial, Inc. | |
| | |
| | |
| Jack Henry & Associates, Inc. | |
| Mastercard, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| Darling Ingredients, Inc.(a) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2050 Fund (continued) | | |
| Food Products — continued |
| | |
| | |
| | |
| | |
| | |
| | |
| Mondelez International, Inc., Class A | |
| | |
| |
| | |
| New Jersey Resources Corp. | |
| | |
| | |
| Ground Transportation — 0.4% |
| | |
| | |
| | |
| | |
| Uber Technologies, Inc.(a) | |
| | |
| | |
| | |
| Health Care Equipment & Supplies — 0.9% |
| | |
| Align Technology, Inc.(a) | |
| Baxter International, Inc. | |
| | |
| Edwards Lifesciences Corp.(a) | |
| Intuitive Surgical, Inc.(a) | |
| | |
| | |
| Merit Medical Systems, Inc.(a) | |
| | |
| | |
| | |
| Health Care Providers & Services — 1.6% |
| Acadia Healthcare Co., Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Select Medical Holdings Corp. | |
| | |
| | |
| Health Care Technology — 0.4% |
| Doximity, Inc., Class A(a) | |
| Veeva Systems, Inc., Class A(a) | |
| | |
| Hotel & Resort REITs — 0.0% |
| Host Hotels & Resorts, Inc. | |
| | |
| Hotels, Restaurants & Leisure — 1.0% |
| | |
| | |
| Chipotle Mexican Grill, Inc.(a) | |
| Marriott Vacations Worldwide Corp. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Household Durables — 0.4% |
| | |
| | |
| | |
| Taylor Morrison Home Corp.(a) | |
| | |
| Household Products — 0.5% |
| Church & Dwight Co., Inc. | |
| | |
| | |
| | |
| | |
| Independent Power & Renewable Electricity Producers — 0.1% |
| | |
| Clearway Energy, Inc., Class A | |
| | |
| Industrial Conglomerates — 0.0% |
| | |
| |
| | |
| Rexford Industrial Realty, Inc. | |
| | |
| |
| | |
| American International Group, Inc. | |
| Arch Capital Group Ltd.(a) | |
| | |
| | |
| | |
| | |
| First American Financial Corp. | |
| Hanover Insurance Group, Inc. | |
| Hartford Financial Services Group, Inc. | |
| Marsh & McLennan Cos., Inc. | |
| Prudential Financial, Inc. | |
| Reinsurance Group of America, Inc. | |
| Selective Insurance Group, Inc. | |
| | |
| | |
| | |
| Interactive Media & Services — 2.7% |
| | |
| | |
| Meta Platforms, Inc., Class A | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2050 Fund (continued) | | |
| |
| | |
| Cognizant Technology Solutions Corp., Class A | |
| International Business Machines Corp. | |
| Kyndryl Holdings, Inc.(a) | |
| Shopify, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| | |
| Life Sciences Tools & Services — 1.0% |
| Agilent Technologies, Inc. | |
| | |
| | |
| | |
| | |
| Thermo Fisher Scientific, Inc. | |
| | |
| |
| | |
| | |
| Chart Industries, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Illinois Tool Works, Inc. | |
| | |
| | |
| | |
| SPX Technologies, Inc.(a) | |
| | |
| | |
| | |
| |
| Charter Communications, Inc., Class A(a) | |
| | |
| Interpublic Group of Cos., Inc. | |
| Liberty Broadband Corp., Class C(a) | |
| | |
| | |
| |
| | |
| Cleveland-Cliffs, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Annaly Capital Management, Inc. | |
| |
| Consolidated Edison, Inc. | |
| | |
| | |
| | |
| | |
| |
| | |
| Easterly Government Properties, Inc. | |
| Highwoods Properties, Inc. | |
| | |
| | |
| Oil, Gas & Consumable Fuels — 2.8% |
| | |
| Antero Resources Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Southwestern Energy Co.(a) | |
| | |
| | |
| | |
| | |
| Passenger Airlines — 0.3% |
| | |
| Personal Care Products — 0.3% |
| | |
| Estee Lauder Cos., Inc., Class A | |
| | |
| | |
| |
| | |
| | |
| Jazz Pharmaceuticals PLC(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Professional Services — 0.6% |
| Automatic Data Processing, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Paylocity Holding Corp.(a) | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2050 Fund (continued) | | |
| Real Estate Management & Development — 0.6% |
| CBRE Group, Inc., Class A(a) | |
| Jones Lang LaSalle, Inc.(a) | |
| | |
| |
| AvalonBay Communities, Inc. | |
| |
| Brixmor Property Group, Inc. | |
| | |
| Simon Property Group, Inc. | |
| | |
| Semiconductors & Semiconductor Equipment — 3.6% |
| Advanced Micro Devices, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Lattice Semiconductor Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| Silicon Laboratories, Inc.(a) | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Cadence Design Systems, Inc.(a) | |
| | |
| | |
| Manhattan Associates, Inc.(a) | |
| | |
| | |
| Palo Alto Networks, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Tyler Technologies, Inc.(a) | |
| Workday, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| Digital Realty Trust, Inc. | |
| | |
| | |
| | |
| |
| Abercrombie & Fitch Co., Class A(a) | |
| Asbury Automotive Group, Inc.(a) | |
| Burlington Stores, Inc.(a) | |
| | |
| Specialty Retail — continued |
| Dick's Sporting Goods, Inc. | |
| | |
| Floor & Decor Holdings, Inc., Class A(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Technology Hardware, Storage & Peripherals — 0.8% |
| | |
| Hewlett Packard Enterprise Co. | |
| | |
| | |
| | |
| | |
| Textiles, Apparel & Luxury Goods — 0.3% |
| | |
| | |
| | |
| | |
| Under Armour, Inc., Class A(a) | |
| | |
| Trading Companies & Distributors — 0.1% |
| | |
| |
| American States Water Co. | |
| American Water Works Co., Inc. | |
| Essential Utilities, Inc. | |
| | |
| Total Common Stocks
(Identified Cost $12,070,410) | |
| | |
|
| |
| Essex Portfolio LP, 3.000%, 1/15/2030 | |
| |
| Cummins, Inc., 5.150%, 2/20/2034 | |
| General Motors Financial Co., Inc., 4.350%, 1/17/2027 | |
| Lear Corp., 4.250%, 5/15/2029 | |
| Toyota Motor Credit Corp., MTN, 2.150%, 2/13/2030 | |
| | |
| |
| American Express Co., (fixed rate to 8/03/2032, variable rate thereafter), 4.420%, 8/03/2033 | |
| Bank of America Corp., MTN, 3.248%, 10/21/2027 | |
| Canadian Imperial Bank of Commerce, 1.250%, 6/22/2026 | |
| Citigroup, Inc., 4.600%, 3/09/2026 | |
| Goldman Sachs Group, Inc., 3.750%, 5/22/2025 | |
| KeyCorp, MTN, 2.550%, 10/01/2029 | |
| Macquarie Group Ltd., (fixed rate to 11/28/2027, variable rate thereafter), 3.763%, 11/28/2028(b) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2050 Fund (continued) | | |
| |
| Morgan Stanley, GMTN, (fixed rate to 7/20/2026, variable rate thereafter), 1.512%, 7/20/2027 | |
| Morgan Stanley, GMTN, (fixed rate to 1/23/2029, variable rate thereafter), 4.431%, 1/23/2030 | |
| PNC Financial Services Group, Inc., 2.600%, 7/23/2026 | |
| PNC Financial Services Group, Inc., (fixed rate to 1/26/2026, variable rate thereafter), 4.758%, 1/26/2027 | |
| State Street Corp., 2.400%, 1/24/2030 | |
| Toronto-Dominion Bank, GMTN, 2.450%, 1/12/2032 | |
| Westpac Banking Corp., 2.350%, 2/19/2025 | |
| | |
| |
| BlackRock, Inc., 2.400%, 4/30/2030 | |
| Intercontinental Exchange, Inc., 3.000%, 6/15/2050 | |
| | |
| Building Materials — 0.1% |
| Fortune Brands Innovations, Inc., 4.000%, 3/25/2032 | |
| Owens Corning, 3.950%, 8/15/2029 | |
| | |
| |
| Ecolab, Inc., 2.125%, 2/01/2032 | |
| LYB International Finance BV, 5.250%, 7/15/2043 | |
| | |
| |
| Procter & Gamble Co., 3.000%, 3/25/2030 | |
| Diversified Manufacturing — 0.1% |
| Eaton Corp., 4.150%, 3/15/2033 | |
| Emerson Electric Co., 2.000%, 12/21/2028 | |
| | |
| |
| DTE Electric Co., Series A, 1.900%, 4/01/2028 | |
| Entergy Corp., 0.900%, 9/15/2025 | |
| Exelon Corp., 4.050%, 4/15/2030 | |
| NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030 | |
| Pacific Gas & Electric Co., 4.550%, 7/01/2030 | |
| Southern California Edison Co., Series C, 4.125%, 3/01/2048 | |
| Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026 | |
| | |
| |
| Republic Services, Inc., 1.450%, 2/15/2031 | |
| Waste Management, Inc., 2.950%, 6/01/2041 | |
| | |
| |
| Ares Capital Corp., 3.250%, 7/15/2025 | |
| Oaktree Specialty Lending Corp., 2.700%, 1/15/2027 | |
| | |
| |
| Coca-Cola Co., 1.450%, 6/01/2027 | |
| General Mills, Inc., 4.000%, 4/17/2025 | |
| Mondelez International, Inc., 2.750%, 4/13/2030 | |
| PepsiCo, Inc., 2.750%, 3/19/2030 | |
| | |
| | |
| Government Owned - No Guarantee — 0.1% |
| Equinor ASA, 3.625%, 4/06/2040 | |
| Federal National Mortgage Association, 6.625%, 11/15/2030 | |
| | |
| |
| Welltower OP LLC, 2.800%, 6/01/2031 | |
| |
| Elevance Health, Inc., 4.101%, 3/01/2028 | |
| UnitedHealth Group, Inc., 5.800%, 3/15/2036 | |
| | |
| |
| CHRISTUS Health, Series C, 4.341%, 7/01/2028 | |
| CVS Health Corp., 4.300%, 3/25/2028 | |
| DH Europe Finance II SARL, 2.200%, 11/15/2024 | |
| Kaiser Foundation Hospitals, 3.150%, 5/01/2027 | |
| Quest Diagnostics, Inc., 2.950%, 6/30/2030 | |
| | |
| |
| Exxon Mobil Corp., 2.992%, 3/19/2025 | |
| Shell International Finance BV, 6.375%, 12/15/2038 | |
| | |
| |
| Athene Holding Ltd., 6.150%, 4/03/2030 | |
| Manulife Financial Corp., 3.703%, 3/16/2032 | |
| MetLife, Inc., 5.375%, 7/15/2033 | |
| | |
| Media Entertainment — 0.0% |
| Netflix, Inc., 3.625%, 6/15/2025(b) | |
| |
| Nucor Corp., 3.125%, 4/01/2032 | |
| |
| Enbridge, Inc., 5.625%, 4/05/2034 | |
| |
| Federal Home Loan Mortgage Corp., 2.000%, 3/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, 12/01/2051 | |
| Federal Home Loan Mortgage Corp., 2.500%, 2/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, 6/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 6/01/2049 | |
| Federal Home Loan Mortgage Corp., 3.000%, 2/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 4/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 6/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 8/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 9/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.500%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.500%, 10/01/2052 | |
| Federal Home Loan Mortgage Corp., 4.000%, 7/01/2052 | |
| Federal Home Loan Mortgage Corp., 4.000%, 9/01/2052 | |
| Federal Home Loan Mortgage Corp., 5.000%, 3/01/2054 | |
| Federal National Mortgage Association, 2.000%, 9/01/2050 | |
| Federal National Mortgage Association, 2.000%, 7/01/2051 | |
| Federal National Mortgage Association, 2.000%, 8/01/2051 | |
| Federal National Mortgage Association, 2.000%, 10/01/2051 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2050 Fund (continued) | | |
| Mortgage Related — continued |
| Federal National Mortgage Association, 2.000%, 11/01/2051 | |
| Federal National Mortgage Association, 2.000%, 3/01/2052 | |
| Federal National Mortgage Association, 2.000%, 4/01/2052 | |
| Federal National Mortgage Association, 2.500%, 8/01/2050 | |
| Federal National Mortgage Association, 2.500%, 2/01/2051 | |
| Federal National Mortgage Association, 2.500%, 8/01/2051 | |
| Federal National Mortgage Association, 2.500%, 9/01/2051 | |
| Federal National Mortgage Association, 2.500%, 2/01/2052 | |
| Federal National Mortgage Association, 2.500%, 4/01/2052 | |
| Federal National Mortgage Association, 2.500%, 6/01/2052 | |
| Federal National Mortgage Association, 3.000%, 4/01/2034 | |
| Federal National Mortgage Association, 3.000%, 12/01/2049 | |
| Federal National Mortgage Association, 3.000%, 5/01/2051 | |
| Federal National Mortgage Association, 3.000%, 2/01/2052 | |
| Federal National Mortgage Association, 3.000%, 4/01/2052 | |
| Federal National Mortgage Association, 3.000%, 7/01/2052 | |
| Federal National Mortgage Association, 3.500%, 6/01/2049 | |
| Federal National Mortgage Association, 3.500%, 7/01/2049 | |
| Federal National Mortgage Association, 3.500%, 8/01/2049 | |
| Federal National Mortgage Association, 3.500%, 4/01/2052 | |
| Federal National Mortgage Association, 3.500%, 5/01/2052 | |
| Federal National Mortgage Association, 3.500%, 7/01/2052 | |
| Federal National Mortgage Association, 4.000%, 3/01/2050 | |
| Federal National Mortgage Association, 4.000%, 8/01/2052 | |
| Federal National Mortgage Association, 4.000%, 9/01/2052 | |
| Federal National Mortgage Association, 4.000%, 5/01/2053 | |
| Federal National Mortgage Association, 4.500%, 5/01/2049 | |
| Federal National Mortgage Association, 4.500%, 6/01/2049 | |
| Federal National Mortgage Association, 4.500%, 2/01/2053 | |
| Federal National Mortgage Association, 4.500%, 4/01/2053 | |
| Federal National Mortgage Association, 4.500%, 8/01/2053 | |
| | |
| Mortgage Related — continued |
| Government National Mortgage Association, 3.000%, 4/20/2052 | |
| Government National Mortgage Association, 3.000%, 6/20/2052 | |
| Government National Mortgage Association, 4.000%, 8/20/2053 | |
| Government National Mortgage Association, 5.000%, 7/20/2053 | |
| Government National Mortgage Association, 5.500%, 4/20/2053 | |
| | |
| |
| Alexandria Real Estate Equities, Inc., 3.800%, 4/15/2026 | |
| Boston Properties LP, 2.750%, 10/01/2026 | |
| | |
| Oil Field Services — 0.1% |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.337%, 12/15/2027 | |
| Schlumberger Investment SA, 4.850%, 5/15/2033 | |
| | |
| |
| Prologis LP, 1.250%, 10/15/2030 | |
| |
| Astrazeneca Finance LLC, 2.250%, 5/28/2031 | |
| Biogen, Inc., 2.250%, 5/01/2030 | |
| Bristol-Myers Squibb Co., 3.400%, 7/26/2029 | |
| Merck & Co., Inc., 1.450%, 6/24/2030 | |
| Viatris, Inc., 3.850%, 6/22/2040 | |
| | |
| Property & Casualty Insurance — 0.1% |
| Fidelity National Financial, Inc., 3.400%, 6/15/2030 | |
| Marsh & McLennan Cos., Inc., 2.250%, 11/15/2030 | |
| | |
| |
| CSX Corp., 2.600%, 11/01/2026 | |
| |
| Starbucks Corp., 2.250%, 3/12/2030 | |
| |
| Realty Income Corp., 2.700%, 2/15/2032 | |
| Realty Income Corp., 3.400%, 1/15/2028 | |
| | |
| |
| Amazon.com, Inc., 3.875%, 8/22/2037 | |
| TJX Cos., Inc., 1.150%, 5/15/2028 | |
| | |
| |
| Adobe, Inc., 2.300%, 2/01/2030 | |
| Apple, Inc., 2.500%, 2/09/2025 | |
| Broadcom, Inc., 3.137%, 11/15/2035(b) | |
| Broadcom, Inc., 4.926%, 5/15/2037(b) | |
| Intel Corp., 2.450%, 11/15/2029 | |
| International Business Machines Corp., 4.000%, 6/20/2042 | |
| NVIDIA Corp., 2.850%, 4/01/2030 | |
| Oracle Corp., 2.950%, 5/15/2025 | |
| QUALCOMM, Inc., 1.650%, 5/20/2032 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2050 Fund (continued) | | |
| |
| Salesforce, Inc., 1.500%, 7/15/2028 | |
| Texas Instruments, Inc., 4.900%, 3/14/2033 | |
| | |
| |
| U.S. Treasury Bonds, 1.250%, 5/15/2050 | |
| U.S. Treasury Bonds, 2.250%, 5/15/2041 | |
| U.S. Treasury Bonds, 2.500%, 5/15/2046 | |
| U.S. Treasury Bonds, 2.875%, 11/15/2046 | |
| U.S. Treasury Bonds, 3.000%, 5/15/2045 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2048 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2049 | |
| U.S. Treasury Bonds, 4.375%, 8/15/2043 | |
| U.S. Treasury Notes, 0.375%, 11/30/2025 | |
| | |
| |
| Essential Utilities, Inc., 4.276%, 5/01/2049 | |
| |
| Vodafone Group PLC, 6.150%, 2/27/2037 | |
| |
| AT&T, Inc., 3.650%, 6/01/2051 | |
| Verizon Communications, Inc., 2.650%, 11/20/2040 | |
| | |
| Total Bonds and Notes
(Identified Cost $1,386,324) | |
| | |
Exchange-Traded Funds — 8.4% |
| iShares® ESG Aware MSCI EAFE ETF
(Identified Cost $1,932,549) | |
|
|
|
| WCM Focused Emerging Markets Fund, Institutional Class | |
| WCM Focused International Growth Fund, Institutional Class | |
| Total Mutual Funds
(Identified Cost $3,302,379) | |
|
|
Affiliated Mutual Funds — 11.1% |
| Loomis Sayles Inflation Protected Securities Fund, Class N | |
| Mirova Global Green Bond Fund, Class N | |
| Mirova International Sustainable Equity Fund, Class N | |
| Total Affiliated Mutual Funds
(Identified Cost $2,749,954) | |
| | |
Short-Term Investments — 3.8% |
| Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/2024 at 3.500% to be repurchased at $927,729 on 8/01/2024 collateralized by $1,007,300 U.S. Treasury Note, 0.375% due 1/31/2026 valued at $946,982 including accrued interest (Note 2 of Notes to Financial Statements)
(Identified Cost $927,639) | |
| Total Investments — 100.1%
(Identified Cost $22,369,255) | |
| Other assets less liabilities — (0.1)% | |
| | |
| See Note 2 of Notes to Financial Statements. |
| Non-income producing security. |
| All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2024, the value of Rule 144A holdings amounted to $29,821 or 0.1% of net assets. |
| An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. |
| |
| |
| |
| Real Estate Investment Trusts |
Asset Allocation Summary at July 31, 2024 (Unaudited)
| |
| |
| |
| |
Other assets less liabilities | |
| |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2055 Fund
| | |
Common Stocks — 59.2% of Net Assets |
| Aerospace & Defense — 1.4% |
| | |
| | |
| | |
| L3Harris Technologies, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Air Freight & Logistics — 0.4% |
| Expeditors International of Washington, Inc. | |
| | |
| | |
| United Parcel Service, Inc., Class B | |
| | |
| Automobile Components — 0.6% |
| | |
| | |
| | |
| Magna International, Inc. | |
| Mobileye Global, Inc., Class A(a) | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| Citizens Financial Group, Inc. | |
| | |
| First Citizens BancShares, Inc., Class A | |
| | |
| | |
| International Bancshares Corp. | |
| | |
| PNC Financial Services Group, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Boston Beer Co., Inc., Class A(a) | |
| | |
| | |
| Monster Beverage Corp.(a) | |
