Natixis Funds Trust I NCSR Certified annual shareholder report (management investment company)

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: 811-04323

Natixis Funds Trust I

(Exact name of Registrant as specified in charter)

399 Boylston Street, Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Russell L. Kane, Esq.

NGAM Distribution, L.P.

399 Boylston Street

Boston, Massachusetts 02116

(Name and address of agent for service)

Registrant’s telephone number, including area code: (617) 449-2822

Date of fiscal year end: December 31

Date of reporting period: December 31, 2016

Item 1. Reports to Stockholders.

The Registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

ANNUAL REPORT

December 31, 2016

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Mirova Global Sustainable Equity Fund

Natixis Oakmark Fund

Natixis Oakmark International Fund

Vaughan Nelson Small Cap Value Fund

Vaughan Nelson Value Opportunity Fund

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TABLE OF CONTENTS

Portfolio Review page 1

Portfolio of Investments page 29

Financial Statements page 51

Notes to Financial Statements page 77

MIROVA GLOBAL SUSTAINABLE EQUITY FUND


Managers		Symbols
Jens Peers, CFA^®		Class A ESGMX
Suzanne Senellart		Class C ESGCX
Hua Cheng, CFA^®, PhD		Class Y ESGYX
Natixis Asset Management U.S., LLC (“Natixis AM US”)

Investment Goal

The Fund seeks long-term capital appreciation.

Market Conditions

2016 was another positive year for equity markets, especially as a sentiment driven year-end rally after the U.S. elections boosted returns significantly. On a relative basis, it turned out to be a rather negative year for ESG (Environmental, Social and Governance) investors though as traditional style biases, typical for ESG investing, were out of favor: Growth and Quality underperformed, while Value outperformed.

The year was clearly dominated by political news: Brexit and the U.S. elections. They turned out to be typical cases of buy on the rumor, sell on the news, as markets retracted before both events, but rebounded strongly (and more) after.

The macro-economic picture was generally positive with U.S. economic growth stronger than expected, leading to increased interest rates. There were also signs of a European economic recovery as construction activity picked up and unemployment numbers improved.

Performance Results

The Mirova Global Sustainable Equity Fund was launched on March 31, 2016. For the nine months ended December 31, 2016, Class A shares of Mirova Global Sustainable Equity Fund returned -0.85% at net asset value. The Fund underperformed its benchmark, the MSCI World Index (Net), which returned 7.89% over the same period. It is important to note that there are material differences between the Fund and this benchmark.

Explanation of Fund Performance

In terms of sector performance, we saw a reversal of 2015 trends. The best performing sector in the broader market was energy (oil and gas), followed by financials as interest rates increased. The fund does not invest in oil and gas companies, and invests less than its benchmark in financials, which explains a large part of its underperformance. The market experienced a strong sector rotation from IT to financials after the summer. Even though long-term growth prospects may be lower, the market clearly preferred the low valuation levels in both sectors, and the election of Donald Trump to become the next U.S. president helped the performance of these sectors even more. The same was true for the materials sector where mining companies such as Rio Tinto and BHP Billiton posted strong returns but the fund does not hold any mining companies. Meanwhile, health care was one of the

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worst performing sectors, due to profit taking, uncertainty about the potential U.S. health care reform and general pricing pressure on pharma products.

Relative to its benchmark, the Fund had a much larger position in health care, as we like the long-term fundamental growth drivers such as an aging population and the increased use of technology in finding solutions for insufficiently treated diseases.

The performance difference between the best performing and the worst performing stocks in the portfolio was larger than we would have anticipated. Danish companies Novo Nordisk (diabetes drugs) and Novozymes (biological enzymes) both issued profit warnings due to pressure on their profit margins. Ingenico, a French specialist in payment terminals, also reduced their growth expectations as the U.S. move to chipcards is slower than had been anticipated. Their poor performance could not be fully offset by the strong performance of stocks such as KBC (Belgian retail bank), A.O. Smith (energy-efficient water boilers) and Amazon.com (e-retail and cloud computing).

Outlook

We expect 2017 to be a relatively positive, but volatile year for equity market performance.

Valuations are relatively high on average but still attractive compared to bonds. Valuation support may be absent in the context of rising interest rates. Markets will therefore be relying more on earnings growth to generate returns. However, earnings growth expectations are flat in the United States before a potential tax reform impact. We therefore expect companies whose growth is supported by long-term demographic, environmental and technological megatrends to perform well in this low-growth environment. This should be more visible after first or second quarter results as it may become clear by then that some of the election promises may not be translated into corporate earnings growth. We like exposure to the U.S. market because of the tax reform and the strong dollar. This goes for U.S. companies with domestic exposure but also for non-U.S. companies selling into the United States. European equities should benefit from continued central bank support, lower valuations and improving economic numbers. Political uncertainty remains however and should lead to increased volatility (elections in France, the Netherlands and Germany).

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MIROVA GLOBAL SUSTAINABLE EQUITY FUND

Growth of $10,000 Investment in Class A Shares³

March 31, 2016 (inception) through December 31, 2016

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Top Ten Holdings as of December 31, 2016


Security name		% of net assets
1	Alphabet, Inc.		4.94	%
2	Thermo Fisher Scientific, Inc.		4.71
3	Visa, Inc.		4.58
4	Roper Technologies, Inc.		4.16
5	Microsoft Corp.		3.67
6	KBC Groep NV		3.65
7	Danaher Corp.		3.63
8	Essilor International S.A.		3.45
9	Novo Nordisk AS		2.99
10	Amazon.com, Inc.		2.87

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced.

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Total Returns — December 31, 2016³



				Expense Ratios⁴
	Life of Fund			Gross			Net

Class A (Inception 3/31/16)
NAV		-0.85	%		1.88	%		1.30	%
With 5.75% Maximum Sales Charge		-6.55

Class C (Inception 3/31/16)
NAV		-1.39			2.63			2.05
With CDSC¹		-2.37

Class Y (Inception 3/31/16)
NAV		-0.70			1.63			1.05

Comparative Performance
MSCI World Index (Net)²		7.89

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit ngam.natixis.com/performance. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

1	Performance for Class C shares assumes a 1.00% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase.

MSCI World Index (Net) is an unmanaged index that is designed to measure the equity market performance of developed markets. It is composed of common stocks of companies representative of the market structure of 22 developed market countries in North America, Europe, and the Asia/Pacific Region. The index is calculated without dividends, with net or with gross dividends reinvested, in both U.S. dollars and local currencies. You may not invest directly in an index.

3	Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense cap of the Fund has been exceeded. This arrangement is set to expire on 4/30/17. When an expense cap has not been exceeded, the fund may have similar expense ratios.

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NATIXIS OAKMARK FUND


Managers		Symbols
William C. Nygren, CFA^®		Class A NEFOX
Kevin G. Grant, CFA^®		Class C NECOX
M. Colin Hudson, CFA^®		Class Y NEOYX
Michael J. Mangan, CFA^®
Harris Associates L.P.

Investment Goal

The Fund seeks long-term capital appreciation.

Market Conditions

The year began on a sour note in 2016, as stock prices stumbled meaningfully in January across major global markets. As the year progressed, we saw instances of recovery offset by periodic events that prompted large declines (e.g. depressed commodity prices, the Brexit vote and ineffective central bank strategies to increase inflation in certain geographies).

At the conclusion of the year, major global market movements were largely influenced by the results of the U.S. presidential election in November. Although futures for the Dow Jones Industrial Average dropped nearly 900 points in the immediate aftermath of the election, investors surprisingly absorbed the implications of this political sea change. Subsequently, key indexes rebounded, and the Dow went on to close at a record high level on November 10, 2016 and finish up for the year. Financials led the advance, first benefiting from investors’ hopes that the new Republican administration would roll back industry regulations and second from the Federal Reserve’s decision to raise short-term interest rates for the first time in 2016. Citing signs that the economy has improved, the Fed also stated it intends to raise rates three times in 2017.

Elsewhere, the European Central Bank and the Bank of England both maintained key interest rates in December. The Bank of Japan (BOJ) opted to maintain its yield-curve and asset-purchasing programs. In addition, the BOJ pledged to further expand the monetary base in its continued efforts to lift inflation above 2%. In the weeks following the U.S. election, the Japanese yen sank over 10% against the dollar, which some investors expect will boost Japanese exports.

Meanwhile, members of the Organization of the Petroleum Exporting Countries (OPEC) reached an agreement with non-members to further reduce oil production. As a result of the deal, an additional 600,000 barrels per day will be removed from the market on top of the 1.2 million barrels per day cut agreed upon by OPEC in November. When all was said and done, Brent crude finished up approximately 52% for the year.

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flow stream. While the market chased stable stocks in the face of uncertainty, we felt the attractive valuations in financials and cyclically-exposed areas of the market provided more safety. As is often the case, share price declines from the macro events of 2016 afforded us the opportunity to act on our convictions and reward our patient shareholders.

Performance Results

For the 12 months ended December 31, 2016, Class A shares of Natixis Oakmark Fund returned 18.37% at net asset value. The Fund outperformed its benchmark, the S&P 500^® Index, which returned 11.96%.

Explanation of Fund Performance

As value investors with an emphasis on individual stock selection, our sector weights are a byproduct of our bottom-up process. On an absolute-return basis, shares in the energy sector gained the most value, while holdings in the consumer staples sector posted the largest negative return for calendar 2016.

The leading contributors to fund performance for the year were Apache and Cummins. Apache, a global oil and gas exploration company, was a beneficiary of the oil price rebound in 2016 after a volatile stretch. Apache has specifically benefitted from solid quarterly results that have demonstrated improved capital efficiency, including a 45% decline in North American well costs compared to 2014 levels. This year, the company also announced the discovery of a new resource play in the Permian Basin called “Alpine High.” Initial results indicate that Apache has discovered a high quality resource at a low cost. This increased our estimate of intrinsic value and also increased our confidence in management. In our view, Apache has the balance sheet and asset quality to survive continued volatility in oil and gas prices, and we like how the management team is preserving and growing per share value during the commodity price downturn. Cummins issued fiscal third-quarter results that indicated the company is on track to meet its full-year guidance. Although organic revenues declined, its decremental earnings margin (excluding the warranty charge) reached -23%, which is better than management’s full-year expectation of -25%. This positive outcome was a benefit of ongoing restructuring and cost reduction initiatives that helped buffer the impact from weak underlying end markets. From a segment perspective, Cummins’ components segment was a relative standout, as revenue growth of 7% internationally (+37% in China) partially offset the revenue decline in North America. Conversely, the power systems segment remains very weak globally, as the lack of infrastructure spending in developing markets and sluggish oil and gas/mining demand pressured results. Even so, the company repurchased about 7 million shares in 2016 through the third quarter, and Cummins’ management team reiterated its expectation for earnings per share of roughly $8 for the full year.

Liberty Interactive QVC and American Express were the largest detractors to Fund performance for the calendar year. After a long period of rather stable but low single-digit growth, Liberty Interactive QVC announced that sales fell by a mid-to-upper single digit amount in June, and these trends continued through July. The management team cited numerous company-specific reasons for the decline and noted they were taking action accordingly. In our estimation, the company’s underlying value was only modestly affected,

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NATIXIS OAKMARK FUND

relative to the decline in its share price. However, QVC CEO Mike George indicated at a conference in September that the trend from June and July had persisted through August. Despite this, investors were pleased with the results from the company’s third quarter, helping its share price to recoup some of the losses incurred earlier in 2016. Given that QVC also continues to buy back more stock, we remain confident that the company will reward shareholders over the long term. American Express was another large detractor to fund performance in the calendar year. News in January 2016 that Fidelity Investments had ended its 12-year partnership with American Express negatively affected the latter. This is in addition to the skepticism lingering from the 2015 announcement that Costco would not renew its co-brand partnership with American Express. We believe these factors will cause earnings growth to slow in the short term while American Express invests in marketing efforts to replace these customers, but we believe the company’s financial fundamentals remain very healthy. Despite what we believe is favorable secular growth and superior economics, American Express is trading at a large discount to the market. Our long-term view allows us to look past the short-term disappointment of the Costco and Fidelity announcements, and see the potential lucrative long-term value of American Express’ global payment network and growing customer base.

Outlook

Improving market conditions have prompted investors to realize the earnings potential of some otherwise overlooked companies. We appreciate when the market begins to recognize our perception of the intrinsic values of our holdings. Yet, our approach remains steadfast even when market sentiment turns pessimistic. We know that several policy-related issues are in flux over the coming year, and the outcomes of these could have large economic effects that move markets. Therefore, we remain prepared to capitalize on the opportunities that these events provide for the benefit of our investors.

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Growth of $10,000 Investment in Class A Shares³

December 31, 2006 through December 31, 2016

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See notes to chart on page 9.

Top Ten Holdings as of December 31, 2016


Security name		% of net assets
1	Citigroup, Inc.		3.54	%
2	Alphabet, Inc., Class A		3.11
3	Bank of America Corp.		2.91
4	American International Group, Inc.		2.82
5	General Electric Co.		2.75
6	Apache Corp.		2.72
7	JPMorgan Chase & Co.		2.69
8	Visa, Inc., Class A		2.45
9	MasterCard, Inc., Class A		2.41
10	Capital One Financial Corp.		2.39

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced.

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NATIXIS OAKMARK FUND

Average Annual Total Returns — December 31, 2016³



										Expense Ratios⁴
	1 Year			5 Years			10 Years			Gross			Net

Class A (Inception 5/6/31)
NAV		18.37	%		15.05	%		6.45	%		1.14	%		1.14	%
With 5.75% Maximum Sales Charge		11.55			13.69			5.81

Class C (Inception 5/1/95)
NAV		17.45			14.19			5.65			1.89			1.89
With CDSC¹		16.45			14.19			5.65

Class Y (Inception 11/18/98)
NAV		18.69			15.34			6.75			0.89			0.89

Comparative Performance
S&P 500^® Index²		11.96			14.66			6.95

1	Performance for Class C shares assumes a 1.00% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase.

2	S&P 500^® Index is a widely recognized measure of U.S. stock market performance. It is an unmanaged index of 500 common stocks chosen for market size, liquidity, and industry group representation, among other factors.

3	Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

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NATIXIS OAKMARK INTERNATIONAL FUND


Managers		Symbols
David G. Herro, CFA^®		Class A NOIAX
Michael L. Manelli, CFA^®		Class C NOICX
Harris Associates L.P.

Investment Goal

The Fund seeks long-term capital appreciation.

Market Conditions

Major global market movements in the fourth quarter of 2016 were largely influenced by the results of the U.S. presidential election in November. Although futures for the Dow Jones Industrial Average dropped nearly 900 points in the immediate aftermath of the election, investors surprisingly absorbed the implications of this political sea change. Subsequently, key indexes rebounded, and the Dow went on to close at a record high level on November 10, 2016 and finish up for the quarter. Financials led the advance, benefiting from investors’ hopes that the new Republican administration would roll back industry regulations and from the Federal Reserve’s decision to raise short-term interest rates for the first time in 2016. Citing signs that the economy has improved, the Fed also stated it intends to raise rates three times in 2017.

Meanwhile, non-members of the Organization of the Petroleum Exporting Countries (OPEC) reached an agreement with OPEC members to further reduce oil production. As a result of the deal, an additional 600,000 barrels per day will be removed from the market in addition to the 1.2 million barrels per day cut agreed upon by OPEC last month. When all was said and done, Brent crude finished up 52% for the year.

As value investors, we feel that our key task is to see through the haze generated by market pundits who are overly influenced by geopolitical events such as referendums and elections. Instead, we focus on the fundamental drivers of long-term cash flows. We seek to make investment decisions based on a company’s ability to generate and sustain a growing cash flow stream. While the market chased stable stocks in the face of uncertainty, we felt the attractive valuations in financials and cyclically exposed areas of the market provided more safety. As is often the case, share price declines from the macro events of 2016 afforded us the opportunity to act on our convictions and reward our patient shareholders.

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NATIXIS OAKMARK INTERNATIONAL FUND

Performance Results

For the 12 months ended December 31, 2016, Class A shares of Natixis Oakmark International Fund returned 8.19% at net asset value. The Fund outperformed its benchmark, the MSCI World ex USA Index (Net), which returned 2.75%.

Explanation of Fund Performance

Geographically, we ended the quarter with 76% of our holdings in Europe, 9% in Japan and 4% in Australia. The remaining positions are in China, the United States, Indonesia, Mexico, Hong Kong, South Korea, India, Taiwan and Israel. As value investors with an emphasis on individual stock selection, our country and sector weights are a by-product of our bottom-up process.

On an absolute-return basis, shares in the materials sector produced the best collective return. Holdings in the financials sector declined the most during the year.

The top contributors to the yearly return were Glencore and CNH Industrial. In 2016, Glencore’s share price reacted positively to a rebound in commodity prices, the successful execution of its debt reduction plan and the election of Donald Trump as U.S. President. During the fourth quarter, Glencore completed its sale of non-core assets and raised a total of $6.3 billion in proceeds from all asset disposals, which puts the company on pace to meet its targeted net debt level of $16.5-$17.5 billion. Furthermore, management reinstated its dividend policy and plans to return at least $1 billion to shareholders starting in 2017. We believe management is working to enhance shareholder value, and our investment thesis remains intact. CNH Industrial received a boost early in 2016 following an analyst report that cited an increase in the price of corn and in the demand for agriculture equipment as potential drivers of CNH’s future share price recovery. We met with the company’s CEO Richard Tobin and CFO Max Chiara during the second quarter and discussed the performance status of each business segment. We were pleased to learn of progress in the agricultural business where inventory and manufacturing have been rightsized. The commercial vehicle and construction businesses also have targeted improvement plans in place. In the fourth quarter, CNH Industrial’s share price was boosted by the election of Donald Trump and the perceived benefits to the industrials sector. In addition, news that industry peer Deere delivered fiscal fourth-quarter earnings results that handily beat market expectations drove CNH’s share price higher, on hopes that the latter would follow suit. As previously mentioned, non-members of the Organization of the Petroleum Exporting Countries (OPEC) reached an agreement with OPEC members to further reduce oil production. As a result of the deal, an additional 600,000 barrels per day will be removed from the market in addition to the 1.2 million barrels per day cut agreed upon by OPEC earlier in the quarter. In conjunction with the recovery in oil prices during the fourth quarter, we find that the company continues to be undervalued relative to its normalized earnings power.

The largest detractors from return were Credit Suisse Group and BMW. Although Credit Suisse Group’s CEO Tidjane Thiam warned that fiscal fourth-quarter earnings would be weak, some one-off expenses related to litigation, pension true-up charges and write-downs on certain credit assets were negative surprises during the period. However, this caused the

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management team to accelerate the restructuring and reduction of non-core investment banking lines of businesses. The goal is to emphasize the wealth management business that has very good secular growth trends, is fee-based and requires little capital. Credit Suisse shares were also negatively impacted by the U.K.’s decision to leave the European Union. We believe it is important to remember that the bank derives minimal revenues (2%) from the U.K., while 13% of its costs are denominated in pound sterling currency, the net result of which may be somewhat positive for profitability. Later in the year, investor sentiment improved due to Credit Suisse Group’s Investor Day during the fourth quarter. The company indicated that it was lowering its target operating cost base from CHF 18 billion to CHF 17 billion and increasing its total net cost savings target from CHF 3.2 billion to greater than CHF 4.2 billion in 2018. In addition, Credit Suisse Group’s fiscal nine-month results benefited from effective cost controls that offset weaker revenues; lower operating expenses helped total net income to marginally exceed our projections. We were pleased that improvements in Global Markets drove core operating expenses to be roughly 5% better than we estimated. Credit Suisse’s capital ratios increased, and the bank finished the third quarter with a common equity Tier 1 ratio of 12%, which reflects a 180 basis point advance from a year ago. BMW’s share price experienced volatility in the first half of 2016, even though fiscal year 2015 fourth-quarter and fiscal year 2016 first-quarter earnings results were largely in line with our expectations. Despite this, we were disappointed in BMW’s capital allocation and significant cash position. We had hoped to discuss our concerns with management, but management refused to hear our thoughts on the topic. Given our concerns about capital allocation and management’s unwillingness to meet with us, we decided to sell our shares in June. However, we once again initiated a position in the company following a meeting with management in November. As a result of the meeting, we believe BMW’s motivations are in the right place and appreciate reaffirmation of management’s intention to increase the company’s payout ratio closer to 40%. Furthermore, the outlook for long-term auto demand is quite optimistic given emerging market growth, a revived U.S. market and potential for an auto sales rebound in Europe off of a 20-year low. In addition, we think that growth of premium auto brands will be faster than the overall market, as luxury goods sales have been robust even in a challenging economy. The company has expanded its product lines by introducing variations of several models, which has resulted in market share gains and constantly attractive product cycles. Overall, we believe BMW is a solid investment that will reward shareholders into the future.

Outlook

Again this year, macro and geopolitical events dominated the news. However, we believe it is a mistake to focus on these happenings when making investment decisions. We find that these events rarely impact long-term business value in a meaningful way. In fact, these events should be used to exploit short-term mispricing, as they enable investors to buy into businesses at low entry prices. We recognize that our job is to measure and determine intrinsic value, to buy when stock prices are low and to sell when stock prices are high. It is our belief that by focusing on this, rather than the exogenous events mentioned above, we will earn acceptable rates of return over time for those who entrust their funds with us.

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NATIXIS OAKMARK INTERNATIONAL FUND

Growth of $10,000 Investment in Class A Shares³

December 15, 2010 (inception) through December 31, 2016

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Top Ten Holdings as of December 31, 2016


Security name		% of net assets
1	Glencore PLC		4.33	%
2	Lloyds Banking Group PLC		3.92
3	BNP Paribas S.A.		3.59
4	Intesa Sanpaolo SpA		3.53
5	Allianz SE, (Registered)		3.46
6	Credit Suisse Group AG, (Registered)		3.44
7	Daimler AG, (Registered)		3.36
8	CNH Industrial NV		3.30
9	Honda Motor Co. Ltd.		2.48
10	EXOR		2.42

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced.

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Average Annual Total Returns — December 31, 2016³



										Expense Ratios⁴
	1 Year			5 Years			Life of Fund			Gross			Net

Class A (Inception 12/15/10)
NAV		8.19	%		9.68	%		5.45	%		1.31	%		1.31	%
With 5.75% Maximum Sales Charge		1.97			8.39			4.43

Class C (Inception 12/15/10)
NAV		7.36			8.89			4.68			2.06			2.06
With CDSC¹		6.36			8.89			4.68

Comparative Performance
MSCI World ex USA Index (Net)²		2.75			6.07			3.00

1	Performance for Class C shares assumes a 1.00% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase.

2	MSCI World ex USA Index (Net) is an unmanaged index that is designed to measure the equity market performance of developed markets, excluding the United States. The index calculates reinvested dividends net of withholding taxes using Luxembourg tax rates.

3	Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

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VAUGHAN NELSON SMALL CAP VALUE FUND


Managers		Symbols
Dennis G. Alff, CFA^®		Class A NEFJX
Chad D. Fargason		Class C NEJCX
Chris D. Wallis, CFA^®		Class Y NEJYX
Scott J. Weber, CFA^®
Vaughan Nelson Investment Management, L.P.

Effective July 31, 2009, the fund was closed to new investors.

Investment Goal

The Fund seeks capital appreciation.

Market Conditions

During the year, volatility remained elevated as the market digested the United Kingdom’s vote to leave the European Union (“Brexit”), Donald Trump’s successful campaign for President of the United States, and the Federal Reserve’s ability to raise interest rates. However, equity markets appreciated despite declining earnings expectations and deteriorating international economic conditions. We believe the incremental multiple expansion was driven by easy monetary conditions globally, by modest improvement in economic growth expectations throughout the year, and by foreign investors increasing portfolio allocations to U.S. equities post-Brexit.

Despite attractive gains in 2016, we believe equity markets might be in a state of unstable equilibrium given the significant structural changes that are occurring with central banks’ monetary policies and with U.S. government deficits in addition to the escalating number of earnings headwinds including: higher interest rates, a stronger U.S. dollar, rising health care costs, and wage inflation pressures. In fact, corporate earnings expectations declined for the fourth quarter of 2016 and for the full-year 2017, resulting in even richer valuation multiples as equity markets set new highs.

Performance Results

For the twelve months ended December 31, 2016, Class A shares of Vaughan Nelson Small Cap Value Fund returned 20.24% at net asset value. The Fund underperformed its benchmark, the Russell 2000^® Value Index, which returned 31.74%.

Explanation of Fund Performance

While the Fund’s absolute performance was strong for the year, the Fund underperformed the benchmark primarily due to stock selection within materials, information technology, consumer discretionary, industrials, and financials. In addition, the Fund was also overweight health care during the year, which detracted from performance as the sector underperformed the market. The Fund was positioned more defensively during the year as valuations become more expensive, which hurt relative performance as more cyclical sectors such as materials outperformed. Financials, industrials, energy, utilities and information technology were the biggest contributors to absolute performance, while consumer discretionary, materials and real estate detracted from performance.

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Stock selection within the materials sector detracted the most from relative performance. This was primarily due to the Fund’s overweight in paper and packaging stocks, which as a group are more defensive and performed worse than the higher beta industries within the materials sector, such as metals and mining. Kapstone Paper and Packaging, Multi Packaging Solutions International, Silgan, and Graphic Packaging detracted the most from relative performance. Kapstone was hurt by concerns about product pricing and inventory levels in its end markets. Multi Packaging Solutions suffered from poor execution and weak end market volumes within its consumer products end markets. Silgan and Graphic Packaging underperformed primarily due to their defensive nature as noted above.

Stock selection within the information technology sector detracted from relative performance with RingCentral and Verint as the primary detractors. RingCentral performed poorly due to market concerns around its customer concentration, while Verint faced headwinds from its exposure to weak Emerging Market economies, as well as a strong U.S. dollar. In addition, the Fund was overweight IT services stocks, a more defensive industry, which did not perform as well as more cyclical industries such as semiconductors.

The industrials sector also detracted from performance on a relative basis as the portfolio was positioned in more defensive, less cyclical companies in industries such as commercial services and supplies. The Fund’s industrial holdings performed well on an absolute basis, but lagged in performance relative to the Fund’s benchmark.

The consumer discretionary sector detracted from performance on both an absolute and relative basis due to stock selection within auto component manufacturers, homebuilders, and retail. Vista Outdoor, CalAtlantic, Tenneco, and Tailored Brands detracted the most from performance. Vista Outdoor was negatively impacted by a customer bankruptcy that resulted in excess inventory in its sales channels. CalAtlantic saw order weakness in its Texas markets, driven by weak oil prices, and also faced a headwind from potentially higher mortgage rates going forward. Tenneco was negatively impacted by its exposure to China early in the year, as well as investor concerns that auto production levels may have peaked in the U.S. Tailored Brands continued to struggle with the integration of the Jos. A. Bank business with its Men’s Wearhouse business.

The Fund’s financial sector holdings performed well on an absolute basis, but underperformed on a relative basis driven by stock selection. The portfolio was overweight insurance due to its more defensive characteristics but insurance stocks did not perform as well as other interest rate sensitive names as the yield curve backed up following the election. Insurance holdings such as RenaissanceRe, First American Financial, and Aspen Insurance performed well on an absolute basis, while American Equity Life performed poorly due to regulatory headwinds and a continued low rate environment. American Equity Life was sold early in the year and did not benefit from the post-election rebound in interest rate sensitive stocks.

Sector selection drove the relative underperformance in health care. The Fund was overweight health care during the year due to the secular growth opportunities given the aging population and reasonable valuations. However, following Trump’s successful bid for the White House, health care stocks underperformed as the chances of repealing or replacing the Affordable Care Act increased. VWR, Civitas, Envision Healthcare, and

| 16

VAUGHAN NELSON SMALL CAP VALUE FUND

Surgery Partners were the largest underperformers for the Fund. VWR performed poorly due to a headwind from a stronger U.S. dollar as well as concerns around National Institutes of Health funding levels. Civitas was negatively impacted by a reduction in funding levels at its largest customer, as well as a headwind from higher labor costs. Envision Healthcare was impacted by volatility around the Company’s merger with AmSurg. Surgery Partners saw weaker than expected surgery volumes late in the year.

The energy sector contributed the most to performance during the year due to strong stock selection. The Fund was also overweight energy and it was one of the best performing sectors for the year. Laredo Petroleum, Forum Energy, and Superior Energy Services contributed most to the sector’s results as all benefited from higher oil prices as the year progressed. Laredo, an E&P company, also performed very well on a company specific basis as it continued to increase the efficiency of its operations.

Other notable performers during the year included Prosperity Bancshares, CACI International, and First Financial Bancorp. Prosperity Bancshares and First Financial Bancorp are interest rate sensitive names that benefited from an increase in rate expectations and a steepening yield curve during the year, particularly after the election. CACI is a government IT services company that produced strong results through the year, and performed particularly well after the election on the prospect of higher fiscal spending by the U.S. Government.

Outlook

The U.S. presidential election has not caused us to change our view regarding portfolio positioning or the opportunity set. We still believe that there is little room for profit margins to improve and that interest rates cannot move materially higher without negative consequences. While we welcome a business friendly administration, corporate tax reform, and more fiscal spending, we think that these conditions are necessary to hit next year’s earnings estimates anyway. For example, earnings for the S&P 500^® Index are estimated to grow approximately 20% in 2017, which seems unrealistic at this point in the business and corporate margin cycle. From here, the biggest fundamental impact to the economy and to asset prices is likely a renewal of animal spirits.

With corporate margins near all-time highs, labor markets tight, and benefit costs on the rise, we do not believe top line growth will be sufficient to prevent further margin pressure. With monetary stimulus nearly exhausted, we believe fiscal stimulus will be necessary not only in the United States but internationally so that the macro imbalances can continue to adjust without creating excessive volatility. Our outlook remains balanced, stock-specific, and not reflective of opportunities in specific industries, regions of the world, or broader market indices.

As it relates to the intermediate to long-term outlook, we believe we are entering the final stages of rebalancing the monetary bubble that has been building in our financial markets for several decades. While the financial crisis was effective at eliminating excesses within our regulated banking systems, it pushed imbalances into the unregulated financial system and accentuated the imbalances that exist in international markets.

We continue to seek investments in companies that have better pricing power, lower earnings variability, higher profitability, and stronger balance sheets than the broader

17 |

investment universe. We still do not favor any single industry or sector, and continue to look for companies with the characteristics noted above that trade at attractive valuations.

Growth of $10,000 Investment in Class A Shares⁴

December 31, 2006 through December 31, 2016

LOGO

See notes to chart on page 19.

Top Ten Holdings as of December 31, 2016


Security name		% of net assets
1	iShares^® Russell 2000 Value Index ETF		5.13	%
2	Prosperity Bancshares, Inc.		3.25
3	Brown & Brown, Inc.		2.32
4	Hillenbrand, Inc.		2.23
5	RenaissanceRe Holdings Ltd.		2.21
6	First Financial Bancorp		2.12
7	First American Financial Corp.		2.12
8	Envision Healthcare Corp.		2.10
9	First Merchants Corp.		2.06
10	Union Bankshares Corp.		2.01

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced.

| 18

VAUGHAN NELSON SMALL CAP VALUE FUND

Average Annual Total Returns — December 31, 2016³



										Expense Ratios⁴
	1 Year			5 Years			10 Years			Gross			Net

Class A (Inception 12/31/96)
NAV		20.24	%		15.82	%		10.27	%		1.45	%		1.45	%
With 5.75% Maximum Sales Charge		13.34			14.46			9.62

Class C (Inception 12/31/96)
NAV		19.32			14.95			9.44			2.20			2.20
With CDSC¹		18.32			14.95			9.44

Class Y (Inception 8/31/06)
NAV		20.53			16.10			10.55			1.20			1.20

Comparative Performance
Russell 2000^® Value Index²		31.74			15.07			6.26

1	Performance for Class C shares assumes a 1.00% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase.

2	Russell 2000^® Value Index is an unmanaged index that measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000^® companies with lower price-to-book ratios and lower forecasted growth values.

3	Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

19 |

VAUGHAN NELSON VALUE OPPORTUNITY FUND


Managers		Symbols
Dennis G. Alff, CFA^®		Class A VNVAX
Chad D. Fargason		Class C VNVCX
Chris D. Wallis, CFA^®		Class N VNVNX
Scott J. Weber, CFA^®		Class Y VNVYX
Vaughan Nelson Investment Management, L.P.

Investment Goal

The Fund seeks long-term capital appreciation.

Market Conditions

Performance Results

For the 12 months ended December 31, 2016, Class A shares of Vaughan Nelson Value Opportunity Fund returned 5.85% at net asset value. The fund underperformed its benchmark, the Russell Midcap^® Value Index, which returned 20.00%.

Explanation of Fund Performance

While the Fund’s absolute performance was positive for the year, the Fund underperformed the benchmark primarily due to stock selection within information technology, materials, health care, consumer discretionary, and industrials. In addition, the Fund was overweight health care and consumer discretionary stocks during the year, which detracted from performance since both sectors underperformed the market. The Fund was positioned more defensively during the year as valuations become more expensive, which hurt relative performance as more cyclical sectors such as energy and industrials outperformed. Financials, technology, consumer discretionary, and energy were the biggest contributors to absolute performance, while health care detracted from performance.

| 20

VAUGHAN NELSON VALUE OPPORTUNITY FUND

The information technology sector weighed on relative performance due to stock selection, with First Data and RingCentral detracting the most. First Data completed its initial public offering during the year and the stock performed poorly after management elected not to provide guidance. While the stock was only down modestly for the year, the technology sector was one of the best performing sectors, thus magnifying relative underperformance. RingCentral performed poorly due to market concerns related to its customer concentration. Last, the Fund was overweight IT services stocks, a more defensive industry with recurring revenues, which did not perform as well as cyclical industries such as semiconductors.

The materials sector also hampered relative performance due to stock selection. Constellium and Caesarstone detracted the most from performance. Constellium traded lower due to concerns about its acquisition of Wise Metals and fears of a slowdown in two of its primary end markets, aerospace and automotive. Caesarstone performed poorly during the year as its market share growth in the U.S. continued to suffer from increased competition while at the same time the company is expanding capacity. The Fund was also overweight paper and packaging stocks, which as a group are more defensive and performed worse than the higher beta industries within the materials sector, such as construction materials and metals and mining.

Sector selection and stock selection drove the relative underperformance in the health care sector. The Fund was overweight health care due to the secular growth opportunities given the aging population and due to reasonable valuations. However, following Trump’s successful bid for the White House, health care stocks underperformed as the chances of repealing or replacing the Affordable Care Act increased. Endo International, Community Health Systems, and Envision Healthcare detracted the most from performance. Endo International, a branded and generic pharmaceutical company, experienced pricing pressures in the generics business and litigation charges stemming from its mesh business. Community Health suffered from industry wide volume problems and from poor cost control. Envision Healthcare was impacted by volatility related to the Company’s merger with AmSurg, which is now complete.

The consumer discretionary sector detracted from relative performance due to stock and sector selection. The Fund was overweight consumer discretionary stocks relative to the benchmark, and the sector did not perform as well as the benchmark. H&R Block, Signet Jewelers, Delphi Automotive, and HSN, Inc. were the biggest detractors. H&R Block was negatively impacted by sluggish tax return volume growth. Delphi declined due to investor concerns that auto production levels may have peaked in the U.S. Signet and HSN continued to struggle with the challenging consumer retail environment.

The industrials sector also detracted from relative performance due to stock and sector selection. The Fund’s industrials holdings performed well on an absolute basis, but lagged relative to the benchmark. Also, the Fund was underweight industrials for the year and the industrials sector turned out to be one of the best performing sectors, partially driven by Donald Trump’s infrastructure spending plans. On a relative basis, the portfolio was positioned in more defensive, less cyclical companies rather than the more cyclical industries such as airlines, which performed the best. Hertz Global detracted the most

21 |

from performance. Hertz was hurt by higher depreciation expenses on fleet vehicles as residual car values began to decline during the year.

The Fund’s underweight in energy detracted from relative performance. The energy sector was one of the best performers for the year benefitting from a recovery in oil prices. The Fund was concentrated in exploration and production companies, which performed better than energy equipment and services companies. WPX Energy and Continental Resources contributed the most to the Fund’s results as both companies benefited from higher oil prices as the year progressed.

Despite lagging the benchmark, the Fund had many notable outperformers during the year including Grand Canyon Education, New Residential Investment, Reinsurance Group of America, Chemical Financial, and NCR Corporation. As disappointing as 2016 was, the portfolio looks attractive relative to the benchmark going into 2017. Since inception we have tracked the PEG ratio of the strategy and as of December 31, 2016, the strategy is trading at about a 60% discount to the index. Further, the earnings growth for the portfolio is 12% versus 8% for the index and the Fund’s P/E ratio is 14x versus 16x for the index.

Outlook

The U.S. presidential election has not caused us to change our view regarding portfolio positioning or the opportunity set. We still believe that there is little room for profit margins to improve and that interest rates cannot move materially higher without negative consequences. While we welcome a business-friendly administration, corporate tax reform, and more fiscal spending, we think that these conditions are necessary to hit next year’s earnings estimates anyway. For example, earnings for the S&P 500^® Index are estimated to grow approximately 20% in 2017, which seems unrealistic at this point in the business and corporate margin cycle. From here, the biggest fundamental impact to the economy and to asset prices is likely a renewal of animal spirits.

We continue to seek investments in companies that have better pricing power, lower earnings variability, higher profitability, and stronger balance sheets than the broader investment universe. We still do not favor any single industry or sector, and continue to look for companies with the characteristics noted above that trade at attractive valuations.

| 22

VAUGHAN NELSON VALUE OPPORTUNITY FUND

Growth of $10,000 Investment in Class A Shares³

October 31, 2008 (inception) through December 31, 2016

LOGO

Top Ten Holdings as of December 31, 2016


Security name		% of net assets
1	Ares Capital Corp.		2.83	%
2	Arthur J. Gallagher & Co.		2.81
3	Fidelity National Information Services, Inc.		2.77
4	New Residential Investment Corp.		2.68
5	Synchrony Financial		2.51
6	Envision Healthcare Corp.		2.50
7	Newell Brands, Inc.		2.42
8	Grand Canyon Education, Inc.		2.28
9	Reinsurance Group of America, Inc., Class A		2.27
10	Chemical Financial Corp.		2.26

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced.

