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)


888 Boylston Street, Suite 800, Boston, Massachusetts		02199-8197
(Address of principal executive offices)		(Zip code)

Susan McWhan Tobin, Esq.

Natixis Distribution, LLC

888 Boylston Street, Suite 800

Boston, Massachusetts 02199-8197

(Name and address of agent for service)

Registrant’s telephone number, including area code: (617) 449-2139

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

Item 1. Reports to Stockholders.

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

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Annual Report

December 31, 2022

Loomis Sayles International Growth Fund

Natixis Oakmark Fund

Natixis Oakmark International Fund

Natixis U.S. Equity Opportunities Fund

Vaughan Nelson Mid Cap Fund

Vaughan Nelson Small Cap Value Fund

Table of Contents


Portfolio Review			1
Portfolio of Investments			32
Financial Statements			43
Notes to Financial Statements			74

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LOOMIS SAYLES INTERNATIONAL GROWTH FUND



Manager	Symbols

Aziz V. Hamzaogullari, CFA®	Class A	LIGGX

Loomis, Sayles & Company, L.P.	Class C	LIGCX

	Class N	LIGNX

	Class Y	LIGYX

Investment Goal

The Fund’s investment goal is long-term growth of capital.

Market Conditions

The international markets experienced negative returns and high volatility in 2022. Persistently high inflation prompted the US Federal Reserve (Fed) and other major world central banks to raise interest rates aggressively throughout the year, fueling worries about the potential for a recession and a corresponding decline in corporate earnings in 2023.

Russia’s invasion of Ukraine may have weighed on stocks, as well. The conflict exacerbated supply chain disruptions, led to a spike in energy prices in the first half of the year, and dampened growth across Europe. These factors contributed to underperformance for the European markets versus the broader international equity indexes, but the Asia-Pacific region — which was more insulated from the effects of the invasion — outperformed.

Events in China were an additional source of concern. The government’s continued regulatory focus and zero-Covid policy hindered growth in the country, leading to a significant downturn in the nation’s market over the first ten months of the year. Since China is heavily represented in the major emerging market indexes, its weakness depressed the headline return of the broader asset class.

Currency translation was an additional headwind for US investors. Most developed and emerging market currencies declined sharply in the first ten months of the year, exacerbating the losses for equities. Stocks and foreign currencies both rallied in November and December, however, significantly reducing the extent of the losses for the full year.

Performance Results

For the 12 months ended December 31, 2022, Class Y shares of the Loomis Sayles International Growth Fund returned -17.50% at net asset value. The Fund underperformed its benchmark, the MSCI All Country World Index ex USA Index (Net), which returned -16.00%.

Explanation of Fund Performance

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. Given the rare confluence of quality, growth, and valuation, we may study dozens of companies but may only invest in a select few businesses each year. We believe identifying those few businesses with such characteristics is an art, not a science. As a result of this rigorous approach, ours is a selective, high-conviction portfolio of typically 30–45 names.

The Fund’s positions in Adyen, MercadoLibre, and Tencent detracted the most from performance. Stock selection in the information technology, industrials, and communication services sectors, as well as our allocations in the information technology, energy, consumer discretionary, and communication services sectors, detracted from relative performance.

Adyen is a global merchant acquisition and payment solutions provider based in Amsterdam. Adyen was founded in 2006 to serve as a next-generation, integrated provider of payment solutions to merchants, and today the company supports over 250 payment methods globally across online, mobile, and point-of-sale (POS) transactions for clients that include Facebook, McDonald’s, Microsoft, Netflix, and Uber. We believe Adyen’s strong and sustainable competitive advantages include its single, global platform and a high profile client base with which it has built lasting relationships. A Fund holding since inception, Adyen reported financial results during the year that reflected strong fundamentals, including continued market share gains and revenue growth that was well above our long-term assumptions for the company. However, the company’s most recent financial report for the first half of 2022 was below consensus expectations for revenues and profitability. We believe Adyen remains a high quality company with sustainable competitive advantages and secular growth opportunities that are not reflected in its current share price. Existing clients accounted for over 80% of Adyen’s strong double-digit sales growth in its most recent report — stemming from both organic growth at underlying clients and Adyen’s capture of increasing share — and client retention based on payment volumes remained above 99%. We believe the secular

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shift to electronic-based payments from traditional paper-based systems represents the most significant growth driver for Adyen. While Adyen has been growing substantially faster than the leading global acquirers over the past few years, the company still captures only a small percentage of overall industry volumes estimated at approximately 1%. We believe a combination of industry- and company-specific factors will enable Adyen to continue to grow at more than twice the rate of growth in the overall payments industry over our long-term investment horizon. We also expect Adyen to benefit from the high incremental margins of its business, contributing to margin expansion and cash flow growth in excess of 20% over our forecast period. We believe Adyen’s strong growth prospects are not currently reflected in its share price. As a result, we believe the company’s shares are trading at a meaningful discount to our estimate of intrinsic value, offering an attractive reward-to-risk opportunity.

MercadoLibre is the largest online commerce platform in Latin America. The company offers its users an ecosystem of six integrated e-commerce services that include its marketplace, payment and fintech solutions, shipping and logistics, advertising, classified listings, and merchant web services. The company operates in 18 countries representing the vast majority of Latin American GDP, and its 140 million active users in 2021 represented over 30% of the region’s estimated 450 million internet users. We believe MercadoLibre benefits from strong and sustainable competitive advantages that include its network and ecosystem, brand, and understanding of local markets that collectively contribute to its leadership position in each market it serves. A Fund holding since inception, during the reporting period, the company delivered strong revenue growth that was generally above consensus expectations, driven by growth in gross merchandise volume and payments, and continued market share gains in both e-commerce and payments. Growth was notable because it follows strong pandemic-fueled growth in the prior year period and reflects the high value proposition to consumers. Despite strong fundamental performance, the company’s shares were volatile as a result of the weak market backdrop during the period. MercadoLibre remains in an elevated investment cycle to build out a more powerful ecosystem focused on greater product selection, easier payment options, wider credit availability, and lower cost and faster speed of delivery. While these investments have impacted near-term profitability, we believe they have contributed to market share gains in e-commerce and payments and a stronger competitive position, and operating income and margins were generally above expectations during the period. We believe management remains focused on balancing the investments needed to further improve user experience and extend the company’s leadership in e-commerce and payments, while maintaining a sustainable and profitable financial model. With continued growth in internet access, increasing availability of credit, and the company’s continuing investments to improve the ease and convenience of transacting online, we believe MercadoLibre remains well positioned for sustained growth over the next decade, driven by the secular growth of e-commerce across Latin America. Over our forecast period, we believe the penetration of e-commerce can more than double, which would bring the penetration rate into the mid-20% level. We believe the current market price embeds expectations for key revenue and cash flow growth drivers that are well below our long-term assumptions. As a result, we believe the shares trade at a significant discount to our estimate of intrinsic value and offer a compelling long-term reward-to-risk opportunity.

Tencent Holdings is one of the largest internet services companies in China and globally, offering a wide array of value-added services that span social networking and communication, gaming, media and entertainment, and e-commerce and local services. We believe Tencent’s strong and sustainable competitive advantages include its massive network and ecosystem, distribution, scale, and brand which collectively contribute to high barriers to entry for potential competitors. The company’s leading social and communication platforms, Weixin/WeChat and QQ, which attract approximately 1.3 billion and 550 million monthly active users, respectively, represent a significant portion of mobile internet users in China, as well as a significant amount of time spent in consumption of internet services. Through an open platform with services provided both by Tencent and by third-party providers, the company has created a one-stop “super app” that has become deeply embedded in the lives of its users – spanning communication, social media, gaming, media consumption, online and offline payments, and wealth management. As a result of its massive internet user base, Tencent has a distribution advantage in reaching consumers. The company has advantaged insights into how users are spending their time, which facilitates its ability to promote products and services to a targeted audience and lowers client acquisition costs relative to competitors. This distribution advantage would be difficult to replicate and is reflected in the company’s leading market positions in gaming, news, payments, music, and video. A Fund holding since inception, Tencent reported financial results during the year that were generally mixed-to-below consensus expectations and impacted by both cyclical and regulatory pressures. A combination of ongoing regulation, weakness in Chinese consumer spending, and the resurgence of Covid impacted a number of the company’s key businesses. While the company is operating in a challenging near-term environment, we believe Tencent’s leading digital enterprise and consumer platforms remain structurally well positioned for long-term growth and benefit from strong and sustainable competitive advantages that stem from Tencent’s network, distribution, brand and scale. We believe Tencent is one of the best-positioned companies in the China internet services industry. We believe the near-term uncertainty regarding the regulatory and economic environment does not change the long-term fundamentals; as a leading consumer platform provider, we believe the structural expansion of internet users in China will position Tencent to benefit from multiple secular growth drivers, including gaming, media, advertising, payments, and cloud-computing growth. We believe Tencent’s strong growth prospects are not currently reflected in its share price. As a result, we believe the company’s shares are trading at a significant discount to our estimate of intrinsic value, offering a compelling reward-to-risk opportunity. We took advantage of near-term price weakness to add to our position during the period.

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LOOMIS SAYLES INTERNATIONAL GROWTH FUND

The Fund’s positions in Trip.com, Novo Nordisk, and Vipshop contributed the most to performance. Stock selection in the consumer discretionary, healthcare, energy, and consumer staples sectors, along with our allocations in the consumer staples, healthcare, and industrials sectors, contributed positively to relative performance.

China-based Trip.com (TCOM), formerly known as Ctrip, is the world’s largest global travel platform. Founded in 1999, the company offers a comprehensive, integrated platform on which travelers can make arrangements for lodging, transportation, packaged tours and other related services; they also provide corporate travel management services. The company provides its services in China through its Ctrip and Qunar platforms and serves non-Chinese customers primarily thorough Trip.com and Skyscanner. We believe Trip.com’s strong and sustainable competitive advantages include the power of its network and ecosystem, its scale, and leading brands. As an early mover in the fragmented China travel industry, the company has built the leading network of travelers and travel partners over the past twenty years. The company has over 400 million worldwide users that are attracted to its leading share of inventory in hotels, ticketing services, and vacation packages. As more travelers come to its sites, more travel providers wish to come and vice versa. The company’s scale serves to strengthen the power of its network and ecosystem. Trip.com is the clear leader in the China online travel agent (OTA) market with approximately 50% market share, which is greater than two times the next largest competitor, Meituan. Scale also enables the company to invest more in products, service, and brand than its smaller competitors. Collectively, we believe these competitive advantages would be very difficult for a competitor to replicate. A Fund holding since inception, Trip.com reported financial results over the past year that were above consensus expectations, despite being significantly impacted by Covid-19 and related restrictions that reduced Chinese travel, both domestically and abroad. Investors may have responded positively to the stronger-than-expected results, strong cost management during a period of cyclical weakness, and optimism regarding the Chinese government’s easing of Covid-related restrictions. While financial results have been pressured during this period, we believe that structural growth will resume in 2023 as China eases its controls and reopens its borders. As the leading global travel platform and largest in China, we believe Trip.com is well positioned to benefit from long-term growth in travel expenditures by consumers and business travelers in China. We believe that the impact of Covid-19 on travel is temporary, and that the structural drivers of growth remain intact. Apart from the near-term impact of Covid-19, the company has been reinvesting significantly in the business, depressing operating margins relative to history. As these investments moderate, we believe the company can generate structural operating margins in the low-20% range. We believe the company’s share price embeds expectations for key revenue and cash flow metrics that are substantially below our long-term assumptions. As a result, we believe the company’s shares are trading at a significant discount to our estimate of intrinsic value and offer a compelling reward-to-risk opportunity.

Headquartered in Denmark, Novo Nordisk is a global healthcare company with nearly 100 years of innovation and leadership in diabetes care. Over this time, Novo has amassed unparalleled experience in the biology of diabetes, along with expertise in protein science, and developed significant competitive advantages as a result. Its diabetes products have captured almost one-third of the global branded diabetes care market, which, along with its first-mover position in related obesity therapies, accounts for over 85% of the company’s annual revenues. In its rare disease (formerly biopharmaceutical) business segment, which represents almost 15% of annual revenues, Novo Nordisk has leading positions within hemophilia care, growth hormone therapy, and hormone replacement therapy. We believe Novo’s strong and sustainable advantages include its deep experience in diabetes care and therapeutic proteins, strong infrastructure that took decades to build, efficient manufacturing techniques, robust pipeline, and economies of scale. A Fund holding since inception, Novo reported solid operating results throughout the period that were generally ahead of consensus expectations and reflected a rebound in activity that was depressed in the prior-year period due to Covid-19. Due to strong results, the company raised its full-year 2022 revenue and operating profit guidance on multiple occasions, from an expectation of mid-to-high single-digit growth to low-teens growth. In particular, growth has been led by the company’s GLP-1 class of therapies — a quickly growing class of non-insulin anti-diabetic treatments that can postpone the need for insulin for two to four years. Novo’s class-leading Ozempic, a once-weekly therapy with comparable safety and superior efficacy to existing therapies, is capturing almost 40% of new-to-market patients and contributed to greater penetration of the GLP-1 market as well as share gains from its leading competitor. Sales of Rybelsus, an oral version of Ozempic and the company’s newest GLP-1 innovation launched in late 2019, grew 120% year over year in constant currency, contributing to the company’s greater than 50% total GLP-1 market share. In addition to targeting diabetes with its GLP-1s, in 2021, Novo received approval for semaglutide (the same molecule behind Ozempic and Rybelsus) in the obesity setting under the brand name Wegovy. While Novo is navigating operational challenges that have limited the initial production of Wegovy, the company is seeing robust early demand and expects supply constraints will begin to abate following a relaunch of the therapy in December 2022. Diabetes is a global epidemic with an estimated population of 530 million. The market has been growing annually in the low double digits over the last ten years, driven by aging of the global population and increasing obesity. We believe Novo’s deep experience in diabetes care, differentiated product suite, and leading innovation should enable the company to grow revenues in the mid-single digits over our long-term investment horizon, with faster growth in free cash flow. We believe the company’s shares continue to sell at a meaningful discount to our estimate of intrinsic value and offer an attractive reward-to-risk opportunity.

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Vipshop is a specialty internet retailer focused on off-season, off-price apparel and fashion items which it sells via flash sales. Founded in 2008 with the vision of introducing high quality, branded fashion merchandise to the China market at value prices, the company is by far the largest flash retailer in China, and the largest player in the off-season, off-price category. In 2021, the company generated over $18 billion in net revenues across its core categories, and today the company is the 5th largest overall retailer in China. We believe that Vipshop creates a strong value proposition for end customers and vendors alike, which in turn creates a strong network effect that has been difficult to replicate even by the largest e-commerce companies in China. A Fund holding since inception, Vipshop reported better-than-expected profitability throughout the period, despite significant ongoing topline pressure as the Chinese market continued to be impacted by weak consumer demand amidst prolonged Covid-19 outbreaks, lockdowns, and restrictions. Despite this, the company appears to be maintaining market share in its core apparel-related business which accounts for approximately two-thirds of its revenues, even while experiencing greater competitive pressure in its non-core, general merchandise categories. We believe that Vipshop remains a high-quality business benefiting from competitive advantages of brand, scale, and a positive network effect that should enable it to expand its market share as the leading discount branded apparel retailer in China. While the Covid-19 outbreak and the associated travel restrictions and their impact on consumer confidence pressured sales over the past year, especially in the company’s smaller physical retail footprint, we believe the company’s competitive position in its core off-price apparel and accessories business remains intact, and that Vipshop will continue to benefit from structural growth in China consumption and e-commerce where it has a strong and defensible position in the off-season, off-price niche in which it competes. We believe the current market price embeds expectations for free cash flow growth that are well below our long-term assumptions. With its shares trading at a significant discount to our estimate of intrinsic value, we believe Vipshop offers a compelling reward-to-risk opportunity.

All aspects of our quality-growth-valuation investment thesis must be present simultaneously for us to make an investment. Often our research is completed well in advance of the opportunity to invest. We are patient investors and maintain coverage of high-quality businesses in order to take advantage of meaningful price dislocations if and when they occur. During the period we initiated new positions in Block, Doximity, Shopify, and Tesla. We added to our existing holdings in Fanuc and Tencent. We trimmed our existing positions in Novartis, Roche, Sodexo, and Unilever. We sold our positions in Core Laboratories and Schlumberger.

Outlook

Our investment process is characterized by bottom-up fundamental research and a long-term investment time horizon. The nature of the process leads to a lower-turnover portfolio in which sector positioning is the result of stock selection. The Fund ended the year with overweight positions in the consumer staples, consumer discretionary, healthcare, information technology, and communication services sectors and was underweight in the industrials sector. We had no exposure to stocks in the financials, materials, energy, utilities, or real estate sectors. From a geographic standpoint we were overweight in emerging markets and Europe and underweight in developed Asia and North America.

Top Ten Holdings as of December 31, 2022



	Security Name	% of Net Assets
1	WiseTech Global Ltd.		5.59	%
2	Novo Nordisk A/S, Class B		5.54
3	Tencent Holdings Ltd.		5.07
4	MercadoLibre, Inc.		4.41
5	Novartis AG (Registered)		4.29
6	Roche Holding AG		4.20
7	Ambev S.A. ADR		4.17
8	Trip.com Group Ltd. ADR		4.08
9	Kweichow Moutai Co. Ltd., Class A		3.94
10	Nestle S.A. (Registered)		3.90

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced. The holdings listed exclude any temporary cash investments, are presented on an individual security basis and do not represent holdings of the issuer.

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LOOMIS SAYLES INTERNATIONAL GROWTH FUND

Hypothetical Growth of $100,000 Investment in Class Y Shares³

December 15, 2020 (inception) through December 31, 2022

LOGO

Average Annual Total Returns — December 31, 2022³



	1 Year			Life of Fund			Expense Ratios⁴
	1 Year			Life of Fund			Gross			Net

Class Y (Inception 12/15/20)
NAV		-17.50	%		-10.09	%		2.46	%		0.95	%

Class A (Inception 12/15/20)
NAV		-17.71			-10.33			2.71			1.20
With 5.75% Maximum Sales Charge		-22.41			-12.89

Class C (Inception 12/15/20)
NAV		-18.30			-10.99			3.46			1.95
With CDSC¹		-19.11			-10.99

Class N (Inception 12/15/20)
NAV		-17.47			-10.06			1.58			0.90

Comparative Performance
MSCI ACWI ex USA Index (Net)²		-16.00			-3.61

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. 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% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase and includes automatic conversion to Class A shares after eight years.

2	The MSCI ACWI ex USA Index (Net) captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 27 Emerging Markets (EM) countries. With 2,361 constituents, the index covers approximately 85% of the global equity opportunity set outside the US.

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

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 4/30/23. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

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NATIXIS OAKMARK FUND



Managers		Symbols

William C. Nygren, CFA^®		Class A NEFOX

Robert F. Bierig*		Class C NECOX

M. Colin Hudson, CFA^®**		Class N NOANX

Michael J. Mangan, CFA^®, CPA		Class Y NEOYX

Michael A. Nicolas, CFA^®

Harris Associates L.P.

*	Effective August 1, 2022, Robert F. Bierig serves as portfolio manager of the Fund.

**	Effective August 1, 2022, M. Colin Hudson no longer serves as portfolio manager of the Fund.

Investment Goal

The Fund seeks long-term capital appreciation.

Market Conditions

The fourth quarter saw a recovery in US equity markets with all three major indexes finishing higher following declines in the first three quarters of the year. Energy continued to outperform in the fourth quarter, along with industrials, materials and financials, while consumer discretionary and communication services were the two sectors to have negative absolute returns. Also in the fourth quarter, the US Dollar Index declined by over 7.5% after five consecutive quarters of gains. WTI crude ended the year near $80, which was around its level at the beginning of 2022 and prior to Russia’s invasion of Ukraine and the subsequent increase in energy prices.

Investors’ primary focus throughout the year appeared to be on the Federal Reserve and its efforts to tighten financial conditions, primarily through increases to the federal funds rate and quantitative tightening. The size of rate hikes slowed in December to 50 basis points, following a streak of 75 basis point increases in June, July, September and November. Some recent economic indicators have offered reason for optimism for those expecting the Fed to pivot, such as lower commodity prices and lower than expected inflation numbers. However, unemployment remains resilient at below 4% and the latest Consumer Price Index for November came in at 7.1% year-over-year, significantly above the Federal Reserve’s 2% target.

Performance Results

For the 12 months ended December 31, 2022, Class Y shares of the Natixis Oakmark Fund returned -13.10% at net asset value. The Fund outperformed its benchmark, the S&P 500^® Index, which returned -18.11%.

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, the energy sector gained the most value, while holdings in the communications services sector lost the most value.

The largest contributors to Fund performance for the year were EOG Resources and APA Corporation. While energy price increases have helped companies across the sector this year, EOG Resources has also operated well on a fundamental basis, in our view. Second-quarter results showed that EOG is growing production without a disproportionate capital expense increase, which we see as evidence that management’s efficiency measures are working. Second-quarter production grew 11% from a year earlier and capital expenditures rose 14%; both metrics were better than market expectations. The company later reported a strong set of third-quarter results, in our view. Revenue of $7.59 billion surpassed consensus expectations of $6.26 billion, production grew 9% year-over-year, and capital expenditures were 6% below consensus expectations. Capital expenditures increased faster than production due to inflation, higher growth and additional exploration; however, full-year figures were within initial guidance. EOG also announced the discovery of a new opportunity in the Ohio Utica Basin by using learnings from decentralized teams across multiple basins to enter an overlooked opportunity. The company quietly amassed 395,000 acres for more than $500 million, acquired around 20 legacy wells for data, and drilled four initial wells to confirm their reservoir model. Management said the initial wells would qualify as double premium with longer laterals, and Utica wells could have the same oil recovery as the Delaware Basin, which we believe would be a great win. We continue to like the effectiveness of the company’s management team.

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NATIXIS OAKMARK FUND

well, it is likely to result in a fast-tracked final investment decision for a large development hub in the area. Later in the first quarter, APA announced it closed on two transactions totaling around $1 billion in net proceeds. More recently, third-quarter results from APA were good, in our assessment. Total revenue of $2.89 billion, adjusted earnings (EBITDAX)^* of $1.69 billion and adjusted earnings per share of $1.97 all exceeded market expectations. More importantly, revenue rose 40% year-over-year and EBITDAX advanced 46%, while adjusted earnings per share doubled from a year earlier. We were pleased that drilling operations in both the Permian Basin and Egypt are accelerating, which eased concerns about sluggish second-quarter performance. Management expects $2.7 billion of total FCF in 2022 (a 19% FCF yield) and expects further growth in 2023 even at flat commodity prices. We found it impressive that over the last two years APA has reduced its net debt from $8.9 billion to $4.9 billion. Furthermore, during the most recent two-year period the company repurchased almost 20% of its share base and it continues with its buyback efforts. Management repurchased 10 million shares (3% of shares outstanding) in the third quarter and plans to repurchase another $520 million worth of shares (another 3%) in the fourth quarter. The company also announced the quarterly dividend would double to an annualized rate of $1.00 per share. We remain pleased with APA’s fundamental performance.

The largest detractors to Fund performance for the year were Meta Platforms and Ally Financial. The share price of Meta Platforms declined throughout the year as the company faced several challenges. Investors proved disappointed by Meta Platforms’ fourth-quarter earnings report and its share price fell over 20% following its release. Management pointed to new regulation in Europe and Apple iOS changes as a $10 billion headwind for personalized advertisements. The company also reported its first decline in daily active users for Facebook, which we believe was attributable to the size of the existing base and the number of users pulled forward during the Covid-19 pandemic. Management emphasized its focus on generating revenue from its fastest growing content format, Reels, a competitor to TikTok. The company believes the transition from stories to Reels will be similar to the transition from feed to stories in 2018 and expressed encouragement from early results. Late in April, Meta delivered a disappointing earnings report for the first quarter and guidance for the second quarter. The company reduced its expense guidance for the year, suggesting that much of the spend is highly discretionary, and daily active users on its platforms accelerated sequentially by 50 million in the second quarter versus 10 million in the first quarter. Meta reported a 1% decline in second-quarter revenue, in line with its guidance and consensus expectations. Core margins (ex-Reality Labs) came in at 39%, or 29% including the $2.8 billion loss from Reality Labs, which has lost $5.8 billion year to date. Cyclical weakness in advertising budgets, which worsened sequentially; the lingering impacts from Apple’s ad tracking changes; and higher engagement in Reels all weighed on results. Reels represented 20% of time spent on Instagram alone last quarter, and management said they saw a 30% increase in engagement on both Instagram and Facebook sequentially.

We spoke with Meta Platforms’ CFO Susan Li following the company’s third-quarter earnings report. After our discussion, we believe the core platform remains healthy, as evidenced by engagement and time spent remaining strong. While IDFA (identifier for advertisers) pressured growth this year, results show the company is lapping the impact from that headwind. Reels monetization is showing rapid growth, and we believe organic revenue trends look set to improve both next year and beyond. Expense management is becoming more disciplined, but we believe there remains work to be done. The company is finding more cost-cutting opportunities, and we were told CEO Mark Zuckerberg is increasingly focused on core profitability given the mounting pressure both external and internal. Despite this, the company is committed to ramping up capital spend for the time being. Li believes the increase in Artificial Intelligence spending is paying off, but it is still early in the process. She said the pace of spending will be governed by the returns it generates, and the company should benefit through improved ad effectiveness, engagement, and content editing and creation capabilities, among others. As for the Reality Labs segment, management sees this spend intrinsically tied to the success of the core platforms as they prepare for the potential next computing platform. In our view, the company has a very profitable core business paired with a large amount of growth capital spend and a bet on a potentially large new business opportunity that has an uncertain timeframe and probability of success. While the lack of expense discipline has lowered our estimate of intrinsic value, we continue to believe the company is undervalued at its current price.

First-quarter results from Ally Financial were impressive, in our view, as reported return on tangible common equity was nearly 24% and earning asset yields rose 11 basis points sequentially while funding costs declined 4 basis points, resulting in a near 4% net interest margin. Management believes it will generate a roughly 20% return on tangible common equity on a full-year basis and reiterated their 16%-18% target for 2023 and onward. We recognize that the inevitable normalization of credit, which continues to remain tame and below normal levels, combined with weakening used car prices and potential deposit rate pressure could eventually make the operating environment more challenging. CFO Jenn LaClair remains very optimistic and believes Ally will have some natural hedges in place to partially offset used car price declines. Second-quarter revenue was slightly better than market expectations, while earnings per share fell short of projections by about 4%. In terms of absolute earnings, the company’s results were again above trend with a reported return on tangible common equity of 23%. Earning asset yields rose by 25 basis points and repriced higher than funding sources in the second quarter, which drove the net interest margin to an impressive 4.06%, an increase of 49 basis points year-over-year. Following the earnings release, we met with CEO Jeff Brown and Jenn LaClair and discussed the company’s competitive advantage in auto

^*	EBITDAX stands for Earnings Before Interest, Taxes, Depreciation, Amortization, and Exploration Expense. It is an indicator of financial performance that is used when reporting earnings, specifically for oil and mineral exploration.

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lending. Loan receivables from retail auto borrowers grew faster than the industry in the second quarter, which management attributed to an expanded dealer count (+20% over the past few years) and higher application flow as well as from what they consider to be extremely attractive risk-adjusted returns.

The company reported third-quarter results with revenue and adjusted earnings per share that both undershot market expectations. Revenue rose about 2% from last year to $2.02 billion, while adjusted earnings per share fell by nearly half. Just prior to the earnings release, LaClair stepped down from her role as CFO and will now be a senior operating adviser. Bradley Brown, who had been the corporate treasurer since 2013, will serve as interim CFO. Upon review of the third-quarter earnings report, we observed that earning asset yields continue to improve and accelerated by 50 basis points quarter-over-quarter to 5.59%. However, funding costs increased 77 basis points from last year with deposit costs roughly doubling from 0.76% to 1.58%, which caused the net interest margin to contract by 23 basis points to 3.81%. In addition, auto loan originations were down 8% sequentially from last quarter and unchanged from last year. We spoke with Ally’s management team and discussed the company’s auto loan activity. While management expects lower current year retail auto loan balances than in pre-pandemic years, the company foresees a recovery upon the normalization of vehicle inventories. Also, Jeff Brown stated that Ally continues to be disciplined in its underwriting standards, which should protect against significant downside effects if the economy slows dramatically. Despite these near-term challenges, we find this company is poised to offer shareholder rewards moving forward.

Outlook

We believe our edge is our process for identifying undervalued businesses with growing values and good management teams and then positioning portfolios with conviction and discipline based on that process. We value companies as if they will have to weather macro-related bumps in the road without trying to be precise as to when this happens. This helps us divorce the investment decision from an attempt to time a business cycle. We believe this approach, paired with our longer time horizon and broad definition of value, enables us to uncover attractive investment opportunities during times of volatility.

Top Ten Holdings as of December 31, 2022



	Security Name	% of Net Assets
1	Alphabet, Inc., Class A		3.44	%
2	KKR & Co., Inc.		3.13
3	Wells Fargo & Co.		2.88
4	Oracle Corp.		2.70
5	Citigroup, Inc.		2.45
6	EOG Resources, Inc.		2.41
7	Capital One Financial Corp.		2.37
8	Willis Towers Watson PLC		2.36
9	APA Corp.		2.35
10	CBRE Group, Inc., Class A		2.33

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NATIXIS OAKMARK FUND

Hypothetical Growth of $100,000 Investment in Class Y Shares³

December 31, 2012 through December 31, 2022

LOGO

Average Annual Total Returns — December 31, 2022³



	1 Year			5 Years			10 Years			Life of Class N			Expense Ratios⁴
	1 Year			5 Years			10 Years			Life of Class N			Gross			Net

Class Y
NAV		-13.10	%		7.95	%		11.93	%		—	%		0.89	%		0.80	%

Class A
NAV		-13.30			7.68			11.65			—			1.14			1.05
With 5.75% Maximum Sales Charge		-18.28			6.41			10.99			—

Class C
NAV		-13.97			6.87			10.99			—			1.89			1.80
With CDSC¹		-14.69			6.87			10.99			—

Class N (Inception 5/1/17)
NAV		-13.06			8.07			—			9.84			1.55			0.75

Comparative Performance
S&P 500^® Index²		-18.11			9.42			12.56			10.67

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. 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 and includes automatic conversion to Class A shares after eight years.

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. It also measures the performance of the large cap segment of the U.S. equities market.

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

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 4/30/23. When a Fund’s expenses are below the limitations, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

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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.		Class N NIONX

		Class Y NOIYX

Investment Goal

The Fund seeks long-term capital appreciation.

Market Conditions

Major global markets generally experienced relief in the fourth quarter after equity markets had declined meaningfully throughout the first three quarters of 2022. Conditions in markets turned more favorable as there were early signs that central bank increases in interest rates, improving supply chain conditions, and lower energy prices would lead to reductions in the level of inflation in many countries. International equities benefited from most international currencies strengthening relative to the dollar in the fourth quarter, though most major currencies still ended the year down 5%-15% versus the dollar.

The size of the US Federal Reserve’s hikes to its benchmark interest rate slowed in December to 50 basis points, following a streak of 75 basis point increases in June, July, September and November. Recently, the Bank of Canada increased its benchmark rate by 50 basis points in October and December, while the European Central Bank and Bank of England both hiked their respective rates by 75 basis points in November and 50 in December. The Bank of Japan continued its accommodative policy stance on interest rates through most of the year, but surprised markets by doubling its cap on 10-year yields from 0.25% to 0.50% late in December. The Japanese central bank said the reason was to enhance the sustainability of monetary easing, but many investors speculated it to be a sign of a potential exit from its decade-long stimulus policy. As a result, the yen appreciated against other currencies and Japanese government bonds fell. Late in the year, China backpedaled from its “Zero-Covid” policy and subsequently saw a sharp increase in the number of positive Covid-19 cases.

Performance Results

For the 12 months ended December 31, 2022, Class Y shares of the Natixis Oakmark International Fund returned -15.71% at net asset value. The Fund underperformed its benchmark, the MSCI World ex USA Index (Net), which returned -14.29%.

Explanation of Fund Performance

On an absolute-return basis, shares in the materials sector produced the largest positive collective return, while the information technology sector lost the most value.

Geographically, our average weightings for the year were 86% in Europe, 4% in China and 3% in South Korea. The remaining positions were in Canada, Australia, Japan, Mexico, India, Indonesia and South Africa.

The largest detractors from return were Credit Suisse Group and Continental. Credit Suisse Group faced several challenges in 2022 and its share price fell over the 12-month period. The company has suffered from a succession of negative internal and external events, which produced consistent quarterly net income losses during the year. Most recently, third-quarter results were impeded by a CHF 3.7 billion impairment of deferred tax assets (DTA). The DTA is attributed to the company’s securitized products segment, and the expected spinoff of this segment prompted the charge. Although the DTA impairment is a non-cash charge, it necessitated a larger than expected capital raise of CHF 4 billion to enable reaching its target ranges. However, Credit Suisse has instituted some restructuring initiatives to reinstate profitability. These efforts include de-risking operations, which drove management to conduct a strategic review on its investment bank to identify opportunities to transform it into a capital-light, advisory-led banking business with a reduced absolute cost base in the medium term. Another area of focus is digitizing the company’s processes that management anticipates will generate cost savings of CHF 650 million. While management acknowledged that these programs may elevate operating expenditures in the near term, these endeavors are aimed to save costs and boost efficiency moving forward. In addition, Credit Suisse saw the departure of some key executive team members in 2022, including CEO Thomas Gottstein, CFO David Mathers and General Counsel Romeo Cerutti. In our view, Credit Suisse’s new leadership team is a material upgrade and positions the company to better realize benefits from its restructuring plan that appears to be quite methodical and well contemplated. We believe these developments provide a path to a more successful 2023.

Continental revealed encouraging first-quarter earnings figures given the difficult backdrop. ContiTech and the tires business both met headwinds from raw material inflation and logistics issues. While these should normalize over time, adjustments in pricing and

| 10

NATIXIS OAKMARK INTERNATIONAL FUND

product mix aided the company’s results as it navigated the tough environment. In July, Continental warned that free cash flow for the quarter would come in below expectations due to a buildup of working capital related to supply chain issues, material cost inflation and higher receivables due to higher prices. The full release in August added more color for the tires segment, which had organic growth of 11.4%-16.7% of which came from price and product mix and a decline of 5.3%, which came from reduced replacement volumes across all regions. Management indicated that Chinese demand did not pick up as had been expected when lockdowns ended, and the company was unable to fully meet North American demand due to a lack of product availability. Though fiscal-year guidance was confirmed, margins in tires are expected to be under significantly more pressure in the second half due to weaker replacement demand as well as more severe raw material impacts. The company is responding with price increases, though they are not expected to fully offset the inflationary impact. The company’s automotive business reported an operating loss during the second quarter, though margins are expected to recover in the second half of the year due to improving light vehicle production and the benefits of price increases with OEMs. Encouragingly, the company has realized more than EUR 6 billion in order intake in the second quarter, which, when combined with the company’s ongoing restructuring program, supports its medium-term targets. Despite a difficult environment, we believe that Continental has undertaken significant action to improve results and that the company’s exposures across the automotive value chain along with its low valuation make it a compelling investment.

The top contributors to the yearly return were Glencore and Vipshop Holdings ADR. The share price of Glencore was volatile early in the year and rose mainly in the third and fourth quarters. In August, the company delivered a solid set of first-half earnings results, in our view, as marketing segment earnings increased over 100% year-over-year and profit of $3.7 billion handily surpassed the company’s long-term range of $2.2-$3.2 billion for the year. Furthermore, adjusted earnings in the coal segment reached $8.9 billion for the first half, which outpaced our full-year expectations of $15.4 billion. Management later participated in some corporate actions with the goal of enhancing the company’s value. The Australian Foreign Investment Review Board approved Metals Acquisition Corp’s purchase of CSA Copper Mine from Glencore. In addition, Glencore management announced plans to purchase all of Newmont’s stake in the MARA Project, an Argentina-based copper and gold mine, for $124.9 million along with other considerations. At its investor update event in December, Glencore issued its nine-month production report and lowered full-year output targets across most commodities as the company faced negative weather, labor and supply chain issues in certain geographies. Even so, management still expects fiscal second-half marketing segment earnings will exceed $1.6 billion, which would fall at the high end of the previously established long-term guidance range. The company also announced plans to close 12 coal mines by 2035 as it endeavors to achieve its climate priorities.

Vipshop Holdings delivered fiscal first-quarter results that met consensus estimates for both sales and profitability. A gross merchandise value decline of 8% aligned with the decline in active annual customers, which was attributable to weak consumer demand. However, gross profit margins improved 10 basis points year-over-year due to an improving business mix and management’s removal of lower quality brands. We appreciated management’s efforts to control costs. Despite the difficult backdrop in the second quarter, with much of the economy closed, Vipshop beat consensus estimates on revenue and earnings by 6% and 30%, respectively. The company made progress on cost controls, with gross profit margins improving 40 basis points to 20.5%. This figure was helped by multiple efficiency measures such as reduced coupons, cutting lower margin brands, and improving returns. Later, the company released third-quarter results that were generally better than consensus expectations. Revenue declined 14% and gross merchandise value declined almost 7%, held back by a weak macro environment and impacts from Covid-19. Despite the disappointing topline figures, we believe margins continued to show strength. Gross profit margins came in at 21.7%, 220 basis points higher than last year and 120 basis points higher than the second quarter. Management has been making an effort to improve mix and has also reduced discounts, which showed progress during the quarter as this is the highest gross profit margin reached in nearly two years. We appreciate that over the past twelve months before the release, Vipshop generated $1 billion in free cash flow on a $5.5 billion market cap. During the third-quarter management bought back $260 million in stock and had $560 million left in the current buyback program.

Outlook

While we recognize the challenge facing investors with the current state of financial markets, we believe that the lower and more widely dispersed valuations in the market today have allowed us to redeploy capital into increasingly attractive investments. We are optimistic that these decisions will sow the seeds of future outperformance. As always, we remain focused on building a high conviction portfolio of undervalued businesses that we believe will provide both a margin of safety and the potential for attractive risk-adjusted returns over the long term.

11 |

Top Ten Holdings as of December 31, 2022



	Security Name	% of Net Assets
1	BNP Paribas S.A.		3.40	%
2	Intesa Sanpaolo SpA		3.20
3	Lloyds Banking Group PLC		3.05
4	Mercedes-Benz Group AG (Registered)		2.97
5	Prosus NV		2.70
6	Allianz SE (Registered)		2.59
7	Continental AG		2.59
8	Bayerische Motoren Werke AG		2.58
9	Fresenius SE & Co. KGaA		2.49
10	Adidas AG		2.42

Hypothetical Growth of $100,000 Investment in Class Y Shares^1,4

December 31, 2012 through December 31, 2022

LOGO

See notes to chart on page 13.

| 12

NATIXIS OAKMARK INTERNATIONAL FUND

Average Annual Total Returns — December 31, 2022⁴



	1 Year			5 Years			10 Years			Life of Class N			Expense Ratios⁵
	1 Year			5 Years			10 Years			Life of Class N			Gross			Net

Class Y (Inception 5/1/17)
NAV¹		-15.71	%		-1.90	%		3.81	%		—	%		1.10	%		0.90	%

Class A
NAV		-15.91			-2.14			3.66			—			1.35			1.15
With 5.75% Maximum Sales Charge		-20.72			-3.29			3.05			—

Class C
NAV		-16.50			-2.87			3.04			—			2.10			1.90
With CDSC²		-17.32			-2.87			3.04			—

Class N (Inception 5/1/17)
NAV		-15.65			-1.84			—			0.51			1.25			0.85

Comparative Performance
MSCI World ex USA Index (Net)³		-14.29			1.79			4.59			3.87

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. 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	Prior to the inception of Class Y shares (5/1/2017), performance is that of Class A shares and reflects the higher net expenses of that share class.