| | |
| | |
| |
| | |
| | |
| Biotechnology — continued |
| Alnylam Pharmaceuticals, Inc.(a) | |
| | |
| BioMarin Pharmaceutical, Inc.(a) | |
| CRISPR Therapeutics AG(a) | |
| | |
| | |
| Halozyme Therapeutics, Inc.(a) | |
| | |
| | |
| Neurocrine Biosciences, Inc.(a) | |
| Regeneron Pharmaceuticals, Inc.(a) | |
| Sarepta Therapeutics, Inc.(a) | |
| United Therapeutics Corp.(a) | |
| Vertex Pharmaceuticals, Inc.(a) | |
| | |
| |
| Alibaba Group Holding Ltd., ADR | |
| | |
| | |
| | |
| |
| | |
| | |
| Fortune Brands Innovations, Inc. | |
| Lennox International, Inc. | |
| | |
| | |
| | |
| | |
| |
| Bank of New York Mellon Corp. | |
| | |
| Cboe Global Markets, Inc. | |
| | |
| | |
| FactSet Research Systems, Inc. | |
| Goldman Sachs Group, Inc. | |
| Intercontinental Exchange, Inc. | |
| Janus Henderson Group PLC | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| T. Rowe Price Group, Inc. | |
| Virtus Investment Partners, Inc. | |
| | |
| |
| Air Products & Chemicals, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Minerals Technologies, Inc. | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2055 Fund (continued) | | |
| |
| | |
| | |
| | |
| Commercial Services & Supplies — 0.2% |
| | |
| | |
| | |
| | |
| Communications Equipment — 0.3% |
| | |
| | |
| | |
| | |
| | |
| Construction & Engineering — 0.2% |
| | |
| Comfort Systems USA, Inc. | |
| | |
| Construction Materials — 0.2% |
| Martin Marietta Materials, Inc. | |
| | |
| | |
| |
| | |
| | |
| Capital One Financial Corp. | |
| | |
| | |
| Consumer Staples Distribution & Retail — 1.3% |
| BJ's Wholesale Club Holdings, Inc.(a) | |
| Casey's General Stores, Inc. | |
| | |
| | |
| Sprouts Farmers Market, Inc.(a) | |
| | |
| | |
| | |
| Containers & Packaging — 0.2% |
| | |
| | |
| | |
| |
| | |
| Diversified Consumer Services — 0.2% |
| Grand Canyon Education, Inc.(a) | |
| Service Corp. International | |
| | |
| |
| American Assets Trust, Inc. | |
| Diversified Telecommunication Services — 0.4% |
| | |
| Iridium Communications, Inc. | |
| Verizon Communications, Inc. | |
| | |
| | |
| Electric Utilities — 0.5% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Electrical Equipment — 0.4% |
| | |
| | |
| | |
| | |
| | |
| | |
| Electronic Equipment, Instruments & Components — 0.8% |
| Advanced Energy Industries, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Teledyne Technologies, Inc.(a) | |
| Zebra Technologies Corp., Class A(a) | |
| | |
| Energy Equipment & Services — 0.2% |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| Take-Two Interactive Software, Inc.(a) | |
| | |
| Warner Bros. Discovery, Inc.(a) | |
| | |
| Financial Services — 2.3% |
| | |
| Corebridge Financial, Inc. | |
| | |
| | |
| Jack Henry & Associates, Inc. | |
| Mastercard, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| Darling Ingredients, Inc.(a) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2055 Fund (continued) | | |
| Food Products — continued |
| | |
| | |
| | |
| | |
| | |
| | |
| Mondelez International, Inc., Class A | |
| | |
| |
| | |
| New Jersey Resources Corp. | |
| | |
| | |
| Ground Transportation — 0.4% |
| | |
| | |
| | |
| | |
| Uber Technologies, Inc.(a) | |
| | |
| | |
| | |
| Health Care Equipment & Supplies — 1.0% |
| | |
| Align Technology, Inc.(a) | |
| Baxter International, Inc. | |
| | |
| Edwards Lifesciences Corp.(a) | |
| Intuitive Surgical, Inc.(a) | |
| | |
| | |
| Merit Medical Systems, Inc.(a) | |
| | |
| | |
| | |
| Health Care Providers & Services — 1.7% |
| Acadia Healthcare Co., Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Select Medical Holdings Corp. | |
| | |
| | |
| Health Care Technology — 0.4% |
| Doximity, Inc., Class A(a) | |
| Veeva Systems, Inc., Class A(a) | |
| | |
| Hotel & Resort REITs — 0.0% |
| Host Hotels & Resorts, Inc. | |
| | |
| Hotels, Restaurants & Leisure — 1.0% |
| | |
| | |
| Chipotle Mexican Grill, Inc.(a) | |
| Marriott Vacations Worldwide Corp. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Household Durables — 0.4% |
| | |
| | |
| | |
| Taylor Morrison Home Corp.(a) | |
| | |
| Household Products — 0.5% |
| Church & Dwight Co., Inc. | |
| | |
| | |
| | |
| | |
| Independent Power & Renewable Electricity Producers — 0.1% |
| | |
| Clearway Energy, Inc., Class A | |
| | |
| Industrial Conglomerates — 0.0% |
| | |
| |
| | |
| Rexford Industrial Realty, Inc. | |
| | |
| |
| | |
| American International Group, Inc. | |
| Arch Capital Group Ltd.(a) | |
| | |
| | |
| | |
| | |
| First American Financial Corp. | |
| Hanover Insurance Group, Inc. | |
| Hartford Financial Services Group, Inc. | |
| Marsh & McLennan Cos., Inc. | |
| Prudential Financial, Inc. | |
| Reinsurance Group of America, Inc. | |
| Selective Insurance Group, Inc. | |
| | |
| | |
| | |
| Interactive Media & Services — 2.8% |
| | |
| | |
| Meta Platforms, Inc., Class A | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2055 Fund (continued) | | |
| |
| | |
| Cognizant Technology Solutions Corp., Class A | |
| International Business Machines Corp. | |
| Kyndryl Holdings, Inc.(a) | |
| Shopify, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| | |
| Life Sciences Tools & Services — 1.0% |
| Agilent Technologies, Inc. | |
| | |
| | |
| | |
| | |
| Thermo Fisher Scientific, Inc. | |
| | |
| |
| | |
| | |
| Chart Industries, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Illinois Tool Works, Inc. | |
| | |
| | |
| | |
| SPX Technologies, Inc.(a) | |
| | |
| | |
| | |
| |
| Charter Communications, Inc., Class A(a) | |
| | |
| Interpublic Group of Cos., Inc. | |
| Liberty Broadband Corp., Class C(a) | |
| | |
| | |
| |
| | |
| Cleveland-Cliffs, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Annaly Capital Management, Inc. | |
| |
| Consolidated Edison, Inc. | |
| | |
| | |
| | |
| | |
| |
| | |
| Easterly Government Properties, Inc. | |
| Highwoods Properties, Inc. | |
| | |
| | |
| Oil, Gas & Consumable Fuels — 2.9% |
| | |
| Antero Resources Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Southwestern Energy Co.(a) | |
| | |
| | |
| | |
| | |
| Passenger Airlines — 0.3% |
| | |
| Personal Care Products — 0.3% |
| | |
| Estee Lauder Cos., Inc., Class A | |
| | |
| | |
| |
| | |
| | |
| Jazz Pharmaceuticals PLC(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Professional Services — 0.6% |
| Automatic Data Processing, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Paylocity Holding Corp.(a) | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2055 Fund (continued) | | |
| Real Estate Management & Development — 0.6% |
| CBRE Group, Inc., Class A(a) | |
| Jones Lang LaSalle, Inc.(a) | |
| | |
| |
| AvalonBay Communities, Inc. | |
| |
| Brixmor Property Group, Inc. | |
| | |
| Simon Property Group, Inc. | |
| | |
| Semiconductors & Semiconductor Equipment — 3.7% |
| Advanced Micro Devices, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Lattice Semiconductor Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| Silicon Laboratories, Inc.(a) | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Cadence Design Systems, Inc.(a) | |
| | |
| | |
| Manhattan Associates, Inc.(a) | |
| | |
| | |
| Palo Alto Networks, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Tyler Technologies, Inc.(a) | |
| Workday, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| Digital Realty Trust, Inc. | |
| | |
| | |
| | |
| |
| Abercrombie & Fitch Co., Class A(a) | |
| Asbury Automotive Group, Inc.(a) | |
| Burlington Stores, Inc.(a) | |
| | |
| Specialty Retail — continued |
| Dick's Sporting Goods, Inc. | |
| | |
| Floor & Decor Holdings, Inc., Class A(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Technology Hardware, Storage & Peripherals — 0.8% |
| | |
| Hewlett Packard Enterprise Co. | |
| | |
| | |
| | |
| | |
| Textiles, Apparel & Luxury Goods — 0.3% |
| | |
| | |
| | |
| | |
| Under Armour, Inc., Class A(a) | |
| | |
| Trading Companies & Distributors — 0.1% |
| | |
| |
| American States Water Co. | |
| American Water Works Co., Inc. | |
| Essential Utilities, Inc. | |
| | |
| Total Common Stocks
(Identified Cost $9,887,416) | |
| | |
|
| |
| Essex Portfolio LP, 3.000%, 1/15/2030 | |
| |
| Cummins, Inc., 5.150%, 2/20/2034 | |
| General Motors Financial Co., Inc., 4.350%, 1/17/2027 | |
| Lear Corp., 4.250%, 5/15/2029 | |
| Toyota Motor Credit Corp., MTN, 2.150%, 2/13/2030 | |
| | |
| |
| American Express Co., (fixed rate to 8/03/2032, variable rate thereafter), 4.420%, 8/03/2033 | |
| Bank of America Corp., MTN, 3.248%, 10/21/2027 | |
| Canadian Imperial Bank of Commerce, 1.250%, 6/22/2026 | |
| Citigroup, Inc., 4.600%, 3/09/2026 | |
| Goldman Sachs Group, Inc., 3.750%, 5/22/2025 | |
| KeyCorp, MTN, 2.550%, 10/01/2029 | |
| Macquarie Group Ltd., (fixed rate to 11/28/2027, variable rate thereafter), 3.763%, 11/28/2028(b) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2055 Fund (continued) | | |
| |
| Morgan Stanley, GMTN, (fixed rate to 7/20/2026, variable rate thereafter), 1.512%, 7/20/2027 | |
| Morgan Stanley, GMTN, (fixed rate to 1/23/2029, variable rate thereafter), 4.431%, 1/23/2030 | |
| PNC Financial Services Group, Inc., 2.600%, 7/23/2026 | |
| PNC Financial Services Group, Inc., (fixed rate to 1/26/2026, variable rate thereafter), 4.758%, 1/26/2027 | |
| State Street Corp., 2.400%, 1/24/2030 | |
| Toronto-Dominion Bank, GMTN, 2.450%, 1/12/2032 | |
| Westpac Banking Corp., 2.350%, 2/19/2025 | |
| | |
| |
| BlackRock, Inc., 2.400%, 4/30/2030 | |
| Intercontinental Exchange, Inc., 3.000%, 6/15/2050 | |
| | |
| Building Materials — 0.1% |
| Fortune Brands Innovations, Inc., 4.000%, 3/25/2032 | |
| Owens Corning, 3.950%, 8/15/2029 | |
| | |
| |
| Ecolab, Inc., 2.125%, 2/01/2032 | |
| LYB International Finance BV, 5.250%, 7/15/2043 | |
| | |
| |
| Procter & Gamble Co., 3.000%, 3/25/2030 | |
| Diversified Manufacturing — 0.1% |
| Eaton Corp., 4.150%, 3/15/2033 | |
| Emerson Electric Co., 2.000%, 12/21/2028 | |
| | |
| |
| DTE Electric Co., Series A, 1.900%, 4/01/2028 | |
| Entergy Corp., 0.900%, 9/15/2025 | |
| Exelon Corp., 4.050%, 4/15/2030 | |
| NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030 | |
| Pacific Gas & Electric Co., 4.550%, 7/01/2030 | |
| Southern California Edison Co., Series C, 4.125%, 3/01/2048 | |
| Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026 | |
| | |
| |
| Republic Services, Inc., 1.450%, 2/15/2031 | |
| Waste Management, Inc., 2.950%, 6/01/2041 | |
| | |
| |
| Ares Capital Corp., 3.250%, 7/15/2025 | |
| Oaktree Specialty Lending Corp., 2.700%, 1/15/2027 | |
| | |
| |
| Coca-Cola Co., 1.450%, 6/01/2027 | |
| General Mills, Inc., 4.000%, 4/17/2025 | |
| Mondelez International, Inc., 2.750%, 4/13/2030 | |
| PepsiCo, Inc., 2.750%, 3/19/2030 | |
| | |
| | |
| Government Owned - No Guarantee — 0.1% |
| Equinor ASA, 3.625%, 4/06/2040 | |
| Federal National Mortgage Association, 6.625%, 11/15/2030 | |
| | |
| |
| Welltower OP LLC, 2.800%, 6/01/2031 | |
| |
| Elevance Health, Inc., 4.101%, 3/01/2028 | |
| UnitedHealth Group, Inc., 5.800%, 3/15/2036 | |
| | |
| |
| CHRISTUS Health, Series C, 4.341%, 7/01/2028 | |
| CVS Health Corp., 4.300%, 3/25/2028 | |
| DH Europe Finance II SARL, 2.200%, 11/15/2024 | |
| Kaiser Foundation Hospitals, 3.150%, 5/01/2027 | |
| Quest Diagnostics, Inc., 2.950%, 6/30/2030 | |
| | |
| |
| Exxon Mobil Corp., 2.992%, 3/19/2025 | |
| Shell International Finance BV, 6.375%, 12/15/2038 | |
| | |
| |
| Athene Holding Ltd., 6.150%, 4/03/2030 | |
| Manulife Financial Corp., 3.703%, 3/16/2032 | |
| MetLife, Inc., 5.375%, 7/15/2033 | |
| | |
| Media Entertainment — 0.0% |
| Netflix, Inc., 3.625%, 6/15/2025(b) | |
| |
| Nucor Corp., 3.125%, 4/01/2032 | |
| |
| Enbridge, Inc., 5.625%, 4/05/2034 | |
| |
| Federal Home Loan Mortgage Corp., 2.000%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, 5/01/2051 | |
| Federal Home Loan Mortgage Corp., 2.500%, 2/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, 6/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 2/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 4/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 8/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 9/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.500%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.500%, 6/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.500%, 10/01/2052 | |
| Federal Home Loan Mortgage Corp., 4.000%, 7/01/2052 | |
| Federal Home Loan Mortgage Corp., 4.000%, 9/01/2052 | |
| Federal Home Loan Mortgage Corp., 5.000%, 3/01/2054 | |
| Federal National Mortgage Association, 2.000%, 7/01/2051 | |
| Federal National Mortgage Association, 2.000%, 8/01/2051 | |
| Federal National Mortgage Association, 2.000%, 10/01/2051 | |
| Federal National Mortgage Association, 2.000%, 3/01/2052 | |
| Federal National Mortgage Association, 2.500%, 2/01/2051 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2055 Fund (continued) | | |
| Mortgage Related — continued |
| Federal National Mortgage Association, 2.500%, 9/01/2051 | |
| Federal National Mortgage Association, 2.500%, 6/01/2052 | |
| Federal National Mortgage Association, 3.000%, 4/01/2034 | |
| Federal National Mortgage Association, 3.000%, 7/01/2034 | |
| Federal National Mortgage Association, 3.000%, 6/01/2049 | |
| Federal National Mortgage Association, 3.000%, 12/01/2049 | |
| Federal National Mortgage Association, 3.000%, 5/01/2051 | |
| Federal National Mortgage Association, 3.000%, 4/01/2052 | |
| Federal National Mortgage Association, 3.000%, 7/01/2052 | |
| Federal National Mortgage Association, 3.500%, 6/01/2049 | |
| Federal National Mortgage Association, 3.500%, 8/01/2049 | |
| Federal National Mortgage Association, 3.500%, 5/01/2052 | |
| Federal National Mortgage Association, 3.500%, 8/01/2052 | |
| Federal National Mortgage Association, 4.000%, 2/01/2049 | |
| Federal National Mortgage Association, 4.000%, 3/01/2050 | |
| Federal National Mortgage Association, 4.000%, 9/01/2052 | |
| Federal National Mortgage Association, 4.000%, 5/01/2053 | |
| Federal National Mortgage Association, 4.500%, 6/01/2048 | |
| Federal National Mortgage Association, 4.500%, 5/01/2049 | |
| Federal National Mortgage Association, 4.500%, 2/01/2053 | |
| Federal National Mortgage Association, 4.500%, 4/01/2053 | |
| Federal National Mortgage Association, 4.500%, 8/01/2053 | |
| Government National Mortgage Association, 3.000%, 4/20/2052 | |
| Government National Mortgage Association, 3.000%, 6/20/2052 | |
| Government National Mortgage Association, 4.000%, 8/20/2053 | |
| Government National Mortgage Association, 5.000%, 7/20/2053 | |
| Government National Mortgage Association, 5.500%, 4/20/2053 | |
| | |
| |
| Alexandria Real Estate Equities, Inc., 3.800%, 4/15/2026 | |
| Boston Properties LP, 2.750%, 10/01/2026 | |
| | |
| | |
| Oil Field Services — 0.0% |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.337%, 12/15/2027 | |
| Schlumberger Investment SA, 4.850%, 5/15/2033 | |
| | |
| |
| Prologis LP, 1.250%, 10/15/2030 | |
| |
| Astrazeneca Finance LLC, 2.250%, 5/28/2031 | |
| Biogen, Inc., 2.250%, 5/01/2030 | |
| Bristol-Myers Squibb Co., 3.400%, 7/26/2029 | |
| Merck & Co., Inc., 1.450%, 6/24/2030 | |
| Viatris, Inc., 3.850%, 6/22/2040 | |
| | |
| Property & Casualty Insurance — 0.0% |
| Fidelity National Financial, Inc., 3.400%, 6/15/2030 | |
| Marsh & McLennan Cos., Inc., 2.250%, 11/15/2030 | |
| | |
| |
| CSX Corp., 2.600%, 11/01/2026 | |
| |
| Starbucks Corp., 2.250%, 3/12/2030 | |
| |
| Realty Income Corp., 2.700%, 2/15/2032 | |
| Realty Income Corp., 3.400%, 1/15/2028 | |
| | |
| |
| Amazon.com, Inc., 3.875%, 8/22/2037 | |
| TJX Cos., Inc., 1.150%, 5/15/2028 | |
| Walmart, Inc., 4.100%, 4/15/2033 | |
| | |
| |
| Adobe, Inc., 2.300%, 2/01/2030 | |
| Apple, Inc., 2.500%, 2/09/2025 | |
| Broadcom, Inc., 4.926%, 5/15/2037(b) | |
| Intel Corp., 2.450%, 11/15/2029 | |
| International Business Machines Corp., 4.000%, 6/20/2042 | |
| NVIDIA Corp., 2.850%, 4/01/2030 | |
| Oracle Corp., 2.950%, 5/15/2025 | |
| QUALCOMM, Inc., 1.650%, 5/20/2032 | |
| Salesforce, Inc., 1.500%, 7/15/2028 | |
| Texas Instruments, Inc., 4.900%, 3/14/2033 | |
| | |
| |
| U.S. Treasury Bonds, 1.250%, 5/15/2050 | |
| U.S. Treasury Bonds, 2.250%, 5/15/2041 | |
| U.S. Treasury Bonds, 2.500%, 5/15/2046 | |
| U.S. Treasury Bonds, 2.875%, 11/15/2046 | |
| U.S. Treasury Bonds, 3.000%, 5/15/2045 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2048 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2049 | |
| U.S. Treasury Bonds, 4.375%, 8/15/2043 | |
| U.S. Treasury Notes, 0.375%, 11/30/2025 | |
| | |
| |
| Essential Utilities, Inc., 4.276%, 5/01/2049 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2055 Fund (continued) | | |
| |
| Vodafone Group PLC, 6.150%, 2/27/2037 | |
| |
| AT&T, Inc., 3.650%, 6/01/2051 | |
| Verizon Communications, Inc., 2.650%, 11/20/2040 | |
| | |
| Total Bonds and Notes
(Identified Cost $816,534) | |
| | |
Exchange-Traded Funds — 9.0% |
| iShares® ESG Aware MSCI EAFE ETF
(Identified Cost $1,678,543) | |
|
|
|
| WCM Focused Emerging Markets Fund, Institutional Class | |
| WCM Focused International Growth Fund, Institutional Class | |