23 |

Average Annual Total Returns — December 31, 2016³



												Expense Ratios⁴
	1 Year			5 Years			Life of Class					Gross			Net

Class A (Inception 10/31/08)								Class A/C/Y		Class N
NAV		5.85	%		13.12	%		13.02	%	—	%
With 5.75% Maximum Sales Charge		-0.22			11.79			12.20		—			1.45	%		1.45	%

Class C (Inception 10/31/08)
NAV		5.03			12.27			12.18		—			2.20			2.20
With CDSC¹		4.03			12.27			12.18		—

Class N (Inception 5/1/13)
NAV		6.21			—			—		10.11			1.11			1.11

Class Y (Inception 10/31/08)
NAV		6.14			13.40			13.30		—			1.20			1.20

Comparative Performance
Russell Midcap^® Value Index²		20.00			15.70			15.44		12.38

1	Performance for Class C shares assumes a 1.00% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase.

2	Russell Midcap^® Value Index is an unmanaged index that measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap^® Index companies with lower price-to-book ratios and lower forecasted growth values.

3	Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

| 24

ADDITIONAL INFORMATION

The views expressed in this report reflect those of the portfolio managers as of the dates indicated. The managers’ views are subject to change at any time without notice based on changes in market or other conditions. References to specific securities or industries should not be regarded as investment advice. Because the Funds are actively managed, there is no assurance that they will continue to invest in the securities or industries mentioned.

All investing involves risk, including the risk of loss. There is no assurance that any investment will meet its performance objectives or that losses will be avoided.

ADDITIONAL INDEX INFORMATION

This document may contain references to third party copyrights, indexes, and trademarks, each of which is the property of its respective owner. Such owner is not affiliated with Natixis Global Asset Management or any of its related or affiliated companies (collectively “NGAM”) and does not sponsor, endorse or participate in the provision of any NGAM services, funds or other financial products.

The index information contained herein is derived from third parties and is provided on an “as is” basis. The user of this information assumes the entire risk of use of this information. Each of the third party entities involved in compiling, computing or creating index information disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to such information.

PROXY VOTING INFORMATION

A description of the Natixis Funds’ proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on Natixis Funds’ website at ngam.natixis.com; and on the Securities and Exchange Commission’s (SEC) website at www.sec.gov. Information regarding how Natixis Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available from Natixis Funds’ website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

Natixis Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public

Reference Room may be obtained by calling 800-SEC-0330.

25 |

UNDERSTANDING FUND EXPENSES

As a mutual fund shareholder, you incur different costs: transaction costs, including sales charges (loads) on purchases and contingent deferred sales charges on redemptions, and ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other fund expenses. Certain exemptions may apply. These costs are described in more detail in the Funds’ prospectus. The following examples are intended to help you understand the ongoing costs of investing in the Funds and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table of each class of Fund shares shows the actual account values and actual Fund expenses you would have paid on a $1,000 investment in the Fund from July 1, 2016 through December 31, 2016. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.60) and multiply the result by the number in the Expenses Paid During Period column as shown for your class.

The second line in the table for each class of fund shares provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid on your investment for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown reflect ongoing costs only, and do not include any transaction costs, such as sales charges. Therefore, the second line in the table of each fund is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. If transaction costs were included, total costs would be higher.


MIROVA GLOBAL SUSTAINABLE EQUITY FUND	BEGINNING ACCOUNT VALUE 7/1/2016		ENDING ACCOUNT VALUE 12/31/2016		EXPENSES PAID DURING PERIOD* 7/1/2016 – 12/31/2016
Class A
Actual		$1,000.00		$1,001.50		$6.54
Hypothetical (5% return before expenses)		$1,000.00		$1,018.60		$6.60
Class C
Actual		$1,000.00		$998.10		$10.30
Hypothetical (5% return before expenses)		$1,000.00		$1,014.83		$10.38
Class Y
Actual		$1,000.00		$1,002.00		$5.28
Hypothetical (5% return before expenses)		$1,000.00		$1,019.86		$5.33

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.30%, 2.05% and 1.05% for Class A, C and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 366 (to reflect the half-year period).

| 26


NATIXIS OAKMARK FUND	BEGINNING ACCOUNT VALUE 7/1/2016		ENDING ACCOUNT VALUE 12/31/2016		EXPENSES PAID DURING PERIOD* 7/1/2016 – 12/31/2016
Class A
Actual		$1,000.00		$1,178.00		$6.41
Hypothetical (5% return before expenses)		$1,000.00		$1,019.26		$5.94
Class C
Actual		$1,000.00		$1,173.00		$10.49
Hypothetical (5% return before expenses)		$1,000.00		$1,015.48		$9.73
Class Y
Actual		$1,000.00		$1,179.60		$5.04
Hypothetical (5% return before expenses)		$1,000.00		$1,020.51		$4.67

Expenses are equal to the Fund’s annualized expense ratio: 1.17%, 1.92% and 0.92% for Class A, C and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 366 (to reflect the half-year period).


NATIXIS OAKMARK INTERNATIONAL FUND	BEGINNING ACCOUNT VALUE 7/1/2016		ENDING ACCOUNT VALUE 12/31/2016		EXPENSES PAID DURING PERIOD* 7/1/2016 – 12/31/2016
Class A
Actual		$1,000.00		$1,204.40		$7.43
Hypothetical (5% return before expenses)		$1,000.00		$1,018.40		$6.80
Class C
Actual		$1,000.00		$1,200.90		$11.56
Hypothetical (5% return before expenses)		$1,000.00		$1,014.63		$10.58

*	Expenses are equal to the Fund’s annualized expense ratio: 1.34% and 2.09% for Class A and C, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 366 (to reflect the half-year period).

27 |


VAUGHAN NELSON SMALL CAP VALUE FUND	BEGINNING ACCOUNT VALUE 7/1/2016		ENDING ACCOUNT VALUE 12/31/2016		EXPENSES PAID DURING PERIOD* 7/1/2016 – 12/31/2016
Class A
Actual		$1,000.00		$1,158.40		$7.27
Hypothetical (5% return before expenses)		$1,000.00		$1,018.40		$6.80
Class C
Actual		$1,000.00		$1,153.80		$11.32
Hypothetical (5% return before expenses)		$1,000.00		$1,014.63		$10.58
Class Y
Actual		$1,000.00		$1,159.20		$5.92
Hypothetical (5% return before expenses)		$1,000.00		$1,019.66		$5.53

Expenses are equal to the Fund’s annualized expense ratio: 1.34%, 2.09% and 1.09% for Class A, C and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 366 (to reflect the half-year period).


VAUGHAN NELSON VALUE OPPORTUNITY FUND	BEGINNING ACCOUNT VALUE 7/1/2016		ENDING ACCOUNT VALUE 12/31/2016		EXPENSES PAID DURING PERIOD* 7/1/2016 – 12/31/2016
Class A
Actual		$1,000.00		$1,081.70		$6.38
Hypothetical (5% return before expenses)		$1,000.00		$1,019.00		$6.19
Class C
Actual		$1,000.00		$1,077.30		$10.29
Hypothetical (5% return before expenses)		$1,000.00		$1,015.23		$9.98
Class N
Actual		$1,000.00		$1,082.90		$4.61
Hypothetical (5% return before expenses)		$1,000.00		$1,020.71		$4.47
Class Y
Actual		$1,000.00		$1,082.70		$5.08
Hypothetical (5% return before expenses)		$1,000.00		$1,020.26		$4.93

Expenses are equal to the Fund’s annualized expense ratio: 1.22%, 1.97%, 0.88% and 0.97% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 366 (to reflect the half-year period).

| 28

Portfolio of Investments – as of December 31, 2016

Mirova Global Sustainable Equity Fund


Shares		Description	Value (†)
	Common Stocks — 94.1% of Net Assets
		Belgium — 3.7%
	29,353	KBC Groep NV	$	1,813,657

		Canada — 1.1%
	21,332	AltaGas Ltd.		538,603

		Denmark — 7.0%
	8,800	Chr. Hansen Holding AS		486,687
	5,826	Coloplast AS, Series B		392,431
	41,389	Novo Nordisk AS, Class B		1,484,713
	10,116	Novozymes AS		348,111
	11,569	Vestas Wind Systems AS		749,261

				3,461,203

		France — 7.1%
	15,221	Essilor International S.A.		1,717,358
	2,371	Ingenico Group S.A.		189,172
	4,658	L’Oreal S.A.		848,992
	13,492	Valeo S.A.		774,546

				3,530,068

		Germany — 5.2%
	3,720	Allianz SE, (Registered)		613,941
	61,274	Deutsche Telekom AG		1,051,290
	15,055	Symrise AG		914,708

				2,579,939

		Hong Kong — 1.9%
	80,737	AIA Group Ltd.		452,276
	21,000	Tencent Holdings Ltd.		509,189

				961,465

		Ireland — 3.5%
	17,500	Eaton Corp. PLC		1,174,075
	8,100	Medtronic PLC		576,963

				1,751,038

		Japan — 3.0%
	4,100	Rinnai Corp.		329,901
	19,700	Toyota Motor Corp.		1,154,979

				1,484,880

		Netherlands — 3.8%
	7,332	ASML Holding NV		821,700
	26,392	Unilever NV		1,084,152

				1,905,852

		Singapore — 1.5%
	768,700	Raffles Medical Group Ltd.		758,429

		Spain — 1.1%
	21,397	Enagas S.A.		542,269

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of December 31, 2016

Mirova Global Sustainable Equity Fund – (continued)


Shares		Description	Value (†)
		Switzerland — 1.5%
	11,471	Cie Financiere Richemont S.A., (Registered)	$	758,124

		United Kingdom — 4.2%
	303,943	Legal & General Group PLC		925,924
	59,345	Prudential PLC		1,184,376

				2,110,300

		United States — 49.5%
	16,200	A.O. Smith Corp.		767,070
	2,100	Alexion Pharmaceuticals, Inc.(b)		256,935
	3,101	Alphabet, Inc., Class A(b)		2,457,387
	1,900	Amazon.com, Inc.(b)		1,424,753
	10,174	American Water Works Co., Inc.		736,191
	10,600	Criteo S.A., Sponsored ADR(b)		435,448
	23,187	Danaher Corp.		1,804,876
	16,500	Delphi Automotive PLC		1,111,275
	9,000	Ecolab, Inc.		1,054,980
	13,200	Ellie Mae, Inc.(b)		1,104,576
	8,400	Facebook, Inc., Class A(b)		966,420
	8,400	Gilead Sciences, Inc.		601,524
	3,400	Illumina, Inc.(b)		435,336
	4,100	International Flavors & Fragrances, Inc.		483,103
	13,700	MasterCard, Inc., Class A		1,414,525
	29,363	Microsoft Corp.		1,824,617
	6,296	NextEra Energy, Inc.		752,120
	11,300	Roper Technologies, Inc.		2,068,804
	16,600	Thermo Fisher Scientific, Inc.		2,342,260
	5,800	United Natural Foods, Inc.(b)		276,776
	29,200	Visa, Inc., Class A		2,278,184

				24,597,160

		Total Common Stocks (Identified Cost $48,124,449)		46,792,987


Principal Amount
	Short-Term Investments — 5.9%
$	2,928,328	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/2016 at 0.030% to be repurchased at $2,928,338 on 1/03/2017 collateralized by $3,060,000 U.S. Treasury Note, 2.000% due 2/15/2025 valued at $2,990,247 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $2,928,328)		2,928,328


		Total Investments — 100.0% (Identified Cost $51,052,777)(a)		49,721,315
		Other assets less liabilities — (0.0)%		(5,302	)

		Net Assets — 100.0%	$	49,716,013

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of December 31, 2016

Mirova Global Sustainable Equity Fund – (continued)



(†)	See Note 2 of Notes to Financial Statements.
(a)	Federal Tax Information:
	At December 31, 2016, the net unrealized depreciation on investments based on a cost of $51,045,564 for federal income tax purposes was as follows:
	Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	1,668,771
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(2,993,020	)

	Net unrealized depreciation	$	(1,324,249	)


(b)	Non-income producing security.

ADR	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.

Industry Summary at December 31, 2016


Health Care Equipment & Supplies	8.9	%
Internet Software & Services	8.7
IT Services	7.5
Chemicals	6.7
Insurance	6.3
Software	5.9
Life Sciences Tools & Services	5.6
Industrial Conglomerates	4.2
Personal Products	3.9
Electrical Equipment	3.9
Auto Components	3.8
Banks	3.7
Pharmaceuticals	3.0
Internet & Direct Marketing Retail	2.9
Automobiles	2.3
Diversified Telecommunication Services	2.1
Other Investments, less than 2% each	14.7
Short-Term Investments	5.9

Total Investments	100.0
Other assets less liabilities	(0.0	)

Net Assets	100.0	%

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of December 31, 2016

Mirova Global Sustainable Equity Fund – (continued)

Currency Exposure Summary at December 31, 2016


United States Dollar	58.9	%
Euro	20.9
Danish Krone	7.0
British Pound	4.2
Japanese Yen	3.0
Other, less than 2% each	6.0

Total Investments	100.0
Other assets less liabilities	(0.0	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of December 31, 2016

Natixis Oakmark Fund


Shares		Description	Value (†)
	Common Stocks — 93.0% of Net Assets
		Air Freight & Logistics — 2.2%
	30,765	FedEx Corp.	$	5,728,443

		Automobiles — 4.2%
	364,300	Fiat Chrysler Automobiles NV		3,322,416
	117,800	General Motors Co.		4,104,152
	54,600	Harley-Davidson, Inc.		3,185,364

				10,611,932

		Banks — 10.9%
	335,700	Bank of America Corp.		7,418,970
	152,100	Citigroup, Inc.		9,039,303
	79,700	JPMorgan Chase & Co.		6,877,313
	79,500	Wells Fargo & Co.		4,381,245

				27,716,831

		Beverages — 2.0%
	47,900	Diageo PLC, Sponsored ADR		4,978,726

		Capital Markets — 5.7%
	98,200	Bank of New York Mellon Corp. (The)		4,652,716
	17,110	Goldman Sachs Group, Inc. (The)		4,096,990
	74,000	State Street Corp.		5,751,280

				14,500,986

		Consumer Finance — 4.2%
	247,600	Ally Financial, Inc.		4,709,352
	70,000	Capital One Financial Corp.		6,106,800

				10,816,152

		Electronic Equipment, Instruments & Components — 2.1%
	76,800	TE Connectivity Ltd.		5,320,704

		Energy Equipment & Services — 2.0%
	44,600	Halliburton Co.		2,412,414
	69,200	National Oilwell Varco, Inc.		2,590,848

				5,003,262

		Food Products — 2.0%
	70,490	Nestle S.A., Sponsored ADR		5,056,953

		Health Care Equipment & Supplies — 1.9%
	70,800	Baxter International, Inc.		3,139,272
	25,280	Medtronic PLC		1,800,694

				4,939,966

		Health Care Providers & Services — 3.2%
	34,800	HCA Holdings, Inc.(b)		2,575,896
	34,250	UnitedHealth Group, Inc.		5,481,370

				8,057,266

See accompanying notes to financial statements.

33 |

Portfolio of Investments – as of December 31, 2016

Natixis Oakmark Fund – (continued)


Shares		Description	Value (†)
		Hotels, Restaurants & Leisure — 1.2%
	110,400	MGM Resorts International(b)	$	3,182,832

		Household Durables — 1.9%
	27,340	Whirlpool Corp.		4,969,592

		Industrial Conglomerates — 2.7%
	222,000	General Electric Co.		7,015,200

		Insurance — 6.8%
	76,300	Aflac, Inc.		5,310,480
	110,200	American International Group, Inc.		7,197,162
	43,350	Aon PLC		4,834,825

				17,342,467

		Internet & Direct Marketing Retail — 1.4%
	181,300	Liberty Interactive Corp./QVC Group, Class A(b)		3,622,374

		Internet Software & Services — 3.1%
	10,000	Alphabet, Inc., Class A(b)		7,924,500

		IT Services — 7.0%
	53,300	Automatic Data Processing, Inc.		5,478,174
	59,500	MasterCard, Inc., Class A		6,143,375
	80,220	Visa, Inc., Class A		6,258,764

				17,880,313

		Machinery — 6.0%
	55,400	Caterpillar, Inc.		5,137,796
	35,800	Cummins, Inc.		4,892,786
	38,000	Parker Hannifin Corp.		5,320,000

				15,350,582

		Media — 2.4%
	46,600	Comcast Corp., Class A		3,217,730
	262,800	News Corp., Class A		3,011,688

				6,229,418

		Oil, Gas & Consumable Fuels — 4.9%
	79,200	Anadarko Petroleum Corp.		5,522,616
	109,500	Apache Corp.		6,949,965

				12,472,581

		Personal Products — 1.9%
	116,600	Unilever PLC, Sponsored ADR		4,745,620

		Pharmaceuticals — 0.8%
	49,100	Sanofi, Sponsored ADR		1,985,604

		Semiconductors & Semiconductor Equipment — 6.4%
	158,300	Intel Corp.		5,741,541
	75,000	QUALCOMM, Inc.		4,890,000
	79,600	Texas Instruments, Inc.		5,808,412

				16,439,953

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of December 31, 2016

Natixis Oakmark Fund – (continued)


Shares		Description	Value (†)
		Software — 3.5%
	60,300	Microsoft Corp.	$	3,747,042
	136,500	Oracle Corp.		5,248,425

				8,995,467

		Specialty Retail — 0.3%
	15,500	AutoNation, Inc.(b)		754,075

		Technology Hardware, Storage & Peripherals — 2.3%
	50,350	Apple, Inc.		5,831,537

		Total Common Stocks (Identified Cost $196,226,686)		237,473,336


Principal Amount
	Short-Term Investments — 7.9%
$	20,125,275	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/2016 at 0.030% to be repurchased at $20,125,341 on 1/03/2017 collateralized by $21,110,000 U.S. Treasury Note, 2.000% due 8/15/2025 valued at $20,528,187 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $20,125,275)		20,125,275


		Total Investments — 100.9% (Identified Cost $216,351,961)(a)		257,598,611
		Other assets less liabilities — (0.9)%		(2,400,336	)

		Net Assets — 100.0%	$	255,198,275


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information:
		At December 31, 2016, the net unrealized appreciation on investments based on a cost of $216,959,241 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	45,998,930
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(5,359,560	)

		Net unrealized appreciation	$	40,639,370


	(b)	Non-income producing security.

	ADR	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.

See accompanying notes to financial statements.

35 |

Portfolio of Investments – as of December 31, 2016

Natixis Oakmark Fund – (continued)

Industry Summary at December 31, 2016


Banks	10.9	%
IT Services	7.0
Insurance	6.8
Semiconductors & Semiconductor Equipment	6.4
Machinery	6.0
Capital Markets	5.7
Oil, Gas & Consumable Fuels	4.9
Consumer Finance	4.2
Automobiles	4.2
Software	3.5
Health Care Providers & Services	3.2
Internet Software & Services	3.1
Industrial Conglomerates	2.7
Media	2.4
Technology Hardware, Storage & Peripherals	2.3
Air Freight & Logistics	2.2
Electronic Equipment, Instruments & Components	2.1
Food Products	2.0
Energy Equipment & Services	2.0
Beverages	2.0
Other Investments, less than 2% each	9.4
Short-Term Investments	7.9

Total Investments	100.9
Other assets less liabilities	(0.9	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 36

Portfolio of Investments – as of December 31, 2016

Natixis Oakmark International Fund


Shares		Description	Value (†)
	Common Stocks — 98.0% of Net Assets
		Australia — 3.9%
	4,362,368	AMP Ltd.	$	15,821,619
	1,165,216	Orica Ltd.		14,808,882

				30,630,501

		China — 2.0%
	95,715	Baidu, Inc., Sponsored ADR(b)		15,736,503

		France — 14.8%
	444,400	BNP Paribas S.A.(c)		28,280,689
	717,100	Bureau Veritas S.A.		13,878,965
	224,023	Danone		14,175,852
	55,815	Kering		12,519,503
	67,650	LVMH Moet Hennessy Louis Vuitton SE		12,898,935
	99,100	Pernod-Ricard S.A.		10,724,607
	163,800	Safran S.A.		11,781,132
	14,800	Sanofi		1,196,805
	195,900	Valeo S.A.		11,246,189

				116,702,677

		Germany — 9.9%
	165,300	Allianz SE, (Registered)		27,280,762
	86,200	Bayerische Motoren Werke AG		8,028,324
	83,450	Continental AG		16,077,209
	356,400	Daimler AG, (Registered)		26,450,428

				77,836,723

		Hong Kong — 1.4%
	719,995	Melco Crown Entertainment Ltd., Sponsored ADR		11,447,921

		India — 0.6%
	314,500	Infosys Ltd., Sponsored ADR		4,664,035

		Indonesia — 1.8%
	16,677,900	Bank Mandiri Persero Tbk PT		14,274,336

		Ireland — 1.0%
	434,531	Experian PLC		8,413,224

		Israel — 0.1%
	7,000	Check Point Software Technologies Ltd.(b)		591,220

		Italy — 4.9%
	10,995,000	Intesa Sanpaolo SpA		27,851,887
	3,310,400	Prada SpA		11,190,107

				39,041,994

		Japan — 9.0%
	2,509,000	Daiwa Securities Group, Inc.		15,449,733
	668,900	Honda Motor Co. Ltd.(c)		19,528,731
	285,700	Komatsu Ltd.		6,471,145
	126,200	Nomura Holdings, Inc.		746,115
	107,600	Olympus Corp.		3,707,331

See accompanying notes to financial statements.

37 |

Portfolio of Investments – as of December 31, 2016

Natixis Oakmark International Fund – (continued)


Shares		Description	Value (†)
		Japan — continued
	202,400	Omron Corp.	$	7,734,708
	294,200	Toyota Motor Corp.		17,248,474

				70,886,237

		Korea — 1.1%
	6,090	Samsung Electronics Co. Ltd.		9,063,820

		Mexico — 1.8%
	685,645	Grupo Televisa SAB, Sponsored ADR		14,323,124

		Netherlands — 4.9%
	70,731	Akzo Nobel NV		4,419,752
	34,230	ASML Holding NV		3,836,170
	443,400	EXOR NV		19,069,262
	363,439	Koninklijke Philips NV		11,111,028

				38,436,212

		Sweden — 4.4%
	127,200	Atlas Copco AB, B Shares		3,458,242
	588,500	Hennes & Mauritz AB, B Shares		16,313,872
	803,900	SKF AB, B Shares		14,740,442

				34,512,556

		Switzerland — 16.4%
	255,800	Cie Financiere Richemont S.A., (Registered)		16,905,959
	1,899,667	Credit Suisse Group AG, (Registered)(c)		27,148,193
	10,097,100	Glencore PLC(b)		34,116,918
	83,400	Kuehne & Nagel International AG, (Registered)		11,008,689
	324,695	LafargeHolcim Ltd., (Registered)		17,043,913
	103,400	Nestle S.A., (Registered)		7,407,324
	49,705	Swatch Group AG (The)		15,426,572

				129,057,568

		Taiwan — 0.3%
	392,000	Taiwan Semiconductor Manufacturing Co. Ltd.		2,195,691

		United Kingdom — 17.8%
	778,900	Ashtead Group PLC		15,142,106
	3,000,300	CNH Industrial NV		26,033,589
	608,100	Diageo PLC		15,780,094
	3,098,400	G4S PLC		8,955,532
	40,246,000	Lloyds Banking Group PLC		30,903,948
	1,260,004	Meggitt PLC		7,115,482
	4,441,400	Royal Bank of Scotland Group PLC(b)		12,272,265
	382,289	Schroders PLC		14,040,678
	100	Schroders PLC, (Non Voting)		2,752
	362,800	Smiths Group PLC		6,315,296
	47,000	Wolseley PLC		2,869,168
	36,200	WPP PLC		805,574

				140,236,484

See accompanying notes to financial statements.

| 38

Portfolio of Investments – as of December 31, 2016

Natixis Oakmark International Fund – (continued)


Shares		Description	Value (†)
		United States — 1.9%
	120,892	Willis Towers Watson PLC	$	14,782,674

		Total Common Stocks (Identified Cost $771,054,459)		772,833,500


Principal Amount
	Short-Term Investments — 2.2%
$	17,200,791	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/2016 at 0.030% to be repurchased at $17,200,848 on 1/03/2017 collateralized by $18,045,000 U.S. Treasury Note, 2.000% due 8/15/2025 valued at $17,547,662 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $17,200,791)		17,200,791


		Total Investments — 100.2% (Identified Cost $788,255,250)(a)		790,034,291
		Other assets less liabilities — (0.2)%		(1,672,806	)

		Net Assets — 100.0%	$	788,361,485


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information:
		At December 31, 2016, the net unrealized depreciation on investments based on a cost of $816,453,492 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	25,526,340
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(51,945,541	)

		Net unrealized depreciation	$	(26,419,201	)


	(b)	Non-income producing security.
	(c)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.

	ADR	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.

See accompanying notes to financial statements.

39 |

Portfolio of Investments – as of December 31, 2016

Natixis Oakmark International Fund – (continued)

At December 31, 2016, the Fund had the following open forward foreign currency contracts:


Contract to Buy/Sell	Delivery Date		Currency	Units of Currency		Notional Value		Unrealized Appreciation (Depreciation)
Sell¹		6/21/2017	Australian Dollar		4,156,000	$	2,987,225	$	51,156
Buy¹		3/15/2017	Swiss Franc		4,193,000		4,135,716		40,498
Sell¹		3/15/2017	Swiss Franc		27,035,000		26,665,653		1,385,063

Total								$	1,476,717

¹ Counterparty is State Street Bank and Trust Company

Industry Summary at December 31, 2016


Banks	14.4	%
Automobiles	9.1
Textiles, Apparel & Luxury Goods	8.8
Capital Markets	7.2
Machinery	6.4
Insurance	5.4
Diversified Financial Services	4.4
Metals & Mining	4.3
Auto Components	3.4
Beverages	3.4
Professional Services	2.8
Food Products	2.7
Chemicals	2.5
Aerospace & Defense	2.4
Trading Companies & Distributors	2.3
Industrial Conglomerates	2.2
Construction Materials	2.2
Specialty Retail	2.1
Internet Software & Services	2.0
Other Investments, less than 2% each	10.0
Short-Term Investments	2.2

Total Investments	100.2
Other assets less liabilities (including forward foreign currency contracts)	(0.2	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 40

Portfolio of Investments – as of December 31, 2016

Natixis Oakmark International Fund – (continued)

Currency Exposure Summary at December 31, 2016


Euro	36.4	%
British Pound	19.8
Swiss Franc	12.1
United States Dollar	10.0
Japanese Yen	9.0
Swedish Krona	4.4
Australian Dollar	3.9
Other, less than 2% each	4.6

Total Investments	100.2
Other assets less liabilities (including forward foreign currency contracts)	(0.2	)

Net Assets	100.0	%

See accompanying notes to financial statements.

41 |

Portfolio of Investments – as of December 31, 2016

Vaughan Nelson Small Cap Value Fund


Shares		Description	Value (†)
	Common Stocks — 88.2% of Net Assets
		Aerospace & Defense — 1.2%
	107,375	Engility Holdings, Inc.(b)	$	3,618,537

		Banks — 14.6%
	24,250	Community Trust Bancorp, Inc.		1,202,800
	231,250	First Financial Bancorp		6,579,062
	169,200	First Merchants Corp.		6,370,380
	168,925	Hope Bancorp, Inc.		3,697,768
	61,225	Lakeland Financial Corp.		2,899,616
	188,525	Old National Bancorp		3,421,729
	106,850	Pacific Premier Bancorp, Inc.(b)		3,777,148
	140,300	Prosperity Bancshares, Inc.		10,070,734
	174,550	Union Bankshares Corp.		6,238,417
	20,075	Webster Financial Corp.		1,089,671

				45,347,325

		Building Products — 1.9%
	43,750	American Woodmark Corp.(b)		3,292,187
	109,500	Continental Building Products, Inc.(b)		2,529,450

				5,821,637

		Chemicals — 0.4%
	61,200	AdvanSix, Inc.(b)		1,354,968

		Commercial Services & Supplies — 3.9%
	144,650	KAR Auction Services, Inc.		6,164,983
	51,650	Multi-Color Corp.		4,008,040
	50,975	Team, Inc.(b)		2,000,769

				12,173,792

		Consumer Finance — 1.8%
	118,775	FirstCash, Inc.		5,582,425

		Containers & Packaging — 3.9%
	448,925	Graphic Packaging Holding Co.		5,602,584
	256,750	Multi Packaging Solutions International Ltd.(b)		3,661,255
	56,825	Silgan Holdings, Inc.		2,908,303

				12,172,142

		Electric Utilities — 0.3%
	16,475	El Paso Electric Co.		766,088

		Electrical Equipment — 1.9%
	185,025	Atkore International Group, Inc.(b)		4,423,948
	70,300	Thermon Group Holdings, Inc.(b)		1,342,027

				5,765,975

		Electronic Equipment, Instruments & Components — 2.2%
	16,775	Littelfuse, Inc.		2,545,942
	49,650	Zebra Technologies Corp., Class A(b)		4,257,984

				6,803,926

See accompanying notes to financial statements.

| 42

Portfolio of Investments – as of December 31, 2016

Vaughan Nelson Small Cap Value Fund – (continued)


Shares		Description	Value (†)
		Energy Equipment & Services — 1.0%
	147,350	Forum Energy Technologies, Inc.(b)	$	3,241,700

		Food Products — 0.8%
	181,400	Hostess Brands, Inc.(b)		2,358,200

		Gas Utilities — 0.8%
	38,950	Spire, Inc.		2,514,223

		Health Care Equipment & Supplies — 0.6%
	22,925	Integra LifeSciences Holdings Corp.(b)		1,966,736

		Health Care Providers & Services — 3.2%
	64,700	AMN Healthcare Services, Inc.(b)		2,487,715
	102,975	Envision Healthcare Corp.(b)		6,517,288
	64,900	Surgery Partners, Inc.(b)		1,028,665

				10,033,668

		Health Care Technology — 0.9%
	84,675	Cotiviti Holdings, Inc.(b)		2,912,820

		Household Durables — 1.3%
	129,825	La-Z-Boy, Inc.		4,031,066

		Insurance — 8.6%
	109,425	Aspen Insurance Holdings Ltd.		6,018,375
	160,150	Brown & Brown, Inc.		7,184,329
	179,050	First American Financial Corp.		6,558,601
	50,216	RenaissanceRe Holdings Ltd.		6,840,424

				26,601,729

		Internet Software & Services — 0.4%
	75,525	CommerceHub, Inc., Series A(b)		1,133,630

		IT Services — 4.5%
	161,825	Booz Allen Hamilton Holding Corp.		5,837,028
	46,750	CACI International, Inc., Class A(b)		5,811,025
	91,350	Virtusa Corp.(b)		2,294,712

				13,942,765

		Leisure Products — 1.3%
	111,275	Vista Outdoor, Inc.(b)		4,106,047

		Life Sciences Tools & Services — 4.4%
	154,250	Albany Molecular Research, Inc.(b)		2,893,730
	36,425	INC Research Holdings, Inc., Class A(b)		1,915,955
	49,450	PRA Health Sciences, Inc.(b)		2,725,684
	237,925	VWR Corp.(b)		5,955,263

				13,490,632

		Machinery — 4.2%
	78,425	Franklin Electric Co., Inc.		3,050,732
	25,650	Global Brass & Copper Holdings, Inc.		879,795
	180,025	Hillenbrand, Inc.		6,903,959
	29,300	Lincoln Electric Holdings, Inc.		2,246,431

				13,080,917

See accompanying notes to financial statements.

43 |

Portfolio of Investments – as of December 31, 2016

Vaughan Nelson Small Cap Value Fund – (continued)


Shares		Description	Value (†)
		Marine — 0.7%
	32,275	Kirby Corp.(b)	$	2,146,288

		Metals & Mining — 1.8%
	70,875	Reliance Steel & Aluminum Co.		5,637,397

		Multi-Utilities — 2.9%
	84,250	NorthWestern Corp.		4,791,298
	83,175	Vectren Corp.		4,337,576

				9,128,874

		Oil, Gas & Consumable Fuels — 4.0%
	202,850	Callon Petroleum Co.(b)		3,117,805
	343,025	Laredo Petroleum, Inc.(b)		4,850,373
	282,200	Oasis Petroleum, Inc.(b)		4,272,508

				12,240,686

		Professional Services — 3.4%
	40,225	Dun & Bradstreet Corp. (The)		4,880,097
	100,900	ICF International, Inc.(b)		5,569,680

				10,449,777

		REITs – Hotels — 1.0%
	146,800	Hersha Hospitality Trust		3,156,200

		REITs – Shopping Centers — 0.9%
	161,275	Ramco-Gershenson Properties Trust		2,673,940

		Road & Rail — 1.1%
	50,875	Genesee & Wyoming, Inc., Class A(b)		3,531,234

		Semiconductors & Semiconductor Equipment — 2.7%
	95,325	Integrated Device Technology, Inc.(b)		2,245,857
	93,400	Silicon Laboratories, Inc.(b)		6,071,000

				8,316,857

		Software — 1.7%
	57,275	BroadSoft, Inc.(b)		2,362,594
	81,400	Verint Systems, Inc.(b)		2,869,350

				5,231,944

		Specialty Retail — 1.3%
	50,125	Group 1 Automotive, Inc.		3,906,742

		Textiles, Apparel & Luxury Goods — 1.1%
	92,200	Steven Madden Ltd.(b)		3,296,150

		Trading Companies & Distributors — 1.5%
	70,750	WESCO International, Inc.(b)		4,708,412

		Total Common Stocks (Identified Cost $227,714,605)		273,245,449


	Exchange-Traded Funds — 5.1%
	133,675	iShares^® Russell 2000 Value Index ETF (Identified Cost $13,904,406)		15,899,304

See accompanying notes to financial statements.

| 44

Portfolio of Investments – as of December 31, 2016

Vaughan Nelson Small Cap Value Fund – (continued)


Shares		Description	Value (†)
	Closed-End Investment Companies — 2.6%
	431,225	FS Investment Corp.	$	4,441,618
	222,800	TCP Capital Corp.		3,765,320

		Total Closed-End Investment Companies (Identified Cost $7,600,707)		8,206,938


Principal Amount
	Short-Term Investments — 2.4%
$	7,326,333	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/2016 at 0.030% to be repurchased at $7,326,357 on 1/03/2017 collateralized by $7,685,000 U.S. Treasury Note, 2.000% due 8/15/2025 valued at $7,473,194 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $7,326,333)		7,326,333


		Total Investments — 98.3% (Identified Cost $256,546,051)(a)		304,678,024
		Other assets less liabilities — 1.7%		5,293,769

		Net Assets — 100.0%	$	309,971,793


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information:
		At December 31, 2016, the net unrealized appreciation on investments based on a cost of $257,333,498 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	51,228,374
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(3,883,848	)

		Net unrealized appreciation	$	47,344,526


	(b)	Non-income producing security.

	ETF	Exchange-Traded Fund
	REITs	Real Estate Investment Trusts

See accompanying notes to financial statements.

45 |

Portfolio of Investments – as of December 31, 2016

Vaughan Nelson Small Cap Value Fund – (continued)

Industry Summary at December 31, 2016


Banks	14.6	%
Insurance	8.6
Exchange-Traded Funds	5.1
IT Services	4.5
Life Sciences Tools & Services	4.4
Machinery	4.2
Oil, Gas & Consumable Fuels	4.0
Commercial Services & Supplies	3.9
Containers & Packaging	3.9
Professional Services	3.4
Health Care Providers & Services	3.2
Multi-Utilities	2.9
Semiconductors & Semiconductor Equipment	2.7
Closed-End Investment Companies	2.6
Electronic Equipment, Instruments & Components	2.2
Other Investments, less than 2% each	25.7
Short-Term Investments	2.4

Total Investments	98.3
Other assets less liabilities	1.7

Net Assets	100.0	%

See accompanying notes to financial statements.

| 46

Portfolio of Investments – as of December 31, 2016

Vaughan Nelson Value Opportunity Fund


Shares		Description	Value (†)
	Common Stocks — 97.6% of Net Assets
		Banks — 6.4%
	503,175	Chemical Financial Corp.	$	27,256,989
	1,810,125	Investors Bancorp, Inc.		25,251,244
	448,275	PacWest Bancorp		24,404,091

				76,912,324

		Building Products — 1.6%
	690,075	Caesarstone Ltd.(b)		19,770,649

		Capital Markets — 2.9%
	241,775	Nasdaq, Inc.		16,227,938
	384,250	SEI Investments Co.		18,966,580

				35,194,518

		Commercial Services & Supplies — 1.3%
	377,700	KAR Auction Services, Inc.		16,097,574

		Communications Equipment — 1.0%
	337,925	CommScope Holding Co., Inc.(b)		12,570,810

		Consumer Finance — 2.5%
	836,450	Synchrony Financial		30,338,041

		Containers & Packaging — 6.2%
	227,400	Avery Dennison Corp.		15,968,028
	469,200	Crown Holdings, Inc.(b)		24,665,844
	260,075	Packaging Corp. of America		22,059,561
	236,550	WestRock Co.		12,009,644

				74,703,077

		Diversified Consumer Services — 3.8%
	471,800	Grand Canyon Education, Inc.(b)		27,576,710
	491,925	ServiceMaster Global Holdings, Inc.(b)		18,530,815

				46,107,525

		Energy Equipment & Services — 1.2%
	219,450	Baker Hughes, Inc.		14,257,667

		Health Care Providers & Services — 7.7%
	254,850	Centene Corp.(b)		14,401,574
	478,175	Envision Healthcare Corp.(b)		30,263,696
	390,775	MEDNAX, Inc.(b)		26,049,061
	724,050	Premier, Inc., Class A(b)		21,982,158

				92,696,489

		Hotels, Restaurants & Leisure — 2.1%
	712,300	Aramark		25,443,356

		Household Durables — 4.5%
	128,075	Mohawk Industries, Inc.(b)		25,574,016
	653,885	Newell Brands, Inc.		29,195,965

				54,769,981

		Insurance — 8.3%
	653,475	Arthur J. Gallagher & Co.		33,954,561
	575,050	First American Financial Corp.		21,064,082

See accompanying notes to financial statements.