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, and includes automatic conversion to Class A shares after eight years.

3	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.

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

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 4/30/23. When a Funds expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Funds expense limitations.

13 |

NATIXIS U.S. EQUITY OPPORTUNITIES FUND



Managers	Symbols

William C. Nygren, CFA^®	Class A	NEFSX

Robert F. Bierig*	Class C	NECCX

M. Colin Hudson, CFA^®**	Class N	NESNX

Michael J. Mangan, CFA^®, CPA	Class Y	NESYX

Michael A. Nicolas, CFA^®

Harris Associates L.P.



Aziz V. Hamzaogullari, CFA^®

Loomis, Sayles & Company, L.P.

*	Effective August 1, 2022, Robert F. Bierig serves as portfolio manager of the Fund.

**	Effective August 1, 2022, M. Colin Hudson no longer serves as portfolio manager of the Fund.

Investment Goal

The Fund seeks long-term growth of capital.

Market Conditions

The 2022 market and economic environment demonstrates what can occur after a disruption of risk and infatuation with short-term trends. While US stocks hit record highs in January 2022 and economic growth looked poised to build on a strong Q42021, the specter of higher-than-expected inflation and Russia’s invasion of Ukraine slammed the brakes on the US economy, while heightening geopolitical risk.

The war immediately stoked inflation fears, disrupting commodities exports of wheat, oil, gas, and metals. US inflation climbed through the first half of 2022, peaking at 9.1% in June before leveling off to an annual increase of 6.5%. The US Federal Reserve (Fed) Board embarked on an inflation-fighting campaign, instituting seven interest rate hikes during 2022. Rates rose to their highest level since 2007 as the Fed indicated more moderate increases were ahead in 2023.

Technology stocks, fed by the pandemic and low interest rates, stumbled in a generally negative market environment: Amazon by 51%, Tesla by 68%, and Meta by 66%. As earnings fell back to earth, tech companies fired more than 200,000 workers in late 2022.

These were not the only companies to suffer as broad US markets withstood a dismal 2022. The Nasdaq Composite fell 33.1% while the S&P 500^® declined by 18.1%, and the Russell 2000 was off by 21.6%.

Meanwhile, the Omicron variant of Covid-19 wreaked havoc across the country, with hospitalizations and deaths rising to new highs in the winter of 2022. Covid has negatively affected workforce participation and productivity, which experts estimate resulted in a billion days of lost work since 2020.

Performance Results

For the 12 months ended December 31, 2022, Class Y shares of the Natixis U.S. Equity Opportunities Fund returned -20.95% at net asset value. The Fund underperformed its primary benchmark, the S&P 500^® Index, which returned -18.11%, and also underperformed its secondary benchmark, the Russell 1000^® Index, which returned -19.13%.

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 L.P. (“Harris Associates”) believes are trading at a substantial discount to the company’s “true business value.”

•

The Loomis Sayles All Cap Growth segment invests primarily in equity securities and may invest in companies of any size. The segment employs a growth style of equity management that emphasizes companies with sustainable competitive advantages versus others, long-term structural growth drivers that will lead to above-average future cash flow growth, attractive cash flow returns on invested capital, and management teams focused on creating long-term value for shareholders. The segment aims to invest in companies when they trade at a significant discount to the estimate of intrinsic value.

| 14

NATIXIS U.S. EQUITY OPPORTUNITIES FUND

Both segments contributed negatively to the Fund’s performance.

Harris Associates Large Cap Value Segment

The largest contributors to segment performance for the year were EOG Resources and APA Corporation. While energy price increases have helped companies across the sector this year, EOG Resources has also operated well on a fundamental basis, in our view. Second-quarter results showed that EOG is growing production without a disproportionate capital expense increase, which we see as evidence that management’s efficiency measures are working. Second-quarter production grew 11% from a year earlier and capital expenditures rose 14%; both metrics were better than market expectations. The company later reported a strong set of third-quarter results, in our view. Revenue of $7.59 billion surpassed consensus expectations of $6.26 billion, production grew 9% year-over-year, and capital expenditures were 6% below consensus expectations. Capital expenditures increased faster than production due to inflation, higher growth and additional exploration; however, full-year figures were within initial guidance. EOG also announced the discovery of a new opportunity in the Ohio Utica Basin by using learnings from decentralized teams across multiple basins to enter an overlooked opportunity. The company quietly amassed 395,000 acres for more than $500 million, acquired around 20 legacy wells for data, and drilled four initial wells to confirm their reservoir model. Management said the initial wells would qualify as double premium with longer laterals, and Utica wells could have the same oil recovery as the Delaware Basin, which we believe would be a great win. We continue to like the effectiveness of the company’s management team.

APA Corporation finished higher alongside rising energy prices early in the year, even though fourth-quarter results were generally below consensus estimates, which we attributed mainly to cost inflation weighing on free cash flow (FCF). Management guided to $6.5 billion of cumulative free cash flow over the next three years, each at strip prices with 5% annual growth. The company also announced a successful oil discovery at its new Krabdagu prospect. We believe if the well flows as well as the nearby Sapakara well, it is likely to result in a fast-tracked final investment decision for a large development hub in the area. Later in the first quarter, APA announced it closed on two transactions totaling around $1 billion in net proceeds. More recently, third-quarter results from APA were good, in our assessment. Total revenue of $2.89 billion, adjusted earnings (EBITDAX)¹ of $1.69 billion and adjusted earnings per share of $1.97 all exceeded market expectations. More importantly, revenue rose 40% year-over-year and EBITDAX advanced 46%, while adjusted earnings per share doubled from a year earlier. We were pleased that drilling operations in both the Permian Basin and Egypt are accelerating, which eased concerns about sluggish second-quarter performance. Management expects $2.7 billion of total FCF in 2022 (a 19% FCF yield) and expects further growth in 2023 even at flat commodity prices. We found it impressive that over the last two years APA has reduced its net debt from $8.9 billion to $4.9 billion. Furthermore, during the most recent two-year period the company repurchased almost 20% of its share base and it continues with its buyback efforts. Management repurchased 10 million shares (3% of shares outstanding) in the third quarter and plans to repurchase another $520 million worth of shares (another 3%) in the fourth quarter. The company also announced the quarterly dividend would double to an annualized rate of $1.00 per share. We remain pleased with APA’s fundamental performance.

The largest detractors to segment performance for the year were Meta Platforms and Ally Financial. The share price of Meta Platforms declined throughout the year as the company faced several challenges. Investors proved disappointed by Meta Platforms’ 2021 fourth-quarter earnings report and its share price fell over 20% following its release. Management pointed to new regulation in Europe and Apple iOS changes as a $10 billion headwind for personalized advertisements. The company also reported its first decline in daily active users for Facebook, which we believe was attributable to the size of the existing base and the amount of users pulled forward during the Covid-19 pandemic. Management emphasized its focus on generating revenue from its fastest growing content format, Reels, a competitor to TikTok. The company believes the transition from stories to reels will be similar to the transition from feed to stories in 2018 and expressed encouragement from early results. Late in April, Meta delivered a disappointing earnings report for the first quarter and guidance for the second quarter. The company reduced its expense guidance for the year, suggesting that much of the spend is highly discretionary, and daily active users on its platforms accelerated sequentially by 50 million in the second quarter versus 10 million in the first quarter. Meta reported a 1% decline in second-quarter revenue, in line with its guidance and consensus expectations. Core margins (ex-Reality Labs) came in at 39%, or 29% including the $2.8 billion loss from Reality Labs, which has lost $5.8 billion year to date. Cyclical weakness in advertising budgets, which worsened sequentially; the lingering impacts from Apple’s ad tracking changes; and higher engagement in Reels all weighed on results. Reels represented 20% of time spent on Instagram alone last quarter, and management said they saw a 30% increase in engagement on both Instagram and Facebook sequentially.

¹	EBITDAX stands for Earnings Before Interest, Taxes, Depreciation, Amortization, and Exploration Expense. It is an indicator of financial performance that is used when reporting earnings, specifically for oil and mineral exploration.

15 |

advertisers) pressured growth this year, results show the company is lapping the impact from that headwind. Reels monetization is showing rapid growth, and we believe organic revenue trends look set to improve both next year and beyond. Expense management is becoming more disciplined, but we believe there remains work to be done. The company is finding more cost-cutting opportunities, and we were told CEO Mark Zuckerberg is increasingly focused on core profitability given the mounting pressure both external and internal. Despite this, the company is committed to ramping capital spend for the time being. Li believes the increase in Artificial Intelligence spending is paying off, but it is still early in the process. She said the pace of spending will be governed by the returns it generates, and the company should benefit through improved ad effectiveness, engagement, and content editing and creation capabilities, among others. As for the Reality Labs segment, management sees this spend intrinsically tied to the success of the core platforms as they prepare for the potential next computing platform. In our view, the company has a very profitable core business paired with a large amount of growth capital spend and a bet on a potentially large new business opportunity that has an uncertain timeframe and probability of success. While the lack of expense discipline has lowered our estimate of intrinsic value, we continue to believe the company is undervalued at its current price.

Loomis Sayles All Cap Growth Segment

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. For the period, the All Cap Growth segment posted a negative absolute return. Our holdings in the consumer staples, energy and industrials sectors contributed positively to results. Our holdings in the information technology, communication services, consumer discretionary, healthcare, and financials sectors detracted from the segment’s performance.

Alnylam Pharmaceuticals and Monster Beverage were the largest contributors to performance during the period. Alnylam Pharmaceuticals is a leader in gene therapies based on its pioneering small-interfering RNA (siRNA) approach to disease treatment. Founded in 2002, Alnylam was one of the first companies to develop and commercialize therapies based on RNA interference (RNAi), a breakthrough discovery in understanding how genes are naturally regulated within cells that was recognized with the 2006 Nobel Prize in Medicine. We believe Alnylam’s strong and sustainable competitive advantages include its deep, cumulative and compounding knowledge in the science of RNAi therapeutics, in particular its creation and advancement of unique siRNA-based therapies, and the multiple partnerships it has entered on the basis of its technology, which provide both external funding and established commercialization avenues. Today, the company’s technology is the basis for five approved therapies, six therapies currently in clinical trials, and a robust pipeline of potential treatments that we expect to enter clinical trials in the coming years, with a

| 16

NATIXIS U.S. EQUITY OPPORTUNITIES FUND

focus on genetic diseases, cardiometabolic diseases, infectious diseases, and central nervous system and ocular diseases. A strategy holding since the second quarter of 2021, shares jumped almost 50% in August following news that Onpattro, the company’s approved therapy for hATTR amyloidosis, met its primary endpoint in the much larger indication of ATTR with cardiomyopathy, which is estimated to have a patient population approximately ten times as large. The results substantially increase the likelihood that the therapy will receive approval in the new indication, where it would be the first RNAi-based therapy. We believe the uniqueness of Alnylam’s pioneering scientific expertise and technology is evident from both its existing products, which provide meaningful value to previously underserved patient populations, and the numerous partnerships in which world-class global pharmaceutical companies and specialty competitors alike have sought to access its proprietary technology. With its approved therapies and substantial pipeline of significant late-stage clinical programs, we believe the company has now reached the point at which its existing therapies will continue to contribute positively, and its subsequent innovations will shift its financial profile from that of an early-stage biotech company to a profitable business with normalized margins that is able to internally fund its ongoing growth needs. Over our long-term investment horizon, we believe the company can generate substantial revenue growth, while turning profitable and generating substantial cumulative free cash flow. We believe Alnylam’s market price continues to substantially undervalue the potential contribution from the company’s clinical-stage assets – which we believe is unsupported by the company’s established track record for producing genetically validated therapeutics. Further, while embedded expectations reflect some success for its currently marketed products, we believe the market is focused on short-term profitability while ignoring the platform the company has built, which we believe will serve as the basis for ongoing innovation over our long-term investment horizon and beyond. As a result, we believe the company is selling at a substantial discount to our estimate of its intrinsic value and offers a compelling reward-to-risk opportunity.

Monster Beverage is a leading marketer and distributor of energy drinks in the US and internationally. We believe Monster’s strong and sustainable competitive advantages include its iconic brands, the benefits of scale, and its strong entrepreneurial culture. A holding in the strategy since 2013, Monster reported strong sales growth during the period, but faced pressure on profitability due to materials cost inflation, increased logistics costs, and can shortages that have led the company to import cans. After losing market share to Red Bull in the US over the past several quarters, as reflected in channels measured by Nielsen, the company more recently returned to share gains and market share leadership, despite increasing pricing by 6% in September. Throughout the period the company performed consistently well in channels not measured by Nielsen, such as e-commerce and sales through Home Depot. Outside of the US, Monster continued to take market share and demonstrated impressive sales growth. While cost inflation has impacted the consumer packaged goods industry broadly, Monster has been reducing promotions and trade spending and may take further price increases in the US and internationally. Despite the near-term pressure on margins, we believe the company will benefit from margin expansion over the long term as it achieves greater scale in international markets. The global energy drink industry is effectively a duopoly, creating strong competitive advantages for Monster and Red Bull, which command a combined share of approximately 80% of the US market, and an estimated 50% of the $50 billion global energy drink market. Patiently built using non-traditional, grassroots marketing, Monster’s iconic brand is a competitive advantage so difficult to replicate that even Pepsi and Coca-Cola were unable to make meaningful inroads in the profitable and growing energy drink market, despite over a decade of effort and investments. In 2014, Monster entered a partnership with Coca-Cola in which Coca-Cola purchased a 16.7% stake in the company, and Monster became its exclusive energy drink partner. The partnership gives Monster access to Coca-Cola’s unmatched global distribution system, accelerating its pace of international expansion, and extending its benefits of scale. We believe that energy drinks are here to stay and that continued increases in per-capita consumption in international markets will drive secular growth over our investment horizon. We estimate Monster can grow in the mid-teens in international markets and at a mid-to-high single-digit rate in the US market over our long-term investment horizon. As the company continues to scale its business in international markets, we expect it will be able to increase cash flow growth, expand margins, and improve its return on invested capital. We trimmed the position during the period following strong relative price performance but continue to believe the shares embed expectations for revenue and free cash flow that are below our long- term expectations. As a result, we believe the shares are trading at a discount to our estimate of intrinsic value and offer an attractive reward-to-risk opportunity.

Meta Platforms and Amazon were the largest detractors during the period. Meta Platforms operates online social networking platforms that allow people to connect, share, and interact with friends and communities. With over 3.7 billion monthly users, 200 million businesses, and 10 million advertisers worldwide using its family of apps — Facebook, Messenger, WhatsApp, and Instagram — the scale and reach of Meta’s network is unrivaled. A strategy holding since its IPO in 2012, Meta reported financial results during the period that were generally mixed with respect to consensus expectations. The company faced headwinds arising from privacy restrictions by Apple, the continuing impact of macro weakness on advertising spending, and a transition to a new product format — short-form video — where monetization is currently lower. Management previously addressed the changes by Apple, which it believes decreased the accuracy of Facebook’s ad targeting, increased the difficulty of measuring outcomes, and contributed to underreporting of successful conversions such as sales and app installs by approximately 15% in the third quarter of 2021. The company has already been investing in a number of solutions, including commerce tools to help businesses reach more customers and privacy-enhancing technologies, and believes it has closed a substantial portion of the measurement gap. Apple’s changes impact not just Meta, but the broader mobile advertising ecosystem. As a function of its competitive advantages, we believe Meta remains well

17 |

positioned relative to its peers, and there are no changes to our assessment of the company’s quality or secular growth opportunities. Another near-term headwind is the company’s capital investments in and transition to a new product format — the short-form video. During our ownership of Meta, Facebook has gone through several product transitions. Each such transition first requires capital expenditures followed by a gradual revenue ramp-up, creating pressures on topline, margins, and earnings. Over time, the required investment decreases and revenues increase. Of note, the Instagram “Reels” product, launched in August 2020, is now Meta’s fastest growing content format and largest contributor to engagement. We believe this is a necessary cycle for maintaining sustainable competitive advantages and long-term growth. Finally, the company continues to invest significantly in its early-stage Reality Labs segment, which includes augmented and virtual reality products that the company views as building its long-term vision for the metaverse. While the company has incurred year-to-date operating expenses of $10.9 billion in the Reality Labs segment, the investment represented only one-third of the operating profit generated by the company’s highly profitable core business. Mark Zuckerberg has always managed the company with a long-term focus and strong strategic vision. Over the past ten years, Meta has spent over $90 billion on research and development and $80 billion on capital expenditures — a level of investment which few firms can match and which creates high barriers to entry for competitors. And while the successful development of a metaverse is not an explicit part of our investment thesis for Meta, given the potential size of the opportunity, which we estimate could impact over $1 trillion of spending over the long term, and Meta’s positioning with billions of users and hundreds of millions of businesses, we believe Meta’s current balanced approach to its forward-looking investments makes sense. We expect that corporations will continue to allocate an increasing proportion of their advertising spending online, and Meta remains one of very few platforms where advertisers can reach consumers at such scale in such a targeted and effective fashion. We believe Meta’s brands, network, and targeting advantage position the company to take increasing share of the industry’s profit pool and grow its market share from 6% currently to approximately 10% of the total global advertising market over our investment time horizon. On the basis of its core business alone, we believe the company is substantially undervalued, even accounting for elevated levels of investment. We took advantage of near-term market weakness to add to our position on multiple occasions during the year.

Online retailer Amazon offers millions of products — sold by Amazon or by third parties — with the value proposition to consumers of selection, price, and convenience. Amazon’s enterprise IT business, Amazon Web Services (AWS), offers a suite of secure, on-demand cloud-computing services, with a value proposition to clients of speed, agility, and savings. In both of its core markets, we believe Amazon possesses strong and sustainable competitive advantages that would be difficult for competitors to replicate. A segment holding since inception, Amazon reported fundamentally solid operating results that were generally above management’s guidance during the period. However, Amazon is facing short-term cost inflation that has contributed to over $10 billion of incremental expense over the past few quarters. While a portion of the additional expense is outside of Amazon’s direct control, including higher shipping, fuel, and labor costs, approximately two-thirds stems from Amazon’s strategic decision to invest in labor to make up for Covid-related employee absences, as well as investments undertaken to ensure that its fulfillment and transportation network remained unconstrained during the pandemic. And while expense pressures are expected to persist for the foreseeable future, Amazon expects them to decline over the coming quarters. Over time, we expect that Amazon will take steps to mitigate external cost inflation, and that it will realize greater productivity and fixed cost leverage from its investments in labor, fulfillment, and distribution. Despite a deceleration of revenue growth in its online retail business from the pandemic-enhanced prior year, we continue to believe Amazon is well positioned for durable long-term growth. Further, the company has added over 50 million Prime members over the past two years and is seeing strong growth in other businesses including AWS and advertising. Earlier in the year, the company announced it was increasing the price of Prime membership for the first time since 2018, which we believe reflects its pricing power and ability to offset cost inflation. These near-term challenges do not impact our long-term view of Amazon’s quality, growth, or the attractiveness of its reward-to-risk proposition. We believe Amazon is one of the best-positioned companies in e-commerce and enterprise IT — in each case addressing large, underpenetrated markets experiencing secular growth that is still in its early stages. We believe the current share price shows a lack of appreciation for Amazon’s significant long-term growth opportunities and the sustainability of its business model. As a result, we believe the company is selling at a significant discount to our estimate of intrinsic value and offers a compelling reward-to-risk opportunity.

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NATIXIS U.S. EQUITY OPPORTUNITIES FUND

Top Ten Holdings as of December 31, 2022



	Security Name	% of Net Assets
1	Alphabet, Inc., Class A		4.75	%
2	Oracle Corp.		4.15
3	Amazon.com, Inc.		3.85
4	Netflix, Inc.		3.56
5	Wells Fargo & Co.		2.82
6	Salesforce, Inc.		2.81
7	Capital One Financial Corp.		2.62
8	KKR & Co., Inc.		2.59
9	Boeing Co. (The)		2.42
10	Workday, Inc., Class A		2.31

Hypothetical Growth of $100,000 Investment in Class Y Shares⁴

December 31, 2012 through December 31, 2022

LOGO

19 |

Average Annual Total Returns — December 31, 2022⁴



	1 Year			5 Years			10 Years			Life of Class N			Expense Ratios⁵
	1 Year			5 Years			10 Years			Life of Class N			Gross			Net

Class Y
NAV		-20.95	%		8.02	%		13.06	%		—	%		0.84	%		0.84	%

Class A
NAV		-21.15			7.75			12.79			—			1.09			1.09
With 5.75% Maximum Sales Charge		-25.68			6.49			12.12			—

Class C
NAV		-21.77			6.94			12.11			—			1.84			1.84
With CDSC¹		-22.33			6.94			12.11			—

Class N (Inception 5/1/17)
NAV		-20.88			8.12			—			10.10			1.33			0.78

Comparative Performance
S&P 500^® Index²		-18.11			9.42			12.56			10.67
Russell 1000^® Index³		-19.13			9.13			12.37			10.39

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. 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 and includes automatic conversion to Class A shares after eight years.

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.

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 4/30/24. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

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VAUGHAN NELSON MID CAP FUND



Managers		Symbols

Dennis G. Alff, CFA^®		Class A VNVAX

Chad D. Fargason, PhD		Class C VNVCX

Chris D. Wallis, CFA^®, CPA		Class N VNVNX

Vaughan Nelson Investment Management, L.P.		Class Y VNVYX

Investment Goal

The Fund seeks long-term capital appreciation.

Market Conditions

During the fiscal year ended December 31, 2022, equity market performance was initially defined by Russia’s invasion of Ukraine and NATO’s sharp response. These events further supported inflationary pressures and weighed on future economic growth.

The US Federal Reserve (Fed) raised the fed funds rate, kicking off the first Fed hiking cycle since 2018. The high inflation environment proved stickier than expected. With inflation elevated, the cost of capital rising, liquidity conditions deteriorating, and earnings estimates set for negative revisions, heightened equity market volatility led to further downside.

As we moved through the summer months, risk assets continued to be pressured by accelerating inflationary pressures, decelerating economic growth, and tightening financial conditions. Inflationary pressures in the US moved from goods to services and housing, in the form of owners’ equivalent rent – the amount a property owner would have to pay in rent to equal their cost of ownership. The yield curve flattened with the M2 money supply decelerating. M2 measures liquid assets such as savings, checking and money market accounts. The rapid slowdown in economic growth and tightening financial conditions are creating a recessionary environment in the US, Europe, and most export-led economies.

Exceptional US dollar strength drove markets as the Fed dramatically tightened financial conditions by increasing interest rates and aggressively shrinking its balance sheet. The strong US dollar accelerated the exportation of US inflation to the rest of the world, forcing nearly all global central banks to follow the Fed in raising interest rates. Tighter financial conditions forced global equity and fixed income markets to reduce investment positions and leverage, driving nearly all asset classes lower.

The fourth quarter recovery in equity markets was driven by peaking inflationary conditions and the rapid increase in non-US interest rates relative to US interest rates, which triggered a broad-based decline in the US dollar. The 2022 bear market in equities reflects the impact of higher interest rates increasing the cost of capital, and thereby decreasing equity valuations.

Performance Results

For the 12 months ended December 31, 2022, Class Y shares of the Vaughan Nelson Mid Cap Fund returned -10.58% at net asset value. The Fund outperformed its benchmark, the Russell Midcap^® Value Index, which returned -12.03%.

Explanation of Fund Performance

The Fund outperformed on a relative basis during the period.

The largest contributor was industrials, driven by security selection. WillScot Mobile Mini Holdings Corp. Class A was the top name in the sector. WillScot beat and raised earnings throughout the year and benefited from its initiatives in value-added products. Selection within consumer services assisted, with performance led by Nexstar Media Group, Inc. Nexstar benefited due to its strong free cash flow generation in a market where investors sought value and cash flow.

The Fund was void of real estate companies throughout 2022. This benefited the portfolio, as real estate was an underperforming sector. Information Technology was an outperforming sector, with Motorola Solutions, Inc. the top name. Motorola continued its beat and raise cycle with defensible end markets and a margin expansion story.

Selection within consumer discretionary, specifically Aramark, bolstered the Fund. Aramark’s sales initiatives are beginning to bear fruit, and the market has become optimistic that margin expansion can follow. Financials contributed to the Fund’s outperformance, with Reinsurance Group of America, Incorporated (RGA) the top name. RGA outperformed as Covid headwinds are beginning to abate for the company. An overweight to utilities, an outperforming sector, added to relative performance.

The largest detracting sector was healthcare, with Aveanna Healthcare Holdings Inc the most impaired name. Aveanna continued to experience both sales and margin pressure due to labor constraints. Selection within materials hurt performance, with Crown Holdings, Inc. the worst relative performer. Crown suffered as sales struggled to surpass the surge resulting from Covid. Margins were

21 |

under pressure due to higher-cost inventory, foreign exchange and rising interest rates. Energy’s selection detracted with Southwestern Energy Company the weakest name. Southwestern underperformed as natural gas prices fell back down as fears of being undersupplied abated. A warmer start to winter was a contributor. An underweight to consumer staples, an outperforming sector, weighed on the Fund’s performance.

Outlook

With the current level of interest rates and expiring monetary and fiscal stimulus, we anticipate that by third quarter 2023, the trajectory of inflation will be on pace to meet the Fed’s inflation target. However, we anticipate the tighter financial conditions and expiring monetary and fiscal stimulus will lead to an earnings recession and likely an economic recession. Should weakening economic and financial conditions force policy makers to restimulate the economy, we could see inflationary pressures begin to reaccelerate.

Top Ten Holdings as of December 31, 2022



	Security Name	% of Net Assets
1	WillScot Mobile Mini Holdings Corp.		3.93	%
2	Vistra Corp.		3.35
3	Motorola Solutions, Inc.		3.21
4	Nexstar Media Group, Inc., Class A		3.08
5	FactSet Research Systems, Inc.		2.87
6	AmerisourceBergen Corp.		2.81
7	Republic Services, Inc.		2.68
8	Allstate Corp. (The)		2.62
9	AMETEK, Inc.		2.61
10	Nasdaq, Inc.		2.57

Hypothetical Growth of $100,000 Investment in Class Y Shares³

December 31, 2012 through December 31, 2022

LOGO

See notes to chart on page 23.

| 22

VAUGHAN NELSON MID CAP FUND

Average Annual Total Returns — December 31, 2022³



	1 Year			5 Years			10 Years			Life of Class N			Expense Ratios⁴
	1 Year			5 Years			10 Years			Life of Class N			Gross			Net

Class Y
NAV		-10.58	%		5.76	%		9.22	%		—	%		0.96	%		0.90	%

Class A
NAV		-10.80			5.48			8.95			—			1.21			1.15
With 5.75% Maximum Sales Charge		-15.91			4.24			8.30			—

Class C
NAV		-11.46			4.70			8.29			—			1.96			1.90
With CDSC¹		-12.32			4.70			8.29			—

Class N (Inception 5/1/13)
NAV		-10.54			5.83			—			8.20			0.87			0.85

Comparative Performance
Russell Midcap^® Value Index²		-12.03			5.72			10.11			8.95

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. 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 and includes automatic conversion to Class A shares after eight years.

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.

23 |

VAUGHAN NELSON SMALL CAP VALUE FUND



Managers		Symbols

Chris D. Wallis, CFA^®, CPA		Class A NEFJX

Stephen A. Davis, CFA^®		Class C NEJCX

James Eisenman, CFA^®*, CPA		Class N VSCNX

Vaughan Nelson Investment Management, L.P.		Class Y NEJYX

*	Effective May 1, 2022, James Eisenman serves as a co-portfolio manager on the Fund.

Investment Goal

The Fund seeks capital appreciation.

Market Conditions

As we moved through the summer months, risk assets continued to be pressured by accelerating inflationary pressures, decelerating economic growth, and tightening financial conditions. Inflationary pressures in the US moved from goods to services and housing, in the form of owners’ equivalent rent. The yield curve flattened with the M2 money supply decelerating. M2 measures liquid assets such as savings, checking and money market accounts. The rapid slowdown in economic growth and tightening financial conditions are creating a recessionary environment in the US, Europe, and most export-led economies.

Performance Results

For the 12 months ended December 31, 2022, Class Y shares of the Vaughan Nelson Small Cap Value Fund returned -9.98% at net asset value. The Fund outperformed its benchmark, the Russell 2000^® Value Index, which returned -14.48%.

Explanation of Fund Performance

The Fund outperformed on a relative basis during the period. The largest contributor was industrials, driven by security selection. Federal Signal Corporation was the top name in the sector due to strong book-to-bill ratios across the business for municipal commercial equipment combined with margin expansion due to improvements in the supply chain. Selection within communication services assisted, with the largest performance led by Tegna, Inc. which was acquired for a premium by Standard General. The Fund was underweight in real estate. This benefitted the portfolio, as real estate was an underperforming sector.

Information technology was an outperforming sector with EXL Service Holdings, Inc. the top name due to strong sequential revenue acceleration, long-term visibility due to the contract nature of its business, and margin improvement due to the higher revenue mix from its data analytics business. Selection within materials, specifically FMC Corporation, bolstered the Fund because of pricing actions regaining margin pressure from late 2021 combined with a higher percentage of revenues coming from new formulations that carry higher margins than legacy products. An underweight to health care, an underperforming sector, helped the Fund. Consumer staples contributed to the Fund’s outperformance with Performance Food Group Company the top name due to continued market share gains across the food distribution business, margin expansion due to increased company scale, and inventory gains because of materially higher inflation throughout the year.

An underweight to energy, an outperforming sector, was the largest relative detractor. Financials impaired the relative return, specifically Trean Insurance Group, Inc. which had concerns about underwriting performance on core insurance offerings and exiting certain markets due to poor profitability. Selection within consumer discretionary diminished relative performance, with Bally’s

| 24

VAUGHAN NELSON SMALL CAP VALUE FUND

Corporation the worst performer due to high balance sheet leverage, the beginning of a new cap-ex cycle to build a new casino in Chicago and a longer time horizon on planned cost reductions to improve profitability. An underweight to utilities, an outperforming sector, weighed on the Fund’s performance.

Outlook

With the current level of interest rates and expiring monetary and fiscal stimulus, we anticipate that by the third quarter 2023, the trajectory of inflation will be on pace to meet the Fed’s inflation target. However, we anticipate the tighter financial conditions and expiring monetary and fiscal stimulus will lead to an earnings recession and likely an economic recession. Should weakening economic and financial conditions force policy makers to restimulate the economy, we could see inflationary pressures begin to reaccelerate.

Top Ten Holdings as of December 31, 2022



	Security Name	% of Net Assets
1	Insight Enterprises, Inc.		3.61	%
2	Element Solutions, Inc.		3.36
3	GATX Corp.		2.58
4	Rambus, Inc.		2.53
5	WNS Holdings Ltd. ADR		2.44
6	Fabrinet		2.37
7	ASGN, Inc.		2.06
8	Performance Food Group Co.		1.93
9	Franklin Electric Co., Inc.		1.90
10	Landstar System, Inc.		1.87

Hypothetical Growth of $100,000 Investment in Class Y Shares³

December 31, 2012 through December 31, 2022

LOGO

25 |

Average Annual Total Returns — December 31, 2022³



	1 Year			5 Years			10 Years			Life of Class N			Expense Ratios⁴
	1 Year			5 Years			10 Years			Life of Class N			Gross			Net

Class Y
NAV		-9.98	%		6.49	%		10.33	%		—	%		1.16	%		1.00	%

Class A
NAV		-10.19			6.22			10.05			—			1.41			1.25
With 5.75% Maximum Sales Charge		-15.36			4.97			9.40			—

Class C
NAV		-11.01			5.41			9.38			—			2.17			2.00
With CDSC¹		-11.78			5.41			9.38			—

Class N (Inception 5/1/17)
NAV		-9.95			6.58			—			7.08			1.17			0.95

Comparative Performance
Russell 2000^® Value Index²		-14.48			4.13			8.48			4.88

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. 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 and includes automatic conversion to Class A shares after eight years.

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.

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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 Fund is 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 Investment Managers or any of its related or affiliated companies (collectively “Natixis Affiliates”) and does not sponsor, endorse or participate in the provision of any Natixis Affiliates 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 the Natixis Funds’ website at im.natixis.com; and on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Natixis Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available from the Natixis Funds’ website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

The Natixis Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov. First and third quarter schedules of portfolio holdings are also available at im.natixis.com/funddocuments. A hard copy may be requested from the Fund at no charge by calling 800-225-5478.

CFA^® and Chartered Financial Analyst^® are registered trademarks owned by the CFA Institute.

27 |

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, 2022 through December 31, 2022. 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 funds. If transaction costs were included, total costs would be higher.


LOOMIS SAYLES INTERNATIONAL GROWTH FUND	BEGINNING ACCOUNT VALUE 7/1/2022		ENDING ACCOUNT VALUE 12/31/2022		EXPENSES PAID DURING PERIOD* 7/1/2022 – 12/31/2022
Class A
Actual		$1,000.00		$1,043.10		$6.18
Hypothetical (5% return before expenses)		$1,000.00		$1,019.16		$6.11
Class C
Actual		$1,000.00		$1,040.20		$10.03
Hypothetical (5% return before expenses)		$1,000.00		$1,015.38		$9.91
Class N
Actual		$1,000.00		$1,045.90		$4.64
Hypothetical (5% return before expenses)		$1,000.00		$1,020.67		$4.58
Class Y
Actual		$1,000.00		$1,045.50		$4.90
Hypothetical (5% return before expenses)		$1,000.00		$1,020.42		$4.84

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.20%, 1.95%, 0.90% and 0.95% 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 365 (to reflect the half-year period).

| 28


NATIXIS OAKMARK FUND	BEGINNING ACCOUNT VALUE 7/1/2022		ENDING ACCOUNT VALUE 12/31/2022		EXPENSES PAID DURING PERIOD* 7/1/2022 – 12/31/2022
Class A
Actual		$1,000.00		$1,077.30		$5.50
Hypothetical (5% return before expenses)		$1,000.00		$1,019.91		$5.35
Class C
Actual		$1,000.00		$1,073.00		$9.41
Hypothetical (5% return before expenses)		$1,000.00		$1,016.13		$9.15
Class N
Actual		$1,000.00		$1,078.70		$3.93
Hypothetical (5% return before expenses)		$1,000.00		$1,021.43		$3.82
Class Y
Actual		$1,000.00		$1,078.50		$4.19
Hypothetical (5% return before expenses)		$1,000.00		$1,021.17		$4.08

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.05%, 1.80%, 0.75% and 0.80% 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 365 (to reflect the half-year period).


NATIXIS OAKMARK INTERNATIONAL FUND	BEGINNING ACCOUNT VALUE 7/1/2022		ENDING ACCOUNT VALUE 12/31/2022		EXPENSES PAID DURING PERIOD* 7/1/2022 – 12/31/2022
Class A
Actual		$1,000.00		$1,041.70		$5.92
Hypothetical (5% return before expenses)		$1,000.00		$1,019.41		$5.85
Class C
Actual		$1,000.00		$1,038.40		$9.76
Hypothetical (5% return before expenses)		$1,000.00		$1,015.63		$9.65
Class N
Actual		$1,000.00		$1,042.60		$4.38
Hypothetical (5% return before expenses)		$1,000.00		$1,020.92		$4.33
Class Y
Actual		$1,000.00		$1,042.90		$4.63
Hypothetical (5% return before expenses)		$1,000.00		$1,020.67		$4.58

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.15%, 1.90%, 0.85% and 0.90% 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 365 (to reflect the half-year period).

29 |


NATIXIS U.S. EQUITY OPPORTUNITIES FUND	BEGINNING ACCOUNT VALUE 7/1/2022		ENDING ACCOUNT VALUE 12/31/2022		EXPENSES PAID DURING PERIOD* 7/1/2022 – 12/31/2022
Class A
Actual		$1,000.00		$1,048.20		$5.68
Hypothetical (5% return before expenses)		$1,000.00		$1,019.66		$5.60
Class C
Actual		$1,000.00		$1,043.60		$9.53
Hypothetical (5% return before expenses)		$1,000.00		$1,015.88		$9.40
Class N
Actual		$1,000.00		$1,049.90		$4.08
Hypothetical (5% return before expenses)		$1,000.00		$1,021.22		$4.02
Class Y
Actual		$1,000.00		$1,049.40		$4.39
Hypothetical (5% return before expenses)		$1,000.00		$1,020.92		$4.33

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.10%, 1.85%, 0.79% and 0.85% 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 365 (to reflect the half-year period).


VAUGHAN NELSON MID CAP FUND	BEGINNING ACCOUNT VALUE 7/1/2022		ENDING ACCOUNT VALUE 12/31/2022		EXPENSES PAID DURING PERIOD* 7/1/2022 – 12/31/2022
Class A
Actual		$1,000.00		$1,042.90		$5.92
Hypothetical (5% return before expenses)		$1,000.00		$1,019.41		$5.85
Class C
Actual		$1,000.00		$1,039.20		$9.77
Hypothetical (5% return before expenses)		$1,000.00		$1,015.63		$9.65
Class N
Actual		$1,000.00		$1,044.80		$4.38
Hypothetical (5% return before expenses)		$1,000.00		$1,020.92		$4.33
Class Y
Actual		$1,000.00		$1,044.60		$4.64
Hypothetical (5% return before expenses)		$1,000.00		$1,020.67		$4.58

| 30


VAUGHAN NELSON SMALL CAP VALUE FUND	BEGINNING ACCOUNT VALUE 7/1/2022		ENDING ACCOUNT VALUE 12/31/2022		EXPENSES PAID DURING PERIOD* 7/1/2022 – 12/31/2022
Class A
Actual		$1,000.00		$1,032.30		$6.40
Hypothetical (5% return before expenses)		$1,000.00		$1,018.90		$6.36
Class C
Actual		$1,000.00		$1,028.40		$10.23
Hypothetical (5% return before expenses)		$1,000.00		$1,015.12		$10.16
Class N
Actual		$1,000.00		$1,033.70		$4.87
Hypothetical (5% return before expenses)		$1,000.00		$1,020.42		$4.84
Class Y
Actual		$1,000.00		$1,033.40		$5.13
Hypothetical (5% return before expenses)		$1,000.00		$1,020.16		$5.09

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.25%, 2.00%, 0.95% and 1.00% 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 365 (to reflect the half-year period).