| Total Mutual Funds
(Identified Cost $2,859,526) | |
|
|
Affiliated Mutual Funds — 10.5% |
| Loomis Sayles Inflation Protected Securities Fund, Class N | |
| Mirova Global Green Bond Fund, Class N | |
| Mirova International Sustainable Equity Fund, Class N | |
| Total Affiliated Mutual Funds
(Identified Cost $2,081,408) | |
| | |
Short-Term Investments — 3.5% |
| Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/2024 at 3.500% to be repurchased at $687,690 on 8/01/2024 collateralized by $655,600 U.S. Treasury Note, 0.375% due 1/31/2026 valued at $616,288; $84,700 U.S. Treasury Note, 4.000% due 2/15/2026 valued at $85,646 including accrued interest (Note 2 of Notes to Financial Statements)
(Identified Cost $687,623) | |
| Total Investments — 100.6%
(Identified Cost $18,011,050) | |
| Other assets less liabilities — (0.6)% | |
| | |
| See Note 2 of Notes to Financial Statements. |
| Non-income producing security. |
| All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2024, the value of Rule 144A holdings amounted to $10,680 or 0.1% of net assets. |
| An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. |
| |
| |
| |
| Real Estate Investment Trusts |
Asset Allocation Summary at July 31, 2024 (Unaudited)
| |
| |
| |
| |
Other assets less liabilities | |
| |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2060 Fund
| | |
Common Stocks — 59.0% of Net Assets |
| Aerospace & Defense — 1.4% |
| | |
| | |
| | |
| L3Harris Technologies, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Air Freight & Logistics — 0.4% |
| Expeditors International of Washington, Inc. | |
| | |
| | |
| United Parcel Service, Inc., Class B | |
| | |
| Automobile Components — 0.6% |
| | |
| | |
| | |
| Magna International, Inc. | |
| Mobileye Global, Inc., Class A(a) | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| Citizens Financial Group, Inc. | |
| | |
| First Citizens BancShares, Inc., Class A | |
| | |
| | |
| International Bancshares Corp. | |
| | |
| PNC Financial Services Group, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Boston Beer Co., Inc., Class A(a) | |
| | |
| | |
| Monster Beverage Corp.(a) | |
| | |
| | |
| |
| | |
| | |
| Biotechnology — continued |
| Alnylam Pharmaceuticals, Inc.(a) | |
| | |
| BioMarin Pharmaceutical, Inc.(a) | |
| CRISPR Therapeutics AG(a) | |
| | |
| | |
| Halozyme Therapeutics, Inc.(a) | |
| | |
| | |
| Neurocrine Biosciences, Inc.(a) | |
| Regeneron Pharmaceuticals, Inc.(a) | |
| Sarepta Therapeutics, Inc.(a) | |
| United Therapeutics Corp.(a) | |
| Vertex Pharmaceuticals, Inc.(a) | |
| | |
| |
| Alibaba Group Holding Ltd., ADR | |
| | |
| | |
| | |
| |
| | |
| | |
| Fortune Brands Innovations, Inc. | |
| Lennox International, Inc. | |
| | |
| | |
| | |
| | |
| |
| Bank of New York Mellon Corp. | |
| | |
| Cboe Global Markets, Inc. | |
| | |
| | |
| FactSet Research Systems, Inc. | |
| Goldman Sachs Group, Inc. | |
| Intercontinental Exchange, Inc. | |
| Janus Henderson Group PLC | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| T. Rowe Price Group, Inc. | |
| Virtus Investment Partners, Inc. | |
| | |
| |
| Air Products & Chemicals, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Minerals Technologies, Inc. | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2060 Fund (continued) | | |
| |
| | |
| | |
| | |
| Commercial Services & Supplies — 0.2% |
| | |
| | |
| | |
| | |
| Communications Equipment — 0.3% |
| | |
| | |
| | |
| | |
| | |
| Construction & Engineering — 0.2% |
| | |
| Comfort Systems USA, Inc. | |
| | |
| Construction Materials — 0.2% |
| Martin Marietta Materials, Inc. | |
| | |
| | |
| |
| | |
| | |
| Capital One Financial Corp. | |
| | |
| | |
| Consumer Staples Distribution & Retail — 1.3% |
| BJ's Wholesale Club Holdings, Inc.(a) | |
| Casey's General Stores, Inc. | |
| | |
| | |
| Sprouts Farmers Market, Inc.(a) | |
| | |
| | |
| | |
| Containers & Packaging — 0.2% |
| | |
| | |
| | |
| |
| | |
| Diversified Consumer Services — 0.2% |
| Grand Canyon Education, Inc.(a) | |
| Service Corp. International | |
| | |
| |
| American Assets Trust, Inc. | |
| Diversified Telecommunication Services — 0.4% |
| | |
| Iridium Communications, Inc. | |
| Verizon Communications, Inc. | |
| | |
| | |
| Electric Utilities — 0.5% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Electrical Equipment — 0.5% |
| | |
| | |
| | |
| | |
| | |
| | |
| Electronic Equipment, Instruments & Components — 0.8% |
| Advanced Energy Industries, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Teledyne Technologies, Inc.(a) | |
| Zebra Technologies Corp., Class A(a) | |
| | |
| Energy Equipment & Services — 0.2% |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| Take-Two Interactive Software, Inc.(a) | |
| | |
| Warner Bros. Discovery, Inc.(a) | |
| | |
| Financial Services — 2.3% |
| | |
| Corebridge Financial, Inc. | |
| | |
| | |
| Jack Henry & Associates, Inc. | |
| Mastercard, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| Darling Ingredients, Inc.(a) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2060 Fund (continued) | | |
| Food Products — continued |
| | |
| | |
| | |
| | |
| | |
| | |
| Mondelez International, Inc., Class A | |
| | |
| |
| | |
| New Jersey Resources Corp. | |
| | |
| | |
| Ground Transportation — 0.4% |
| | |
| | |
| | |
| | |
| Uber Technologies, Inc.(a) | |
| | |
| | |
| | |
| Health Care Equipment & Supplies — 0.9% |
| | |
| Align Technology, Inc.(a) | |
| Baxter International, Inc. | |
| | |
| Edwards Lifesciences Corp.(a) | |
| Intuitive Surgical, Inc.(a) | |
| | |
| | |
| Merit Medical Systems, Inc.(a) | |
| | |
| | |
| | |
| Health Care Providers & Services — 1.6% |
| Acadia Healthcare Co., Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Select Medical Holdings Corp. | |
| | |
| | |
| Health Care Technology — 0.4% |
| Doximity, Inc., Class A(a) | |
| Veeva Systems, Inc., Class A(a) | |
| | |
| Hotel & Resort REITs — 0.0% |
| Host Hotels & Resorts, Inc. | |
| | |
| Hotels, Restaurants & Leisure — 1.0% |
| | |
| | |
| Chipotle Mexican Grill, Inc.(a) | |
| Marriott Vacations Worldwide Corp. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Household Durables — 0.4% |
| | |
| | |
| | |
| Taylor Morrison Home Corp.(a) | |
| | |
| Household Products — 0.5% |
| Church & Dwight Co., Inc. | |
| | |
| | |
| | |
| | |
| Independent Power & Renewable Electricity Producers — 0.1% |
| | |
| Clearway Energy, Inc., Class A | |
| | |
| Industrial Conglomerates — 0.0% |
| | |
| |
| | |
| Rexford Industrial Realty, Inc. | |
| | |
| |
| | |
| American International Group, Inc. | |
| Arch Capital Group Ltd.(a) | |
| | |
| | |
| | |
| | |
| First American Financial Corp. | |
| Hanover Insurance Group, Inc. | |
| Hartford Financial Services Group, Inc. | |
| Marsh & McLennan Cos., Inc. | |
| Prudential Financial, Inc. | |
| Reinsurance Group of America, Inc. | |
| Selective Insurance Group, Inc. | |
| | |
| | |
| | |
| Interactive Media & Services — 2.7% |
| | |
| | |
| Meta Platforms, Inc., Class A | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2060 Fund (continued) | | |
| |
| | |
| Cognizant Technology Solutions Corp., Class A | |
| International Business Machines Corp. | |
| Kyndryl Holdings, Inc.(a) | |
| Shopify, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| | |
| Life Sciences Tools & Services — 1.0% |
| Agilent Technologies, Inc. | |
| | |
| | |
| | |
| | |
| Thermo Fisher Scientific, Inc. | |
| | |
| |
| | |
| | |
| Chart Industries, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Illinois Tool Works, Inc. | |
| | |
| | |
| | |
| SPX Technologies, Inc.(a) | |
| | |
| | |
| | |
| |
| Charter Communications, Inc., Class A(a) | |
| | |
| Interpublic Group of Cos., Inc. | |
| Liberty Broadband Corp., Class C(a) | |
| | |
| | |
| |
| | |
| Cleveland-Cliffs, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Annaly Capital Management, Inc. | |
| |
| Consolidated Edison, Inc. | |
| | |
| | |
| | |
| | |
| |
| | |
| Easterly Government Properties, Inc. | |
| Highwoods Properties, Inc. | |
| | |
| | |
| Oil, Gas & Consumable Fuels — 2.9% |
| | |
| Antero Resources Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Southwestern Energy Co.(a) | |
| | |
| | |
| | |
| | |
| Passenger Airlines — 0.3% |
| | |
| Personal Care Products — 0.3% |
| | |
| Estee Lauder Cos., Inc., Class A | |
| | |
| | |
| |
| | |
| | |
| Jazz Pharmaceuticals PLC(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Professional Services — 0.6% |
| Automatic Data Processing, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Paylocity Holding Corp.(a) | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2060 Fund (continued) | | |
| Real Estate Management & Development — 0.6% |
| CBRE Group, Inc., Class A(a) | |
| Jones Lang LaSalle, Inc.(a) | |
| | |
| |
| AvalonBay Communities, Inc. | |
| |
| Brixmor Property Group, Inc. | |
| | |
| Simon Property Group, Inc. | |
| | |
| Semiconductors & Semiconductor Equipment — 3.6% |
| Advanced Micro Devices, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Lattice Semiconductor Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| Silicon Laboratories, Inc.(a) | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Cadence Design Systems, Inc.(a) | |
| | |
| | |
| Manhattan Associates, Inc.(a) | |
| | |
| | |
| Palo Alto Networks, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Tyler Technologies, Inc.(a) | |
| Workday, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| Digital Realty Trust, Inc. | |
| | |
| | |
| | |
| |
| Abercrombie & Fitch Co., Class A(a) | |
| Asbury Automotive Group, Inc.(a) | |
| Burlington Stores, Inc.(a) | |
| | |
| Specialty Retail — continued |
| Dick's Sporting Goods, Inc. | |
| | |
| Floor & Decor Holdings, Inc., Class A(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Technology Hardware, Storage & Peripherals — 0.8% |
| | |
| Hewlett Packard Enterprise Co. | |
| | |
| | |
| | |
| | |
| Textiles, Apparel & Luxury Goods — 0.3% |
| | |
| | |
| | |
| | |
| Under Armour, Inc., Class A(a) | |
| | |
| Trading Companies & Distributors — 0.1% |
| | |
| |
| American States Water Co. | |
| American Water Works Co., Inc. | |
| Essential Utilities, Inc. | |
| | |
| Total Common Stocks
(Identified Cost $8,113,030) | |
| | |
|
| |
| Essex Portfolio LP, 3.000%, 1/15/2030 | |
| |
| Cummins, Inc., 5.150%, 2/20/2034 | |
| General Motors Financial Co., Inc., 4.350%, 1/17/2027 | |
| Lear Corp., 4.250%, 5/15/2029 | |
| Toyota Motor Credit Corp., MTN, 2.150%, 2/13/2030 | |
| | |
| |
| American Express Co., (fixed rate to 8/03/2032, variable rate thereafter), 4.420%, 8/03/2033 | |
| Bank of America Corp., MTN, 3.248%, 10/21/2027 | |
| Canadian Imperial Bank of Commerce, 1.250%, 6/22/2026 | |
| Citigroup, Inc., 4.600%, 3/09/2026 | |
| Goldman Sachs Group, Inc., 3.750%, 5/22/2025 | |
| KeyCorp, MTN, 2.550%, 10/01/2029 | |
| Macquarie Group Ltd., (fixed rate to 11/28/2027, variable rate thereafter), 3.763%, 11/28/2028(b) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2060 Fund (continued) | | |
| |
| Morgan Stanley, GMTN, (fixed rate to 7/20/2026, variable rate thereafter), 1.512%, 7/20/2027 | |
| Morgan Stanley, GMTN, (fixed rate to 1/23/2029, variable rate thereafter), 4.431%, 1/23/2030 | |
| PNC Financial Services Group, Inc., 2.600%, 7/23/2026 | |
| PNC Financial Services Group, Inc., (fixed rate to 1/26/2026, variable rate thereafter), 4.758%, 1/26/2027 | |
| State Street Corp., 2.400%, 1/24/2030 | |
| Toronto-Dominion Bank, GMTN, 2.450%, 1/12/2032 | |
| Westpac Banking Corp., 2.350%, 2/19/2025 | |
| | |
| |
| BlackRock, Inc., 2.400%, 4/30/2030 | |
| Intercontinental Exchange, Inc., 3.000%, 6/15/2050 | |
| | |
| Building Materials — 0.1% |
| Fortune Brands Innovations, Inc., 4.000%, 3/25/2032 | |
| Owens Corning, 3.950%, 8/15/2029 | |
| | |
| |
| Ecolab, Inc., 2.125%, 2/01/2032 | |
| LYB International Finance BV, 5.250%, 7/15/2043 | |
| | |
| |
| Procter & Gamble Co., 3.000%, 3/25/2030 | |
| Diversified Manufacturing — 0.1% |
| Eaton Corp., 4.150%, 3/15/2033 | |
| Emerson Electric Co., 2.000%, 12/21/2028 | |
| | |
| |
| DTE Electric Co., Series A, 1.900%, 4/01/2028 | |
| Entergy Corp., 0.900%, 9/15/2025 | |
| Exelon Corp., 4.050%, 4/15/2030 | |
| NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030 | |
| Pacific Gas & Electric Co., 4.550%, 7/01/2030 | |
| Southern California Edison Co., Series C, 4.125%, 3/01/2048 | |
| Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026 | |
| | |
| |
| Republic Services, Inc., 1.450%, 2/15/2031 | |
| Waste Management, Inc., 2.950%, 6/01/2041 | |
| | |
| |
| Ares Capital Corp., 3.250%, 7/15/2025 | |
| Oaktree Specialty Lending Corp., 2.700%, 1/15/2027 | |
| | |
| |
| Coca-Cola Co., 1.450%, 6/01/2027 | |
| General Mills, Inc., 4.000%, 4/17/2025 | |
| Mondelez International, Inc., 2.750%, 4/13/2030 | |
| PepsiCo, Inc., 2.750%, 3/19/2030 | |
| | |
| | |
| Government Owned - No Guarantee — 0.1% |
| Equinor ASA, 3.625%, 4/06/2040 | |
| Federal National Mortgage Association, 6.625%, 11/15/2030 | |
| | |
| |
| Welltower OP LLC, 2.800%, 6/01/2031 | |
| |
| Elevance Health, Inc., 4.101%, 3/01/2028 | |
| UnitedHealth Group, Inc., 5.800%, 3/15/2036 | |
| | |
| |
| CHRISTUS Health, Series C, 4.341%, 7/01/2028 | |
| CVS Health Corp., 4.300%, 3/25/2028 | |
| DH Europe Finance II SARL, 2.200%, 11/15/2024 | |
| Kaiser Foundation Hospitals, 3.150%, 5/01/2027 | |
| Quest Diagnostics, Inc., 2.950%, 6/30/2030 | |
| | |
| |
| Exxon Mobil Corp., 2.992%, 3/19/2025 | |
| Shell International Finance BV, 6.375%, 12/15/2038 | |
| | |
| |
| Athene Holding Ltd., 6.150%, 4/03/2030 | |
| Manulife Financial Corp., 3.703%, 3/16/2032 | |
| MetLife, Inc., 5.375%, 7/15/2033 | |
| | |
| Media Entertainment — 0.0% |
| Netflix, Inc., 3.625%, 6/15/2025(b) | |
| |
| Nucor Corp., 3.125%, 4/01/2032 | |
| |
| Enbridge, Inc., 5.625%, 4/05/2034 | |
| |
| Federal Home Loan Mortgage Corp., 2.000%, 3/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.000%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, 5/01/2051 | |
| Federal Home Loan Mortgage Corp., 2.500%, 12/01/2051 | |
| Federal Home Loan Mortgage Corp., 2.500%, 2/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, 6/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 2/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 4/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 6/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 8/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 9/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.500%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.500%, 6/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.500%, 10/01/2052 | |
| Federal Home Loan Mortgage Corp., 4.000%, 7/01/2052 | |
| Federal Home Loan Mortgage Corp., 5.000%, 3/01/2054 | |
| Federal National Mortgage Association, 2.000%, 7/01/2051 | |
| Federal National Mortgage Association, 2.000%, 8/01/2051 | |
| Federal National Mortgage Association, 2.000%, 10/01/2051 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2060 Fund (continued) | | |
| Mortgage Related — continued |
| Federal National Mortgage Association, 2.000%, 4/01/2052 | |
| Federal National Mortgage Association, 2.500%, 2/01/2051 | |
| Federal National Mortgage Association, 2.500%, 8/01/2051 | |
| Federal National Mortgage Association, 2.500%, 9/01/2051 | |
| Federal National Mortgage Association, 2.500%, 2/01/2052 | |
| Federal National Mortgage Association, 2.500%, 4/01/2052 | |
| Federal National Mortgage Association, 3.000%, 4/01/2034 | |
| Federal National Mortgage Association, 3.000%, 6/01/2049 | |
| Federal National Mortgage Association, 3.000%, 12/01/2049 | |
| Federal National Mortgage Association, 3.000%, 5/01/2051 | |
| Federal National Mortgage Association, 3.000%, 4/01/2052 | |
| Federal National Mortgage Association, 3.000%, 7/01/2052 | |
| Federal National Mortgage Association, 3.500%, 6/01/2049 | |
| Federal National Mortgage Association, 3.500%, 8/01/2049 | |
| Federal National Mortgage Association, 3.500%, 4/01/2052 | |
| Federal National Mortgage Association, 3.500%, 5/01/2052 | |
| Federal National Mortgage Association, 4.000%, 3/01/2050 | |
| Federal National Mortgage Association, 4.000%, 8/01/2052 | |
| Federal National Mortgage Association, 4.000%, 9/01/2052 | |
| Federal National Mortgage Association, 4.000%, 5/01/2053 | |
| Federal National Mortgage Association, 4.500%, 5/01/2049 | |
| Federal National Mortgage Association, 4.500%, 2/01/2053 | |
| Federal National Mortgage Association, 4.500%, 4/01/2053 | |
| Federal National Mortgage Association, 4.500%, 7/01/2053 | |
| Federal National Mortgage Association, 4.500%, 8/01/2053 | |
| Government National Mortgage Association, 3.000%, 4/20/2052 | |
| Government National Mortgage Association, 3.000%, 6/20/2052 | |
| Government National Mortgage Association, 4.000%, 8/20/2053 | |
| Government National Mortgage Association, 5.000%, 7/20/2053 | |
| Government National Mortgage Association, 5.500%, 4/20/2053 | |
| | |
| | |
| |
| Alexandria Real Estate Equities, Inc., 3.800%, 4/15/2026 | |
| Boston Properties LP, 2.750%, 10/01/2026 | |
| | |