47 |

Portfolio of Investments – as of December 31, 2016

Vaughan Nelson Value Opportunity Fund – (continued)


Shares		Description	Value (†)
		Insurance — continued
	377,700	Hartford Financial Services Group, Inc. (The)	$	17,997,405
	218,250	Reinsurance Group of America, Inc., Class A		27,462,397

				100,478,445

		IT Services — 12.1%
	96,725	Alliance Data Systems Corp.		22,101,662
	177,750	Broadridge Financial Solutions, Inc.		11,784,825
	168,600	CACI International, Inc., Class A(b)		20,956,980
	441,750	Fidelity National Information Services, Inc.		33,413,970
	1,288,650	First Data Corp., Class A(b)		18,285,944
	128,075	Fiserv, Inc.(b)		13,611,811
	369,875	Global Payments, Inc.		25,673,024

				145,828,216

		Life Sciences Tools & Services — 3.4%
	210,737	Quintiles IMS Holdings, Inc.(b)		16,026,549
	1,019,425	VWR Corp.(b)		25,516,208

				41,542,757

		Machinery — 5.4%
	1,100,450	Milacron Holdings Corp.(b)		20,501,383
	418,225	Pentair PLC		23,449,876
	128,075	Snap-on, Inc.		21,935,405

				65,886,664

		Metals & Mining — 3.4%
	2,902,725	Constellium NV, Class A(b)		17,126,077
	300,600	Reliance Steel & Aluminum Co.		23,909,724

				41,035,801

		Oil, Gas & Consumable Fuels — 6.0%
	505,800	Continental Resources, Inc.(b)		26,068,932
	1,218,075	QEP Resources, Inc.(b)		22,424,761
	1,619,300	WPX Energy, Inc.(b)		23,593,201

				72,086,894

		Pharmaceuticals — 2.9%
	910,950	Catalent, Inc.(b)		24,559,212
	660,000	Endo International PLC(b)		10,870,200

				35,429,412

		REITs – Diversified — 2.7%
	2,058,450	New Residential Investment Corp.		32,358,834

		Road & Rail — 0.4%
	203,110	Hertz Global Holdings, Inc.(b)		4,379,052

		Semiconductors & Semiconductor Equipment — 1.5%
	803,775	Micron Technology, Inc.(b)		17,618,748

		Software — 2.6%
	231,325	Check Point Software Technologies Ltd.(b)		19,537,709
	582,900	RingCentral, Inc., Class A(b)		12,007,740

				31,545,449

See accompanying notes to financial statements.

| 48

Portfolio of Investments – as of December 31, 2016

Vaughan Nelson Value Opportunity Fund – (continued)


Shares		Description	Value (†)
		Specialty Retail — 2.0%
	168,600	Signet Jewelers Ltd.	$	15,892,236
	339,800	Tailored Brands, Inc.		8,681,890

				24,574,126

		Technology Hardware, Storage & Peripherals — 1.4%
	403,850	NCR Corp.(b)		16,380,156

		Textiles, Apparel & Luxury Goods — 1.1%
	142,450	PVH Corp.		12,854,688

		Trading Companies & Distributors — 3.2%
	542,375	HD Supply Holdings, Inc.(b)		23,056,361
	147,675	United Rentals, Inc.(b)		15,591,527

				38,647,888

		Total Common Stocks (Identified Cost $1,102,888,191)		1,179,509,141


	Closed-End Investment Companies — 2.8%
	2,072,825	Ares Capital Corp. (Identified Cost $32,367,362)		34,180,884


Principal Amount
	Short-Term Investments — 1.4%
$	16,710,268	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/2016 at 0.030% to be repurchased at $16,710,324 on 1/03/2017 collateralized by $18,195,000 Federal Home Loan Bank, 2.640% due 2/22/2030 valued at $17,045,622 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $16,710,268)		16,710,268


		Total Investments — 101.8% (Identified Cost $1,151,965,821)(a)		1,230,400,293
		Other assets less liabilities — (1.8)%		(22,031,798	)

		Net Assets — 100.0%	$	1,208,368,495

	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information:
		At December 31, 2016, the net unrealized appreciation on investments based on a cost of $1,167,114,677 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	111,150,025
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(47,864,409	)

		Net unrealized appreciation	$	63,285,616


	(b)	Non-income producing security.

	REITs	Real Estate Investment Trusts

See accompanying notes to financial statements.

49 |

Portfolio of Investments – as of December 31, 2016

Vaughan Nelson Value Opportunity Fund – (continued)

Industry Summary at December 31, 2016


IT Services	12.1	%
Insurance	8.3
Health Care Providers & Services	7.7
Banks	6.4
Containers & Packaging	6.2
Oil, Gas & Consumable Fuels	6.0
Machinery	5.4
Household Durables	4.5
Diversified Consumer Services	3.8
Life Sciences Tools & Services	3.4
Metals & Mining	3.4
Trading Companies & Distributors	3.2
Pharmaceuticals	2.9
Capital Markets	2.9
Closed-End Investment Companies	2.8
REITs – Diversified	2.7
Software	2.6
Consumer Finance	2.5
Hotels, Restaurants & Leisure	2.1
Specialty Retail	2.0
Other Investments, less than 2% each	9.5
Short-Term Investments	1.4

Total Investments	101.8
Other assets less liabilities	(1.8	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 50

Statements of Assets and Liabilities

December 31, 2016


	Mirova Global Sustainable Equity Fund			Natixis Oakmark Fund			Natixis Oakmark International Fund
ASSETS
Investments at cost	$	51,052,777		$	216,351,961		$	788,255,250
Net unrealized appreciation (depreciation)		(1,331,462	)		41,246,650			1,779,041

Investments at value		49,721,315			257,598,611			790,034,291
Foreign currency at value (identified cost $70,710, $1 and $679, respectively)		70,045			1			679
Receivable for Fund shares sold		—			1,868,804			4,777,882
Receivable for securities sold		—			—			567,642
Dividends and interest receivable		17,194			142,099			221,173
Unrealized appreciation on forward foreign currency contracts (Note 2)		—			—			1,476,717
Tax reclaims receivable		13,672			25,949			1,642,155
Prepaid expenses (Note 8)		22			536			2,199

TOTAL ASSETS		49,822,248			259,636,000			798,722,738

LIABILITIES
Payable for securities purchased		—			3,268,296			1,204,339
Payable for Fund shares redeemed		34,582			482,565			8,318,731
Management fees payable (Note 6)		32,979			146,591			578,674
Deferred Trustees’ fees (Note 6)		6,678			442,625			85,844
Administrative fees payable (Note 6)		1,884			9,577			30,697
Payable to distributor (Note 6d)		4			1,710			11,103
Other accounts payable and accrued expenses		30,108			86,361			131,865

TOTAL LIABILITIES		106,235			4,437,725			10,361,253

NET ASSETS	$	49,716,013		$	255,198,275		$	788,361,485

NET ASSETS CONSIST OF:
Paid-in capital	$	51,150,319		$	211,191,331		$	926,778,851
Distributions in excess of net investment income		(9,340	)		(427,557	)		(531,405	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(92,347	)		3,187,851			(140,998,650	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		(1,332,619	)		41,246,650			3,112,689

NET ASSETS	$	49,716,013		$	255,198,275		$	788,361,485

See accompanying notes to financial statements.

51 |

Statements of Assets and Liabilities (continued)

December 31, 2016


	Mirova Global Sustainable Equity Fund		Natixis Oakmark Fund		Natixis Oakmark International Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	70,680	$	173,035,965	$	533,112,441

Shares of beneficial interest		7,138		8,097,889		43,878,912

Net asset value and redemption price per share	$	9.90	$	21.37	$	12.15

Offering price per share (100/94.25 of net asset value) (Note 1)	$	10.50	$	22.67	$	12.89

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	52,388	$	55,909,843	$	255,249,044

Shares of beneficial interest		5,321		2,968,988		21,343,626

Net asset value and offering price per share	$	9.85	$	18.83	$	11.96

Class Y shares:
Net assets	$	49,592,945	$	26,252,467	$	—

Shares of beneficial interest		5,003,393		1,175,168		—

Net asset value, offering and redemption price per share	$	9.91	$	22.34	$	—

See accompanying notes to financial statements.

| 52

Statements of Assets and Liabilities (continued)

December 31, 2016


	Vaughan Nelson Small Cap Value Fund			Vaughan Nelson Value Opportunity Fund
ASSETS
Investments at cost	$	256,546,051		$	1,151,965,821
Net unrealized appreciation		48,131,973			78,434,472

Investments at value		304,678,024			1,230,400,293
Cash		—			138,616
Receivable for Fund shares sold		871,029			1,580,932
Receivable for securities sold		5,790,947			3,549,770
Dividends and interest receivable		334,042			1,644,234
Prepaid expenses (Note 8)		661			3,215

TOTAL ASSETS		311,674,703			1,237,317,060

LIABILITIES
Payable for securities purchased		130,454			5,173,789
Payable for Fund shares redeemed		1,020,430			22,659,617
Management fees payable (Note 6)		239,403			852,529
Deferred Trustees’ fees (Note 6)		237,136			101,257
Administrative fees payable (Note 6)		11,591			47,956
Payable to distributor (Note 6d)		2,216			13,029
Other accounts payable and accrued expenses		61,680			100,388

TOTAL LIABILITIES		1,702,910			28,948,565

NET ASSETS	$	309,971,793		$	1,208,368,495

NET ASSETS CONSIST OF:
Paid-in capital	$	251,332,060		$	1,175,611,557
Distributions in excess of net investment income		(237,134	)		(101,257	)
Accumulated net realized gain (loss) on investments		10,744,894			(45,576,277	)
Net unrealized appreciation on investments		48,131,973			78,434,472

NET ASSETS	$	309,971,793		$	1,208,368,495

See accompanying notes to financial statements.

53 |

Statements of Assets and Liabilities (continued)

December 31, 2016


	Vaughan Nelson Small Cap Value Fund		Vaughan Nelson Value Opportunity Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	106,447,339	$	87,536,204

Shares of beneficial interest		5,379,408		4,260,511

Net asset value and redemption price per share	$	19.79	$	20.55

Offering price per share (100/94.25 of net asset value) (Note 1)	$	21.00	$	21.80

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	20,379,121	$	68,922,652

Shares of beneficial interest		1,536,857		3,532,127

Net asset value and offering price per share	$	13.26	$	19.51

Class N shares:
Net assets	$	—	$	148,364,923

Shares of beneficial interest		—		7,149,889

Net asset value, offering and redemption price per share	$	—	$	20.75

Class Y shares:
Net assets	$	183,145,333	$	903,544,716

Shares of beneficial interest		8,993,371		43,504,207

Net asset value, offering and redemption price per share	$	20.36	$	20.77

See accompanying notes to financial statements.

| 54

Statements of Operations

For the Year Ended December 31, 2016


	Mirova Global Sustainable Equity Fund(a)			Natixis Oakmark Fund			Natixis Oakmark International Fund
INVESTMENT INCOME
Dividends	$	387,773		$	4,724,247		$	28,477,056
Interest		482			18,545			62,597
Less net foreign taxes withheld		(26,705	)		(66,192	)		(2,861,994	)

		361,550			4,676,600			25,677,659

Expenses
Management fees (Note 6)		204,341			1,621,055			7,627,201
Service and distribution fees (Note 6)		262			971,398			4,374,771
Administrative fees (Note 6)		11,358			103,858			398,119
Trustees’ fees and expenses (Note 6)		14,298			38,787			42,131
Transfer agent fees and expenses (Note 6)		2,802			266,850			1,055,671
Audit and tax services fees		31,132			40,830			94,672
Custodian fees and expenses		15,437			7,506			340,035
Legal fees		360			3,245			12,915
Registration fees		19,003			50,097			63,072
Shareholder reporting expenses		613			16,509			81,848
Miscellaneous expenses (Note 8)		8,493			16,497			53,344

Total expenses		308,099			3,136,632			14,143,779
Less waiver and/or expense reimbursement (Note 6)		(39,340	)		—			—

Net expenses		268,759			3,136,632			14,143,779

Net investment income		92,791			1,539,968			11,533,880

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		(58,051	)		6,222,168			(133,707,517	)
Foreign currency transactions		(52,634	)		—			780,344
Net change in unrealized appreciation (depreciation) on:
Investments		(1,331,462	)		29,078,941			171,246,452
Foreign currency translations		(1,157	)		—			(8,262	)

Net realized and unrealized gain (loss) on investments and foreign currency transactions		(1,443,304	)		35,301,109			38,311,017

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,350,513	)	$	36,841,077		$	49,844,897

(a)	From commencement of operations on March 31, 2016 through December 31, 2016.

See accompanying notes to financial statements.

55 |

Statements of Operations (continued)

For the Year Ended December 31, 2016


	Vaughan Nelson Small Cap Value Fund		Vaughan Nelson Value Opportunity Fund
INVESTMENT INCOME
Dividends	$	4,351,344	$	21,667,074
Interest		16,149		20,777
Less net foreign taxes withheld		—		(23,241	)

		4,367,493		21,664,610

Expenses
Management fees (Note 6)		2,696,750		10,797,453
Service and distribution fees (Note 6)		447,582		1,141,301
Administrative fees (Note 6)		132,988		598,897
Trustees’ fees and expenses (Note 6)		37,149		51,416
Transfer agent fees and expenses (Notes 6 and 7)		267,639		1,259,054
Audit and tax services fees		40,848		41,978
Custodian fees and expenses		18,472		42,952
Legal fees		4,189		21,312
Registration fees		48,992		120,421
Shareholder reporting expenses		16,141		119,787
Miscellaneous expenses (Note 8)		18,673		50,744

Total expenses		3,729,423		14,245,315
Less waiver and/or expense reimbursement (Note 6)		—		(225	)

Net expenses		3,729,423		14,245,090

Net investment income		638,070		7,419,520

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		30,916,492		(46,134,274	)
Net change in unrealized appreciation (depreciation) on:
Investments		24,284,297		116,689,577

Net realized and unrealized gain on investments		55,200,789		70,555,303

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	55,838,859	$	77,974,823

See accompanying notes to financial statements.

| 56

Statements of Changes in Net Assets


	Mirova Global Sustainable Equity Fund
	Period Ended December 31, 2016(a)
FROM OPERATIONS:
Net investment income	$	92,791
Net realized loss on investments and foreign currency transactions		(110,685	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(1,332,619	)

Net decrease in net assets resulting from operations		(1,350,513	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(24	)
Class Y		(43,472	)
Net realized capital gains
Class A		(81	)
Class C		(60	)
Class Y		(56,464	)

Total distributions		(100,101	)

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		51,166,627

Net increase in net assets		49,716,013
NET ASSETS
Beginning of the period		—

End of the period	$	49,716,013

DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(9,340	)

(a)	From commencement of operations on March 31, 2016 through December 31, 2016.

See accompanying notes to financial statements.

57 |

Statements of Changes in Net Assets (continued)


	Natixis Oakmark Fund
	Year Ended December 31, 2016			Year Ended December 31, 2015
FROM OPERATIONS:
Net investment income	$	1,539,968		$	1,465,832
Net realized gain on investments		6,222,168			13,620,468
Net change in unrealized appreciation (depreciation) on investments		29,078,941			(28,311,926	)

Net increase (decrease) in net assets resulting from operations		36,841,077			(13,225,626	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(1,258,918	)		(1,174,474	)
Class B(a)		—			(41	)
Class C		(41,500	)		(17,288	)
Class Y		(236,527	)		(192,508	)
Net realized capital gains
Class A		(5,328,126	)		(5,783,752	)
Class B(a)		—			(2,310	)
Class C		(2,180,741	)		(2,542,676	)
Class Y		(565,289	)		(658,314	)

Total distributions		(9,611,101	)		(10,371,363	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(38,299,982	)		4,501,009

Net decrease in net assets		(11,070,006	)		(19,095,980	)
NET ASSETS
Beginning of the year		266,268,281			285,364,261

End of the year	$	255,198,275		$	266,268,281

DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(427,557	)	$	(408,464	)

(a)	On January 11, 2016, Class B shares were converted into Class A shares. See Note 1 of Notes to Financial Statements.

See accompanying notes to financial statements.

| 58

Statements of Changes in Net Assets (continued)


	Natixis Oakmark International Fund
	Year Ended December 31, 2016			Year Ended December 31, 2015
FROM OPERATIONS:
Net investment income	$	11,533,880		$	10,840,979
Net realized gain (loss) on investments and foreign currency transactions		(132,927,173	)		11,191,231
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		171,238,190			(111,848,122	)

Net increase (decrease) in net assets resulting from operations		49,844,897			(89,815,912	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(9,085,209	)		(12,403,954	)
Class C		(2,323,459	)		(3,234,507	)
Net realized capital gains
Class A		(2,775,676	)		(7,266,683	)
Class C		(1,263,983	)		(3,475,721	)

Total distributions		(15,448,327	)		(26,380,865	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(310,799,653	)		236,259,606

Net increase (decrease) in net assets		(276,403,083	)		120,062,829
NET ASSETS
Beginning of the year		1,064,764,568			944,701,739

End of the year	$	788,361,485		$	1,064,764,568

DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(531,405	)	$	(1,505,467	)

See accompanying notes to financial statements.

59 |

Statements of Changes in Net Assets (continued)


	Vaughan Nelson Small Cap Value Fund
	Year Ended December 31, 2016			Year Ended December 31, 2015
FROM OPERATIONS:
Net investment income	$	638,070		$	1,134,464
Net realized gain on investments		30,916,492			43,233,709
Net change in unrealized appreciation (depreciation) on investments		24,284,297			(45,477,353	)

Net increase (decrease) in net assets resulting from operations		55,838,859			(1,109,180	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(69,535	)		(188,563	)
Class Y		(533,444	)		(849,469	)
Net realized capital gains
Class A		(7,594,180	)		(15,119,557	)
Class B(a)		—			(14,484	)
Class C		(2,160,752	)		(4,223,610	)
Class Y		(13,003,298	)		(25,335,936	)

Total distributions		(23,361,209	)		(45,731,619	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(26,130,394	)		20,099,488

Net increase (decrease) in net assets		6,347,256			(26,741,311	)
NET ASSETS
Beginning of the year		303,624,537			330,365,848

End of the year	$	309,971,793		$	303,624,537

DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(237,134	)	$	(159,376	)

(a)	On January 11, 2016, Class B shares were converted into Class A shares. See Note 1 of Notes to Financial Statements.

See accompanying notes to financial statements.

| 60

Statements of Changes in Net Assets (continued)


	Vaughan Nelson Value Opportunity Fund
	Year Ended December 31, 2016			Year Ended December 31, 2015
FROM OPERATIONS:
Net investment income	$	7,419,520		$	3,451,042
Net realized gain (loss) on investments		(46,134,274	)		65,059,104
Net change in unrealized appreciation (depreciation) on investments		116,689,577			(145,095,686	)

Net increase (decrease) in net assets resulting from operations		77,974,823			(76,585,540	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(208,980	)		(144,297	)
Class C		(4,215	)		—
Class N		(1,086,141	)		(217,534	)
Class Y		(5,786,437	)		(2,976,150	)
Net realized capital gains
Class A		(4,375,048	)		(2,753,605	)
Class C		(2,641,165	)		(1,777,113	)
Class N		(1,943,672	)		(1,365,729	)
Class Y		(32,526,948	)		(22,568,470	)

Total distributions		(48,572,606	)		(31,802,898	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(251,794,180	)		761,923,276

Net increase (decrease) in net assets		(222,391,963	)		653,534,838
NET ASSETS
Beginning of the year		1,430,760,458			777,225,620

End of the year	$	1,208,368,495		$	1,430,760,458

DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(101,257	)	$	(51,161	)

See accompanying notes to financial statements.

61 |

Financial Highlights

For a share outstanding throughout each period.


	Mirova Global Sustainable Equity Fund—Class A
	Period Ended December 31, 2016*
Net asset value, beginning of the period	$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.02
Net realized and unrealized gain (loss)		(0.11	)

Total from Investment Operations		(0.09	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(b)
Net realized capital gains		(0.01	)

Total Distributions		(0.01	)

Net asset value, end of the period	$	9.90

Total return(c)		(0.85	)%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	71
Net expenses		1.30	%(e)(f)
Gross expenses		1.72	%(f)
Net investment income		0.23	%(f)
Portfolio turnover rate		20	%

*	From commencement of operations on March 31, 2016 through December 31, 2016.

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	Amount rounds to less than $0.01 per share.

(c)	A sales charge for Class A shares is not reflected in total return calculations.

(d)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. Periods less than one year are not annualized.

(e)	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.

(f)	Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

| 62

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova Global Sustainable Equity Fund—Class C
	Period Ended December 31, 2016*
Net asset value, beginning of the period	$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.06	)
Net realized and unrealized gain (loss)		(0.08	)

Total from Investment Operations		(0.14	)

LESS DISTRIBUTIONS FROM:
Net investment income		—
Net realized capital gains		(0.01	)

Total Distributions		(0.01	)

Net asset value, end of the period	$	9.85

Total return(b)		(1.39	)%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	52
Net expenses		2.05	%(d)(e)
Gross expenses		2.20	%(e)
Net investment loss		(0.77	)%(e)
Portfolio turnover rate		20	%

*	From commencement of operations on March 31, 2016 through December 31, 2016.

(a)	Per share net investment loss has been calculated using the average shares outstanding during the period.

(b)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. Periods less than one year are not annualized.

(d)	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.

(e)	Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

63 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova Global Sustainable Equity Fund—Class Y
	Period Ended December 31, 2016*
Net asset value, beginning of the period	$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.03
Net realized and unrealized gain (loss)		(0.10	)

Total from Investment Operations		(0.07	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.01	)
Net realized capital gains		(0.01	)

Total Distributions		(0.02	)

Net asset value, end of the period	$	9.91

Total return		(0.70	)%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	49,593
Net expenses		1.05	%(c)(d)
Gross expenses		1.21	%(d)
Net investment income		0.35	%(d)
Portfolio turnover rate		20	%

*	From commencement of operations on March 31, 2016 through December 31, 2016.

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower. Periods less than one year are not annualized.

(c)	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.

(d)	Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

| 64

Financial Highlights (continued)

For a share outstanding throughout each period.


		Natixis Oakmark Fund—Class A
		Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of the period		$	18.79		$	20.43		$	21.40		$	16.09		$	13.86

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)			0.16			0.14			0.10			0.06			0.12
Net realized and unrealized gain (loss)			3.20			(1.02	)		2.11			6.03			2.24

Total from Investment Operations			3.36			(0.88	)		2.21			6.09			2.36

LESS DISTRIBUTIONS FROM:
Net investment income			(0.16	)		(0.13	)		(0.07	)		(0.07	)		(0.13	)
Net realized capital gains			(0.62	)		(0.63	)		(3.11	)		(0.71	)		—

Total Distributions			(0.78	)		(0.76	)		(3.18	)		(0.78	)		(0.13	)

Net asset value, end of the period		$	21.37		$	18.79		$	20.43		$	21.40		$	16.09

Total return(b)			18.37	%		(4.41	)%		10.43	%		37.82	%		17.03	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)		$	173,036		$	173,925		$	195,061		$	145,270		$	113,870
Net expenses			1.18	%		1.14	%		1.22	%		1.30	%(d)		1.30	%(e)
Gross expenses			1.18	%		1.14	%		1.22	%		1.30	%(d)		1.33	%
Net investment income			0.82	%		0.68	%		0.44	%		0.33	%		0.77	%
Portfolio turnover rate	��		16	%		23	%		64	%(f)		29	%		25	%

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	A sales charge for Class A shares is not reflected in total return calculations.

(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d)	Includes fee/expense recovery of less than 0.01%.

(e)	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.

(f)	The variation in the Fund’s turnover rate from 2013 to 2014 was primarily due to a change in the portfolio management team.

See accompanying notes to financial statements.

65 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis Oakmark Fund—Class C
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of the period	$	16.65		$	18.19		$	19.48		$	14.75		$	12.72

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.01			(0.01	)		(0.06	)		(0.07	)		0.00	(b)
Net realized and unrealized gain (loss)		2.80			(0.90	)		1.90			5.51			2.05

Total from Investment Operations		2.81			(0.91	)		1.84			5.44			2.05

LESS DISTRIBUTIONS FROM:
Net investment income		(0.01	)		(0.00	)(b)		(0.02	)		—			(0.02	)
Net realized capital gains		(0.62	)		(0.63	)		(3.11	)		(0.71	)		—

Total Distributions		(0.63	)		(0.63	)		(3.13	)		(0.71	)		(0.02	)

Net asset value, end of the period	$	18.83		$	16.65		$	18.19		$	19.48		$	14.75

Total return(c)		17.45	%		(5.07	)%		9.55	%		36.88	%		16.13	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	55,910		$	70,616		$	62,941		$	8,425		$	6,016
Net expenses		1.93	%		1.89	%		1.97	%		2.05	%(e)		2.05	%(f)
Gross expenses		1.93	%		1.89	%		1.97	%		2.05	%(e)		2.08	%
Net investment income (loss)		0.09	%		(0.07	)%		(0.30	)%		(0.42	)%		0.02	%
Portfolio turnover rate		16	%		23	%		64	%(g)		29	%		25	%

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b)	Amount rounds to less than $0.01 per share.

(c)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(d)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(e)	Includes fee/expense recovery of less than 0.01%.

(f)	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.

(g)	The variation in the Fund’s turnover rate from 2013 to 2014 was primarily due to a change in the portfolio management team.

See accompanying notes to financial statements.

| 66

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis Oakmark Fund—Class Y
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of the period	$	19.60		$	21.28		$	22.16		$	16.63		$	14.32

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.21			0.19			0.15			0.11			0.17
Net realized and unrealized gain (loss)		3.36			(1.06	)		2.20			6.24			2.31

Total from Investment Operations		3.57			(0.87	)		2.35			6.35			2.48

LESS DISTRIBUTIONS FROM:
Net investment income		(0.21	)		(0.18	)		(0.12	)		(0.11	)		(0.17	)
Net realized capital gains		(0.62	)		(0.63	)		(3.11	)		(0.71	)		—

Total Distributions		(0.83	)		(0.81	)		(3.23	)		(0.82	)		(0.17	)

Net asset value, end of the period	$	22.34		$	19.60		$	21.28		$	22.16		$	16.63

Total return		18.69	%		(4.18	)%		10.70	%		38.21	%		17.33	%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	26,252		$	21,696		$	26,694		$	14,176		$	12,100
Net expenses		0.92	%		0.89	%		0.97	%		1.05	%(c)		1.05	%(d)
Gross expenses		0.92	%		0.89	%		0.97	%		1.05	%(c)		1.09	%
Net investment income		1.05	%		0.92	%		0.67	%		0.54	%		1.04	%
Portfolio turnover rate		16	%		23	%		64	%(e)		29	%		25	%

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	Includes fee/expense recovery of less than 0.01%.

(d)	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.

(e)	The variation in the Fund’s turnover rate from 2013 to 2014 was primarily due to a change in the portfolio management team.

See accompanying notes to financial statements.

67 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis Oakmark International Fund—Class A
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of the period	$	11.47		$	12.44		$	13.74		$	10.94		$	8.68

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.17			0.15			0.18			0.07			0.14
Net realized and unrealized gain (loss)		0.76			(0.80	)		(1.01	)		2.99			2.35

Total from Investment Operations		0.93			(0.65	)		(0.83	)		3.06			2.49

LESS DISTRIBUTIONS FROM:
Net investment income		(0.21	)		(0.20	)		(0.25	)		(0.08	)		(0.23	)
Net realized capital gains		(0.04	)		(0.12	)		(0.22	)		(0.18	)		—

Total Distributions		(0.25	)		(0.32	)		(0.47	)		(0.26	)		(0.23	)

Net asset value, end of the period	$	12.15		$	11.47		$	12.44		$	13.74		$	10.94

Total return(b)		8.19	%		(5.35	)%		(6.05	)%		28.13	%		28.78	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	533,112		$	722,805		$	617,383		$	314,579		$	35,555
Net expenses		1.34	%		1.31	%		1.31	%		1.44	%(d)		1.45	%(e)
Gross expenses		1.34	%		1.31	%		1.31	%		1.44	%(d)		1.64	%
Net investment income		1.54	%		1.17	%		1.34	%		0.52	%		1.50	%
Portfolio turnover rate		41	%		51	%		31	%		20	%		53	%

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	A sales charge for Class A shares is not reflected in total return calculations.

(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d)	Includes fee/expense recovery of 0.05%.

(e)	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.

See accompanying notes to financial statements.

| 68

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis Oakmark International Fund—Class C
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of the period	$	11.29		$	12.25		$	13.53		$	10.82		$	8.61

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.08			0.05			0.08			(0.02	)		0.06
Net realized and unrealized gain (loss)		0.74			(0.78	)		(0.98	)		2.94			2.34

Total from Investment Operations		0.82			(0.73	)		(0.90	)		2.92			2.40

LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.11	)		(0.16	)		(0.03	)		(0.19	)
Net realized capital gains		(0.04	)		(0.12	)		(0.22	)		(0.18	)		—

Total Distributions		(0.15	)		(0.23	)		(0.38	)		(0.21	)		(0.19	)

Net asset value, end of the period	$	11.96		$	11.29		$	12.25		$	13.53		$	10.82

Total return(b)		7.36	%		(6.08	)%		(6.67	)%		27.13	%		27.93	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	255,249		$	341,959		$	327,319		$	237,250		$	34,142
Net expenses		2.09	%		2.06	%		2.05	%		2.19	%(d)		2.20	%(e)
Gross expenses		2.09	%		2.06	%		2.05	%		2.19	%(d)		2.39	%
Net investment income (loss)		0.73	%		0.39	%		0.61	%		(0.14	)%		0.59	%
Portfolio turnover rate		41	%		51	%		31	%		20	%		53	%

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d)	Includes fee/expense recovery of 0.04%.

(e)	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.

See accompanying notes to financial statements.

69 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Vaughan Nelson Small Cap Value Fund—Class A
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of the period	$	17.74		$	20.65		$	22.34		$	18.97		$	17.74

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.02			0.06	(b)		(0.06	)		0.07	(c)		0.13	(d)
Net realized and unrealized gain (loss)		3.49			(0.07	)		1.95			7.14			2.50

Total from Investment Operations		3.51			(0.01	)		1.89			7.21			2.63

LESS DISTRIBUTIONS FROM:
Net investment income		(0.01	)		(0.04	)		—			(0.06	)		(0.14	)
Net realized capital gains		(1.45	)		(2.86	)		(3.58	)		(3.78	)		(1.26	)

Total Distributions		(1.46	)		(2.90	)		(3.58	)		(3.84	)		(1.40	)

Net asset value, end of the period	$	19.79		$	17.74		$	20.65		$	22.34		$	18.97

Total return(e)		20.24	%		(0.29	)%(b)		8.79	%		39.01	%(c)		14.93	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	106,447		$	103,092		$	125,201		$	152,792		$	160,400
Net expenses		1.35	%		1.35	%		1.37	%		1.39	%(f)		1.39	%
Gross expenses		1.35	%		1.35	%		1.37	%		1.39	%(f)		1.39	%
Net investment income (loss)		0.11	%		0.26	%(b)		(0.27	)%		0.33	%(c)		0.67	%(d)
Portfolio turnover rate		74	%		62	%		58	%		58	%		73	%

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b)	Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.04), total return would have been (0.77)% and the ratio of net investment loss to average net assets would have been (0.20)%.

(c)	Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.00, total return would have been 38.63% and the ratio of net investment income to average net assets would have been 0.02%.

(d)	Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.04, total return would have been 14.42% and the ratio of net investment income to average net assets would have been 0.22%.

(e)	A sales charge for Class A shares is not reflected in total return calculations.

(f)	Includes interest expense of less than 0.01%.

See accompanying notes to financial statements.

| 70

Financial Highlights (continued)

For a share outstanding throughout each period.


	Vaughan Nelson Small Cap Value Fund—Class C
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of the period	$	12.39		$	15.36		$	17.61		$	15.64		$	14.85

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.08	)		(0.08	)(b)		(0.18	)		(0.07	)(c)		(0.01	)(d)
Net realized and unrealized gain (loss)		2.40			(0.03	)		1.51			5.83			2.08

Total from Investment Operations		2.32			(0.11	)		1.33			5.76			2.07

LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			(0.01	)		(0.02	)
Net realized capital gains		(1.45	)		(2.86	)		(3.58	)		(3.78	)		(1.26	)

Total Distributions		(1.45	)		(2.86	)		(3.58	)		(3.79	)		(1.28	)

Net asset value, end of the period	$	13.26		$	12.39		$	15.36		$	17.61		$	15.64

Total return(e)		19.32	%		(1.02	)%(b)		7.94	%		37.99	%(c)		14.08	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	20,379		$	21,188		$	27,292		$	31,476		$	26,980
Net expenses		2.10	%		2.10	%		2.12	%		2.14	%(f)		2.14	%
Gross expenses		2.10	%		2.10	%		2.12	%		2.14	%(f)		2.14	%
Net investment loss		(0.64	)%		(0.48	)%(b)		(1.02	)%		(0.40	)%(c)		(0.07	)%(d)
Portfolio turnover rate		74	%		62	%		58	%		58	%		73	%

(a)	Per share net investment loss has been calculated using the average shares outstanding during the period.

(b)	Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.15), total return would have been (1.48)% and the ratio of net investment loss to average net assets would have been (0.96)%.

(c)	Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.13), total return would have been 37.59% and the ratio of net investment income loss to average net assets would have been (0.73)%.

(d)	Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.08), total return would have been 13.52% and the ratio of net investment income loss to average net assets would have been (0.51)%.

(e)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(f)	Includes interest expense of less than 0.01%.

See accompanying notes to financial statements.

71 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Vaughan Nelson Small Cap Value Fund—Class Y
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of the period	$	18.21		$	21.13		$	22.73		$	19.24		$	17.99

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.07			0.11	(b)		(0.00	)(c)		0.13	(d)		0.18	(e)
Net realized and unrealized gain (loss)		3.59			(0.07	)		1.98			7.26			2.53

Total from Investment Operations		3.66			0.04			1.98			7.39			2.71

LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.10	)		—			(0.12	)		(0.20	)
Net realized capital gains		(1.45	)		(2.86	)		(3.58	)		(3.78	)		(1.26	)

Total Distributions		(1.51	)		(2.96	)		(3.58	)		(3.90	)		(1.46	)

Net asset value, end of the period	$	20.36		$	18.21		$	21.13		$	22.73		$	19.24

Total return		20.53	%		(0.05	)%(b)		9.04	%		39.43	%(d)		15.18	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	183,145		$	179,322		$	176,905		$	163,836		$	132,970
Net expenses		1.10	%		1.10	%		1.12	%		1.14	%(f)		1.14	%
Gross expenses		1.10	%		1.10	%		1.12	%		1.14	%(f)		1.14	%
Net investment income (loss)		0.36	%		0.50	%(b)		(0.01	)%		0.59	%(d)		0.95	%(e)
Portfolio turnover rate		74	%		62	%		58	%		58	%		73	%

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b)	Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.02, total return would have been (0.53)% and the ratio of net investment income to average net assets would have been 0.07%.

(c)	Amount rounds to less than $0.01 per share.

(d)	Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.06, total return would have been 39.06% and the ratio of net investment income to average net assets would have been 0.27%.

(e)	Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.10, total return would have been 14.73% and the ratio of net investment income to average net assets would have been 0.50%.

(f)	Includes interest expense of less than 0.01%.

See accompanying notes to financial statements.

| 72

Financial Highlights (continued)

For a share outstanding throughout each period.


	Vaughan Nelson Value Opportunity Fund—Class A
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of the period	$	20.04		$	21.29		$	20.63		$	15.49		$	13.83

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.07			0.03	(b)		(0.08	)		(0.03	)		0.15	(c)
Net realized and unrealized gain (loss)		1.05			(0.79	)		2.31			6.36			2.05

Total from Investment Operations		1.12			(0.76	)		2.23			6.33			2.20

LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.02	)		—			—			(0.14	)
Net realized capital gains		(0.56	)		(0.47	)		(1.57	)		(1.19	)		(0.40	)

Total Distributions		(0.61	)		(0.49	)		(1.57	)		(1.19	)		(0.54	)

Net asset value, end of the period	$	20.55		$	20.04		$	21.29		$	20.63		$	15.49

Total return(d)		5.85	%		(3.66	)%(b)		10.92	%		41.22	%		15.93	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	87,536		$	142,833		$	73,237		$	67,716		$	28,381
Net expenses		1.23	%		1.23	%		1.25	%		1.27	%		1.31	%
Gross expenses		1.23	%		1.23	%		1.25	%		1.27	%		1.31	%
Net investment income (loss)		0.35	%		0.16	%(b)		(0.37	)%		(0.13	)%		0.97	%(c)
Portfolio turnover rate		57	%		32	%		58	%		39	%		65	%

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b)	Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.01), total return would have been (3.94)% and the ratio of net investment loss to average net assets would have been (0.04)%.

(c)	Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.02, total return would have been 15.06% and the ratio of net investment income to average net assets would have been 0.16%.

(d)	A sales charge for Class A shares is not reflected in total return calculations.

See accompanying notes to financial statements.

73 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Vaughan Nelson Value Opportunity Fund—Class C
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of the period	$	19.16		$	20.51		$	20.07		$	15.21		$	13.60

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.07	)		(0.13	)(b)		(0.23	)		(0.17	)		0.04	(c)
Net realized and unrealized gain (loss)		0.98			(0.75	)		2.24			6.22			2.01

Total from Investment Operations		0.91			(0.88	)		2.01			6.05			2.05

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(d)		—			—			—			(0.04	)
Net realized capital gains		(0.56	)		(0.47	)		(1.57	)		(1.19	)		(0.40	)

Total Distributions		(0.56	)		(0.47	)		(1.57	)		(1.19	)		(0.44	)

Net asset value, end of the period	$	19.51		$	19.16		$	20.51		$	20.07		$	15.21

Total return(e)		5.03	%		(4.39	)%(b)		10.12	%		40.13	%		15.10	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	68,923		$	89,284		$	35,894		$	21,005		$	3,090
Net expenses		1.98	%		1.98	%		2.00	%		2.02	%		2.06	%
Gross expenses		1.98	%		1.98	%		2.00	%		2.02	%		2.06	%
Net investment income (loss)		(0.38	)%		(0.61	)%(b)		(1.10	)%		(0.89	)%		0.24	%(c)
Portfolio turnover rate		57	%		32	%		58	%		39	%		65	%

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b)	Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.16), total return would have been (4.68)% and the ratio of net investment loss to average net assets would have been (0.77)%.