31 |

Portfolio of Investments – as of December 31, 2022

Loomis Sayles International Growth Fund


Shares		Description	Value (†)

	Common Stocks — 98.8% of Net Assets
		Australia — 5.6%
	39,944	WiseTech Global Ltd.	$	1,373,771

		Belgium — 2.4%
	9,789	Anheuser-Busch InBev S.A.		589,601

		Brazil — 8.6%
	376,933	Ambev S.A., ADR		1,025,258
	1,280	MercadoLibre, Inc.(a)		1,083,187

				2,108,445

		Canada — 1.8%
	13,047	Shopify, Inc., Class A(a)		452,861

		China — 27.6%
	4,121	Alibaba Group Holding Ltd., Sponsored ADR(a)(b)		363,019
	5,038	Baidu, Inc., Sponsored ADR(a)(b)		576,246
	70,700	Budweiser Brewing Co. APAC Ltd., 144A		221,008
	553,500	Dali Foods Group Co. Ltd., 144A		251,813
	3,900	Kweichow Moutai Co. Ltd., Class A		969,088
	4,363	NXP Semiconductors NV		689,485
	29,400	Tencent Holdings Ltd.(b)		1,246,571
	29,164	Trip.com Group Ltd., ADR(a)(b)		1,003,242
	48,974	Vipshop Holdings Ltd., ADR(a)(b)		668,005
	14,779	Yum China Holdings, Inc.		807,672

				6,796,149

		Denmark — 5.5%
	10,021	Novo Nordisk A/S, Class B		1,361,008

		France — 5.2%
	3,017	EssilorLuxottica S.A.		545,875
	7,683	Sodexo S.A.		735,097

				1,280,972

		Germany — 2.8%
	6,753	SAP SE		697,184

		Japan — 4.6%
	5,900	FANUC Corp.		882,914
	6,200	Unicharm Corp.		237,375

				1,120,289

		Macau — 1.2%
	43,000	Galaxy Entertainment Group Ltd.		282,710

		Netherlands — 3.5%
	616	Adyen NV, 144A(a)		855,161

		Switzerland — 5.6%
	7,883	CRISPR Therapeutics AG(a)		320,444
	11,652	Novartis AG, (Registered)		1,054,476

				1,374,920

		United Kingdom — 10.0%
	7,852	Diageo PLC		343,697
	21,689	Experian PLC		734,570
	11,545	Reckitt Benckiser Group PLC		800,257
	11,782	Unilever PLC		591,182

				2,469,706

		United States — 14.4%
	7,585	Block, Inc.(a)		476,641
	14,599	Doximity, Inc., Class A(a)		489,943
	8,292	Nestle S.A., (Registered)		957,804
	3,287	Roche Holding AG		1,032,898
	4,645	Tesla, Inc.(a)		572,171

				3,529,457

		Total Common Stocks (Identified Cost $29,668,972)		24,292,234

Principal Amount		Description	Value (†)

	Short-Term Investments — 0.3%
$	56,161	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/2022 at 1.800% to be repurchased at $56,172 on 1/03/2023 collateralized by $65,500 U.S. Treasury Note, 1.250% due 3/31/2028 valued at $57,307 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $56,161)	$	56,161


		Total Investments — 99.1% (Identified Cost $29,725,133)		24,348,395
		Other assets less liabilities — 0.9%		232,431

		Net Assets — 100.0%	$	24,580,826


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	Security invests in variable interest entities based in China.

	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, 2022, the value of Rule 144A holdings amounted to $1,327,982 or 5.4% of net assets.
	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, 2022


Pharmaceuticals	14.0	%
Beverages	12.8
Hotels, Restaurants & Leisure	11.6
Internet & Direct Marketing Retail	8.6
Software	8.4
Interactive Media & Services	7.4
IT Services	7.3
Food Products	4.9
Household Products	4.2
Machinery	3.6
Professional Services	3.0
Semiconductors & Semiconductor Equipment	2.8
Personal Products	2.4
Automobiles	2.3
Health Care Equipment & Supplies	2.2
Health Care Technology	2.0
Biotechnology	1.3
Short-Term Investments	0.3

Total Investments	99.1
Other assets less liabilities	0.9

Net Assets	100.0	%

Currency Exposure Summary at December 31, 2022



United States Dollar	35.0	%
Euro	16.3
Swiss Franc	12.4
Hong Kong Dollar	8.2
British Pound	7.6
Australian Dollar	5.6
Danish Krone	5.5
Japanese Yen	4.6
Yuan Renminbi	3.9

Total Investments	99.1
Other assets less liabilities	0.9

Net Assets	100.0	%

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of December 31, 2022

Natixis Oakmark Fund


Shares		Description	Value (†)
	Common Stocks — 96.7% of Net Assets
		Auto Components — 2.8%
	158,667	BorgWarner, Inc.	$	6,386,347
	61,000	Magna International, Inc.		3,426,980

				9,813,327

		Automobiles — 1.9%
	197,960	General Motors Co.		6,659,374

		Banks — 6.9%
	164,136	Bank of America Corp.		5,436,185
	188,618	Citigroup, Inc.		8,531,192
	243,104	Wells Fargo��& Co.		10,037,764

				24,005,141

		Building Products — 3.0%
	77,000	Fortune Brands Innovations, Inc.		4,397,470
	111,700	Masco Corp.		5,213,039
	128,800	MasterBrand, Inc.(a)		972,440

				10,582,949

		Capital Markets — 13.5%
	127,482	Bank of New York Mellon Corp. (The)		5,802,981
	64,939	Charles Schwab Corp. (The)		5,406,821
	23,298	Goldman Sachs Group, Inc. (The)		8,000,067
	72,666	Intercontinental Exchange, Inc.		7,454,805
	235,110	KKR & Co., Inc.		10,913,806
	4,921	Moody’s Corp.		1,371,089
	102,566	State Street Corp.		7,956,045

				46,905,614

		Consumer Finance — 6.0%
	326,054	Ally Financial, Inc.		7,972,020
	32,373	American Express Co.		4,783,111
	88,806	Capital One Financial Corp.		8,255,406

				21,010,537

		Electronic Equipment, Instruments & Components — 1.2%
	36,265	TE Connectivity Ltd.		4,163,222

		Entertainment — 5.6%
	23,526	Netflix, Inc.(a)		6,937,347
	39,097	Take-Two Interactive Software, Inc.(a)		4,071,171
	46,400	Walt Disney Co. (The)(a)		4,031,232
	455,200	Warner Bros. Discovery, Inc.(a)		4,315,296

				19,355,046

		Health Care Providers & Services — 2.1%
	30,319	HCA Healthcare, Inc.		7,275,347

		Hotels, Restaurants & Leisure — 2.8%
	3,383	Booking Holdings, Inc.(a)		6,817,692
	23,128	Hilton Worldwide Holdings, Inc.		2,922,454

				9,740,146

		Household Durables — 1.8%
	138,000	PulteGroup, Inc.		6,283,140

		Insurance — 4.9%
	77,935	American International Group, Inc.		4,928,609
	27,637	Reinsurance Group of America, Inc.		3,926,941
	33,663	Willis Towers Watson PLC		8,233,297

				17,088,847

		Interactive Media & Services — 7.3%
	135,820	Alphabet, Inc., Class A(a)		11,983,399
	54,366	Meta Platforms, Inc., Class A(a)		6,542,404
	287,100	Pinterest, Inc., Class A(a)		6,970,788

				25,496,591

		Internet & Direct Marketing Retail — 4.2%
	80,300	Amazon.com, Inc.(a)	$	6,745,200
	113,565	eBay, Inc.		4,709,541
	25,600	Etsy, Inc.(a)		3,066,368

				14,521,109

		IT Services — 4.0%
	75,069	Fiserv, Inc.(a)		7,587,224
	7,966	Gartner, Inc.(a)		2,677,691
	37,600	Global Payments, Inc.		3,734,432

				13,999,347

		Machinery — 3.5%
	5,371	Cummins, Inc.		1,301,340
	43,966	PACCAR, Inc.		4,351,315
	22,900	Parker-Hannifin Corp.		6,663,900

				12,316,555

		Media — 4.4%
	22,144	Charter Communications, Inc., Class A(a)		7,509,030
	219,742	Comcast Corp., Class A		7,684,378

				15,193,408

		Oil, Gas & Consumable Fuels — 6.2%
	175,272	APA Corp.		8,181,697
	42,277	ConocoPhillips		4,988,686
	64,877	EOG Resources, Inc.		8,402,869

				21,573,252

		Professional Services — 1.6%
	28,600	Equifax, Inc.		5,558,696

		Real Estate Management & Development — 2.3%
	105,518	CBRE Group, Inc., Class A(a)		8,120,665

		Road & Rail — 0.9%
	123,600	Uber Technologies, Inc.(a)		3,056,628

		Software — 8.0%
	13,400	Adobe, Inc.(a)		4,509,502
	114,900	Oracle Corp.		9,391,926
	54,200	Salesforce, Inc.(a)		7,186,378
	40,980	Workday, Inc., Class A(a)		6,857,183

				27,944,989

		Tobacco — 1.8%
	136,914	Altria Group, Inc.		6,258,339

		Total Common Stocks (Identified Cost $343,773,300)		336,922,269


Principal Amount
	Short-Term Investments — 2.7%
$	9,517,756	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/2022 at 1.800% to be repurchased at $9,519,660 on 1/03/2023 collateralized by $11,096,000 U.S. Treasury Note, 1.250% due 3/31/2028 valued at $9,708,135 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $9,517,756)		9,517,756


		Total Investments — 99.4% (Identified Cost $353,291,056)		346,440,025
		Other assets less liabilities — 0.6%		2,027,532

		Net Assets — 100.0%	$	348,467,557


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.

See accompanying notes to financial statements.

33 |

Portfolio of Investments – as of December 31, 2022

Natixis Oakmark Fund – (continued)

Industry Summary at December 31, 2022


Capital Markets	13.5	%
Software	8.0
Interactive Media & Services	7.3
Banks	6.9
Oil, Gas & Consumable Fuels	6.2
Consumer Finance	6.0
Entertainment	5.6
Insurance	4.9
Media	4.4
Internet & Direct Marketing Retail	4.2
IT Services	4.0
Machinery	3.5
Building Products	3.0
Auto Components	2.8
Hotels, Restaurants & Leisure	2.8
Real Estate Management & Development	2.3
Health Care Providers & Services	2.1
Other Investments, less than 2% each	9.2
Short-Term Investments	2.7

Total Investments	99.4
Other assets less liabilities	0.6

Net Assets	100.0	%

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of December 31, 2022

Natixis Oakmark International Fund


Shares		Description		Value (†)
	Common Stocks — 95.4% of Net Assets
		Australia — 0.7%
	254,020	Orica Ltd.		$	2,597,205

		Belgium — 2.0%
	119,900	Anheuser-Busch InBev S.A.			7,221,690

		Canada — 2.1%
	204,600	Open Text Corp.			6,062,446
	23,899	Restaurant Brands International, Inc.			1,545,548

					7,607,994

		China — 5.8%
	712,300	Alibaba Group Holding Ltd.(a)			7,816,003
	140,775	Prosus NV			9,719,583
	256,096	Vipshop Holdings Ltd., ADR(a)			3,493,149

					21,028,735

		Denmark — 1.2%
	28,100	DSV AS			4,443,654

		France — 15.2%
	300,305	Accor S.A.(a)			7,491,875
	215,191	BNP Paribas S.A.			12,252,789
	28,200	Capgemini SE			4,714,363
	73,100	Danone S.A.			3,852,783
	50,063	Edenred			2,724,697
	11,155	Kering S.A.			5,677,086
	85,098	Publicis Groupe S.A.			5,436,255
	300,598	Valeo S.A.			5,371,030
	186,051	Worldline S.A., 144A(a)			7,286,213

					54,807,091

		Germany — 27.4%
	64,300	Adidas AG			8,714,341
	43,710	Allianz SE, (Registered)			9,334,603
	156,030	Bayer AG, (Registered)			8,030,872
	104,700	Bayerische Motoren Werke AG			9,269,610
	156,359	Continental AG			9,321,263
	233,407	Daimler Truck Holding AG(a)			7,175,330
	124,100	Fresenius Medical Care AG & Co. KGaA			4,053,418
	320,500	Fresenius SE & Co. KGaA			8,952,168
	80,400	Henkel AG & Co. KGaA			5,166,878
	163,414	Mercedes-Benz Group AG, (Registered)			10,686,437
	69,100	SAP SE			7,133,931
	52,200	Siemens AG, (Registered)			7,195,833
	581,663	thyssenkrupp AG(a)			3,532,170

					98,566,854

		Hong Kong — 2.1%
	563,200	Prudential PLC			7,679,394

		India — 0.4%
	141,675	Axis Bank Ltd.			1,594,358

		Ireland — 2.0%
	94,238	Ryanair Holdings PLC, Sponsored ADR(a)			7,045,233

		Italy — 3.2%
	5,205,700	Intesa Sanpaolo SpA			11,532,753

		Japan — 1.8%
	19,500	Fujitsu Ltd.			2,599,692
	172,000	Komatsu Ltd.			3,717,627

					6,317,319

		Korea — 1.9%
	47,550	NAVER Corp.			6,762,606

		Mexico — 0.3%
	225,687	Grupo Televisa SAB, Sponsored ADR			1,029,133

		Netherlands — 3.4%
	34,400	Akzo Nobel NV		$	2,308,327
	102,444	EXOR NV(a)			7,500,363
	167,438	Koninklijke Philips NV			2,519,475

					12,328,165

		Spain — 1.4%
	94,630	Amadeus IT Group S.A.(a)			4,909,188

		Sweden — 3.1%
	74,400	Sandvik AB			1,344,526
	342,403	SKF AB, B Shares			5,229,701
	259,400	Volvo AB, B Shares			4,685,697

					11,259,924

		Switzerland — 7.1%
	12,400	Cie Financiere Richemont S.A., Class A (Registered)			1,607,783
	571,021	Credit Suisse Group AG, (Registered)			1,704,754
	914,080	Glencore PLC	��		6,095,674
	129,721	Holcim AG, (Registered)			6,714,783
	42,900	Novartis AG, (Registered)			3,882,339
	12,800	Schindler Holding AG			2,407,453
	10,499	Swatch Group AG (The)			2,984,032

					25,396,818

		United Kingdom — 13.7%
	68,800	Ashtead Group PLC			3,908,167
	521,092	CNH Industrial NV			8,359,353
	91,400	Compass Group PLC			2,110,611
	414,477	Informa PLC			3,091,900
	250,232	Liberty Global PLC, Class A(a)			4,736,892
	20,113,500	Lloyds Banking Group PLC			10,976,195
	25,000	Reckitt Benckiser Group PLC			1,732,908
	1,136,500	Rolls-Royce Holdings PLC(a)			1,269,441
	1,277,482	Schroders PLC			6,712,519
	96,200	Smiths Group PLC			1,846,277
	474,500	WPP PLC			4,688,052

					49,432,315

		United States — 0.6%
	6,290	Roche Holding AG			1,976,553

		Total Common Stocks (Identified Cost $376,233,477)			343,536,982


	Preferred Stocks — 1.5%
		Korea — 1.5%
	130,400	Samsung Electronics Co. Ltd., 2.145%, (KRW) (Identified Cost $7,333,977)			5,225,566


Principal Amount
	Short-Term Investments — 1.8%
$	6,501,999	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/2022 at 1.800% to be repurchased at $6,503,299 on 1/03/2023 collateralized by $3,293,200 U.S. Treasury Inflation Indexed Bond, 3.625% due 4/15/2028 valued at $6,632,143 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $6,501,999)			6,501,999

		Total Investments — 98.7% (Identified Cost $390,069,453)			355,264,547
		Other assets less liabilities — 1.3%			4,649,260

		Net Assets — 100.0%		$	359,913,807

See accompanying notes to financial statements.

35 |

Portfolio of Investments – as of December 31, 2022

Natixis Oakmark International Fund – (continued)


	(†)			See Note 2 of Notes to Financial Statements.
	(a)			Non-income producing security.

	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, 2022, the value of Rule 144A holdings amounted to $7,286,213 or 2.0% of net assets.
	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.

	KRW			South Korean Won

Industry Summary at December 31, 2022


Banks	10.0	%
Machinery	9.2
IT Services	6.1
Internet & Direct Marketing Retail	5.8
Automobiles	5.6
Textiles, Apparel & Luxury Goods	5.2
Insurance	4.7
Auto Components	4.1
Media	4.0
Pharmaceuticals	3.9
Software	3.7
Health Care Providers & Services	3.6
Hotels, Restaurants & Leisure	3.1
Metals & Mining	2.7
Industrial Conglomerates	2.5
Capital Markets	2.4
Diversified Financial Services	2.1
Beverages	2.0
Airlines	2.0
Other Investments, less than 2% each	14.2
Short-Term Investments	1.8

Total Investments	98.7
Other assets less liabilities	1.3

Net Assets	100.0	%

Currency Exposure Summary at December 31, 2022


Euro	57.6	%
British Pound	13.9
United States Dollar	6.7
Swiss Franc	6.0
South Korean Won	3.4
Swedish Krona	3.1
Hong Kong Dollar	2.2
Other, less than 2% each	5.8

Total Investments	98.7
Other assets less liabilities	1.3

Net Assets	100.0	%

See accompanying notes to financial statements.

| 36

Portfolio of Investments – as of December 31, 2022

Natixis U.S. Equity Opportunities Fund


Shares		Description	Value (†)
	Common Stocks — 99.4% of Net Assets
		Aerospace & Defense — 2.4%
	93,105	Boeing Co. (The)(a)	$	17,735,571

		Air Freight & Logistics — 0.7%
	47,986	Expeditors International of Washington, Inc.		4,986,705

		Auto Components — 0.1%
	18,900	Mobileye Global, Inc., Class A(a)		662,634

		Automobiles — 2.8%
	405,400	General Motors Co.		13,637,656
	57,257	Tesla, Inc.(a)		7,052,917

				20,690,573

		Banks — 4.8%
	329,305	Citigroup, Inc.		14,894,465
	500,900	Wells Fargo & Co.		20,682,161

				35,576,626

		Beverages — 2.7%
	11,851	Boston Beer Co., Inc. (The), Class A(a)		3,905,141
	155,211	Monster Beverage Corp.(a)		15,758,573

				19,663,714

		Biotechnology — 3.7%
	54,809	Alnylam Pharmaceuticals, Inc.(a)		13,025,359
	20,626	BioMarin Pharmaceutical, Inc.(a)		2,134,585
	62,008	CRISPR Therapeutics AG(a)		2,520,625
	12,680	Regeneron Pharmaceuticals, Inc.(a)		9,148,493

				26,829,062

		Building Products — 1.2%
	182,500	Masco Corp.		8,517,275

		Capital Markets — 11.9%
	112,845	Charles Schwab Corp. (The)		9,395,475
	15,151	FactSet Research Systems, Inc.		6,078,733
	40,700	Goldman Sachs Group, Inc. (The)		13,975,566
	126,400	Intercontinental Exchange, Inc.		12,967,376
	410,200	KKR & Co., Inc.		19,041,484
	12,535	MSCI, Inc.		5,830,906
	94,571	SEI Investments Co.		5,513,489
	191,000	State Street Corp.		14,815,870

				87,618,899

		Consumer Finance — 3.4%
	224,200	Ally Financial, Inc.		5,481,690
	207,185	Capital One Financial Corp.		19,259,918

				24,741,608

		Entertainment — 4.6%
	88,619	Netflix, Inc.(a)		26,131,971
	88,963	Walt Disney Co. (The)(a)		7,729,105

				33,861,076

		Health Care Equipment & Supplies — 0.5%
	14,262	Intuitive Surgical, Inc.(a)		3,784,422

		Health Care Providers & Services — 1.7%
	52,900	HCA Healthcare, Inc.		12,693,884

		Health Care Technology — 1.7%
	201,593	Doximity, Inc., Class A(a)		6,765,461
	35,085	Veeva Systems, Inc., Class A(a)		5,662,017

				12,427,478

		Hotels, Restaurants & Leisure — 4.0%
	5,920	Booking Holdings, Inc.(a)		11,930,458
	81,052	Starbucks Corp.		8,040,358
	102,126	Yum China Holdings, Inc.		5,581,186
	32,228	Yum! Brands, Inc.		4,127,762

				29,679,764

		Insurance — 2.1%
	61,800	Willis Towers Watson PLC	$	15,115,044

		Interactive Media & Services — 9.0%
	395,382	Alphabet, Inc., Class A(a)		34,884,554
	51,099	Alphabet, Inc., Class C(a)		4,534,014
	111,956	Meta Platforms, Inc., Class A(a)		13,472,785
	543,200	Pinterest, Inc., Class A(a)		13,188,896

				66,080,249

		Internet & Direct Marketing Retail — 4.4%
	49,745	Alibaba Group Holding Ltd., Sponsored ADR(a)		4,382,037
	336,339	Amazon.com, Inc.(a)		28,252,476

				32,634,513

		IT Services — 5.6%
	63,576	Block, Inc.(a)		3,995,116
	131,000	Fiserv, Inc.(a)		13,240,170
	64,835	PayPal Holdings, Inc.(a)		4,617,548
	99,880	Shopify, Inc., Class A(a)		3,466,835
	74,271	Visa, Inc., Class A		15,430,543

				40,750,212

		Life Sciences Tools & Services — 0.8%
	28,868	Illumina, Inc.(a)		5,837,110

		Machinery — 2.0%
	7,883	Deere & Co.		3,379,915
	40,000	Parker-Hannifin Corp.		11,640,000

				15,019,915

		Media — 3.6%
	19,310	Charter Communications, Inc., Class A(a)		6,548,021
	382,880	Comcast Corp., Class A		13,389,314
	84,200	Liberty Broadband Corp., Class C(a)		6,421,934

				26,359,269

		Oil, Gas & Consumable Fuels — 4.4%
	331,241	APA Corp.		15,462,330
	128,338	EOG Resources, Inc.		16,622,338

				32,084,668

		Pharmaceuticals — 2.5%
	86,487	Novartis AG, Sponsored ADR		7,846,101
	39,029	Novo Nordisk A/S, Sponsored ADR		5,282,185
	140,503	Roche Holding AG, Sponsored ADR		5,500,692

				18,628,978

		Real Estate Management & Development — 1.9%
	177,700	CBRE Group, Inc., Class A(a)		13,675,792

		Semiconductors & Semiconductor Equipment — 2.8%
	95,994	NVIDIA Corp.		14,028,563
	57,906	QUALCOMM, Inc.		6,366,186

				20,394,749

		Software — 12.1%
	59,455	Autodesk, Inc.(a)		11,110,356
	39,616	Microsoft Corp.		9,500,709
	372,438	Oracle Corp.		30,443,082
	155,267	Salesforce, Inc.(a)		20,586,852
	101,155	Workday, Inc., Class A(a)		16,926,266

				88,567,265

		Textiles, Apparel & Luxury Goods — 0.5%
	380,757	Under Armour, Inc., Class A(a)		3,868,491

		Tobacco — 1.5%
	239,000	Altria Group, Inc.		10,924,690

		Total Common Stocks (Identified Cost $626,481,553)		729,410,236

See accompanying notes to financial statements.

37 |

Portfolio of Investments – as of December 31, 2022

Natixis U.S. Equity Opportunities Fund – (continued)


Principal Amount		Description	Value (†)

	Short-Term Investments — 0.4%
$	2,869,506	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/2022 at 1.800% to be repurchased at $2,870,080 on 1/03/2023 collateralized by $3,345,400 U.S. Treasury Note, 1.250% due 3/31/2028 valued at $2,926,964 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $2,869,506)	$	2,869,506


		Total Investments — 99.8% (Identified Cost $629,351,059)		732,279,742
		Other assets less liabilities — 0.2%		1,546,749

		Net Assets — 100.0%	$	733,826,491


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	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, 2022


Software	12.1	%
Capital Markets	11.9
Interactive Media & Services	9.0
IT Services	5.6
Banks	4.8
Entertainment	4.6
Internet & Direct Marketing Retail	4.4
Oil, Gas & Consumable Fuels	4.4
Hotels, Restaurants & Leisure	4.0
Biotechnology	3.7
Media	3.6
Consumer Finance	3.4
Automobiles	2.8
Semiconductors & Semiconductor Equipment	2.8
Beverages	2.7
Pharmaceuticals	2.5
Aerospace & Defense	2.4
Insurance	2.1
Machinery	2.0
Other Investments, less than 2% each	10.6
Short-Term Investments	0.4

Total Investments	99.8
Other assets less liabilities	0.2

Net Assets	100.0	%

See accompanying notes to financial statements.

| 38

Portfolio of Investments – as of December 31, 2022

Vaughan Nelson Mid Cap Fund


Shares		Description	Value (†)
	Common Stocks — 98.0% of Net Assets
		Aerospace & Defense — 1.3%
	21,210	Axon Enterprise, Inc.(a)	$	3,519,375

		Banks — 4.4%
	88,420	Bank of N.T. Butterfield & Son Ltd. (The)		2,635,800
	41,680	First Republic Bank		5,080,375
	127,681	Huntington Bancshares, Inc.		1,800,302
	91,290	PacWest Bancorp		2,095,106

				11,611,583

		Building Products — 2.2%
	26,450	Allegion PLC		2,784,127
	152,375	AZEK Co., Inc. (The)(a)		3,096,260

				5,880,387

		Capital Markets — 9.7%
	29,500	Ares Management Corp., Class A		2,018,980
	174,912	Brightsphere Investment Group, Inc.		3,599,689
	31,940	Cboe Global Markets, Inc.		4,007,512
	18,735	FactSet Research Systems, Inc.		7,516,669
	109,740	Nasdaq, Inc.		6,732,549
	15,097	Raymond James Financial, Inc.		1,613,115

				25,488,514

		Chemicals — 4.2%
	140,300	Axalta Coating Systems Ltd.(a)		3,573,441
	43,095	FMC Corp.		5,378,256
	24,895	LyondellBasell Industries NV, Class A		2,067,032

				11,018,729

		Commercial Services & Supplies — 2.7%
	54,535	Republic Services, Inc.		7,034,470

		Communications Equipment — 3.2%
	32,615	Motorola Solutions, Inc.		8,405,212

		Construction & Engineering — 3.9%
	228,050	WillScot Mobile Mini Holdings Corp.(a)		10,301,018

		Construction Materials — 0.6%
	9,065	Vulcan Materials Co.		1,587,372

		Containers & Packaging — 1.8%
	8,815	Avery Dennison Corp.		1,595,515
	37,890	Crown Holdings, Inc.		3,114,937

				4,710,452

		Diversified Consumer Services — 0.7%
	18,310	Grand Canyon Education, Inc.(a)		1,934,635

		Diversified Financial Services — 1.0%
	42,492	Apollo Global Management, Inc.		2,710,565

		Electric Utilities — 2.8%
	66,220	Alliant Energy Corp.		3,656,006
	57,010	Evergy, Inc.		3,587,639

				7,243,645

		Electrical Equipment — 5.4%
	48,905	AMETEK, Inc.		6,833,007
	8,075	Hubbell, Inc.		1,895,041
	138,990	nVent Electric PLC		5,346,945

				14,074,993

		Electronic Equipment, Instruments & Components — 2.3%
	18,555	CDW Corp.		3,313,552
	15,155	Keysight Technologies, Inc.(a)		2,592,566

				5,906,118

		Food & Staples Retailing — 1.9%
	83,535	Performance Food Group Co.(a)		4,877,609

		Health Care Equipment & Supplies — 2.6%
	10,555	Cooper Cos., Inc. (The)	$	3,490,222
	45,045	Hologic, Inc.(a)		3,369,816

				6,860,038

		Health Care Providers & Services — 2.8%
	44,475	AmerisourceBergen Corp.		7,369,952

		Hotels, Restaurants & Leisure — 2.0%
	128,860	Aramark		5,327,072

		Household Products — 1.0%
	32,720	Church & Dwight Co., Inc.		2,637,559

		Independent Power & Renewable Electricity Producers — 3.4%
	378,120	Vistra Corp.		8,772,384

		Insurance — 6.4%
	50,675	Allstate Corp. (The)		6,871,530
	30,455	Arthur J. Gallagher & Co.		5,741,986
	28,470	Reinsurance Group of America, Inc.		4,045,302

				16,658,818

		IT Services — 4.7%
	86,050	MAXIMUS, Inc.		6,310,046
	114,980	SS&C Technologies Holdings, Inc.		5,985,859

				12,295,905

		Life Sciences Tools & Services — 3.8%
	16,395	Agilent Technologies, Inc.		2,453,512
	99,645	Avantor, Inc.(a)		2,101,513
	25,807	IQVIA Holdings, Inc.(a)		5,287,596

				9,842,621

		Machinery — 3.7%
	50,140	Crane Holdings Co.		5,036,563
	57,755	Otis Worldwide Corp.		4,522,794

				9,559,357

		Media — 3.1%
	46,140	Nexstar Media Group, Inc., Class A		8,075,884

		Metals & Mining — 1.7%
	375,960	Constellium SE(a)		4,447,607

		Multi-Utilities — 2.9%
	42,460	Ameren Corp.		3,775,543
	60,835	CMS Energy Corp.		3,852,681

				7,628,224

		Oil, Gas & Consumable Fuels — 4.9%
	32,085	Diamondback Energy, Inc.		4,388,586
	17,705	Pioneer Natural Resources Co.		4,043,645
	756,665	Southwestern Energy Co.(a)		4,426,490

				12,858,721

		Pharmaceuticals — 0.4%
	94,830	Elanco Animal Health, Inc.(a)		1,158,823

		Professional Services — 3.0%
	19,230	CACI International, Inc., Class A(a)		5,780,346
	10,625	Equifax, Inc.		2,065,075

				7,845,421

		REITs – Diversified — 1.5%
	495,830	Rithm Capital Corp.		4,050,931

		Semiconductors & Semiconductor Equipment — 1.0%
	8,145	Analog Devices, Inc.		1,336,025
	19,580	Entegris, Inc.		1,284,252

				2,620,277

See accompanying notes to financial statements.

39 |

Portfolio of Investments – as of December 31, 2022

Vaughan Nelson Mid Cap Fund – (continued)


Shares		Description	Value (†)

		Software — 0.5%
	120,432	N-Able, Inc.(a)	$	1,238,041

		Textiles, Apparel & Luxury Goods — 0.5%
	32,010	Skechers U.S.A., Inc., Class A(a)		1,342,819

		Total Common Stocks (Identified Cost $219,883,657)		256,895,131


Principal Amount
	Short-Term Investments — 2.4%
$	6,285,880	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/2022 at 1.800% to be repurchased at $6,287,137 on 1/03/2023 collateralized by $3,183,700 U.S. Treasury Inflation Indexed Bond, 3.625% due 4/15/2028 valued at $6,411,622 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $6,285,880)		6,285,880


		Total Investments — 100.4% (Identified Cost $226,169,537)		263,181,011
		Other assets less liabilities — (0.4)%		(960,323	)

		Net Assets — 100.0%	$	262,220,688


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.

	REITs	Real Estate Investment Trusts

Industry Summary at December 31, 2022


Capital Markets	9.7	%
Insurance	6.4
Electrical Equipment	5.4
Oil, Gas & Consumable Fuels	4.9
IT Services	4.7
Banks	4.4
Chemicals	4.2
Construction & Engineering	3.9
Life Sciences Tools & Services	3.8
Machinery	3.7
Independent Power & Renewable Electricity Producers	3.4
Communications Equipment	3.2
Media	3.1
Professional Services	3.0
Multi-Utilities	2.9
Health Care Providers & Services	2.8
Electric Utilities	2.8
Commercial Services & Supplies	2.7
Health Care Equipment & Supplies	2.6
Electronic Equipment, Instruments & Components	2.3
Building Products	2.2
Hotels, Restaurants & Leisure	2.0
Other Investments, less than 2% each	13.9
Short-Term Investments	2.4

Total Investments	100.4
Other assets less liabilities	(0.4	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 40

Portfolio of Investments – as of December 31, 2022

Vaughan Nelson Small Cap Value Fund


Shares		Description	Value (†)
	Common Stocks — 92.3% of Net Assets
		Banks — 5.5%
	96,235	Cadence Bank	$	2,373,155
	137,475	Old National Bancorp		2,471,801
	25,795	SouthState Corp.		1,969,706
	47,270	United Bankshares, Inc.		1,913,962
	54,585	United Community Banks, Inc.		1,844,973

				10,573,597

		Building Products — 0.9%
	20,720	Advanced Drainage Systems, Inc.		1,698,418

		Capital Markets — 5.0%
	59,180	Artisan Partners Asset Management, Inc., Class A		1,757,646
	27,460	Cboe Global Markets, Inc.		3,445,406
	50,705	Moelis & Co., Class A		1,945,551
	113,860	Virtu Financial, Inc., Class A		2,323,883

				9,472,486

		Chemicals — 6.9%
	108,710	Chemours Co. (The)		3,328,700
	351,430	Element Solutions, Inc.		6,392,512
	27,450	FMC Corp.		3,425,760

				13,146,972

		Commercial Services & Supplies — 1.1%
	36,470	Ritchie Bros. Auctioneers, Inc.		2,109,060

		Electronic Equipment, Instruments & Components — 8.7%
	33,210	Advanced Energy Industries, Inc.		2,848,754
	67,315	Coherent Corp.(a)		2,362,757
	35,175	Fabrinet(a)		4,510,138
	68,625	Insight Enterprises, Inc.(a)		6,881,029

				16,602,678

		Energy Equipment & Services — 1.0%
	114,255	Patterson-UTI Energy, Inc.		1,924,054

		Food & Staples Retailing — 1.9%
	62,965	Performance Food Group Co.(a)		3,676,526

		Gas Utilities — 3.2%
	44,335	Southwest Gas Holdings, Inc.		2,743,450
	47,370	Spire, Inc.		3,261,898

				6,005,348

		Health Care Providers & Services — 0.9%
	36,645	Tenet Healthcare Corp.(a)		1,787,910

		Hotels, Restaurants & Leisure — 4.3%
	111,935	Bally’s Corp.(a)		2,169,300
	177,275	Everi Holdings, Inc.(a)		2,543,896
	156,779	International Game Technology PLC		3,555,748

				8,268,944

		Household Durables — 2.4%
	36,000	Installed Building Products, Inc.		3,081,600
	15,405	Meritage Homes Corp.(a)		1,420,341

				4,501,941

		Insurance — 3.0%
	55,820	First American Financial Corp.		2,921,619
	31,350	Selective Insurance Group, Inc.		2,777,923

				5,699,542

		IT Services — 3.8%
	15,715	ExlService Holdings, Inc.(a)		2,662,593
	58,175	WNS Holdings Ltd., ADR(a)		4,653,418

				7,316,011

		Life Sciences Tools & Services — 2.3%
	134,495	Avantor, Inc.(a)	$	2,836,500
	105,950	Maravai LifeSciences Holdings, Inc., Class A(a)		1,516,144

				4,352,644

		Machinery — 6.6%
	22,220	Alamo Group, Inc.		3,146,352
	51,775	Federal Signal Corp.		2,405,984
	45,280	Franklin Electric Co., Inc.		3,611,080
	23,630	Watts Water Technologies, Inc., Class A		3,455,415

				12,618,831

		Marine — 1.6%
	46,475	Kirby Corp.(a)		2,990,666

		Media — 0.4%
	66,740	Gray Television, Inc.		746,821

		Oil, Gas & Consumable Fuels — 3.1%
	37,535	Antero Resources Corp.(a)		1,163,210
	48,070	Comstock Resources, Inc.		659,040
	25,070	Ovintiv, Inc.		1,271,300
	28,630	PDC Energy, Inc.		1,817,432
	184,045	Southwestern Energy Co.(a)		1,076,663

				5,987,645

		Personal Products — 0.5%
	110,570	Coty, Inc., Class A(a)		946,479

		Professional Services — 3.2%
	48,150	ASGN, Inc.(a)		3,923,262
	38,830	Kforce, Inc.		2,129,049

				6,052,311

		REITs – Mortgage — 1.6%
	123,440	MFA Financial, Inc.		1,215,884
	65,050	PennyMac Mortgage Investment Trust		805,970
	59,850	Two Harbors Investment Corp.		943,834

				2,965,688

		REITs – Storage — 1.5%
	77,675	National Storage Affiliates Trust		2,805,621

		REITs – Warehouse/Industrials — 1.7%
	100,840	STAG Industrial, Inc.		3,258,140

		Road & Rail — 3.3%
	21,830	Landstar System, Inc.		3,556,107
	13,280	Saia, Inc.(a)		2,784,550

				6,340,657

		Semiconductors & Semiconductor Equipment — 6.1%
	73,700	Ichor Holdings Ltd.(a)		1,976,634
	31,955	MKS Instruments, Inc.		2,707,547
	134,565	Rambus, Inc.(a)		4,820,118
	63,510	Ultra Clean Holdings, Inc.(a)		2,105,357

				11,609,656

		Specialty Retail — 0.9%
	6,165	RH(a)		1,647,226

		Textiles, Apparel & Luxury Goods — 1.4%
	46,830	Capri Holdings Ltd.(a)		2,684,296

		Trading Companies & Distributors — 9.5%
	52,080	Beacon Roofing Supply, Inc.(a)		2,749,303
	130,295	Core & Main, Inc., Class A(a)		2,515,997
	46,220	GATX Corp.		4,915,035
	36,155	Rush Enterprises, Inc., Class A		1,890,183
	102,185	Univar Solutions, Inc.(a)		3,249,483
	11,215	Watsco, Inc.		2,797,021

				18,117,022

		Total Common Stocks (Identified Cost $170,680,218)		175,907,190

See accompanying notes to financial statements.

41 |

Portfolio of Investments – as of December 31, 2022

Vaughan Nelson Small Cap Value Fund – (continued)


Principal Amount		Description	Value (†)

	Short-Term Investments — 5.9%
$	11,203,500	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/2022 at 1.800% to be repurchased at $11,205,740 on 1/03/2023 collateralized by $5,674,400 U.S. Treasury Inflation Indexed Bond, 3.625% due 4/15/2028 valued at $11,427,618 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $11,203,500)	$	11,203,500


		Total Investments — 98.2% (Identified Cost $181,883,718)		187,110,690
		Other assets less liabilities — 1.8%		3,423,843

		Net Assets — 100.0%	$	190,534,533


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	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.