| Oil Field Services — 0.1% |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.337%, 12/15/2027 | |
| Schlumberger Investment SA, 4.850%, 5/15/2033 | |
| | |
| |
| Prologis LP, 1.250%, 10/15/2030 | |
| |
| Astrazeneca Finance LLC, 2.250%, 5/28/2031 | |
| Biogen, Inc., 2.250%, 5/01/2030 | |
| Bristol-Myers Squibb Co., 3.400%, 7/26/2029 | |
| Merck & Co., Inc., 1.450%, 6/24/2030 | |
| Viatris, Inc., 3.850%, 6/22/2040 | |
| | |
| Property & Casualty Insurance — 0.0% |
| Marsh & McLennan Cos., Inc., 2.250%, 11/15/2030 | |
| |
| CSX Corp., 2.600%, 11/01/2026 | |
| |
| Starbucks Corp., 2.250%, 3/12/2030 | |
| |
| Realty Income Corp., 2.700%, 2/15/2032 | |
| Realty Income Corp., 3.400%, 1/15/2028 | |
| | |
| |
| Amazon.com, Inc., 3.875%, 8/22/2037 | |
| TJX Cos., Inc., 1.150%, 5/15/2028 | |
| Walmart, Inc., 4.100%, 4/15/2033 | |
| | |
| |
| Adobe, Inc., 2.300%, 2/01/2030 | |
| Apple, Inc., 2.500%, 2/09/2025 | |
| Broadcom, Inc., 4.926%, 5/15/2037(b) | |
| Intel Corp., 2.450%, 11/15/2029 | |
| International Business Machines Corp., 4.000%, 6/20/2042 | |
| NVIDIA Corp., 2.850%, 4/01/2030 | |
| Oracle Corp., 2.950%, 5/15/2025 | |
| QUALCOMM, Inc., 1.650%, 5/20/2032 | |
| Salesforce, Inc., 1.500%, 7/15/2028 | |
| Texas Instruments, Inc., 4.900%, 3/14/2033 | |
| | |
| |
| U.S. Treasury Bonds, 1.250%, 5/15/2050 | |
| U.S. Treasury Bonds, 2.250%, 5/15/2041 | |
| U.S. Treasury Bonds, 2.500%, 5/15/2046 | |
| U.S. Treasury Bonds, 2.875%, 11/15/2046 | |
| U.S. Treasury Bonds, 3.000%, 5/15/2045 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2048 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2049 | |
| U.S. Treasury Bonds, 4.375%, 8/15/2043 | |
| U.S. Treasury Notes, 0.375%, 11/30/2025 | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2060 Fund (continued) | | |
| |
| Essential Utilities, Inc., 4.276%, 5/01/2049 | |
| |
| Vodafone Group PLC, 6.150%, 2/27/2037 | |
| |
| AT&T, Inc., 3.650%, 6/01/2051 | |
| Verizon Communications, Inc., 2.650%, 11/20/2040 | |
| | |
| Total Bonds and Notes
(Identified Cost $663,174) | |
| | |
Exchange-Traded Funds — 8.9% |
| iShares® ESG Aware MSCI EAFE ETF
(Identified Cost $1,353,586) | |
|
|
|
| WCM Focused Emerging Markets Fund, Institutional Class | |
| WCM Focused International Growth Fund, Institutional Class | |
| Total Mutual Funds
(Identified Cost $2,303,294) | |
|
|
Affiliated Mutual Funds — 10.5% |
| Mirova Global Green Bond Fund, Class N | |
| Mirova International Sustainable Equity Fund, Class N | |
| Total Affiliated Mutual Funds
(Identified Cost $1,674,503) | |
| | |
Short-Term Investments — 3.7% |
| Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/2024 at 3.500% to be repurchased at $607,175 on 8/01/2024 collateralized by $659,300 U.S. Treasury Note, 0.375% due 1/31/2026 valued at $619,867 including accrued interest (Note 2 of Notes to Financial Statements)
(Identified Cost $607,116) | |
| Total Investments — 100.3%
(Identified Cost $14,714,703) | |
| Other assets less liabilities — (0.3)% | |
| | |
| See Note 2 of Notes to Financial Statements. |
| Non-income producing security. |
| All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2024, the value of Rule 144A holdings amounted to $6,778 or less than 0.1% of net assets. |
| An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. |
| |
| |
| |
| Real Estate Investment Trusts |
Asset Allocation Summary at July 31, 2024 (Unaudited)
| |
| |
| |
| |
Other assets less liabilities | |
| |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2065 Fund
| | |
Common Stocks — 59.8% of Net Assets |
| Aerospace & Defense — 1.4% |
| | |
| | |
| | |
| L3Harris Technologies, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Air Freight & Logistics — 0.4% |
| Expeditors International of Washington, Inc. | |
| | |
| | |
| United Parcel Service, Inc., Class B | |
| | |
| Automobile Components — 0.6% |
| | |
| | |
| | |
| Magna International, Inc. | |
| Mobileye Global, Inc., Class A(a) | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| Citizens Financial Group, Inc. | |
| | |
| First Citizens BancShares, Inc., Class A | |
| | |
| | |
| International Bancshares Corp. | |
| | |
| PNC Financial Services Group, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Boston Beer Co., Inc., Class A(a) | |
| | |
| | |
| Monster Beverage Corp.(a) | |
| | |
| | |
| |
| | |
| | |
| Biotechnology — continued |
| Alnylam Pharmaceuticals, Inc.(a) | |
| | |
| BioMarin Pharmaceutical, Inc.(a) | |
| CRISPR Therapeutics AG(a) | |
| | |
| | |
| Halozyme Therapeutics, Inc.(a) | |
| | |
| | |
| Neurocrine Biosciences, Inc.(a) | |
| Regeneron Pharmaceuticals, Inc.(a) | |
| Sarepta Therapeutics, Inc.(a) | |
| United Therapeutics Corp.(a) | |
| Vertex Pharmaceuticals, Inc.(a) | |
| | |
| |
| Alibaba Group Holding Ltd., ADR | |
| | |
| | |
| | |
| |
| | |
| | |
| Fortune Brands Innovations, Inc. | |
| Lennox International, Inc. | |
| | |
| | |
| | |
| | |
| |
| Bank of New York Mellon Corp. | |
| | |
| Cboe Global Markets, Inc. | |
| | |
| | |
| FactSet Research Systems, Inc. | |
| Goldman Sachs Group, Inc. | |
| Intercontinental Exchange, Inc. | |
| Janus Henderson Group PLC | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| T. Rowe Price Group, Inc. | |
| Virtus Investment Partners, Inc. | |
| | |
| |
| Air Products & Chemicals, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Minerals Technologies, Inc. | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2065 Fund (continued) | | |
| |
| | |
| | |
| | |
| Commercial Services & Supplies — 0.2% |
| | |
| | |
| | |
| | |
| Communications Equipment — 0.3% |
| | |
| | |
| | |
| | |
| | |
| Construction & Engineering — 0.3% |
| | |
| Comfort Systems USA, Inc. | |
| | |
| Construction Materials — 0.2% |
| Martin Marietta Materials, Inc. | |
| | |
| | |
| |
| | |
| | |
| Capital One Financial Corp. | |
| | |
| | |
| Consumer Staples Distribution & Retail — 1.3% |
| BJ's Wholesale Club Holdings, Inc.(a) | |
| Casey's General Stores, Inc. | |
| | |
| | |
| Sprouts Farmers Market, Inc.(a) | |
| | |
| | |
| | |
| Containers & Packaging — 0.2% |
| | |
| | |
| | |
| |
| | |
| Diversified Consumer Services — 0.2% |
| Grand Canyon Education, Inc.(a) | |
| Service Corp. International | |
| | |
| |
| American Assets Trust, Inc. | |
| Diversified Telecommunication Services — 0.4% |
| | |
| Iridium Communications, Inc. | |
| Verizon Communications, Inc. | |
| | |
| | |
| Electric Utilities — 0.6% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Electrical Equipment — 0.4% |
| | |
| | |
| | |
| | |
| | |
| | |
| Electronic Equipment, Instruments & Components — 0.8% |
| Advanced Energy Industries, Inc. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Teledyne Technologies, Inc.(a) | |
| Zebra Technologies Corp., Class A(a) | |
| | |
| Energy Equipment & Services — 0.2% |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| Take-Two Interactive Software, Inc.(a) | |
| | |
| Warner Bros. Discovery, Inc.(a) | |
| | |
| Financial Services — 2.3% |
| | |
| Corebridge Financial, Inc. | |
| | |
| | |
| Jack Henry & Associates, Inc. | |
| Mastercard, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| Darling Ingredients, Inc.(a) | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2065 Fund (continued) | | |
| Food Products — continued |
| | |
| | |
| | |
| | |
| | |
| | |
| Mondelez International, Inc., Class A | |
| | |
| |
| | |
| New Jersey Resources Corp. | |
| | |
| | |
| Ground Transportation — 0.4% |
| | |
| | |
| | |
| | |
| Uber Technologies, Inc.(a) | |
| | |
| | |
| | |
| Health Care Equipment & Supplies — 1.0% |
| | |
| Align Technology, Inc.(a) | |
| Baxter International, Inc. | |
| | |
| Edwards Lifesciences Corp.(a) | |
| Intuitive Surgical, Inc.(a) | |
| | |
| | |
| Merit Medical Systems, Inc.(a) | |
| | |
| | |
| | |
| Health Care Providers & Services — 1.7% |
| Acadia Healthcare Co., Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Select Medical Holdings Corp. | |
| | |
| | |
| Health Care Technology — 0.4% |
| Doximity, Inc., Class A(a) | |
| Veeva Systems, Inc., Class A(a) | |
| | |
| Hotel & Resort REITs — 0.0% |
| Host Hotels & Resorts, Inc. | |
| | |
| Hotels, Restaurants & Leisure — 1.0% |
| | |
| | |
| Chipotle Mexican Grill, Inc.(a) | |
| Marriott Vacations Worldwide Corp. | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Household Durables — 0.4% |
| | |
| | |
| | |
| Taylor Morrison Home Corp.(a) | |
| | |
| Household Products — 0.5% |
| Church & Dwight Co., Inc. | |
| | |
| | |
| | |
| | |
| Independent Power & Renewable Electricity Producers — 0.1% |
| | |
| Clearway Energy, Inc., Class A | |
| | |
| Industrial Conglomerates — 0.0% |
| | |
| |
| | |
| Rexford Industrial Realty, Inc. | |
| | |
| |
| | |
| American International Group, Inc. | |
| Arch Capital Group Ltd.(a) | |
| | |
| | |
| | |
| | |
| First American Financial Corp. | |
| Hanover Insurance Group, Inc. | |
| Hartford Financial Services Group, Inc. | |
| Marsh & McLennan Cos., Inc. | |
| Prudential Financial, Inc. | |
| Reinsurance Group of America, Inc. | |
| Selective Insurance Group, Inc. | |
| | |
| | |
| | |
| Interactive Media & Services — 2.9% |
| | |
| | |
| Meta Platforms, Inc., Class A | |
| | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2065 Fund (continued) | | |
| |
| | |
| Cognizant Technology Solutions Corp., Class A | |
| International Business Machines Corp. | |
| Kyndryl Holdings, Inc.(a) | |
| Shopify, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| | |
| Life Sciences Tools & Services — 1.0% |
| Agilent Technologies, Inc. | |
| | |
| | |
| | |
| | |
| Thermo Fisher Scientific, Inc. | |
| | |
| |
| | |
| | |
| Chart Industries, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Illinois Tool Works, Inc. | |
| | |
| | |
| | |
| SPX Technologies, Inc.(a) | |
| | |
| | |
| | |
| |
| Charter Communications, Inc., Class A(a) | |
| | |
| Interpublic Group of Cos., Inc. | |
| Liberty Broadband Corp., Class C(a) | |
| | |
| | |
| |
| | |
| Cleveland-Cliffs, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Annaly Capital Management, Inc. | |
| |
| Consolidated Edison, Inc. | |
| | |
| | |
| | |
| | |
| |
| | |
| Easterly Government Properties, Inc. | |
| Highwoods Properties, Inc. | |
| | |
| | |
| Oil, Gas & Consumable Fuels — 2.8% |
| | |
| Antero Resources Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Southwestern Energy Co.(a) | |
| | |
| | |
| | |
| | |
| Passenger Airlines — 0.3% |
| | |
| Personal Care Products — 0.3% |
| | |
| Estee Lauder Cos., Inc., Class A | |
| | |
| | |
| |
| | |
| | |
| Jazz Pharmaceuticals PLC(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Professional Services — 0.6% |
| Automatic Data Processing, Inc. | |
| | |
| | |
| | |
| | |
| | |
| Paylocity Holding Corp.(a) | |
| | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2065 Fund (continued) | | |
| Real Estate Management & Development — 0.6% |
| CBRE Group, Inc., Class A(a) | |
| Jones Lang LaSalle, Inc.(a) | |
| | |
| |
| AvalonBay Communities, Inc. | |
| |
| Brixmor Property Group, Inc. | |
| | |
| Simon Property Group, Inc. | |
| | |
| Semiconductors & Semiconductor Equipment — 3.8% |
| Advanced Micro Devices, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| Lattice Semiconductor Corp.(a) | |
| | |
| | |
| | |
| | |
| | |
| Silicon Laboratories, Inc.(a) | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| Cadence Design Systems, Inc.(a) | |
| | |
| | |
| Manhattan Associates, Inc.(a) | |
| | |
| | |
| Palo Alto Networks, Inc.(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Tyler Technologies, Inc.(a) | |
| Workday, Inc., Class A(a) | |
| | |
| |
| | |
| | |
| Digital Realty Trust, Inc. | |
| | |
| | |
| | |
| |
| Abercrombie & Fitch Co., Class A(a) | |
| Asbury Automotive Group, Inc.(a) | |
| Burlington Stores, Inc.(a) | |
| | |
| Specialty Retail — continued |
| Dick's Sporting Goods, Inc. | |
| | |
| Floor & Decor Holdings, Inc., Class A(a) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Technology Hardware, Storage & Peripherals — 0.8% |
| | |
| Hewlett Packard Enterprise Co. | |
| | |
| | |
| | |
| | |
| Textiles, Apparel & Luxury Goods — 0.3% |
| | |
| | |
| | |
| | |
| Under Armour, Inc., Class A(a) | |
| | |
| Trading Companies & Distributors — 0.1% |
| | |
| |
| American States Water Co. | |
| American Water Works Co., Inc. | |
| Essential Utilities, Inc. | |
| | |
| Total Common Stocks
(Identified Cost $1,931,584) | |
| | |
|
| |
| Essex Portfolio LP, 3.000%, 1/15/2030 | |
| |
| Cummins, Inc., 5.150%, 2/20/2034 | |
| General Motors Financial Co., Inc., 4.350%, 1/17/2027 | |
| | |
| |
| American Express Co., (fixed rate to 8/03/2032, variable rate thereafter), 4.420%, 8/03/2033 | |
| Bank of America Corp., MTN, 3.248%, 10/21/2027 | |
| Canadian Imperial Bank of Commerce, 1.250%, 6/22/2026 | |
| Citigroup, Inc., 4.600%, 3/09/2026 | |
| Goldman Sachs Group, Inc., 3.750%, 5/22/2025 | |
| KeyCorp, MTN, 2.550%, 10/01/2029 | |
| Macquarie Group Ltd., (fixed rate to 11/28/2027, variable rate thereafter), 3.763%, 11/28/2028(b) | |
| Morgan Stanley, GMTN, (fixed rate to 7/20/2026, variable rate thereafter), 1.512%, 7/20/2027 | |
| Morgan Stanley, GMTN, (fixed rate to 1/23/2029, variable rate thereafter), 4.431%, 1/23/2030 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2065 Fund (continued) | | |
| |
| PNC Financial Services Group, Inc., 2.600%, 7/23/2026 | |
| PNC Financial Services Group, Inc., (fixed rate to 1/26/2026, variable rate thereafter), 4.758%, 1/26/2027 | |
| State Street Corp., 2.400%, 1/24/2030 | |
| Toronto-Dominion Bank, GMTN, 2.450%, 1/12/2032 | |
| Westpac Banking Corp., 2.350%, 2/19/2025 | |
| | |
| |
| BlackRock, Inc., 2.400%, 4/30/2030 | |
| Intercontinental Exchange, Inc., 3.000%, 6/15/2050 | |
| | |
| Building Materials — 0.0% |
| Owens Corning, 3.950%, 8/15/2029 | |
| |
| Ecolab, Inc., 2.125%, 2/01/2032 | |
| Diversified Manufacturing — 0.1% |
| Eaton Corp., 4.150%, 3/15/2033 | |
| Emerson Electric Co., 2.000%, 12/21/2028 | |
| | |
| |
| Entergy Corp., 0.900%, 9/15/2025 | |
| Exelon Corp., 4.050%, 4/15/2030 | |
| NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030 | |
| Pacific Gas & Electric Co., 4.550%, 7/01/2030 | |
| Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026 | |
| | |
| |
| Republic Services, Inc., 1.450%, 2/15/2031 | |
| |
| Ares Capital Corp., 3.250%, 7/15/2025 | |
| Oaktree Specialty Lending Corp., 2.700%, 1/15/2027 | |
| | |
| |
| Coca-Cola Co., 1.450%, 6/01/2027 | |
| General Mills, Inc., 4.000%, 4/17/2025 | |
| Mondelez International, Inc., 2.750%, 4/13/2030 | |
| PepsiCo, Inc., 2.750%, 3/19/2030 | |
| | |
| Government Owned - No Guarantee — 0.1% |
| Equinor ASA, 3.625%, 4/06/2040 | |
| Federal National Mortgage Association, 6.625%, 11/15/2030 | |
| | |
| |
| Welltower OP LLC, 2.800%, 6/01/2031 | |
| |
| Elevance Health, Inc., 4.101%, 3/01/2028 | |
| UnitedHealth Group, Inc., 5.800%, 3/15/2036 | |
| | |
| |
| CHRISTUS Health, Series C, 4.341%, 7/01/2028 | |
| DH Europe Finance II SARL, 2.200%, 11/15/2024 | |
| Kaiser Foundation Hospitals, 3.150%, 5/01/2027 | |
| | |
| | |
| |
| Exxon Mobil Corp., 2.992%, 3/19/2025 | |
| Shell International Finance BV, 6.375%, 12/15/2038 | |
| | |
| |
| Manulife Financial Corp., 3.703%, 3/16/2032 | |
| MetLife, Inc., 5.375%, 7/15/2033 | |
| | |
| Media Entertainment — 0.1% |
| Netflix, Inc., 3.625%, 6/15/2025(b) | |
| |
| Federal Home Loan Mortgage Corp., 2.000%, 2/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.000%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, 2/01/2052 | |
| Federal Home Loan Mortgage Corp., 2.500%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 4/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 6/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.000%, 8/01/2052 | |
| Federal Home Loan Mortgage Corp., 3.500%, 5/01/2052 | |
| Federal Home Loan Mortgage Corp., 4.000%, 7/01/2052 | |
| Federal Home Loan Mortgage Corp., 5.000%, 3/01/2054 | |
| Federal National Mortgage Association, 2.000%, 4/01/2052 | |
| Federal National Mortgage Association, 2.500%, 4/01/2052 | |
| Federal National Mortgage Association, 2.500%, 6/01/2052 | |
| Federal National Mortgage Association, 3.000%, 4/01/2052 | |
| Federal National Mortgage Association, 3.500%, 4/01/2052 | |
| Federal National Mortgage Association, 3.500%, 5/01/2052 | |
| Federal National Mortgage Association, 4.000%, 8/01/2052 | |
| Federal National Mortgage Association, 4.000%, 9/01/2052 | |
| Federal National Mortgage Association, 4.000%, 5/01/2053 | |
| Federal National Mortgage Association, 4.500%, 2/01/2053 | |
| Federal National Mortgage Association, 4.500%, 7/01/2053 | |
| Government National Mortgage Association, 3.000%, 6/20/2052 | |
| Government National Mortgage Association, 5.000%, 7/20/2053 | |
| Government National Mortgage Association, 5.500%, 4/20/2053 | |
| | |
| |
| Alexandria Real Estate Equities, Inc., 3.800%, 4/15/2026 | |
| Boston Properties LP, 2.750%, 10/01/2026 | |
| | |
| Oil Field Services — 0.1% |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.337%, 12/15/2027 | |
| |
| Prologis LP, 1.250%, 10/15/2030 | |
See accompanying notes to financial statements.