(c)	Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.08), total return would have been 14.21% and the ratio of net investment loss to average net assets would have been (0.57)%.

(d)	Amount rounds to less than $0.01 per share.

(e)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

See accompanying notes to financial statements.

| 74

Financial Highlights (continued)

For a share outstanding throughout each period.


	Vaughan Nelson Value Opportunity Fund—Class N
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Period Ended December 31, 2013*
Net asset value, beginning of the period	$	20.26		$	21.50		$	20.76		$	17.53

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.16			0.11	(b)		(0.00	)(c)		(0.04	)
Net realized and unrealized gain (loss)		1.04			(0.81	)		2.31			4.35

Total from Investment Operations		1.20			(0.70	)		2.31			4.31

LESS DISTRIBUTIONS FROM:
Net investment income		(0.15	)		(0.07	)		—			(0.02	)
Net realized capital gains		(0.56	)		(0.47	)		(1.57	)		(1.06	)

Total Distributions		(0.71	)		(0.54	)		(1.57	)		(1.08	)

Net asset value, end of the period	$	20.75		$	20.26		$	21.50		$	20.76

Total return		6.21	%		(3.35	)%(b)		11.24	%		24.70	%(d)(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	148,365		$	65,010		$	12,024		$	1
Net expenses		0.88	%		0.89	%		0.91	%(f)		1.03	%(g)(h)
Gross expenses		0.88	%		0.89	%		0.91	%(f)		2.07	%(g)
Net investment income (loss)		0.78	%		0.50	%(b)		(0.00	)%(i)		(0.33	)%(g)
Portfolio turnover rate		57	%		32	%		58	%		39	%

*	From commencement of operations on May 1, 2013 through December 31, 2013.

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b)	Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.08, total return would have been (3.59)% and the ratio of net investment income to average net assets would have been 0.35%.

(c)	Amount rounds to less than $0.01 per share.

(d)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(e)	Periods less than one year are not annualized.

(f)	Includes fee/expense recovery of less than 0.01%.

(g)	Computed on an annualized basis for periods less than one year.

(h)	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.

(i)	Amount rounds to less than 0.01%.

See accompanying notes to financial statements.

75 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Vaughan Nelson Value Opportunity Fund—Class Y
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of the period	$	20.27		$	21.52		$	20.78		$	15.57		$	13.89

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.12			0.09	(b)		(0.02	)		0.02			0.18	(c)
Net realized and unrealized gain (loss)		1.07			(0.82	)		2.33			6.39			2.08

Total from Investment Operations		1.19			(0.73	)		2.31			6.41			2.26

LESS DISTRIBUTIONS FROM:
Net investment income		(0.13	)		(0.05	)		—			(0.01	)		(0.18	)
Net realized capital gains		(0.56	)		(0.47	)		(1.57	)		(1.19	)		(0.40	)

Total Distributions		(0.69	)		(0.52	)		(1.57	)		(1.20	)		(0.58	)

Net asset value, end of the period	$	20.77		$	20.27		$	21.52		$	20.78		$	15.57

Total return		6.14	%		(3.47	)%(b)		11.23	%		41.52	%		16.28	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	903,545		$	1,133,634		$	656,071		$	360,820		$	163,589
Net expenses		0.98	%		0.98	%		1.00	%		1.02	%		1.06	%
Gross expenses		0.98	%		0.98	%		1.00	%		1.02	%		1.06	%
Net investment income (loss)		0.62	%		0.39	%(b)		(0.10	)%		0.12	%		1.22	%(c)
Portfolio turnover rate		57	%		32	%		58	%		39	%		65	%

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b)	Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.05, total return would have been (3.70)% and the ratio of net investment income to average net assets would have been 0.20%.

(c)	Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.06, total return would have been 15.41% and the ratio of net investment income to average net assets would have been 0.42%.

See accompanying notes to financial statements.

| 76

Notes to Financial Statements

December 31, 2016

1. Organization. Natixis Funds Trust I and Natixis Funds Trust II (the “Trusts” and each a “Trust”) are each organized as a Massachusetts business trust. Each Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Each 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 Trusts are presented in separate reports. The following funds (individually, a “Fund” and collectively, the “Funds”) are included in this report:

Natixis Funds Trust I:

Mirova Global Sustainable Equity Fund (the “Global Sustainable Equity Fund”)

Natixis Oakmark International Fund

Vaughan Nelson Small Cap Value Fund (the “Small Cap Value Fund”)

Natixis Funds Trust II:

Natixis Oakmark Fund

Vaughan Nelson Value Opportunity Fund (the “Value Opportunity Fund”)

Global Sustainable Equity Fund commenced operations on March 31, 2016 via contribution to the Fund by Natixis Global Asset Management L.P. (“Natixis US”) and affiliates of $10,002,000. An additional contribution of $40,000,000 was made during the period.

Each Fund is a diversified investment company.

Each Fund offers Class A and Class C shares. Global Sustainable Equity Fund, Small Cap Value Fund, Natixis Oakmark Fund and Value Opportunity Fund also offer Class Y shares. In addition, Value Opportunity Fund offers Class N shares. As of the close of business on January 11, 2016, Class B shares of Natixis Oakmark Fund and Small Cap Value Fund were converted into Class A shares and are no longer offered.

Effective July 31, 2009, the Small Cap Value Fund was closed to new investors. The Fund continues to offer Class A, Class C and Class Y shares to existing investors. The Fund, in its sole discretion, may permit an investor in another Vaughan Nelson-managed fund or product that follows the same investment strategy as the Fund to transfer assets from that fund or product into the Fund.

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 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 no initial minimum investment to certain retirement plans held in an omnibus fashion and fund of funds that are distributed by NGAM Distribution, L.P. and with an initial minimum investment of

77 |

Notes to Financial Statements (continued)

December 31, 2016

$1,000,000 to other categories of investors. Class Y shares are intended for institutional investors with a minimum initial investment of $100,000, though some categories of investors are exempted from the minimum investment amount 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, Gateway Trust and Natixis ETF Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”). Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to the class (such as the Rule 12b-1 fees applicable to Class A and Class C) and transfer agent fees for Value Opportunity Fund 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 a 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 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 year-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. Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and subadviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser or subadviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows:

| 78

Notes to Financial Statements (continued)

December 31, 2016

Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are 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 valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Forward foreign currency contracts are valued utilizing interpolated rates determined based on information provided by an independent pricing service.

Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser or subadviser pursuant to procedures approved by the Board of Trustees. The Funds may also value securities and other investments at fair value 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 (“NYSE”). This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Funds may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s net asset value (“NAV”) is calculated. Fair value pricing may require subjective determinations about the value of a security, 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 securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by a Fund.

79 |

Notes to Financial Statements (continued)

December 31, 2016

As of December 31, 2016, securities held by the Funds’ were fair valued as follows:


Fund	Equity securities¹		Percentage of Net Assets
Global Sustainable Equity Fund	$	19,906,186		40.0	%
Natixis Oakmark International Fund	$	711,288,023		90.2	%

¹	Certain foreign equity securities were fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of those securities.

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 trade date. Dividend income is recorded on 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. 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 distributions received from the Funds’ investments in real estate investment trusts (“REITs”) are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available. 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 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 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.

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Notes to Financial Statements (continued)

December 31, 2016

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. Forward Foreign Currency Contracts. Certain Funds may enter into forward foreign currency contracts, including forward foreign cross currency contracts, to acquire exposure to foreign currencies or to hedge the Fund’s investments against currency fluctuation. A contract can also be used to offset a previous contract. These contracts involve market risk in excess of the unrealized gain or loss reflected in the Funds’ Statements of Assets and Liabilities. The U.S. dollar value of the currencies a Fund has committed to buy or sell represents the aggregate exposure to each currency a Fund has acquired or hedged through currency contracts outstanding at period end. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Contracts are traded over-the-counter directly with a counterparty. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Certain contracts may require the movement of cash and/or securities as collateral for the Fund’s or counterparty’s net obligations under the contracts.

e. Federal and Foreign Income Taxes. The Trusts treat 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 December 31, 2016, as applicable, 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 twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s

81 |

Notes to Financial Statements (continued)

December 31, 2016

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 eligible to be reclaimed. 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 will be filed 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.

f. Dividends and Distributions to Shareholders. Dividends and distributions are recorded on 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 distribution redesignations, non-deductible expenses, distributions in excess of income and/or capital gain, return of capital and capital gain distributions received, foreign currency gains and losses and deferred Trustees’ fees. 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, forward foreign currency contracts mark-to-market and return of capital distributions received. 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.

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Notes to Financial Statements (continued)

December 31, 2016

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the years ended December 31, 2016 and 2015 were as follows:


	2016 Distributions Paid From:						2015 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Global Sustainable Equity Fund	$	100,101	$	—	$	100,101	$	—	$	—	$	—
Natixis Oakmark Fund		1,798,205		7,812,896		9,611,101		2,201,492		8,169,871		10,371,363
Natixis Oakmark International Fund		15,448,327		—		15,448,327		19,403,163		6,977,702		26,380,865
Small Cap Value Fund		2,299,100		21,062,109		23,361,209		8,983,694		36,747,925		45,731,619
Value Opportunity Fund		7,189,189		41,383,417		48,572,606		8,555,915		23,246,983		31,802,898

Differences between these amounts and those reported in the Statements of Changes in Net Assets are primarily attributable to different book and tax treatment for short-term capital gains.

As of December 31, 2016, the components of distributable earnings on a tax basis were as follows:


	Global Sustainable Equity Fund			Natixis Oakmark Fund		Natixis Oakmark International Fund			Small Cap Value Fund		Value Opportunity Fund
Undistributed ordinary income	$	—		$	15,068	$	—		$	1,894,306	$	—
Undistributed long-term capital gains		—			3,795,131		—			9,638,035		—

Total undistributed earnings		—			3,810,199		—			11,532,341		—

Capital loss carryforward:		—			—		—			—		—
Short-term:		—
No expiration date		—			—		(15,874,753	)		—		(30,427,421	)
Long-term:
No expiration date		—			—		(96,925,655	)		—		—

Total capital loss carryforward		—			—		(112,800,408	)		—		(30,427,421	)

Late-year ordinary and post-October capital loss deferrals*		(102,222	)		—		(447,104	)		—		—

Unrealized appreciation (depreciation)		(1,325,406	)		40,639,370		(25,084,010	)		47,344,526		63,285,616

Total accumulated earnings (losses)	$	(1,427,628	)	$	44,449,569	$	(138,331,522	)	$	58,876,867	$	32,858,195

Under current tax law, capital losses, foreign currency losses, and losses on passive foreign investment companies and contingent payment debt instruments after October 31 or December 31, as applicable, may be deferred and treated as occurring on the first day of the following taxable year. Global Sustainable Equity Fund deferred foreign currency and capital losses, and Natixis Oakmark International Fund deferred foreign currency losses.

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Notes to Financial Statements (continued)

December 31, 2016

g. 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 December 31, 2016, 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.

h. Securities Lending. Certain Funds have entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Funds, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value (including accrued interest) of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value (including accrued interest) of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value (including accrued interest) of loaned securities for non-U.S. equities; and at least 100% of the market value (including accrued interest) of loaned securities for U.S. Government securities, sovereign debt issued by non-U.S. Governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Funds may bear the risk of loss with respect to the investment of the collateral. The Funds invest cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Funds and State Street Bank as lending agent.

For the year ended December 31, 2016, none of the Funds had loaned securities under this agreement.

i. Indemnifications. Under the Trusts’ organizational documents, their 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.

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Notes to Financial Statements (continued)

December 31, 2016

j. New Accounting Pronouncement. In October 2016, the SEC adopted amendments to rules under the Investment Company Act of 1940 (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosures in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments, including investments in and advances to affiliates, and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the amendments and the impact, if any, on the Funds’ financial statements.

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 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.

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Notes to Financial Statements (continued)

December 31, 2016

The following is a summary of the inputs used to value the Funds’ investments as of December 31, 2016, at value:

Global Sustainable Equity Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Belgium	$	—	$	1,813,657	$	—	$	1,813,657
Denmark		—		3,461,203		—		3,461,203
France		—		3,530,068		—		3,530,068
Germany		—		2,579,939		—		2,579,939
Hong Kong		—		961,465		—		961,465
Japan		—		1,484,880		—		1,484,880
Netherlands		—		1,905,852		—		1,905,852
Singapore		—		758,429		—		758,429
Spain		—		542,269		—		542,269
Switzerland		—		758,124		—		758,124
United Kingdom		—		2,110,300		—		2,110,300
All Other Common Stocks(a)		26,886,801		—		—		26,886,801

Total Common Stocks		26,886,801		19,906,186		—		46,792,987

Short-Term Investments		—		2,928,328		—		2,928,328

Total	$	26,886,801	$	22,834,514	$	—	$	49,721,315

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

For the period ended December 31, 2016, there were no transfers among Levels 1, 2 and 3.

Natixis Oakmark Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	237,473,336	$	—	$	—	$	237,473,336
Short-Term Investments		—		20,125,275		—		20,125,275

Total	$	237,473,336	$	20,125,275	$	—	$	257,598,611

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

For the year ended December 31, 2016, there were no transfers among Levels 1, 2 and 3.

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Notes to Financial Statements (continued)

December 31, 2016

Natixis Oakmark International Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	30,630,501	$	—	$	30,630,501
France		—		116,702,677		—		116,702,677
Germany		—		77,836,723		—		77,836,723
Indonesia		—		14,274,336		—		14,274,336
Ireland		—		8,413,224		—		8,413,224
Italy		—		39,041,994		—		39,041,994
Japan		—		70,886,237		—		70,886,237
Korea		—		9,063,820		—		9,063,820
Netherlands		—		38,436,212		—		38,436,212
Sweden		—		34,512,556		—		34,512,556
Switzerland		—		129,057,568		—		129,057,568
Taiwan		—		2,195,691		—		2,195,691
United Kingdom		—		140,236,484		—		140,236,484
All Other Common Stocks(a)		61,545,477		—		—		61,545,477

Total Common Stocks		61,545,477		711,288,023		—		772,833,500

Short-Term Investments		—		17,200,791		—		17,200,791

Total Investments		61,545,477		728,488,814		—		790,034,291

Forward Foreign Currency Contracts (unrealized appreciation)		—		1,476,717		—		1,476,717

Total	$	61,545,477	$	729,965,531	$	—	$	791,511,008

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

A common stock valued at $18,325,211 was transferred from Level 1 to Level 2 during the period ended December 31, 2016. At December 31, 2015, this security was valued at the market price in the foreign market in accordance with the Fund’s valuation policies. At December 31, 2016, this security was fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of the security.

All transfers are recognized as of the beginning of the reporting period.

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Notes to Financial Statements (continued)

December 31, 2016

Small Cap Value Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	273,245,449	$	—	$	—	$	273,245,449
Exchange-Traded Funds		15,899,304		—		—		15,899,304
Closed-End Investment Companies		8,206,938		—		—		8,206,938
Short-Term Investments		—		7,326,333		—		7,326,333

Total	$	297,351,691	$	7,326,333	$	—	$	304,678,024

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

For the year ended December 31, 2016, there were no transfers among Levels 1, 2 and 3.

Value Opportunity Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,179,509,141	$	—	$	—	$	1,179,509,141
Closed-End Investment Companies		34,180,884		—		—		34,180,884
Short-Term Investments		—		16,710,268		—		16,710,268

Total	$	1,213,690,025	$	16,710,268	$	—	$	1,230,400,293

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

For the year ended December 31, 2016, there were no transfers among Levels 1, 2 and 3.

4. Derivatives. Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that Natixis Oakmark International Fund used during the period include forward foreign currency contracts.

The Fund is subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may enter into forward foreign currency contracts for hedging purposes to protect the value of the Fund’s holdings of foreign securities. During the year ended December 31, 2016, the Fund engaged in forward foreign currency transactions for hedging purposes.

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Notes to Financial Statements (continued)

December 31, 2016

The following is a summary of derivative instruments for Natixis Oakmark International Fund as of December 31, 2016, as reflected within the Statements of Assets and Liabilities:


Assets	Unrealized appreciation on forward foreign currency contracts
Over-the-counter asset derivatives
Foreign exchange contracts	$	1,476,717

Transactions in derivative instruments for Natixis Oakmark International Fund during the year ended December 31, 2016, as reflected within the Statements of Operations were as follows:


Net Realized Gain (Loss) on:	Foreign currency transactions¹
Foreign exchange contracts	$	706,504

Net Change in Unrealized Appreciation (Depreciation) on:	Foreign currency translations¹
Foreign exchange contracts	$	25,558

¹	Represents realized gain and change in unrealized appreciation (depreciation), respectively, for forward foreign currency contracts during the period. Does not include other foreign currency gains or losses included in the Statements of Operations.

As the Fund values its derivatives at fair value and recognizes changes in fair value through the Statement of Operations, it does not qualify for hedge accounting under authoritative guidance for derivative instruments. The Fund’s investments in derivatives may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of these disclosures.

The volume of forward foreign currency contract activity, as a percentage of net assets, for Natixis Oakmark International Fund, based on gross month-end notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the year ended December 31, 2016:


Natixis Oakmark International Fund	Forwards
Average Notional Amount Outstanding		3.91	%
Highest Notional Amount Outstanding		4.29	%
Lowest Notional Amount Outstanding		3.51	%
Notional Amount Outstanding as of December 31, 2016		4.29	%

Notional amounts outstanding at the end of the prior period are included in the average notional amount outstanding.

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Notes to Financial Statements (continued)

December 31, 2016

Unrealized gain and/or loss on open forwards is recorded in the Statements of Assets and Liabilities. The aggregate notional values of forward contracts are not recorded in the Statements of Assets and Liabilities, and therefore are not included in the Fund’s net assets.

The Fund enters into over-the-counter derivatives, including forward foreign currency contracts, pursuant to an International Swaps and Derivatives Association, Inc. (“ISDA”) agreement between the Fund and its counterparty. ISDA agreements typically contain master netting provisions in the event of a default or other termination event. Master netting provisions allow the Fund and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative contracts to one net amount payable by either the Fund or the counterparty. For financial reporting purposes, the Fund does not offset derivative assets and liabilities on the Statements of Assets and Liabilities.

As of December 31, 2016, gross amounts of derivative assets and liabilities not offset in the Statement of Assets and Liabilities and the related net amounts after taking into account master netting arrangements, by counterparty, are as follows:

Natixis Oakmark International Fund


Counterparty	Gross Amounts of Assets		Offset Amount		Net Amount
State Street Bank and Trust Company	$	1,476,717	$	—	$	1,476,717

Counterparty risk is managed based on policies and procedures established by each Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements and monitoring of counterparty credit default swap spreads. Based on balances reflected on the Fund’s Statement of Assets and Liabilities, the following table shows (i) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties to the relevant financial instruments failed completely to perform according to the terms of the contracts and ii) the amount of loss that the Fund would incur after taking into account master netting provisions pursuant to ISDA agreements, as of December 31, 2016:


Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
Natixis Oakmark International Fund	$	1,476,717	$	1,476,717

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Notes to Financial Statements (continued)

December 31, 2016

5. Purchases and Sales of Securities. For the year ended December 31, 2016, purchases and sales of securities (excluding short-term investments and U.S. Government/Agency securities and including paydowns) were as follows:


Fund	Purchases		Sales
Global Sustainable Equity Fund	$	54,708,592	$	6,526,093
Natixis Oakmark Fund		35,690,818		99,530,794
Natixis Oakmark International Fund		361,822,007		681,136,756
Small Cap Value Fund		214,174,030		261,516,383
Value Opportunity Fund		750,541,524		996,646,390

6. Management Fees and Other Transactions with Affiliates.

a. Management Fees. NGAM Advisors, L.P. (“NGAM Advisors”), serves as investment adviser to each Fund except the Global Sustainable Equity Fund. Natixis Asset Management U.S., LLC (“Natixis AM US”) is the investment adviser to the Global Sustainable Equity Fund. Under the terms of the management agreements, each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on each Fund’s average daily net assets:


	Percentage of Average Daily Net Assets
Fund	First $200 million			Next $300 million			Next $500 million			Next $500 million			Next $500 million			Over $2 billion
Global Sustainable Equity Fund		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Natixis Oakmark Fund		0.70	%		0.65	%		0.60	%		0.60	%		0.60	%		0.60	%
Natixis Oakmark International Fund		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Small Cap Value Fund		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Value Opportunity Fund		0.80	%		0.80	%		0.80	%		0.80	%		0.75	%		0.75	%

NGAM Advisors has entered into subadvisory agreements for each Fund as listed below.


Natixis Oakmark Fund		Harris Associates L.P. (“Harris”)
Natixis Oakmark International Fund		Harris
Small Cap Value Fund		Vaughan Nelson Investment Management, L.P. (“Vaughan Nelson”)
Value Opportunity Fund		Vaughan Nelson

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Notes to Financial Statements (continued)

December 31, 2016

Under the terms of the subadvisory agreements, each Fund has agreed to pay its respective subadviser a subadvisory fee at the following annual rates, calculated daily and payable monthly, based on each Fund’s average daily net assets:


		Percentage of Average Daily Net Assets
Fund	Subadviser	First $200 Million			Next $1.3 Billion			Over $1.5 Billion
Natixis Oakmark Fund	Harris		0.52	%		0.50	%		0.50	%
Natixis Oakmark International Fund	Harris		0.60	%		0.60	%		0.60	%
Small Cap Value Fund	Vaughan Nelson		0.55	%		0.55	%		0.55	%
Value Opportunity Fund	Vaughan Nelson		0.50	%		0.50	%		0.47	%

NGAM Advisors and Natixis AM US have given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses, such as litigation and indemnification expenses. These undertakings are in effect until April 30, 2017, 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 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 year ended December 31, 2016 (period ending close of business January 11, 2016, for Class B) the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:


	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Class A			Class B			Class C			Class N			Class Y
Global Sustainable Equity Fund		1.30	%		—			2.05	%		—			1.05	%
Natixis Oakmark Fund		1.30	%		2.05	%		2.05	%		—			1.05	%
Natixis Oakmark International Fund		1.45	%		—			2.20	%		—			—
Small Cap Value Fund		1.45	%		2.20	%		2.20	%		—			1.20	%
Value Opportunity Fund		1.40	%		—			2.15	%		1.10	%		1.15	%

NGAM Advisors and Natixis AM US shall be permitted to recover expenses they have borne under the expense limitation agreements (whether through waiver of its 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 a class’ expense limits, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses

| 92

Notes to Financial Statements (continued)

December 31, 2016

more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the year ended December 31, 2016, the management fees and waivers of management fees for each Fund were as follows:


Fund	Gross Management Fees		Waivers of Management Fees¹		Net Management Fees		Percentage of Average Daily Net Assets
Fund	Gross Management Fees		Waivers of Management Fees¹		Net Management Fees		Gross		Net
Global Sustainable Equity Fund	$	204,341	$	39,340	$	165,001		0.80%		0.65%
Natixis Oakmark Fund		1,621,055		—		1,621,055		0.69%		0.69%
Natixis Oakmark International Fund		7,627,201		—		7,627,201		0.85%		0.85%
Small Cap Value Fund		2,696,750		—		2,696,750		0.90%		0.90%
Value Opportunity Fund		10,797,453		—		10,797,453		0.80%		0.80%

¹	Management fee waivers are subject to possible recovery until December 31, 2017.

No expenses were recovered during the year ended December 31, 2016 under the terms of the expense limitation agreement.

Certain officers and directors of NGAM Advisors and its affiliates are also officers or Trustees of the Funds. NGAM Advisors, Harris and Vaughan Nelson are subsidiaries of Natixis US, which is part of Natixis Global Asset Management, an international asset management group based in Paris, France. Natixis AM US is a subsidiary of Natixis Asset Management (“NAM”), which is in turn a subsidiary of Natixis Global Asset Management.

b. Service and Distribution Fees. NGAM Distribution, L.P. (“NGAM Distribution”), which is a wholly-owned subsidiary of Natixis US, has entered into a distribution agreement with the Trusts. Pursuant to this agreement, NGAM Distribution serves as principal underwriter of the Funds of the Trusts.

Pursuant to Rule 12b-1 under the 1940 Act, the Trusts have adopted a Service Plan relating to each Fund’s Class A shares (the “Class A Plans”) and a Distribution and Service Plan relating to each Fund’s Class B (if applicable) and Class C shares (the “Class B and Class C Plans”).

Under the Class A Plans, each Fund pays NGAM Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Funds’ Class A shares, as reimbursement for expenses incurred by NGAM Distribution in providing personal services to investors in Class A shares and/or the maintenance of shareholder accounts.

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Notes to Financial Statements (continued)

December 31, 2016

Under the Class B (if applicable) and Class C Plans, each Fund pays (or paid) NGAM Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Funds’ Class B (if applicable) and Class C shares, as compensation for services provided by NGAM Distribution in providing personal services to investors in Class B (if applicable) and Class C shares and/or the maintenance of shareholder accounts.

Also under the Class B (if applicable) and Class C Plans, each Fund pays (or paid) NGAM Distribution a monthly distribution fee at an annual rate of 0.75% of the average daily net assets attributable to the Funds’ Class B (if applicable) and Class C shares, as compensation for services provided by NGAM Distribution in connection with the marketing or sale of Class B (if applicable) and Class C shares.

For the year ended December 31, 2016, the service and distribution fees for each Fund were as follows:


	Service Fees						Distribution Fees
Fund	Class A		Class B		Class C		Class B		Class C
Global Sustainable Equity Fund	$	43	$	—	$	55	$	—	$	164
Natixis Oakmark Fund		400,057		2		142,833		7		428,499
Natixis Oakmark International Fund		1,532,803		—		710,492		—		2,131,476
Small Cap Value Fund		247,423		2		50,038		4		150,115
Value Opportunity Fund		322,652		—		204,662		—		613,987

c. Administrative Fees. NGAM Advisors provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts and NGAM Advisors, each Fund pays NGAM Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0575% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts and Loomis Sayles Funds Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0350% of the next $30 billion and 0.0325% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts and Loomis Sayles Funds Trusts of $10 million, which is reevaluated on an annual basis.

For the year ended December 31, 2016, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
Global Sustainable Equity Fund	$	11,358
Natixis Oakmark Fund		103,858
Natixis Oakmark International Fund		398,119
Small Cap Value Fund		132,988
Value Opportunity Fund		598,897

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Notes to Financial Statements (continued)

December 31, 2016

d. Sub-Transfer Agent Fees. NGAM 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 Funds and has agreed to compensate the intermediaries for providing those services. Intermediaries transact with the Funds primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Funds. These services would have been provided by the Funds’ transfer agent and other service providers if the shareholders’ accounts were maintained directly at the Funds’ transfer agent. Accordingly, the Funds have agreed to reimburse NGAM Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to NGAM Distribution are subject to a current per-account equivalent fee limit approved by the Funds’ Board of Trustees, which is based on fees for similar services paid to the Funds’ transfer agent and other service providers. Class N shares do not bear such expenses.

For the year ended December 31, 2016, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:


Fund	Sub-Transfer Agent Fees
Global Sustainable Equity Fund	$	181
Natixis Oakmark Fund		126,543
Natixis Oakmark International Fund		995,693
Small Cap Value Fund		186,882
Value Opportunity Fund		1,155,838

As of December 31, 2016, the Funds owe NGAM Distribution the following reimbursements for sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):


Fund	Reimbursements of Sub-Transfer Agent Fees
Global Sustainable Equity Fund	$	4
Natixis Oakmark Fund		1,710
Natixis Oakmark International Fund		11,103
Small Cap Value Fund		2,216
Value Opportunity Fund		13,029

Sub-transfer agent fees attributable to Class A, Class B, 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.

95 |

Notes to Financial Statements (continued)

December 31, 2016

e. Commissions. Commissions (including CDSCs) on Fund shares retained by NGAM Distribution during the year ended December 31, 2016, were as follows:


Fund	Commissions
Global Sustainable Equity Fund	$	259
Natixis Oakmark Fund		38,063
Natixis Oakmark International Fund		128,223
Small Cap Value Fund		1,817
Value Opportunity Fund		56,785

f. Trustees Fees and Expenses. The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of NGAM Advisors, NGAM Distribution, Natixis US or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $325,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $155,000. 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 $17,500. The chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $10,000. 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. These fees are allocated among the funds in the Natixis Funds Trusts and Loomis Sayles Funds 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. Deferred amounts remain in the Funds until distributed in accordance with the provisions of the Plan. 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 and Loomis Sayles Funds 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 and Loomis Sayles Funds Trusts, and are normally reflected as Trustees’ fees and expenses in the Statements of Operations. 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.

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Notes to Financial Statements (continued)

December 31, 2016

g. Affiliated Ownership. As of December 31, 2016, Natixis US and affiliates held shares of Global Sustainable Equity Fund representing 97.84% of the Fund’s net assets. Investment activities of affiliated shareholders could have material impacts on the Fund.

h. Reimbursement of Transfer Agent Fees and Expenses. NGAM Advisors had given a binding contractual undertaking to the Value Opportunity Fund to reimburse any and all transfer agency expenses for the Fund’s Class N shares. This undertaking was in effect through April 30, 2016 and is not subject to recovery under the expense limitation agreement described above.

For the period January 1, 2016 through April 30, 2016, NGAM Advisors reimbursed the Fund $225 for transfer agency expenses related to Class N shares.

i. Payment by Affiliates. For the year ended December 31, 2016, Vaughan Nelson reimbursed Value Opportunity Fund $138,616 in connection with a trading error.

7. Class-Specific Transfer Agent Fees and Expenses. For the year ended December 31, 2016, Value Opportunity Fund incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable)


	Class A		Class C		Class N		Class Y
Transfer Agent Fees and Expenses	$	130,407	$	82,496	$	932	$	1,045,219

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.

All other Funds in this report allocate transfer agent fees and expenses on a pro rata basis based on the relative net assets of each class to the total net assets of those classes.

8. Line of Credit. Effective April 14, 2016, each Fund, together with certain other funds of Natixis Funds Trusts and Loomis Sayles Funds Trusts, entered into a 364-day, $400,000,000 syndicated, committed, unsecured line of credit with Citibank, N.A. to be used for temporary or emergency purposes only. Any one Fund may borrow up to the full $400,000,000 under the line of credit (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time) subject to each Fund’s investment restrictions. Interest is charged to the Funds at a rate equal to the greater of the eurodollar or the federal funds rate plus 1.00%. In addition, a commitment fee of 0.10% per annum, payable on the last business day of each month, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid an arrangement fee, an upfront fee, and other fees in connection with the new line of credit agreement, which are being amortized over a period of 364 days and are reflected as miscellaneous expenses on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

97 |

Notes to Financial Statements (continued)

December 31, 2016

Prior to April 14, 2016 each Fund, together with certain other funds of Natixis Funds Trusts and Loomis Sayles Funds Trusts, participated in a $150,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund was able to borrow up to the full $150,000,000 under the line of credit (as long as all borrowings by all Funds in the aggregate do not exceed the $150,000,000 limit at any time). Interest was charged to each participating Fund based on its borrowings at a rate per annum equal to the greater of the Federal Funds rate or overnight LIBOR, plus 1.25%. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, was accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

For the year ended December 31, 2016, none of the Funds had borrowings under these agreements.

9. Concentration of Risk. The Global Sustainable Equity Fund and Natixis Oakmark International Fund’s investments in foreign securities are subject to foreign currency fluctuations, higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. Greater political, economic, credit and information risks are also associated with foreign securities.

10. 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 December 31, 2016, based on management’s evaluation of the shareholder account base, the Funds 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:


Fund	Number of 5% Non-Affiliated Account Holders		Percentage of Non-Affiliated Ownership			Percentage of Affiliated Ownership (Note 6g)			Total Percentage of Ownership
Global Sustainable Equity Fund		—		—			97.84	%		97.84	%
Natixis Oakmark International Fund		1		10.95	%		—			10.95	%
Small Cap Value Fund		2		16.59	%		—			16.59	%
Value Opportunity Fund		2		22.69	%(a)		—			22.69	%

Omnibus shareholder accounts for which NGAM 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

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Notes to Financial Statements (continued)

December 31, 2016

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.

(a)

Certain Fund shareholders are invested in the Fund as a result of the Fund’s inclusion in an investment portfolio model, utilized by certain third party intermediaries, developed by an affiliate of the Fund (AlphaSimplex Group, LLC, which is a subsidiary of Natixis US)(“ASG”). Without this model or as a result of changes in this model, these shareholder positions in the Fund may not exist or could change in a material amount. ASG has no involvement in the decisions to invest in the models provided.

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:


	Period Ended December 31, 2016(a)
Global Sustainable Equity Fund	Shares			Amount
Class A
Issued from the sale of shares	7,436		$	74,105
Issued in connection with the reinvestment of distributions	3			30
Redeemed	(301	)		(3,007	)

Net change	7,138		$	71,128

Class C
Issued from the sale of shares	5,318		$	52,970
Issued in connection with the reinvestment of distributions	6			60
Redeemed	(3	)		(33	)

Net change	5,321		$	52,997

Class Y
Issued from the sale of shares	4,997,044		$	50,979,075
Issued in connection with the reinvestment of distributions	9,961			99,208
Redeemed	(3,612	)		(35,781	)

Net change	5,003,393		$	51,042,502

Increase (decrease) from capital share transactions	5,015,852		$	51,166,627

(a)	From commencement of operations on March 31, 2016 through December 31, 2016.

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Notes to Financial Statements (continued)

December 31, 2016

11. Capital Shares (continued).


	Year Ended December 31, 2016					Year Ended December 31, 2015
Natixis Oakmark Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	1,253,674		$	23,788,547		1,517,556		$	30,354,006
Issued in connection with the reinvestment of distributions	310,173			5,971,567		313,620			6,034,951
Redeemed	(2,722,428	)		(50,444,998	)	(2,123,661	)		(41,948,388	)

Net change	(1,158,581	)	$	(20,684,884	)	(292,485	)	$	(5,559,431	)

Class B(a)
Issued from the sale of shares	—		$	–		94		$	1,650
Issued in connection with the reinvestment of distributions	–			–		123			2,182
Redeemed	(1,891	)		(29,216	)	(34,844	)		(631,808	)

Net change	(1,891	)	$	(29,216	)	(34,627	)	$	(627,976	)

Class C
Issued from the sale of shares	806,782		$	13,902,509		1,967,705		$	34,953,476
Issued in connection with the reinvestment of distributions	89,633			1,486,762		88,208			1,504,613
Redeemed	(2,169,451	)		(36,029,587	)	(1,273,258	)		(22,539,155	)

Net change	(1,273,036	)	$	(20,640,316	)	782,655		$	13,918,934

Class Y
Issued from the sale of shares	920,373		$	19,279,606		551,387		$	11,590,333
Issued in connection with the reinvestment of distributions	31,858			655,095		37,938			760,796
Redeemed	(883,863	)		(16,880,267	)	(737,029	)		(15,581,647	)

Net change	68,368		$	3,054,434		(147,704	)	$	(3,230,518	)

Increase (decrease) from capital share transactions	(2,365,140	)	$	(38,299,982	)	307,839		$	4,501,009

(a)	On January 11, 2016, Class B shares were converted into Class A shares. See Note 1 of Notes to Financial Statements.

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Notes to Financial Statements (continued)

December 31, 2016

11. Capital Shares (continued).


	Year Ended December 31, 2016					Year Ended December 31, 2015
Natixis Oakmark International Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	17,316,910		$	189,288,241		40,727,220		$	524,245,138
Issued in connection with the reinvestment of distributions	958,477			11,230,103		1,547,094			18,551,475
Redeemed	(37,402,741	)		(413,700,664	)	(28,890,059	)		(355,356,386	)

Net change	(19,127,354	)	$	(213,182,320	)	13,384,255		$	187,440,227

Class C
Issued from the sale of shares	2,591,697		$	28,122,303		10,955,520		$	138,511,592
Issued in connection with the reinvestment of distributions	233,485			2,645,525		408,992			4,881,076
Redeemed	(11,772,884	)		(128,385,161	)	(7,803,461	)		(94,573,289	)

Net change	(8,947,702	)	$	(97,617,333	)	3,561,051		$	48,819,379

Increase (decrease) from capital share transactions	(28,075,056	)	$	(310,799,653	)	16,945,306		$	236,259,606

101 |

Notes to Financial Statements (continued)

December 31, 2016

11. Capital Shares (continued).


	Year Ended December 31, 2016					Year Ended December 31, 2015
Small Cap Value Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	636,491		$	11,812,924		586,565		$	12,199,067
Issued in connection with the reinvestment of distributions	353,938			6,758,819		718,326			13,152,899
Redeemed	(1,423,762	)		(25,938,444	)	(1,556,600	)		(32,314,146	)

Net change	(433,333	)	$	(7,366,701	)	(251,709	)	$	(6,962,180	)

Class B(a)
Issued from the sale of shares	—		$	—		1,259		$	20,238
Issued in connection with the reinvestment of distributions	—			—		567			8,015
Redeemed	(1,791	)		(20,887	)	(62,964	)		(986,740	)

Net change	(1,791	)	$	(20,887	)	(61,138	)	$	(958,487	)

Class C
Issued from the sale of shares	53,331		$	672,153		130,432		$	1,823,149
Issued in connection with the reinvestment of distributions	137,010			1,766,472		255,701			3,290,720
Redeemed	(364,140	)		(4,604,493	)	(452,639	)		(6,920,026	)

Net change	(173,799	)	$	(2,165,868	)	(66,506	)	$	(1,806,157	)

Class Y
Issued from the sale of shares	1,398,050		$	25,550,473		2,141,789		$	46,690,758
Issued in connection with the reinvestment of distributions	591,961			11,610,546		1,198,310			22,443,814
Redeemed	(2,844,796	)		(53,737,957	)	(1,865,835	)		(39,308,260	)

Net change	(854,785	)	$	(16,576,938	)	1,474,264		$	29,826,312

Increase (decrease) from capital share transactions	(1,463,708	)	$	(26,130,394	)	1,094,911		$	20,099,488

(a)	On January 11, 2016, Class B shares were converted into Class A shares. See Note 1 of Notes to Financial Statements.