	REITs	Real Estate Investment Trusts

Industry Summary at December 31, 2022


Trading Companies & Distributors	9.5	%
Electronic Equipment, Instruments & Components	8.7
Chemicals	6.9
Machinery	6.6
Semiconductors & Semiconductor Equipment	6.1
Banks	5.5
Capital Markets	5.0
Hotels, Restaurants & Leisure	4.3
IT Services	3.8
Road & Rail	3.3
Professional Services	3.2
Gas Utilities	3.2
Oil, Gas & Consumable Fuels	3.1
Insurance	3.0
Household Durables	2.4
Life Sciences Tools & Services	2.3
Other Investments, less than 2% each	15.4
Short-Term Investments	5.9

Total Investments	98.2
Other assets less liabilities	1.8

Net Assets	100.0	%

See accompanying notes to financial statements.

| 42

Statements of Assets and Liabilities

December 31, 2022


	International Growth Fund			Natixis Oakmark Fund			Natixis Oakmark International Fund			Natixis U.S. Equity Opportunities Fund
ASSETS
Investments at cost	$	29,725,133		$	353,291,056		$	390,069,453		$	629,351,059
Net unrealized appreciation (depreciation)		(5,376,738	)		(6,851,031	)		(34,804,906	)		102,928,683

Investments at value		24,348,395			346,440,025			355,264,547			732,279,742
Cash		—			18			11			—
Foreign currency at value (identified cost $42,380, $0, $103,550 and $0, respectively)		43,103			—			103,596			—
Receivable for Fund shares sold		—			3,214,559			1,059,829			3,904,350
Receivable for securities sold		198,763			—			524,466			3,339,180
Dividends and interest receivable		58,714			423,072			11,620			447,824
Tax reclaims receivable		49,957			—			4,589,998			455,920
Prepaid expenses (Note 8)		558			597			593			633

TOTAL ASSETS		24,699,490			350,078,271			361,554,660			740,427,649

LIABILITIES
Payable for securities purchased		49,986			—			508,653			651,776
Payable for Fund shares redeemed		—			707,405			590,044			3,575,528
Foreign taxes payable (Note 2)		—			—			65,132			—
Management fees payable (Note 6)		2,120			149,707			176,831			454,057
Deferred Trustees’ fees (Note 6)		5,779			662,702			126,450			508,361
Administrative fees payable (Note 6)		990			14,932			14,681			29,985
Payable to distributor (Note 6d)		2			2,668			6,200			2,443
Audit and tax services fees payable		44,820			43,526			44,962			44,627
Other accounts payable and accrued expenses		14,967			29,774			107,900			1,334,381

TOTAL LIABILITIES		118,664	��		1,610,714			1,640,853			6,601,158

NET ASSETS	$	24,580,826		$	348,467,557		$	359,913,807		$	733,826,491

NET ASSETS CONSIST OF:
Paid-in capital	$	30,614,860		$	366,340,856		$	531,637,430		$	637,349,787
Accumulated earnings (loss)		(6,034,034	)		(17,873,299	)		(171,723,623	)		96,476,704

NET ASSETS	$	24,580,826		$	348,467,557		$	359,913,807		$	733,826,491

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	125,085		$	192,750,028		$	120,315,724		$	512,391,643

Shares of beneficial interest		15,953			8,945,206			9,610,821			17,660,428

Net asset value and redemption price per share	$	7.84		$	21.55		$	12.52		$	29.01

Offering price per share (100/94.25 of net asset value) (Note 1)	$	8.32		$	22.86		$	13.28		$	30.78

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	788		$	51,987,425		$	39,201,565		$	29,355,662

Shares of beneficial interest		101			3,105,417			3,185,678			2,421,225

Net asset value and offering price per share	$	7.77	*	$	16.74		$	12.31		$	12.12

Class N shares:
Net assets	$	21,330,920		$	517,155		$	221,614		$	167,383

Shares of beneficial interest		2,717,489			22,140			17,784			4,438

Net asset value, offering and redemption price per share	$	7.85		$	23.36		$	12.46		$	37.72
									��
Class Y shares:
Net assets	$	3,124,033		$	103,212,949		$	200,174,904		$	191,911,803

Shares of beneficial interest		397,996			4,432,248			16,072,947			5,103,467

Net asset value, offering and redemption price per share	$	7.85		$	23.29		$	12.45		$	37.60

*	Net asset value calculations have been determined utilizing fractional share and penny amounts.

See accompanying notes to financial statements.

43 |

Statements of Assets and Liabilities (continued)

December 31, 2022


	Vaughan Nelson Mid Cap Fund		Vaughan Nelson Small Cap Value Fund
ASSETS
Investments at cost	$	226,169,537	$	181,883,718
Net unrealized appreciation		37,011,474		5,226,972

Investments at value		263,181,011		187,110,690
Cash		10,995		—
Receivable for Fund shares sold		99,520		3,902,107
Dividends and interest receivable		282,314		219,556
Prepaid expenses (Note 8)		582		568

TOTAL ASSETS		263,574,422		191,232,921

LIABILITIES
Payable for securities purchased		703,559		—
Payable for Fund shares redeemed		218,144		300,292
Management fees payable (Note 6)		143,942		105,650
Deferred Trustees’ fees (Note 6)		197,539		222,185
Administrative fees payable (Note 6)		10,668		7,493
Payable to distributor (Note 6d)		2,113		1,107
Audit and tax services fees payable		44,483		43,556
Other accounts payable and accrued expenses		33,286		18,105

TOTAL LIABILITIES		1,353,734		698,388

NET ASSETS	$	262,220,688	$	190,534,533

NET ASSETS CONSIST OF:
Paid-in capital	$	250,562,518	$	188,067,956
Accumulated earnings		11,658,170		2,466,577

NET ASSETS	$	262,220,688	$	190,534,533

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	33,507,179	$	66,338,608

Shares of beneficial interest		1,706,007		4,372,373

Net asset value and redemption price per share	$	19.64	$	15.17

Offering price per share (100/94.25 of net asset value) (Note 1)	$	20.84	$	16.10

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	7,404,688	$	2,118,173

Shares of beneficial interest		417,245		399,337

Net asset value and offering price per share	$	17.75	$	5.30

Class N shares:
Net assets	$	72,804,251	$	1,492,979

Shares of beneficial interest		3,649,950		92,360

Net asset value, offering and redemption price per share	$	19.95	$	16.16

Class Y shares:
Net assets	$	148,504,570	$	120,584,773

Shares of beneficial interest		7,430,185		7,467,964

Net asset value, offering and redemption price per share	$	19.99	$	16.15

See accompanying notes to financial statements.

| 44

Statements of Operations

For the Year Ended December 31, 2022


	International Growth Fund			Natixis Oakmark Fund			Natixis Oakmark International Fund			Natixis U.S. Equity Opportunities Fund
INVESTMENT INCOME
Dividends	$	361,963		$	7,377,720		$	12,087,259		$	10,752,217
Interest		2,350			92,619			37,971			89,389
Less net foreign taxes withheld		(31,132	)		(400	)		(1,283,297	)		(121,515	)

		333,181			7,469,939			10,841,933			10,720,091

Expenses
Management fees (Note 6)		166,121			2,959,141			3,278,920			6,413,195
Service and distribution fees (Note 6)		379			1,080,718			813,869			1,906,756
Administrative fees (Note 6)		10,010			198,579			187,904			397,716
Trustees’ fees and expenses (Note 6)		12,522			25,691			24,801			38,626
Trustees’ fees deferred compensation (Note 6)		2,762			(95,019	)		(12,938	)		(69,538	)
Transfer agent fees and expenses (Notes 6 and 7)		4,349			394,095			719,310			554,506
Audit and tax services fees		44,825			43,569			66,982			46,437
Custodian fees and expenses		15,905			19,708			130,582			39,195
Legal fees (Note 8)		761			15,476			14,014			30,092
Registration fees		64,670			110,190			88,142			87,708
Shareholder reporting expenses		11,698			49,008			104,608			92,215
Miscellaneous expenses		39,711			38,841			101,519			55,148

Total expenses		373,713			4,839,997			5,517,713			9,592,056
Less waiver and/or expense reimbursement (Note 6)		(172,690	)		(238,414	)		(948,938	)		(906	)

Net expenses		201,023			4,601,583			4,568,775			9,591,150

Net investment income		132,158			2,868,356			6,273,158			1,128,941

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		(86,495	)		42,131,981			(26,067,532	)		79,629,441
Forward foreign currency contracts (Note 2d)		—			—			473,946			—
Foreign currency transactions (Note 2c)		(4,211	)		—			(21,402	)		—
Net change in unrealized appreciation (depreciation) on:
Investments		(4,318,729	)		(116,959,779	)		(63,246,155	)		(306,104,548	)
Forward foreign currency contracts (Note 2d)		—			—			94,327			—
Foreign currency translations (Note 2c)		398			—			(243,343	)		(5,545	)

Net realized and unrealized loss on investments, forward foreign currency contracts and foreign currency transactions		(4,409,037	)		(74,827,798	)		(89,010,159	)		(226,480,652	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,276,879	)	$	(71,959,442	)	$	(82,737,001	)	$	(225,351,711	)

See accompanying notes to financial statements.

45 |

Statements of Operations (continued)

For the Year Ended December 31, 2022


	Vaughan Nelson Mid Cap Fund			Vaughan Nelson Small Cap Value Fund
INVESTMENT INCOME
Dividends	$	5,095,697		$	1,735,376
Interest		60,836			71,194
Less net foreign taxes withheld		—			(5,211	)

		5,156,533			1,801,359

Expenses
Management fees (Note 6)		2,292,180			1,298,748
Service and distribution fees (Note 6)		176,160			191,256
Administrative fees (Note 6)		137,881			69,157
Trustees’ fees and expenses (Note 6)		21,253			16,648
Trustees’ fees deferred compensation (Note 6)		(24,416	)		(30,346	)
Transfer agent fees and expenses (Notes 6 and 7)		205,559			151,516
Audit and tax services fees		44,492			43,575
Custodian fees and expenses		14,946			11,469
Legal fees (Note 8)		10,553			4,784
Registration fees		78,393			89,262
Shareholder reporting expenses		36,100			28,121
Miscellaneous expenses		38,661			31,982

Total expenses		3,031,762			1,906,172
Less waiver and/or expense reimbursement (Note 6)		(142,438	)		(187,632	)

Net expenses		2,889,324			1,718,540

Net investment income		2,267,209			82,819

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(21,324,989	)		4,298,905
Net change in unrealized appreciation (depreciation) on:
Investments		(18,052,025	)		(19,344,302	)

Net realized and unrealized loss on investments		(39,377,014	)		(15,045,397	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(37,109,805	)	$	(14,962,578	)

See accompanying notes to financial statements.

| 46

Statements of Changes in Net Assets


	International Growth Fund						Natixis Oakmark Fund
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income	$	132,158		$	68,456		$	2,868,356		$	633,264
Net realized gain (loss) on investments and foreign currency transactions		(90,706	)		(203,613	)		42,131,981			28,561,069
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(4,318,331	)		(1,246,367	)		(116,959,779	)		53,375,247

Net increase (decrease) in net assets resulting from operations		(4,276,879	)		(1,381,524	)		(71,959,442	)		82,569,580

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(565	)		(1,712	)		(28,746,130	)		(14,668,177	)
Class C		—			(540	)		(9,213,071	)		(3,860,638	)
Class N		(155,851	)		(404,221	)		(73,284	)		(42,243	)
Class Y		(21,469	)		(3,739	)		(15,943,567	)		(6,180,207	)

Total distributions		(177,885	)		(410,212	)		(53,976,052	)		(24,751,265	)

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		5,709,899			9,897,595			102,236,626			69,746,167

Net increase (decrease) in net assets		1,255,135			8,105,859			(23,698,868	)		127,564,482
NET ASSETS
Beginning of the year		23,325,691			15,219,832			372,166,425			244,601,943

End of the year	$	24,580,826		$	23,325,691		$	348,467,557		$	372,166,425

See accompanying notes to financial statements.

47 |

Statements of Changes in Net Assets (continued)


	Natixis Oakmark International Fund						Natixis U.S. Equity Opportunities Fund
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income (loss)	$	6,273,158		$	9,327,403		$	1,128,941		$	(2,363,534	)
Net realized gain (loss) on investments, forward foreign currency contracts and foreign currency transactions		(25,614,988	)		37,081,829			79,629,441			116,863,738
Net change in unrealized appreciation (depreciation) on investments, forward foreign currency contracts and foreign currency translations		(63,395,171	)		(4,477,434	)		(306,110,093	)		97,061,972

Net increase (decrease) in net assets resulting from operations		(82,737,001	)		41,931,798			(225,351,711	)		211,562,176

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(2,112,696	)		(2,330,358	)		(85,070,822	)		(76,697,366	)
Class C		(316,972	)		(418,451	)		(10,955,220	)		(11,757,176	)
Class N		(4,576	)		(12,581	)		(20,693	)		(15,616	)
Class Y		(4,025,613	)		(5,540,267	)		(26,488,550	)		(23,677,132	)

Total distributions		(6,459,857	)		(8,301,657	)		(122,535,285	)		(112,147,290	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(86,758,283	)		(1,920,547	)		5,882,691			20,061,764

Net increase (decrease) in net assets		(175,955,141	)		31,709,594			(342,004,305	)		119,476,650
NET ASSETS
Beginning of the year		535,868,948			504,159,354			1,075,830,796			956,354,146

End of the year	$	359,913,807		$	535,868,948		$	733,826,491		$	1,075,830,796

See accompanying notes to financial statements.

| 48

Statements of Changes in Net Assets (continued)


	Vaughan Nelson Mid Cap Fund						Vaughan Nelson Small Cap Value Fund
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income	$	2,267,209		$	1,331,082		$	82,819		$	174,435
Net realized gain (loss) on investments		(21,324,989	)		56,422,377			4,298,905			33,988,295
Net change in unrealized appreciation (depreciation) on investments		(18,052,025	)		4,168,218			(19,344,302	)		828,120

Net increase (decrease) in net assets resulting from operations		(37,109,805	)		61,921,677			(14,962,578	)		34,990,850

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,087,431	)		(5,329,869	)		(3,939,067	)		(14,352,433	)
Class C		(262,976	)		(1,799,416	)		(240,247	)		(339,165	)
Class N		(2,652,401	)		(12,164,843	)		(77,738	)		(233,321	)
Class Y		(5,985,855	)		(33,148,269	)		(5,400,412	)		(11,433,578	)

Total distributions		(9,988,663	)		(52,442,397	)		(9,657,464	)		(26,358,497	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(58,219,497	)		68,004,051			65,258,561			29,370,496

Net increase (decrease) in net assets		(105,317,965	)		77,483,331			40,638,519			38,002,849
NET ASSETS
Beginning of the year		367,538,653			290,055,322			149,896,014			111,893,165

End of the year	$	262,220,688		$	367,538,653		$	190,534,533		$	149,896,014

See accompanying notes to financial statements.

49 |

Financial Highlights

For a share outstanding throughout each period.


	International Growth Fund—Class A
	Year Ended December 31, 2022			Year Ended December 31, 2021			Period Ended December 31, 2020*
Net asset value, beginning of the period	$	9.57		$	10.13		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.02			(0.01	)		0.01
Net realized and unrealized gain (loss)		(1.71	)		(0.41	)		0.13

Total from Investment Operations		(1.69	)		(0.42	)		0.14

LESS DISTRIBUTIONS FROM:
Net investment income		(0.04	)		(0.01	)		(0.01	)
Net realized capital gains		—			(0.13	)		—

Total Distributions		(0.04	)		(0.14	)		(0.01	)

Net asset value, end of the period	$	7.84		$	9.57		$	10.13

Total return(b)(c)		(17.71	)%		(4.07	)%		1.37	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	125		$	113		$	1
Net expenses(e)		1.20	%		1.20	%		1.20	%(f)
Gross expenses		2.05	%		2.71	%		13.05	%(f)
Net investment income (loss)		0.26	%		(0.07	)%		1.28	%(f)
Portfolio turnover rate		11	%		9	%		1	%

*	From commencement of operations on December 15, 2020 through December 31, 2020.

(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)	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.

| 50

Financial Highlights (continued)

For a share outstanding throughout each period.


	International Growth Fund—Class C
	Year Ended December 31, 2022			Year Ended December 31, 2021			Period Ended December 31, 2020*
Net asset value, beginning of the period	$	9.51		$	10.13		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.02			(0.09	)		0.00	(b)
Net realized and unrealized gain (loss)		(1.76	)		(0.40	)		0.13

Total from Investment Operations		(1.74	)		(0.49	)		0.13

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.00	)(b)		(0.00	)(b)
Net realized capital gains		—			(0.13	)		—

Total Distributions		—			(0.13	)		(0.00	)

Net asset value, end of the period	$	7.77		$	9.51		$	10.13

Total return(c)(d)		(18.30	)%		(4.79	)%		1.33	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1		$	38		$	1
Net expenses(f)		1.95	%		1.95	%		1.95	%(g)
Gross expenses		2.79	%		3.46	%		13.78	%(g)
Net investment income (loss)		0.21	%		(0.90	)%		0.55	%(g)
Portfolio turnover rate		11	%		9	%		1	%

*	From commencement of operations on December 15, 2020 through December 31, 2020.

(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)	Periods less than one year are not annualized.

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

See accompanying notes to financial statements.

51 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	International Growth Fund—Class N
	Year Ended December 31, 2022			Year Ended December 31, 2021			Period Ended December 31, 2020*
Net asset value, beginning of the period	$	9.58		$	10.13		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.03			0.01
Net realized and unrealized gain (loss)		(1.72	)		(0.42	)		0.13

Total from Investment Operations		(1.67	)		(0.39	)		0.14

LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.03	)		(0.01	)
Net realized capital gains		—			(0.13	)		—

Total Distributions		(0.06	)		(0.16	)		(0.01	)

Net asset value, end of the period	$	7.85		$	9.58		$	10.13

Total return(b)		(17.47	)%		(3.77	)%		1.38	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	21,331		$	22,953		$	15,206
Net expenses(d)		0.90	%		0.90	%		0.90	%(e)
Gross expenses		1.67	%		1.58	%		6.48	%(e)
Net investment income		0.62	%		0.29	%		1.43	%(e)
Portfolio turnover rate		11	%		9	%		1	%

*	From commencement of operations on December 15, 2020 through December 31, 2020.

(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.

See accompanying notes to financial statements.

| 52

Financial Highlights (continued)

For a share outstanding throughout each period.


	International Growth Fund—Class Y
	Year Ended December 31, 2022			Year Ended December 31, 2021			Period Ended December 31, 2020*
Net asset value, beginning of the period	$	9.58		$	10.13		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04			0.02			0.01
Net realized and unrealized gain (loss)		(1.72	)		(0.41	)		0.13

Total from Investment Operations		(1.68	)		(0.39	)		0.14

LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.03	)		(0.01	)
Net realized capital gains		—			(0.13	)		—

Total Distributions		(0.05	)		(0.16	)		(0.01	)

Net asset value, end of the period	$	7.85		$	9.58		$	10.13

Total return(b)		(17.50	)%		(3.81	)%		1.38	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,124		$	222		$	12
Net expenses(d)		0.95	%		0.95	%		0.95	%(e)
Gross expenses		1.80	%		2.46	%		12.58	%(e)
Net investment income		0.47	%		0.19	%		1.63	%(e)
Portfolio turnover rate		11	%		9	%		1	%

*	From commencement of operations on December 15, 2020 through December 31, 2020.

(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.

See accompanying notes to financial statements.

53 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis Oakmark Fund—Class A
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	29.04		$	23.20		$	22.45		$	19.44		$	24.72

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.17			0.07			0.11	(b)		0.18	(c)		0.10
Net realized and unrealized gain (loss)		(4.00	)		7.81			2.78			4.93			(3.28	)

Total from Investment Operations		(3.83	)		7.88			2.89			5.11			(3.18	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.20	)		(0.05	)		(0.12	)		(0.21	)		(0.08	)
Net realized capital gains		(3.46	)		(1.99	)		(2.02	)		(1.89	)		(2.02	)

Total Distributions		(3.66	)		(2.04	)		(2.14	)		(2.10	)		(2.10	)

Net asset value, end of the period	$	21.55		$	29.04		$	23.20		$	22.45		$	19.44

Total return(d)		(13.30	)%(e)		33.97	%(e)		13.01	%(b)		26.77	%(c)		(13.01	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	192,750		$	222,435		$	170,702		$	181,417		$	164,748
Net expenses		1.05	%(f)		1.12	%(f)(g)		1.20	%(h)		1.17	%		1.13	%
Gross expenses		1.10	%		1.14	%		1.20	%(h)		1.17	%		1.13	%
Net investment income		0.65	%		0.25	%		0.53	%(b)		0.85	%(c)		0.41	%
Portfolio turnover rate		69	%		23	%		22	%		15	%		39	%

(a)	Per share net investment income 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 12.72% and the ratio of net investment income to average net assets would have been 0.27%.

(c)	Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.13, total return would have been 26.50% and the ratio of net investment income to average net assets would have been 0.62%.

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

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

(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)	Effective July 1, 2021, the expense limit decreased from 1.30% to 1.05%.

(h)	Includes refund of prior year service fee of 0.01%.

See accompanying notes to financial statements.

| 54

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis Oakmark Fund—Class C
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	23.50		$	19.17		$	18.92		$	16.66		$	21.58

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.02	)		(0.12	)		(0.04	)(b)		0.02	(c)		(0.07	)
Net realized and unrealized gain (loss)		(3.23	)		6.44			2.31			4.20			(2.83	)

Total from Investment Operations		(3.25	)		6.32			2.27			4.22			(2.90	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.00	)(d)		—			(0.07	)		—
Net realized capital gains		(3.46	)		(1.99	)		(2.02	)		(1.89	)		(2.02	)

Total Distributions		(3.51	)		(1.99	)		(2.02	)		(1.96	)		(2.02	)

Net asset value, end of the period	$	16.74		$	23.50		$	19.17		$	18.92		$	16.66

Total return(e)		(13.97	)%(f)		32.99	%(f)		12.15	%(b)		25.82	%(c)		(13.63	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	51,987		$	50,042		$	35,940		$	54,384		$	53,606
Net expenses		1.80	%(g)		1.87	%(g)(h)		1.95	%		1.92	%		1.88	%
Gross expenses		1.85	%		1.89	%		1.95	%		1.92	%		1.88	%
Net investment income (loss)		(0.10	)%		(0.49	)%		(0.23	)%(b)		0.12	%(c)		(0.33	)%
Portfolio turnover rate		69	%		23	%		22	%		15	%		39	%

(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 $(0.08), total return would have been 11.85% and the ratio of net investment loss to average net assets would have been (0.46)%.

(c)	Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.02), total return would have been 25.50% and the ratio of net investment loss to average net assets would have been (0.12)%.

(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.

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

(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)	Effective July 1, 2021, the expense limit decreased from 2.05% to 1.80%.

See accompanying notes to financial statements.

55 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis Oakmark Fund—Class N
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	31.13		$	24.72		$	23.78		$	20.49		$	25.91

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.26			0.23			0.18	(b)		0.22	(c)		0.22
Net realized and unrealized gain (loss)		(4.29	)		8.31			2.98			5.25			(3.45	)

Total from Investment Operations		(4.03	)		8.54			3.16			5.47			(3.23	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.28	)		(0.14	)		(0.20	)		(0.29	)		(0.17	)
Net realized capital gains		(3.46	)		(1.99	)		(2.02	)		(1.89	)		(2.02	)

Total Distributions		(3.74	)		(2.13	)		(2.22	)		(2.18	)		(2.19	)

Net asset value, end of the period	$	23.36		$	31.13		$	24.72		$	23.78		$	20.49

Total return(d)		(13.06	)%		34.54	%		13.41	%(b)		27.16	%(c)		(12.60	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	517		$	682		$	364		$	801		$	10
Net expenses(e)		0.75	%		0.80	%(f)		0.86	%		0.83	%		0.75	%
Gross expenses		0.93	%		1.55	%		1.05	%		1.25	%		3.79	%
Net investment income		0.93	%		0.79	%		0.85	%(b)		0.93	%(c)		0.88	%
Portfolio turnover rate		69	%		23	%		22	%		15	%		39	%

(a)	Per share net investment income 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 $0.14, total return would have been 13.13% and the ratio of net investment income to average net assets would have been 0.67%.

(c)	Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.22, total return would have been 26.90% and the ratio of net investment income to average net assets would have been 0.92%.

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

(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, 2021, the expense limit decreased from 1.00% to 0.75%.

See accompanying notes to financial statements.

| 56

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis Oakmark Fund—Class Y
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	31.04		$	24.68		$	23.75		$	20.46		$	25.90

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.25			0.17			0.17	(b)		0.27	(c)		0.17
Net realized and unrealized gain (loss)		(4.28	)		8.31			2.95			5.17			(3.44	)

Total from Investment Operations		(4.03	)		8.48			3.12			5.44			(3.27	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.26	)		(0.13	)		(0.17	)		(0.26	)		(0.15	)
Net realized capital gains		(3.46	)		(1.99	)		(2.02	)		(1.89	)		(2.02	)

Total Distributions		(3.72	)		(2.12	)		(2.19	)		(2.15	)		(2.17	)

Net asset value, end of the period	$	23.29		$	31.04		$	24.68		$	23.75		$	20.46

Total return		(13.10	)%(d)		34.35	%(d)		13.28	%(b)		27.06	%(c)(d)		(12.76	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	103,213		$	99,008		$	37,595		$	46,836		$	53,829
Net expenses		0.80	%(e)		0.86	%(e)(f)		0.95	%		0.91	%(e)		0.88	%
Gross expenses		0.85	%		0.89	%		0.95	%		0.92	%		0.88	%
Net investment income		0.89	%		0.56	%		0.79	%(b)		1.16	%(c)		0.68	%
Portfolio turnover rate		69	%		23	%		22	%		15	%		39	%

(a)	Per share net investment income 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 $0.12, total return would have been 13.00% and the ratio of net investment income to average net assets would have been 0.55%.

(c)	Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.20, total return would have been 26.80% and the ratio of net investment income to average net assets would have been 0.90%.

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

(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, 2021, the expense limit decreased from 1.05% to 0.80%.

See accompanying notes to financial statements.

57 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis Oakmark International Fund—Class A
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	15.15		$	14.15		$	13.63		$	11.29		$	15.58

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.19			0.27	(b)		(0.00	)(c)		0.37	(d)		0.25
Net realized and unrealized gain (loss)		(2.60	)		0.96			0.55	(e)		2.38			(4.02	)

Total from Investment Operations		(2.41	)		1.23			0.55			2.75			(3.77	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.22	)		(0.23	)		(0.03	)		(0.41	)		(0.29	)
Net realized capital gains		—			—			—			—			(0.23	)

Total Distributions		(0.22	)		(0.23	)		(0.03	)		(0.41	)		(0.52	)

Net asset value, end of the period	$	12.52		$	15.15		$	14.15		$	13.63		$	11.29

Total return(f)		(15.91	)%(g)		8.73	%(b)(g)		4.06	%(g)		24.35	%(d)		(24.15	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	120,316		$	152,900		$	131,630		$	172,906		$	257,551
Net expenses		1.15	%(h)		1.17	%(h)(i)		1.29	%(h)(j)		1.29	%		1.31	%
Gross expenses		1.38	%		1.34	%		1.36	%		1.29	%		1.31	%
Net investment income (loss)		1.48	%		1.73	%(b)		(0.03	)%		2.91	%(d)		1.72	%
Portfolio turnover rate		33	%		37	%		63	%		28	%		50	%

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

(b)	Includes a non-recurring dividend and tax reclaims. Without these, net investment income per share would have been $0.13, total return would have been 7.74% and the ratio of net investment income to average net assets would have been 0.84%.

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

(d)	Includes non-recurring dividends. Without this dividend, net investment income per share would have been $0.29, total return would have been 23.55% and the ratio of net investment income to average net assets would have been 2.26%.

(e)	The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.

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

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

(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)	Effective July 1, 2021, the expense limit decreased from 1.20% to 1.15%.

(j)	Effective July 1, 2020, the expense limit decreased from 1.37% to 1.20%.

See accompanying notes to financial statements.

| 58

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis Oakmark International Fund—Class C
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	14.86		$	13.85		$	13.41		$	11.11		$	15.30

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.10			0.13	(b)		(0.08	)		0.26	(c)		0.13
Net realized and unrealized gain (loss)		(2.55	)		0.97			0.52	(d)		2.34			(3.92	)

Total from Investment Operations		(2.45	)		1.10			0.44			2.60			(3.79	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.09	)		—			(0.30	)		(0.17	)
Net realized capital gains		—			—			—			—			(0.23	)

Total Distributions		(0.10	)		(0.09	)		—			(0.30	)		(0.40	)

Net asset value, end of the period	$	12.31		$	14.86		$	13.85		$	13.41		$	11.11

Total return(e)		(16.50	)%(f)		7.92	%(b)(f)		3.28	%(f)		23.44	%(c)		(24.74	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	39,202		$	69,335		$	96,772		$	179,533		$	212,618
Net expenses		1.90	%(g)		1.93	%(g)(h)		2.05	%(g)(i)		2.04	%		2.07	%
Gross expenses		2.13	%		2.09	%		2.11	%		2.04	%		2.07	%
Net investment income (loss)		0.78	%		0.85	%(b)		(0.76	)%		2.09	%(c)		0.94	%
Portfolio turnover rate		33	%		37	%		63	%		28	%		50	%

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

(b)	Includes a non-recurring dividend and tax reclaims. Without these, net investment income per share would have been $0.02, total return would have been 6.98% and the ratio of net investment income to average net assets would have been 0.13%.

(c)	Includes non-recurring dividends. Without this dividend, net investment income per share would have been $0.18, total return would have been 22.63% and the ratio of net investment income to average net assets would have been 1.43%.

(d)	The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.

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

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

(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)	Effective July 1, 2021, the expense limit decreased from 1.95% to 1.90%.

(i)	Effective July 1, 2020, the expense limit decreased from 2.12% to 1.95%.

See accompanying notes to financial statements.

59 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis Oakmark International Fund—Class N
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	15.08		$	14.09		$	13.56		$	11.25		$	15.58

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.32			0.38	(b)		0.04			0.33	(c)		0.28
Net realized and unrealized gain (loss)		(2.68	)		0.89			0.56	(d)		2.45			(4.02	)

Total from Investment Operations		(2.36	)		1.27			0.60			2.78			(3.74	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.26	)		(0.28	)		(0.07	)		(0.47	)		(0.36	)
Net realized capital gains		—			—			—			—			(0.23	)

Total Distributions		(0.26	)		(0.28	)		(0.07	)		(0.47	)		(0.59	)

Net asset value, end of the period	$	12.46		$	15.08		$	14.09		$	13.56		$	11.25

Total return(e)		(15.65	)%		9.01	%(b)		4.44	%		24.75	%(c)		(23.94	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	222		$	704		$	290		$	811		$	758
Net expenses(f)		0.85	%		0.87	%(g)		0.92	%(h)		0.94	%		0.99	%
Gross expenses		1.01	%		1.25	%		1.17	%		1.08	%		1.02	%
Net investment income		2.56	%		2.49	%(b)		0.37	%		2.56	%(c)		2.04	%
Portfolio turnover rate		33	%		37	%		63	%		28	%		50	%

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

(b)	Includes a non-recurring dividend and tax reclaims. Without these, net investment income per share would have been $0.11, total return would have been 8.09% and the ratio of net investment income to average net assets would have been 0.70%.

(c)	Includes non-recurring dividends. Without this dividend, net investment income per share would have been $0.27, total return would have been 23.94% and the ratio of net investment income to average net assets would have been 2.15%.

(d)	The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.

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

(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)	Effective July 1, 2021, the expense limit decreased from 0.90% to 0.85%.

(h)	Effective July 1, 2020, the expense limit decreased from 1.07% to 0.90%.

See accompanying notes to financial statements.

| 60

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis Oakmark International Fund—Class Y
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	15.07		$	14.08		$	13.56		$	11.25		$	15.56

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.22			0.30	(b)		0.04			0.37	(c)		0.26
Net realized and unrealized gain (loss)		(2.58	)		0.96			0.55	(d)		2.40			(3.99	)

Total from Investment Operations		(2.36	)		1.26			0.59			2.77			(3.73	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.26	)		(0.27	)		(0.07	)		(0.46	)		(0.35	)
Net realized capital gains		—			—			—			—			(0.23	)

Total Distributions		(0.26	)		(0.27	)		(0.07	)		(0.46	)		(0.58	)

Net asset value, end of the period	$	12.45		$	15.07		$	14.08		$	13.56		$	11.25

Total return		(15.71	)%(e)		8.97	%(b)(e)		4.32	%(e)		24.64	%(c)		(23.93	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	200,175		$	312,930		$	275,468		$	244,586		$	215,123
Net expenses		0.90	%(f)		0.92	%(f)(g)		1.03	%(f)(h)		1.04	%		1.07	%
Gross expenses		1.13	%		1.09	%		1.11	%		1.04	%		1.07	%
Net investment income		1.66	%		1.96	%(b)		0.41	%		2.91	%(c)		1.85	%
Portfolio turnover rate		33	%		37	%		63	%		28	%		50	%

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

(b)	Includes a non-recurring dividend and tax reclaims. Without these, net investment income per share would have been $0.17, total return would have been 8.04% and the ratio of net investment income to average net assets would have been 1.07%.

(c)	Includes non-recurring dividends. Without this dividend, net investment income per share would have been $0.29, total return would have been 23.84% and the ratio of net investment income to average net assets would have been 2.29%.

(d)	The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.

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

(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)	Effective July 1, 2021, the expense limit decreased from 0.95% to 0.90%.

(h)	Effective July 1, 2020, the expense limit decreased from 1.12% to 0.95%.

See accompanying notes to financial statements.

61 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis U.S. Equity Opportunities Fund—Class A
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	43.12		$	39.04		$	36.53		$	31.00		$	36.90

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.03			(0.11	)		(0.05	)		0.15	(b)		0.08
Net realized and unrealized gain (loss)		(8.89	)		8.99			7.66			9.34			(2.51	)

Total from Investment Operations		(8.86	)		8.88			7.61			9.49			(2.43	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.03	)		—			—			(0.17	)		(0.05	)
Net realized capital gains		(5.22	)		(4.80	)		(5.10	)		(3.79	)		(3.42	)

Total Distributions		(5.25	)		(4.80	)		(5.10	)		(3.96	)		(3.47	)

Net asset value, end of the period	$	29.01		$	43.12		$	39.04		$	36.53		$	31.00

Total return(c)		(21.15	)%		23.14	%		22.09	%		31.03	%(b)		(6.48	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	512,392		$	733,423		$	649,754		$	616,922		$	523,665
Net expenses		1.12	%		1.14	%		1.17	%		1.17	%		1.16	%
Gross expenses		1.12	%		1.14	%		1.17	%		1.17	%		1.16	%
Net investment income (loss)		0.09	%		(0.25	)%		(0.14	)%		0.42	%(b)		0.20	%
Portfolio turnover rate		46	%		18	%		26	%		12	%		23	%

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

(b)	Includes non-recurring dividends. Without this dividend, net investment income per share would have been $0.09, total return would have been 30.87% and the ratio of net investment income to average net assets would have been 0.26%.

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

See accompanying notes to financial statements.

| 62

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis U.S. Equity Opportunities Fund—Class C
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	21.82		$	21.89		$	22.65		$	20.42		$	25.73

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.12	)		(0.24	)		(0.19	)		(0.07	)(b)		(0.14	)
Net realized and unrealized gain (loss)		(4.36	)		4.97			4.53			6.10			(1.75	)

Total from Investment Operations		(4.48	)		4.73			4.34			6.03			(1.89	)

LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			(0.01	)		—
Net realized capital gains		(5.22	)		(4.80	)		(5.10	)		(3.79	)		(3.42	)

Total Distributions		(5.22	)		(4.80	)		(5.10	)		(3.80	)		(3.42	)

Net asset value, end of the period	$	12.12		$	21.82		$	21.89		$	22.65		$	20.42

Total return(c)		(21.77	)%		22.27	%		21.15	%		30.06	%(b)		(7.18	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	29,356		$	57,492		$	63,126		$	77,924		$	78,783
Net expenses		1.87	%		1.89	%		1.92	%		1.92	%		1.91	%
Gross expenses		1.87	%		1.89	%		1.92	%		1.92	%		1.91	%
Net investment loss		(0.66	)%		(0.99	)%		(0.87	)%		(0.31	)%(b)		(0.54	)%
Portfolio turnover rate		46	%		18	%		26	%		12	%		23	%

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

(b)	Includes non-recurring dividends. Without this dividend, net investment loss per share would have been $(0.11), total return would have been 29.85% and the ratio of net investment loss to average net assets would have been (0.48)%.

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

See accompanying notes to financial statements.

63 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis U.S. Equity Opportunities Fund—Class N
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	54.14		$	47.84		$	43.61		$	36.37		$	42.63

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.18			0.03			0.13			0.19	(b)		0.25
Net realized and unrealized gain (loss)		(11.23	)		11.07			9.20			11.14			(2.91	)

Total from Investment Operations		(11.05	)		11.10			9.33			11.33			(2.66	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.15	)		—			—			(0.30	)		(0.18	)
Net realized capital gains		(5.22	)		(4.80	)		(5.10	)		(3.79	)		(3.42	)

Total Distributions		(5.37	)		(4.80	)		(5.10	)		(4.09	)		(3.60	)

Net asset value, end of the period	$	37.72		$	54.14		$	47.84		$	43.61		$	36.37

Total return(c)		(20.88	)%		23.53	%		22.48	%		31.44	%(b)		(6.11	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	167		$	177		$	172		$	654		$	1
Net expenses(d)		0.81	%		0.83	%		0.84	%		0.83	%		0.76	%
Gross expenses		1.34	%		1.38	%		1.13	%		1.42	%		13.35	%
Net investment income		0.41	%		0.06	%		0.31	%		0.44	%(b)		0.56	%
Portfolio turnover rate		46	%		18	%		26	%		12	%		23	%

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

(b)	Includes non-recurring dividends. Without this dividend, net investment income per share would have been $0.19, total return would have been 31.27% and the ratio of net investment income to average net assets would have been 0.44%.

(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.

See accompanying notes to financial statements.

| 64

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis U.S. Equity Opportunities Fund—Class Y
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	53.99		$	47.74		$	43.56		$	36.33		$	42.61

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.15			0.00	(b)		0.05			0.29	(c)		0.20
Net realized and unrealized gain (loss)		(11.20	)		11.05			9.23			10.99			(2.92	)

Total from Investment Operations		(11.05	)		11.05			9.28			11.28			(2.72	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		—			—			(0.26	)		(0.14	)
Net realized capital gains		(5.22	)		(4.80	)		(5.10	)		(3.79	)		(3.42	)

Total Distributions		(5.34	)		(4.80	)		(5.10	)		(4.05	)		(3.56	)

Net asset value, end of the period	$	37.60		$	53.99		$	47.74		$	43.56		$	36.33

Total return		(20.95	)%		23.48	%		22.36	%		31.36	%(c)(d)		(6.24	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	191,912		$	284,738		$	243,302		$	283,864		$	296,255
Net expenses		0.87	%		0.89	%		0.92	%		0.91	%(e)		0.91	%
Gross expenses		0.87	%		0.89	%		0.92	%		0.92	%		0.91	%
Net investment income		0.35	%		0.00	%(f)		0.13	%		0.69	%(c)		0.45	%
Portfolio turnover rate		46	%		18	%		26	%		12	%		23	%

(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)	Includes non-recurring dividends. Without this dividend, net investment income per share would have been $0.22, total return would have been 31.16% and the ratio of net investment income to average net assets would have been 0.53%.

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

(e)	The administrator 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)	Amount rounds to less than 0.01%.

See accompanying notes to financial statements.

65 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Vaughan Nelson Mid Cap Fund—Class A
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	22.70		$	21.79		$	22.42		$	17.37		$	22.65

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.05			0.07			0.03			0.09
Net realized and unrealized gain (loss)		(2.53	)		4.52			1.96			5.21			(3.71	)

Total from Investment Operations		(2.42	)		4.57			2.03			5.24			(3.62	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.13	)		(0.04	)		(0.04	)		(0.02	)		(0.15	)
Net realized capital gains		(0.51	)		(3.62	)		(2.62	)		(0.17	)		(1.51	)

Total Distributions		(0.64	)		(3.66	)		(2.66	)		(0.19	)		(1.66	)

Net asset value, end of the period	$	19.64		$	22.70		$	21.79		$	22.42		$	17.37

Total return(b)		(10.80	)%(c)		21.32	%(c)		10.46	%(c)		30.21	%(c)		(16.10	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	33,507		$	37,849		$	30,567		$	33,434		$	43,769
Net expenses		1.15	%(d)		1.17	%(d)(e)		1.20	%(d)		1.25	%(d)(f)(g)		1.24	%
Gross expenses		1.21	%		1.23	%		1.29	%		1.28	%(f)		1.24	%
Net investment income		0.55	%		0.22	%		0.35	%		0.16	%		0.42	%
Portfolio turnover rate		53	%		71	%		52	%		52	%		44	%

(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 July 1, 2021, the expense limit decreased from 1.20% to 1.15%.