Portfolio of Investments – as of July 31, 2024 (Unaudited)Natixis Target Retirement 2065 Fund (continued) | | |
| |
| Astrazeneca Finance LLC, 2.250%, 5/28/2031 | |
| Bristol-Myers Squibb Co., 3.400%, 7/26/2029 | |
| Viatris, Inc., 3.850%, 6/22/2040 | |
| | |
| Property & Casualty Insurance — 0.0% |
| American International Group, Inc., 3.400%, 6/30/2030 | |
| |
| CSX Corp., 2.600%, 11/01/2026 | |
| |
| Starbucks Corp., 2.250%, 3/12/2030 | |
| |
| Realty Income Corp., 2.700%, 2/15/2032 | |
| |
| TJX Cos., Inc., 1.150%, 5/15/2028 | |
| Walmart, Inc., 4.100%, 4/15/2033 | |
| | |
| |
| Adobe, Inc., 2.300%, 2/01/2030 | |
| Apple, Inc., 2.500%, 2/09/2025 | |
| Broadcom, Inc., 4.110%, 9/15/2028 | |
| Intel Corp., 2.450%, 11/15/2029 | |
| International Business Machines Corp., 4.000%, 6/20/2042 | |
| NVIDIA Corp., 2.850%, 4/01/2030 | |
| Oracle Corp., 2.950%, 5/15/2025 | |
| QUALCOMM, Inc., 1.650%, 5/20/2032 | |
| | |
| |
| U.S. Treasury Bonds, 1.250%, 5/15/2050 | |
| U.S. Treasury Bonds, 2.250%, 5/15/2041 | |
| U.S. Treasury Bonds, 2.500%, 5/15/2046 | |
| U.S. Treasury Bonds, 2.875%, 11/15/2046 | |
| U.S. Treasury Bonds, 3.000%, 5/15/2045 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2048 | |
| U.S. Treasury Bonds, 3.000%, 2/15/2049 | |
| U.S. Treasury Bonds, 4.375%, 8/15/2043 | |
| U.S. Treasury Notes, 0.375%, 11/30/2025 | |
| | |
| |
| Essential Utilities, Inc., 4.276%, 5/01/2049 | |
| |
| Verizon Communications, Inc., 2.650%, 11/20/2040 | |
| Total Bonds and Notes
(Identified Cost $158,646) | |
| | |
Exchange-Traded Funds — 9.0% |
| iShares® ESG Aware MSCI EAFE ETF
(Identified Cost $322,011) | |
|
|
| | |
|
|
| WCM Focused Emerging Markets Fund, Institutional Class | |
| WCM Focused International Growth Fund, Institutional Class | |
| Total Mutual Funds
(Identified Cost $576,945) | |
|
|
Affiliated Mutual Funds — 10.3% |
| Mirova Global Green Bond Fund, Class N | |
| Mirova International Sustainable Equity Fund, Class N | |
| Total Affiliated Mutual Funds
(Identified Cost $416,967) | |
| | |
Short-Term Investments — 3.5% |
| Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/2024 at 3.500% to be repurchased at $133,437 on 8/01/2024 collateralized by $145,100 U.S. Treasury Note, 0.375% due 1/31/2026 valued at $136,617 including accrued interest (Note 2 of Notes to Financial Statements)
(Identified Cost $133,424) | |
| Total Investments — 100.6%
(Identified Cost $3,539,577) | |
| Other assets less liabilities — (0.6)% | |
| | |
| See Note 2 of Notes to Financial Statements. |
| Non-income producing security. |
| All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2024, the value of Rule 144A holdings amounted to $2,931 or 0.1% of net assets. |
| An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. |
| |
| |
| |
| Real Estate Investment Trusts |
Asset Allocation Summary at July 31, 2024 (Unaudited)
| |
| |
| |
| |
Other assets less liabilities | |
| |
See accompanying notes to financial statements.
Statements of Assets and Liabilities
July 31, 2024 (Unaudited)
| Natixis
Target
Retirement 2015
Fund | Natixis
Target
Retirement 2020
Fund | Natixis
Target
Retirement 2025
Fund | Natixis
Target
Retirement 2030
Fund |
| | | | |
Unaffiliated investments at cost | | | | |
Affiliated investments at cost | | | | |
Net unrealized appreciation on unaffiliated investments | | | | |
Net unrealized depreciation on affiliated investments | | | | |
| | | | |
| | | | |
Receivable for Fund shares sold | | | | |
Receivable from investment adviser (Note 5) | | | | |
Receivable for securities sold | | | | |
Dividends and interest receivable | | | | |
Dividends receivable from affiliates | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Payable for securities purchased | | | | |
Payable for Fund shares redeemed | | | | |
Deferred Trustees’ fees (Note 5) | | | | |
Administrative fees payable (Note 5) | | | | |
Audit and tax services fees payable | | | | |
Other accounts payable and accrued expenses | | | | |
| | | | |
COMMITMENTS AND CONTINGENCIES(a) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | | | | |
| | | | |
| | | | |
Shares of beneficial interest | | | | |
Net asset value, offering and redemption price per share | | | | |
| As disclosed in the Notes to Financial Statements, if applicable. |
See accompanying notes to financial statements.
Statements of Assets and Liabilities (continued)
July 31, 2024 (Unaudited)
| Natixis
Target
Retirement 2035
Fund | Natixis
Target
Retirement 2040
Fund | Natixis
Target
Retirement 2045
Fund | Natixis
Target
Retirement 2050
Fund |
| | | | |
Unaffiliated investments at cost | | | | |
Affiliated investments at cost | | | | |
Net unrealized appreciation on unaffiliated investments | | | | |
Net unrealized depreciation on affiliated investments | | | | |
| | | | |
| | | | |
Receivable for Fund shares sold | | | | |
Receivable from investment adviser (Note 5) | | | | |
Dividends and interest receivable | | | | |
Dividends receivable from affiliates | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Payable for securities purchased | | | | |
Payable for Fund shares redeemed | | | | |
Deferred Trustees’ fees (Note 5) | | | | |
Administrative fees payable (Note 5) | | | | |
Audit and tax services fees payable | | | | |
Other accounts payable and accrued expenses | | | | |
| | | | |
COMMITMENTS AND CONTINGENCIES(a) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | | | | |
| | | | |
| | | | |
Shares of beneficial interest | | | | |
Net asset value, offering and redemption price per share | | | | |
| As disclosed in the Notes to Financial Statements, if applicable. |
See accompanying notes to financial statements.
Statements of Assets and Liabilities (continued)
July 31, 2024 (Unaudited)
| Natixis
Target
Retirement 2055
Fund | Natixis
Target
Retirement 2060
Fund | Natixis
Target
Retirement 2065
Fund |
| | | |
Unaffiliated investments at cost | | | |
Affiliated investments at cost | | | |
Net unrealized appreciation on unaffiliated investments | | | |
Net unrealized appreciation (depreciation) on affiliated investments | | | |
| | | |
| | | |
Receivable for Fund shares sold | | | |
Receivable from investment adviser (Note 5) | | | |
Receivable for securities sold | | | |
Dividends and interest receivable | | | |
| | | |
| | | |
| | | |
| | | |
Payable for securities purchased | | | |
Payable for Fund shares redeemed | | | |
Deferred Trustees’ fees (Note 5) | | | |
Administrative fees payable (Note 5) | | | |
Audit and tax services fees payable | | | |
Other accounts payable and accrued expenses | | | |
| | | |
COMMITMENTS AND CONTINGENCIES(a) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | | | |
| | | |
| | | |
Shares of beneficial interest | | | |
Net asset value, offering and redemption price per share | | | |
| As disclosed in the Notes to Financial Statements, if applicable. |
See accompanying notes to financial statements.
For the Six Months Ended July 31, 2024 (Unaudited)
| Natixis
Target
Retirement 2015
Fund | Natixis
Target
Retirement 2020
Fund | Natixis
Target
Retirement 2025
Fund | Natixis
Target
Retirement 2030
Fund |
| | | | |
Dividends from unaffiliated investments | | | | |
Dividends from affiliated investments | | | | |
| | | | |
Less net foreign taxes withheld | | | | |
| | | | |
| | | | |
| | | | |
Administrative fees (Note 5) | | | | |
Trustees' fees and expenses (Note 5) | | | | |
Transfer agent fees and expenses (Note 6) | | | | |
Audit and tax services fees | | | | |
Custodian fees and expenses | | | | |
Interest expense (Note 10) | | | | |
| | | | |
| | | | |
| | | | |
Shareholder reporting expenses | | | | |
| | | | |
| | | | |
Less waiver and/or expense reimbursement (Note 5) | | | | |
Less expense offset (Note 6) | | | | |
| | | | |
| | | | |
Net realized and unrealized gain on Investments | | | | |
Net realized gain (loss) on: | | | | |
| | | | |
| | | | |
Net change in unrealized appreciation (depreciation) on: | | | | |
| | | | |
| | | | |
Net realized and unrealized gain on investments | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | | | |
See accompanying notes to financial statements.
Statements of Operations (continued)
For the Six Months Ended July 31, 2024 (Unaudited)
| Natixis
Target
Retirement 2035
Fund | Natixis
Target
Retirement 2040
Fund | Natixis
Target
Retirement 2045
Fund | Natixis
Target
Retirement 2050
Fund |
| | | | |
Dividends from unaffiliated investments | | | | |
Dividends from affiliated investments | | | | |
| | | | |
Less net foreign taxes withheld | | | | |
| | | | |
| | | | |
| | | | |
Administrative fees (Note 5) | | | | |
Trustees' fees and expenses (Note 5) | | | | |
Transfer agent fees and expenses (Note 6) | | | | |
Audit and tax services fees | | | | |
Custodian fees and expenses | | | | |
Interest expense (Note 10) | | | | |
| | | | |
| | | | |
| | | | |
Shareholder reporting expenses | | | | |
| | | | |
| | | | |
Less waiver and/or expense reimbursement (Note 5) | | | | |
Less expense offset (Note 6) | | | | |
| | | | |
| | | | |
Net realized and unrealized gain on Investments | | | | |
Net realized gain (loss) on: | | | | |
| | | | |
| | | | |
Net change in unrealized appreciation (depreciation) on: | | | | |
| | | | |
| | | | |
Net realized and unrealized gain on investments | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | | | |
See accompanying notes to financial statements.
Statements of Operations (continued)
For the Six Months Ended July 31, 2024 (Unaudited)
| Natixis
Target
Retirement 2055
Fund | Natixis
Target
Retirement 2060
Fund | Natixis
Target
Retirement 2065
Fund |
| | | |
Dividends from unaffiliated investments | | | |
Dividends from affiliated investments | | | |
| | | |
Less net foreign taxes withheld | | | |
| | | |
| | | |
| | | |
Administrative fees (Note 5) | | | |
Trustees' fees and expenses (Note 5) | | | |
Transfer agent fees and expenses (Note 6) | | | |
Audit and tax services fees | | | |
Custodian fees and expenses | | | |
| | | |
| | | |
| | | |
Shareholder reporting expenses | | | |
| | | |
| | | |
Less waiver and/or expense reimbursement (Note 5) | | | |
Less expense offset (Note 6) | | | |
| | | |
| | | |
Net realized and unrealized gain on Investments | | | |
Net realized gain (loss) on: | | | |
| | | |
| | | |
Net change in unrealized appreciation (depreciation) on: | | | |
| | | |
| | | |
Net realized and unrealized gain on investments | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | | |
See accompanying notes to financial statements.
Statements of Changes in Net Assets
| Natixis
Target
Retirement 2015
Fund | Natixis
Target
Retirement 2020
Fund | Natixis
Target
Retirement 2025
Fund |
| Six Months Ended
July 31,2024
(Unaudited) | Year Ended
January 31,2024 | Six Months Ended
July 31,2024
(Unaudited) | Year Ended
January 31,2024 | Six Months Ended
July 31,2024
(Unaudited) | Year Ended
January 31,2024 |
| | | | | | |
| | | | | | |
Net realized gain on investments | | | | | | |
Net change in unrealized appreciation on investments | | | | | | |
Net increase in net assets resulting from operations | | | | | | |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | |
| | | | | | |
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL SHARES TRANSACTIONS
(Note 11) | | | | | | |
Net increase (decrease) in net assets | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
See accompanying notes to financial statements.
Statements of Changes in Net Assets (continued)
| Natixis
Target
Retirement 2030
Fund | Natixis
Target
Retirement 2035
Fund | Natixis
Target
Retirement 2040
Fund |
| Six Months Ended
July 31,2024
(Unaudited) | Year Ended
January 31,2024 | Six Months Ended
July 31,2024
(Unaudited) | Year Ended
January 31,2024 | Six Months Ended
July 31,2024
(Unaudited) | Year Ended
January 31,2024 |
| | | | | | |
| | | | | | |
Net realized gain on investments | | | | | | |
Net change in unrealized appreciation on investments | | | | | | |
Net increase in net assets resulting from operations | | | | | | |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | |
| | | | | | |
NET INCREASE IN NET ASSETS
FROM CAPITAL SHARES TRANSACTIONS
(Note 11) | | | | | | |
Net increase in net assets | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
See accompanying notes to financial statements.