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Notes to Financial Statements (continued)

December 31, 2016

11. Capital Shares (continued).


	Year Ended December 31, 2016					Year Ended December 31, 2015
Value Opportunity Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	2,179,717		$	40,891,195		6,072,313		$	131,319,540
Issued in connection with the reinvestment of distributions	212,252			4,019,870		125,012			2,584,853
Redeemed	(5,260,596	)		(102,702,359	)	(2,508,032	)		(53,811,968	)

Net change	(2,868,627	)	$	(57,791,294	)	3,689,293		$	80,092,425

Class C
Issued from the sale of shares	585,856		$	10,632,845		3,368,669		$	70,554,606
Issued in connection with the reinvestment of distributions	116,224			2,089,713		71,042			1,402,692
Redeemed	(1,830,738	)		(34,208,799	)	(529,265	)		(10,823,300	)

Net change	(1,128,658	)	$	(21,486,241	)	2,910,446		$	61,133,998

Class N
Issued from the sale of shares	5,270,883		$	105,086,789		2,972,431		$	65,031,583
Issued in connection with the reinvestment of distributions	153,597			3,029,813		75,531			1,583,262
Redeemed	(1,483,482	)		(29,622,654	)	(398,415	)		(8,784,271	)

Net change	3,940,998		$	78,493,948		2,649,547		$	57,830,574

Class Y
Issued from the sale of shares	16,682,481		$	321,963,213		35,161,537		$	775,069,318
Issued in connection with the reinvestment of distributions	1,675,760			32,458,565		1,024,181			21,435,705
Redeemed	(30,771,971	)		(605,432,371	)	(10,758,464	)		(233,638,744	)

Net change	(12,413,730	)	$	(251,010,593	)	25,427,254		$	562,866,279

Increase (decrease) from capital share transactions	(12,470,017	)	$	(251,794,180	)	34,676,540		$	761,923,276

103 |

Report of Independent Registered Public Accounting Firm

To the Trustees of Natixis Funds Trust I and Natixis Funds Trust II and Shareholders of Mirova Global Sustainable Equity Fund, Natixis Oakmark Fund, Natixis Oakmark International Fund, Vaughan Nelson Small Cap Value Fund, and Vaughan Nelson Value Opportunity Fund:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Mirova Global Sustainable Equity Fund, Natixis Oakmark International Fund and Vaughan Nelson Small Cap Value Fund, each a series of Natixis Funds Trust I; and the Natixis Oakmark Fund and Vaughan Nelson Value Opportunity Fund, each a series of Natixis Funds Trust II (collectively, the “Funds”) as of December 31, 2016, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 22, 2017

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2016 U.S. Tax Distribution Information to Shareholders (Unaudited)

Corporate Dividends Received Deduction. For the fiscal year ended December 31, 2016, a percentage of dividends distributed by the Funds listed below qualify for the dividends received deduction for corporate shareholders. These percentages are as follows:


Fund	Qualifying Percentage
Global Sustainable Equity		100.00	%
Natixis Oakmark		100.00	%
Small Cap Value		76.03	%
Value Opportunity		100.00	%

Capital Gains Distributions. Pursuant to Internal Revenue Section 852(b), the following Funds paid distributions, which have been designated as capital gains distributions for the fiscal year ended December 31, 2016.


Fund	Amount
Natixis Oakmark	$	7,812,896
Small Cap Value		21,062,109
Value Opportunity		41,383,417

Qualified Dividend Income. For the fiscal year ended December 31, 2016, a percentage of the ordinary income dividends paid by the Funds are considered qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. If the Funds paid a distribution during calendar year 2016, complete information will be reported in conjunction with Form 1099-DIV. These percentages are noted below:


Fund	Qualifying Percentage
Global Sustainable Equity		100.00	%
Natixis Oakmark		100.00	%
Natixis Oakmark International		100.00	%
Small Cap Value		100.00	%
Value Opportunity		100.00	%

Foreign Tax Credit. For the year ended December 31, 2016, the Fund intends to pass through foreign tax credits and have derived gross income from sources within foreign countries amounting to:


Fund	Foreign Tax Credit Pass-Through		Foreign Source Income
Natixis Oakmark International	$	2,667,206	$	28,477,056

105 |

Trustee and Officer Information

The tables below provide certain information regarding the trustees and officers of Natixis Funds Trust I and Natixis Funds Trust II (the “Trusts”). Unless otherwise indicated, the address of all persons below is 399 Boylston Street, Boston, MA 02116. The Funds’ Statement(s) of Additional Information include additional information about the trustees of the Trust(s) and are available by calling Natixis Funds at 800-225-5478.


Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INDEPENDENT TRUSTEES

Kenneth A. Drucker (1945)	Chairperson of the Board of Trustees since January 2017 Trustee since 2008 Ex Officio member of the Audit Committee, the Contract Review Committee and the Governance Committee	Retired	53 None	Significant experience on the Board and on the boards of other business organizations (including at investment companies); executive experience (including as treasurer of an aerospace, automotive, and metal manufacturing corporation)

Edmond J. English (1953)	Trustee since 2013 Audit Committee Member	Chief Executive Officer of Bob’s Discount Furniture (retail)	53 Director, Burlington Stores, Inc. (retail)	Experience on the Board and significant experience on the boards of other business organizations (including retail companies and a bank); executive experience (including at a retail company)

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Trustee and Officer Information


Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INDEPENDENT TRUSTEES continued

Richard A. Goglia (1951)	Trustee since 2015 Audit Committee Member	Retired; formerly Vice President and Treasurer of Raytheon Company (defense)	53 None	Experience on the Board and executive experience (including his role as vice president and treasurer of a defense company and experience at a financial services company)

Wendell J. Knox (1948)	Trustee since 2009 Contract Review Committee Member and Governance Committee Member	Director of Abt Associates Inc. (research and consulting)	53 Director, Eastern Bank (bank); Director, The Hanover Insurance Group (property and casualty insurance)	Significant experience on the Board and on the boards of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)

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Trustee and Officer Information


Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INDEPENDENT TRUSTEES continued

Martin T. Meehan (1956)	Trustee since 2012 Contract Review Committee Member	President, University of Massachusetts; formerly, Chancellor and faculty member, University of Massachusetts Lowell	53 None	Experience on the Board and on the boards of other business organizations; experience as President of the University of Massachusetts; government experience (including as a member of the U.S. House of Representatives); academic experience

Sandra O. Moose (1942)	Trustee since 1982 for Natixis Funds Trust I (including its predecessors); since 1993 for Natixis Funds Trust II Audit Committee Member and Governance Committee Member	President, Strategic Advisory Services (management consulting)	53 Formerly, Director, AES Corporation (international power company); formerly, Director, Verizon Communications (telecommunications company)	Significant experience on the Board and on the boards of other business organizations (including at a telecommunications company, an international power company and a specialty chemicals corporation); executive experience (including at a management consulting company)

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Trustee and Officer Information


Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INDEPENDENT TRUSTEES continued

James P. Palermo (1955)	Trustee since 2016 Contract Review Committee Member	Founding Partner, Breton Capital Management, LLC (private equity); Partner, STEP Partners, LLC (private equity); formerly, Chief Executive Officer of Global Client Management of The Bank of New York Mellon Corporation	53 None	Experience on the Board; financial services industry and executive experience (including roles as chief executive officer of client management and asset servicing for a banking and financial services company)

Erik R. Sirri (1958)	Trustee since 2009 Chairperson of the Audit Committee	Professor of Finance at Babson College	53 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist

Peter J. Smail (1952)	Trustee since 2009 Chairperson of the Contract Review Committee and Governance Committee Member	Retired	53 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)

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Trustee and Officer Information


Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INDEPENDENT TRUSTEES continued

Cynthia L. Walker (1956)	Trustee since 2005 Chairperson of the Governance Committee and Audit Committee Member	Deputy Dean for Finance and Administration, Yale University School of Medicine	53 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)

INTERESTED TRUSTEES

Kevin P. Charleston³ (1965) One Financial Center Boston, MA 02111	Trustee since 2015	President, Chief Executive Officer and Director; formerly, Chief Financial Officer, Loomis, Sayles & Company, L.P.	53 None	Experience on the Board; continuing service as President, Chief Executive Officer and Director of Loomis, Sayles & Company, L.P.

David L. Giunta⁴ (1965)	Trustee since 2011 President and Chief Executive Officer since 2008	President and Chief Executive Officer, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.	53 None	Significant experience on the Board; continuing experience as President and Chief Executive Officer of NGAM Advisors, L.P.

¹	Each trustee serves until retirement, resignation or removal from the Board. The current retirement age is 75. The position of Chairperson of the Board is appointed for a three-year term.

The trustees of the Trusts serve as trustees of a fund complex that includes all series of the Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (collectively, the “Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (collectively, the “Loomis Sayles Funds Trusts”) and Natixis ETF Trust (collectively, the “Fund Complex”).

³	Mr. Charleston is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President and Chief Executive Officer of Loomis, Sayles & Company, L.P.

⁴	Mr. Giunta is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President and Chief Executive Officer of NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.

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Trustee and Officer Information


Name and Year of Birth	Position(s) Held with the Trusts	Term of Office¹ and Length of Time Served	Principal Occupation(s) During Past 5 Years²

OFFICERS OF THE TRUST

Russell L. Kane (1969)	Secretary, Clerk and Chief Legal Officer	Since July 2016	Executive Vice President, General Counsel, Secretary and Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.; formerly, Chief Compliance Officer for Mutual Funds, Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.

Michael C. Kardok (1959)	Treasurer, Principal Financial and Accounting Officer	Since October 2004	Senior Vice President, NGAM Advisors, L.P. and NGAM Distribution, L.P.

Rosa Licea-Mailloux (1976)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer	Since July 2016	Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.; formerly, Associate General Counsel, NGAM Distribution, L.P.

¹	Each officer of the Trusts serves for an indefinite term in accordance with the Trusts’ current by-laws until the date his or her successor is elected and qualified, or until he or she sooner dies, retires, is removed or becomes disqualified.

Each person listed above, except as noted, holds the same position(s) with the Fund Complex. Previous positions during the past five years with NGAM Distribution, L.P., NGAM Advisors, L.P. or Loomis, Sayles & Company, L.P. are omitted, if not materially different from a trustee’s or officer’s current position with such entity.

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ANNUAL REPORT

December 31, 2016

LOGO

Loomis Sayles Multi-Asset Income Fund

McDonnell Intermediate Municipal Bond Fund

Natixis U.S. Equity Opportunities Fund

LOGO

TABLE OF CONTENTS

Portfolio Review page 1

Portfolio of Investments page 21

Financial Statements page 41

Notes to Financial Statements page 57

LOOMIS SAYLES MULTI-ASSET INCOME FUND


Managers	Symbols
Thomas Fahey	Class A	IIDPX
Kevin P. Kearns	Class C	CIDPX
Maura T. Murphy, CFA^®	Class N	LMINX
Loomis, Sayles & Company, L.P.	Class Y	YIDPX

Investment Goal

The Fund seeks current income with a secondary objective of capital appreciation.

Market Conditions

Investor preferences for riskier assets held up well during the period. U.S. high-yield bonds experienced a sustained rally, and equity markets hit all-time highs following Donald Trump’s presidential win and the surprise Republican sweep of Congress. The Federal Reserve (the Fed) raised interest rates for the second time in a decade, and Brent crude oil surged more than 23% in the face of a strong U.S. dollar rally during the fourth quarter. After experiencing short-term spikes during the bond market sell-off in February and again following the late-June Brexit vote, market volatility decreased to close out the year.

U.S. high-yield bonds represented a bright spot among global fixed-income sectors throughout the year and finished the period with solid returns. The sector benefited from the jump in oil prices, which helped strengthen credit profiles in energy and related industries. Energy-related names tended to lead the broad market in results. Meanwhile, the U.S. dollar hit a 14-year high during the fourth quarter, strengthening relative to most foreign currencies due to a combination of diverging monetary policies and concern about global trade policy following the U.S. election.

Overall, global equity markets posted solid returns for the year, primarily driven by a post-Brexit-referendum equity rally in July and another rally following the U.S. election.

Performance Results

For the 12 months ended December 31, 2016, Class A shares of the Loomis Sayles Multi-Asset Income Fund returned 10.14% at net asset value. The portfolio outperformed its primary benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, which returned 2.65%.

Explanation of Fund Performance

Exposure to U.S. and global dividend-paying equities and high-yield and investment-grade corporate bonds drove the fund’s positive performance. In addition, our exposure to bank loans, master limited partnerships (MLPs) and preferred securities aided absolute return. These gains more than offset losses from our strategies related to real estate investment trusts (REITs).

U.S. equity markets sold off through mid-February and experienced additional sharp declines after the Brexit vote and prior to the U.S. election; however, U.S. stocks rallied

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and finished the year strong, lifting global equities along the way. U.S. energy, telecommunications and consumer non-cyclical dividend names were top contributors in the fund. In addition, European preferred securities in the banking sector, which had suffered the most after Brexit, added to return as investors reallocated into this space.

High-yield corporate bonds boosted performance, as spreads (the difference in yield between Treasury and high-yield bonds of similar maturity) generally tightened following February’s bond market sell-off. Spreads finished the period near their tightest levels of the year. Aided by a relatively dovish Fed, positive flows into the asset class, stable oil and metals prices and a general dearth of yield, investors continued to allocate into riskier assets, pushing valuations higher. Individual telecommunications, energy and basic materials names aided fund performance the most.

The Fed’s decision to hike rates during the fourth quarter weighed on longer duration (greater price sensitivity to interest rate changes) issues, including investment-grade corporate bonds. Nevertheless, investment-grade corporates aided overall return as spreads tightened in similar fashion to high-yield bonds. Flows into corporates from outside the United States continued as the search for yield intensified on depressed government rates. Major central banks across the world maintained and even increased their accommodative stance, including the Bank of England, which began buying corporate bonds following the Brexit vote. Most of the positive contribution from investment-grade corporates came from technology, telecommunication and banking names.

The fund’s highly diversified group of bank loans also lifted return. The floating rate nature of bank loans remained attractive relative to other sectors, as investors favored the relative safety of these securities due to their senior position in the capital structure. Contributions from the transportation, telecommunication and energy sectors drove across-the-board gains in this bank loan asset class.

Foreign currency-denominated positions weighed on performance. Specifically, British pound- and euro-denominated names detracted from return. The pound and euro declined sharply versus the U.S. dollar after Brexit, and the currencies remained weak amid the diverging monetary policies between the Fed and the European Central Bank. Additionally, the U.S. presidential election had a negative impact on the Mexican peso in December, diminishing our positions denominated in the currency. Meanwhile, higher interest rates and stretched valuations weakened REIT performance. We reduced the fund’s REIT position and await a more opportunistic point of re-entry.

The fund’s portfolio turnover for the 12 months ended December 31, 2016, was significantly higher than the turnover level experienced during the prior fiscal year. The increase in turnover was primarily related to the sale of a large number of securities in January 2016. As previously reported, the fund’s investment strategy changed in August 2015; in January 2016, based on the fund’s investment strategy and our economic outlook, certain holdings were sold because we did not believe they were optimal sources of income. January was a very volatile month in the capital markets, and global growth expectations were reduced; as a result, we wanted to position the fund much more defensively. Turnover will likely remain higher going forward than it was prior to the change in the fund’s investment strategy.

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LOOMIS SAYLES MULTI-ASSET INCOME FUND

Outlook

Growth in the United States continued at a moderate rate, while Europe’s pace remained a bit slower. As the Fed works to normalize U.S. interest rates, we expect two rate hikes in 2017 and four additional hikes in 2018. We believe a fiscal stimulus package from the Trump administration could boost GDP growth and inflation, but not until 2018. We expect higher inflation will be primarily responsible for the accelerated pace of tightening in 2018.

We believe expectations for tax reform and pro-business policies could prolong the expansion phase of the U.S. credit cycle. Key assumptions include a measured path of rate hikes that do not create significant volatility in risk markets and continued strong foreign demand for corporate bonds. Deteriorating fundamentals remain a concern at this stage of the cycle, as companies reward equity holders at the expense of balance sheets.

Although deteriorating debt fundamentals in the emerging markets have been bottoming out, growth remains weak, and the fiscal picture has not yet improved. External balances remain mixed across countries, as winners and losers are determined by each country’s status as a commodity importer or exporter. Meanwhile, European corporate fundamentals currently remain solid and notably better than in the United States, with stable balance sheets and prudent outlooks. Mergers and acquisitions, capital spending and share repurchases remain subdued, with capital spending forecasted to be down again in 2017.

Growth of $10,000 Investment in Class A Shares⁴

December 31, 2006 through December 31, 2016

LOGO

See notes to chart on page 5.

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Top Ten Holdings as of December 31, 2016


	Security Name	% of Net Assets
1	JPMorgan Alerian MLP Index ETN		4.47	%
2	ETRACS Alerian MLP Infrastructure Index ETN		3.83
3	Consumer Discretionary Select Sector SPDR^® Fund		3.78
4	iShares^® Russell 2000 ETF		3.49
5	BNP Paribas S.A., 6.750%		2.87
6	Gol LuxCo S.A., 1st Lien Term Loan, 6.500%, 8/31/2020		2.53
7	Citigroup, Inc.		2.04
8	SPDR^® S&P^® Regional Banking ETF		2.02
9	Bank of America Corp.		2.01
10	Barclays PLC, (fixed rate to 9/15/2019, variable rate thereafter), 6.625%		1.70

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced

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LOOMIS SAYLES MULTI-ASSET INCOME FUND

Average Annual Total Returns — December 31, 2016^4,5



										Life of			Expense Ratios⁶
	1 Year			5 Years			10 Years			Class N			Gross			Net

Class A (Inception 11/17/05)
NAV		10.14	%		7.91	%		5.90	%		—	%		1.11	%		0.95	%
With 4.25% Maximum Sales Charge		5.46			6.97			5.44			—

Class C (Inception 11/17/05)
NAV		9.27			7.09			5.09			—			1.87			1.70
With CDSC²		8.27			7.09			5.09			—

Class N (Inception 8/31/15)
NAV		10.53			—			—			9.33			13.66			0.65

Class Y (Inception 12/3/12)¹
NAV		10.38			8.03			5.96			—			0.86			0.70

Comparative Performance
Bloomberg Barclays U.S. Aggregate Bond Index³		2.65			2.23			4.34			2.05

1	Prior to the inception of Class Y shares (12/3/2012), performance is that of Class A shares and reflects the higher net expenses of that share class.

2	Class C share performance assumes a 1.00% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that covers the U.S.-dollar denominated, investment grade, fixed-rate, taxable bond market of SEC-registered securities. The index includes bonds from the Treasury, government-related, corporate, mortgage-backed securities, asset-backed securities, and collateralized mortgage-backed securities sectors.

4	Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

5	Prior to the stock market close August 31, 2015, the Fund had multiple subadvisers. The performance results shown above for the periods prior to the stock market close August 31, 2015 reflect results achieved by those subadvisers using different investment strategies.

As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense cap of the Fund has been exceeded. This arrangement is set to expire on 4/30/2017. When an expense cap has not been exceeded, the fund may have similar expense ratios.

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MCDONNELL INTERMEDIATE MUNICIPAL BOND FUND


Managers		Symbols
Dawn Mangerson		Class A MIMAX
James Grabovac, CFA^®		Class C MIMCX
Lawrence Jones		Class Y MIMYX
Steve Wlodarski, CFA^®
McDonnell Investment Management, LLC

Investment Goal

The Fund seeks a high level of federal tax-exempt current income, consistent with the preservation of capital.

Market Conditions

Yields rose sharply during the fourth quarter of 2016, erasing the gains generated during the first half of the year and tacking an additional 17 basis points to 10-year Treasury yields for the year in total. While much of the period was characterized by calm conditions, the year was punctuated by three distinct market-jarring events. The first catalyst was the double-bottom in crude oil prices in February, which served as a bellwether for a broad recovery in risk market assets and helped reverse widening corporate spreads. Markets stabilized only to be upended with the shocking results of the Brexit referendum in June, which caused yields to plummet not only in the U.K. but across the developed market landscape. The episode seemed to indicate, at the time, the fragileness of the prevailing global interest rate structure and heightened awareness of the possibility of a further leg down in U.S. rates should the recovery falter. The effects of the Brexit vote, however, proved to be relatively short-lived in rate markets, and the adjustment was principally factored into a sharp depreciation of sterling but unexpectedly steady economic and equity market performance in the U.K. Going into November, U.S. rates were 20 to 50 basis points lower and the yield curve was flattening. But yields rose sharply and surprisingly following the election as investors quickly shifted from a scenario of flight-to-quality to flight-from-quality as the prospect of single-party government becoming re-engaged in fiscal policy after a six-year disengagement stoked expectations of potentially significant fiscal stimulus and reflation on the horizon.

Treasury yields rose sharply during the quarter and ended the year modestly higher across the yield curve.

Municipals underperformed Treasuries for the year, resulting in more attractive valuations across the yield curve.

Equities rallied in the final quarter, generating gains of more than 10% for the S&P 500^® overall and with gains more broadly based than the narrow market focus that characterized last year.

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MCDONNELL INTERMEDIATE MUNICIPAL BOND FUND

Energy markets staged a strong recovery after plunging at the start of the year. Stabilization was ultimately bolstered by an OPEC production cut agreement scheduled to take effect in January 2017.

Commodity markets recovered broadly with energy and metals leading the way with strong gains while agricultural commodities were mixed to mostly higher.

The U.S. dollar powered to new 14-year highs against the euro and more than 30-year highs against a Brexit-battered pound sterling.

Market reactions to major political developments to date are based primarily upon expectations and will soon be tested with policy proposals and policy outcome realities. Investors will be challenged to divine how asset class valuations will fare while balancing the policy objectives of across the board tax cuts, increased infrastructure investment and maintenance of a strong social safety net in the United States that can be crafted within the framework of responsible budgeting. In the U.K., the preference to control borders must be weighed against forgoing some or all of the benefits of access to the EU single market. In addition, the policy preference favored by a narrow majority of referendum voters is faced with strong regional and generational preference for the benefits derived from the existing EU membership. Electorates across major euro-zone countries will similarly weigh in with national elections in the Netherlands, France, Germany and possibly Italy before the year is out. Populist anti-globalization movements are a factor in all of these core euro-zone countries, and many of these factions favor exiting the euro zone at a minimum or the EU entirely. Whether the EU will emerge weakened or with renewed commitment to the European project will be both interesting and potentially disquieting to observe as the year unfolds. Asia also faces geopolitical challenges as an emboldened China increasingly flexes its economic and military power across the region as it seeks to expand control of the important South China Sea shipping lanes. To date, the United States has been measured but firm in its commitment to freedom of the seas along international boundaries and not in accordance with China’s more wishful interpretation. Nevertheless, potential market flashpoints abound and, as this past year proved, investors should be prepared to expect the unexpected.

Performance Results

For the 12 months ended December 31, 2016, Class A shares of the McDonnell Intermediate Municipal Bond Fund returned -0.79% at net asset value. The Fund underperformed its benchmark, the Bloomberg Barclays 3-15 Year Blend Municipal Bond Index, which returned -0.05%.

Explanation of Fund Performance

The municipal market experienced record new issue supply of $445.8 billion, representing a near 19% increase from last year’s pace. Refunding issuance represented more than 60% of total volume while the pace of new money issuance accelerated by more than 25% versus 2015. Municipals also experienced strong investor demand for most of the year represented by more than 50 weeks of positive mutual fund flows. Furthermore, commercial bank and insurance company portfolios increased municipal exposure during the year. With respect

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to performance, the greatest negative impacts on Fund performance were an overweight to the 6-8 year portion of the yield curve, overweight to the higher education sector and security selection within the lease sector. Positive contributors to performance included continued spread compression in lower-quality securities within higher-yielding sectors, particularly in the intermediate portion of the yield curve. The Fund’s underweight to the AA-rated category and overweight to single A-rated securities across various sectors of the market positively influenced performance. Security selection within the hospital and special tax sectors also benefited performance, as did an overweight to the pre-refunded sector.

Outlook

Thematically, we view the economic expansion as likely to continue apace as we enter 2017. Growth appears solid, labor market gains have been steady and should provide the wherewithal to continue to fuel consumption. Capital investment has been somewhat disappointing, but global growth prospects recently appear somewhat brighter and may offer a spark for a modest uptick in business fixed investment alongside the prospect of an inventory rebuild after several quarters of decline. The potential for a positive GDP contribution from the federal government has bolstered investor confidence in recent weeks but will take shape over time and will not likely impact growth prospects over the medium term. The state and local contribution has been a more positive factor of late and has the potential to have an increasingly additive impact going forward, dependent upon the size and scope of any potential infrastructure initiative. Inflation has been drifting higher and we expect it may be less problematic for the Fed after several years of below target readings that have influenced policy. Political risk, however, appears heightened both from a geopolitical standpoint and on the domestic front. Potential global flashpoints include a series of critical national elections in the EU, increasing Russian efforts to destabilize the West, rumblings from North Korea and the unaddressed economic imbalances in China. On the domestic front, while the prospect of unified government offers the potential for newly effective economic policymaking, it also presents an opportunity for overreach and unintended consequences. While we remain optimistic on the economy, we maintain a healthy wariness of the possibility of either domestic or geopolitical missteps as we enter uncharted waters.

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MCDONNELL INTERMEDIATE MUNICIPAL BOND FUND

Growth of $10,000 Investment in Class A Shares⁴

December 31, 2012 (inception) through December 31, 2016

LOGO

9 |

Average Annual Total Returns — December 31, 2016⁴



							Expense Ratios⁵
	1 Year			Life of Fund			Gross			Net

Class A (Inception 12/31/12)¹
NAV		-0.79	%		1.17	%		1.12	%		0.70	%
With 3.00% Maximum Sales Charge		-3.75			0.40

Class C (Inception 12/31/12)¹
NAV		-1.44			0.45			1.88			1.45
With CDSC²		-2.42			0.45

Class Y (Inception 12/31/12)¹
NAV		-0.55			1.48			0.85			0.45

Comparative Performance
Bloomberg Barclays 3-15 Year Blend Municipal Bond Index³		-0.05			2.14

1	December 31, 2012 represents the date shares were first registered for public sale under the Securities Act of 1933. November 16, 2012 represents commencement of operations for accounting and financial reporting purposes only.

2	Performance for Class C shares assumes a 1.00% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase.

3	Bloomberg Barclays 3-15 Year Blend Municipal Bond Index tracks the performance of municipal bonds issued after December 31, 1990 with remaining maturities between 2 and 17 years and at least $5 million in principal amount outstanding.

4	Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense cap of the Fund has been exceeded. This arrangement is set to expire on 4/30/2017. When an expense cap has not been exceeded, the fund may have similar expense ratios.

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NATIXIS U.S. EQUITY OPPORTUNITIES FUND


Managers		Symbols
Large Cap Value Segment		Class A NEFSX
Harris Associates L.P.		Class C NECCX
All Cap Growth Segment		Class Y NESYX
Loomis, Sayles & Company, L.P.

Investment Goal

The Fund seeks long-term growth of capital.

Market Conditions

Three unexpected, distinct events shaped markets in 2016. January began with a plunge related to fears regarding a growth slowdown in China, crashing oil prices and disappointing U.S. corporate earnings. In fact, U.S. markets experienced the worst 10-day start to the year in history. In June, contrary to expectations, U.K. voters opted for Brexit, the decision to leave the European Union. Prolonged uncertainty regarding the implementation of the vote and its impact on European political structures roiled the British pound. Finally, the election of Donald Trump in November, fueled a rally in U.S. stocks amid hopes that he would pare back regulation, stimulate the economy and reform the U.S. tax code. While each event had the potential to derail markets and economies, the U.S. markets ended the year on a strong note.

The U.S. Federal Reserve (the Fed) decided to increase the federal funds rate in December due to strong growth in employment, firming inflation and higher wage growth. Rate policy divergence continued as Europe, Britain and Japan pursued looser monetary policy. Oil prices stabilized as OPEC agreed to the first oil output cut in eight years. The dollar continued to strengthen versus other currencies. While the U.S. economy maintained a steady growth rate in line with averages experienced since the financial crisis, overall global growth experienced a post-crisis low.

Performance Results

For the 12 months ended December 31, 2016, Class A shares of Natixis U.S. Equity Opportunities Fund returned 11.86% at net asset value. The Fund was in line with its primary benchmark, the S&P 500^® Index, which returned 11.96%. The Fund slightly underperformed its secondary benchmark, the Russell 1000^®Index, which returned 12.05%.

Explanation of Fund Performance

Each of the portfolio’s segments uses a distinct investment style, providing shareholders with exposure to a variety of different stocks:

The Harris Associates Large Cap Value segment invests primarily in the common stocks of larger-capitalization companies that Harris Associates believes are trading at a substantial discount to the company’s “true business value.”

11 |

The Loomis, Sayles & Company All Cap Growth segment invests in equity securities, including common stocks, preferred stocks, convertible securities and warrants. This segment may invest in companies of any size.

Both segments contributed positively to the overall return of the Fund during the year.

Harris Associates Large Cap Value Segment

The leading contributor to fund performance for the year was Apache, a global oil and gas exploration company. Oil prices rebounded in 2016 after a volatile stretch. Apache has specifically benefited from solid quarterly results that have demonstrated improved capital efficiency, including a 45% decline in North American well costs compared to 2014 levels. This year, the company also announced the discovery of a new resource play in the Permian Basin called “Alpine High.” Initial results indicate that Apache has discovered a high-quality resource at a low cost. This increased our estimate of intrinsic value and also increased our confidence in management. In our view, Apache has the balance sheet and asset quality to survive continued volatility in oil and gas prices, and we like how the management team is preserving and growing per-share value during the commodity price downturn.

American Express was the largest detractor from fund performance in the calendar year. News in January 2016 that Fidelity Investments had ended its 12-year partnership with American Express negatively affected the latter. This is in addition to the skepticism lingering from the 2015 announcement that Costco would not renew its co-brand partnership with American Express. We believe these factors will cause earnings growth to slow in the short term while the company invests in marketing efforts to replace these customers, but we believe American Express’ financial fundamentals remain very healthy. Despite what we believe is favorable secular growth and superior economics, American Express is trading at a large discount to the market. Our long-term view allows us to look past the short-term disappointment of the Costco and Fidelity announcements, and see the potential lucrative long-term value of American Express’ global payment network and growing customer base.

Loomis Sayles All Cap Growth Segment

For the period, the All Cap Growth segment posted a positive absolute return. We are an active manager with a long-term, private equity approach to investing. Through our proprietary bottom-up research framework, we look to invest in those few high-quality businesses with sustainable competitive advantages and profitable growth when they trade at a significant discount to intrinsic value (our estimate of the true worth of a business, which we define as the present value of all expected future net cash flows to the company). Our holdings in the information technology, consumer discretionary, energy and

| 12

NATIXIS U.S. EQUITY OPPORTUNITIES FUND

industrials sectors contributed positively to results, while holdings in the consumer staples, financials and healthcare sectors detracted from performance.

Adidas, Qualcomm and ARM Holdings were among the largest contributors during the period. A leader in global sportswear, Adidas reported strong performance. Realignment of channel and brand management globally, along with new consumer-centric innovation and marketing, spurred strong demand across categories. Adidas reported its best first and second fiscal quarters in more than a decade during the period. Sales of Adidas brand products, which represented more than 80% of sales, showed strength in the strategic markets of North America, Western Europe, Greater China, and Latin America. The company recently decided to sell its golf hardware brands, including TaylorMade, using the proceeds to strengthen its core business of sports footwear and apparel. We believe this is the right long-term strategy. Operating profit margins expanded, reflecting strong operating leverage. On October 1, 2016, new CEO Kasper Rorsted succeeded long-time CEO Herbert Hainer. One of two truly global sports footwear and apparel brands, we believe Adidas has sustainable competitive advantages, including brand, scale and distribution.

Qualcomm, a designer and manufacturer of digital telecommunication chips and services, reported better-than-expected results in its technology licensing (QTL) and chip manufacturing (QCT) businesses. Following the company’s positive settlement with China’s antitrust regulators in 2015, Qualcomm signed deals with all top smartphone manufacturers in China. Payments from newly compliant device makers in China and the resolution of a royalty dispute with South Korean device manufacturer LG contributed to QTL results. We believe these actions validate Qualcomm’s leading intellectual property and patents as well as the sustainability of the royalty business model. QTL margins were in the mid-80% range and generated approximately 80% of profits. The QCT segment had a mixed year, including losing market share at Apple. But strong customer traction for its latest chipsets allowed for improved margins throughout the year. Delivering on a priority for the year, QCT margins rose to 17% from more recent single-digit levels. In late October, the company announced a definitive agreement to acquire NXP Semiconductors, a Netherlands-based chip manufacturer focused primarily on automotive markets. The deal is expected to be completed by the end of 2017. We believe Qualcomm is well positioned to benefit from long-term secular growth in mobile devices and that market expectations embed future growth well below our estimate. We believe Qualcomm continues to sell at a meaningful discount to our estimate of intrinsic value and offers a compelling reward-to-risk opportunity.

Shares of ARM Holdings, the world’s leading semiconductor intellectual property (IP) supplier, were up nearly 40% in July on news of the all-cash acquisition by Softbank Group Corporation. Similar to our long-term thesis, Softbank recognized the fundamental drivers for ARM remain robust, as it benefits from increased chip connectivity, complexity and chip architecture outsourcing. Softbank also highlighted ARM’s rich ecosystem and innovative culture, which have allowed ARM to take market share and become dominant in the markets it enters. Softbank’s willingness to pay a greater than 40% premium on a share price already near an all-time high supports our assessment that there remained

13 |

significant upside potential for the business. ARM Holdings became a privately held company when Softbank’s purchase of ARM became final on September 1, 2016. Therefore, the shares were effectively sold from the portfolio.

Conversely, Novo Nordisk, Monster Beverage and Cerner Corporation were among the largest detractors during the period. Novo Nordisk, a diabetes-focused pharmaceutical company, reported fundamentally solid growth during the period, largely due to new-generation insulin therapy Tresiba and non-insulin anti-diabetic therapy Victoza. However, shares were pressured as management issued lower-than-expected near-term guidance and meaningfully lowered its longer-term operating profit growth guidance to 5% from 10%, citing pricing pressure in the U.S., which accounts for approximately 50% of the company’s sales. We continue to believe Novo’s competitive advantages of deep experience in diabetes care and therapeutic proteins, a robust infrastructure that took decades to build, efficient manufacturing techniques, a robust pipeline and economies of scale would be very difficult to replicate. Accordingly, we believe Novo Nordisk has an unmatched ability to engineer, formulate, develop and deliver value-added treatments for unmet patient needs. We increased our position in Novo Nordisk during the fourth quarter on price weakness.

Monster Beverage, a leading marketer and distributor of energy drinks, reported solid fundamental results during the period, taking market share in its North American and international markets and consistently expanding gross margins. However, weakness in the non-alcoholic ready-to-drink market in the U.S. and short-term distribution disruptions in some international markets arising from the transition to Coca-Cola’s network had a greater-than-expected negative impact. These factors made Monster one of the largest detractors from performance. We believe the partnership with Coca-Cola’s global distribution network will create significant benefits for Monster Beverage in the longer term, creating faster market share gains and better profitability. International sales growth outpaced growth in the U.S., in line with our long-term investment thesis, and showed particular strength in the Asia Pacific, Europe, Middle East and Africa markets. Operationally, the company made substantial progress in reaching agreements with Coca-Cola distributors in Europe, Latin America, Australia, Africa and Asia, and it made its inaugural launch in China in September. During the period, Monster completed the acquisition of American Fruit and Flavors, which we believe will be accretive to gross margins and give the company control over its flavor intellectual property. We believe Monster continues to execute well on its business strategy and remains well positioned to benefit from growth in the energy drink category around the world.

Cerner, a provider of healthcare information technology solutions, reported inconsistent quarters relative to management and consensus expectations during 2016. Near-term weakness in hospital spending delayed purchase decisions as well as lower demand for its technology resale business contributed to performance. A growing portion of new bookings throughout the year (consistently more than one-third) came from outside the company’s installed client base, demonstrating net new client acquisition and competitor displacement. The company also saw traction for its population health and revenue cycle products, which were adopted by a majority of its new electronic health records clients. We believe Cerner is a high-quality company with sustainable competitive advantages. We

| 14

NATIXIS U.S. EQUITY OPPORTUNITIES FUND

believe the market expectations embed long-term future growth for Cerner well below our estimate. We believe Cerner, Monster and Novo are all selling at meaningful discounts to our estimate of their intrinsic value and offer compelling reward-to-risk opportunities.

Growth of $10,000 Investment in Class A Shares⁴

December 31, 2006 through December 31, 2016

LOGO

Top Ten Holdings as of December 31, 2016


	Security Name	% of Net Assets
1	Visa, Inc., Class A		3.68	%
2	Oracle Corp.		3.50
3	Alphabet, Inc., Class A		3.47
4	QUALCOMM, Inc.		3.41
5	Amazon.com, Inc.		3.32
6	Facebook, Inc., Class A		2.78
7	Monster Beverage Corp.		2.50
8	Citigroup, Inc.		2.48
9	Cisco Systems, Inc.		2.43
10	Alibaba Group Holding Ltd., Sponsored ADR		2.25

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced.

15 |

Average Annual Total Returns — December 31, 2016⁴



										Expense Ratios⁵
	1 Year			5 Years			10 Years			Gross			Net

Class A (Inception 7/7/94)
NAV		11.86	%		16.42	%		8.95	%		1.25	%		1.25	%
With 5.75% Maximum Sales Charge		5.44			15.04			8.30

Class C (Inception 7/7/94)
NAV		11.02			15.55			8.13			2.00			2.00
With CDSC¹		10.02			15.55			8.13

Class Y (Inception 11/15/94)
NAV		12.13			16.72			9.23			1.00			1.00

Comparative Performance
S&P 500^® Index²		11.96			14.66			6.95
Russell 1000^® Index³		12.05			14.69			7.08

1	Performance for Class C shares assumes a 1.00% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase.

2	S&P 500^® Index is a widely recognized measure of U.S. stock market performance. It is an unmanaged index of 500 common stocks chosen for market size, liquidity, and industry group representation, among other factors.

Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000^® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000^® Index represents approximately 92% of the U.S. market and is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.

4	Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense cap of the Fund has been exceeded. This arrangement is set to expire on 4/30/2017. When an expense cap has not been exceeded, the fund may have similar expense ratios.

| 16

ADDITIONAL INFORMATION

All investing involves risk, including the risk of loss. There is no assurance that any investment will meet its performance objectives or that losses will be avoided.

ADDITIONAL INDEX INFORMATION

The index information contained herein is derived from third parties and is provided on an “as is” basis. The user of this information assumes the entire risk of use of this information. Each of the third party entities involved in compiling, computing or creating index information, disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to such information.

PROXY VOTING INFORMATION

QUARTERLY PORTFOLIO SCHEDULES

17 |

UNDERSTANDING FUND EXPENSES

The second line in the table for each class of Fund shares provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid on your investment for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown reflect ongoing costs only, and do not include any transaction costs, such as sales charges. Therefore, the second line in the table of each Fund is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. If transaction costs were included, total costs would be higher.

| 18


LOOMIS SAYLES MULTI-ASSET INCOME FUND	BEGINNING ACCOUNT VALUE 7/1/2016		ENDING ACCOUNT VALUE 12/31/2016		EXPENSES PAID DURING PERIOD* 7/1/2016 – 12/31/2016
Class A
Actual		$1,000.00		$1,036.40		$4.86
Hypothetical (5% return before expenses)		$1,000.00		$1,020.36		$4.82
Class C
Actual		$1,000.00		$1,031.80		$8.68
Hypothetical (5% return before expenses)		$1,000.00		$1,016.59		$8.62
Class N
Actual		$1,000.00		$1,038.20		$3.33
Hypothetical (5% return before expenses)		$1,000.00		$1,021.87		$3.30
Class Y
Actual		$1,000.00		$1,037.90		$3.59
Hypothetical (5% return before expenses)		$1,000.00		$1,021.62		$3.56

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.95%, 1.70%, 0.65% and 0.70% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 366 (to reflect the half-year period).


MCDONNELL INTERMEDIATE MUNICIPAL BOND FUND	BEGINNING ACCOUNT VALUE 7/1/2016		ENDING ACCOUNT VALUE 12/31/2016		EXPENSES PAID DURING PERIOD* 7/1/2016 – 12/31/2016
Class A
Actual		$1,000.00		$957.10		$3.44
Hypothetical (5% return before expenses)		$1,000.00		$1,021.62		$3.56
Class C
Actual		$1,000.00		$954.50		$7.12
Hypothetical (5% return before expenses)		$1,000.00		$1,017.85		$7.35
Class Y
Actual		$1,000.00		$958.40		$2.22
Hypothetical (5% return before expenses)		$1,000.00		$1,022.87		$2.29

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.70%, 1.45% and 0.45% for Class A, C and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 366 (to reflect the half-year period).

19 |


NATIXIS U.S. EQUITY OPPORTUNITIES FUND	BEGINNING ACCOUNT VALUE 7/1/2016		ENDING ACCOUNT VALUE 12/31/2016		EXPENSES PAID DURING PERIOD* 7/1/2016 – 12/31/2016
Class A
Actual		$1,000.00		$1,104.30		$6.45
Hypothetical (5% return before expenses)		$1,000.00		$1,019.00		$6.19
Class C
Actual		$1,000.00		$1,100.50		$10.40
Hypothetical (5% return before expenses)		$1,000.00		$1,015.23		$9.98
Class Y
Actual		$1,000.00		$1,105.70		$5.13
Hypothetical (5% return before expenses)		$1,000.00		$1,020.26		$4.93

Expenses are equal to the Fund’s annualized expense ratio: 1.22%, 1.97% and 0.97% for Class A, C and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), divided by 366 (to reflect the half-year period).

| 20

Portfolio of Investments – as of December 31, 2016

Loomis Sayles Multi-Asset Income Fund


Shares		Description	Value (†)
	Common Stocks — 39.1% of Net Assets
		Aerospace & Defense — 1.2%
	1,188	Boeing Co. (The)	$	184,948
	11,765	United Technologies Corp.		1,289,679

				1,474,627

		Air Freight & Logistics — 0.1%
	7,124	bpost S.A.		168,416

		Airlines — 0.3%
	8,064	Southwest Airlines Co.		401,910

		Auto Components — 0.1%
	2,052	Delphi Automotive PLC		138,202

		Automobiles — 0.2%
	7,219	General Motors Co.		251,510

		Banks — 7.2%
	112,800	Bank of America Corp.		2,492,880
	1,700	Bank of Montreal		122,272
	1,200	Bank of Nova Scotia		66,817
	6,863	BB&T Corp.		322,698
	16,500	BOC Hong Kong Holdings Ltd.		58,766
	2,200	Canadian Imperial Bank of Commerce		179,520
	42,500	Citigroup, Inc.		2,525,775
	13,704	JPMorgan Chase & Co.		1,182,518
	4,500	National Bank of Canada		182,762
	3,568	PNC Financial Services Group, Inc. (The)		417,313
	6,803	U.S. Bancorp		349,470
	17,764	Wells Fargo & Co.		978,974

				8,879,765

		Beverages — 1.4%
	17,284	Coca-Cola Co. (The)		716,595
	1,743	Constellation Brands, Inc., Class A		267,219
	6,571	PepsiCo, Inc.		687,524
	739	Royal Unibrew AS		28,494

				1,699,832

		Biotechnology — 0.2%
	1,015	AbbVie, Inc.		63,560
	1,082	Amgen, Inc.		158,199

				221,759

		Building Products — 0.3%
	10,375	Johnson Controls International PLC		427,346

		Capital Markets — 1.7%
	18,247	BGC Partners, Inc., Class A		186,667
	44,100	Morgan Stanley		1,863,225

				2,049,892

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of December 31, 2016

Loomis Sayles Multi-Asset Income Fund – (continued)


Shares		Description	Value (†)
		Chemicals — 0.8%
	4,619	E.I. du Pont de Nemours & Co.	$	339,035
	1,841	Eastman Chemical Co.		138,462
	4,600	Hitachi Chemical Co. Ltd.		114,753
	2,048	LyondellBasell Industries NV, Class A		175,677
	1,527	PPG Industries, Inc.		144,698
	2,239	Trinseo S.A.		132,773

				1,045,398

		Commercial Services & Supplies — 0.3%
	5,764	Intrum Justitia AB		194,328
	2,627	Waste Management, Inc.		186,281

				380,609

		Construction & Engineering — 0.4%
	21,449	Peab AB		169,762
	7,716	Skanska AB		181,668
	14,000	Taisei Corp.		97,762

				449,192

		Construction Materials — 0.2%
	24,878	Fletcher Building Ltd.		182,797

		Containers & Packaging — 0.6%
	8,342	International Paper Co.		442,626
	2,111	Packaging Corp. of America		179,055
	2,635	WestRock Co.		133,779

				755,460

		Distributors — 0.0%
	2,800	Canon Marketing Japan, Inc.		47,015

		Diversified Consumer Services — 0.2%
	6,700	Benesse Holdings, Inc.		184,082

		Diversified Financial Services — 0.1%
	1,939	Pargesa Holding S.A.		126,033

		Diversified Telecommunication Services — 1.2%
	8,987	AT&T, Inc.		382,217
	10,140	CenturyLink, Inc.		241,129
	127,000	HKT Trust & HKT Ltd.		155,556
	13,920	Verizon Communications, Inc.		743,050

				1,521,952

		Electric Utilities — 1.7%
	17,500	CLP Holdings Ltd.		160,490
	7,411	EDP - Energias de Portugal S.A.		22,556
	8,026	Exelon Corp.		284,843
	6,052	FirstEnergy Corp.		187,430
	3,726	Great Plains Energy, Inc.		101,906
	171,000	HK Electric Investments & HK Electric Investments Ltd., 144A		140,974

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of December 31, 2016

Loomis Sayles Multi-Asset Income Fund – (continued)


Shares		Description	Value (†)
		Electric Utilities — continued
	4,883	NextEra Energy, Inc.	$	583,323
	10,945	PG&E Corp.		665,128

				2,146,650

		Energy Equipment & Services — 0.2%
	4,368	Halliburton Co.		236,265

		Food & Staples Retailing — 0.4%
	3,454	CVS Health Corp.		272,555
	8,098	Kroger Co. (The)		279,462

				552,017

		Food Products — 0.8%
	3,656	B&G Foods, Inc.		160,133
	3,163	Campbell Soup Co.		191,267
	1,277	J.M. Smucker Co. (The)		163,533
	690	Lamb Weston Holdings, Inc.(b)		26,116
	2,983	Mead Johnson Nutrition Co.		211,077
	5,945	Salmar ASA		177,523

				929,649

		Health Care Equipment & Supplies — 0.1%
	2,459	Medtronic PLC		175,155

		Health Care Providers & Services — 0.2%
	2,105	Quest Diagnostics, Inc.		193,449

		Hotels, Restaurants & Leisure — 0.9%
	1,089	Cracker Barrel Old Country Store, Inc.		181,841
	2,331	Darden Restaurants, Inc.		169,510
	12,873	Hilton Worldwide Holdings, Inc.		350,146
	3,437	McDonald’s Corp.		418,352
	269	Vail Resorts, Inc.		43,392

				1,163,241

		Household Durables — 0.2%
	1,071	Whirlpool Corp.		194,676

		Industrial Conglomerates — 2.0%
	51,882	General Electric Co.		1,639,471
	3,210	Honeywell International, Inc.		371,879
	2,473	Roper Technologies, Inc.		452,757

				2,464,107

		Insurance — 1.2%
	4,860	Assured Guaranty Ltd.		183,562
	2,410	Chubb Ltd.		318,409
	19,063	MetLife, Inc.		1,027,305

				1,529,276

		Internet Software & Services — 0.2%
	2,293	j2 Global, Inc.		187,567

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of December 31, 2016

Loomis Sayles Multi-Asset Income Fund – (continued)


Shares		Description	Value (†)
		IT Services — 0.9%
	1,469	Accenture PLC, Class A	$	172,064
	5,900	ITOCHU Techno-Solutions Corp.		153,132
	3,285	Leidos Holdings, Inc.		167,995
	964	Paychex, Inc.		58,688
	2,111	Science Applications International Corp.		179,013
	2,156	Visa, Inc., Class A		168,211
	8,318	Western Union Co. (The)		180,667

				1,079,770

		Leisure Products — 0.1%
	5,700	Sega Sammy Holdings, Inc.		84,702

		Machinery — 0.4%
	1,280	Cummins, Inc.		174,938
	3,711	Dover Corp.		278,065

				453,003

		Media — 0.2%
	4,393	Comcast Corp., Class A		303,337

		Metals & Mining — 0.1%
	54,952	Centamin PLC		93,015

		Multi-Utilities — 0.8%
	7,847	CenterPoint Energy, Inc.		193,350
	2,619	Consolidated Edison, Inc.		192,968
	5,818	Sempra Energy		585,524

				971,842

		Multiline Retail — 0.0%
	387	Target Corp.		27,953

		Oil, Gas & Consumable Fuels — 3.2%
	4,533	Chevron Corp.		533,534
	2,900	Enbridge Income Fund Holdings, Inc.		75,100
	19,436	Encana Corp.		228,179
	2,071	EQT Corp.		135,443
	12,449	Exxon Mobil Corp.		1,123,647
	8,545	Golar LNG Ltd.		196,022
	2,600	Inter Pipeline Ltd.		57,397
	13,822	Kinder Morgan, Inc.		286,254
	51,000	MEG Energy Corp.(b)		350,598
	2,759	Neste OYJ		105,580
	600	ONEOK, Inc.		34,446
	1,881	PDC Energy, Inc.(b)		136,523
	11,200	Range Resources Corp.		384,832
	4,501	Valero Energy Corp.		307,508

				3,955,063

		Pharmaceuticals — 2.7%
	11,900	Astellas Pharma, Inc.		165,093
	7,726	Bristol-Myers Squibb Co.		451,507

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of December 31, 2016

Loomis Sayles Multi-Asset Income Fund – (continued)


Shares		Description	Value (†)
		Pharmaceuticals — continued
	8,100	Daiichi Sankyo Co. Ltd.	$	165,396
	4,661	Eli Lilly & Co.		342,817
	9,325	GlaxoSmithKline PLC		179,119
	11,873	Johnson & Johnson		1,367,888
	22,338	Pfizer, Inc.		725,538

				3,397,358

		REITs – Mortgage — 0.1%
	10,471	Chimera Investment Corp.		178,216

		Road & Rail — 0.2%
	6,682	CSX Corp.		240,084

		Semiconductors & Semiconductor Equipment — 1.4%
	28,129	Cypress Semiconductor Corp.		321,796
	6,869	Intel Corp.		249,139
	4,641	Maxim Integrated Products, Inc.		179,003
	14,189	QUALCOMM, Inc.		925,123
	1,200	Texas Instruments, Inc.		87,564

				1,762,625

		Software — 1.8%
	28,339	Microsoft Corp.		1,760,985
	12,140	Oracle Corp.		466,783

				2,227,768

		Specialty Retail — 0.1%
	3,865	Best Buy Co., Inc.		164,920

		Technology Hardware, Storage & Peripherals — 0.4%
	3,591	Apple, Inc.		415,910
	1,868	Seagate Technology PLC		71,301

				487,211

		Thrifts & Mortgage Finance — 0.1%
	7,200	Genworth MI Canada, Inc.		180,503

		Tobacco — 1.4%
	3,716	Altria Group, Inc.		251,276
	3,178	British American Tobacco PLC		180,114
	4,306	Imperial Brands PLC		187,658
	5,401	Philip Morris International, Inc.		494,138
	7,481	Reynolds American, Inc.		419,235
	8,558	Vector Group Ltd.		194,609

				1,727,030

		Trading Companies & Distributors — 0.6%
	12,800	ITOCHU Corp.		169,482
	8,200	Mitsubishi Corp.		174,157
	12,500	Mitsui & Co. Ltd.		171,279
	70,000	Sojitz Corp.		169,481

				684,399

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of December 31, 2016

Loomis Sayles Multi-Asset Income Fund – (continued)


Shares		Description	Value (†)
		Transportation Infrastructure — 0.2%
	2,234	Macquarie Infrastructure Corp.	$	182,518

		Total Common Stocks (Identified Cost $45,566,383)		48,379,166


Principal Amount (‡)
	Bonds and Notes — 30.9%
	Non-Convertible Bonds — 30.3%
		Banking — 12.9%
$	610,000	Australia & New Zealand Banking Group Ltd., (fixed rate to 6/15/2026, variable rate thereafter), 6.750%, 144A(c)		644,542
	1,800,000	Banco Bilbao Vizcaya Argentaria S.A., (fixed rate to 5/09/2018, variable rate thereafter), 9.000%(c)		1,873,793
	1,000,000	Banco Santander S.A., (fixed rate to 5/19/2019, variable rate thereafter), 6.375%(c)		928,960
	2,250,000	Barclays PLC, (fixed rate to 9/15/2019, variable rate thereafter), 6.625%(c)		2,106,837
	3,600,000	BNP Paribas S.A., (fixed rate to 3/14/2022, variable rate thereafter), 6.750%, 144A(c)		3,550,500
	1,150,000	BNP Paribas S.A., (fixed rate to 3/30/2021, variable rate thereafter), 7.625%, 144A(c)		1,213,365
	1,550,000	Lloyds Banking Group PLC, (fixed rate to 6/27/2024, variable rate thereafter), 7.500%(c)		1,596,500
	1,200,000	Royal Bank of Scotland Group PLC, (fixed rate to 8/15/2021, variable rate thereafter), 8.625%(c)		1,224,000
	610,000	Societe Generale S.A., 4.250%, 8/19/2026, 144A		589,183
	1,200,000	Standard Chartered PLC, (fixed rate to 4/02/2020, variable rate thereafter), 6.500%, 144A(c)		1,095,540
	1,140,000	UBS Group AG, (fixed rate to 8/07/2025, variable rate thereafter), 6.875%(c)		1,126,557

				15,949,777

		Cable Satellite — 0.6%
	600,000	DISH DBS Corp., 7.750%, 7/01/2026		676,500

		Chemicals — 1.6%
	650,000	Hercules LLC, 6.500%, 6/30/2029		631,312
	350,000	Hexion, Inc., 8.875%, 2/01/2018		348,250
	1,000,000	Koppers, Inc., 7.875%, 12/01/2019		1,013,750

				1,993,312

		Electric — 1.3%
	600,000	Dynegy, Inc., 5.875%, 6/01/2023		520,500
	670,000	Dynegy, Inc., 8.000%, 1/15/2025, 144A		628,125
	435,000	NRG Energy, Inc., 7.250%, 5/15/2026, 144A		432,825

				1,581,450

		Finance Companies — 0.5%
	295,000	Cia Latinoamericana de Infraestructura & Servicios S.A., 9.500%, 7/20/2023, 144A		286,150

See accompanying notes to financial statements.

| 26

Portfolio of Investments – as of December 31, 2016

Loomis Sayles Multi-Asset Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Finance Companies — continued
$	395,000	Mexico City Airport Trust, 4.250%, 10/31/2026, 144A	$	387,100

				673,250

		Food & Beverage — 0.5%
	635,000	Marfrig Holdings Europe BV, 8.000%, 6/08/2023, 144A		656,431

		Government Owned – No Guarantee — 1.0%
	1,150,000	Petrobras Global Finance BV, 8.750%, 5/23/2026		1,240,563

		Independent Energy — 0.7%
	300,000	MEG Energy Corp., 6.375%, 1/30/2023, 144A		267,000
	710,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		642,550

				909,550

		Metals & Mining — 0.9%
	1,020,000	Freeport-McMoRan, Inc., 6.750%, 2/01/2022, 144A		1,048,050

		Midstream — 0.8%
	465,000	Plains All American Pipeline LP/PAA Finance Corp., 6.650%, 1/15/2037		507,536
	485,000	Western Refining Logistics LP/WNRL Finance Corp., 7.500%, 2/15/2023		523,800

				1,031,336

		Non-Agency Commercial Mortgage-Backed Securities — 0.3%
	370,000	Commercial Mortgage Trust, Series 2016-SAVA, Class C, 3.704%, 10/15/2034, 144A(d)		370,873

		Oil Field Services — 1.6%
	530,000	Noble Holding International Ltd., 6.050%, 3/01/2041		365,700
	385,000	Noble Holding International Ltd., 7.200%, 4/01/2025		360,938
	900,000	Transocean, Inc., 6.000%, 3/15/2018		911,250
	455,000	Transocean, Inc., 6.800%, 3/15/2038		352,625

				1,990,513

		Packaging — 0.4%
	540,000	ARD Finance S.A., PIK, 7.125%, 9/15/2023, 144A(e)		533,250

		Property & Casualty Insurance — 0.4%
	565,000	Old Republic International Corp., 3.875%, 8/26/2026		537,436

		Sovereigns — 0.4%
	485,000	Republic of Argentina, 7.500%, 4/22/2026, 144A		509,061

		Technology — 1.4%
	75,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 7.125%, 6/15/2024, 144A		83,263
	410,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 8.100%, 7/15/2036, 144A		487,729
	290,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 8.350%, 7/15/2046, 144A		357,074
	675,000	Western Digital Corp., 10.500%, 4/01/2024, 144A		798,187

				1,726,253

		Treasuries — 0.9%
	4,300(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2027, (BRL)		1,154,265

		Wireless — 0.8%
	900,000	Sprint Corp., 7.250%, 9/15/2021		956,250

See accompanying notes to financial statements.

27 |

Portfolio of Investments – as of December 31, 2016

Loomis Sayles Multi-Asset Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Wirelines — 3.3%
$	380,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039	$	331,550
	385,000	Cincinnati Bell, Inc., 7.000%, 7/15/2024, 144A		407,138
	1,355,000	Frontier Communications Corp., 8.875%, 9/15/2020		1,443,075
	920,000	Frontier Communications Corp., 10.500%, 9/15/2022		967,196
	910,000	Qwest Corp., 6.875%, 9/15/2033		868,878

				4,017,837

		Total Non-Convertible Bonds (Identified Cost $36,446,020)		37,555,957


	Convertible Bonds — 0.6%
		Cable Satellite — 0.6%
	610,000	Dish Network Corp., 3.375%, 8/15/2026, 144A (Identified Cost $642,766)		694,256

		Total Bonds and Notes (Identified Cost $37,088,786)		38,250,213


Shares
	Exchange-Traded Funds and Notes — 17.6%
	57,500	Consumer Discretionary Select Sector SPDR^® Fund		4,680,500
	167,000	ETRACS Alerian MLP Infrastructure Index ETN		4,744,470
	32,000	iShares^® Russell 2000 ETF		4,315,200
	175,000	JPMorgan Alerian MLP Index ETN		5,531,750
	45,000	SPDR^® S&P^® Regional Banking ETF		2,500,650

		Total Exchange-Traded Funds (Identified Cost $21,028,295)		21,772,570


Principal Amount (‡)
	Senior Loans — 7.2%
		Airlines — 2.5%
$	3,063,636	Gol LuxCo S.A., 1st Lien Term Loan, 6.500%, 8/31/2020(d)		3,128,738

		Building Materials — 0.1%
	90,000	Quikrete Holdings, Inc., 2016 1st Lien Term Loan, 11/15/2023(f)		90,825

		Chemicals — 1.0%
	260,833	Chromaflo Technologies Corp., Term Loan B1, 5.000%, 11/18/2023(d)		262,628
	339,167	Chromaflo Technologies Corp., Term Loan B2, 5.000%, 11/18/2023(d)		341,500
	600,000	Kraton Polymers LLC, Term Loan B, 1/06/2022(f)		606,324

				1,210,452

		Electric — 0.9%
	1,060,000	Dynegy, Inc., Escrow, 5.000%, 6/27/2023(d)		1,072,805

		Independent Energy — 0.3%
	392,811	Chesapeake Energy Corp., Term Loan, 8.500%, 8/23/2021(d)	��	427,017

		Media Entertainment — 0.5%
	598,500	Camelot UK Holdco Ltd., Term Loan B, 10/03/2023(f)		605,108

See accompanying notes to financial statements.

| 28

Portfolio of Investments – as of December 31, 2016

Loomis Sayles Multi-Asset Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Retailers — 0.5%
$	600,000	PetSmart, Inc., Term Loan B2, 3/11/2022(f)	$	601,500

		Technology — 1.4%
	1,715,000	Dell, Inc., 2016 Term Loan B, 4.020%, 9/07/2023(d)		1,743,246

		Total Senior Loans (Identified Cost $8,675,370)		8,879,691


Shares
	Preferred Stocks — 1.7%
		Banking — 1.3%
	64,000	Bank of America Corp., Series CC, 6.200%		1,616,640

		Consumer Cyclical Services — 0.4%
	22,000	eBay, Inc., 6.000%		570,680

		Total Preferred Stocks (Identified Cost $2,150,000)		2,187,320


Principal Amount (‡)
	Short-Term Investments — 4.8%
$	5,916,420	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/2016 at 0.030% to be repurchased at $5,916,440 on 1/03/2017 collateralized by $6,210,000 U.S. Treasury Note, 2.000% due 8/15/2025 valued at $6,038,846 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $5,916,420)		5,916,420


		Total Investments — 101.3% (Identified Cost $120,425,254)(a)		125,385,380
		Other assets less liabilities — (1.3)%		(1,612,070	)

		Net Assets — 100.0%	$	123,773,310


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 1,000.
	(a)	Federal Tax Information:
		At December 31, 2016, the net unrealized appreciation on investments based on a cost of $121,213,741 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	5,223,132
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,051,493	)

		Net unrealized appreciation	$	4,171,639


	(b)	Non-income producing security.
	(c)	Perpetual bond with no specified maturity date.

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of December 31, 2016

Loomis Sayles Multi-Asset Income Fund – (continued)



	(d)			Variable rate security. Rate as of December 31, 2016 is disclosed.
	(e)			Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional debt securities. For the period ended December 31, 2016, interest payments were made in cash.
	(f)			Position is unsettled. Contract rate was not determined at December 31, 2016 and does not take effect until settlement date. Maturity date is not finalized until settlement date.

	144A			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 December 31, 2016, the value of Rule 144A holdings amounted to $15,823,166 or 12.8% of net assets.
	ETF			Exchange-Traded Fund
	ETN			Exchange-Traded Note
	PIK			Payment-in-Kind
	REITs			Real Estate Investment Trusts

	BRL			Brazilian Real

Industry Summary at December 31, 2016


Exchange-Traded Funds	17.6	%
Banking	14.2
Banks	7.2
Chemicals	3.4
Wirelines	3.3
Oil, Gas & Consumable Fuels	3.2
Airlines	2.8
Technology	2.8
Pharmaceuticals	2.7
Electric	2.2
Industrial Conglomerates	2.0
Other Investments, less than 2% each	35.1
Short-Term Investments	4.8

Total Investments	101.3
Other assets less liabilities	(1.3	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of December 31, 2016

McDonnell Intermediate Municipal Bond Fund


Principal Amount		Description	Value (†)
	Bonds and Notes — 100.8% of Net Assets
	Municipals — 100.8%
		Arkansas — 2.3%
$	750,000	Arizona Board of Regents, State University System Revenue, Refunding, Series A, 5.000%, 7/01/2024	$	888,578
	400,000	Pulaski County Hospital Revenue, Arkansas Children’s Hospital, Refunding, 5.000%, 3/01/2024		466,560

				1,355,138

		California — 5.7%
	250,000	Alameda Corridor Transportation Authority Revenue, Senior Lien, Refunding, Series A, 5.000%, 10/01/2024		288,868
	380,000	Bay Area Water Supply & Conservation Agency Revenue, Series A, 5.000%, 10/01/2024		441,940
	485,000	California School Finance Authority Revenue, Aspire Public Schools Obligated Group, Refunding, 5.000%, 8/01/2027		526,870
	700,000	Garden Grove Unified School District, 2010 Election, GO, Series C, 5.000%, 8/01/2035		782,488
	400,000	Los Angeles Harbor Department Revenue, Refunding, Series A, AMT, 5.000%, 8/01/2036		440,436
	760,000	San Gorgonio Memorial Health Care District, GO, Refunding, 5.000%, 8/01/2024		888,037

				3,368,639

		Colorado — 6.0%
	1,000,000	Adams & Weld Counties School District No. 27J Brighton, GO, (State Aid Withholding), 5.000%, 12/01/2028		1,187,930
	260,000	Colorado Springs Utilities System Revenue, Series B-2, 5.000%, 11/15/2033		298,797
	400,000	Colorado State Health Facilities Authority Revenue, Craig Hospital Project, 5.000%, 12/01/2028		443,220
	400,000	Denver City & County School District No. 1, GO, Series B, (State Aid Withholding), 5.000%, 12/01/2026		466,036
	500,000	Regional Transportation District Sales Tax Revenue, Fastracks Project, Refunding, Series A, 5.000%, 11/01/2028		609,480
	450,000	University of Colorado Revenue, Refunding, Series B, 5.000%, 6/01/2019		487,625

				3,493,088

		District of Columbia — 1.5%
	800,000	District of Columbia Water & Sewer Authority Public Utility Revenue, Prerefunded 10/01/2018@100, Series A, 5.000%, 10/01/2024		852,144

		Florida — 16.3%
	500,000	Fernandina Beach Utility System Revenue, Refunding, Series A, 5.000%, 9/01/2027		567,330
	1,000,000	Florida Municipal Power Agency, Refunding, Series A, 5.000%, 10/01/2028		1,188,230
	400,000	Florida State Board of Governors, University System Improvement Revenue, Refunding, Series A, 5.000%, 7/01/2018		422,120
	1,000,000	Lee County Transportation Facilities Revenue, Refunding, (AGM insured), 5.000%, 10/01/2022		1,153,650
	750,000	Miami-Dade County Aviation Revenue, Refunding, Series A, AMT, 5.000%, 10/01/2017		771,000

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of December 31, 2016

McDonnell Intermediate Municipal Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Florida — continued
$	1,000,000	Miami-Dade County Water & Sewer System Revenue, Refunding, 5.000%, 10/01/2023	$	1,161,530
	400,000	Orlando & Orange County Expressway Authority Revenue, Refunding, 5.000%, 7/01/2023		451,212
	1,000,000	Orlando & Orange County Expressway Authority, Refunding, (AGM insured), 5.000%, 7/01/2024		1,126,390
	1,000,000	Osceola County Sales Tax Revenue, Refunding, Series A, 5.000%, 10/01/2033		1,128,910
	600,000	Sarasota County Infrastructure Sales Surtax Revenue, Refunding, 5.000%, 10/01/2022		687,654
	400,000	Sarasota County Utility System Revenue, 5.000%, 10/01/2023		468,140
	400,000	Volusia County Educational Facility Authority Revenue, Embry-Riddle Aeronautical University, Inc., Series B, 5.000%, 10/15/2025		463,320

				9,589,486

		Georgia — 4.3%
	500,000	Municipal Electric Authority of Georgia Revenue, Series B, 5.000%, 1/01/2021		557,435
	1,500,000	Municipal Electric Authority of Georgia Revenue, Project One Subordinated Bonds, Refunding, Series A, 5.000%, 1/01/2032		1,700,310
	250,000	Savannah Hospital Authority Revenue, St. Joseph’s/Candler Health System Obligated Group, Series A, 5.500%, 7/01/2027		293,032

				2,550,777

		Illinois — 6.1%
	210,000	Chicago O’Hare International Airport, General Revenue, Refunding, Series C, AMT, 5.000%, 1/01/2022		231,166
	1,000,000	Chicago O’Hare International Airport, Revenue, Series D, 5.000%, 1/01/2026		1,149,560
	100,000	Illinois Finance Authority Revenue, Art Institute of Chicago (The), Refunding, 5.000%, 3/01/2025		116,176
	210,000	Illinois Finance Authority Revenue, Art Institute of Chicago (The), Refunding, 5.000%, 3/01/2024		242,411
	370,000	Illinois Finance Authority Revenue, Children’s Memorial Hospital, Series B, 5.500%, 8/15/2028		391,634
	500,000	Illinois Finance Authority Revenue, Loyola University Chicago, Series B, 5.000%, 7/01/2020		551,730
	100,000	Illinois Finance Authority Revenue, Loyola University Chicago, Series B, 5.000%, 7/01/2021		112,088
	700,000	Will County Forest Preservation District, GO, Refunding, Series A, 5.000%, 12/15/2020		780,668

				3,575,433

		Indiana — 1.7%
	405,000	Greenfield Middle School Building Corp. Revenue, 1st Mortgage, Refunding, 5.000%, 1/15/2020		445,160
	500,000	Indianapolis Local Public Improvement Bond Bank Revenue, Indianapolis Airport Authority, Refunding, Series A1, AMT, 5.000%, 1/01/2023		570,620

				1,015,780

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of December 31, 2016

McDonnell Intermediate Municipal Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Iowa — 1.5%
$	335,000	Xenia Rural Water District Revenue, Capital Loan Notes, Refunding, 5.000%, 12/01/2022	$	373,498
	450,000	Xenia Rural Water District Revenue, Capital Loan Notes, Refunding, 5.000%, 12/01/2023		504,851

				878,349

		Kansas — 1.4%
	720,000	Sedgwick County Unified School District No. 265 Goddard, GO, Refunding, Series B, 4.000%, 10/01/2022		791,942

		Kentucky — 0.6%
	325,000	Louisville & Jefferson County Metropolitan Government Health System Revenue, Norton Healthcare, Inc. Obligated Group, Refunding, Series A, 5.000%, 10/01/2020		354,062

		Massachusetts — 1.0%
	400,000	Massachusetts State Development Finance Agency Revenue, Emerson College, Series A, 5.000%, 1/01/2023		441,480
	150,000	Massachusetts State Development Finance Agency Revenue, Massachusetts College of Pharmacy Allied Health Science, Series F, 4.000%, 7/01/2018		155,840

				597,320

		Minnesota — 0.4%
	250,000	Minneapolis-St. Paul Metropolitan Airports Commission Revenue, Refunding, 5.000%, 1/01/2017		250,000

		Missouri — 3.8%
	700,000	Missouri Joint Municipal Electric Utility Commission Power Project Revenue, Refunding, 5.000%, 1/01/2024		805,763
	1,250,000	Missouri Joint Municipal Electric Utility Commission Power Project Revenue, Refunding, Series A, 5.000%, 12/01/2034		1,397,000

				2,202,763

		Nebraska — 2.9%
	1,000,000	Metropolitan Utilities District of Omaha Revenue, System Improvements, Refunding, 5.000%, 12/01/2022		1,153,650
	500,000	Nebraska Public Power District, General Revenue, Refunding, Series A, 5.000%, 1/01/2028		556,300

				1,709,950

		Nevada — 1.0%
	500,000	City of Henderson, GO, Various Purpose, Refunding, 5.000%, 6/01/2026		587,710

		New Jersey — 5.3%
	265,000	New Jersey Health Care Facilities Financing Authority Revenue, Refunding, Virtual Health, Inc., 5.000%, 7/01/2023		304,114
	500,000	New Jersey State Turnpike Authority Revenue, Series A, 5.000%, 1/01/2032		563,055
	1,500,000	New Jersey State Turnpike Authority Revenue, Series E, 5.000%, 1/01/2032		1,689,000
	500,000	Rutgers The State University of New Jersey, Refunding, Series J, 5.000%, 5/01/2024		578,360

				3,134,529

See accompanying notes to financial statements.

33 |

Portfolio of Investments – as of December 31, 2016

McDonnell Intermediate Municipal Bond Fund – (continued)


Principal Amount		Description	Value (†)
		New Mexico — 1.0%
$	500,000	New Mexico Hospital Equipment Loan Council Revenue, Presbyterian Healthcare Services Obligated Group, Refunding, 5.000%, 8/01/2031	$	571,425

		New York — 1.8%
	1,000,000	Port Authority of New York & New Jersey Revenue, 195th Series, Refunding, AMT, 5.000%, 10/01/2019		1,084,560

		Ohio — 5.6%
	400,000	American Municipal Power Revenue, Hydroelectric Projects, Refunding, Series CA, (AGM insured), 5.000%, 2/15/2021		441,236
	250,000	American Municipal Power, Inc. Revenue, Greenup Hydroelectric Project, Series A, 5.000%, 2/15/2028		288,517
	250,000	American Municipal Power, Inc. Revenue, Meldahl Hydroelectric Project, Green Bond, Series A, 5.000%, 2/15/2022		282,240
	500,000	Columbus, GO, Various Purpose, Series A, 5.000%, 8/15/2023		592,110
	500,000	Hamilton County Hospital Facilities Revenue, UC Health Obligated Group, 5.000%, 2/01/2024		574,270
	500,000	Ohio State Higher Educational Facility Commission Revenue, University of Dayton, 5.000%, 12/01/2030		562,665
	500,000	Scioto County Hospital Revenue, Southern Ohio Medical Center Obligated Group, Refunding, 5.000%, 2/15/2030		568,085

				3,309,123

		Pennsylvania — 1.1%
	335,000	Delaware County Authority Revenue, Villanova University, 5.000%, 8/01/2019		362,262
	285,000	Delaware River Joint Toll Bridge Commission Revenue, Refunding, Series A, 4.000%, 7/01/2027		303,183

				665,445

		Rhode Island — 3.0%
	500,000	Rhode Island Clean Water Finance Agency Pollution Control Agency Revolving Fund-Pooled Loan, Series A, 5.000%, 10/01/2024		593,075
	1,000,000	Rhode Island Turnpike & Bridge Authority Motor Fuel Tax Revenue, Refunding, Series A, 5.000%, 10/01/2033		1,137,800

				1,730,875

		South Dakota — 0.8%
	465,000	Sioux Falls Sales Tax Revenue, Series A-1, 4.750%, 11/15/2036		477,792

		Tennessee — 2.2%
	500,000	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue, Vanderbilt University Medical Center Obligated Group, Series A, 5.000%, 7/01/2030		560,970
	615,000	Metropolitan Nashville Airport Authority (The) Revenue, Series B, AMT, 5.000%, 7/01/2023		700,245

				1,261,215

		Texas — 10.9%
	700,000	City of Denton, GO, Refunding, 5.000%, 2/15/2024		821,814
	500,000	Harris County Health Facilities Development Authority Revenue, Memorial Hermann Healthcare System, Prerefunded 12/01/2018@100, Series B, 7.125%, 12/01/2031		553,730

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of December 31, 2016

McDonnell Intermediate Municipal Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Texas — continued
$	1,000,000	Houston Higher Education Finance Corp. Revenue, Harmony Public School, Refunding, Series A, (PSF-GTD), 5.000%, 2/15/2024	$	1,160,510
	1,000,000	Lancaster Independent School District, GO, Refunding, (BAM insured), 5.000%, 2/15/2026		1,181,680
	940,000	New Caney Independent School District, Refunding, Series A, (PSF-GTD), 5.000%, 2/15/2023		1,093,803
	350,000	State of Texas Water Financial Assistance, GO, Series B, 5.000%, 8/01/2022		396,312
	400,000	Tarrant County Cultural Education Facilities Finance Corp. Revenue, Methodist Hospitals of Dallas, 5.000%, 10/01/2024		462,456
	670,000	Texas State Technical College System Revenue, Refunding, (AGM Insured), 4.000%, 10/15/2033		696,947

				6,367,252

		Utah — 0.5%
	250,000	Utah State Transit Authority Sales Tax Revenue, Refunding, 5.000%, 6/15/2024		285,040

		Washington — 8.9%
	1,140,000	Grant County Public Utility District No. 2, Refunding, Priest Rapids Hydroelectric Project, Series B, AMT, 5.000%, 1/01/2025		1,328,168
	500,000	King County Public Hospital District No. 2, GO, Evergreen Healthcare, Series B, 5.000%, 12/01/2032		558,710
	1,500,000	Pierce County School District No. 10 Tacoma, Refunding, 5.000%, 12/01/2026		1,784,520
	500,000	Port of Seattle Revenue, AMT, 5.000%, 7/01/2029		551,125
	400,000	Port of Seattle Special Facility Revenue, Refunding, AMT, SEATAC Fuel Facility LLC, 5.000%, 6/01/2020		434,488
	500,000	Snohomish County School District No. 15 Edmonds, GO, 5.000%, 12/01/2031		573,455

				5,230,466

		Wisconsin — 3.2%
	450,000	Public Finance Authority Hospital Revenue, Renown Regional Medical Center Project Obligated Group, Refunding, Series A, 4.000%, 6/01/2020	��	479,632
	1,000,000	Public Finance Authority Lease Development Revenue, Kansas University Development Corp., 5.000%, 3/01/2030		1,141,840
	225,000	Wisconsin Health & Educational Facilities Authority Revenue, Aspirus, Inc. Obligated Group, Refunding, Series A, 5.000%, 8/15/2031		245,327

				1,866,799

		Total Bonds and Notes (Identified Cost $59,347,343)		59,157,102

See accompanying notes to financial statements.