(f)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.23% and the ratio of gross expenses would have been 1.26%.

(g)	Effective July 1, 2019, the expense limit decreased from 1.40% to 1.20%.

See accompanying notes to financial statements.

| 66

Financial Highlights (continued)

For a share outstanding throughout each period.


	Vaughan Nelson Mid Cap Fund—Class C
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	20.58		$	20.15		$	21.06		$	16.43		$	21.50

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.04	)		(0.13	)		(0.08	)		(0.10	)		(0.08	)
Net realized and unrealized gain (loss)		(2.28	)		4.18			1.79			4.90			(3.48	)

Total from Investment Operations		(2.32	)		4.05			1.71			4.80			(3.56	)

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.00	)(b)		—			(0.00	)(b)		—
Net realized capital gains		(0.51	)		(3.62	)		(2.62	)		(0.17	)		(1.51	)

Total Distributions		(0.51	)		(3.62	)		(2.62	)		(0.17	)		(1.51	)

Net asset value, end of the period	$	17.75		$	20.58		$	20.15		$	21.06		$	16.43

Total return(c)		(11.46	)%(d)		20.44	%(d)		9.60	%(d)		29.25	%(d)		(16.71	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	7,405		$	11,436		$	14,023		$	21,932		$	23,967
Net expenses		1.90	%(e)		1.93	%(e)(f)		1.95	%(e)		1.99	%(e)(g)(h)		1.98	%
Gross expenses		1.96	%		1.98	%		2.04	%		2.02	%(g)		1.98	%
Net investment loss		(0.22	)%		(0.56	)%		(0.42	)%		(0.50	)%		(0.36	)%
Portfolio turnover rate		53	%		71	%		52	%		52	%		44	%

(a)	Per share net investment 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)	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, 2021, the expense limit decreased from 1.95% to 1.90%.

(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.98% and the ratio of gross expenses would have been 2.01%.

(h)	Effective July 1, 2019, the expense limit decreased from 2.15% to 1.95%.

See accompanying notes to financial statements.

67 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Vaughan Nelson Mid Cap Fund—Class N
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	23.05		$	22.07		$	22.66		$	17.54		$	22.87

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.17			0.14			0.13			0.11			0.17
Net realized and unrealized gain (loss)		(2.57	)		4.58			2.00			5.27			(3.75	)

Total from Investment Operations		(2.40	)		4.72			2.13			5.38			(3.58	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.19	)		(0.12	)		(0.10	)		(0.09	)		(0.24	)
Net realized capital gains		(0.51	)		(3.62	)		(2.62	)		(0.17	)		(1.51	)

Total Distributions		(0.70	)		(3.74	)		(2.72	)		(0.26	)		(1.75	)

Net asset value, end of the period	$	19.95		$	23.05		$	22.07		$	22.66		$	17.54

Total return		(10.54	)%(b)		21.70	%(b)		10.83	%(b)		30.67	%(b)		(15.78	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	72,804		$	91,416		$	17,965		$	18,262		$	70,902
Net expenses		0.85	%(c)		0.86	%(c)(d)		0.90	%(c)		0.92	%(c)(e)(f)		0.88	%
Gross expenses		0.87	%		0.89	%		0.94	%		0.93	%(e)		0.88	%
Net investment income		0.84	%		0.55	%		0.65	%		0.51	%		0.76	%
Portfolio turnover rate		53	%		71	%		52	%		52	%		44	%

(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)	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)	Effective July 1, 2021, the expense limit decreased from 0.90% to 0.85%.

(e)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.91% and the ratio of gross expenses would have been 0.91%.

(f)	Effective July 1, 2019, the expense limit decreased from 1.10% to 0.90%.

See accompanying notes to financial statements.

| 68

Financial Highlights (continued)

For a share outstanding throughout each period.


	Vaughan Nelson Mid Cap Fund—Class Y
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	23.09		$	22.10		$	22.69		$	17.57		$	22.89

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.16			0.11			0.12			0.10			0.15
Net realized and unrealized gain (loss)		(2.57	)		4.60			2.00			5.26			(3.75	)

Total from Investment Operations		(2.41	)		4.71			2.12			5.36			(3.60	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.18	)		(0.10	)		(0.09	)		(0.07	)		(0.21	)
Net realized capital gains		(0.51	)		(3.62	)		(2.62	)		(0.17	)		(1.51	)

Total Distributions		(0.69	)		(3.72	)		(2.71	)		(0.24	)		(1.72	)

Net asset value, end of the period	$	19.99		$	23.09		$	22.10		$	22.69		$	17.57

Total return		(10.58	)%(b)		21.65	%(b)		10.76	%(b)		30.52	%(b)		(15.85	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	148,505		$	226,838		$	227,501		$	298,705		$	453,085
Net expenses		0.90	%(c)		0.93	%(c)(d)		0.95	%(c)		1.00	%(c)(e)(f)		0.99	%
Gross expenses		0.96	%		0.98	%		1.04	%		1.02	%(e)		0.99	%
Net investment income		0.78	%		0.45	%		0.60	%		0.48	%		0.66	%
Portfolio turnover rate		53	%		71	%		52	%		52	%		44	%

(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)	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)	Effective July 1, 2021, the expense limit decreased from 0.95% to 0.90%.

(e)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.98% and the ratio of gross expenses would have been 1.01%.

(f)	Effective July 1, 2019, the expense limit decreased from 1.15% to 0.95%.

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, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	17.87		$	16.69		$	15.45		$	12.48		$	18.71

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.02	)		0.00	(b)(c)		0.00	(c)		0.02			0.01
Net realized and unrealized gain (loss)		(1.78	)		4.98			1.33			3.06			(2.76	)

Total from Investment Operations		(1.80	)		4.98			1.33			3.08			(2.75	)

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.01	)		(0.00	)(c)		(0.03	)		(0.00	)(c)
Net realized capital gains		(0.90	)		(3.79	)		(0.09	)		(0.08	)		(3.48	)

Total Distributions		(0.90	)		(3.80	)		(0.09	)		(0.11	)		(3.48	)

Net asset value, end of the period	$	15.17		$	17.87		$	16.69		$	15.45		$	12.48

Total return(d)		(10.19	)%(e)		30.24	%(b)(e)		8.91	%(e)		24.66	%(e)		(14.84	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	66,339		$	81,493		$	61,571		$	67,525		$	66,376
Net expenses		1.25	%(f)		1.27	%(f)(g)		1.32	%(f)(h)		1.40	%(f)(i)		1.38	%
Gross expenses		1.37	%		1.43	%		1.53	%		1.47	%		1.38	%
Net investment income (loss)		(0.12	)%		0.01	%(b)		0.02	%		0.12	%		0.03	%
Portfolio turnover rate		63	%		92	%		105	%		61	%		70	%

(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 $(0.05), total return would have been 29.95% and the ratio of net investment loss to average net assets would have been (0.25)%.

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

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

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

(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)	Effective July 1, 2021, the expense limit decreased from 1.30% to 1.25%.

(h)	Effective July 1, 2020, the expense limit decreased from 1.34% to 1.30%.

(i)	Effective July 1, 2019, the expense limit decreased from 1.45% to 1.34%.

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, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	6.94		$	8.34		$	7.84		$	6.41		$	11.67

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.04	)		(0.06	)(b)		(0.05	)		(0.05	)		(0.09	)
Net realized and unrealized gain (loss)		(0.70	)		2.45			0.64			1.57			(1.69	)

Total from Investment Operations		(0.74	)		2.39			0.59			1.52			(1.78	)

LESS DISTRIBUTIONS FROM:
Net investment income		—			—			(0.00	)(c)		(0.01	)		(0.00	)(c)
Net realized capital gains		(0.90	)		(3.79	)		(0.09	)		(0.08	)		(3.48	)

Total Distributions		(0.90	)		(3.79	)		(0.09	)		(0.09	)		(3.48	)

Net asset value, end of the period	$	5.30		$	6.94		$	8.34		$	7.84		$	6.41

Total return(d)		(11.01	)%(e)		29.45	%(b)(e)		8.08	%(e)		23.69	%(e)		(15.51	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,118		$	966		$	983		$	1,450		$	3,480
Net expenses		2.00	%(f)		2.03	%(f)(g)		2.07	%(f)(h)		2.16	%(f)(i)		2.12	%
Gross expenses		2.12	%		2.19	%		2.28	%		2.23	%		2.12	%
Net investment loss		(0.74	)%		(0.67	)%(b)		(0.71	)%		(0.68	)%		(0.83	)%
Portfolio turnover rate		63	%		92	%		105	%		61	%		70	%

(a)	Per share net investment 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 $(0.10), total return would have been 29.09% and the ratio of net investment loss to average net assets would have been (0.99)%.

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

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

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

(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)	Effective July 1, 2021, the expense limit decreased from 2.05% to 2.00%.

(h)	Effective July 1, 2020, the expense limit decreased from 2.09% to 2.05%.

(i)	Effective July 1, 2019, the expense limit decreased from 2.20% to 2.09%.

See accompanying notes to financial statements.

71 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Vaughan Nelson Small Cap Value Fund—Class N
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	18.96		$	17.52		$	16.20		$	13.08		$	19.37

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04			0.01	(b)		0.04			0.08			0.08
Net realized and unrealized gain (loss)		(1.91	)		5.29			1.42			3.20			(2.86	)

Total from Investment Operations		(1.87	)		5.30			1.46			3.28			(2.78	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.03	)		(0.07	)		(0.05	)		(0.08	)		(0.03	)
Net realized capital gains		(0.90	)		(3.79	)		(0.09	)		(0.08	)		(3.48	)

Total Distributions		(0.93	)		(3.86	)		(0.14	)		(0.16	)		(3.51	)

Net asset value, end of the period	$	16.16		$	18.96		$	17.52		$	16.20		$	13.08

Total return(c)		(9.95	)%		30.64	%(b)		9.27	%		25.08	%		(14.48	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,493		$	1,383		$	23		$	21		$	1
Net expenses(d)		0.95	%		0.97	%(e)		1.02	%(f)		1.03	%(g)		0.96	%
Gross expenses		1.10	%		1.19	%		6.54	%		11.80	%		15.17	%
Net investment income		0.22	%		0.03	%(b)		0.31	%		0.52	%		0.43	%
Portfolio turnover rate		63	%		92	%		105	%		61	%		70	%

(a)	Per share net investment income 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 $0.01, total return would have been 30.37% and the ratio of net investment income to average net assets would have been 0.03%.

(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 July 1, 2021, the expense limit decreased from 1.00% to 0.95%.

(f)	Effective July 1, 2020, the expense limit decreased from 1.04% to 1.00%.

(g)	Effective July 1, 2019, the expense limit decreased from 1.15% to 1.04%.

See accompanying notes to financial statements.

| 72

Financial Highlights (continued)

For a share outstanding throughout each period.


	Vaughan Nelson Small Cap Value Fund—Class Y
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	18.95		$	17.51		$	16.19		$	13.08		$	19.37

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04			0.06	(b)		0.04			0.05			0.04
Net realized and unrealized gain (loss)		(1.91	)		5.23			1.41			3.21			(2.84	)

Total from Investment Operations		(1.87	)		5.29			1.45			3.26			(2.80	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.03	)		(0.06	)		(0.04	)		(0.07	)		(0.01	)
Net realized capital gains		(0.90	)		(3.79	)		(0.09	)		(0.08	)		(3.48	)

Total Distributions		(0.93	)		(3.85	)		(0.13	)		(0.15	)		(3.49	)

Net asset value, end of the period	$	16.15		$	18.95		$	17.51		$	16.19		$	13.08

Total return		(9.98	)%(c)		30.61	%(b)(c)		9.23	%(c)		24.88	%(c)		(14.61	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	120,585		$	66,054		$	49,315		$	44,482		$	58,538
Net expenses		1.00	%(d)		1.02	%(d)(e)		1.07	%(d)(f)		1.15	%(d)(g)		1.12	%
Gross expenses		1.12	%		1.18	%		1.28	%		1.23	%		1.12	%
Net investment income		0.22	%		0.28	%(b)		0.26	%		0.35	%		0.22	%
Portfolio turnover rate		63	%		92	%		105	%		61	%		70	%

(a)	Per share net investment income 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 $0.00, total return would have been 30.26% and the ratio of net investment income to average net assets would have been 0.01%.

(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 July 1, 2021, the expense limit decreased from 1.05% to 1.00%.

(f)	Effective July 1, 2020, the expense limit decreased from 1.09% to 1.05%.

(g)	Effective July 1, 2019, the expense limit decreased from 1.20% to 1.09%.

See accompanying notes to financial statements.

73 |

Notes to Financial Statements

December 31, 2022

1. Organization. Loomis Sayles Funds II, 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:

Loomis Sayles Funds II:

Loomis Sayles International Growth Fund (the “International Growth Fund”)

Natixis Funds Trust I:

Natixis Oakmark International Fund

Natixis U.S. Equity Opportunities Fund (the “U.S. Equity Opportunities Fund”)

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

Natixis Funds Trust II:

Natixis Oakmark Fund

Vaughan Nelson Mid Cap Fund (the “Mid Cap Fund”)

Each Fund is a diversified investment company, except for International Growth Fund, which is a non-diversified investment company.

Each Fund offers Class A, Class C, Class N and Class Y shares.

Class A shares are sold with a maximum front-end sales charge of 5.75%. Class C shares do not pay a front-end sales charge, pay higher Rule 12b-1 fees than Class A shares for eight years (at which point they automatically convert to Class A shares) (prior to May 1, 2021, Class C shares automatically converted to Class A shares after ten years) and may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Class Y shares are offered with an initial minimum investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts for Class N and Class Y as outlined in the relevant Funds’ prospectus.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the Funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”) and Natixis ETF Trust and Natixis ETF Trust II (“Natixis ETF Trusts”). Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule 12b-1 fees applicable to Class A and Class C), and transfer agent fees are borne collectively for Class A, Class C and Class Y, and individually for Class N. In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of the Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

2. Significant Accounting Policies. The following is a summary of significant accounting policies consistently followed by 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. Registered investment companies are required to value portfolio investments using an unadjusted, readily available market quotation. Each Fund obtains readily available market quotations from independent pricing services. Fund investments for which readily available market quotations are not available are priced at fair value pursuant to the Funds’ Valuation Procedures. The Board of Trustees has approved a valuation designee who is subject to the Board’s oversight.

Exchange traded equity securities for which there is no reported sale during the day are fair valued at the closing bid quotation as reported by an independent pricing service. Unlisted equity securities (except unlisted preferred equity securities) are fair valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing

| 74

Notes to Financial Statements (continued)

December 31, 2022

bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be fair valued using evaluated bids furnished by an independent pricing service, if available.

Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. Broker-dealer bid prices may be used to fair value debt and unlisted equities where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the investment. Forward foreign currency contracts are fair valued utilizing interpolated rates determined based on information provided by an independent pricing service.

The Funds may also fair value investments in other circumstances such as when extraordinary events occur after the close of a foreign market, but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing a Fund’s investments, the valuation designee may, among other things, use modeling tools or other processes that may take into account factors such as issuer specific information, or other related market activity and/or information that occurred after the close of the foreign market but before the time the Fund’s net asset value (“NAV”) is calculated. Fair valuation by the Fund(s) valuation designee may require subjective determinations about the value of the investment, and fair values used to determine a Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of investments held by a Fund.

b. Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, are recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Dividends reinvested and stock dividends are reflected as non-cash dividends on the Statements of Operations. 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, if any, are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars on the respective dates of such transactions.

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded in the Funds’ books and records and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates. Net realized foreign exchange gains or losses and the net change in unrealized foreign exchange gains or losses are disclosed in the 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. For federal income tax purposes, a portion of the net realized gain or loss on investments arising from changes in exchange rates, which is reflected in the 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.

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.

75 |

Notes to Financial Statements (continued)

December 31, 2022

d. Forward Foreign Currency Contracts. A Fund 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 appreciation (depreciation) 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. Forward foreign currency contracts outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

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, 2022 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 conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

A Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statements of Operations as a reduction of investment income, net of amounts that have been or are expected to be reclaimed and paid. Dividends and interest receivable on the Statements of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes where reclaims have been or are expected to be filed and paid are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

Certain Funds have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries (EU reclaims) and may continue to make such filings when it is determined to be in the best interest of the Funds and their shareholders. These filings are subject to various administrative proceedings by the local jurisdictions’ tax authorities within the European Union, as well as a number of related judicial proceedings. EU reclaims are recognized by a Fund when deemed more likely than not to be collected, and are reflected as a reduction of foreign taxes withheld in the Statements of Operations. Any related receivable is reflected as tax reclaims receivable in the Statements of Assets and Liabilities. Under certain circumstances, EU reclaims may be subject to closing agreements with the Internal Revenue Service (IRS), which may materially reduce the reclaim amounts realized by the Funds. Fees and expenses associated with closing agreements will be reflected in the Statements of Operations when it is determined that a closing agreement with the IRS is required.

f. Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as capital gains taxes, deferred Trustees’ fees, distributions in excess of income and/or capital gain, distribution re-designations, foreign currency gains and losses, corporate actions, passive foreign investment company adjustments, return of capital distributions received and capital gain distribution received. Permanent book and tax basis differences relating to shareholder distributions, net investment income and net realized gains will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to capital gains taxes, wash sales, return of capital distributions received, corporate actions, deferred Trustees’ fees, deferral of EU reclaims, capital gain distribution received and passive foreign investment company adjustments. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the

| 76

Notes to Financial Statements (continued)

December 31, 2022

Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the years ended December 31, 2022 and 2021 was as follows:


	2022 Distributions						2021 Distributions
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
International Growth Fund	$	177,885	$	—	$	177,885	$	410,212	$	—	$	410,212
Natixis Oakmark Fund		2,835,653		51,140,399		53,976,052		1,954,068		22,797,197		24,751,265
Natixis Oakmark International Fund		6,459,857		—		6,459,857		8,301,657		—		8,301,657
U.S. Equity Opportunities Fund		1,935,796		120,599,489		122,535,285		7,131,636		105,015,654		112,147,290
Mid Cap Fund		2,282,950		7,705,713		9,988,663		11,228,135		41,214,262		52,442,397
Small Cap Value Fund		2,901,818		6,755,646		9,657,464		20,173,469		6,185,028		26,358,497

Distributions paid to shareholders from net investment income and net realized capital gains, based on accounting principles generally accepted in the United States of America, are consolidated and reported on the Statements of Changes in Net Assets as Distributions to Shareholders. Distributions paid to shareholders from net investment income and net realized capital gains expressed in per-share amounts, based on accounting principles generally accepted in the United States of America, are separately stated and reported within the Financial Highlights.

As of December 31, 2022, the components of distributable earnings on a tax basis were as follows:


	International Growth Fund			Natixis Oakmark Fund			Natixis Oakmark International Fund			U.S. Equity Opportunities Fund
Undistributed ordinary income	$	—		$	2,372		$	14,369		$	—
Undistributed long-term capital gains		—			—			—			1,466,467

Total undistributed earnings		—			2,372			14,369			1,466,467

Capital loss carryforward:
Short-term:
No expiration date		(318,617	)		—			(7,975,554	)		—
Long-term:
No expiration date		—			—			(112,759,862	)		—

Total capital loss carryforward		(318,617	)		—			(120,735,416	)		—

Late-year ordinary and post-October capital loss deferrals*		—			(5,213,543	)		—			—

Unrealized appreciation (depreciation)		(5,709,638	)		(11,999,426	)		(50,876,126	)		95,518,598

Total accumulated earnings (losses)	$	(6,028,255	)	$	(17,210,597	)	$	(171,597,173	)	$	96,985,065

77 |

Notes to Financial Statements (continued)

December 31, 2022


	Mid Cap Fund			Small Cap Value Fund
Undistributed long-term capital gains	$	—		$	—

Capital loss carryforward:
Short-term:
No expiration date		(16,690,689	)		—
Long-term:
No expiration date		(5,472,473	)		—

Total capital loss carryforward		(22,163,162	)		—

Late-year ordinary and post-October capital loss deferrals*		—			(581,338	)

Unrealized appreciation		34,018,871			3,270,100

Total accumulated earnings	$	11,855,709		$	2,688,762

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. Natixis Oakmark Fund and Small Cap Value Fund are deferring capital losses.

As of December 31, 2022, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:


	International Growth Fund			Natixis Oakmark Fund			Natixis Oakmark International Fund			U.S. Equity Opportunities Fund			Mid Cap Fund			Small Cap Value Fund
Federal tax cost	$	30,058,612		$	358,439,451		$	405,678,484		$	636,754,009		$	229,162,140		$	183,840,590

Gross tax appreciation	$	1,098,009		$	26,981,840		$	32,573,017		$	154,043,740		$	41,968,636		$	15,671,607
Gross tax depreciation		(6,808,226	)		(38,981,266	)		(82,986,954	)		(58,518,007	)		(7,949,765	)		(12,401,507	)

Net tax appreciation (depreciation)	$	(5,710,217	)	$	(11,999,426	)	$	(50,413,937	)	$	95,525,733		$	34,018,871		$	3,270,100

The difference between these amounts and those reported in the components of distributable earnings, if any, are primarily attributable to foreign currency mark-to-market and foreign capital gains taxes.

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, 2022, 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, 2022, none of the Funds had loaned securities under this agreement.

| 78

Notes to Financial Statements (continued)

December 31, 2022

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.

j. New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board issued Accounting Standards Update 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in ASC 820 related to the measurement of fair value of an equity security subject to contractual sale restrictions, eliminating the ability to apply a discount to the fair value of such securities, and introducing related disclosure requirements. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the impact of applying this update.

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.

The Funds’ pricing policies have been approved by the Board of Trustees. Investments for which market quotations are readily available are categorized in Level 1. Other investments for which an independent pricing service is utilized are categorized in Level 2. Broker-dealer bid prices for which the Funds have knowledge of the inputs used by the broker-dealer are categorized in Level 2. All other investments, including broker-dealer bid prices for which the Funds do not have knowledge of the inputs used by the broker-dealer, as well as investments fair valued by the valuation designee, are categorized in Level 3. All Level 2 and 3 securities are defined as being fair valued.

Under certain conditions and based upon specific facts and circumstances, the Fund’s valuation designee may determine that a fair valuation should be made for portfolio investment(s). These valuation designee fair valuations will be based upon a significant amount of Level 3 inputs.

79 |

Notes to Financial Statements (continued)

December 31, 2022

The following is a summary of the inputs used to value the Funds’ investments as of December 31, 2022, at value:

International Growth Fund


Asset Valuation Inputs
Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	1,373,771	$	—	$	1,373,771
Belgium		—		589,601		—		589,601
China		4,107,669		2,688,480		—		6,796,149
Denmark		—		1,361,008		—		1,361,008
France		—		1,280,972		—		1,280,972
Germany		—		697,184		—		697,184
Japan		—		1,120,289		—		1,120,289
Macau		—		282,710		—		282,710
Netherlands		—		855,161		—		855,161
Switzerland		320,444		1,054,476		—		1,374,920
United Kingdom		—		2,469,706		—		2,469,706
United States		1,538,755		1,990,702		—		3,529,457
All Other Common Stocks(a)		2,561,306		—		—		2,561,306

Total Common Stocks	$	8,528,174	$	15,764,060	$	—	$	24,292,234

Short-Term Investments		—		56,161		—		56,161

Total	$	8,528,174	$	15,820,221	$	—	$	24,348,395

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

Natixis Oakmark Fund


Asset Valuation Inputs
Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	336,922,269	$	—	$	—	$	336,922,269
Short-Term Investments		—		9,517,756		—		9,517,756

Total	$	336,922,269	$	9,517,756	$	—	$	346,440,025

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

| 80

Notes to Financial Statements (continued)

December 31, 2022

Natixis Oakmark International Fund


Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	2,597,205	$	—	$	2,597,205
Belgium		—		7,221,690		—		7,221,690
China		3,493,149		17,535,586		—		21,028,735
Denmark		—		4,443,654		—		4,443,654
France		—		54,807,091		—		54,807,091
Germany		—		98,566,854		—		98,566,854
Hong Kong		—		7,679,394		—		7,679,394
India		—		1,594,358		—		1,594,358
Italy		—		11,532,753		—		11,532,753
Japan		—		6,317,319		—		6,317,319
Korea		—		6,762,606		—		6,762,606
Netherlands		—		12,328,165		—		12,328,165
Spain		—		4,909,188		—		4,909,188
Sweden		—		11,259,924		—		11,259,924
Switzerland		—		25,396,818		—		25,396,818
United Kingdom		4,736,892		44,695,423		—		49,432,315
United States		—		1,976,553		—		1,976,553
All Other Common Stocks(a)		15,682,360		—		—		15,682,360

Total Common Stocks		23,912,401		319,624,581		—		343,536,982

Preferred Stocks(a)		—		5,225,566		—		5,225,566
Short-Term Investments		—		6,501,999		—		6,501,999

Total	$	23,912,401	$	331,352,146	$	—	$	355,264,547

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

U.S. Equity Opportunities Fund


Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	729,410,236	$	—	$	—	$	729,410,236
Short-Term Investments		—		2,869,506		—		2,869,506

Total	$	729,410,236	$	2,869,506	$	—	$	732,279,742

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

Mid Cap Fund


Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	256,895,131	$	—	$	—	$	256,895,131
Short-Term Investments		—		6,285,880		—		6,285,880

Total	$	256,895,131	$	6,285,880	$	—	$	263,181,011

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

Small Cap Value Fund


Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	175,907,190	$	—	$	—	$	175,907,190
Short-Term Investments		—		11,203,500		—		11,203,500

Total	$	175,907,190	$	11,203,500	$	—	$	187,110,690

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

81 |

Notes to Financial Statements (continued)

December 31, 2022

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.

Natixis Oakmark International 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, 2022, Natixis Oakmark International Fund engaged in forward foreign currency transactions for hedging purposes.

Transactions in derivative instruments for Natixis Oakmark International Fund during the year ended December 31, 2022, as reflected within the Statements of Operations were as follows:


Net Realized Gain (Loss) on:	Forward foreign currency contracts
Foreign exchange contracts	$	473,946

Net Change in Unrealized Appreciation (Depreciation) on:	Forward foreign currency contracts
Foreign exchange contracts	$	94,327

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, 2022:


Natixis Oakmark International Fund	Forwards
Average Notional Amount Outstanding		0.90	%
Highest Notional Amount Outstanding		2.03	%
Lowest Notional Amount Outstanding		0.00	%
Notional Amount Outstanding as of December 31, 2022		0.00	%

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

5. Purchases and Sales of Securities. For the year ended December 31, 2022, purchases and sales of securities (excluding short-term investments) were as follows:


Fund	Purchases		Sales
International Growth Fund	$	8,278,874	$	2,327,113
Natixis Oakmark Fund		346,264,953		284,004,614
Natixis Oakmark International Fund		133,972,224		221,944,655
U.S. Equity Opportunities Fund		395,441,524		475,722,271
Mid Cap Fund		154,302,046		217,952,372
Small Cap Value Fund		134,482,918		91,315,366

6. Management Fees and Other Transactions with Affiliates.

a. Management Fees. Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to International Growth Fund. Loomis Sayles is a limited partnership whose sole general partner, Loomis, Sayles & Company, Inc., is indirectly owned by Natixis Investment Managers, LLC, which is part of Natixis Investment Managers, an international asset management group based in Paris, France.

Under the terms of the management agreement, International Growth Fund pays a management fee at the annual rate of 0.75%, calculated daily and payable monthly, based on the Fund’s average daily net assets.

| 82

Notes to Financial Statements (continued)

December 31, 2022

Natixis Advisors, LLC (“Natixis Advisors”) serves as investment adviser to Natixis Oakmark Fund, Natixis Oakmark International Fund, U.S. Equity Opportunities Fund, Mid Cap Fund and Small Cap Value 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 $150 million			Next $50 million			Next $300 million			Next $500 million			Next $500 million			Over $1.5 billion
Natixis Oakmark Fund		0.70	%		0.70	%		0.65	%		0.60	%		0.60	%		0.60	%
Natixis Oakmark International Fund		0.85	%		0.75	%		0.75	%		0.75	%		0.70	%		0.70	%
U.S. Equity Opportunities Fund		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Mid Cap Fund		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.70	%
Small Cap Value Fund		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%

Prior to July 1, 2022, U.S. Equity Opportunities Fund paid a management fee at the annual rate of 0.75% of the Fund’s average daily net assets, calculated daily and payable monthly.

Natixis 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
U.S. Equity Opportunities Fund		Harris Loomis Sayles
Mid Cap Fund		Vaughan Nelson Investment Management, L.P. (“Vaughan Nelson”)
Small Cap Value Fund		Vaughan Nelson

Natixis Advisors, Harris and Vaughan Nelson are subsidiaries of Natixis Investment Managers, LLC.

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 $150 million			Next $50 million			Next $800 million			Next $500 million			Over $1.5 billion
Natixis Oakmark Fund		Harris		0.52	%		0.52	%		0.50	%		0.50	%		0.50	%
Natixis Oakmark International Fund		Harris		0.60	%		0.50	%		0.50	%		0.45	%		0.45	%
U.S. Equity Opportunities Fund
Large Cap Value Segment		Harris		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%
All Cap Growth Segment		Loomis Sayles		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Mid Cap Fund		Vaughan Nelson		0.47	%		0.47	%		0.47	%		0.47	%		0.44	%
Small Cap Value Fund		Vaughan Nelson		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%

Payments to Natixis Advisors are reduced by the amounts of payments to the subadvisers, as calculated based on the table above.

Loomis Sayles and Natixis Advisors 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, substitute dividend expenses on securities sold short, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until April 30, 2023, except for U.S. Equity Opportunities Fund, which is in effect until April 30, 2024, 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.

83 |

Notes to Financial Statements (continued)

December 31, 2022

For the year ended December 31, 2022, 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 C			Class N			Class Y
International Growth Fund		1.20	%		1.95	%		0.90	%		0.95	%
Natixis Oakmark Fund		1.05	%		1.80	%		0.75	%		0.80	%
Natixis Oakmark International Fund		1.15	%		1.90	%		0.85	%		0.90	%
U.S. Equity Opportunities Fund		1.15	%		1.90	%		0.85	%		0.90	%
Mid Cap Fund		1.15	%		1.90	%		0.85	%		0.90	%
Small Cap Value Fund		1.25	%		2.00	%		0.95	%		1.00	%

Prior to July 1, 2022, the expense limits as a percentage of average daily net assets under the expense limitation agreements for U.S. Equity Opportunities Fund were as follows:


	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Class A			Class C			Class N			Class Y
U.S. Equity Opportunities Fund		1.20	%		1.95	%		0.90	%		0.95	%

Loomis Sayles and Natixis Advisors shall be permitted to recover expenses borne under the expense limitation agreements (whether through waiver of management fee or otherwise) on a class by class basis in later periods to the extent the annual operating expenses of a class fall below both (1) a class’ expense limitation ratio in place at the time such amounts were waived/reimbursed and (2) a class’ current applicable expense limitation ratio, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the year ended December 31, 2022, the management fees and waiver of management fees for each Fund were as follows:


Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Percentage of Average Daily Net Assets
Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Gross			Net
International Growth Fund	$	166,121	$	166,121	$	—		0.75	%		—	%
Natixis Oakmark Fund		2,959,141		237,489		2,721,652		0.67	%		0.62	%
Natixis Oakmark International Fund		3,278,920		947,991		2,330,929		0.79	%		0.56	%
U.S. Equity Opportunities Fund		6,413,195		—		6,413,195		0.73	%		0.73	%
Mid Cap Fund		2,292,180		141,410		2,150,770		0.75	%		0.70	%
Small Cap Value Fund		1,298,748		186,690		1,112,058		0.85	%		0.73	%

¹	Management fee waivers are subject to possible recovery until December 31, 2023.

In addition, Loomis Sayles reimbursed non-class specific expenses of International Growth Fund in the amount of $5,588. Expense reimbursements are subject to possible recovery until December 31, 2023.

No expenses were recovered for any of the Funds during the year ended December 31, 2022 under the terms of the expense limitation agreements.

b. Service and Distribution Fees. Natixis Distribution, LLC (“Natixis Distribution”), which is a wholly-owned subsidiary of Natixis Investment Managers, LLC, has entered into a distribution agreement with the Trusts. Pursuant to this agreement, Natixis 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 C shares (the “Class C Plans”).

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

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

| 84

Notes to Financial Statements (continued)

December 31, 2022

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

For the year ended December 31, 2022, the service and distribution fees for each Fund were as follows:


	Service Fees				Distribution Fees
Fund	Class A		Class C		Class C
International Growth Fund	$	288	$	23	$	68
Natixis Oakmark Fund		515,407		141,328		423,983
Natixis Oakmark International Fund		321,347		123,131		369,391
U.S. Equity Opportunities Fund		1,490,974		103,946		311,836
Mid Cap Fund		86,271		22,472		67,417
Small Cap Value Fund		179,777		2,870		8,609

c. Administrative Fees. Natixis 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, Natixis ETF Trusts and Natixis Advisors, each Fund pays Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0540% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts of $10 million, which is reevaluated on an annual basis.

For the year ended December 31, 2022, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
International Growth Fund	$	10,010
Natixis Oakmark Fund		198,579
Natixis Oakmark International Fund		187,904
U.S. Equity Opportunities Fund		397,716
Mid Cap Fund		137,881
Small Cap Value Fund		69,157

d. Sub-Transfer Agent Fees. Natixis Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the 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 Natixis Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to Natixis Distribution are subject to a current per-account equivalent fee limit approved by the 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, 2022, 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
International Growth Fund	$	139
Natixis Oakmark Fund		256,839
Natixis Oakmark International Fund		684,893
U.S. Equity Opportunities Fund		266,729
Mid Cap Fund		185,201
Small Cap Value Fund		93,662

85 |

Notes to Financial Statements (continued)

December 31, 2022

As of December 31, 2022, the Funds owe Natixis 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
International Growth Fund	$	2
Natixis Oakmark Fund		2,668
Natixis Oakmark International Fund		6,200
U.S. Equity Opportunities Fund		2,443
Mid Cap Fund		2,113
Small Cap Value Fund		1,107

Sub-transfer agent fees attributable to Class A, Class C and Class Y are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

e. Commissions. Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the year ended December 31, 2022 was as follows:


Fund	Commissions
Natixis Oakmark Fund	$	59,461
Natixis Oakmark International Fund		17,871
U.S. Equity Opportunities Fund		18,802
Mid Cap Fund		529
Small Cap Value Fund		2,641

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 Natixis Advisors, Natixis Distribution, Natixis Investment Managers, LLC or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $369,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $210,000. 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, the chairperson of the Audit Committee and the chairperson of the Governance Committee each receive an additional retainer fee at the annual rate of $20,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Effective January 1, 2023, each Governance Committee member is compensated $2,500 for each Committee meeting that he or she attends either in person or telephonically.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts as designated by the participating Trustees. Changes in the value of participants’ deferral accounts are allocated pro rata among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts and are normally reflected as Trustees’ fees and expenses in the Statements of Operations. Deferred amounts remain in the funds until distributed in accordance with the provisions of the Plan. The portions of the accrued obligations allocated to the Funds under the Plan are reflected as Deferred Trustees’ fees in the Statements of Assets and Liabilities.

| 86

Notes to Financial Statements (continued)

December 31, 2022

For the year ended December 31, 2022, net depreciation in the value of participants’ deferral accounts are reflected on the Statements of Operations as a reduction to expenses, as follows:


Fund	Amount
Natixis Oakmark Fund	$	(95,019	)
Natixis Oakmark International Fund		(12,938	)
U.S. Equity Opportunities Fund		(69,538	)
Mid Cap Fund		(24,416	)
Small Cap Value Fund		(30,346	)

Certain officers and employees of Natixis Advisors, Loomis Sayles and affiliates are also officers and/or Trustees of the Trusts.

g. Affiliated Ownership. As of December 31, 2022, Natixis and affiliates held shares of International Growth Fund representing 98.06% 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. Natixis Advisors has given a binding contractual undertaking to the Funds to reimburse any and all transfer agency expenses for the Funds’ Class N shares. This undertaking is in effect through April 30, 2023 and is not subject to recovery under the expense limitation agreement described above.

For the year ended December 31, 2022, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:


	Reimbursement of Transfer Agency Expenses
Fund	Class N
International Growth Fund	$	981
Natixis Oakmark Fund		925
Natixis Oakmark International Fund		947
U.S. Equity Opportunities Fund		906
Mid Cap Fund		1,028
Small Cap Value Fund		942

7. Class-Specific Transfer Agent Fees and Expenses. Transfer agent fees and expenses attributable to Class A, Class C and Class Y are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

For the year ended December 31, 2022, the Funds incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):


	Transfer Agent Fees and Expenses
Fund	Class A		Class C		Class N		Class Y
International Growth Fund	$	150	$	12	$	981	$	3,206
Natixis Oakmark Fund		183,953		50,467		925		158,750
Natixis Oakmark International Fund		222,034		85,477		947		410,852
U.S. Equity Opportunities Fund		374,199		25,951		906		153,450
Mid Cap Fund		31,036		8,089		1,028		165,406
Small Cap Value Fund		72,051		1,127		942		77,396

8. Line of Credit. Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, entered into a $500,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $500,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid certain legal fees in connection with the line of credit agreement, which are being amortized over a period of 364 days and are reflected in legal fees on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

87 |

Notes to Financial Statements (continued)

December 31, 2022

For the year ended December 31, 2022, Natixis Oakmark Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $4,025,000 at a weighted average interest rate of 4.93%. Interest expense incurred on the line of credit was $2,205.

For the year ended December 31, 2022, Mid Cap Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $5,500,000 at a weighted average interest rate of 4.93%. Interest expense incurred on the line of credit was $753.

9. Risk. The Funds’ investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks. The Fund’s investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.

The International Growth Fund may invest to a significant extent in variable interest entity (“VIE”) structures. VIE structures can vary, but generally consist of a U.S.-listed company with contractual arrangements, through one or more wholly-owned special purpose vehicles, with a Chinese company that ultimately provides the U.S.-listed company with contractual rights to obtain economic benefits from the Chinese company. The VIE structure enables foreign investors, such as the Fund, to obtain investment exposure similar to that of an equity owner in a Chinese company in situations in which the Chinese government has restricted or prohibited the ownership of such company by foreign investors. The Fund’s exposure to VIE structures may pose additional risks because the VIE structure is not formally recognized under Chinese law. The Chinese government may cease to tolerate VIE structures at any time or impose new restrictions. In addition, Chinese companies using the VIE structure, and listed on stock exchanges in the U.S., could also face delisting or other ramifications for failure to meet the expectations and/or requirements of the U.S. Securities and Exchange Commission, the Public Company Accounting Oversight Board, or other U.S. regulators. Any of these risks could reduce the liquidity and value of these investments or render them valueless.