Statements of Changes in Net Assets (continued)
| Natixis
Target
Retirement 2045
Fund | Natixis
Target
Retirement 2050
Fund | Natixis
Target
Retirement 2055
Fund |
| Six Months Ended
July 31,2024
(Unaudited) | Year Ended
January 31,2024 | Six Months Ended
July 31,2024
(Unaudited) | Year Ended
January 31,2024 | Six Months Ended
July 31,2024
(Unaudited) | Year Ended
January 31,2024 |
| | | | | | |
| | | | | | |
Net realized gain on investments | | | | | | |
Net change in unrealized appreciation on investments | | | | | | |
Net increase in net assets resulting from operations | | | | | | |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | |
| | | | | | |
NET INCREASE IN NET ASSETS
FROM CAPITAL SHARES TRANSACTIONS
(Note 11) | | | | | | |
Net increase in net assets | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
See accompanying notes to financial statements.
Statements of Changes in Net Assets (continued)
| Natixis
Target
Retirement 2060
Fund | Natixis
Target
Retirement 2065
Fund |
| Six Months Ended
July 31,2024
(Unaudited) | Year Ended
January 31,2024 | Six Months Ended
July 31,2024
(Unaudited) | Year Ended
January 31,2024 |
| | | | |
| | | | |
Net realized gain on investments | | | | |
Net change in unrealized appreciation on investments | | | | |
Net increase in net assets resulting from operations | | | | |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
NET INCREASE IN NET ASSETS
FROM CAPITAL SHARES TRANSACTIONS
(Note 11) | | | | |
Net increase in net assets | | | | |
| | | | |
| | | | |
| | | | |
See accompanying notes to financial statements.
For a share outstanding throughout each period.
| Target Retirement 2015 Fund—Class N |
| Six Months
Ended
July 31,2024
(Unaudited) | Year Ended
January 31,2024 | Year Ended
January 31,2023 | Year Ended
January 31,2022 | Year Ended
January 31,2021 | Year Ended
January 31,2020 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
| Computed on an annualized basis for periods less than one year. |
| Effective July 1, 2024, the expense limit decreased from 0.50% to 0.44%. See Note 5 of Notes to Financial Statements. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.49% and 2.88%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.50% and 3.43%, respectively. |
| Effective June 1, 2022, the expense limit decreased from 0.55% to 0.50%. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.52% and 3.68%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.55% and 3.35%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.55% and 3.32%, respectively. |
| Effective June 1, 2019, the expense limit decreased from 0.65% to 0.55%. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.58% and 3.97%, respectively. |
See accompanying notes to financial statements.
Financial Highlights (continued)
For a share outstanding throughout each period.
| Target Retirement 2020 Fund—Class N |
| Six Months
Ended
July 31,2024
(Unaudited) | Year Ended
January 31,2024 | Year Ended
January 31,2023 | Year Ended
January 31,2022 | Year Ended
January 31,2021 | Year Ended
January 31,2020 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Amount rounds to less than $0.01 per share. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
| Computed on an annualized basis for periods less than one year. |
| Effective July 1, 2024, the expense limit decreased from 0.50% to 0.44%. See Note 5 of Notes to Financial Statements. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.50% and 3.26%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.50% and 4.30%, respectively. |
| Effective June 1, 2022, the expense limit decreased from 0.55% to 0.50%. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.52% and 4.48%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.55% and 3.92%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.55% and 4.11%, respectively. |
| Effective June 1, 2019, the expense limit decreased from 0.65% to 0.55%. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.58% and 3.95%, respectively. |
| Includes transfer agent fees and expenses before expense offset. Without these expenses the ratio of gross expenses would have been 3.00%. See Note 6 of Notes to Financial Statements. |
See accompanying notes to financial statements.
Financial Highlights (continued)
For a share outstanding throughout each period.
| Target Retirement 2025 Fund—Class N |
| Six Months
Ended
July 31,2024
(Unaudited) | Year Ended
January 31,2024 | Year Ended
January 31,2023 | Year Ended
January 31,2022 | Year Ended
January 31,2021 | Year Ended
January 31,2020 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
| Computed on an annualized basis for periods less than one year. |
| Effective July 1, 2024, the expense limit decreased from 0.51% to 0.45%. See Note 5 of Notes to Financial Statements. |
| Includes interest expense. Without this expense the ratio of net expenses would have been 0.23% and the ratio of gross expenses would have been 1.80%. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.49% and 2.06%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.51% and 2.29%, respectively. |
| Effective June 1, 2022, the expense limit decreased from 0.56% to 0.51%. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.53% and 2.65%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.56% and 2.02%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.56% and 3.23%, respectively. |
| Effective June 1, 2019, the expense limit decreased from 0.65% to 0.56%. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.59% and 4.43%, respectively. |
See accompanying notes to financial statements.
Financial Highlights (continued)
For a share outstanding throughout each period.
| Target Retirement 2030 Fund—Class N |
| Six Months
Ended
July 31,2024
(Unaudited) | Year Ended
January 31,2024 | Year Ended
January 31,2023 | Year Ended
January 31,2022 | Year Ended
January 31,2021 | Year Ended
January 31,2020 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
| Computed on an annualized basis for periods less than one year. |
| Effective July 1, 2024, the expense limit decreased from 0.52% to 0.46%. See Note 5 of Notes to Financial Statements. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.50% and 1.33%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to
average net assets would have been 0.52% and 1.56%, respectively. |
| Effective June 1, 2022, the expense limit decreased from 0.57% to 0.52%. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.54% and 1.66%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.57% and 1.69%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.57% and 3.11%, respectively. |
| Effective June 1, 2019, the expense limit decreased from 0.65% to 0.57%. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.60% and 4.60%, respectively. |
See accompanying notes to financial statements.
Financial Highlights (continued)
For a share outstanding throughout each period.
| Target Retirement 2035 Fund—Class N |
| Six Months
Ended
July 31,2024
(Unaudited) | Year Ended
January 31,2024 | Year Ended
January 31,2023 | Year Ended
January 31,2022 | Year Ended
January 31,2021 | Year Ended
January 31,2020 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
| Computed on an annualized basis for periods less than one year. |
| Effective July 1, 2024, the expense limit decreased from 0.53% to 0.47%. See Note 5 of Notes to Financial Statements. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.51% and 1.22%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.53% and 1.52%, respectively. |
| Effective June 1, 2022, the expense limit decreased from 0.58% to 0.53%. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.55% and 1.63%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.58% and 1.87%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.58% and 3.27%, respectively. |
| Effective June 1, 2019, the expense limit decreased from 0.65% to 0.58%. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.60% and 4.16%, respectively. |
See accompanying notes to financial statements.
Financial Highlights (continued)
For a share outstanding throughout each period.
| Target Retirement 2040 Fund—Class N |
| Six Months
Ended
July 31,2024
(Unaudited) | Year Ended
January 31,2024 | Year Ended
January 31,2023 | Year Ended
January 31,2022 | Year Ended
January 31,2021 | Year Ended
January 31,2020 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
| Computed on an annualized basis for periods less than one year. |
| Effective July 1, 2024, the expense limit decreased from 0.54% to 0.48%. See Note 5 of Notes to Financial Statements. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios toaverage net assets would have been 0.52% and 1.19%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.54% and 1.50%, respectively. |
| Effective June 1, 2022, the expense limit decreased from 0.59% to 0.54%. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.56% and 1.88%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.59% and 2.25%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.59% and 3.61%, respectively |
| Effective June 1, 2019, the expense limit decreased from 0.65% to 0.59%. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.61% and 4.67%, respectively. |
See accompanying notes to financial statements.
Financial Highlights (continued)
For a share outstanding throughout each period.
| Target Retirement 2045 Fund—Class N |
| Six Months
Ended
July 31,2024
(Unaudited) | Year Ended
January 31,2024 | Year Ended
January 31,2023 | Year Ended
January 31,2022 | Year Ended
January 31,2021 | Year Ended
January 31,2020 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
| Computed on an annualized basis for periods less than one year. |
| Effective July 1, 2024, the expense limit decreased from 0.54% to 0.48%. See Note 5 of Notes to Financial Statements. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.52% and 1.26%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to
average net assets would have been 0.54% and 1.63%, respectively. |
| Effective June 1, 2022, the expense limit decreased from 0.59% to 0.54%. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.56% and 1.88%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.59% and 2.19%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.59% and 3.85%, respectively. |
| Effective June 1, 2019, the expense limit decreased from 0.65% to 0.59%. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.61% and 5.33%, respectively. |
See accompanying notes to financial statements.
Financial Highlights (continued)
For a share outstanding throughout each period.
| Target Retirement 2050 Fund—Class N |
| Six Months
Ended
July 31,2024
(Unaudited) | Year Ended
January 31,2024 | Year Ended
January 31,2023 | Year Ended
January 31,2022 | Year Ended
January 31,2021 | Year Ended
January 31,2020 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
| Computed on an annualized basis for periods less than one year. |
| Effective July 1, 2024, the expense limit decreased from 0.55% to 0.49%. See Note 5 of Notes to Financial Statements. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.53% and 1.25%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.55% and 1.67%, respectively. |
| Effective June 1, 2022, the expense limit decreased from 0.60% to 0.55%. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.57% and 2.05%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.60% and 2.38%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.60% and 4.22%, respectively. |
| Effective June 1, 2019, the expense limit decreased from 0.65% to 0.60%. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.62% and 5.45%, respectively. |
See accompanying notes to financial statements.
Financial Highlights (continued)
For a share outstanding throughout each period.
| Target Retirement 2055 Fund—Class N |
| Six Months
Ended
July 31,2024
(Unaudited) | Year Ended
January 31,2024 | Year Ended
January 31,2023 | Year Ended
January 31,2022 | Year Ended
January 31,2021 | Year Ended
January 31,2020 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
| Computed on an annualized basis for periods less than one year. |
| Effective July 1, 2024, the expense limit decreased from 0.55% to 0.49%. See Note 5 of Notes to Financial Statements. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.53% and 1.44%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.55% and 1.90%, respectively. |
| Effective June 1, 2022, the expense limit decreased from 0.60% to 0.55%. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.57% and 2.37%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.60% and 2.95%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.60% and 4.70%, respectively. |
| Effective June 1, 2019, the expense limit decreased from 0.65% to 0.60%. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.62% and 5.83%, respectively. |
See accompanying notes to financial statements.
Financial Highlights (continued)
For a share outstanding throughout each period.
| Target Retirement 2060 Fund—Class N |
| Six Months
Ended
July 31,2024
(Unaudited) | Year Ended
January 31,2024 | Year Ended
January 31,2023 | Year Ended
January 31,2022 | Year Ended
January 31,2021 | Year Ended
January 31,2020 |
Net asset value, beginning of the period | | | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Total from Investment Operations | | | | | | |
| | | | | | |
| | | | | | |
Net realized capital gains | | | | | | |
| | | | | | |
Net asset value, end of the period | | | | | | |
| | | | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | | | |
Net assets, end of the period (000's) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
| Computed on an annualized basis for periods less than one year. |
| Effective July 1, 2024, the expense limit decreased from 0.55% to 0.49%. See Note 5 of Notes to Financial Statements. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.54% and 1.62%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.55% and 2.35%, respectively. |
| Effective June 1, 2022, the expense limit decreased from 0.60% to 0.55%. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.57% and 3.22%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.60% and 3.53%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.60% and 5.47%, respectively. |
| Effective June 1, 2019, the expense limit decreased from 0.65% to 0.60%. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.62% and 6.23%, respectively. |
See accompanying notes to financial statements.
Financial Highlights (continued)
For a share outstanding throughout each period.
| Target Retirement 2065 Fund—Class N |
| Six Months
Ended
July 31,2024
(Unaudited) | Year Ended
January 31,2024 | Year Ended
January 31,2023 | |
Net asset value, beginning of the period | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | | | | |
| | | | |
Net realized and unrealized gain (loss) | | | | |
Total from Investment Operations | | | | |
| | | | |
| | | | |
Net realized capital gains | | | | |
| | | | |
Net asset value, end of the period | | | | |
| | | | |
RATIOS TO AVERAGE NET ASSETS: | | | | |
Net assets, end of the period (000's) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| From commencement of operations on December 15, 2021 through January 31, 2022. |
| Per share net investment income has been calculated using the average shares outstanding during the period. |
| Amount rounds to less than $0.01 per share. |
| Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. |
| Periods less than one year are not annualized. |
| The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher. |
| Computed on an annualized basis for periods less than one year. |
| Effective July 1, 2024, the expense limit decreased from 0.55% to 0.49%. See Note 5 of Notes to Financial Statements. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.54% and 4.37%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.55% and 5.48%, respectively. |
| Effective June 1, 2022, the expense limit decreased from 0.60% to 0.55%. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.57% and 5.85%, respectively. |
| Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.60% and 8.34%, respectively. |
See accompanying notes to financial statements.
Notes to Financial Statements
July 31, 2024 (Unaudited)
1.Organization. Natixis Funds Trust IV (the “Trust”) is organized as a Massachusetts business trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Declaration of Trust permits the Board of Trustees to authorize the issuance of an unlimited number of shares of the Trust in multiple series. The financial statements for certain funds of the Trust are presented in separate reports. The following funds (individually, a “Fund” and collectively, the “Funds”) are included in this report:
Natixis Target Retirement 2015 Fund® (formerly Natixis Sustainable Future 2015 Fund®) (“Target Retirement 2015 Fund”)
Natixis Target Retirement 2020 Fund® (formerly Natixis Sustainable Future 2020 Fund®) (“Target Retirement 2020 Fund”)
Natixis Target Retirement 2025 Fund® (formerly Natixis Sustainable Future 2025 Fund®) (“Target Retirement 2025 Fund”)
Natixis Target Retirement 2030 Fund® (formerly Natixis Sustainable Future 2030 Fund®) (“Target Retirement 2030 Fund”)
Natixis Target Retirement 2035 Fund® (formerly Natixis Sustainable Future 2035 Fund®) (“Target Retirement 2035 Fund”)
Natixis Target Retirement 2040 Fund® (formerly Natixis Sustainable Future 2040 Fund®) (“Target Retirement 2040 Fund”)
Natixis Target Retirement 2045 Fund® (formerly Natixis Sustainable Future 2045 Fund®) (“Target Retirement 2045 Fund”)
Natixis Target Retirement 2050 Fund® (formerly Natixis Sustainable Future 2050 Fund®) (“Target Retirement 2050 Fund”)
Natixis Target Retirement 2055 Fund® (formerly Natixis Sustainable Future 2055 Fund®) (“Target Retirement 2055 Fund”)
Natixis Target Retirement 2060 Fund® (formerly Natixis Sustainable Future 2060 Fund®) (“Target Retirement 2060 Fund”)
Natixis Target Retirement 2065 Fund® (formerly Natixis Sustainable Future 2065 Fund®) (“Target Retirement 2065 Fund”)
Effective July 1, 2024, the Board of Trustees approved a change in the name of each Fund. Each Fund’s investment goal and principal investment strategies will not change as a result of the name change.
Each Fund is a diversified investment company.
Each Fund offers Class N shares. Class N shares do not pay a front-end sales charge, a contingent deferred sales charge or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Certain categories of investors are exempted from the minimum investment amounts for Class N as outlined in the Funds' prospectus.
Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the Funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”) and Natixis ETF Trust and Natixis ETF Trust II (“Natixis ETF Trusts”).
2.Significant Accounting Policies. The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. The Funds' financial statements follow the accounting and reporting guidelines provided for investment companies and are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has evaluated the events and transactions subsequent to period-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Funds' financial statements.
a. Valuation. Registered investment companies are required to value portfolio investments using an unadjusted, readily available market quotation. Each Fund obtains readily available market quotations from independent pricing services. Fund investments for which readily available market quotations are not available are priced at fair value pursuant to the Funds’ Valuation Procedures. The Board of Trustees has approved a valuation designee who is subject to the Board’s oversight.
Unadjusted readily available market quotations that are utilized for exchange traded equity securities (including shares of closed-end investment companies and exchange-traded funds) include the last sale price quoted on the exchange where the security is traded most extensively. Shares of open-end investment companies are valued at net asset value ("NAV") per share.
Exchange traded equity securities for which there is no reported sale during the day are fair valued at the closing bid quotation as reported by an independent pricing service. Unlisted equity securities (except unlisted preferred equity securities) are fair valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be fair valued using evaluated bids furnished by an independent pricing service, if available.
Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. Broker-dealer bid prices may be used to fair value debt and unlisted equities where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the investment.
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
The Fund may also fair value investments in other circumstances such as when extraordinary events occur after the close of a foreign market, but prior to the close of the New York Stock Exchange. 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). When fair valuing a Fund’s investments, the valuation designee may, among other things, use modeling tools or other processes that may take into account factors such as issuer specific information, or other related market activity and/or information that occurred after the close of the foreign market but before the time the Fund’s NAV is calculated. Fair valuation by the Fund’s valuation designee may require subjective determinations about the value of the investment, and fair values used to determine a Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of investments held by a Fund.
b. Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on the trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, are recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis.
c. Foreign Currency Translation. The books and records of the Funds are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars, if any, are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars on the respective dates of such transactions.
Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates. Net realized foreign exchange gains or losses and the net change in unrealized foreign exchange gains or losses are disclosed in the Statements of Operations. For federal income tax purposes, net realized foreign exchange gains or losses are characterized as ordinary income, and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.
The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statements of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities.
The Funds may use foreign currency exchange contracts to facilitate transactions in foreign-denominated investments. Losses may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.
d. Federal and Foreign Income Taxes. The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of July 31, 2024 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years, where applicable, remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.
A Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statements of Operations as a reduction of investment income, net of amounts that have been or are expected to be reclaimed and paid. Dividends and interest receivable on the Statements of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes where reclaims have been or are expected to
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
be filed and paid are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.
e. Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as paydown gains and losses, premium amortization and passive foreign investment company adjustments. Permanent book and tax basis differences relating to shareholder distributions, net investment income and net realized gains will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, wash sales, passive foreign investment company adjustments and premium amortization. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.
The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended January 31, 2024 was as follows:
| |
| | | |
Target Retirement 2015 Fund | | | |
Target Retirement 2020 Fund | | | |
Target Retirement 2025 Fund | | | |
Target Retirement 2030 Fund | | | |
Target Retirement 2035 Fund | | | |
Target Retirement 2040 Fund | | | |
Target Retirement 2045 Fund | | | |
Target Retirement 2050 Fund | | | |
Target Retirement 2055 Fund | | | |
Target Retirement 2060 Fund | | | |
Target Retirement 2065 Fund | | | |
Distributions paid to shareholders from net investment income and net realized capital gains, based on accounting principles generally accepted in the United States of America, are consolidated and reported on the Statements of Changes in Net Assets as Distributions to Shareholders. Distributions paid to shareholders from net investment income and net realized capital gains expressed in per-share amounts, based on accounting principles generally accepted in the United States of America, are separately stated and reported within the Financial Highlights.