35 |

Portfolio of Investments – as of December 31, 2016

McDonnell Intermediate Municipal Bond Fund – (continued)


Principal Amount		Description	Value (†)
	Short-Term Investments — 1.4%
$	825,519	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/2016 at 0.030% to be repurchased at $825,522 on 1/03/2017 collateralized by $870,000 U.S. Treasury Note, 2.000% due 8/15/2025 valued at $846,022 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $825,519)	$	825,519


		Total Investments — 102.2% (Identified Cost $60,172,862)(a)		59,982,621
		Other assets less liabilities — (2.2)%		(1,314,541	)

		Net Assets — 100.0%	$	58,668,080


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information:
		At December 31, 2016, the net unrealized depreciation on investments based on a cost of $60,172,862 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	601,427
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(791,668	)

		Net unrealized depreciation	$	(190,241	)


	AGM	Assured Guaranty Municipal Corporation
	AMT	Alternative Minimum Tax
	BAM	Build America Mutual
	GO	General Obligation
	PSF-GTD	Permanent School Fund Guarantee Program

Holdings Summary at December 31, 2016


Transportation	14.6	%
Higher Education	13.6
School District	13.4
Power	12.2
Medical	10.8
Water	10.6
General Obligation	7.9
General	7.0
Airport	5.3
Utilities	2.8
Education	1.6
Bond Bank	1.0
Short-Term Investments	1.4

Total Investments	102.2
Other assets less liabilities	(2.2	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 36

Portfolio of Investments – as of December 31, 2016

Natixis U.S. Equity Opportunities Fund


Shares		Description	Value (†)
	Common Stocks — 95.7% of Net Assets
		Air Freight & Logistics — 4.6%
	277,260	Expeditors International of Washington, Inc.	$	14,683,690
	60,100	FedEx Corp.		11,190,620
	48,279	United Parcel Service, Inc., Class B		5,534,704

				31,409,014

		Automobiles — 1.2%
	231,700	General Motors Co.		8,072,428

		Banks — 6.5%
	651,500	Bank of America Corp.		14,398,150
	287,600	Citigroup, Inc.		17,092,068
	155,100	JPMorgan Chase & Co.		13,383,579

				44,873,797

		Beverages — 5.0%
	179,928	Coca-Cola Co. (The)		7,459,815
	95,000	Diageo PLC, Sponsored ADR		9,874,300
	388,441	Monster Beverage Corp.(b)		17,223,474

				34,557,589

		Biotechnology — 2.0%
	30,964	Amgen, Inc.		4,527,247
	25,501	Regeneron Pharmaceuticals, Inc.(b)		9,361,162

				13,888,409

		Capital Markets — 4.8%
	43,655	FactSet Research Systems, Inc.		7,134,537
	33,400	Goldman Sachs Group, Inc. (The)		7,997,630
	76,327	MSCI, Inc.		6,013,041
	244,468	SEI Investments Co.		12,066,940

				33,212,148

		Communications Equipment — 2.4%
	554,240	Cisco Systems, Inc.		16,749,133

		Consumer Finance — 2.4%
	60,049	American Express Co.		4,448,430
	136,800	Capital One Financial Corp.		11,934,432

				16,382,862

		Energy Equipment & Services — 1.4%
	112,565	Schlumberger Ltd.		9,449,832

		Food Products — 2.6%
	617,829	Danone S.A., Sponsored ADR		7,772,289
	138,600	Nestle S.A., Sponsored ADR		9,943,164

				17,715,453

		Health Care Equipment & Supplies — 1.6%
	123,625	Varian Medical Systems, Inc.(b)		11,099,053

See accompanying notes to financial statements.

37 |

Portfolio of Investments – as of December 31, 2016

Natixis U.S. Equity Opportunities Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — 1.3%
	57,700	UnitedHealth Group, Inc.	$	9,234,308

		Health Care Technology — 0.8%
	118,166	Cerner Corp.(b)		5,597,523

		Hotels, Restaurants & Leisure — 2.2%
	352,645	Yum China Holdings, Inc.(b)		9,211,087
	87,979	Yum! Brands, Inc.		5,571,710

				14,782,797

		Household Durables — 1.4%
	52,450	Whirlpool Corp.		9,533,837

		Household Products — 1.1%
	88,392	Procter & Gamble Co. (The)		7,431,999

		Industrial Conglomerates — 2.0%
	432,400	General Electric Co.		13,663,840

		Insurance — 4.9%
	148,800	Aflac, Inc.		10,356,480
	211,400	American International Group, Inc.		13,806,534
	84,500	Aon PLC		9,424,285

				33,587,299

		Internet & Direct Marketing Retail — 4.3%
	30,473	Amazon.com, Inc.(b)		22,850,789
	348,600	Liberty Interactive Corp./QVC Group, Class A(b)		6,965,028

				29,815,817

		Internet Software & Services — 9.7%
	176,083	Alibaba Group Holding Ltd., Sponsored ADR(b)		15,461,848
	30,154	Alphabet, Inc., Class A(b)		23,895,537
	10,785	Alphabet, Inc., Class C(b)		8,324,079
	166,439	Facebook, Inc., Class A(b)		19,148,807

				66,830,271

		IT Services — 5.9%
	36,358	Automatic Data Processing, Inc.		3,736,875
	114,500	MasterCard, Inc., Class A		11,822,125
	324,494	Visa, Inc., Class A		25,317,022

				40,876,022

		Machinery — 4.1%
	105,200	Caterpillar, Inc.		9,756,248
	69,800	Cummins, Inc.		9,539,566
	85,757	Deere & Co.		8,836,401

				28,132,215

		Metals & Mining — 0.4%
	35,782	Compass Minerals International, Inc.		2,803,520

		Oil, Gas & Consumable Fuels — 3.5%
	154,700	Anadarko Petroleum Corp.		10,787,231

See accompanying notes to financial statements.

| 38

Portfolio of Investments – as of December 31, 2016

Natixis U.S. Equity Opportunities Fund – (continued)


Shares		Description	Value (†)
		Oil, Gas & Consumable Fuels — continued
	210,300	Apache Corp.	$	13,347,741

				24,134,972

		Personal Products — 1.4%
	231,800	Unilever PLC, Sponsored ADR		9,434,260

		Pharmaceuticals — 2.6%
	49,547	Merck & Co., Inc.		2,916,832
	72,581	Novartis AG, Sponsored ADR		5,286,800
	266,700	Novo Nordisk AS, Sponsored ADR		9,563,862

				17,767,494

		Semiconductors & Semiconductor Equipment — 7.1%
	17,788	Analog Devices, Inc.		1,291,765
	308,100	Intel Corp.		11,174,787
	26,274	Linear Technology Corp.		1,638,184
	359,657	QUALCOMM, Inc.		23,449,636
	155,300	Texas Instruments, Inc.		11,332,241

				48,886,613

		Software — 6.1%
	155,557	Autodesk, Inc.(b)		11,512,774
	104,858	Microsoft Corp.		6,515,876
	626,610	Oracle Corp.		24,093,154

				42,121,804

		Technology Hardware, Storage & Peripherals — 1.6%
	96,600	Apple, Inc.		11,188,212

		Textiles, Apparel & Luxury Goods — 0.8%
	73,406	adidas AG, Sponsored ADR		5,766,041

		Total Common Stocks (Identified Cost $529,508,285)		658,998,562


Principal Amount
	Short-Term Investments — 4.3%
$	29,406,475	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/2016 at 0.030% to be repurchased at $29,406,573 on 1/03/2017 collateralized by $30,850,000 U.S. Treasury Note, 2.000% due 8/15/2025 valued at $29,999,743 (Note 2 of Notes to Financial Statements) (Identified Cost $29,406,475)		29,406,475


		Total Investments — 100.0% (Identified Cost $558,914,760)(a)		688,405,037
		Other assets less liabilities — 0.0%		30,775

		Net Assets — 100.0%	$	688,435,812

See accompanying notes to financial statements.

39 |

Portfolio of Investments – as of December 31, 2016

Natixis U.S. Equity Opportunities Fund – (continued)



(†)	See Note 2 of Notes to Financial Statements.
(a)	Federal Tax Information:
	At December 31, 2016, the net unrealized appreciation on investments based on a cost of $559,526,710 for federal income tax purposes was as follows:
	Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	138,546,459
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(9,668,132	)

	Net unrealized appreciation	$	128,878,327


(b)	Non-income producing security.

ADR	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.

Industry Summary at December 31, 2016


Internet Software & Services	9.7	%
Semiconductors & Semiconductor Equipment	7.1
Banks	6.5
Software	6.1
IT Services	5.9
Beverages	5.0
Insurance	4.9
Capital Markets	4.8
Air Freight & Logistics	4.6
Internet & Direct Marketing Retail	4.3
Machinery	4.1
Oil, Gas & Consumable Fuels	3.5
Pharmaceuticals	2.6
Food Products	2.6
Communications Equipment	2.4
Consumer Finance	2.4
Hotels, Restaurants & Leisure	2.2
Biotechnology	2.0
Industrial Conglomerates	2.0
Other Investments, less than 2% each	13.0
Short-Term Investments	4.3

Total Investments	100.0
Other assets less liabilities	0.0

Net Assets	100.0	%

See accompanying notes to financial statements.

| 40

Statements of Assets and Liabilities

December 31, 2016


	Loomis Sayles Multi-Asset Income Fund			McDonnell Intermediate Municipal Bond Fund			Natixis U.S. Equity Opportunities Fund
ASSETS
Investments at cost	$	120,425,254		$	60,172,862		$	558,914,760
Net unrealized appreciation (depreciation)		4,960,126			(190,241	)		129,490,277

Investments at value		125,385,380			59,982,621			688,405,037
Cash		5,598			—			68,395
Foreign currency at value (identified cost $2,446, $0 and $0, respectively)		2,458			—			—
Receivable for Fund shares sold		628,772			87,821			4,662,247
Dividends and interest receivable		813,168			813,387			335,122
Tax reclaims receivable		1,670			—			77,892
Prepaid expenses (Note 8)		254			203			1,217

TOTAL ASSETS		126,837,300			60,884,032			693,549,910

LIABILITIES
Payable for securities purchased		2,183,841			—			3,087,600
Payable for Fund shares redeemed		642,101			2,027,149			848,974
Distributions payable		—			77,159			—
Management fees payable (Note 6)		62,077			22,188			495,261
Deferred Trustees’ fees (Note 6)		116,180			35,990			533,778
Administrative fees payable (Note 6)		4,533			2,682			25,828
Payable to distributor (Note 6d)		921			138			3,014
Other accounts payable and accrued expenses		54,337			50,646			119,643

TOTAL LIABILITIES		3,063,990			2,215,952			5,114,098

NET ASSETS	$	123,773,310		$	58,668,080		$	688,435,812

NET ASSETS CONSIST OF:
Paid-in capital	$	120,143,136		$	59,640,783		$	557,347,539
Distributions in excess of net investment income		(459,511	)		(23,502	)		(484,437	)
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions		(871,130	)		(758,960	)		2,082,433
Net unrealized appreciation (depreciation) on investments and foreign currency translations		4,960,815			(190,241	)		129,490,277

NET ASSETS	$	123,773,310		$	58,668,080		$	688,435,812

See accompanying notes to financial statements.

41 |

Statements of Assets and Liabilities (continued)

December 31, 2016


	Loomis Sayles Multi-Asset Income Fund			McDonnell Intermediate Municipal Bond Fund		Natixis U.S. Equity Opportunities Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	57,320,087		$	5,474,449	$	472,435,940

Shares of beneficial interest		4,330,400			553,301		15,608,971

Net asset value and redemption price per share	$	13.24		$	9.89	$	30.27

Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	13.83		$	10.20	$	32.12

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	46,350,629		$	4,014,843	$	72,768,437

Shares of beneficial interest		3,515,997			405,686		3,378,572

Net asset value and offering price per share	$	13.18		$	9.90	$	21.54

Class N shares:
Net assets	$	1,127		$	—	$	—

Shares of beneficial interest		86			—		—

Net asset value, offering and redemption price per share	$	13.16	*	$	—	$	—

Class Y shares:
Net assets	$	20,101,467		$	49,178,788	$	143,231,435

Shares of beneficial interest		1,526,706			4,965,252		4,119,612

Net asset value, offering and redemption price per share	$	13.17		$	9.90	$	34.77

*	Net asset value calculations reflect fractional share and dollar amounts.

See accompanying notes to financial statements.

| 42

Statements of Operations

For the Year Ended December 31, 2016


	Loomis Sayles Multi-Asset Income Fund			McDonnell Intermediate Municipal Bond Fund			Natixis U.S. Equity Opportunities Fund
INVESTMENT INCOME
Dividends	$	2,138,704		$	—		$	9,660,441
Interest		3,383,504			1,761,351			14,799
Less net foreign taxes withheld		(14,642	)		—			(97,226	)

		5,507,566			1,761,351			9,578,014

Expenses
Management fees (Note 6)		650,601			373,029			4,649,135
Service and distribution fees (Note 6)		616,234			86,175			1,721,516
Administrative fees (Note 6)		52,502			41,380			257,981
Trustees’ fees and expenses (Note 6)		26,814			21,705			59,150
Transfer agent fees and expenses (Notes 6 and 7)		82,168			20,910			537,234
Audit and tax services fees		48,073			52,288			48,526
Custodian fees and expenses		45,182			6,991			22,499
Legal fees		1,497			1,546			8,116
Registration fees		63,270			54,568			47,105
Shareholder reporting expenses		5,157			3,520			37,574
Miscellaneous expenses (Note 8)		15,715			10,904			26,040

Total expenses		1,607,213			673,016			7,414,876
Fee/expense recovery (Note 6)		—			—			2,238
Less waiver and/or expense reimbursement (Note 6)		(162,281	)		(167,183	)		—

Net expenses		1,444,932			505,833			7,417,114

Net investment income		4,062,634			1,255,518			2,160,900

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		3,927,525			(382,050	)		7,563,829
Futures contracts		(289,466	)		—			—
Foreign currency transactions		23,431			—			—
Net change in unrealized appreciation (depreciation) on:
Investments		2,912,037			(1,492,330	)		56,605,558
Foreign currency translations		4,595			—			—

Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions		6,578,122			(1,874,380	)		64,169,387

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	10,640,756		$	(618,862	)	$	66,330,287

See accompanying notes to financial statements.

43 |

Statements of Changes in Net Assets


	Loomis Sayles Multi-Asset Income Fund
	Year Ended December 31, 2016			Year Ended December 31, 2015
FROM OPERATIONS:
Net investment income	$	4,062,634		$	3,626,869
Net realized gain on investments, futures contracts and foreign currency transactions		3,661,490			7,718,703
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		2,916,632			(15,091,886	)

Net increase (decrease) in net assets resulting from operations		10,640,756			(3,746,314	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(1,712,251	)		(2,173,545	)
Class C		(1,054,549	)		(937,937	)
Class N		(36	)		(14	)
Class Y		(466,918	)		(430,540	)
Net realized capital gains
Class A		(2,049,190	)		—
Class C		(1,689,864	)		—
Class N		(41	)		—
Class Y		(730,396	)		—

Total distributions		(7,703,245	)		(3,542,036	)

NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(1,482,318	)		(48,770,339	)

Net increase (decrease) in net assets		1,455,193			(56,058,689	)
NET ASSETS
Beginning of the year		122,318,117			178,376,806

End of the year	$	123,773,310		$	122,318,117

UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(459,511	)	$	15,241

See accompanying notes to financial statements.

| 44

Statements of Changes in Net Assets (continued)


	McDonnell Intermediate Municipal Bond Fund
	Year Ended December 31, 2016			Year Ended December 31, 2015
FROM OPERATIONS:
Net investment income	$	1,255,518		$	544,038
Net realized gain (loss) on investments		(382,050	)		24,506
Net change in unrealized appreciation (depreciation) on investments		(1,492,330	)		538,992

Net increase (decrease) in net assets resulting from operations		(618,862	)		1,107,536

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(136,816	)		(46,261	)
Class C		(25,208	)		(15,022	)
Class Y		(1,093,491	)		(504,191	)

Total distributions		(1,255,515	)		(565,474	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(18,953,089	)		46,018,276

Net increase (decrease) in net assets		(20,827,466	)		46,560,338
NET ASSETS
Beginning of the year		79,495,546			32,935,208

End of the year	$	58,668,080		$	79,495,546

DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(23,502	)	$	(22,790	)

See accompanying notes to financial statements.

45 |

Statements of Changes in Net Assets (continued)


	Natixis U.S. Equity Opportunities Fund
	Year Ended December 31, 2016			Year Ended December 31, 2015
FROM OPERATIONS:
Net investment income	$	2,160,900		$	837,665
Net realized gain on investments		7,563,829			26,118,486
Net change in unrealized appreciation (depreciation) on investments		56,605,558			3,596,453

Net increase in net assets resulting from operations		66,330,287			30,552,604

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(1,829,987	)		—
Class C		(75,717	)		—
Class Y		(689,276	)		(147,433	)
Net realized capital gains
Class A		(6,990,778	)		(20,882,818	)
Class B(a)		—			(45,584	)
Class C		(1,442,071	)		(4,110,090	)
Class Y		(1,298,700	)		(2,904,325	)

Total distributions		(12,326,529	)		(28,090,250	)

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		79,688,302			56,719,631

Net increase in net assets		133,692,060			59,181,985
NET ASSETS
Beginning of the year		554,743,752			495,561,767

End of the year	$	688,435,812		$	554,743,752

UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(484,437	)	$	131,902

(a)	On January 11, 2016, Class B shares were converted into Class A shares. See Note 1 of Notes to Financial Statements.

See accompanying notes to financial statements.

| 46

Financial Highlights

For a share outstanding throughout each period.



	Loomis Sayles Multi-Asset Income Fund—Class A
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of the period	$	12.85		$	13.45		$	12.21		$	11.83		$	10.74

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.49			0.32			0.32			0.29			0.29
Net realized and unrealized gain (loss)		0.80			(0.58	)		1.26			0.40			1.12

Total from Investment Operations		1.29			(0.26	)		1.58			0.69			1.41

LESS DISTRIBUTIONS FROM:
Net investment income		(0.40	)		(0.34	)		(0.34	)		(0.31	)		(0.32	)
Net realized capital gains		(0.50	)		—			—			—			—

Total Distributions		(0.90	)		(0.34	)		(0.34	)		(0.31	)		(0.32	)

Net asset value, end of the period	$	13.24		$	12.85		$	13.45		$	12.21		$	11.83

Total return(b)		10.14	%(c)		(1.96	)%(c)		13.08	%		5.84	%		13.22	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	57,320		$	63,254		$	110,874		$	79,039		$	78,216
Net expenses		0.95	%(d)		1.04	%(d)(e)		1.06	%		1.09	%		1.11	%
Gross expenses		1.09	%		1.11	%		1.06	%		1.09	%		1.11	%
Net investment income		3.70	%		2.40	%		2.46	%		2.34	%		2.53	%
Portfolio turnover rate		341	%(f)		93	%(g)		41	%		41	%		29	%

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	A sales charge for Class A shares is not reflected in total return calculations.

(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d)	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.

(e)	Effective September 1, 2015, the expense limit decreased from 1.25% to 0.95%.

(f)	The variation in the Fund’s turnover rate from 2015 to 2016 was primarily due to a repositioning of the portfolio as well as sales of additional securities as a result of a change in investment strategy in 2015.

(g)	The variation in the Fund’s turnover rate from 2014 to 2015 was primarily due to a change in the investment strategy and management structure of the Fund.

See accompanying notes to financial statements.

47 |

Financial Highlights (continued)

For a share outstanding throughout each period.



	Loomis Sayles Multi-Asset Income Fund—Class C
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of the period	$	12.80		$	13.41		$	12.17		$	11.80		$	10.71

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.39			0.24			0.22			0.19			0.20
Net realized and unrealized gain (loss)		0.79			(0.60	)		1.27			0.39			1.12

Total from Investment Operations		1.18			(0.36	)		1.49			0.58			1.32

LESS DISTRIBUTIONS FROM:
Net investment income		(0.30	)		(0.25	)		(0.25	)		(0.21	)		(0.23	)
Net realized capital gains		(0.50	)		—			—			—			—

Total Distributions		(0.80	)		(0.25	)		(0.25	)		(0.21	)		(0.23	)

Net asset value, end of the period	$	13.18		$	12.80		$	13.41		$	12.17		$	11.80

Total return(b)		9.27	%(c)		(2.73	)%(c)		12.28	%		4.98	%		12.43	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	46,351		$	47,791		$	53,074		$	48,512		$	49,697
Net expenses		1.70	%(d)		1.80	%(d)(e)		1.81	%		1.84	%		1.86	%
Gross expenses		1.84	%		1.87	%		1.81	%		1.84	%		1.86	%
Net investment income		2.96	%		1.78	%		1.70	%		1.59	%		1.79	%
Portfolio turnover rate		341	%(f)		93	%(g)		41	%		41	%		29	%

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d)	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.

(e)	Effective September 1, 2015, the expense limit decreased from 2.00% to 1.70%.

(f)	The variation in the Fund’s turnover rate from 2015 to 2016 was primarily due to a repositioning of the portfolio as well as sales of additional securities as a result of a change in investment strategy in 2015.

(g)	The variation in the Fund’s turnover rate from 2014 to 2015 was primarily due to a change in the investment strategy and management structure of the Fund.

See accompanying notes to financial statements.

| 48

Financial Highlights (continued)

For a share outstanding throughout each period.


	Loomis Sayles Multi-Asset Income Fund—Class N
	Year Ended December 31, 2016			Period Ended December 31, 2015*
Net asset value, beginning of the period	$	12.77		$	12.70

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.53			0.14
Net realized and unrealized gain (loss)		0.80			0.10

Total from Investment Operations		1.33			0.24

LESS DISTRIBUTIONS FROM:
Net investment income		(0.44	)		(0.17	)
Net realized capital gains		(0.50	)		—

Total Distributions		(0.94	)		(0.17	)

Net asset value, end of the period	$	13.16		$	12.77

Total return(b)		10.53	%		1.91	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1		$	1
Net expenses(d)		0.65	%		0.65	%(e)
Gross expenses		13.53	%		13.66	%(e)
Net investment income		4.02	%		3.22	%(e)
Portfolio turnover rate		341	%(f)		93	%

*	From commencement of Class operations on August 31, 2015 through December 31, 2015 for Class N shares.

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	Periods less than one year are not annualized.

(d)	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.

(e)	Computed on an annualized basis for periods less than one year.

(f)	The variation in the Fund’s turnover rate from 2015 to 2016 was primarily due to a repositioning of the portfolio as well as sales of additional securities as a result of a change in investment strategy in 2015.

See accompanying notes to financial statements.

49 |

Financial Highlights (continued)

For a share outstanding throughout each period.



	Loomis Sayles Multi-Asset Income Fund—Class Y
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Period Ended December 31, 2012*
Net asset value, beginning of the period	$	12.79		$	13.39		$	12.19		$	11.83		$	11.72

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.53			0.36			0.38			0.33			(0.02	)
Net realized and unrealized gain (loss)		0.78			(0.59	)		1.19			0.37			0.18

Total from Investment Operations		1.31			(0.23	)		1.57			0.70			0.16

LESS DISTRIBUTIONS FROM:
Net investment income		(0.43	)		(0.37	)		(0.37	)		(0.34	)		(0.05	)
Net realized capital gains		(0.50	)		—			—			—			—

Total Distributions		(0.93	)		(0.37	)		(0.37	)		(0.34	)		(0.05	)

Net asset value, end of the period	$	13.17		$	12.79		$	13.39		$	12.19		$	11.83

Total return		10.38	%(b)		(1.72	)%(b)		13.05	%		5.93	%		1.35	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	20,101		$	11,272		$	14,428		$	628		$	1
Net expenses		0.70	%(d)		0.80	%(d)(e)		0.82	%		0.83	%		1.00	%(f)
Gross expenses		0.84	%		0.86	%		0.82	%		0.83	%		1.00	%(f)
Net investment income (loss)		4.00	%		2.73	%		2.92	%		2.71	%		(2.37	)%(f)
Portfolio turnover rate		341	%(g)		93	%(h)		41	%		41	%		29	%

*	From commencement of operations on December 3, 2012, through December 31, 2012.

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	Periods less than one year are not annualized.

(d)	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.

(e)	Effective September 1, 2015, the expense limit decreased from 1.00% to 0.70%.

(f)	Computed on an annualized basis for periods less than one year.

(g)	The variation in the Fund’s turnover rate from 2015 to 2016 was primarily due to a repositioning of the portfolio as well as sales of additional securities as a result of a change in investment strategy in 2015.

(h)	The variation in the Fund’s turnover rate from 2014 to 2015 was primarily due to a change in the investment strategy and management structure of the Fund.

See accompanying notes to financial statements.

| 50

Financial Highlights (continued)

For a share outstanding throughout each period.



	McDonnell Intermediate Municipal Bond Fund—Class A
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Period Ended December 31, 2012*
Net asset value, beginning of the period	$	10.09		$	10.00		$	9.54		$	9.89		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.12			0.13			0.11			0.09			(0.01	)
Net realized and unrealized gain (loss)		(0.20	)		0.10			0.47			(0.35	)		(0.10	)

Total from Investment Operations		(0.08	)		0.23			0.58			(0.26	)		(0.11	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.14	)		(0.12	)		(0.09	)		—

Net asset value, end of the period	$	9.89		$	10.09		$	10.00		$	9.54		$	9.89

Total return(b)(c)		(0.79	)%		2.28	%		6.08	%		(2.66	)%		(1.10	)%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	5,474		$	6,427		$	2,399		$	1,047		$	1
Net expenses(e)		0.70	%		0.74	%(f)		0.80	%		0.80	%		2.19	%(g)(h)
Gross expenses		0.88	%		1.12	%		1.26	%		1.37	%		2.23	%(g)
Net investment income (loss)		1.19	%		1.27	%		1.15	%		0.90	%		(0.71	)%(g)
Portfolio turnover rate		48	%		20	%		10	%		37	%		0	%

*	From commencement of operations on November 16, 2012 through December 31, 2012.

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	A sales charge for Class A shares is not reflected in total return calculations.

(d)	Periods less than one year are not annualized.

(e)	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.

(f)	Effective July 1, 2015, the expense limit decreased from 0.80% to 0.70%.

(g)	Computed on an annualized basis for periods less than one year.

(h)	Prior to December 31, 2012, there was no expense limitation agreement in place for the Fund.

See accompanying notes to financial statements.

51 |

Financial Highlights (continued)

For a share outstanding throughout each period.



	McDonnell Intermediate Municipal Bond Fund—Class C
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Period Ended December 31, 2012*
Net asset value, beginning of the period	$	10.09		$	9.99		$	9.54		$	9.89		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.04			0.05			0.04			0.01			(0.01	)
Net realized and unrealized gain (loss)		(0.18	)		0.11			0.45			(0.34	)		(0.10	)

Total from Investment Operations		(0.14	)		0.16			0.49			(0.33	)		(0.11	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.06	)		(0.04	)		(0.02	)		—

Net asset value, end of the period	$	9.90		$	10.09		$	9.99		$	9.54		$	9.89

Total return(b)(c)		(1.44	)%		1.63	%		5.18	%		(3.35	)%		(1.10	)%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	4,015		$	6,355		$	2,223		$	55		$	1
Net expenses(e)		1.45	%		1.49	%(f)		1.55	%		1.55	%		2.20	%(g)(h)
Gross expenses		1.63	%		1.88	%		2.04	%		2.08	%		2.24	%(g)
Net investment income (loss)		0.44	%		0.52	%		0.41	%		0.14	%		(0.73	)%(g)
Portfolio turnover rate		48	%		20	%		10	%		37	%		0	%

*	From commencement of operations on November 16, 2012 through December 31, 2012.

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(d)	Periods less than one year are not annualized.

(e)	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.

(f)	Effective July 1, 2015, the expense limit decreased from 1.55% to 1.45%.

(g)	Computed on an annualized basis for periods less than one year.

(h)	Prior to December 31, 2012, there was no expense limitation agreement in place for the Fund.

See accompanying notes to financial statements.

| 52

Financial Highlights (continued)

For a share outstanding throughout each period.



	McDonnell Intermediate Municipal Bond Fund—Class Y
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Period Ended December 31, 2012*
Net asset value, beginning of the period	$	10.10		$	10.00		$	9.54		$	9.88		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.15			0.15			0.14			0.11			(0.01	)
Net realized and unrealized gain (loss)		(0.20	)		0.11			0.46			(0.34	)		(0.11	)

Total from Investment Operations		(0.05	)		0.26			0.60			(0.23	)		(0.12	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.15	)		(0.16	)		(0.14	)		(0.11	)		—

Net asset value, end of the period	$	9.90		$	10.10		$	10.00		$	9.54		$	9.88

Total return(b)		(0.55	)%		2.63	%		6.36	%		(2.31	)%		(1.20	)%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	49,179		$	66,713		$	28,314		$	21,704		$	14,827
Net expenses(d)		0.45	%		0.49	%(e)		0.55	%		0.55	%		2.33	%(f)(g)
Gross expenses		0.63	%		0.85	%		1.02	%		1.04	%		2.37	%(f)
Net investment income (loss)		1.44	%		1.48	%		1.46	%		1.13	%		(0.84	)%(f)
Portfolio turnover rate		48	%		20	%		10	%		37	%		0	%

*	From commencement of operations on November 16, 2012 through December 31, 2012.

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	Periods less than one year are not annualized.

(d)	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.

(e)	Effective July 1, 2015, the expense limit decreased from 0.55% to 0.45%.

(f)	Computed on an annualized basis for periods less than one year.

(g)	Prior to December 31, 2012, there was no expense limitation agreement in place for the Fund.

See accompanying notes to financial statements.

53 |

Financial Highlights (continued)

For a share outstanding throughout each period.



	Natixis U.S. Equity Opportunities Fund—Class A
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of the period	$	27.60		$	27.40		$	33.07		$	26.35		$	23.56

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.12			0.06			0.02			(0.04	)		0.07
Net realized and unrealized gain (loss)		3.12			1.55			4.31			9.34			4.12

Total from Investment Operations		3.24			1.61			4.33			9.30			4.19

LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		—			—			—			(0.07	)
Net realized capital gains		(0.45	)		(1.41	)		(10.00	)		(2.58	)		(1.33	)

Total Distributions		(0.57	)		(1.41	)		(10.00	)		(2.58	)		(1.40	)

Net asset value, end of the period	$	30.27		$	27.60		$	27.40		$	33.07		$	26.35

Total return(b)		11.86	%		5.86	%		12.94	%		35.75	%(c)		17.79	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	472,436		$	422,069		$	400,678		$	371,102		$	289,898
Net expenses		1.23	%(d)		1.25	%(e)		1.29	%(f)		1.30	%(g)		1.30	%(g)
Gross expenses		1.23	%(d)		1.25	%		1.29	%(f)		1.32	%		1.35	%
Net investment income (loss)		0.42	%		0.21	%		0.07	%		(0.12	)%		0.25	%
Portfolio turnover rate		17	%		20	%		93	%(h)		50	%		52	%

(a)	Per share net investment income (loss) has been calculated using the average shares outstanding during the period.

(b)	A sales charge for Class A shares is not reflected in total return calculations.

(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d)	Includes fee/expense recovery of less than 0.01%.

(e)	Effective July 1, 2015, the expense limit decreased from 1.30% to 1.25%.

(f)	Includes fee/expense recovery of 0.02%.

(g)	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.

(h)	The variation in the Fund’s turnover rate from 2013 to 2014 was primarily due to the change in the structure of the Fund from four segments to two segments.

See accompanying notes to financial statements.

| 54

Financial Highlights (continued)

For a share outstanding throughout each period.



	Natixis U.S. Equity Opportunities Fund—Class C
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of the period	$	19.86		$	20.24		$	26.92		$	21.99		$	19.94

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.07	)		(0.11	)		(0.19	)		(0.22	)		(0.11	)
Net realized and unrealized gain (loss)		2.22			1.14			3.51			7.73			3.49

Total from Investment Operations		2.15			1.03			3.32			7.51			3.38

LESS DISTRIBUTIONS FROM:
Net investment income		(0.02	)		—			—			—			—
Net realized capital gains		(0.45	)		(1.41	)		(10.00	)		(2.58	)		(1.33	)

Total Distributions		(0.47	)		(1.41	)		(10.00	)		(2.58	)		(1.33	)

Net asset value, end of the period	$	21.54		$	19.86		$	20.24		$	26.92		$	21.99

Total return(b)		11.02	%		5.06	%		12.12	%		34.69	%(c)		16.96	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	72,768		$	61,864		$	53,925		$	44,150		$	30,525
Net expenses		1.98	%(d)		2.00	%(e)		2.04	%(f)		2.05	%(g)		2.05	%(g)
Gross expenses		1.98	%(d)		2.00	%		2.04	%(f)		2.07	%		2.10	%
Net investment loss		(0.33	)%		(0.54	)%		(0.68	)%		(0.86	)%		(0.49	)%
Portfolio turnover rate		17	%		20	%		93	%(h)		50	%		52	%

(a)	Per share net investment loss has been calculated using the average shares outstanding during the period.

(b)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

(c)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(d)	Includes fee/expense recovery of less than 0.01%.

(e)	Effective July 1, 2015, the expense limit decreased from 2.05% to 2.00%.

(f)	Includes fee/expense recovery of 0.01%.

(g)	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.

(h)	The variation in the Fund’s turnover rate from 2013 to 2014 was primarily due to the change in the structure of the Fund from four segments to two segments.

See accompanying notes to financial statements.

55 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis U.S. Equity Opportunities Fund—Class Y
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Net asset value, beginning of the period	$	31.61		$	31.18		$	36.32		$	28.68		$	25.52

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.21			0.15			0.12			0.05			0.17
Net realized and unrealized gain (loss)		3.59			1.76			4.74			10.17			4.46

Total from Investment Operations		3.80			1.91			4.86			10.22			4.63

LESS DISTRIBUTIONS FROM:
Net investment income		(0.19	)		(0.07	)		—			—			(0.14	)
Net realized capital gains		(0.45	)		(1.41	)		(10.00	)		(2.58	)		(1.33	)

Total Distributions		(0.64	)		(1.48	)		(10.00	)		(2.58	)		(1.47	)

Net asset value, end of the period	$	34.77		$	31.61		$	31.18		$	36.32		$	28.68

Total return		12.13	%		6.11	%		13.25	%		36.06	%(b)		18.15	%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	143,231		$	70,643		$	37,636		$	24,661		$	11,035
Net expenses		0.98	%(c)		1.00	%(d)		1.05	%(e)		1.05	%(f)		1.05	%(f)
Gross expenses		0.98	%(c)		1.00	%		1.05	%(e)		1.07	%		1.10	%
Net investment income		0.63	%		0.46	%		0.32	%		0.13	%		0.61	%
Portfolio turnover rate		17	%		20	%		93	%(g)		50	%		52	%

(a)	Per share net investment income has been calculated using the average shares outstanding during the period.

(b)	Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

(c)	Includes fee/expense recovery of less than 0.01%.

(d)	Effective July 1, 2015, the expense limit decreased from 1.05% to 1.00%.

(e)	Includes fee/expense recovery of 0.01%.

(f)	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.

(g)	The variation in the Fund’s turnover rate from 2013 to 2014 was primarily due to the change in the structure of the Fund from four segments to two segments.

See accompanying notes to financial statements.

| 56

Notes to Financial Statements

December 31, 2016

Natixis Funds Trust I:

Loomis Sayles Multi-Asset Income Fund

Natixis U.S. Equity Opportunities Fund (the “U.S. Equity Opportunities Fund”)

Natixis Funds Trust II:

McDonnell Intermediate Municipal Bond Fund (the “Intermediate Municipal Bond Fund”)

Each Fund is a diversified investment company.

Each Fund offers Class A, Class C and Class Y shares. Multi-Asset Income Fund also offers Class N shares. As of the close of business on January 11, 2016, Class B shares of U.S. Equity Opportunities Fund were converted into Class A shares and are no longer offered.

Class A shares are sold with a maximum front-end sales charge of 3.00% and 4.25% for Intermediate Municipal Bond Fund and Multi-Asset Income Fund, respectively, and 5.75% for U.S. Equity Opportunities Fund. Class C shares do not pay a front-end sales charge, pay higher ongoing Rule 12b-1 fees than Class A shares and may be subject to a 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 no initial minimum investment to certain retirement plans held in an omnibus fashion and fund of funds that are distributed by NGAM Distribution, L.P. and with an initial minimum investment of $1,000,000 to other categories of investors. Class Y shares are intended for institutional investors with a minimum initial investment of $100,000. Some categories of investors are exempted from the minimum investment amount as outlined in the Funds’ prospectus.

57 |

Notes to Financial Statements (continued)

December 31, 2016

for Multi-Asset Income Fund, transfer agent fees). 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 a Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

a. Valuation. Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and subadvisers and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser or subadviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows:

Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange 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. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are 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 valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. Senior loans are valued at bid prices supplied by an independent pricing service, if available.