International Growth Fund is non-diversified, which means that it is not limited under the 1940 Act to a percentage of assets that it may invest in any one issuer. Because the Fund may invest in the securities of a limited number of issuers, an investment in the Fund may involve a higher degree of risk than would be present in a diversified portfolio.

Russia’s military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. These and any related events could significantly impact a Fund’s performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to Russian issuers or issuers in other countries affected by the invasion.

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, 2022, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Funds’ total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:


	Number of 5% Account Holders		Percentage of Ownership
Fund
Natixis Oakmark International Fund		1		25.13	%
U.S. Equity Opportunities Fund		1		5.09	%
Mid Cap Fund		1		29.14	%
Small Cap Value Fund		2		12.69	%

Omnibus shareholder accounts for which Natixis Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for a non-discretionary customer are included in the table above. For other omnibus accounts, the Funds do not have information on the individual shareholder accounts underlying the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

| 88

Notes to Financial Statements (continued)

December 31, 2022

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, 2022						Year Ended December 31, 2021
International Growth Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		4,118		$	33,249			11,486		$	119,493
Issued in connection with the reinvestment of distributions		71			565			178			1,712

Net change		4,189		$	33,814			11,664		$	121,205

Class C
Issued from the sale of shares		—		$	—			5,141		$	52,756
Issued in connection with the reinvestment of distributions		—			—			56			540
Redeemed		(3,928	)		(33,853	)		(1,268	)		(12,908	)

Net change		(3,928	)	$	(33,853	)		3,929		$	40,388

Class N
Issued from the sale of shares		319,693		$	2,500,000			940,733		$	10,000,000
Issued in connection with the reinvestment of distributions		2,314			18,351			517			5,372
Redeemed		—			—			(46,992	)		(500,000	)

Net change		322,007		$	2,518,351			894,258		$	9,505,372

Class Y
Issued from the sale of shares		374,914		$	3,190,418			24,598		$	256,782
Issued in connection with the reinvestment of distributions		2,707			21,469			388			3,739
Redeemed		(2,822	)		(20,300	)		(2,953	)		(29,891	)

Net change		374,799		$	3,191,587			22,033		$	230,630

Increase from capital share transactions		697,067		$	5,709,899			931,884		$	9,897,595


	Year Ended December 31, 2022						Year Ended December 31, 2021
Natixis Oakmark Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		1,251,455		$	32,636,811			691,558		$	20,206,685
Issued in connection with the reinvestment of distributions		1,168,653			25,751,399			463,894			13,477,187
Redeemed		(1,134,294	)		(28,656,218	)		(855,457	)		(24,491,426	)

Net change		1,285,814		$	29,731,992			299,995		$	9,192,446

Class C
Issued from the sale of shares		1,217,488		$	26,738,602			546,929		$	13,338,620
Issued in connection with the reinvestment of distributions		492,676			8,476,261			147,029			3,458,822
Redeemed		(734,433	)		(14,940,011	)		(439,521	)		(10,138,945	)

Net change		975,731		$	20,274,852			254,437		$	6,658,497

Class N
Issued from the sale of shares		58		$	1,547			20,230		$	668,794
Issued in connection with the reinvestment of distributions		3,064			73,284			1,354			42,243
Redeemed		(2,888	)		(81,794	)		(14,413	)		(395,951	)

Net change		234		$	(6,963	)		7,171		$	315,086

Class Y
Issued from the sale of shares		6,361,056		$	191,465,914			2,239,599		$	69,629,845
Issued in connection with the reinvestment of distributions		638,488			15,388,143			194,941			6,059,178
Redeemed		(5,757,253	)		(154,617,312	)		(767,848	)		(22,108,885	)

Net change		1,242,291		$	52,236,745			1,666,692		$	53,580,138

Increase from capital share transactions		3,504,070		$	102,236,626			2,228,295		$	69,746,167

89 |

Notes to Financial Statements (continued)

December 31, 2022

11. Capital Shares (continued).


	Year Ended December 31, 2022						Year Ended December 31, 2021
Natixis Oakmark International Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		2,081,450		$	27,188,627			2,335,450		$	36,472,444
Issued in connection with the reinvestment of distributions		108,247			1,369,329			105,442			1,593,676
Redeemed		(2,674,538	)		(34,233,303	)		(1,647,832	)		(25,699,049	)

Net change		(484,841	)	$	(5,675,347	)		793,060		$	12,367,071

Class C
Issued from the sale of shares		146,028		$	1,872,215			335,969		$	5,138,230
Issued in connection with the reinvestment of distributions		23,961			297,840			25,276			376,368
Redeemed		(1,650,271	)		(21,038,433	)		(2,680,195	)		(40,587,344	)

Net change		(1,480,282	)	$	(18,868,378	)		(2,318,950	)	$	(35,072,746	)

Class N
Issued from the sale of shares		145,580		$	2,017,090			27,769		$	415,638
Issued in connection with the reinvestment of distributions		363			4,576			837			12,581
Redeemed		(174,806	)		(2,201,343	)		(2,541	)		(37,341	)

Net change		(28,863	)	$	(179,677	)		26,065		$	390,878

Class Y
Issued from the sale of shares		7,667,504		$	104,077,801			5,468,533		$	86,311,348
Issued in connection with the reinvestment of distributions		303,265			3,815,073			353,698			5,316,490
Redeemed		(12,663,967	)		(169,927,755	)		(4,621,536	)		(71,233,588	)

Net change		(4,693,198	)	$	(62,034,881	)		1,200,695		$	20,394,250

Decrease from capital share transactions		(6,687,184	)	$	(86,758,283	)		(299,130	)	$	(1,920,547	)


	Year Ended December 31, 2022						Year Ended December 31, 2021
U.S. Equity Opportunities Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		682,513		$	23,765,153			706,028		$	30,893,730
Issued in connection with the reinvestment of distributions		2,458,392			77,467,012			1,609,947			68,881,940
Redeemed		(2,488,264	)		(85,464,740	)		(1,953,593	)		(84,776,070	)

Net change		652,641		$	15,767,425			362,382		$	14,999,600

Class C
Issued from the sale of shares		188,655		$	3,147,013			226,043		$	5,356,200
Issued in connection with the reinvestment of distributions		731,774			10,169,356			475,273			10,545,794
Redeemed		(1,134,470	)		(19,010,339	)		(949,764	)		(22,561,088	)

Net change		(214,041	)	$	(5,693,970	)		(248,448	)	$	(6,659,094	)

Class N
Issued from the sale of shares		721		$	30,208			—		$	—
Issued in connection with the reinvestment of distributions		516			20,693			293			15,616
Redeemed		(72	)		(2,729	)		(620	)		(35,725	)

Net change		1,165		$	48,172			(327	)	$	(20,109	)

Class Y
Issued from the sale of shares		1,826,215		$	81,090,815			1,490,330		$	81,108,161
Issued in connection with the reinvestment of distributions		558,904			22,817,734			370,262			19,743,173
Redeemed		(2,555,340	)		(108,147,485	)		(1,682,880	)		(89,109,967	)

Net change		(170,221	)	$	(4,238,936	)		177,712		$	11,741,367

Increase from capital share transactions		269,544		$	5,882,691			291,319		$	20,061,764

| 90

Notes to Financial Statements (continued)

December 31, 2022

11. Capital Shares (continued).


	Year Ended December 31, 2022						Year Ended December 31, 2021
Mid Cap Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		254,188		$	5,207,282			261,646		$	6,416,364
Issued in connection with the reinvestment of distributions		47,991			1,002,920			216,292			4,872,528
Redeemed		(263,346	)		(5,258,953	)		(213,572	)		(5,159,634	)

Net change		38,833		$	951,249			264,366		$	6,129,258

Class C
Issued from the sale of shares		41,957		$	749,400			16,158		$	374,819
Issued in connection with the reinvestment of distributions		13,437			257,591			85,496			1,752,803
Redeemed		(193,780	)		(3,552,548	)		(241,770	)		(5,500,556	)

Net change		(138,386	)	$	(2,545,557	)		(140,116	)	$	(3,372,934	)

Class N
Issued from the sale of shares		157,734		$	3,317,147			2,826,157		$	72,192,384
Issued in connection with the reinvestment of distributions		125,027			2,643,594			531,924			12,118,098
Redeemed		(599,530	)		(12,583,501	)		(205,461	)		(5,123,004	)

Net change		(316,769	)	$	(6,622,760	)		3,152,620		$	79,187,478

Class Y
Issued from the sale of shares		994,932		$	20,936,431			1,675,522		$	41,044,197
Issued in connection with the reinvestment of distributions		271,832			5,776,106			1,387,574			31,819,928
Redeemed		(3,661,665	)		(76,714,966	)		(3,531,602	)		(86,803,876	)

Net change		(2,394,901	)	$	(50,002,429	)		(468,506	)	$	(13,939,751	)

Increase (decrease) from capital share transactions		(2,811,223	)	$	(58,219,497	)		2,808,364		$	68,004,051


	Year Ended December 31, 2022						Year Ended December 31, 2021
Small Cap Value Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		294,742		$	4,937,363			642,790		$	12,042,869
Issued in connection with the reinvestment of distributions		238,814			3,785,851			782,913			13,763,408
Redeemed		(720,255	)		(11,602,583	)		(555,154	)		(10,594,338	)

Net change		(186,699	)	$	(2,879,369	)		870,549		$	15,211,939

Class C
Issued from the sale of shares		269,996		$	1,616,908			6,936		$	66,135
Issued in connection with the reinvestment of distributions		43,643			240,247			49,731			339,165
Redeemed		(53,628	)		(323,660	)		(35,173	)		(333,625	)

Net change		260,011		$	1,533,495			21,494		$	71,675

Class N
Issued from the sale of shares		16,766		$	293,058			59,076		$	1,134,239
Issued in connection with the reinvestment of distributions		4,642			77,738			12,510			233,321
Redeemed		(1,959	)		(31,168	)		(1	)		(27	)

Net change		19,449		$	339,628			71,585		$	1,367,533

Class Y
Issued from the sale of shares		5,751,752		$	96,719,232			793,405		$	16,230,504
Issued in connection with the reinvestment of distributions		313,912			5,212,202			591,535			11,020,292
Redeemed		(2,083,989	)		(35,666,627	)		(714,903	)		(14,531,447	)

Net change		3,981,675		$	66,264,807			670,037		$	12,719,349

Increase from capital share transactions		4,074,436		$	65,258,561			1,633,665		$	29,370,496

91 |

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Loomis Sayles Funds II, Natixis Funds Trust I and Natixis Funds Trust II and Shareholders of Loomis Sayles International Growth Fund, Natixis Oakmark International Fund, Natixis U.S. Equity Opportunities Fund, Vaughan Nelson Small Cap Value Fund, Natixis Oakmark Fund and Vaughan Nelson Mid Cap Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Loomis Sayles International Growth Fund (one of the funds constituting Loomis Sayles Funds II), Natixis Oakmark International Fund, Natixis U.S. Equity Opportunities Fund and Vaughan Nelson Small Cap Value Fund (three of the funds constituting Natixis Funds Trust I), and Natixis Oakmark Fund and Vaughan Nelson Mid Cap Fund (two of the funds constituting Natixis Funds Trust II) (hereafter collectively referred to as the “Funds”) as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

February 22, 2023

We have served as the auditor of one or more of the investment companies in the Natixis Investment Company Complex since at least 1995. We have not been able to determine the specific year we began serving as auditor.

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2022 U.S. Tax Distribution Information to Shareholders (Unaudited)

Corporate Dividends Received Deduction. For the fiscal year ended December 31, 2022, 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
International Growth Fund		3.25	%
Natixis Oakmark Fund		100.00	%
U.S. Equity Opportunities Fund		100.00	%
Mid Cap Fund		100.00	%
Small Cap Value Fund		59.03	%

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, 2022.


Fund	Amount
Natixis Oakmark Fund	$	51,140,399
U.S. Equity Opportunities Fund		120,599,489
Mid Cap Fund		7,705,713
Small Cap Value Fund		6,755,646

Qualified Dividend Income. For the fiscal year ended December 31, 2022, 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 2022, complete information will be reported in conjunction with Form 1099-DIV. These percentages are noted below:


Fund	Qualifying Percentage
International Growth Fund		100.00	%
Natixis Oakmark Fund		100.00	%
Natixis Oakmark International Fund		100.00	%
U.S. Equity Opportunities Fund		100.00	%
Mid Cap Fund		100.00	%
Small Cap Value Fund		58.93	%

Foreign Tax Credit. For the year ended December 31, 2022, 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
International Growth Fund	$	27,083	$	392,802
Natixis Oakmark International Fund		1,109,096		12,087,259

93 |

Trustee and Officer Information

The tables below provide certain information regarding the Trustees and officers of Natixis Funds Trust I, Natixis Funds Trust II, and Loomis Sayles Funds II (the “Trusts”). Unless otherwise indicated, the address of all persons below is 888 Boylston Street, Suite 800, Boston, MA 02199-8197. The Funds’ Statements of Additional Information includes additional information about the Trustees of the Trusts 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

Edmond J. English (1953)	Trustee since 2013 Chairperson of the Governance Committee and Contract Review Committee Member	Executive Chairman of Bob’s Discount Furniture (retail)	54 Director, Burlington Stores, Inc. (retail) and Director, Rue Gilt Groupe, Inc. (e-commerce retail)	Significant experience on the Board and on the boards of other business organizations (including retail companies and a bank); executive experience (including at a retail company)

Richard A. Goglia (1951)	Trustee since 2015 Audit Committee Member and Governance Committee Member	Retired	54 Formerly, Director of Triumph Group (aerospace industry)	Significant 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 Chairperson of the Contract Review Committee	Retired	54 Director, Abt Associates Inc. (research and consulting); Director, The Hanover Insurance Group (property and casualty insurance); Formerly, Director, Eastern Bank (bank)	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)

Martin T. Meehan (1956)	Trustee since 2012 Contract Review Committee Member and Governance Committee Member	President, University of Massachusetts	54 None	Significant 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

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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

Maureen B. Mitchell (1951)	Trustee since 2017 Contract Review Committee Member and Governance Committee Member	Retired	54 Director, Sterling Bancorp (bank)	Significant experience on the Board; financial services industry and executive experience (including role as president of global sales and marketing at a financial services company)

James P. Palermo (1955)	Trustee since 2016 Audit Committee Member	Founding Partner, Breton Capital Management, LLC (private equity); Partner, STEP Partners, LLC (private equity)	54 Director, FutureFuel.io (chemicals and biofuels)	Significant 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)	Chairperson of the Board of Trustees since 2021 Trustee since 2009 Ex Officio member of the Audit Committee, Contract Review Committee and Governance Committee	Professor of Finance at Babson College	54 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 Audit Committee Member	Retired	54 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)

Kirk A. Sykes (1958)	Trustee since 2019 Audit Committee Member and Governance Committee Member	Managing Director of Accordia Partners, LLC (real estate development); President of Primary Corporation (real estate development); Managing Principal of Merrick Capital Partners (infrastructure finance)	54 Advisor Eastern Bank (bank); Director, Apartment Investment and Management Company (real estate investment trust); formerly Director, Ares Commercial Real Estate Corporation (real estate investment trust)	Experience on the Board and significant experience on the boards of other business organizations (including real estate companies and banks)

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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 Audit Committee	Retired; Formerly, Deputy Dean for Finance and Administration, Yale University School of Medicine	54 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)

INDEPENDENT TRUSTEES

Kevin P. Charleston³ (1965) One Financial Center Boston, MA 02111	Trustee since 2015	President, Chief Executive Officer and Chairman of the Board of Directors, Loomis, Sayles & Company, L.P.	54 None	Significant experience on the Board; continuing service as President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

David L. Giunta⁴ (1965)	Trustee since 2011 President and Chief Executive Officer of Natixis Funds Trust I and Natixis Funds Trust II since 2008; President of Loomis Sayles Funds II since 2008; Chief Executive Officer of Loomis Sayles Funds II since 2015	President and Chief Executive Officer, Natixis Advisors, LLC and Natixis Distribution, LLC	54 None	Significant experience on the Board; experience as President and Chief Executive Officer of Natixis Advisors, LLC and Natixis Distribution, LLC

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, Gateway Trust, Loomis Sayles Funds I, Loomis Sayles Funds II, Natixis ETF Trust and Natixis ETF Trust II (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, Chief Executive Officer and Chairman of the Board of Directors 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, Natixis Advisors, LLC and Natixis Distribution, LLC.

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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 TRUSTS

Matthew Block (1981)	Treasurer, Principal Financial and Accounting Officer	Since 2022	Senior Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC; formerly, Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC; Assistant Treasurer of the Fund Complex; Managing Director, State Street Bank and Trust Company

Susan McWhan Tobin (1963)	Secretary and Chief Legal Officer	Since 2022	Executive Vice President, General Counsel and Secretary, Natixis Advisors, LLC and Natixis Distribution, LLC; formerly, Executive Vice President and Chief Compliance Officer of Natixis Investment Managers (March 2019– May 2022) and Senior Vice President and Head of Compliance, US for Natixis Investment Managers (July 2011–March 2019)

Natalie R. Wagner (1979)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer	Since 2021	Senior Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC; formerly, Vice President, Head of Corporate Compliance, Global Atlantic Financial Group

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 Natixis Distribution, LLC, Natixis Advisors, LLC or Loomis, Sayles & Company, L.P. are omitted, if not materially different from an officer’s current position with such entity.

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LOGO

Annual Report

December 31, 2022

Gateway Fund

Gateway Equity Call Premium Fund

Mirova Global Green Bond Fund

Mirova Global Sustainable Equity Fund

Mirova International Sustainable Equity Fund

Mirova U.S. Sustainable Equity Fund

Table of Contents


Portfolio Review			1
Portfolio of Investments			29
Financial Statements			45
Notes to Financial Statements			74

LOGO

GATEWAY FUND



Managers		Symbols

Daniel M. Ashcraft, CFA^®		Class A GATEX

Michael T. Buckius, CFA^®		Class C GTECX

Paul R. Stewart, CFA^®*		Class N GTENX

Kenneth H. Toft, CFA^®		Class Y GTEYX

Mitchell J. Trotta, CFA^®

Gateway Investment Advisers, LLC

*	Effective July 1, 2022, Mr. Stewart no longer serves as a portfolio manager of the Fund.

Investment Goal

The Fund seeks to capture the majority of returns associated with equity market investments, while exposing investors to less risk than other equity investments.

Market Conditions

Inflation, war and rising interest rates all contributed to equity market losses in 2022. The year ranks as the fourth-worst return for the S&P 500^® Index over the last 85 years. The S&P 500^® Index posted three consecutive losing quarters and ended the year with a partial recovery. Quarterly returns of -4.60%, -16.10%, -4.88% and 7.56% suggest an incessant market slide followed by a fourth quarter rally; however, the equity market path was more roller coaster than avalanche. The first three quarters each featured double-digit drawdowns, including a 19.69% plunge from April 4 through June 16. The last two quarters featured double-digit rallies that resulted in only partial recoveries, including a 14.35% advance from October 12 through November 30. Concerns over the pace and extent of monetary tightening were a key driver of each market decline, while rallies were mostly ignited by investor hopes of a US Federal Reserve (Fed) policy pivot towards a less hawkish, if not dovish, approach to achieving lower inflation without tipping the economy into recession.

The year also ranked as one of the most volatile on record. Realized volatility for 2022, as measured by the standard deviation of daily returns for the S&P 500^® Index, was 24.18%, the eighth highest reading in the past 85 years. Despite beginning the year at an intra-year closing value low of 16.60 on January 3, average implied volatility for the year, as measured by the Cboe^® Volatility Index (the VIX^®), was higher than realized volatility at 25.64 and ranked as the sixth highest annual average since its 1990 inception. The defining feature of implied volatility in 2022, however, was its persistently above-average readings and relatively muted responses to sharp drops in equity market value. Typically, the VIX^® reaches its highest levels when the equity market is at or near its low for the year or during multi-percentage-point plunges. However, its intra-year closing high of 36.45 took place on March 7, well before the equity market reached its low for the year and in advance of the steepest portion of 2022’s bear market decline. The year featured multiple multi-percentage-point single-day declines, including nine that exceeded 3% and two that exceeded 4%, all of which occurred after the intra-year VIX^® high on March 7.

Performance Results

For the 12 months ended December 31, 2022, Class Y shares of the Gateway Fund returned -11.85% at net asset value. The Fund outperformed its primary benchmark, the S&P 500^® Index, which returned -18.11%, while its secondary benchmark, the Bloomberg U.S. Aggregate Bond Index, returned -13.01%.

Explanation of Fund Performance

The Fund invests in a broadly diversified portfolio of common stocks that is designed to track the performance of the S&P 500^® Index, while also selling index call options and purchasing index put options. The Fund seeks to generate returns by creating cash flow through writing at-the-money index call options against the full value of its underlying equity portfolio. The written call options, premium levels of which have a high correlation to volatility, provide cash flow into the Fund, yet may limit upside participation in an equity market advance. The Fund uses some of the cash flow from index call option writing to purchase out-of-the-money index put options to mitigate sudden and severe price declines in the equity portfolio. An index call option is considered at-the-money when the price of the underlying index is the same as the option’s strike price. Additionally, an index put option is deemed out-of-the money when its strike price is below the price of the underlying index. It is the net premium-to-earn from selling index call options less the price of protective index put options that is a significant factor in determining how much participation the Fund will have in a rising market and how much downside mitigation is delivered in a declining market. In the long term, the combination of the diversified stock portfolio, steady cash flow from the sale of index call options, and downside mitigation from index put options is intended to provide the Fund with a majority of the returns associated with equity market investments while exposing investors to less risk.

1 |

The Fund held up better than its primary benchmark for the year while achieving the risk component of its objective by exhibiting significantly less risk than the equity market, as measured by the standard deviation of daily returns. Throughout 2022, the Fund’s two-part option strategy delivered equity market participation during the periods in which the equity market advanced and downside protection during market declines. Specifically, the Fund had smaller losses than the S&P 500^® Index in the first three quarters and strong participation in the fourth quarter of 2022. Additionally, from April 4 through June 16, the Fund returned -12.11% relative to the S&P 500^® Index return of -19.69%, providing 7.58% of loss mitigation. From October 12 through November 30, the Fund returned 7.50% relative to the 14.35% return of the S&P 500^® Index. Net gains from the Fund’s two-part option strategy provided loss mitigation during market declines, while net losses on options resulted in lagging performance during market rallies.

The Fund’s equity portfolio returned -17.93% in 2022, a performance differential of positive 0.18% versus the S&P 500^® Index. Consistent with its investment objective, the measured risk of the Fund was low relative to the US equity market, as its standard deviation of daily returns for 2022 was 12.69% versus 24.18% for the S&P 500^® Index.

The Fund began the year with full index put option coverage. However, as the equity market began its decline early in 2022 and implied volatility climbed, the investment team began to identify opportunities to monetize higher volatility being priced into index put contracts, preserve index put gains in the event of a sudden and sharp market recovery, and position the Fund for attractive outcomes in a wider range of market scenarios. These adjustments were made while keeping the Fund’s market exposure relatively consistent with the Fund’s historical risk profile. During the first quarter, the investment team reduced put coverage to an intra-quarter low range of 65% to 80% before incrementally adding index put options and restoring full put coverage by the quarter-end. During the second quarter, active adjustments were aimed at preserving index put gains in the event of a sudden and sharp market recovery, while maintaining the Fund’s typical risk profile. Put coverage reached an intra-quarter low range of 65% to 80%, a range that was maintained from mid-May through the end of the second quarter. In the third quarter, adjustments to put coverage were executed in an effort to position the Fund for attractive outcomes in a wide range of market scenarios while keeping the Fund’s market exposure relatively consistent. Put coverage reached an intra-quarter high range of 80% to 95% before adjustments in September brought coverage into a range of 65% to 80%, a level maintained through the end of the third quarter. During the final quarter of the year, the investment team increased put coverage to a range of 80% to 95% on October 31 and restored full put coverage on November 8, which was maintained through year-end. The increases in put coverage were executed in combination with an adjustment to existing index put positions, and the changes improved the loss mitigation potential of the index put portfolio while lowering the overall potential annualized cost of puts. Index put option contracts were traded in advance of their expirations while keeping weighted-average time to expiration relatively extended.

The Fund maintained a portfolio of written index call options on the full value of its equity holdings over the course of the year while making active adjustments to positions in response to deteriorating market conditions and opportunistically taking advantage of the higher implied volatility that was priced into longer-dated contracts to enhance cash flow potential. The term structure of volatility pricing was highly dynamic over the year and the investment team generally extended weighted-average time to expiration when term structure was steep and shortened when term structure was inverted or flat.

Outlook

Fed Chair Powell announced seven rate increases during 2022, raising the target rate for fed funds to 4.5% at the Fed’s final meeting of the year while indicating the likelihood of more increases in 2023. Returning inflation to more historically normal levels is an admirable goal; however, achieving this without causing painful economic contraction is looking increasingly difficult, as real estate is starting to cool off, the employment picture looks more uncertain, and banks are starting to tighten lending standards.

Despite a challenging economic environment, long-term investors may take comfort from the equity market’s historical resilience and tendency to deliver well-above-average returns after drawdowns exceeding 20%.

Elevated equity market volatility and higher short-term interest rates increase index call option premiums like those written by the Fund. Higher index call option premiums potentially improve the net cash flow generated by the Fund’s two-part option strategy. If current levels of volatility and interest rates persist, or move higher, net cash flow may continue to be an attractive source of lower-risk participation in a potential equity market recovery as well as provide downside protection if there are additional losses between now and the ultimate recovery of the equity market.

| 2

GATEWAY FUND

Top Ten Holdings as of December 31, 2022



	Security Name	% of Net Assets
1	Apple, Inc.		6.18	%
2	Microsoft Corp.		5.58
3	Amazon.com, Inc.		2.40
4	Alphabet, Inc., Class C		2.31
5	Berkshire Hathaway, Inc., Class B		2.11
6	UnitedHealth Group, Inc.		1.90
7	JPMorgan Chase & Co.		1.56
8	Exxon Mobil Corp.		1.55
9	Procter & Gamble Co. (The)		1.54
10	Johnson & Johnson		1.46

Hypothetical Growth of $100,000 Investment in Class Y Shares⁴

December 31, 2012 through December 31, 2022

LOGO

3 |

Average Annual Total Returns – December 31, 2022⁴



	1 Year			5 Years			10 Years			Life of Class N			Expense Ratios⁵
	1 Year			5 Years			10 Years			Life of Class N			Gross			Net

Class Y
NAV		-11.85	%		2.32	%		4.15	%		—	%		0.70	%		0.70	%

Class A
NAV		-12.06			2.08			3.90			—			0.95			0.94
With 5.75% Maximum Sales Charge		-17.11			0.88			3.29			—

Class C
NAV		-12.74			1.30			3.27			—			1.70			1.70
With CDSC¹		-13.62			1.30			3.27			—

Class N (Inception 5/1/17)
NAV		-11.80			2.38			—			3.14			0.64			0.64

Comparative Performance
S&P 500^® Index²		-18.11			9.42			12.56			10.67
Bloomberg U.S. Aggregate Bond Index³		-13.01			0.02			1.06			0.39

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 more recent month-end performance, visit im.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% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase, and includes automatic conversion to Class A shares after eight years.

Bloomberg U.S. Aggregate Bond Index is a broad-based 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.

| 4

GATEWAY EQUITY CALL PREMIUM FUND



Managers		Symbols

Daniel M. Ashcraft, CFA^®		Class A GCPAX

Michael T. Buckius, CFA^®		Class C GCPCX

Kenneth H. Toft, CFA^®		Class N GCPNX

Mitchell J. Trotta, CFA^®		Class Y GCPYX

Gateway Investment Advisers, LLC

Investment Goal

The Fund seeks total return with less risk than U.S. equity markets.

Market Conditions

Performance Results

For the 12 months ended December 31, 2022, Class Y shares of the Gateway Equity Call Premium Fund returned -11.48% at net asset value. The Fund underperformed its primary benchmark, the Cboe^® S&P 500 BuyWrite^SM Index (BXM^SM), which returned -11.37%. The Fund outperformed its secondary benchmark, the S&P 500^® Index, which returned -18.11%.

Explanation of Fund Performance

The Fund invests in a broadly diversified portfolio of common stocks that is designed to track the performance of the S&P 500^® Index and support its index option-based risk management strategy as efficiently as possible while seeking to enhance the Fund’s after-tax total return. The Fund seeks to generate returns by writing at- and near-the-money index call options against the full value of its underlying equity portfolio. The steady cash flow from call option writing is intended to be an important source of the Fund’s return, although it reduces the Fund’s ability to profit from increases in the value of its equity portfolio. The index call options written by the Fund often have similar characteristics to the single index call option present in the BXM^SM at any given time. However, unlike the BXM^SM, the Fund employs an active strategy that gives its management team discretion to diversify expiration dates and strike prices across a portfolio of index call options and to opportunistically pursue attractive call premiums while maintaining a relatively consistent risk profile.

The Fund slightly underperformed its primary benchmark for the period, despite posting better quarterly results than the BXM^SM in each of the last three quarters of the year, while achieving the risk component of its objective by exhibiting less risk than the equity market. Underperformance came during the equity market drawdown period of January 3 through March 8, in which the S&P 500^® Index returned -12.82% while the BXM^SM and the Fund returned -6.03% and -9.14%, respectively. The Fund’s active and diversified approach resulted in a typical amount of market exposure over the course of the drawdown while the rules-based timing of the BXM^SM’s replacement of its single written index call option contract resulted in the BXM^SM having less exposure to the market

5 |

decline than usual. From March 8 through December 31, the Fund returned -3.16% while the BXM^SM and the S&P 500^® Index returned -5.94% and -6.67%, respectively.

The Fund’s diversified and active index call option writing approach generated risk-reducing cash flow throughout 2022 while delivering loss mitigation during market declines and strong participation during periods of equity market rebound. Specifically, with quarterly returns of -3.49%, -10.40%, -4.99% and 7.74%, the Fund had smaller losses than the S&P 500^® Index in the first two quarters, slightly underperformed in the third quarter and outperformed in the final quarter of the year.

The Fund’s active approach was beneficial during periods of market advance where it was able to outperform its primary benchmark. Specifically, during the equity market’s climb from June 16 through August 16, the Fund returned 11.02% compared to the BXM^SM return of 6.57%. Active adjustments to the Fund’s index call option portfolio were also beneficial in generating outperformance relative to the BXM^SM during the equity market advance from October 12 through November 30 during which time the Fund rose 10.43% compared to the 8.14% of the BXM^SM.

The Fund’s equity portfolio returned -17.91% for the year, a performance differential of positive 0.20% versus the S&P 500^® Index. The measured risk of the Fund was lower than that of the US equity market and similar to the BXM^SM, as its standard deviation of daily returns for 2022 was 16.84%, versus 24.18% and 16.12% for the S&P 500^® Index and the BXM^SM, respectively.

Outlook

Elevated equity market volatility and higher short-term interest rates increase index call option premiums like those written by the Fund. Higher index call option premiums potentially improve the net cash flow generated by the Fund’s option writing strategy. If current levels of volatility and interest rates persist, or move higher, net cash flow may continue to be an attractive source of lower-risk participation in a potential equity market recovery as well as provide downside protection if there are additional losses between now and the ultimate recovery of the equity market.

Top Ten Holdings as of December 31, 2022



	Security Name	% of Net Assets
1	Apple, Inc.		6.20	%
2	Microsoft Corp.		5.80
3	Amazon.com, Inc.		2.37
4	Alphabet, Inc., Class C		2.27
5	Berkshire Hathaway, Inc., Class B		2.21
6	UnitedHealth Group, Inc.		1.73
7	Exxon Mobil Corp.		1.57
8	Johnson & Johnson		1.54
9	Procter & Gamble Co. (The)		1.48
10	JPMorgan Chase & Co.		1.35

| 6

GATEWAY EQUITY CALL PREMIUM FUND

Hypothetical Growth of $100,000 Investment in Class Y Shares⁴

September 30, 2014 (inception) through December 31, 2022

LOGO

7 |

Average Annual Total Returns – December 31, 2022⁴



	1 Year			5 Years								Expense Ratios⁵
	1 Year			5 Years			Life of Class					Gross			Net

Class Y (Inception 9/30/14)								Class Y/A/C		Class N
NAV		-11.48	%		4.81	%		5.82	%	—	%		0.92	%		0.68	%

Class A (Inception 9/30/14)
NAV		-11.77			4.56			5.55		—			1.17			0.93
With 5.75% Maximum Sales Charge		-16.86			3.32			4.79		—

Class C (Inception 9/30/14)
NAV		-12.36			3.78			4.79		—			1.93			1.68
With CDSC¹		-13.24			3.78			4.79		—

Class N (Inception 5/1/17)
NAV		-11.51			4.84			—		5.59			1.05			0.63

Comparative Performance
Cboe^® S&P 500 BuyWrite^SM Index (BXM^SM)²		-11.37			2.73			4.56		3.73
S&P 500^® Index³		-18.11			9.42			10.44		10.67

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. 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% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase, and includes automatic conversion to Class A shares after eight years.

Cboe^® S&P 500 BuyWrite^SM Index (BXM^SM) is a benchmark index designed to track the performance of a hypothetical buy-write strategy on the S&P 500^® Index. The BXM is a passive total return index based on (1) buying an S&P 500 stock index portfolio, and (2) “writing” (or selling) the near-term S&P 500^® Index (SPX^SM) “covered” call option, generally on the third Friday of each month. The SPX call written will have about one month remaining to expiration, with an exercise price just above the prevailing index level (i.e., slightly out of the money). The SPX call is held until expiration and cash settled, at which time a new one-month, near-the-money call is written.

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

| 8

MIROVA GLOBAL GREEN BOND FUND



Managers		Symbols

Marc Briand		Class A MGGAX

Charles Portier		Class N MGGNX

Bertrand Rocher		Class Y MGGYX

Mirova US LLC

Investment Goal

The Fund seeks to provide total return, through a combination of capital appreciation and current income, by investing in green bonds.

Market Conditions

The year 2022 marked the collective realization that many factors could no longer be considered as established: This is the case with peace in Europe, and consequently, unlimited access to energy, and low inflation.

At the beginning of the year, central banks therefore changed their tone one after the other, suggesting monetary tightening earlier and stronger than initially expected. The conflict in Ukraine was initiated and then deepened, and discussions around an embargo on Russian oil in Europe reinforced the lasting nature of its impact on price increases, further reinforcing this need for monetary tightening, even if it meant eroding the potential for economic growth.

The zero-Covid strategy in China also penalized risky assets throughout the year. The lockdown slowed activity both in the country and internationally, aggravating fears of inflation peaks linked to a slowdown, if not a halt, in production chains.

The second half of the year was therefore quite logically that of rate hikes by central banks with magnitudes rarely seen in the last three decades in financial markets: 0.75% for the European Central Bank (ECB) and the US Federal Reserve (Fed), the Bank of Canada, the Swiss National Bank and even 1% from Sweden’s Riksbank.

At the end of the year, investors were looking for the “pivot” in monetary policy, but this did not seem to be on the agenda despite the first signs of slowing inflation. The fight against inflation will therefore continue, with undoubtedly less intensity, but over a longer period of time.

Performance Results

For the 12 months ending December 31, 2022, Class Y shares of the Mirova Global Green Bond Fund returned -16.45% at net asset value. The Fund outperformed its benchmark, the Bloomberg MSCI Global Green Bond Index – USD Hedged, which returned -17.01%.

Explanation of Fund Performance

During 2022, allocation had a positive impact on performance relative to the benchmark, due to an overweight position in corporates versus government-related and sovereigns. Credit spreads widened from January until October and offered opportunities to reinforce the credit exposure in the Fund; we increased exposure in the capital goods, utility, telecommunication and cyclical sub-sectors. Credit exposure increased from an 8% overweight versus the index at the end of 2021 to an overweight of 24% by the end of 2022.

Security selection detracted from relative performance, mainly within the corporate sector. The largest individual detractors were among the corporate holdings: Citycon, Faurecia, and Ford Motor Company. These are high-beta issuances, which underperformed in the context of a “risk-off” environment.

The duration and yield curve strategy of the Fund added value relative to the benchmark as the Fund had shorter duration positioning on both the US and euro zone.

Outlook

Since the first half of 2022, we believed the question was no longer so much about whether there would be a recession on both sides of the Atlantic and in China, but i) how deep and how long the recession would be, and ii) from when it would start curbing inflation. We also believed that the United States would be able to stabilize and then lower inflation without degrading economic growth potential too much, particularly thanks to the better responsiveness of the Fed. We now consider that North America may even avoid a recession, but the situation seems much more difficult for Europe. This is partly because of the ECB’s procrastination due to less room to maneuver, which requires it to find alternative tools such as the TPI (Transmission Protection Instrument) dedicated to supporting Italy and thus preserving the euro. We also long insisted that even if inflation was to stop accelerating, households would

9 |

probably find it hard to absorb it without slashing discretionary spending. We still believe this will weigh on economic prospects in the euro zone.

At the same time, the conflict in Ukraine continues with the markets appearing to not pay much attention to it: It was a neglect on their part because the very successful counteroffensive of the Ukrainian armed forces towards Kharkov was in our view opening a new phase, paradoxically far more dangerous, in particular due to the increased political pressure towards Vladimir Putin, forced to employ increased means to move towards a total war pattern, which the latest events have unfortunately confirmed. We still do not claim to know what the outcome will be, but we reiterate that the level of risk is rising significantly with potentially daunting consequences for Europe. In other words, the dichotomy we were already seeing settling between Europe and North America will become more intense. We have long argued rates would not necessarily fall there, however, as the ECB has to maintain the value of the euro to mitigate the effects of tension on commodity prices, especially given the Fed’s dedication to hike rates: We maintain this stance.

Hypothetical Growth of $100,000 Investment in Class Y Shares²

February 28, 2017 (inception) through December 31, 2022

LOGO

See notes to chart on page 11.

| 10

MIROVA GLOBAL GREEN BOND FUND

Average Annual Total Returns – December 31, 2022²



	1 Year			5 Year			Life of Fund			Expense Ratios³
	1 Year			5 Year			Life of Fund			Gross			Net

Class Y (Inception 2/28/17)
NAV		-16.45	%		-0.66	%		-0.28	%		1.14	%		0.69	%

Class A (Inception 2/28/17)
NAV		-16.73			-0.92			-0.55			1.39			0.94
With 4.25% Maximum Sales Charge		-20.27			-1.78			-1.28

Class N (Inception 2/28/17)
NAV		-16.42			-0.62			-0.23			1.03			0.64

Comparative Performance
Bloomberg MSCI Global Green Bond Index – USD Hedged¹		-17.01			-0.65			-0.05

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. 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.

Bloomberg MSCI Global Green Bond Index – USD Hedged provides a broad-based measure of global fixed-income securities issued to fund projects with direct environmental benefits according to MSCI ESG Research’s green bond criteria. The green bonds are primarily investment-grade, or may be classified by other sources when bond ratings are not available. The Index may include green bonds from the corporate, securitized, Treasury, or government-related sectors.