As of January 31, 2024, capital loss carryforwards were as follows:
| Target
Retirement 2015
Fund | Target
Retirement 2020
Fund | Target
Retirement 2025
Fund | Target
Retirement 2030
Fund | Target
Retirement 2035
Fund |
Capital loss carryforward: | | | | | |
| | | | | |
| | | | | |
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
| Target
Retirement 2040
Fund | Target
Retirement 2045
Fund | Target
Retirement 2050
Fund | Target
Retirement 2055
Fund | Target
Retirement 2060
Fund | Target
Retirement 2065
Fund |
Capital loss carryforward: | | | | | | |
| | | | | | |
| | | | | | |
As of July 31, 2024, the tax cost of investments and unrealized appreciation (depreciation) on a federal tax basis were as follows:
| Target
Retirement 2015
Fund | Target
Retirement 2020
Fund | Target
Retirement 2025
Fund | Target
Retirement 2030
Fund | Target
Retirement 2035
Fund |
| | | | | |
| | | | | |
| | | | | |
Net tax appreciation (depreciation) | | | | | |
| Target
Retirement 2040
Fund | Target
Retirement 2045
Fund | Target
Retirement 2050
Fund | Target
Retirement 2055
Fund | Target
Retirement 2060
Fund | Target
Retirement 2065
Fund |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Amounts in the table above exclude certain adjustments that will be made at the end of the Fund's fiscal year for tax purposes. Adjustments may include, but are not limited to, wash sales.
f. Repurchase Agreements. Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of July 31, 2024, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.
g. Indemnifications. Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
3.Fair Value Measurements In accordance with accounting standards related to fair value measurements and disclosures, the Funds have categorized the inputs utilized in determining the value of each Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:
• Level 1 — quoted prices in active markets for identical assets or liabilities;
• Level 2 — prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and
• Level 3 — prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
as when there is little or no market activity for an asset or liability (unobservable inputs reflect each Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The Funds' pricing policies have been approved by the Board of Trustees. Investments for which market quotations are readily available are categorized in Level 1. Other investments for which an independent pricing service is utilized are categorized in Level 2. Broker-dealer bid prices for which the Funds have knowledge of the inputs used by the broker-dealer are categorized in Level 2. All other investments, including broker-dealer bid prices for which the Funds do not have knowledge of the inputs used by the broker-dealer, as well as investments fair valued by the valuation designee, are categorized in Level 3. All Level 2 and 3 securities are defined as being fair valued.
Under certain conditions and based upon specific facts and circumstances, the Fund’s valuation designee may determine that a fair valuation should be made for portfolio investment(s). These valuation designee fair valuations will be based upon a significant amount of Level 3 inputs.
The following is a summary of the inputs used to value the Funds' investments as of July 31, 2024, at value:
Target Retirement 2015 Fund |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
Target Retirement 2020 Fund |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
Target Retirement 2025 Fund |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
Target Retirement 2030 Fund |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
Target Retirement 2035 Fund |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
Target Retirement 2040 Fund |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
Target Retirement 2045 Fund |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
Target Retirement 2050 Fund |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
Target Retirement 2055 Fund |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
Target Retirement 2060 Fund |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
Target Retirement 2065 Fund |
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
4.Purchases and Sales of Securities. For the six months ended July 31, 2024, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:
| U.S. Government/
Agency Securities | |
| | | | |
Target Retirement 2015 Fund | | | | |
Target Retirement 2020 Fund | | | | |
Target Retirement 2025 Fund | | | | |
Target Retirement 2030 Fund | | | | |
Target Retirement 2035 Fund | | | | |
Target Retirement 2040 Fund | | | | |
Target Retirement 2045 Fund | | | | |
Target Retirement 2050 Fund | | | | |
Target Retirement 2055 Fund | | | | |
Target Retirement 2060 Fund | | | | |
Target Retirement 2065 Fund | | | | |
5.Management Fees and Other Transactions with Affiliates.
a. Management Fees. Natixis Advisors, LLC (“Natixis Advisors”) serves as investment adviser to each Fund. Natixis Advisors is a wholly-owned subsidiary of Natixis Investment Managers, LLC, which is part of Natixis Investment Managers, an international asset management group based in Paris, France. Natixis Advisors, through its Natixis Investment Managers Solutions division, makes investment decisions with respect to the AIA U.S. Large Cap Value ESG Segment, AIA U.S. Small/Mid Cap ESG Segment, AIA International Developed Markets Equity ESG Segment and AIA U.S. Large Cap Core ESG Segment. Additionally, Natixis Advisors performs certain asset allocation, glide path monitoring and compliance responsibilities for each Fund, and oversees, evaluates and monitors the subadvisory services provided to each Fund. Under the terms of the management agreements, each Fund pays a management fee calculated daily and payable monthly, based on each Fund’s average daily net assets.
Natixis Advisors has entered into a subadvisory agreement with Harris Associates L.P. (“Harris”) with respect to the Harris Associates Large Cap Value Segment of each Fund. Harris is a limited partnership whose sole general partner, Harris Associates Inc., is a subsidiary of Natixis Investment Managers, LLC.
Natixis Advisors has entered into a subadvisory agreement with Loomis, Sayles & Company, L.P. (“Loomis Sayles”) with respect to the Loomis Sayles All Cap Growth Segment and Loomis Sayles Core Fixed Income Segment of each Fund. Loomis Sayles is a limited partnership whose sole general partner, Loomis, Sayles & Company, Inc., is indirectly owned by Natixis Investment Managers, LLC.
The aggregate management fee to be paid by each Fund is equal to the sum of: (i) 0.165% of the average daily net assets of the AIA U.S. Large Cap Value ESG Segment, (ii) 0.20% of the average daily net assets of the AIA U.S. Small/Mid Cap ESG Segment, (iii) 0.20% of the average daily net assets of the AIA International Developed Markets Equity ESG Segment and (iv) effective October 17, 2022, 0.165% of the average daily net assets of the AIA U.S. Large Cap Core ESG Segment, each payable to Natixis Advisors as adviser; (v) 0.52% of the average daily net assets of the Harris Associates Large Cap Value Segment, payable by the Fund directly to Harris as sub-adviser; (vi) 0.35% of the average daily net assets of the Loomis Sayles All Cap Growth Segment, and (vii) 0.15% of the average daily net assets of the Loomis Sayles Core Fixed Income Segment, each payable by the Fund directly to Loomis Sayles as sub-adviser. The aggregate management fee payable by each Fund is subject to a maximum equal to the sum of: (i) 0.25% of the average daily net assets of each segment managed directly by Natixis Advisors and (ii) 0.70% of the average daily net assets of any segment managed by any sub-adviser.
Natixis Advisors will voluntarily waive its fee for the management of a segment for any period during which the segment is invested entirely in unaffiliated exchange-traded funds. During the six months ended July 31, 2024, management fees payable to Natixis Advisors with respect to the AIA International Developed Markets Equity ESG Segment were voluntarily waived.
Natixis Advisors has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses, including fees paid to the sub-advisers and expenses of the underlying funds in which each fund invests, to limit the Funds’ operating expenses, exclusive of brokerage expenses, interest expense, taxes, organizational and extraordinary expenses, such as litigation and indemnification expenses. These undertakings are in effect until May 31, 2026, may be terminated before then only with the consent of the Funds’ Board of Trustees, and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/ reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.
For the six months ended July 31, 2024, the Funds' expense limit as a percentage of average daily net assets under the expense limitation agreements, including expenses of the underlying funds in which each Fund invests, were as follows:
| |
| Expense Limit as a Percentage of
Average Daily Net Assets |
Target Retirement 2015 Fund | |
Target Retirement 2020 Fund | |
Target Retirement 2025 Fund | |
Target Retirement 2030 Fund | |
Target Retirement 2035 Fund | |
Target Retirement 2040 Fund | |
Target Retirement 2045 Fund | |
Target Retirement 2050 Fund | |
Target Retirement 2055 Fund | |
Target Retirement 2060 Fund | |
Target Retirement 2065 Fund | |
Prior to July 1, 2024, the Funds’ expense limit as a percentage of average daily net assets under the expense limitation agreements, including expenses of the underlying funds in which each Fund invests, were as follows:
| |
| Expense Limit as a Percentage of
Average Daily Net Assets |
Target Retirement 2015 Fund | |
Target Retirement 2020 Fund | |
Target Retirement 2025 Fund | |
Target Retirement 2030 Fund | |
Target Retirement 2035 Fund | |
Target Retirement 2040 Fund | |
Target Retirement 2045 Fund | |
Target Retirement 2050 Fund | |
Target Retirement 2055 Fund | |
Target Retirement 2060 Fund | |
Target Retirement 2065 Fund | |
Natixis Advisors shall be permitted to recover expenses borne under the expense limitation agreements (whether through waiver of management fees or otherwise) in later periods to the extent a Fund’s annual operating expenses fall below both (1) a Funds’ expense limitation ratio in place at the time such amounts were waived/reimbursed and (2) a Funds’ current applicable expense limitation ratio, provided, however, that a Fund is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
For the six months ended July 31, 2024, the management fees and waivers/reimbursements of management fees for each Fund were as follows:
| | Contractual
Waivers of
Management
| Voluntary
Waivers of
Management
| Reimbursement
of Sub-adviser
| | Percentage of
Average
Daily Net Assets |
| | |
Target Retirement 2015 Fund | | | | | | | |
Target Retirement 2020 Fund | | | | | | | |
Target Retirement 2025 Fund | | | | | | | |
Target Retirement 2030 Fund | | | | | | | |
Target Retirement 2035 Fund | | | | | | | |
Target Retirement 2040 Fund | | | | | | | |
Target Retirement 2045 Fund | | | | | | | |
Target Retirement 2050 Fund | | | | | | | |
Target Retirement 2055 Fund | | | | | | | |
Target Retirement 2060 Fund | | | | | | | |
Target Retirement 2065 Fund | | | | | | | |
| Waiver of Natixis Advisors’ management fee with respect to the AIA U.S. Large Cap Core ESG, AIA U.S. Large Cap Value ESG and AIA U.S. Small/Mid Cap ESG Segments is subject to possible recovery until January 31, 2026. |
| Voluntary waiver of Natixis Advisors’ management fee with respect to the AIA International Developed Markets Equity ESG Segment is not subject to recovery under the expense limitation agreements described above. |
| Contractual reimbursements of fees paid directly to sub-advisers are subject to possible recovery until January 31, 2026. |
For the six months ended July 31, 2024, expenses have been reimbursed as follows (including fees paid to the sub-advisers included in the table above):
| | | |
Target Retirement 2015 Fund | | | |
Target Retirement 2020 Fund | | | |
Target Retirement 2025 Fund | | | |
Target Retirement 2030 Fund | | | |
Target Retirement 2035 Fund | | | |
Target Retirement 2040 Fund | | | |
Target Retirement 2045 Fund | | | |
Target Retirement 2050 Fund | | | |
Target Retirement 2055 Fund | | | |
Target Retirement 2060 Fund | | | |
Target Retirement 2065 Fund | | | |
| Contractual expense reimbursements are subject to possible recovery until January 31, 2026. |
No expenses were recovered during the six months ended July 31, 2024, under the terms of the expense limitation agreement.
b. Service and Distribution Fees. Natixis Distribution, LLC (“Natixis Distribution”), which is a wholly-owned subsidiary of Natixis Investment Managers, LLC, has entered into a distribution agreement with the Trust. Pursuant to this agreement, Natixis Distribution serves as principal underwriter of the Funds of the Trust. Natixis Distribution currently is not paid a fee for serving as distributor for the Funds.
c. Administrative Fees. Natixis Advisors provides certain administrative services for the Funds and contracts with State Street Bank and Trust Company (“State Street Bank”) to serve as sub-administrator. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trusts and Natixis Advisors, each Fund pays Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0540% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts of $10 million, which is reevaluated on an annual basis.
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
For the six months ended July 31, 2024, the administrative fees for each Fund were as follows:
| |
Target Retirement 2015 Fund | |
Target Retirement 2020 Fund | |
Target Retirement 2025 Fund | |
Target Retirement 2030 Fund | |
Target Retirement 2035 Fund | |
Target Retirement 2040 Fund | |
Target Retirement 2045 Fund | |
Target Retirement 2050 Fund | |
Target Retirement 2055 Fund | |
Target Retirement 2060 Fund | |
Target Retirement 2065 Fund | |
d. Trustees Fees and Expenses. The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis Investment Managers, LLC or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $400,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $225,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the Chairperson of the Contract Review Committee and the Chairperson of the Audit Committee each receive an additional retainer fee at the annual rate of $25,000. The Chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $20,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Governance Committee member is compensated $2,500 for each Committee meeting that he or she attends. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.
A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts as designated by the participating Trustees. Changes in the value of participants’ deferral accounts are allocated pro rata among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts and are normally reflected as Trustees’ fees and expenses in the Statements of Operations. Deferred amounts remain in the funds until distributed in accordance with the provisions of the Plan. The portions of the accrued obligations allocated to the Funds under the Plan are reflected as Deferred Trustees’ fees in the Statements of Assets and Liabilities.
Certain officers and employees of Natixis Advisors and its affiliates are also officers and/or Trustees of the Trust.
e. Affiliated Ownership. As of July 31, 2024, the percentage of net assets owned by Natixis Investment Managers, LLC is as follows:
| |
Target Retirement 2065 Fund | |
Investment activities of affiliated shareholders could have material impacts on the Funds.
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
f. Affiliated Fund Transactions. A summary of affiliated fund transactions for each underlying fund held by the Funds for the six months ended July 31, 2024, is as follows:
Target Retirement 2015 Fund |
| | | | | Change in
Unrealized
Gain
(Loss) | | | |
Loomis Sayles Inflation Protected Securities Fund, Class N | | | | | | | | |
Loomis Sayles Limited Term Government and Agency Fund, Class N | | | | | | | | |
Mirova Global Green Bond Fund, Class N | | | | | | | | |
Mirova International Sustainable Equity Fund, Class N | | | | | | | | |
| | | | | | | | |
| Purchase cost includes dividend reinvested, if any. |
| Distributions received includes distributions from net investment income and from capital gains, if any. |
Target Retirement 2020 Fund |
| | | | | Change in
Unrealized
Gain
(Loss) | | | |
Loomis Sayles Inflation Protected Securities Fund, Class N | | | | | | | | |
Loomis Sayles Limited Term Government and Agency Fund, Class N | | | | | | | | |
Mirova Global Green Bond Fund, Class N | | | | | | | | |
Mirova International Sustainable Equity Fund, Class N | | | | | | | | |
| | | | | | | | |
| Purchase cost includes dividend reinvested, if any. |
| Distributions received includes distributions from net investment income and from capital gains, if any. |
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
Target Retirement 2025 Fund |
| | | | | Change in
Unrealized
Gain
(Loss) | | | |
Loomis Sayles Inflation Protected Securities Fund, Class N | | | | | | | | |
Loomis Sayles Limited Term Government and Agency Fund, Class N | | | | | | | | |
Mirova Global Green Bond Fund, Class N | | | | | | | | |
Mirova International Sustainable Equity Fund, Class N | | | | | | | | |
| | | | | | | | |
| Purchase cost includes dividend reinvested, if any. |
| Distributions received includes distributions from net investment income and from capital gains, if any. |
Target Retirement 2030 Fund |
| | | | | Change in
Unrealized
Gain
(Loss) | | | |
Loomis Sayles Inflation Protected Securities Fund, Class N | | | | | | | | |
Loomis Sayles Limited Term Government and Agency Fund, Class N | | | | | | | | |
Mirova Global Green Bond Fund, Class N | | | | | | | | |
Mirova International Sustainable Equity Fund, Class N | | | | | | | | |
| | | | | | | | |
| Purchase cost includes dividend reinvested, if any. |
| Distributions received includes distributions from net investment income and from capital gains, if any. |
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
Target Retirement 2035 Fund |
| | | | | Change in
Unrealized
Gain
(Loss) | | | |
Loomis Sayles Inflation Protected Securities Fund, Class N | | | | | | | | |
Loomis Sayles Limited Term Government and Agency Fund, Class N | | | | | | | | |
Mirova Global Green Bond Fund, Class N | | | | | | | | |
Mirova International Sustainable Equity Fund, Class N | | | | | | | | |
| | | | | | | | |
| Purchase cost includes dividend reinvested, if any. |
| Distributions received includes distributions from net investment income and from capital gains, if any. |
Target Retirement 2040 Fund |
| | | | | Change in
Unrealized
Gain
(Loss) | | | |
Loomis Sayles Inflation Protected Securities Fund, Class N | | | | | | | | |
Loomis Sayles Limited Term Government and Agency Fund, Class N | | | | | | | | |
Mirova Global Green Bond Fund, Class N | | | | | | | | |
Mirova International Sustainable Equity Fund, Class N | | | | | | | | |
| | | | | | | | |
| Purchase cost includes dividend reinvested, if any. |
| Distributions received includes distributions from net investment income and from capital gains, if any. |
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
Target Retirement 2045 Fund |
| | | | | Change in
Unrealized
Gain
(Loss) | | | |
Loomis Sayles Inflation Protected Securities Fund, Class N | | | | | | | | |
Loomis Sayles Limited Term Government and Agency Fund, Class N | | | | | | | | |
Mirova Global Green Bond Fund, Class N | | | | | | | | |
Mirova International Sustainable Equity Fund, Class N | | | | | | | | |
| | | | | | | | |
| Purchase cost includes dividend reinvested, if any. |
| Distributions received includes distributions from net investment income and from capital gains, if any. |
Target Retirement 2050 Fund |
| | | | | Change in
Unrealized
Gain
(Loss) | | | |
Loomis Sayles Inflation Protected Securities Fund, Class N | | | | | | | | |
Mirova Global Green Bond Fund, Class N | | | | | | | | |
Mirova International Sustainable Equity Fund, Class N | | | | | | | | |
| | | | | | | | |
| Purchase cost includes dividend reinvested, if any. |
| Distributions received includes distributions from net investment income and from capital gains, if any. |
Target Retirement 2055 Fund |
| | | | | Change in
Unrealized
Gain
(Loss) | | | |
Loomis Sayles Inflation Protected Securities Fund, Class N | | | | | | | | |
Mirova Global Green Bond Fund, Class N | | | | | | | | |
Mirova International Sustainable Equity Fund, Class N | | | | | | | | |
| | | | | | | | |
| Purchase cost includes dividend reinvested, if any. |
| Distributions received includes distributions from net investment income and from capital gains, if any. |
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
Target Retirement 2060 Fund |
| | | | | Change in
Unrealized
Gain
(Loss) | | | |
Mirova Global Green Bond Fund, Class N | | | | | | | | |
Mirova International Sustainable Equity Fund, Class N | | | | | | | | |
| | | | | | | | |
| Purchase cost includes dividend reinvested, if any. |
| Distributions received includes distributions from net investment income and from capital gains, if any. |
Target Retirement 2065 Fund |
| | | | | Change in
Unrealized
Gain
(Loss) | | | |
Mirova Global Green Bond Fund, Class N | | | | | | | | |
Mirova International Sustainable Equity Fund, Class N | | | | | | | | |
| | | | | | | | |
| Purchase cost includes dividend reinvested, if any. |
| Distributions received includes distributions from net investment income and from capital gains, if any. |
Financial statements of Loomis Sayles Inflation Protected Securities Fund, Loomis Sayles Limited Term Government and Agency Fund, Mirova Global Green Bond Fund and Mirova International Sustainable Equity Fund are available, without charge, on the Funds’ website at im.natixis.com.