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Notes to Financial Statements (continued)

December 31, 2016

Broker-dealer bid prices may be used to value debt and unlisted equity securities and senior loans where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Futures contracts are valued at the most recent settlement price on the exchange on which the adviser or subadviser believes that, over time, they are traded most extensively.

As of December 31, 2016, securities and other investments of the funds included in net assets were fair valued as follows:


Fund	Equity securities¹		Percentage of Net Assets
Multi-Asset Income Fund	$	4,209,183		3.40	%

¹	Certain foreign equity securities were fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of those securities.

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Notes to Financial Statements (continued)

December 31, 2016

inflation-protected securities are recorded to interest income. Negative principal adjustments (in the event of deflation) are recorded as reductions of interest income to the extent of interest income earned, not to exceed the amount of positive principal adjustments on a cumulative basis. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of the investments or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds’ investments in real estate investment trusts (“REITs”) are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available. 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.

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 Fund’s 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 or eliminate the amount of income available to be distributed by the Funds.

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Notes to Financial Statements (continued)

December 31, 2016

from changes in exchange rates, which is reflected in the Statements of Operations, may be characterized as ordinary income and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.

For the year ended December 31, 2016, the amount of income available to be distributed by Multi-Asset Income Fund has been reduced by $1,458,133 as a result of losses arising from changes in exchange rates.

d. Futures Contracts. The Funds may enter into futures contracts. Futures contracts are agreements between two parties to buy and sell a particular instrument or index for a specified price on a specified future date.

When a Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker an amount of cash or short-term high-quality securities as “initial margin.” As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as “variation margin,” are made or received by a Fund, depending on the price fluctuations in the fair value of the contract and the value of cash or securities on deposit with the broker. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statements of Assets and Liabilities as an asset (liability) and in the Statements of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses). Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When a Fund enters into a futures contract certain risks may arise, such as illiquidity in the futures market, which may limit a Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates.

Futures contracts are exchange-traded. Exchange-traded futures contracts are standardized and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to the Funds are reduced; however, in the event that a counterparty enters into bankruptcy, a Fund’s claim against initial/variation margin on deposit with the counterparty may be subject to terms of a final settlement in bankruptcy court.

61 |

Notes to Financial Statements (continued)

December 31, 2016

performed an analysis of each Fund’s tax positions for the open tax years as of December 31, 2016 and has concluded that no provisions for income tax are required. The Funds’ 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 twelve 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.

f. Dividends and Distributions to Shareholders. Dividends and distributions are recorded on 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 deferred Trustees’ fees, defaulted and/or non-income producing securities, premium amortization, trust preferred securities, distribution redesignations, passive foreign investment company adjustments and foreign currency gains and losses. 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, premium amortization 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 Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution.

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Notes to Financial Statements (continued)

December 31, 2016

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 years ended December 31, 2016 and 2015 was as follows:


	2016 Distributions Paid From:
Fund	Ordinary Income		Tax Exempt Income		Long-Term Capital Gains		Total
Multi-Asset Income Fund	$	3,154,985	$	—	$	4,548,260	$	7,703,245
Intermediate Municipal Bond Fund		—		1,255,515		—		1,255,515
U.S. Equity Opportunities Fund		2,594,980		—		9,731,549		12,326,529


	2015 Distributions Paid From:
Fund	Ordinary Income		Tax Exempt Income		Long-Term Capital Gains		Total
Multi-Asset Income Fund	$	3,542,036	$	—	$	—	$	3,542,036
Intermediate Municipal Bond Fund		—		565,474		—		565,474
U.S. Equity Opportunities Fund		7,472,234		—		20,618,016		28,090,250

Differences between these amounts and those reported in the Statements of Changes in Net Assets are primarily attributable to different book and tax treatment for short-term capital gains.

As of December 31, 2016, the components of distributable earnings on a tax basis were as follows:


	Multi-Asset Income Fund		Intermediate Municipal Bond Fund		U.S. Equity Opportunities Fund
Undistributed ordinary income	$	—	$	—	$	49,341
Undistributed tax exempt income		—		12,487		—
Undistributed long-term capital gains		10,994		—		2,694,383

Total undistributed earnings		10,994		12,487		2,743,724

63 |

Notes to Financial Statements (continued)

December 31, 2016


	Multi-Asset Income Fund			Intermediate Municipal Bond Fund			U.S. Equity Opportunities Fund
Capital loss carryforward:
Short-term:
No expiration date	$	—		$	(758,960	)	$	—

Total capital loss carryforward		—			(758,960	)		—

Late-year ordinary and post-October capital loss deferrals*		(436,967	)		—			—

Unrealized appreciation (depreciation)		4,172,327			(190,241	)		128,878,327

Total accumulated earnings (losses)	$	3,746,354		$	(936,714	)	$	131,622,051

Capital loss carryforward utilized in the current year	$	1,247,430		$	—		$	—

Under current tax law, capital losses, foreign currency losses, and losses on passive foreign investment companies and contingent payment debt instruments after October 31 or December 31, as applicable, may be deferred and treated as occurring on the first day of the following taxable year. Multi-Asset Income Fund is deferring capital and foreign currency losses that occurred after October 31, 2016.

As of December 31, 2016, unrealized appreciation (depreciation) on a tax basis was approximately as follows:


	Multi-Asset Income Fund		Intermediate Municipal Bond Fund			U.S. Equity Opportunities Fund
Unrealized appreciation (depreciation)
Investments	$	4,148,919	$	(190,241	)	$	128,878,327
Foreign currency translations		23,408		—			—

Total unrealized appreciation (depreciation)	$	4,172,327	$	(190,241	)	$	128,878,327

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Notes to Financial Statements (continued)

December 31, 2016

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.

h. When-Issued and Delayed Delivery Transactions. The Funds may enter into when-issued or delayed delivery transactions. When-issued refers to transactions made conditionally because a security, although authorized, has not been issued. Delayed delivery refers to transactions for which delivery or payment will occur at a later date, beyond the normal settlement period. The price of when-issued and delayed delivery securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The security and the obligation to pay for it are recorded by the Funds at the time the commitment is entered into. The value of the security may vary with market fluctuations during the time before the Funds take delivery of the security. No interest accrues to the Funds until the transaction settles.

Delayed delivery transactions include those designated as To Be Announced (“TBAs”) in the Portfolios of Investments. For TBAs, the actual security that will be delivered to fulfill the transaction is not designated at the time of the trade. The security is “to be announced” 48 hours prior to the established trade settlement date. Certain transactions require the Funds or counterparty to post cash and/or securities as collateral for the net mark-to-market exposure to the other party. The Funds cover their net obligations under outstanding delayed delivery commitments by segregating or earmarking cash or securities at the custodian.

Purchases of when-issued or delayed delivery securities may have a similar effect on the Funds’ NAV as if the Funds’ had created a degree of leverage in the portfolio. Risks may arise upon entering into such transactions from the potential inability of counterparties to meet their obligations under the transactions. Additionally, losses may arise due to changes in the value of the underlying securities.

There were no when-issued or delayed delivery securities held by the Funds as of December 31, 2016.

i. Securities Lending. The Funds have entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Funds, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value (including accrued interest) of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value (including accrued interest) of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value (including accrued interest) of loaned securities for non-U.S. equities; and at least 100% of the market value (including accrued interest) of loaned securities for U.S. Government securities, sovereign debt issued by non-U.S. Governments and non-U.S. corporate debt. In the event that the

65 |

Notes to Financial Statements (continued)

December 31, 2016

market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Funds may bear the risk of loss with respect to the investment of the collateral. The Funds invest cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Funds and State Street Bank as lending agent.

For the year ended December 31, 2016, none of the Funds had loaned securities under this agreement.

j. Indemnifications. Under the Trusts’ organizational documents, their 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.

k. New Accounting Pronouncement. In October 2016, the SEC adopted amendments to rules under the Investment Company Act of 1940 (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosures in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments, including investments in and advances to affiliates, and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the amendments and the impact, if any, on the Fund’s financial statements.

•

Level 1 – quoted prices in active markets for identical assets or liabilities;

•

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Notes to Financial Statements (continued)

December 31, 2016

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 following is a summary of the inputs used to value the Funds’ investments as of December 31, 2016, at value:

Multi-Asset Income Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Air Freight & Logistics	$	—	$	168,416	$	—	$	168,416
Banks		8,820,999		58,766		—		8,879,765
Beverages		1,671,338		28,494		—		1,699,832
Chemicals		930,645		114,753		—		1,045,398
Commercial Services & Supplies		186,281		194,328		—		380,609
Construction & Engineering		—		449,192		—		449,192
Construction Materials		—		182,797		—		182,797
Distributors		—		47,015		—		47,015
Diversified Consumer Services		—		184,082		—		184,082
Diversified Financial Services		—		126,033		—		126,033
Diversified Telecommunication Services		1,366,396		155,556		—		1,521,952
Electric Utilities		1,822,630		324,020		—		2,146,650
Food Products		752,126		177,523		—		929,649
IT Services		926,638		153,132		—		1,079,770
Leisure Products		—		84,702		—		84,702
Metals & Mining		—		93,015		—		93,015
Oil, Gas & Consumable Fuels		3,849,483		105,580		—		3,955,063
Pharmaceuticals		2,887,750		509,608		—		3,397,358
Tobacco		1,359,258		367,772		—		1,727,030
Trading Companies & Distributors		—		684,399		—		684,399
All Other Common Stocks(a)		19,596,439		—		—		19,596,439

Total Common Stocks		44,169,983		4,209,183		—		48,379,166

67 |

Notes to Financial Statements (continued)

December 31, 2016

Multi-Asset Income Fund (continued)

Asset Valuation Inputs (continued)


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes(a)	$	—	$	38,350,213	$	—	$	38,350,213
Exchange-Traded Funds & Notes		21,772,570		—		—		21,772,570
Senior Loans(a)		—		8,879,691		—		8,879,691
Preferred Stocks
Banking		—		1,616,640		—		1,616,640
Consumer Cyclical Services		570,680		—		—		570,680

Total Preferred Stocks		570,680		1,616,640		—		2,187,320

Short-Term Investments		—		5,916,420		—		5,916,420

Total	$	66,513,233	$	58,872,147	$	—	$	125,385,380

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

A common stock valued at $12,774 was transferred from Level 1 to Level 2 during the period ended December 31, 2016. At December 31, 2015, this security was valued at the market price in the foreign market in accordance with the Fund’s valuation policies. At December 31, 2016, this security was fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of the security.

All transfers are recognized as of the beginning of the reporting period.

Intermediate Municipal Bond Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes(a)	$	—	$	59,157,102	$	—	$	59,157,102
Short-Term Investments		—		825,519		—		825,519

Total	$	—	$	59,982,621	$	—	$	59,982,621

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

For the year ended December 31, 2016, there were no transfers among Levels 1, 2 and 3.

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Notes to Financial Statements (continued)

December 31, 2016

U.S. Equity Opportunities Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	658,998,562	$	—	$	—	$	658,998,562
Short-Term Investments		—		29,406,475		—		29,406,475

Total	$	658,998,562	$	29,406,475	$	—	$	688,405,037

(a)	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

For the year ended December 31, 2016, there were no transfers among Levels 1, 2 and 3.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of December 31, 2015 and/or December 31, 2016:

Multi-Asset Income Fund

Asset Valuation Inputs


Investments in Securities	Balance as of December 31, 2015			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases
Bonds and Notes
Non-Convertible Bonds
Building Materials	$	40,758		$	2	$	(110,921	)	$	108,665	$	—


Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of December 31, 2016		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at December 31, 2016
Bonds and Notes
Non-Convertible Bonds
Building Materials	$	(38,504	)	$	—	$	—		$	—	$	—

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Notes to Financial Statements (continued)

December 31, 2016

4. Derivatives. Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. The derivative instrument that Multi-Asset Income Fund used during the period includes futures contracts.

Multi-Asset Income Fund is subject to the risk of unpredictable declines in the value of individual equity securities and periods of below-average performance in individual securities or in the equity market as a whole. The Fund may use futures contracts to hedge against a decline in value of an equity security that it owns. The Fund may also use futures contracts for investment purposes. During the year ended December 31, 2016, the Fund used futures contracts to gain investment exposure.

Transactions in derivative instruments for Multi-Asset Income Fund during the year ended December 31, 2016 as reflected within the Statements of Operations were as follows:


Net Realized Gain (Loss) on:	Futures contracts
Equity Contracts	$	(289,466	)

As the Funds value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting under authoritative guidance for derivative instruments. The Funds’ investments in derivatives may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of these disclosures.

The volume of futures contract activity, as a percentage of net assets, for Multi-Asset Income Fund is based on gross month-end or daily (as applicable) notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the year ended December 31, 2016:


Multi-Asset Income Fund	Futures
Average Notional Amount Outstanding		0.20	%
Highest Notional Amount Outstanding		3.01	%
Lowest Notional Amount Outstanding		0.00	%
Notional Amount Outstanding as of December 31, 2016		0.00	%

Notional amounts outstanding at the end of the prior period are included in the average notional amount outstanding.

Unrealized gain and/or loss on open futures is recorded in the Statements of Assets and Liabilities. The aggregate notional values of futures are not recorded in the Statements of Assets and Liabilities, and therefore are not included in the Fund’s net assets.

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Notes to Financial Statements (continued)

December 31, 2016


Fund	Purchases		Sales
Multi-Asset Income Fund	$	346,429,247	$	350,238,620
Intermediate Municipal Bond Fund		40,242,026		49,755,045
U.S. Equity Opportunities Fund		150,329,163		97,245,084

For the year ended December 31, 2016, purchases and sales of U.S. Government/Agency securities by Multi-Asset Income Fund were $44,145,317 and $44,549,050, respectively.

6. Management Fees and Other Transactions with Affiliates.

a. Management Fees. NGAM Advisors, L.P. (“NGAM Advisors”) serves as investment adviser to each Fund. Under the terms of the management agreements, each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on each Fund’s average daily net assets:


	Percentage of Average Daily Net Assets
Fund	First $1 billion			Over $1 billion
Multi-Asset Income Fund		0.55	%		0.50	%
Intermediate Municipal Bond Fund		0.40	%		0.40	%
U.S. Equity Opportunities Fund		0.80	%		0.80	%

NGAM Advisors has entered into subadvisory agreements for each Fund as listed below.


Multi-Asset Income Fund		Loomis, Sayles & Company, L.P. (“Loomis Sayles”)
Intermediate Municipal Bond Fund		McDonnell Investment Management, LLC (“McDonnell”)
U.S. Equity Opportunities Fund		Harris Associates L.P. (“Harris”)
		Loomis Sayles

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Notes to Financial Statements (continued)

December 31, 2016

Under the terms of the subadvisory agreements, each Fund has agreed to pay its respective subadviser(s) a subadvisory fee at the following annual rates, calculated daily and payable monthly, based on each Fund’s/Segment’s average daily net assets:


		Percentage of Average Daily Net Assets
Fund	Subadviser	First $1 billion			Over $1 billion
Multi-Asset Income Fund	Loomis Sayles		0.325	%		0.30	%
Intermediate Municipal Bond Fund	McDonnell		0.20	%		0.20	%
U.S. Equity Opportunities Fund
Large Cap Growth Segment	Harris		0.52	%		0.52	%
All Cap Growth Segment	Loomis Sayles		0.35	%		0.35	%

Payments to NGAM Advisors are reduced by the amounts of payments to the subadvisers, as calculated based on the table above.

NGAM Advisors and Natixis AM US have given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until April 30, 2017, 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 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.


	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Class A			Class B			Class C			Class N			Class Y
Multi-Asset Income Fund		0.95	%		—			1.70	%		0.65	%		0.70	%
Intermediate Municipal Bond Fund		0.70	%		—			1.45	%		—			0.45	%
U.S. Equity Opportunities Fund		1.25	%		2.00	%		2.00	%		—			1.00	%

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Notes to Financial Statements (continued)

December 31, 2016

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.

For the year ended December 31, 2016, the management fees and waivers of management fees for each Fund were as follows:


Fund	Gross Management Fees		Waivers of Management Fees¹		Net Management Fees		Percentage of Average Daily Net Assets
Fund	Gross Management Fees		Waivers of Management Fees¹		Net Management Fees		Gross			Net
Multi-Asset Income Fund	$	650,601	$	139,165	$	511,436		0.55	%		0.43	%
Intermediate Municipal Bond Fund		373,029		167,183		205,846		0.40	%		0.22	%
U.S. Equity Opportunities Fund		4,649,135		—		4,649,135		0.80	%		0.80	%

¹	Management fee waivers are subject to possible recovery until December 31, 2017.

For the year ended December 31, 2016, class-specific expenses have been reimbursed as follows:


	Reimbursement²
Fund	Class A		Class C		Class N		Class Y
Multi-Asset Income Fund	$	11,225	$	9,172	$	—	$	2,582

²	Expense reimbursements are subject to possible recovery until December 31, 2017, except as noted in Note 6g.

For the year ended December 31, 2016, expense reimbursements related to the prior fiscal year were recovered as follows:


Fund	Recovered Expenses
U.S. Equity Opportunities Fund	$	2,238

Certain officers and directors of NGAM Advisors and its affiliates are also officers or Trustees of the Funds. NGAM Advisors, McDonnell, Loomis Sayles and Harris are subsidiaries of Natixis Global Asset Management, L.P. (“Natixis US”), which is part of Natixis Global Asset Management, an international asset management group based in Paris, France.

Pursuant to Rule 12b-1 under the 1940 Act, the Trusts have adopted a Service Plan relating to each Fund’s Class A shares (the “Class A Plans”) and a Distribution and

73 |

Notes to Financial Statements (continued)

December 31, 2016

Service Plan relating to each Fund’s Class B (if applicable) and Class C shares (the “Class B and Class C Plans”).

For the year ended December 31, 2016, the service and distribution fees for each Fund were as follows:


	Service Fees						Distribution Fees
Fund	Class A		Class B		Class C		Class B		Class C
Multi-Asset Income Fund	$	144,660	$	—	$	117,893	$	—	$	353,681
Intermediate Municipal Bond Fund		28,776		—		14,350		—		43,049
U.S. Equity Opportunities Fund		1,089,500		12		157,992		37		473,975

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Notes to Financial Statements (continued)

December 31, 2016

For the year ended December 31, 2016, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
Multi-Asset Income Fund	$	52,502
Intermediate Municipal Bond Fund		41,380
U.S. Equity Opportunities Fund		257,981

For the year ended December 31, 2016, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:


Fund	Sub-Transfer Agent Fees
Multi-Asset Income Fund	$	67,385
Intermediate Municipal Bond Fund		14,192
U.S. Equity Opportunities Fund		200,051


Fund	Reimbursements of Sub-Transfer Agent Fees
Multi-Asset Income Fund	$	921
Intermediate Municipal Bond Fund		138
U.S. Equity Opportunities Fund		3,014

75 |

Notes to Financial Statements (continued)

December 31, 2016

e. Commissions. Commissions (including CDSCs) on Fund shares retained by NGAM Distribution during the year ended December 31, 2016 were as follows:


Fund	Commissions
Multi-Asset Income Fund	$	10,471
Intermediate Municipal Bond Fund		2,313
U.S. Equity Opportunities Fund		54,911

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Funds until distributed in accordance with the provisions of the Plan. 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 and Loomis Sayles Funds 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 and Loomis Sayles Funds Trusts and are normally reflected as Trustees’ fees and expenses in the Statements of Operations. The portions of the accrued obligations allocated to

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Notes to Financial Statements (continued)

December 31, 2016

the Funds under the Plan are reflected as Deferred Trustees’ fees in the Statements of Assets and Liabilities.

g. Reimbursement of Transfer Agent Fees and Expenses. Effective September 1, 2015, NGAM Advisors has given a binding contractual undertaking to the Multi-Asset Income Fund to reimburse any and all transfer agency expenses for the Fund’s Class N shares. This undertaking is in effect through April 30, 2017 and is not subject to recovery under the expense limitation agreement described above.

For the year ended December 31, 2016, NGAM Advisors reimbursed the Fund $137 for transfer agency expenses related to Class N shares.

h. Affiliated Ownership. As of December 31, 2016, Natixis US and affiliates held shares of Multi-Asset Income Fund representing less than .01% of the Fund’s net assets.

i. Payment by Affiliates. During the year ended December 31, 2016, Loomis Sayles reimbursed Multi-Asset Income Fund $6,754 for losses incurred in connection with a trading error.

7. Class-Specific Transfer Agent Fees and Expenses. For the year ended December 31, 2016, Multi-Asset Income Fund incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable)


	Class A		Class C		Class N		Class Y
Transfer Agent Fees and Expenses	$	40,112	$	32,713	$	137	$	9,206

All other Funds in this report allocate transfer agent fees and expenses on a pro rata basis based on the relative net assets of each class to the total net assets of those classes.

77 |

Notes to Financial Statements (continued)

December 31, 2016

of the line of credit. The Funds paid an arrangement fee, an upfront fee, and other fees in connection with the new line of credit agreement, which are being amortized over a period of 364 days and are reflected as miscellaneous expenses on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

For the year ended December 31, 2016, none of the Funds had borrowings under these agreements.

9. Brokerage Commission Recapture. Certain Funds have entered into agreements with certain brokers whereby the brokers will rebate a portion of brokerage commissions. All amounts rebated by the brokers are returned to the Funds under such agreements and are included in realized gains on investments in the Statements of Operations. For the year ended December 31, 2016, amounts rebated under these agreements were as follows:


Fund	Rebates
Multi-Asset Income Fund	$	8,635
U.S. Equity Opportunities Fund		5,723

10. Concentration of Risk. Each Fund’s investments in foreign securities are subject to foreign currency fluctuations, higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. Greater political, economic, credit and information risks are also associated with foreign securities.

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Notes to Financial Statements (continued)

December 31, 2016

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:


	Year Ended December 31, 2016					Year Ended December 31, 2015*
Multi-Asset Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	964,767		$	12,838,875		1,847,041		$	25,047,639
Issued in connection with the reinvestment of distributions	229,840			3,055,639		135,940			1,788,328
Redeemed	(1,787,134	)		(23,410,657	)	(5,302,356	)		(70,529,840	)

Net change	(592,527	)	$	(7,516,143	)	(3,319,375	)	$	(43,693,873	)

Class C
Issued from the sale of shares	507,201		$	6,771,235		809,470		$	10,798,585
Issued in connection with the reinvestment of distributions	125,023			1,656,083		42,974			560,787
Redeemed	(849,899	)		(11,247,092	)	(1,076,310	)		(14,183,914	)

Net change	(217,675	)	$	(2,819,774	)	(223,866	)	$	(2,824,542	)

Class N
Issued from the sale of shares	—		$	—		79		$	1,001
Issued in connection with the reinvestment of distributions	6			75		1			14

Net change	6		$	75		80		$	1,015

Class Y
Issued from the sale of shares	1,218,325		$	16,358,206		1,039,119		$	14,008,487
Issued in connection with the reinvestment of distributions	88,064			1,165,946		31,764			417,023
Redeemed	(661,295	)		(8,670,628	)	(1,266,925	)		(16,678,449	)

Net change	645,094		$	8,853,524		(196,042	)	$	(2,252,939	)

Increase (decrease) from capital share transactions	(165,102	)	$	(1,482,318	)	(3,739,203	)	$	(48,770,339	)

*	From commencement of class operations on August 31, 2015 through December 31, 2015 for Class N shares.

79 |

Notes to Financial Statements (continued)

December 31, 2016

11. Capital Shares (continued).


	Year Ended December 31, 2016					Year Ended December 31, 2015
Intermediate Municipal Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	909,992		$	9,258,255		592,244		$	5,929,603
Issued in connection with the reinvestment of distributions	9,036			92,223		4,131			41,346
Redeemed	(1,002,724	)		(10,157,813	)	(199,347	)		(1,988,883	)

Net change	(83,696	)	$	(807,335	)	397,028		$	3,982,066

Class C
Issued from the sale of shares	254,574		$	2,604,454		516,208		$	5,183,929
Issued in connection with the reinvestment of distributions	877			8,930		478			4,779
Redeemed	(479,533	)		(4,860,648	)	(109,322	)		(1,092,827	)

Net change	(224,082	)	$	(2,247,264	)	407,364		$	4,095,881

Class Y
Issued from the sale of shares	4,274,591		$	43,902,428		6,857,887		$	68,754,803
Issued in connection with the reinvestment of distributions	14,948			152,317		19,332			193,727
Redeemed	(5,930,187	)		(59,953,235	)	(3,102,593	)		(31,008,201	)

Net change	(1,640,648	)	$	(15,898,490	)	3,774,626		$	37,940,329

Increase (decrease) from capital share transactions	(1,948,426	)	$	(18,953,089	)	4,579,018		$	46,018,276

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Notes to Financial Statements (continued)

December 31, 2016

11. Capital Shares (continued).


	Year Ended December 31, 2016					Year Ended December 31, 2015
U.S. Equity Opportunities Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	2,226,069		$	61,833,280		1,905,649		$	53,185,247
Issued in connection with the reinvestment of distributions	292,665			8,405,917		717,539			19,984,422
Redeemed	(2,200,041	)		(61,873,204	)	(1,954,194	)		(54,802,400	)

Net change	318,693		$	8,365,993		668,994		$	18,367,269

Class B(a)
Issued from the sale of shares	—		$	—		451		$	9,116
Issued in connection with the reinvestment of distributions	—			—		2,049			41,836
Redeemed	(8,466	)		(156,331	)	(158,367	)		(3,248,117	)

Net change	(8,466	)	$	(156,331	)	(155,867	)	$	(3,197,165	)

Class C
Issued from the sale of shares	737,164		$	15,374,320		731,050		$	14,968,474
Issued in connection with the reinvestment of distributions	61,245			1,243,880		166,686			3,355,438
Redeemed	(534,495	)		(10,851,615	)	(447,307	)		(9,204,165	)

Net change	263,914		$	5,766,585		450,429		$	9,119,747

Class Y
Issued from the sale of shares	2,820,038		$	95,090,135		1,585,958		$	50,501,292
Issued in connection with the reinvestment of distributions	48,742			1,650,830		79,841			2,543,672
Redeemed	(983,768	)		(31,028,910	)	(638,372	)		(20,615,184	)

Net change	1,885,012		$	65,712,055		1,027,427		$	32,429,780

Increase (decrease) from capital share transactions	2,459,153		$	79,688,302		1,990,983		$	56,719,631

(a)	On January 11, 2016, Class B shares were converted into Class A shares. See Note 1 of Notes to Financial Statements.

81 |

Report of Independent Registered Public

Accounting Firm

To the Trustees of Natixis Funds Trust I and Natixis Funds Trust II and Shareholders of Loomis Sayles Multi-Asset Income Fund, McDonnell Intermediate Municipal Bond Fund, and Natixis U.S. Equity Opportunities Fund:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Loomis Sayles Multi-Asset Income Fund and Natixis U.S. Equity Opportunities Fund, each a series of Natixis Funds Trust I; and McDonnell Intermediate Municipal Bond Fund, a series of Natixis Funds Trust II (collectively, the “Funds”) as of December 31, 2016, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian, agent banks and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 22, 2017

| 82

2016 U.S. Tax Distribution Information to Shareholders (Unaudited)


Fund	Qualifying Percentage
Multi-Asset Income		45.52	%
U.S. Equity Opportunities		100.00	%


Fund	Amount
Multi-Asset Income	$	4,548,260
U.S. Equity Opportunities		9,731,549

Qualified Dividend Income. For the fiscal year ended December 31, 2016 a percentage of the ordinary income dividends paid by the Funds are considered qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. If the Funds paid a distribution during calendar year 2016, complete information will be reported in conjunction with Form 1099-DIV. These percentages are noted below:


Fund	Qualifying Percentage
Multi-Asset Income		56.24	%
U.S. Equity Opportunities		100.00	%

Exempt Interest Dividends

During the year ended December 31, 2016, Intermediate Municipal Bond paid dividends to shareholders from net investment income, of which 100.00% are designated as exempt interest dividends for federal tax purposes. However, state and local taxes differ from state to state and a portion of the dividends may be subject to the individual Alternative Minimum Tax, so it is suggested that you consult your own tax adviser.

83 |

Trustee and Officer Information


Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INDEPENDENT TRUSTEES

Kenneth A. Drucker (1945)	Chairperson of the Board of Trustees since January 2017 Trustee since 2008 Ex Officio member of the Audit Committee, the Contract Review Committee and the Governance Committee	Retired	53 None	Significant experience on the Board and on the boards of other business organizations (including at investment companies); executive experience (including as treasurer of an aerospace, automotive, and metal manufacturing corporation)

Edmond J. English (1953)	Trustee since 2013 Audit Committee Member	Chief Executive Officer of Bob’s Discount Furniture (retail)	53 Director, Burlington Stores, Inc. (retail)	Experience on the Board and significant experience on the boards of other business organizations (including retail companies and a bank); executive experience (including at a retail company)

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Trustee and Officer Information


Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INDEPENDENT TRUSTEES continued

Richard A. Goglia (1951)	Trustee since 2015 Audit Committee Member	Retired; formerly Vice President and Treasurer of Raytheon Company (defense)	53 None	Experience on the Board and executive experience (including his role as vice president and treasurer of a defense company and experience at a financial services company)

Wendell J. Knox (1948)	Trustee since 2009 Contract Review Committee Member and Governance Committee Member	Director of Abt Associates Inc. (research and consulting)	53 Director, Eastern Bank (bank); Director, The Hanover Insurance Group (property and casualty insurance)	Significant experience on the Board and on the boards of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)

85 |

Trustee and Officer Information


Name and Year of Birth	Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years

INDEPENDENT TRUSTEES continued

Martin T. Meehan (1956)	Trustee since 2012 Contract Review Committee Member	President, University of Massachusetts; formerly, Chancellor and faculty member, University of Massachusetts Lowell	53 None	Experience on the Board and on the boards of other business organizations; experience as President of the University of Massachusetts; government experience (including as a member of the U.S. House of Representatives); academic experience

Sandra O. Moose (1942)	Trustee since 1982 for Natixis Funds Trust I (including its predecessors); since 1993 for Natixis Funds Trust II Audit Committee Member and Governance Committee Member	President, Strategic Advisory Services (management consulting)	53 Formerly, Director, AES Corporation (international power company); formerly, Director, Verizon Communications (telecommunications company)	Significant experience on the Board and on the boards of other business organizations (including at a telecommunications company, an international power company and a specialty chemicals corporation); executive experience (including at a management consulting company)

| 86

Trustee and Officer Information


Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INDEPENDENT TRUSTEES continued

James P. Palermo (1955)	Trustee since 2016 Contract Review Committee Member	Founding Partner, Breton Capital Management, LLC (private equity); Partner, STEP Partners, LLC (private equity); formerly, Chief Executive Officer of Global Client Management of The Bank of New York Mellon Corporation	53 None	Experience on the Board; financial services industry and executive experience (including roles as chief executive officer of client management and asset servicing for a banking and financial services company)

Erik R. Sirri (1958)	Trustee since 2009 Chairperson of the Audit Committee	Professor of Finance at Babson College	53 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist

Peter J. Smail (1952)	Trustee since 2009 Chairperson of the Contract Review Committee and Governance Committee Member	Retired	53 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)

87 |

Trustee and Officer Information


Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INDEPENDENT TRUSTEES continued

Cynthia L. Walker (1956)	Trustee since 2005 Chairperson of the Governance Committee and Audit Committee Member	Deputy Dean for Finance and Administration, Yale University School of Medicine	53 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)

INTERESTED TRUSTEES

Kevin P. Charleston³ (1965) One Financial Center Boston, MA 02111	Trustee since 2015	President, Chief Executive Officer and Director; formerly, Chief Financial Officer, Loomis, Sayles & Company, L.P.	53 None	Experience on the Board; continuing service as President, Chief Executive Officer and Director of Loomis, Sayles & Company, L.P.

David L. Giunta⁴ (1965)	Trustee since 2011 President and Chief Executive Officer since 2008	President and Chief Executive Officer, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.	53 None	Significant experience on the Board; continuing experience as President and Chief Executive Officer of NGAM Advisors, L.P.

¹	Each trustee serves until retirement, resignation or removal from the Board. The current retirement age is 75. The position of Chairperson of the Board is appointed for a three-year term.

³	Mr. Charleston is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President and Chief Executive Officer of Loomis, Sayles & Company, L.P.

⁴	Mr. Giunta is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President and Chief Executive Officer of NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.

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Trustee and Officer Information


Name and Year of Birth	Position(s) Held with the Trust(s)	Term of Office¹ and Length of Time Served	Principal Occupation(s) During Past 5 Years²

OFFICERS OF THE TRUST

Russell L. Kane (1969)	Secretary, Clerk and Chief Legal Officer	Since July 2016	Executive Vice President, General Counsel, Secretary and Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.; formerly, Chief Compliance Officer for Mutual Funds, Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.

Michael C. Kardok (1959)	Treasurer, Principal Financial and Accounting Officer	Since October 2004	Senior Vice President, NGAM Advisors, L.P. and NGAM Distribution, L.P.

Rosa Licea-Mailloux (1976)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer	Since July 2016	Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.; formerly, Associate General Counsel, NGAM Distribution, L.P.

¹	Each officer of the Trusts serves for an indefinite term in accordance with the Trusts’ current by-laws until the date his or her successor is elected and qualified, or until he or she sooner dies, retires, is removed or becomes disqualified.

89 |

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer and persons performing similar functions. There have been no amendments or waivers of the Registrant’s code of ethics during the period.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the Registrant has established an audit committee Mr. Edmond J. English, Richard A. Goglia, Ms. Sandra O. Moose, Mr. Erik R. Sirri and Ms. Cynthia L. Walker are members of the audit committee and have been designated as “audit committee financial experts” by the Board of Trustees. Each of these individuals is also an Independent Trustee of the Registrant.

Item 4. Principal Accountant Fees and Services.

Fees billed by the Principal Accountant for services rendered to the Registrant.

The table below sets forth fees billed by the principal accountant, PricewaterhouseCoopers LLP, for the past two fiscal years for professional services rendered in connection with a) the audit of the Registrant’s annual financial statements and services provided in connection with regulatory filings; b) audit-related services (including services that are reasonably related to the performance of the audit of the Registrant’s financial statements but not reported under “Audit Fees”); c) tax compliance, tax advice and tax planning and d) all other fees billed for professional services rendered by the principal accountant to the Registrant, other than the services provided as reported as a part of (a) through (c) of this Item.


	Audit fees				Audit-related fees¹				Tax fees²				All other fees
	1/1/15 – 12/31/15		1/1/16 – 12/31/16		1/1/15 – 12/31/15		1/1/16 – 12/31/16		1/1/15 – 12/31/15		1/1/16 – 12/31/16		1/1/15 – 12/31/15		1/1/15 – 12/31/15
Natixis Funds Trust I	$	171,554	$	165,763	$	368	$	319	$	70,677	$	87,587	$	—	$	—

Audit-related fees consist of:

2015 & 2016 – performance of agreed-upon procedures related to the Registrant’s deferred compensation plan.

Tax fees consist of:

2015 & 2016– review of the Registrant’s tax returns and tax consulting services.

Aggregate fees billed to the Registrant for non-audit services during 2015 and 2016 were $71,045 and $87,906 respectively.

Fees billed by the Principal Accountant for services rendered to the Adviser and Control Affiliates.

The following table sets forth the fees billed by the Registrant’s principal accountant for non-audit services rendered to Loomis, Sayles & Company, L.P. (“Loomis”), NGAM Advisors, L.P. (“NGAM”), Natixis Asset Management U.S.,LLC (“NAM US”) and entities controlling, controlled by or under common control with NAM U.S, Loomis and NGAM (“Control Affiliates”) that provide ongoing services to the Registrant, for engagements that related directly to the operations and financial reporting of the Registrant for the last two fiscal years.

Audit-related fees

Tax fees

All other fees

1/1/15–
12/31/15

1/1/16-
12/31/16

1/1/15–
12/31/15

1/1/16-
12/31/16

1/1/15–
12/31/15

1/1/16-
12/31/16

Control Affiliates

—

The following table sets forth the aggregate fees billed by the Registrant’s principal accountant for non-audit services rendered to NAM U.S, Loomis, NGAM and Control Affiliates that provide ongoing services to the Registrant, for the last two fiscal years, including the fees disclosed in the table above.


	Aggregate Non-Audit Fees
	1/1/15 – 12/31/15		1/1/16- 12/31/16
Control Affiliates	$	257,566	$	466,785

None of the services described above were approved pursuant to (c)(7)(i)(C) of Regulation S-X.

Audit Committee Pre Approval Policies.

Annually, the Registrant’s Audit Committee reviews the audit, audit-related, tax and other non-audit services together with the projected fees, for services proposed to be rendered to the Trust and/or other entities for which pre-approval is required during the upcoming year. Any subsequent revisions to already pre-approved services or fees (including fee increases) and requests for pre-approval of new services would be presented for consideration quarterly as needed.

If, in the opinion of management, a proposed engagement by the Registrant’s independent accountants needs to commence before the next regularly scheduled Audit Committee meeting, any member of the Audit Committee who is an independent Board member is authorized to pre-approve the engagement, but only for engagements to provide audit, audit related and tax services. This approval is subject to review of the full Audit Committee at its next quarterly meeting. All other engagements require the approval of all the members of the Audit Committee.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included as part of the Report to Shareholders filed as Item 1 herewith.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10. 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 11. 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 Registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.


(a)	(1)	Code of Ethics required by Item 2 hereof, filed herewith as exhibit (a)(1).
(a)	(2)	Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 [17 CFR 270.30a-2(a)], filed herewith as Exhibits (a)(2)(1) and (a)(2)(2), respectively.
(a)	(3)	Not applicable.
(b)		Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 are filed herewith as Exhibit (b).

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.


Natixis Funds Trust I

By:		/s/ David L. Giunta
Name:		David L. Giunta
Title:		President and Chief Executive Officer
Date:		February 22, 2017

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.


By:		/s/ David L. Giunta
Name:		David L. Giunta
Title:		President and Chief Executive Officer
Date:		February 22, 2017

By:		/s/ Michael C. Kardok
Name:		Michael C. Kardok
Title:		Treasurer
Date:		February 22, 2017

Natixis Funds Trust I N-CSRCertified annual shareholder report (management investment company)