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

11 |

MIROVA GLOBAL SUSTAINABLE EQUITY FUND



Managers		Symbols

Jens Peers, CFA^®		Class A ESGMX

Hua Cheng, PhD, CFA^®		Class C ESGCX

Amber Fairbanks, CFA^®*		Class N ESGNX

Soliane Varlet**		Class Y ESGYX

Mirova US LLC

*	Effective December 23, 2022, Ms. Fairbanks no longer serves as portfolio manager of the Fund.

**	Effective December 27, 2022, Ms. Varlet serves as portfolio manager of the Fund.

Investment Goal

The Fund seeks long-term capital appreciation.

Market Conditions

2022 proved to be a volatile year for global equity markets, with broad market indexes declining in each of the first three quarters of the year – the first time since the Great Financial Crisis global equities posted losses three quarters in a row. As inflation reached multi-decade highs, many central banks globally raised interest rates to fight inflation, global supply chains remained constrained, and geopolitical tensions remained high in Europe (Russia’s war) and Asia. While the consumer generally remained strong, recession fears became more in focus toward the end of the year, as it was clear that central bankers were willing to accept slowing economic growth and possible recession in order to curb inflation. The European economy was under increased pressure as the region grappled with surging energy and food prices as a result of the Russia/Ukraine conflict. While many European governments ordered the resumption of certain coal- and oil-based power utility operations in an effort to ensure energy supply security in the short term, the longer-term energy transition remains intact, and was likely strengthened as a result of the Russia/Ukraine conflict, as the need for Europe to move toward energy independence was reinforced and alternative energy will need to be a part of that. In the US, the Inflation Reduction Act (IRA) was signed into law in August, which includes historic climate legislation, setting aside ~$400bn for climate and clean energy-related initiatives. Global equity markets ended the year on a more positive, albeit still volatile, note as central bankers took on a more dovish tone, pressure was reduced on energy supplies due to Europe’s mild start to the winter, investors reacted to the potential easing of Covid restrictions in China, and global supply chain constraints eased somewhat.

As a result of high inflation and rising interest rates, longer-duration, growth-oriented stocks underperformed for the year as future cash flows are worth less in a higher rate environment. In terms of sector performance, traditional Energy outperformed strongly during the year, particularly following Russia’s invasion of Ukraine, driven by supply constraints and strong ongoing demand. Traditionally defensive sectors like Utilities, Health Care and Consumer Staples also held up better than the broad market amid growth and recession fears. The Communication Services, Consumer Discretionary and Information Technology sectors performed worst as longer-duration growth stocks underperformed on rising interest rates. By geography, developed markets generally outperformed emerging markets, while, in developed markets, European equities underperformed the US for most of the year given the difficult economic and geopolitical backdrop. European equities outperformed US markets to finish the year, as US markets were held back following weaker-than-expected third-quarter earnings and forward guidance for many of the widely held US large-cap tech and consumer names. European names saw some relief, supported by already depressed valuations, and as investors reacted to softer inflation data and a mild start to the European winter – a positive for energy supplies.

Performance Results

For the 12 months ending December 31, 2022, Class Y shares of the Mirova Global Sustainable Equity Fund returned -22.33% at net asset value. The Fund underperformed its benchmark, the MSCI World Index (Net), which returned -18.14%.

Explanation of Fund Performance

Underperformance relative to the benchmark during the period was driven mainly by security selection within the Materials and Financials sectors. More broadly, the portfolio’s lack of exposure to the traditional Energy sector was a relative detractor given the sector’s strong performance relative to the broad market. The strategy’s focus on long-term secular trends around the environment, technology, demographics, and governance often results in a growth bias to the portfolio, and many longer-duration stocks in the portfolio sold off during the year. The portfolio’s overweight to the Information Technology sector detracted as a result as well.

In terms of security selection, within the Materials sector, Ecolab was the largest relative detractor, with the majority of the stock’s year-to-date underperformance occurring during the first two months of the year after the company issued poor guidance indicating their end markets in hospitality had not fully recovered from Covid. Within Materials, the market also rotated into more cyclically exposed, lower quality companies that were expected to benefit from rising commodity prices, such as metals & mining where the portfolio has no

| 12

MIROVA GLOBAL SUSTAINABLE EQUITY FUND

exposure. Within Financials, Signature Bank was the largest relative detractor due in part to the macro backdrop and in part to digital asset volatility and investors’ reaction to this volatility. While the company is not involved in digital assets directly, a portion of its customers’ deposits is tied to the digital asset industry, and the company’s stock price came under pressure as a result of this reaction.

The worst performers overall for the period were Orpea and Signature Bank. French owner and operator of elderly care homes Orpea was a company that we had been actively engaging with following controversies that came to light in January 2022 including mistreatment of patients and misallocation of public funds. We proposed that it become a mission-driven company under French law to improve transparency and its HR policy, thus helping employees improve their care for the elderly. We had seen positive early signs from the new management team. From a portfolio management perspective, our initial rationale to invest in Orpea was its position as a global leader in elderly care and nursing home facilities – an incredibly important space with excellent long-term opportunities. Valuation was very attractive when the position was initiated, and we continued to see upside potential in the stock following the controversy coming to light based on updated valuation models. Even in our worst-case scenario, there was a slight upside. Financially, we still were motivated to maintain the position while we waited to see improvement as a result of our engagement efforts. Unfortunately, that changed when Orpea issued preliminary first-half results in September, which showed a decline in the company’s financial performance that was expected to continue for the second half of the year. At the same time, the company needed to confirm whether debt covenants could be met. While engagement with the company continued to be important from an ESG perspective, from a financial perspective we were not willing to hold the risk in the portfolio. As a result of low liquidity and higher risk, we ultimately decided to remove Orpea from the portfolio in September.

Contributors to relative results included the portfolio’s underweight to the Communications Services sector, the worst-performing sector in the index, as well as the overweight to the more defensive Health Care and Utilities sectors. Security selection in Information Technology was also additive. Within Information Technology, Mastercard and Visa were the top relative contributors as both stocks held up much better than the broader sector throughout the year.

The best performers overall for the period were global leaders on diabetes and obesity treatments Eli Lilly and Novo Nordisk. Eli Lilly performed well on continued optimism on the opportunity related to the company’s novel treatment for diabetes and obesity as well as positive results from Biogen’s late-stage studies on its Alzheimer’s disease treatment. Novo Nordisk performed well given its robust core business in diabetes and obesity with expected double-digit revenue growth and encouraging ongoing trials.

Finally, while the portfolio’s overweight to Europe and underweight to the US detracted from relative results during the earlier part of the period, underperformance of US equities in the last few months of the year led to a net positive impact overall for the full year.

We made several adjustments to the portfolio during the year, and broadly believe the portfolio is composed of high-quality companies that are well positioned to address long-term secular trends and are trading at very attractive valuations. During the year, we exited positions in Oracle, Geberit, Valeo, Allianz, Orpea, and Prudential plc., and initiated positions in Mercedes-Benz, Credit Agricole, Verizon, SVB Financial, Deere, and Edwards Lifesciences.

Outlook

Looking ahead to 2023, we expect continued volatility in equity markets, driven by many of the same issues markets faced in 2022. We expect a significant slowdown in economic activity in the first half of the year driven by central banks increasing interest rates to fight inflation. We continue to work under the assumption of higher inflation for longer, which is likely to lead to recession in both Europe and the US. The situation in Asia is a bit different, and the reopening of China’s economy may help ease global supply chain constraints and support economic growth, though this is likely to be fragile as reopening is likely to lead to pressure on the health care system. We think that many central banks will continue to raise interest rates to fight inflation at least in the beginning of the year, impacting short-term interest rates. The good news is we believe we may have already seen inflation peak in the US at the end of 2022 and may be nearing the peak in Europe and other regions, meaning the probability of higher long-term interest rates is quite low. That said, we believe that inflation will be higher than it has been historically and for longer, buoyed in part by shifting supply chain practices where companies and industries as a whole are rethinking global supply chains, as companies and regions seek to reduce dependence on countries with autocratic regimes as well as those with restrictive Covid policies. After decades of globalization and outsourcing production to low-cost countries and, less visibly, social and environmental problems, bringing this closer to home will be a costly and lengthy process. Shifting global supply chains will be an in-focus theme for us in 2023, leading to more opportunities related to industrial automation and optimization of industrial processes across industries.

13 |

development in the space. High energy prices are also expected to have a positive impact on energy-efficient solutions for both the private and the corporate market. The passing of the IRA in the US to some extent reinforces our conviction in the environmental transition, as the path ahead for the US seems clearer for the time being. Our portfolios are already well positioned within this context.

The final big theme for 2023 that we are watching closely is on biodiversity and our food systems. We see the focus on these themes strengthening in 2023 and beyond, driven by the increasing impact of Gen Z and awareness of the impact our food systems and human activities more broadly have on climate and biodiversity. For example, we see more opportunities emerging in companies offering solutions for sustainable land management and food production, ingredients and bioscience, water technology and sustainable packaging.

While volatility may remain high and we may see a recession in Europe and in the US in the first half of the year, valuations have become much more attractive in many parts of the market and are already reflecting much of the near-term risk we see, and we believe we could see a recovery in the second half of the year. Our global portfolio is well positioned with this in mind given our overweight in European equities and underweight to the US, positioning which has been driven by our bottom-up valuation discipline where we have been able to identify attractive valuation opportunities outside the US. We believe the portfolios are well positioned for both a recession and subsequent recovery. Our approach to security selection has led to our portfolios being overweight areas like utilities, health care, and food and beverages, sectors that tend to be more defensive in recessionary environments. We also know that due to trends like population growth and generational shifts, these sectors tend to do well also in a normal economic environment. However, if we do get a recovery, we also believe that renewable energy and the digitalization of our economy will also lead to many investment opportunities, areas that we have strong exposure to in the portfolios.

Equity valuations have been impacted significantly in 2022 by rising interest rates, with that impact the highest on companies, sectors and themes with long-term visibility of cashflow generation. Because we expect that inflation will peak around end-of-2022 levels, we believe that those are the areas that are the most attractive from a valuation perspective now. We’re looking at companies within themes such as renewable energy and health care, but also at digitalization of our economy and may find opportunities to add names or add to existing holdings that have been hit hard already, but selectivity will continue to be key. In general, we like high-quality companies and, especially when interest rates are high, know that companies with larger amounts of debt on their balance sheets and those that may need to refinance that debt will find it more difficult to generate strong earnings growth. Therefore, we continue to focus the portfolio as a whole on high-quality companies with strong balance sheets.

Maintaining a long-term perspective and a focus on fundamentals is key in difficult environments. If we look beyond the short term, nothing has changed regarding the long-term demographic, environmental, technological and governance trends shifting the economy we focus on, such as aging population, climate change and digitalization. These trends are secular in nature. We continue to focus on individual company fundamentals to ensure that the fundamentals or the long-term theses on the companies have not changed. Overall, while our portfolios may have to endure a challenging environment in the short term, we believe that the portfolios are well positioned with high-quality companies addressing long-term thematic (secular) growth trends, believe that underlying fundamentals remain strong, and will continue to take advantage of disconnects between current stock prices and long-term value of companies.

Top Ten Holdings as of December 31, 2022



	Security Name	% of Net Assets
1	Thermo Fisher Scientific, Inc.		4.97	%
2	Mastercard, Inc., Class A		4.75
3	Novo Nordisk A/S, Class B		4.73
4	Microsoft Corp.		4.42
5	Roper Technologies, Inc.		3.41
6	Iberdrola S.A.		3.41
7	eBay, Inc.		3.24
8	Ecolab, Inc.		3.20
9	Visa, Inc., Class A		2.89
10	AIA Group Ltd.		2.88

| 14

MIROVA GLOBAL SUSTAINABLE EQUITY FUND

Hypothetical Growth of $100,000 Investment in Class Y Shares³

March 31, 2016 (inception) through December 31, 2022

LOGO

Average Annual Total Returns – December 31, 2022³



	1 Year			5 Years			Life of Class					Expense Ratios⁴
	1 Year			5 Years			Life of Class					Gross			Net

Class Y (Inception 3/31/16)								Class Y/A/C		Class N
NAV		-22.33	%		8.63	%		10.51	%	—	%		0.99	%		0.96	%

Class A (Inception 3/31/16)
NAV		-22.56			8.35			10.24		—			1.24			1.21
With 5.75% Maximum Sales Charge		-27.00			7.08			9.28		—

Class C (Inception 3/31/16)
NAV		-23.11			7.55			9.41		—			1.99			1.96
With CDSC¹		-23.84			7.55			9.41		—

Class N (Inception 5/1/17)
NAV		-22.32			8.68			—		10.27			0.91			0.91

Comparative Performance
MSCI World Index (Net)²		-18.14			6.14			8.85		7.69

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. 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, and includes automatic conversion to Class A shares after eight years.

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 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.

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

15 |

MIROVA INTERNATIONAL SUSTAINABLE EQUITY FUND



Managers		Symbols

Jens Peers, CFA^®		Class A MRVAX

Hua Cheng, PhD, CFA^®		Class N MRVNX

Amber Fairbanks, CFA^®*		Class Y MRVYX

Soliane Varlet**

Mirova US LLC

*	Effective December 23, 2022, Ms. Fairbanks no longer serves as portfolio manager of the Fund.

**	Effective December 27, 2022, Ms. Varlet serves as portfolio manager of the Fund.

Investment Goal

The Fund seeks long-term capital appreciation.

Market Conditions

Performance Results

For the 12 months ending December 31, 2022, Class Y shares of the Mirova International Sustainable Equity Fund returned -24.18% at net asset value. The Fund underperformed its benchmark, the MSCI EAFE Index (Net), which returned -14.45%.

Explanation of Fund Performance

Underperformance relative to the benchmark during the period was driven mainly by security selection, particularly within the Industrials and Materials sectors. More broadly, the portfolio’s lack of exposure to the traditional Energy sector was a relative detractor given the sector’s strong performance relative to the broad market. The strategy’s focus on long-term secular trends around the environment, technology, demographics, and governance often results in a growth bias to the portfolio, and many longer-duration stocks in the portfolio sold off during the year. The portfolio’s overweight to the Information Technology sector was a main detractor as a result as well.

In terms of security selection, within the Industrials sector, high-performance insulation solutions company Kingspan Group was the largest relative detractor. Kingspan was impacted by a slowdown in construction markets and investors reacted negatively to management’s lack of visibility beyond a few months. Medium- and longer-term, we believe Kingspan is still attractive given its

| 16

MIROVA INTERNATIONAL SUSTAINABLE EQUITY FUND

strategic positioning and innovative products and the need for energy-efficiency solutions. Certain stocks within Materials underperformed (mainly during the first half of the year), particularly higher quality companies such as specialty chemicals company Croda, as the market rotated into more cyclically exposed, lower quality companies that were expected to benefit from rising commodity prices, such as metals & mining where the portfolio has no exposure.

The worst performers overall for the period were Orpea and Kingspan Group. French owner and operator of elderly care homes Orpea was a company that we had been actively engaging with following controversies that came to light in January 2022 including mistreatment of patients and misallocation of public funds. We proposed that it become a mission-driven company under French law to improve transparency and their HR policy, thus helping employees improve their care for the elderly. We had seen positive early signs from the new management team. From a portfolio management perspective, our initial rationale to invest in Orpea was its position as a global leader in elderly care and nursing home facilities – an incredibly important space with excellent long-term opportunities. Valuation was very attractive when the position was initiated, and we continued to see upside potential in the stock following the controversy coming to light based on updated valuation models. Even in our worst-case scenario, there was slight upside. Financially, we still were motivated to maintain the position while we waited to see improvement as a result of our engagement efforts. Unfortunately, that changed when Orpea issued preliminary first-half results in September, which showed a decline in the company’s financial performance that was expected to continue for the second half of the year. At the same time, the company needed to confirm whether debt covenants could be met. While engagement with the company continued to be important from an ESG perspective, from a financial perspective we were not willing to hold the risk in the portfolio. As a result of low liquidity and higher risk, we ultimately decided to remove Orpea from the portfolio in September.

Contributors to relative results included the portfolio’s underweight to the Consumer Discretionary sector and security selection in Health Care. Within Health Care, Novo Nordisk and Takeda Pharmaceutical were the largest relative contributors, and the best performers overall for the period. Global leader on diabetes and obesity treatments Novo Nordisk performed well given its robust core business on diabetes and obesity, with expected double-digit revenue growth and encouraging ongoing trials. Takeda performed well as the company delivered strong first-half 2022 financial results and reconfirmed management guidance for the full year alongside receipt of the first approval for its dengue vaccine and other pipeline milestones.

We made several adjustments to the portfolio during the year, and broadly believe the portfolio is composed of high-quality companies that are well positioned to address long-term secular trends and are trading at very attractive valuations. During the year, in addition to exiting Orpea, we exited positions in Valeo and Allianz, and initiated a position in Mercedes-Benz.

Outlook

Energy and energy security will continue to be a big theme in 2023. In the near term, the biggest risks to the downside, in our view, include an escalation in the Russia/Ukraine conflict and the potential for Russia to leverage its oil and gas supplies to apply political pressure as the impact on the European economy would be immense. While short-term solutions such as importing liquid natural gas from other countries will be used, renewable energy is the only solution for Europe’s energy security in the long term and can make the region truly energy independent. This should have a positive effect on wind, solar, and large-scale energy storage solutions such as hydrogen. It could take a few years, however, before this translates into higher earnings, but we will see much more research and development in the space. High energy prices are also expected to have a positive impact on energy-efficient solutions for both the private and the corporate market. The passing of the IRA in the US to some extent reinforces our conviction in the environmental transition, as the path ahead for the US seems clearer for the time being. Our portfolios are already well positioned within this context.

17 |

While volatility may remain high and we may see a recession in Europe and in the US in the first half of the year, valuations have become much more attractive in many parts of the market and are already reflecting much of the near-term risk we see, and we believe we could see a recovery in the second half of the year. We believe the portfolios are well positioned for both a recession and subsequent recovery. Our approach to security selection has led to our portfolios being overweight areas like utilities, health care, and food and beverages, sectors that tend to be more defensive in recessionary environments. We also know that due to trends like population growth and generational shifts, these sectors tend to do well also in a normal economic environment. However, if we do get a recovery, we also believe that renewable energy and the digitalization of our economy will also lead to many investment opportunities, areas that we have strong exposure to in the portfolios.

Top Ten Holdings as of December 31, 2022



	Security Name	% of Net Assets
1	Novo Nordisk A/S, Class B		5.25	%
2	AIA Group Ltd.		5.24
3	KBC Group NV		4.78
4	ASML Holding NV		4.58
5	Iberdrola S.A.		4.18
6	Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR		4.13
7	Legal & General Group PLC		4.00
8	Vestas Wind Systems A/S		3.70
9	Kubota Corp.		3.37
10	Prudential PLC		3.33

| 18

MIROVA INTERNATIONAL SUSTAINABLE EQUITY FUND

Hypothetical Growth of $100,000 Investment in Class Y Shares²

December 28, 2018 (inception) through December 31, 2022

LOGO

Average Annual Total Returns – December 31, 2022²



	1 Year			Life of Fund			Expense Ratios³
	1 Year			Life of Fund			Gross			Net

Class Y (Inception 12/28/18)
NAV		-24.18	%		5.98	%		1.83	%		0.96	%

Class A (Inception 12/28/18)
NAV		-24.42			5.71			2.08			1.21
With 5.75% Maximum Sales Charge		-28.79			4.16

Class N (Inception 12/28/18)
NAV		-24.17			6.03			1.44			0.91

Comparative Performance
MSCI EAFE Index (Net)¹		-14.45			5.87

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. 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	MSCI EAFE Index (Net) is a free float-adjusted market capitalization index designed to measure large and mid-cap equity performance in developed markets, excluding the U.S. and Canada. The Index includes countries in Europe, Australasia, and the Far East.

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

19 |

MIROVA U.S. SUSTAINABLE EQUITY FUND



Managers		Symbols

Jens Peers, CFA^®		Class A MUSAX

Hua Cheng, PhD, CFA^®		Class C MUSCX

Amber Fairbanks, CFA^®*		Class N MUSNX

Soliane Varlet**		Class Y MUSYX

Mirova US LLC

*	Effective December 23, 2022, Ms. Fairbanks no longer serves as portfolio manager of the Fund.

**	Effective December 27, 2022, Ms. Varlet serves as portfolio manager of the Fund.

Investment Goal

The Fund seeks long-term capital appreciation.

Market Conditions

Performance Results

For the 12 months ending December 31, 2022, Class Y shares of the Mirova U.S. Sustainable Equity Fund returned -23.07% at net asset value. The Fund underperformed its benchmark, the S&P 500^® Index, which returned -18.11%.

Explanation of Fund Performance

Underperformance relative to the benchmark during the period was driven mainly by security selection within the Financials, Materials, and Health Care sectors. More broadly, the portfolio’s lack of exposure to the traditional Energy sector was a relative detractor given the sector’s strong performance relative to the broad market. The strategy’s focus on long-term secular trends around the environment, technology, demographics, and governance often results in a growth bias to the portfolio, and many longer-duration stocks in the portfolio sold off during the year. The portfolio’s overweight to the Information Technology sector detracted as a result as well.

In terms of security selection, within Financials, Signature Bank was the largest relative detractor due in part to the macro backdrop and in part to digital asset volatility and investors’ reaction to this volatility. While the company is not involved in digital assets

| 20

MIROVA U.S. SUSTAINABLE EQUITY FUND

directly, a portion of its customers’ deposits are tied to the digital asset industry, and the company’s stock price came under pressure as a result of this reaction. Within the Materials sector, Ecolab was the largest relative detractor, with the majority of the stock’s year-to-date underperformance occurring during the first two months of the year after the company issued poor guidance indicating their end markets in hospitality had not fully recovered from Covid. Within Materials, the market also rotated into more cyclically exposed, lower quality companies that were expected to benefit from rising commodity prices, such as metals & mining where the portfolio has no exposure. Security selection within Health Care detracted overall mainly due to not owning certain names that are part of the benchmark and performed strongly during the year.

The worst performers overall for the period were Signature Bank and SVB Financial. SVB was lower due to deposit base pressure as its customers experienced reduced investment flow in a difficult market environment. We believe that SVB’s synergistic banking franchise in the innovation tech and health care sectors has strengthened in this challenging environment, and that its competitive advantages including deep sector expertise, unique relationship networks, and experience managing through volatile tech cycles position it well for renewed growth.

Contributors to relative results included the portfolio’s underweights to the Communications Services and Consumer Discretionary sectors, the worst-performing sectors in the index, as well as overweights to the more defensive Health Care and Utilities sectors. Security selection in Information Technology was also additive. Within Information Technology, First Solar performed strongly on the passing of the IRA in the US, and Mastercard held up much better than the broader sector throughout the year.

The best performers overall for the period were First Solar and global leaders on diabetes and obesity treatments Eli Lilly. Eli Lilly performed well on continued optimism on the opportunity related to the company’s novel treatment for diabetes and obesity as well as positive results from Biogen’s late-stage studies on its Alzheimer’s disease treatment.

We made several adjustments to the portfolio during the year and broadly believe the portfolio is composed of high-quality companies that are well positioned to address long-term secular trends and are trading at very attractive valuations. During the year, we exited positions in Oracle and Avalara, and initiated positions in SVB Financial, Deere, and Edwards Lifesciences.

Outlook

21 |

While volatility may remain high and we may see a recession in Europe and in the US in the first half of the year, valuations have become much more attractive in many parts of the market and are already reflecting much of the near-term risk we see, and we believe we could see a recovery in the second half of the year. We believe the portfolios are well positioned for both a recession and subsequent recovery. Our approach to security selection has led to our portfolios being overweight areas like utilities, health care, and food and beverages, sectors that tend to be more defensive in recessionary environments. We also know that due to trends like population growth and generational shifts, these sectors tend to do well also in a normal economic environment. However, if we do get a recovery, we also believe that renewable energy and the digitalization of our economy will also lead to many investment opportunities, areas that we have strong exposure to in the portfolios.

Top Ten Holdings as of December 31, 2022



	Security Name	% of Net Assets
1	Microsoft Corp.		7.42	%
2	Thermo Fisher Scientific, Inc.		6.64
3	Mastercard, Inc., Class A		5.76
4	Roper Technologies, Inc.		4.79
5	Xylem, Inc.		4.48
6	NextEra Energy, Inc.		4.42
7	American Water Works Co., Inc.		4.32
8	Danaher Corp.		4.26
9	Waste Management, Inc.		4.18
10	NVIDIA Corp.		4.01

| 22

MIROVA U.S. SUSTAINABLE EQUITY FUND

Hypothetical Growth of $100,000 Investment in Class Y Shares³

December 15, 2020 (inception) through December 31, 2022

LOGO

Average Annual Total Returns – December 31, 2022³



	1 Year			Life of Fund			Expense Ratios⁴
	1 Year			Life of Fund			Gross			Net

Class Y (Inception 12/15/20)
NAV		-23.07	%		1.01	%		8.79	%		0.80	%

Class A (Inception 12/15/20)
NAV		-23.21			0.80			8.99			1.05
With 5.75% Maximum Sales Charge		-27.64			-2.07

Class C (Inception 12/15/20)
NAV		-23.81			0.02			9.37			1.80
With CDSC¹		-24.53			0.02

Class N (Inception 12/15/20)
NAV		-22.95			1.10			3.50			0.75

Comparative Performance
S&P 500^® Index²		-18.11			3.45

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. 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, and includes automatic conversion to Class A shares after eight years.

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

23 |

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

PROXY VOTING INFORMATION

QUARTERLY PORTFOLIO SCHEDULES

CFA^® and Chartered Financial Analyst^® are registered trademarks owned by the CFA Institute.

| 24

UNDERSTANDING FUND EXPENSES


GATEWAY FUND	BEGINNING ACCOUNT VALUE 7/1/2022		ENDING ACCOUNT VALUE 12/31/2022		EXPENSES PAID DURING PERIOD* 7/1/2022 – 12/31/2022
Class A
Actual		$1,000.00		$1,005.60		$4.75
Hypothetical (5% return before expenses)		$1,000.00		$1,020.47		$4.79
Class C
Actual		$1,000.00		$1,002.00		$8.58
Hypothetical (5% return before expenses)		$1,000.00		$1,016.64		$8.64
Class N
Actual		$1,000.00		$1,007.20		$3.29
Hypothetical (5% return before expenses)		$1,000.00		$1,021.93		$3.31
Class Y
Actual		$1,000.00		$1,006.90		$3.54
Hypothetical (5% return before expenses)		$1,000.00		$1,021.68		$3.57

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.94%, 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 365 (to reflect the half-year period).

25 |


GATEWAY EQUITY CALL PREMIUM FUND	BEGINNING ACCOUNT VALUE 7/1/2022		ENDING ACCOUNT VALUE 12/31/2022		EXPENSES PAID DURING PERIOD* 7/1/2022 – 12/31/2022
Class A
Actual		$1,000.00		$1,022.10		$4.74
Hypothetical (5% return before expenses)		$1,000.00		$1,020.52		$4.74
Class C
Actual		$1,000.00		$1,019.00		$8.55
Hypothetical (5% return before expenses)		$1,000.00		$1,016.74		$8.54
Class N
Actual		$1,000.00		$1,023.90		$3.21
Hypothetical (5% return before expenses)		$1,000.00		$1,022.03		$3.21
Class Y
Actual		$1,000.00		$1,023.60		$3.47
Hypothetical (5% return before expenses)		$1,000.00		$1,021.78		$3.47

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.93%, 1.68%, 0.63% and 0.68% 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 365 (to reflect the half-year period).


MIROVA GLOBAL GREEN BOND FUND	BEGINNING ACCOUNT VALUE 7/1/2022		ENDING ACCOUNT VALUE 12/31/2022		EXPENSES PAID DURING PERIOD* 7/1/2022 – 12/31/2022
Class A
Actual		$1,000.00		$971.70		$4.47
Hypothetical (5% return before expenses)		$1,000.00		$1,020.67		$4.58
Class N
Actual		$1,000.00		$974.20		$2.99
Hypothetical (5% return before expenses)		$1,000.00		$1,022.18		$3.06
Class Y
Actual		$1,000.00		$974.20		$3.23
Hypothetical (5% return before expenses)		$1,000.00		$1,021.93		$3.31

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.90%, 0.60% and 0.65% for Class A, 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 365 (to reflect the half-year period).

| 26


MIROVA GLOBAL SUSTAINABLE EQUITY FUND	BEGINNING ACCOUNT VALUE 7/1/2022		ENDING ACCOUNT VALUE 12/31/2022		EXPENSES PAID DURING PERIOD* 7/1/2022 – 12/31/2022
Class A
Actual		$1,000.00		$1,033.00		$6.15
Hypothetical (5% return before expenses)		$1,000.00		$1,019.16		$6.11
Class C
Actual		$1,000.00		$1,029.10		$9.97
Hypothetical (5% return before expenses)		$1,000.00		$1,015.38		$9.91
Class N
Actual		$1,000.00		$1,034.40		$4.56
Hypothetical (5% return before expenses)		$1,000.00		$1,020.72		$4.53
Class Y
Actual		$1,000.00		$1,034.40		$4.87
Hypothetical (5% return before expenses)		$1,000.00		$1,020.42		$4.84

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.20%, 1.95%, 0.89% and 0.95% 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 365 (to reflect the half-year period).


MIROVA INTERNATIONAL SUSTAINABLE EQUITY FUND	BEGINNING ACCOUNT VALUE 7/1/2022		ENDING ACCOUNT VALUE 12/31/2022		EXPENSES PAID DURING PERIOD* 7/1/2022 – 12/31/2022
Class A
Actual		$1,000.00		$1,042.80		$6.23
Hypothetical (5% return before expenses)		$1,000.00		$1,019.11		$6.16
Class N
Actual		$1,000.00		$1,045.00		$4.69
Hypothetical (5% return before expenses)		$1,000.00		$1,020.62		$4.63
Class Y
Actual		$1,000.00		$1,044.30		$4.95
Hypothetical (5% return before expenses)		$1,000.00		$1,020.37		$4.89

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.21%, 0.91% and 0.96% for Class A, 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 365 (to reflect the half-year period).

27 |


MIROVA U.S. SUSTAINABLE EQUITY FUND	BEGINNING ACCOUNT VALUE 7/1/2022		ENDING ACCOUNT VALUE 12/31/2022		EXPENSES PAID DURING PERIOD* 7/1/2022 – 12/31/2022
Class A
Actual		$1,000.00		$1,037.50		$5.39
Hypothetical (5% return before expenses)		$1,000.00		$1,019.91		$5.35
Class C
Actual		$1,000.00		$1,033.50		$9.23
Hypothetical (5% return before expenses)		$1,000.00		$1,016.13		$9.15
Class N
Actual		$1,000.00		$1,039.20		$3.85
Hypothetical (5% return before expenses)		$1,000.00		$1,021.43		$3.82
Class Y
Actual		$1,000.00		$1,038.70		$4.11
Hypothetical (5% return before expenses)		$1,000.00		$1,021.17		$4.08

| 28

Portfolio of Investments – as of December 31, 2022

Gateway Fund


Shares		Description	Value (†)
	Common Stocks — 97.1% of Net Assets
		Aerospace & Defense — 1.6%
	148,078	Boeing Co. (The)(a)(b)	$	28,207,378
	41,278	HEICO Corp.(b)		6,341,952
	57,338	L3Harris Technologies, Inc.(b)		11,938,345
	552,963	Raytheon Technologies Corp.(b)		55,805,026

				102,292,701

		Air Freight & Logistics — 0.6%
	36,648	GXO Logistics, Inc.(a)		1,564,503
	216,722	United Parcel Service, Inc., Class B(b)		37,674,953

				39,239,456

		Airlines — 0.2%
	153,012	Alaska Air Group, Inc.(a)(b)		6,570,335
	144,851	United Airlines Holdings, Inc.(a)(b)		5,460,883

				12,031,218

		Auto Components — 0.0%
	36,852	Autoliv, Inc.(b)		2,822,126

		Automobiles — 1.2%
	1,177,145	Ford Motor Co.(b)		13,690,196
	516,081	Tesla, Inc.(a)(b)		63,570,858

				77,261,054

		Banks — 3.4%
	193,834	Associated Banc-Corp(b)		4,475,627
	2,043,446	Bank of America Corp.(b)		67,678,932
	739,345	JPMorgan Chase & Co.(b)		99,146,164
	16,401	Signature Bank(b)		1,889,723
	980,841	Wells Fargo & Co.(b)		40,498,925

				213,689,371

		Beverages — 1.8%
	494,297	Keurig Dr Pepper, Inc.(b)		17,626,631
	174,722	Monster Beverage Corp.(a)(b)		17,739,525
	427,106	PepsiCo, Inc.(b)		77,160,970

				112,527,126

		Biotechnology — 2.3%
	368,852	AbbVie, Inc.(b)		59,610,172
	8,614	Alnylam Pharmaceuticals, Inc.(a)(b)		2,047,117
	127,391	Amgen, Inc.(b)		33,457,972
	42,859	Biogen, Inc.(a)(b)		11,868,514
	25,770	BioMarin Pharmaceutical, Inc.(a)(b)		2,666,937
	16,697	Exact Sciences Corp.(a)(b)		826,669
	3,171	Horizon Therapeutics PLC(a)(b)		360,860
	49,266	Ionis Pharmaceuticals, Inc.(a)(b)		1,860,777
	75,616	Moderna, Inc.(a)(b)		13,582,146
	21,063	Seagen, Inc.(a)(b)		2,706,806
	68,273	Vertex Pharmaceuticals, Inc.(a)(b)		19,715,877

				148,703,847

		Building Products — 0.4%
	15,104	Carlisle Cos., Inc.(b)		3,559,258
	355,197	Carrier Global Corp.(b)		14,651,876
	20,800	Lennox International, Inc.(b)		4,975,984

				23,187,118

		Capital Markets — 2.6%
	43,798	Blackstone, Inc.(b)		3,249,374
	369,029	Charles Schwab Corp. (The)(b)		30,725,355
	28,906	FactSet Research Systems, Inc.(b)		11,597,376
	247,065	Intercontinental Exchange, Inc.(b)		25,346,398
	86,329	KKR & Co., Inc.(b)		4,007,392
	18,320	LPL Financial Holdings, Inc.(b)		3,960,234
	474,198	Morgan Stanley(b)		40,316,314
	41,804	MSCI, Inc.(b)		19,445,967
		Capital Markets — continued
	76,688	S&P Global, Inc.(b)	$	25,685,879

				164,334,289

		Chemicals — 1.6%
	83,434	Ashland, Inc.(b)		8,971,658
	71,767	Celanese Corp.(b)		7,337,458
	335,148	Corteva, Inc.(b)		19,699,999
	295,277	Dow, Inc.(b)		14,879,008
	125,392	Eastman Chemical Co.(b)		10,211,924
	35,507	Ingevity Corp.(a)(b)		2,501,113
	167,820	LyondellBasell Industries NV, Class A(b)		13,934,095
	125,903	Mosaic Co. (The)(b)		5,523,365
	8,638	Nutrien Ltd.(b)		630,833
	66,451	Olin Corp.(b)		3,517,916
	95,921	RPM International, Inc.(b)		9,347,501
	195,010	Valvoline, Inc.(b)		6,367,077

				102,921,947

		Commercial Services & Supplies — 0.9%
	244,314	Copart, Inc.(a)(b)		14,876,279
	69,341	Waste Connections, Inc.(b)		9,191,843
	191,643	Waste Management, Inc.(b)		30,064,954

				54,133,076

		Communications Equipment — 0.9%
	1,243,711	Cisco Systems, Inc.(b)		59,250,392

		Construction Materials — 0.3%
	48,861	Martin Marietta Materials, Inc.(b)		16,513,552

		Consumer Finance — 0.6%
	121,623	Ally Financial, Inc.(b)		2,973,682
	188,425	Discover Financial Services(b)		18,433,618
	445,997	Synchrony Financial(b)		14,655,462

				36,062,762

		Containers & Packaging — 0.4%
	54,360	Avery Dennison Corp.(b)		9,839,160
	60,185	Crown Holdings, Inc.(b)		4,947,809
	40,058	Sonoco Products Co.(b)		2,431,921
	141,364	WestRock Co.(b)		4,970,358

				22,189,248

		Distributors — 0.3%
	107,529	Genuine Parts Co.(b)		18,657,357

		Diversified Consumer Services — 0.1%
	67,454	Service Corp. International(b)		4,663,770

		Diversified Financial Services — 2.2%
	432,825	Berkshire Hathaway, Inc., Class B(a)(b)		133,699,643
	133,431	Voya Financial, Inc.(b)		8,204,672

				141,904,315

		Diversified Telecommunication Services — 1.1%
	1,557,641	AT&T, Inc.(b)		28,676,171
	119,721	Liberty Global PLC, Class C(a)(b)		2,326,179
	196,472	Lumen Technologies, Inc.(b)		1,025,584
	891,142	Verizon Communications, Inc.(b)		35,110,994

				67,138,928

		Electric Utilities — 2.0%
	323,243	Alliant Energy Corp.(b)		17,846,246
	373,580	American Electric Power Co., Inc.(b)		35,471,421
	138,237	Evergy, Inc.(b)		8,699,254
	349,526	FirstEnergy Corp.(b)		14,659,120
	429,980	NextEra Energy, Inc.(b)		35,946,328
	153,399	OGE Energy Corp.(b)		6,066,931
	501,471	PG&E Corp.(a)(b)		8,153,919

				126,843,219

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of December 31, 2022

Gateway Fund – (continued)


Shares		Description	Value (†)
		Electrical Equipment — 0.6%
	181,509	Eaton Corp. PLC(b)	$	28,487,838
	31,715	Hubbell, Inc.(b)		7,442,876

				35,930,714

		Electronic Equipment, Instruments & Components — 0.8%
	97,069	CDW Corp.(b)		17,334,582
	375,436	Corning, Inc.(b)		11,991,426
	26,442	Teledyne Technologies, Inc.(a)(b)		10,574,420
	33,350	Zebra Technologies Corp., Class A(a)(b)		8,551,274

				48,451,702

		Energy Equipment & Services — 0.5%
	645,484	Halliburton Co.(b)		25,399,795
	102,771	Helmerich & Payne, Inc.(b)		5,094,359

				30,494,154

		Entertainment — 1.2%
	81,510	Live Nation Entertainment, Inc.(a)(b)		5,684,507
	103,135	Netflix, Inc.(a)(b)		30,412,449
	6,573	Roku, Inc.(a)(b)		267,521
	439,708	Walt Disney Co. (The)(a)(b)		38,201,831

				74,566,308

		Food & Staples Retailing — 1.7%
	26,487	Casey’s General Stores, Inc.(b)		5,942,358
	104,945	Costco Wholesale Corp.(b)		47,907,393
	86,520	Kroger Co. (The)(b)		3,857,062
	115,434	U.S. Foods Holding Corp.(a)(b)		3,927,065
	338,093	Walmart, Inc.(b)		47,938,206

				109,572,084

		Food Products — 1.1%
	61,781	Bunge Ltd.(b)		6,163,890
	127,011	Hormel Foods Corp.(b)		5,785,351
	74,762	Lamb Weston Holdings, Inc.(b)		6,680,732
	698,295	Mondelez International, Inc., Class A(b)		46,541,362
	52,500	Post Holdings, Inc.(a)(b)		4,738,650