6.Expense Offset Arrangements. The Funds have entered into an agreement with the transfer agent whereby certain transfer agent fees and expenses may be paid indirectly by credits earned on the Funds' cash balances. Transfer agent fees and expenses are presented in the Statements of Operations gross of such credits, and the credits are presented as offsets to expenses.
a. Acquired Fund Fees and Expenses. Each Fund will indirectly realize its pro rata share of the fees and expenses of the underlying funds in which it invests. These fees and expenses are reflected in the valuation of the underlying funds.
7.Line of Credit. Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, entered into a syndicated, revolving, committed, unsecured line of credit with State Street Bank as administrative agent. The aggregate revolving commitment amount is $575,000,000. Any one Fund may borrow up to $402,500,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $575,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.
For the six months ended July 31, 2024, none of the Funds had borrowings under this agreement.
8.Risk. A Fund will indirectly bear the management, service and other fees of any other investment companies, including ETFs, in which it invests in addition to its own expenses. A Fund is also indirectly exposed to the same risks as the underlying funds in proportion to the allocation of the Fund’s assets among the underlying funds. In addition, investments in ETFs have unique characteristics, including, but not limited to, the expense structure and additional expenses associated with investing in ETFs.
Geopolitical events (such as trading halts, sanctions or wars) could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. These, and other related events, could significantly impact a Fund's performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to issuers in the country or countries involved.
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
9.Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of July 31, 2024, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Funds’ total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:
| Number of 5%
Account
Holders | |
Target Retirement 2015 Fund | | |
Target Retirement 2020 Fund | | |
Target Retirement 2025 Fund | | |
Target Retirement 2030 Fund | | |
Target Retirement 2035 Fund | | |
Target Retirement 2040 Fund | | |
Target Retirement 2045 Fund | | |
Target Retirement 2050 Fund | | |
Target Retirement 2055 Fund | | |
Target Retirement 2060 Fund | | |
Omnibus shareholder accounts for which Natixis Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for a non-discretionary customer are included in the table above. For other omnibus accounts, the Funds do not have information on the individual shareholder accounts underlying the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.
10.Interest Expense. The Funds incur interest expense on cash overdrafts. Interest expense incurred for the six months ended July 31, 2024 is reflected on the Statements of Operations.
11.Capital Shares. Each Fund may issue an unlimited number of shares of beneficial interest, without par value. Transactions in capital shares were as follows:
Target Retirement 2015 Fund |
| Six Months Ended
July 31, 2024 | Year Ended
January 31, 2024 |
| | | | |
| | | | |
Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
| | | | |
Increase (decrease) from capital share transactions | | | | |
Target Retirement 2020 Fund |
| Six Months Ended
July 31, 2024 | Year Ended
January 31, 2024 |
| | | | |
| | | | |
Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
| | | | |
Increase from capital share transactions | | | | |
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
11.Capital Shares (continued).
Target Retirement 2025 Fund |
| Six Months Ended
July 31, 2024 | Year Ended
January 31, 2024 |
| | | | |
| | | | |
Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
| | | | |
Increase (decrease) from capital share transactions | | | | |
Target Retirement 2030 Fund |
| Six Months Ended
July 31, 2024 | Year Ended
January 31, 2024 |
| | | | |
| | | | |
Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
| | | | |
Increase from capital share transactions | | | | |
Target Retirement 2035 Fund |
| Six Months Ended
July 31, 2024 | Year Ended
January 31, 2024 |
| | | | |
| | | | |
Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
| | | | |
Increase from capital share transactions | | | | |
Target Retirement 2040 Fund |
| Six Months Ended
July 31, 2024 | Year Ended
January 31, 2024 |
| | | | |
| | | | |
Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
| | | | |
Increase from capital share transactions | | | | |
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
11.Capital Shares (continued).
Target Retirement 2045 Fund |
| Six Months Ended
July 31, 2024 | Year Ended
January 31, 2024 |
| | | | |
| | | | |
Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
| | | | |
Increase from capital share transactions | | | | |
Target Retirement 2050 Fund |
| Six Months Ended
July 31, 2024 | Year Ended
January 31, 2024 |
| | | | |
| | | | |
Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
| | | | |
Increase from capital share transactions | | | | |
Target Retirement 2055 Fund |
| Six Months Ended
July 31, 2024 | Year Ended
January 31, 2024 |
| | | | |
| | | | |
Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
| | | | |
Increase from capital share transactions | | | | |
Target Retirement 2060 Fund |
| Six Months Ended
July 31, 2024 | Year Ended
January 31, 2024 |
| | | | |
| | | | |
Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
| | | | |
Increase from capital share transactions | | | | |
Notes to Financial Statements (continued)
July 31, 2024 (Unaudited)
11.Capital Shares (continued).
Target Retirement 2065 Fund |
| Six Months Ended
July 31, 2024 | Year Ended
January 31, 2024 |
| | | | |
| | | | |
Issued from the sale of shares | | | | |
Issued in connection with the reinvestment of distributions | | | | |
| | | | |
Increase from capital share transactions | | | | |
BOARD APPROVAL OF THE EXISTING ADVISORY AND SUB-ADVISORY AGREEMENTS
The Board of Trustees of the Trust (the “Board”), including the Independent Trustees, considers matters bearing on each Fund’s advisory and sub-advisory agreements (collectively, the “Agreements”) at most of its meetings throughout the year. Each year, usually in the spring, the Contract Review Committee of the Board meets to review the Agreements to determine whether to recommend that the full Board approve the continuation of the Agreements, typically for an additional one-year period. This meeting typically includes all the Independent Trustees, including the Trustees who do not serve on the Contract Review Committee. After the Contract Review Committee has made its recommendation, the full Board, including the Independent Trustees, determines whether to approve the continuation of the Agreements at its June Board meeting.
In connection with these meetings, the Trustees receive materials that the Funds’ investment adviser and sub-advisers (collectively, the “Advisers”), believe to be reasonably necessary for the Trustees to evaluate the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Funds and the performance of peer groups of funds and the Funds’ performance benchmarks, (ii) information on the Funds’ advisory and sub-advisory fees and other expenses, including information comparing the Funds’ advisory and sub-advisory fees to the fees charged to institutional accounts with similar strategies managed by the Advisers, if any, and to those of peer groups of funds and information about any applicable expense limitations and/or fee “breakpoints,” (iii) sales and redemption data in respect of the Funds, (iv) information about the profitability of the Agreements to the Advisers and (v) information obtained through the completion by the Advisers of questionnaires distributed on behalf of the Trustees throughout the year. The Board, including the Independent Trustees, also considers other matters such as (i) each Fund’s investment objective and strategies and the size, education and experience of each Adviser’s investment staff and its use of technology, external research and trading cost measurement tools, (ii) arrangements in respect of the distribution of the Funds’ shares and the related costs, (iii) the allocation of the Funds’ brokerage, if any, including, if applicable, allocations to brokers affiliated with the Advisers and the use of “soft” commission dollars to pay Fund expenses and to pay for research and other similar services, (iv) each Adviser’s policies and procedures relating to, among other things, compliance, trading and best execution, proxy voting, liquidity and valuation, (v) information about amounts invested by the Funds’ portfolio managers in the Funds or in similar accounts that they manage and (vi) the general economic outlook with particular emphasis on the mutual fund industry. Throughout the process, the Trustees are afforded the opportunity to ask questions of and request additional materials from the Advisers and the Independent Trustees meet separately with independent legal counsel outside the presence of Adviser personnel.
In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreements, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide detailed information about the Funds’ investment performance and the fees charged to the Funds for advisory and other services. The information received by the Trustees generally includes, among other things, an internal performance rating for each Fund based on agreed-upon criteria, total return information for various periods, and performance rankings provided by a third-party data provider for various periods comparing a Fund against similarly categorized funds. The portfolio management team for each Fund or other representatives of the Advisers make periodic presentations to the Contract Review Committee and/or the full Board, and Funds identified as presenting possible performance concerns may be subject to more frequent Board presentations and reviews. In addition, the Trustees are periodically provided with detailed statistical information about each Fund’s portfolio. The Trustees also receive periodic updates between meetings, both at the Board and at the Committee level.
The Board most recently approved the continuation of the Agreements for a one-year period at its meeting held in June 2024. In considering whether to approve the continuation of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreements included, but were not limited to, the factors listed below.
The nature, extent and quality of the services provided to the Funds under the Agreements. The Trustees considered the nature, extent and quality of the services provided by the Advisers and their affiliates to the Funds and the resources dedicated to the Funds by the Advisers and the Advisers’ affiliates. The Trustees also considered their experience with other funds advised or sub-advised by the Advisers as well as the affiliation between the Advisers and Natixis Investment Managers, LLC, whose affiliates provide investment advisory services to other funds in the Natixis family of funds.
The Trustees considered not only the advisory and sub-advisory services provided by the Advisers to the Funds, but also the benefits to the Funds from the monitoring and oversight services provided by Natixis Advisors, LLC (“Natixis Advisors”), including with respect to the oversight of each Fund’s “glidepath” and the oversight of its sustainability criteria. They also considered the administrative and shareholder services provided by Natixis Advisors and its affiliates to the Funds. They also took into consideration increases in the services provided resulting from new regulatory requirements, such as recent rules relating to the fair valuation of investments and the use of derivatives, implementation of tailored shareholder reports and amendments to the Names Rule, as well as from monitoring proposed rules, such as those relating to cybersecurity, environmental, social, and governance-specific regulatory changes, and vendor oversight.
The Trustees also considered the benefits to shareholders of investing in a mutual fund that is part of a family of funds that offers shareholders the right to exchange shares of one type of fund for shares of another type of fund, and provides a variety of fund and shareholder services.
After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the nature, extent and quality of services provided supported the renewal of the Agreements.
Investment performance of the Funds and the Advisers. As noted above, the Trustees received information about the performance of the Funds over various time periods, including information that compared the performance of the Funds to the performance of peer groups and categories of funds and the Funds’ performance benchmarks. The Board noted that while it found the data provided by the independent third-party data provider useful, it recognized its limitations, including, in particular, that notable differences may exist between the Funds and the performance comparisons (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the performance comparisons. The Trustees also received information about how comparative peer groups are constructed. In addition, the Trustees reviewed data prepared by an independent third-party rating organization that analyzed the performance of the Funds using a variety of performance metrics, including metrics that measured the performance of the Funds on a risk adjusted basis.
The Board noted that, through December 31, 2023, each Fund’s one-, three-, and five-year performance, as applicable, stated as percentile rankings within categories selected by the independent third-party data provider, was as follows (where the best performance would be in the first percentile of its category):
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Natixis Target Retirement 2015 Fund | | | |
Natixis Target Retirement 2020 Fund | | | |
Natixis Target Retirement 2025 Fund | | | |
Natixis Target Retirement 2030 Fund | | | |
Natixis Target Retirement 2035 Fund | | | |
Natixis Target Retirement 2040 Fund | | | |
Natixis Target Retirement 2045 Fund | | | |
Natixis Target Retirement 2050 Fund | | | |
Natixis Target Retirement 2055 Fund | | | |
Natixis Target Retirement 2060 Fund | | | |
Natixis Target Retirement 2065 Fund | | | |
The Trustees also considered the Advisers’ performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of the Advisers to Trustee concerns about performance and the willingness of the Advisers to take steps intended to improve performance.
After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the performance of the Funds and the Advisers and/or other relevant factors supported the renewal of the Agreements.
The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their respective relationships with each Fund. The Trustees considered the fees charged to the Funds for advisory, sub-advisory and administrative services, as well as the total expense levels of the Funds. This information included comparisons (provided both by management and also by an independent third-party) of the Funds’ advisory and sub-advisory fees and total expense levels to those of their peer groups and information about the advisory fees charged by the Advisers to comparable accounts (such as institutional separate accounts), as well as information about differences in such fees and the reasons for any such differences. In considering the fees charged to comparable accounts, the Trustees considered, among other things, management’s representations about the differences between managing mutual funds as compared to other types of accounts, including the additional resources required to effectively manage mutual fund assets, the greater regulatory costs associated with the management of such assets, and the entrepreneurial, regulatory and other risks associated with sponsoring and managing mutual funds. In evaluating each Fund’s advisory and sub-advisory fees, the Trustees also took into account the demands, complexity, and quality of the investment management of each Fund and the need for the Advisers to offer competitive compensation and the potential need to expend additional resources to the extent the Funds grow in size. The Trustees considered that over the past several years, management had demonstrated its intention to have competitive fee levels by making recommendations regarding reductions in advisory fee rates, implementation of advisory fee breakpoints and the institution of advisory fee waivers and expense limitations for various funds in the fund family. They noted that each Fund has an expense limitation in place, and they
considered the amounts waived or reimbursed by Natixis Advisors for each Fund under their respective expense limitation agreements. The Trustees further noted that management had proposed to reduce the expense limitation for each Fund on all share classes, effective as of July 1, 2024. The Trustees also noted that each Fund had a total advisory fee rate that was at or below the median of its peer group of funds. The Trustees also considered that the proposed reduction of each Fund’s expense limitation would further reduce each Fund’s effective advisory fee rate. The Board also considered that the fee and expense information reflected information as of a certain date and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.
The Trustees also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the Funds. The Trustees reviewed information provided by management as to the profitability of the Advisers’ and their affiliates’ relationships with the Funds, and information about how expenses are determined and allocated for purposes of profitability calculations. They also reviewed information provided by management about the effect of distribution costs and changes in asset levels on Adviser profitability, including information regarding resources spent on distribution activities. When reviewing profitability, the Trustees also considered information about court cases in which adviser compensation or profitability were issues, the performance of the Funds, the expense levels of the Funds, whether the Advisers had implemented breakpoints and/or expense limitations with respect to such Funds and the overall profit margin of Natixis Investment Managers, LLC compared to that of certain other investment managers for which such data was available. The Board also noted the competitive nature of the global asset management industry.
After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the advisory and sub-advisory fees and expenses charged to each Fund were fair and reasonable, and that the costs of these services generally and the related profitability of the Advisers and their affiliates in respect of their relationship with the Funds supported the renewal of the Agreements.
Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies are shared with the Funds through breakpoints in their investment advisory fees or other means, such as expense limitations. The Trustees also considered management’s explanation of the factors that are taken into account with respect to the implementation of breakpoints in investment advisory fees or expense limitations, which reduced the total expenses borne by shareholders. With respect to economies of scale, the Trustees noted that each of the Funds was subject to an expense limitation. They also considered management’s proposal to reduce the expense limitation for each Fund on all share classes, effective July 1, 2024. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and on a relative basis) and the profitability to the Advisers and their affiliates of their relationships with the Funds, as discussed above. They also considered that because of their relatively small size, the Funds did not benefit from significant economies of scale.
After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the extent to which economies of scale were shared with the Funds supported the renewal of the Agreements.
The Trustees also considered other factors, which included but were not limited to the following:
• The effect of various factors and recent market and economic events, such as recent market volatility, geopolitical instability, aggressive domestic and foreign central bank policies, and adverse developments affecting the financial services industry generally, as applicable, on the performance, asset levels and expense ratios of each Fund.
• Whether each Fund has operated in accordance with its investment objective and the Fund’s record of compliance with its investment restrictions, and the compliance programs of the Funds and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates were providing to the Funds.
• So-called “fallout benefits” to the Advisers, such as the engagement of affiliates of the Advisers to provide distribution, administrative and brokerage services to the Funds, and the benefits of research made available to the Advisers by reason of brokerage commissions (if any) generated by the Funds’ securities transactions. The Trustees also considered the benefits to the parent company of Natixis Advisors from the ability to offer target date funds with a sustainable investment theme. The Trustees considered the possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest.
• The Trustees’ review and discussion of the Funds’ advisory arrangements in prior years, and management’s record of responding to Trustee concerns raised during the year and in prior years.
• The benefit to the Advisers and Natixis Advisors of being able to offer a suite of target date funds with environmental, social and governance-related investment strategies.
Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that each of the existing Agreements should be continued through June 30, 2025.
˃To learn more about Natixis Funds products and services:
Visit: im.natixis.com Call: 800-225-5478
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 summary prospectus containing this and other information.
Contact us by mail:
If you wish to communicate with the funds’ Board of Trustees, you may do so by writing to:
Secretary of the Funds
Natixis Advisors, LLC
888 Boylston Street, Suite 800
Boston, MA 02199-8197
The correspondence must (a) be signed by the shareholder; (b) include the shareholder’s name and address; and (c) identify the fund(s), account number, share class, and number of shares held in that fund, as of a recent date.
Or by e-mail:
secretaryofthefunds@natixis.com (Communications regarding recommendations for Trustee candidates may not be submitted by e-mail.)
Please note: Unlike written correspondence, e-mail is not secure. Please do NOT include your account number, Social Security number, PIN, or any other non-public personal information in an e-mail communication because this information may be viewed by others.
Exp 9/30/255521317.1.1NSFF58SA-0724This page is not part of the financial statements and other important information
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The remuneration paid to Directors and Officers are incorporated by reference as part of the Financial Statements and Other Important Information for Open-End Management Investment Companies filed as Item 7 herewith.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The statements regarding basis for approval of investment advisory contracts are incorporated by reference as part of the Financial Statements and Other Important Information for Open-End Management Investment Companies filed as Item 7 herewith.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Securities Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 16. Controls and Procedures.
The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.
There were no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
| | (a) (1) | Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. Not Applicable. |
| | (a) (2) | Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act by the registered national securities exchange or registered national securities association upon which the registrants securities are listed. Not Applicable. |
| | (a) (3)(1) | Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not Applicable |
| | (a) (3)(2) | Changes in the registrant’s independent public accountant. Not Applicable |
| | (101) | Inline Interactive Data File-the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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| Natixis Funds Trust IV |
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| By: /s/ David L. Giunta |
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| Name: | | David L. Giunta |
| Title: | | President and Chief Executive Officer |
| Date: | | September 20, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
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| By: /s/ David L. Giunta |
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| Name: | | David L. Giunta |
| Title: | | President and Chief Executive Officer |
| Date: | | September 20, 2024 |
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| By: /s/ Matthew J. Block |
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| Name: | | Matthew J. Block |
| Title: | | Treasurer and Principal Financial and Accounting Officer |
| Date: | | September 20, 2024 |