				69,909,985

		Gas Utilities — 0.0%
	76,973	UGI Corp.(b)		2,853,389

		Health Care Equipment & Supplies — 2.7%
	461,268	Abbott Laboratories(b)		50,642,614
	161,683	Baxter International, Inc.(b)		8,240,982
	554,460	Boston Scientific Corp.(a)(b)		25,654,864
	75,712	Dexcom, Inc.(a)(b)		8,573,627
	218,970	Edwards Lifesciences Corp.(a)(b)		16,337,352
	3,008	Insulet Corp.(a)(b)		885,525
	108,519	Intuitive Surgical, Inc.(a)(b)		28,795,517
	237,716	Medtronic PLC(b)		18,475,287
	55,109	STERIS PLC(b)		10,178,081
	24,419	Teleflex, Inc.(b)		6,095,715

				173,879,564

		Health Care Providers & Services — 3.6%
	354,081	CVS Health Corp.(b)		32,996,808
	83,702	Elevance Health, Inc.(b)		42,936,615
	78,255	HCA Healthcare, Inc.(b)		18,778,070
	16,707	Molina Healthcare, Inc.(a)(b)		5,516,986
	227,229	UnitedHealth Group, Inc.(b)		120,472,271
	65,316	Universal Health Services, Inc., Class B(b)		9,202,371

				229,903,121

		Health Care Technology — 0.1%
	35,189	Veeva Systems, Inc., Class A(a)(b)		5,678,801

		Hotels, Restaurants & Leisure — 2.0%
	10,914	Booking Holdings, Inc.(a)(b)		21,994,766
		Hotels, Restaurants & Leisure — continued
	71,898	Hilton Grand Vacations, Inc.(a)(b)	$	2,770,949
	168,770	Hilton Worldwide Holdings, Inc.(b)		21,325,777
	175,041	McDonald’s Corp.(b)		46,128,555
	15,436	Melco Resorts & Entertainment Ltd., Sponsored ADR(a)(b)		177,514
	105,955	Restaurant Brands International, Inc.(b)		6,852,110
	207,725	Starbucks Corp.(b)		20,606,320
	12,225	Vail Resorts, Inc.(b)		2,913,829
	70,445	Wendy’s Co. (The)(b)		1,594,170

				124,363,990

		Household Durables — 0.3%
	2,420	NVR, Inc.(a)(b)		11,162,444
	129,073	Toll Brothers, Inc.(b)		6,443,324

				17,605,768

		Household Products — 1.5%
	644,259	Procter & Gamble Co. (The)(b)		97,643,894

		Industrial Conglomerates — 1.4%
	205,207	3M Co.(b)		24,608,423
	217,269	General Electric Co.(b)		18,204,970
	213,732	Honeywell International, Inc.(b)		45,802,768

				88,616,161

		Insurance — 2.4%
	577,052	Aflac, Inc.(b)		41,513,121
	62,761	American Financial Group, Inc.(b)		8,615,830
	91,119	Aon PLC, Class A(b)		27,348,457
	240,576	Arch Capital Group Ltd.(a)(b)		15,103,361
	187,556	Arthur J. Gallagher & Co.(b)		35,361,808
	74,687	Fidelity National Financial, Inc.(b)		2,809,725
	90,500	Lincoln National Corp.(b)		2,780,160
	3,155	Markel Corp.(a)(b)		4,156,681
	25,430	RenaissanceRe Holdings Ltd.(b)		4,684,969
	245,220	Unum Group(b)		10,061,377

				152,435,489

		Interactive Media & Services — 4.0%
	561,560	Alphabet, Inc., Class A(a)(b)		49,546,439
	1,651,577	Alphabet, Inc., Class C(a)(b)		146,544,427
	488,450	Meta Platforms, Inc., Class A(a)(b)		58,780,073

				254,870,939

		Internet & Direct Marketing Retail — 2.5%
	1,813,960	Amazon.com, Inc.(a)(b)		152,372,640
	3,379	MercadoLibre, Inc.(a)(b)		2,859,445

				155,232,085

		IT Services — 4.2%
	96,508	Accenture PLC, Class A(b)		25,752,195
	141,064	Automatic Data Processing, Inc.(b)		33,694,547
	40,838	Block, Inc.(a)(b)		2,566,260
	114,609	DXC Technology Co.(a)(b)		3,037,139
	16,340	EPAM Systems, Inc.(a)(b)		5,355,272
	21,387	Gartner, Inc.(a)(b)		7,189,026
	151,525	Mastercard, Inc., Class A(b)		52,689,788
	160,547	Paychex, Inc.(b)		18,552,811
	300,792	PayPal Holdings, Inc.(a)(b)		21,422,406
	70,477	Shopify, Inc., Class A(a)(b)		2,446,257
	21,371	SS&C Technologies Holdings, Inc.(b)		1,112,574
	8,665	Twilio, Inc., Class A(a)(b)		424,238
	72,450	VeriSign, Inc.(a)(b)		14,884,128
	376,825	Visa, Inc., Class A(b)		78,289,162

				267,415,803

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of December 31, 2022

Gateway Fund – (continued)


Shares		Description	Value (†)
		Leisure Products — 0.0%
	19,460	Polaris, Inc.(b)	$	1,965,460

		Life Sciences Tools & Services — 1.5%
	151,550	Avantor, Inc.(a)(b)		3,196,189
	113,133	Danaher Corp.(b)		30,027,761
	17,245	ICON PLC(a)(b)		3,349,841
	52,796	Illumina, Inc.(a)(b)		10,675,351
	89,614	Thermo Fisher Scientific, Inc.(b)		49,349,534

				96,598,676

		Machinery — 2.0%
	142,239	Caterpillar, Inc.(b)		34,074,775
	89,903	Cummins, Inc.(b)		21,782,598
	72,565	Deere & Co.(b)		31,112,969
	93,267	Parker-Hannifin Corp.(b)		27,140,697
	121,067	Pentair PLC(b)		5,445,594
	63,733	Timken Co. (The)(b)		4,504,011

				124,060,644

		Media — 0.7%
	1,121,178	Comcast Corp., Class A(b)		39,207,595
	33,220	Liberty Broadband Corp., Class C(a)(b)		2,533,689
	532,406	Sirius XM Holdings, Inc.(b)		3,109,251

				44,850,535

		Metals & Mining — 0.3%
	28,464	Alcoa Corp.(b)		1,294,258
	184,756	Newmont Corp.(b)		8,720,483
	116,378	Southern Copper Corp.(b)		7,028,067
	47,801	Steel Dynamics, Inc.(b)		4,670,158

				21,712,966

		Multi-Utilities — 1.1%
	260,977	Ameren Corp.(b)		23,206,075
	258,154	Consolidated Edison, Inc.(b)		24,604,658
	227,581	WEC Energy Group, Inc.(b)		21,337,994

				69,148,727

		Multiline Retail — 0.4%
	152,451	Target Corp.(b)		22,721,297

		Oil, Gas & Consumable Fuels — 4.8%
	346,281	Cenovus Energy, Inc.(b)		6,721,314
	50,447	Cheniere Energy, Inc.(b)		7,565,032
	432,007	Chevron Corp.(b)		77,540,937
	385,792	ConocoPhillips(b)		45,523,456
	31,490	Enbridge, Inc.(b)		1,231,259
	126,980	EQT Corp.(b)		4,295,733
	891,239	Exxon Mobil Corp.(b)		98,303,662
	61,365	HF Sinclair Corp.(b)		3,184,230
	221,709	Occidental Petroleum Corp.(b)		13,965,450
	254,599	ONEOK, Inc.(b)		16,727,154
	117,666	Suncor Energy, Inc.(b)		3,733,542
	115,966	Targa Resources Corp.(b)		8,523,501
	107,375	Valero Energy Corp.(b)		13,621,593

				300,936,863

		Pharmaceuticals — 5.1%
	489,213	Bristol-Myers Squibb Co.(b)		35,198,875
	179,752	Eli Lilly & Co.(b)		65,760,472
	14,229	Jazz Pharmaceuticals PLC(a)(b)		2,266,822
	523,591	Johnson & Johnson(b)		92,492,350
	597,588	Merck & Co., Inc.(b)		66,302,388
	1,174,553	Pfizer, Inc.(b)		60,184,096

				322,205,003

		Professional Services — 0.3%
	52,260	Booz Allen Hamilton Holding Corp.(b)		5,462,215
	97,840	CoStar Group, Inc.(a)(b)		7,561,075
		Professional Services — continued
	40,427	ManpowerGroup, Inc.(b)	$	3,363,931
	53,033	TransUnion(b)		3,009,623

				19,396,844

		Real Estate Management & Development — 0.0%
	56,375	Zillow Group, Inc., Class C(a)(b)		1,815,839

		REITs – Apartments — 0.6%
	252,006	American Homes 4 Rent, Class A(b)		7,595,461
	85,332	Camden Property Trust(b)		9,546,944
	409,105	Invitation Homes, Inc.(b)		12,125,872
	265,036	UDR, Inc.(b)		10,264,844

				39,533,121

		REITs – Diversified — 0.5%
	107,323	American Tower Corp.(b)		22,737,451
	100,874	W.P. Carey, Inc.(b)		7,883,303

				30,620,754

		REITs – Health Care — 0.2%
	260,504	Healthcare Realty Trust, Inc.(b)		5,019,912
	453,565	Medical Properties Trust, Inc.(b)		5,052,714
	295,291	Sabra Health Care REIT, Inc.(b)		3,670,467

				13,743,093

		REITs – Manufactured Homes — 0.3%
	143,552	Equity LifeStyle Properties, Inc.(b)		9,273,459
	68,343	Sun Communities, Inc.(b)		9,773,049

				19,046,508

		REITs – Mortgage — 0.0%
	128,993	Annaly Capital Management, Inc.(b)		2,719,172

		REITs – Office Property — 0.0%
	3,663	Kilroy Realty Corp.(b)		141,648

		REITs – Single Tenant — 0.2%
	221,497	National Retail Properties, Inc.(b)		10,135,703

		REITs – Storage — 0.1%
	151,601	CubeSmart(b)		6,101,940

		REITs – Warehouse/Industrials — 0.3%
	171,517	Prologis, Inc.(b)		19,335,111

		Road & Rail — 0.9%
	115,540	Canadian Pacific Railway Ltd.(b)		8,618,128
	836,813	CSX Corp.(b)		25,924,467
	47,741	J.B. Hunt Transport Services, Inc.(b)		8,324,121
	43,447	Old Dominion Freight Line, Inc.(b)		12,329,390
	108,199	Uber Technologies, Inc.(a)(b)		2,675,761

				57,871,867

		Semiconductors & Semiconductor Equipment — 4.9%
	326,538	Advanced Micro Devices, Inc.(a)(b)		21,149,866
	170,421	Analog Devices, Inc.(b)		27,954,157
	100,260	Broadcom, Inc.(b)		56,058,374
	16,102	First Solar, Inc.(a)(b)		2,411,919
	960,537	Intel Corp.(b)		25,386,993
	148,999	Marvell Technology, Inc.(b)		5,518,923
	304,535	Micron Technology, Inc.(b)		15,220,659
	527,202	NVIDIA Corp.(b)		77,045,300
	268,158	QUALCOMM, Inc.(b)		29,481,290
	106,600	Teradyne, Inc.(b)		9,311,510
	258,807	Texas Instruments, Inc.(b)		42,760,093

				312,299,084

		Software — 8.2%
	121,776	Adobe, Inc.(a)(b)		40,981,277
	33,266	Black Knight, Inc.(a)(b)		2,054,175
	135,877	Cadence Design Systems, Inc.(a)(b)		21,827,281

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of December 31, 2022

Gateway Fund – (continued)


Shares		Description	Value (†)
		Software — continued
	22,762	Ceridian HCM Holding, Inc.(a)(b)	$	1,460,182
	50,512	Intuit, Inc.(b)		19,660,281
	1,475,957	Microsoft Corp.(b)		353,964,008
	417,592	Oracle Corp.(b)		34,133,970
	30,411	Palo Alto Networks, Inc.(a)(b)		4,243,551
	122,267	Salesforce, Inc.(a)(b)		16,211,382
	51,745	ServiceNow, Inc.(a)(b)		20,091,031
	10,997	VMware, Inc., Class A(a)(b)		1,349,992
	29,249	Workday, Inc., Class A(a)(b)		4,894,235

				520,871,365

		Specialty Retail — 2.3%
	17,696	Burlington Stores, Inc.(a)(b)		3,588,041
	20,171	Dick’s Sporting Goods, Inc.(b)		2,426,370
	256,279	Home Depot, Inc. (The)(b)		80,948,285
	210,858	Lowe’s Cos., Inc.(b)		42,011,348
	16,734	O’Reilly Automotive, Inc.(a)(b)		14,123,998
	17,808	Williams-Sonoma, Inc.(b)		2,046,495

				145,144,537

		Technology Hardware, Storage & Peripherals — 6.2%
	3,012,758	Apple, Inc.(b)		391,447,647
	63,335	Dell Technologies, Inc., Class C(b)		2,547,334

				393,994,981

		Textiles, Apparel & Luxury Goods — 0.6%
	16,507	Lululemon Athletica, Inc.(a)(b)		5,288,512
	268,082	NIKE, Inc., Class B(b)		31,368,275

				36,656,787

		Tobacco — 0.5%
	671,905	Altria Group, Inc.(b)		30,712,778

		Trading Companies & Distributors — 0.0%
	18,040	GATX Corp.(b)		1,918,374

		Total Common Stocks (Identified Cost $2,647,799,973)		6,152,050,500


		Total Purchased Options — 1.0% (Identified Cost $92,445,105) (see detail below)		61,206,245


Principal Amount
	Short-Term Investments — 3.2%
$	206,114,180	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/2022 at 1.800% to be repurchased at $206,155,403 on 1/03/2023 collateralized by $52,945,100 U.S. Treasury Inflation Indexed Bond, 3.625% due 4/15/2028 valued at $106,625,618; $4,404,700 U.S. Treasury Note, 2.875% due 5/15/2028 valued at $4,185,927; $114,000,000 U.S. Treasury Note, 1.250% due 4/30/2028 valued at $99,425,079 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $206,114,180)		206,114,180


		Total Investments — 101.3% (Identified Cost $2,946,359,258)		6,419,370,925
		Other assets less liabilities — (1.3)%		(81,331,419	)

		Net Assets — 100.0%	$	6,338,039,506


Purchased Options — 1.0%

Description	Expiration Date		Exercise Price	Contracts		Notional Amount		Cost		Value (†)
Index Options — 1.0%
S&P 500^® Index, Put(a)		2/17/2023	3,425		2,284	$	876,941,800	$	11,471,390	$	3,734,340
S&P 500^® Index, Put(a)		2/17/2023	3,500		2,302		883,852,900		11,511,151		5,593,860
S&P 500^® Index, Put(a)		3/17/2023	3,400		2,172		833,939,400		17,012,190		6,820,080
S&P 500^® Index, Put(a)		3/17/2023	3,425		2,249		863,503,550		17,671,360		7,759,050
S&P 500^® Index, Put(a)		3/17/2023	3,500		2,283		876,557,850		12,715,169		10,604,535
S&P 500^® Index, Put(a)		3/17/2023	3,550		2,283		876,557,850		11,485,499		12,739,140
S&P 500^® Index, Put(a)		3/17/2023	3,575		2,284		876,941,800		10,578,346		13,955,240

Total								$	92,445,105	$	61,206,245


Written Options — (1.8%)

Description	Expiration Date		Exercise Price	Contracts			Notional Amount			Premiums (Received)			Value (†)
Index Options — (1.8%)
S&P 500^® Index, Call		1/20/2023	3,850		(1,762	)	$	(676,519,900	)	$	(12,983,103	)	$	(12,659,970	)
S&P 500^® Index, Call		1/20/2023	4,075		(1,762	)		(676,519,900	)		(19,813,708	)		(1,083,630	)
S&P 500^® Index, Call		1/20/2023	4,100		(1,762	)		(676,519,900	)		(21,215,361	)		(757,660	)
S&P 500^® Index, Call		1/31/2023	3,925		(1,762	)		(676,519,900	)		(10,488,305	)		(9,409,080	)
S&P 500^® Index, Call		2/17/2023	3,825		(1,761	)		(676,135,950	)		(23,592,997	)		(23,799,915	)
S&P 500^® Index, Call		2/17/2023	3,900		(1,762	)		(676,519,900	)		(21,731,363	)		(16,783,050	)
S&P 500^® Index, Call		2/17/2023	3,950		(1,762	)		(676,519,900	)		(21,870,825	)		(12,844,980	)
S&P 500^® Index, Call		2/17/2023	3,975		(1,762	)		(676,519,900	)		(31,962,380	)		(11,030,120	)
S&P 500^® Index, Call		3/17/2023	3,900		(1,762	)		(676,519,900	)		(21,412,705	)		(23,205,540	)

Total										$	(185,070,747	)	$	(111,573,945	)



	(†)			See Note 2 of Notes to Financial Statements.
	(a)			Non-income producing security.
	(b)			Security (or a portion thereof) has been pledged as collateral for 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.
	REITs			Real Estate Investment Trusts

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of December 31, 2022

Gateway Fund – (continued)

Industry Summary at December 31, 2022


Software	8.2	%
Technology Hardware, Storage & Peripherals	6.2
Pharmaceuticals	5.1
Semiconductors & Semiconductor Equipment	4.9
Oil, Gas & Consumable Fuels	4.8
IT Services	4.2
Interactive Media & Services	4.0
Health Care Providers & Services	3.6
Banks	3.4
Health Care Equipment & Supplies	2.7
Capital Markets	2.6
Internet & Direct Marketing Retail	2.5
Insurance	2.4
Biotechnology	2.3
Specialty Retail	2.3
Diversified Financial Services	2.2
Electric Utilities	2.0
Hotels, Restaurants & Leisure	2.0
Machinery	2.0
Other Investments, less than 2% each	30.7
Short-Term Investments	3.2

Total Investments	101.3
Other assets less liabilities (including open written options)	(1.3	)

Net Assets	100.0	%

See accompanying notes to financial statements.

33 |

Portfolio of Investments – as of December 31, 2022

Gateway Equity Call Premium Fund


Shares		Description		Value (†)
	Common Stocks — 99.6% of Net Assets
		Aerospace & Defense — 1.7%
	2,811	Boeing Co. (The)(a)(b)		$	535,467
	1,505	Lockheed Martin Corp.(b)			732,167
	11,106	Raytheon Technologies Corp.(b)			1,120,818

					2,388,452

		Air Freight & Logistics — 0.0%
	492	GXO Logistics, Inc.(a)(b)			21,004

		Airlines — 0.3%
	11,176	Delta Air Lines, Inc.(a)(b)			367,243
	5,618	JetBlue Airways Corp.(a)(b)			36,405

					403,648

		Auto Components — 0.1%
	858	Adient PLC(a)(b)			29,764
	1,374	Gentex Corp.(b)			37,469
	343	Lear Corp.(b)			42,539
	1,363	Magna International, Inc.(b)			76,573

					186,345

		Automobiles — 1.2%
	23,286	Ford Motor Co.(b)			270,816
	11,733	Tesla, Inc.(a)(b)			1,445,271

					1,716,087

		Banks — 3.9%
	35,300	Bank of America Corp.(b)			1,169,136
	10,229	Citigroup, Inc.(b)			462,658
	2,043	Comerica, Inc.(b)			136,575
	1,810	East West Bancorp, Inc.(b)			119,279
	12,369	Fifth Third Bancorp(b)			405,827
	3,780	First Horizon Corp.(b)			92,610
	1,472	First Republic Bank(b)			179,422
	14,077	JPMorgan Chase & Co.(b)			1,887,726
	495	SVB Financial Group(a)(b)			113,919
	19,570	Wells Fargo & Co.(b)			808,045

					5,375,197

		Beverages — 2.2%
	23,149	Coca-Cola Co. (The)(b)			1,472,508
	8,468	PepsiCo, Inc.(b)			1,529,829

					3,002,337

		Biotechnology — 2.4%
	8,628	AbbVie, Inc.(b)			1,394,371
	168	Alnylam Pharmaceuticals, Inc.(a)(b)			39,925
	2,950	Amgen, Inc.(b)			774,788
	1,006	Biogen, Inc.(a)(b)			278,581
	1,134	BioMarin Pharmaceutical, Inc.(a)(b)			117,358
	976	Exact Sciences Corp.(a)(b)			48,322
	1,611	Moderna, Inc.(a)(b)			289,368
	303	Seagen, Inc.(a)(b)			38,938
	1,306	Vertex Pharmaceuticals, Inc.(a)(b)			377,147

					3,358,798

		Building Products — 0.8%
	1,115	A.O. Smith Corp.(b)			63,823
	8,286	Carrier Global Corp.(b)			341,797
	2,175	Fortune Brands Innovations, Inc.(b)			124,214
	6,595	Johnson Controls International PLC(b)			422,080
	368	Lennox International, Inc.(b)			88,037
	2,175	MasterBrand, Inc.(a)			16,421

					1,056,372

		Capital Markets — 2.7%
	6,833	Bank of New York Mellon Corp. (The)(b)			311,038
	1,304	BlackRock, Inc.(b)			924,053
		Capital Markets — continued
	8,586	Charles Schwab Corp. (The)(b)		$	714,870
	394	FactSet Research Systems, Inc.(b)			158,077
	1,688	KKR & Co., Inc.(b)			78,357
	8,880	Morgan Stanley(b)			754,978
	881	MSCI, Inc.(b)			409,815
	3,883	Raymond James Financial, Inc.(b)			414,899

					3,766,087

		Chemicals — 1.7%
	849	AdvanSix, Inc.(b)			32,279
	1,421	Air Products & Chemicals, Inc.(b)			438,037
	1,655	Ashland, Inc.(b)			177,962
	1,339	CF Industries Holdings, Inc.(b)			114,083
	2,066	Huntsman Corp.(b)			56,774
	3,129	Linde PLC(b)			1,020,617
	512	Nutrien Ltd.(b)			37,391
	2,459	PPG Industries, Inc.(b)			309,195
	1,332	RPM International, Inc.(b)			129,803
	3,498	Valvoline, Inc.(b)			114,210

					2,430,351

		Commercial Services & Supplies — 0.6%
	1,310	Waste Connections, Inc.(b)			173,654
	3,875	Waste Management, Inc.(b)			607,910

					781,564

		Communications Equipment — 1.0%
	3,080	Ciena Corp.(a)(b)			157,019
	25,097	Cisco Systems, Inc.(b)			1,195,621
	9,010	Telefonaktiebolaget LM Ericsson, Sponsored ADR(b)			52,618

					1,405,258

		Construction Materials — 0.4%
	1,548	Martin Marietta Materials, Inc.(b)			523,178

		Consumer Finance — 0.2%
	4,484	Ally Financial, Inc.(b)			109,634
	6,190	Synchrony Financial(b)			203,403

					313,037

		Containers & Packaging — 0.3%
	1,233	Crown Holdings, Inc.(b)			101,365
	1,388	Packaging Corp. of America(b)			177,539
	2,565	WestRock Co.(b)			90,185

					369,089

		Distributors — 0.5%
	3,868	Genuine Parts Co.(b)			671,137

		Diversified Consumer Services — 0.1%
	1,757	Service Corp. International(b)			121,479

		Diversified Financial Services — 2.2%
	9,974	Berkshire Hathaway, Inc., Class B(a)(b)			3,080,969

		Diversified Telecommunication Services — 0.8%
	27,588	Verizon Communications, Inc.(b)			1,086,967

		Electric Utilities — 1.8%
	7,254	Alliant Energy Corp.(b)			400,493
	8,149	American Electric Power Co., Inc.(b)			773,747
	2,101	OGE Energy Corp.(b)			83,095
	18,458	Southern Co. (The)(b)			1,318,086

					2,575,421

		Electrical Equipment — 0.7%
	617	Acuity Brands, Inc.(b)			102,181
	5,935	Emerson Electric Co.(b)			570,116
	905	Hubbell, Inc.(b)			212,386
	2,698	Sensata Technologies Holding PLC(b)			108,945

					993,628
			��

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of December 31, 2022

Gateway Equity Call Premium Fund – (continued)


Shares		Description	Value (†)
		Electronic Equipment, Instruments & Components — 0.6%
	1,903	Arrow Electronics, Inc.(a)(b)	$	198,997
	724	Avnet, Inc.(b)		30,104
	2,406	CDW Corp.(b)		429,663
	7,398	Flex Ltd.(a)(b)		158,761

				817,525

		Energy Equipment & Services — 0.4%
	10,927	Halliburton Co.(b)		429,978
	6,142	NOV, Inc.(b)		128,306

				558,284

		Entertainment — 1.2%
	1,686	Live Nation Entertainment, Inc.(a)(b)		117,582
	200	Madison Square Garden Entertainment Corp.(a)(b)		8,994
	475	Madison Square Garden Sports Corp.(b)		87,082
	1,975	Netflix, Inc.(a)(b)		582,388
	206	Roku, Inc.(a)(b)		8,384
	8,609	Walt Disney Co. (The)(a)(b)		747,950
	8,992	Warner Bros. Discovery, Inc.(a)(b)		85,244

				1,637,624

		Food & Staples Retailing — 1.8%
	2,369	Costco Wholesale Corp.(b)		1,081,449
	4,772	Sysco Corp.(b)		364,819
	7,277	Walmart, Inc.(b)		1,031,806

				2,478,074

		Food Products — 0.7%
	570	Bunge Ltd.(b)		56,869
	1,836	Hain Celestial Group, Inc. (The)(a)(b)		29,707
	2,045	Ingredion, Inc.(b)		200,267
	5,506	Kellogg Co.(b)		392,247
	2,313	Post Holdings, Inc.(a)(b)		208,771
	1,107	TreeHouse Foods, Inc.(a)(b)		54,664

				942,525

		Gas Utilities — 0.0%
	1,531	UGI Corp.(b)		56,754

		Health Care Equipment & Supplies — 2.4%
	10,188	Abbott Laboratories(b)		1,118,541
	2,381	Alcon, Inc.(b)		163,218
	588	Align Technology, Inc.(a)(b)		124,009
	826	Cooper Cos., Inc. (The)(b)		273,133
	753	IDEXX Laboratories, Inc.(a)(b)		307,194
	247	Insulet Corp.(a)(b)		72,714
	7,266	Medtronic PLC(b)		564,714
	1,573	ResMed, Inc.(b)		327,388
	1,116	STERIS PLC(b)		206,114
	650	Teleflex, Inc.(b)		162,259

				3,319,284

		Health Care Providers & Services — 3.6%
	4,703	Centene Corp.(a)(b)		385,693
	2,167	Cigna Corp.(b)		718,014
	1,307	DaVita, Inc.(a)(b)		97,594
	1,644	Elevance Health, Inc.(b)		843,323
	1,079	Laboratory Corp. of America Holdings(b)		254,083
	612	Molina Healthcare, Inc.(a)(b)		202,094
	2,386	Pediatrix Medical Group, Inc.(a)(b)		35,456
	4,562	UnitedHealth Group, Inc.(b)		2,418,681

				4,954,938

		Hotels, Restaurants & Leisure — 2.0%
	232	Booking Holdings, Inc.(a)(b)		467,545
	7,208	Carnival Corp.(a)(b)		58,096
	222	Domino’s Pizza, Inc.(b)		76,901
	1,238	Hilton Grand Vacations, Inc.(a)(b)		47,712
		Hotels, Restaurants & Leisure — continued
	2,215	Hilton Worldwide Holdings, Inc.(b)	$	279,887
	3,458	McDonald’s Corp.(b)		911,287
	2,401	MGM Resorts International(b)		80,506
	1,379	Restaurant Brands International, Inc.(b)		89,180
	6,174	Starbucks Corp.(b)		612,461
	905	Trip.com Group Ltd., ADR(a)(b)		31,132
	479	Vail Resorts, Inc.(b)		114,170

				2,768,877

		Household Durables — 0.2%
	3,921	PulteGroup, Inc.(b)		178,523
	3,091	Toll Brothers, Inc.(b)		154,303

				332,826

		Household Products — 1.7%
	2,118	Clorox Co. (The)(b)		297,219
	13,588	Procter & Gamble Co. (The)(b)		2,059,397

				2,356,616

		Industrial Conglomerates — 1.1%
	3,889	3M Co.(b)		466,369
	4,774	Honeywell International, Inc.(b)		1,023,068

				1,489,437

		Insurance — 2.6%
	9,922	Arch Capital Group Ltd.(a)(b)		622,903
	4,831	Chubb Ltd.(b)		1,065,719
	2,762	Cincinnati Financial Corp.(b)		282,801
	6,505	Manulife Financial Corp.(b)		116,049
	216	Markel Corp.(a)(b)		284,578
	5,821	Prudential Financial, Inc.(b)		578,957
	911	RenaissanceRe Holdings Ltd.(b)		167,833
	1,872	Willis Towers Watson PLC(b)		457,854

				3,576,694

		Interactive Media & Services — 4.2%
	16,000	Alphabet, Inc., Class A(a)(b)		1,411,680
	35,648	Alphabet, Inc., Class C(a)(b)		3,163,047
	1,416	Match Group, Inc.(a)(b)		58,750
	9,875	Meta Platforms, Inc., Class A(a)(b)		1,188,357

				5,821,834

		Internet & Direct Marketing Retail — 2.4%
	39,292	Amazon.com, Inc.(a)(b)		3,300,528

		IT Services — 4.4%
	3,711	Accenture PLC, Class A(b)		990,243
	439	Block, Inc.(a)(b)		27,587
	277	EPAM Systems, Inc.(a)(b)		90,784
	1,048	FleetCor Technologies, Inc.(a)(b)		192,497
	2,488	Global Payments, Inc.(b)		247,108
	4,509	International Business Machines Corp.(b)		635,273
	600	Kyndryl Holdings, Inc.(a)(b)		6,672
	4,301	Mastercard, Inc., Class A(b)		1,495,587
	5,475	PayPal Holdings, Inc.(a)(b)		389,929
	1,329	Shopify, Inc., Class A(a)(b)		46,130
	2,955	SS&C Technologies Holdings, Inc.(b)		153,837
	558	Twilio, Inc., Class A(a)(b)		27,320
	991	VeriSign, Inc.(a)(b)		203,591
	7,908	Visa, Inc., Class A(b)		1,642,966

				6,149,524

		Leisure Products — 0.1%
	590	Brunswick Corp.(b)		42,527
	515	Polaris, Inc.(b)		52,015

				94,542

See accompanying notes to financial statements.

35 |

Portfolio of Investments – as of December 31, 2022

Gateway Equity Call Premium Fund – (continued)


Shares		Description	Value (†)
		Life Sciences Tools & Services — 1.8%
	7,763	Avantor, Inc.(a)(b)	$	163,722
	159	Bio-Rad Laboratories, Inc., Class A(a)(b)		66,858
	791	ICON PLC(a)(b)		153,652
	1,123	Illumina, Inc.(a)(b)		227,070
	2,542	PerkinElmer, Inc.(b)		356,439
	2,331	Thermo Fisher Scientific, Inc.(b)		1,283,658
	867	Waters Corp.(a)(b)		297,017

				2,548,416

		Machinery — 1.9%
	471	AGCO Corp.(b)		65,323
	3,132	Caterpillar, Inc.(b)		750,302
	1,517	Cummins, Inc.(b)		367,554
	1,522	Deere & Co.(b)		652,572
	1,533	IDEX Corp.(b)		350,030
	6,154	Otis Worldwide Corp.(b)		481,920

				2,667,701

		Media — 0.8%
	21,855	Comcast Corp., Class A(b)		764,270
	5,700	Fox Corp., Class B(b)		162,165
	30	Liberty Broadband Corp., Class C(a)(b)		2,288
	20,137	Sirius XM Holdings, Inc.(b)		117,600

				1,046,323

		Metals & Mining — 0.4%
	1,372	Alcoa Corp.(b)		62,385
	4,852	Barrick Gold Corp.(b)		83,357
	929	Rio Tinto PLC, Sponsored ADR(b)		66,145
	2,052	Southern Copper Corp.(b)		123,920
	1,435	Steel Dynamics, Inc.(b)		140,200
	4,124	Vale S.A., Sponsored ADR(b)		69,984

				545,991

		Multi-Utilities — 1.1%
	9,368	Ameren Corp.(b)		833,003
	10,972	Public Service Enterprise Group, Inc.(b)		672,254

				1,505,257

		Multiline Retail — 0.5%
	1,631	Dollar Tree, Inc.(a)(b)		230,689
	3,827	Nordstrom, Inc.(b)		61,768
	2,860	Target Corp.(b)		426,254

				718,711

		Oil, Gas & Consumable Fuels — 4.7%
	1,928	Canadian Natural Resources Ltd.(b)		107,062
	8,056	Cenovus Energy, Inc.(b)		156,367
	894	Cheniere Energy, Inc.(b)		134,064
	8,951	Chevron Corp.(b)		1,606,615
	7,143	ConocoPhillips(b)		842,874
	4,720	Devon Energy Corp.(b)		290,327
	1,122	Enbridge, Inc.(b)		43,870
	3,283	EQT Corp.(b)		111,064
	19,881	Exxon Mobil Corp.(b)		2,192,874
	1,235	HF Sinclair Corp.(b)		64,084
	4,296	Occidental Petroleum Corp.(b)		270,605
	2,073	Ovintiv, Inc.(b)		105,122
	1,422	Pioneer Natural Resources Co.(b)		324,771
	3,117	Suncor Energy, Inc.(b)		98,903
	1,936	Targa Resources Corp.(b)		142,296
	1,014	TC Energy Corp.		40,418

				6,531,316

		Personal Products — 0.0%
	2,246	BellRing Brands, Inc.(a)(b)		57,587

		Pharmaceuticals — 5.1%
	9,892	Bristol-Myers Squibb Co.(b)	$	711,729
	3,834	Eli Lilly & Co.(b)		1,402,631
	331	Jazz Pharmaceuticals PLC(a)(b)		52,732
	12,127	Johnson & Johnson(b)		2,142,234
	12,675	Merck & Co., Inc.(b)		1,406,291
	27,057	Pfizer, Inc.(b)		1,386,401
	1,500	Teva Pharmaceutical Industries Ltd., Sponsored ADR(a)(b)		13,680

				7,115,698

		Professional Services — 0.7%
	588	Booz Allen Hamilton Holding Corp.(b)		61,458
	3,601	CoStar Group, Inc.(a)(b)		278,285
	1,850	Leidos Holdings, Inc.(b)		194,601
	1,408	ManpowerGroup, Inc.(b)		117,160
	597	TransUnion(b)		33,880
	1,845	Verisk Analytics, Inc.(b)		325,495

				1,010,879

		Real Estate Management & Development — 0.0%
	176	Jones Lang LaSalle, Inc.(a)(b)		28,049

		REITs – Apartments — 0.8%
	3,564	American Homes 4 Rent, Class A(b)		107,419
	1,564	Essex Property Trust, Inc.(b)		331,443
	7,745	Invitation Homes, Inc.(b)		229,562
	2,431	Mid-America Apartment Communities, Inc.(b)		381,642

				1,050,066

		REITs – Diversified — 1.0%
	3,388	Crown Castle, Inc.(b)		459,548
	2,251	Digital Realty Trust, Inc.(b)		225,708
	723	Gaming & Leisure Properties, Inc.(b)		37,661
	698	SBA Communications Corp.(b)		195,657
	11,638	VICI Properties, Inc.(b)		377,071
	2,146	W.P. Carey, Inc.(b)		167,710

				1,463,355

		REITs – Health Care — 0.0%
	2,686	Medical Properties Trust, Inc.(b)		29,922

		REITs – Hotels — 0.0%
	2,742	Park Hotels & Resorts, Inc.(b)		32,328

		REITs – Manufactured Homes — 0.1%
	1,172	Sun Communities, Inc.(b)		167,596

		REITs – Mortgage — 0.0%
	1,078	Annaly Capital Management, Inc.(b)		22,724

		REITs – Office Property — 0.0%
	1,073	Kilroy Realty Corp.(b)		41,493
	370	Orion Office REIT, Inc.(b)		3,160

				44,653

		REITs – Single Tenant — 0.4%
	4,368	National Retail Properties, Inc.(b)		199,880
	6,468	Realty Income Corp.(b)		410,265

				610,145

		REITs – Storage — 0.1%
	1,277	Extra Space Storage, Inc.(b)		187,949

		REITs – Warehouse/Industrials — 0.4%
	5,292	Prologis, Inc.(b)		596,567

		Road & Rail — 1.2%
	2,291	Canadian Pacific Railway Ltd.(b)		170,886
	1,509	Norfolk Southern Corp.(b)		371,848
	1,047	Old Dominion Freight Line, Inc.(b)		297,117
	492	RXO, Inc.(a)(b)		8,462

See accompanying notes to financial statements.

| 36

Portfolio of Investments – as of December 31, 2022

Gateway Equity Call Premium Fund – (continued)


Shares		Description	Value (†)
		Road & Rail — continued
	1,456	Uber Technologies, Inc.(a)(b)	$	36,007
	4,069	Union Pacific Corp.(b)		842,568
	492	XPO, Inc.(a)(b)		16,379

				1,743,267

		Semiconductors & Semiconductor Equipment — 5.0%
	7,809	Advanced Micro Devices, Inc.(a)(b)		505,789
	5,292	Analog Devices, Inc.(b)		868,047
	5,566	Applied Materials, Inc.(b)		542,017
	713	Enphase Energy, Inc.(a)(b)		188,916
	21,713	Intel Corp.(b)		573,875
	5,092	Marvell Technology, Inc.(b)		188,608
	11,609	NVIDIA Corp.(b)		1,696,539
	1,873	NXP Semiconductors NV(b)		295,990
	4,895	ON Semiconductor Corp.(a)(b)		305,301
	5,968	QUALCOMM, Inc.(b)		656,122
	2,721	Teradyne, Inc.(b)		237,679
	5,685	Texas Instruments, Inc.(b)		939,276

				6,998,159

		Software — 8.6%
	2,336	Adobe, Inc.(a)(b)		786,134
	1,380	ANSYS, Inc.(a)(b)		333,394
	886	Check Point Software Technologies Ltd.(a)(b)		111,778
	4,052	Fortinet, Inc.(a)(b)		198,102
	33,729	Microsoft Corp.(b)		8,088,889
	7,985	Oracle Corp.(b)		652,694
	391	Palo Alto Networks, Inc.(a)(b)		54,560
	5,025	Salesforce, Inc.(a)(b)		666,265
	1,200	ServiceNow, Inc.(a)(b)		465,924
	1,177	Synopsys, Inc.(a)(b)		375,804
	656	VMware, Inc., Class A(a)(b)		80,531
	446	Workday, Inc., Class A(a)(b)		74,629
	922	Zoom Video Communications, Inc., Class A(a)(b)		62,456

				11,951,160

		Specialty Retail — 1.8%
	1,268	Advance Auto Parts, Inc.(b)		186,434
	346	Burlington Stores, Inc.(a)(b)		70,155
	933	Dick’s Sporting Goods, Inc.(b)		112,231
	1,370	Foot Locker, Inc.(b)		51,772
	5,211	Gap, Inc. (The)(b)		58,780
	5,383	Home Depot, Inc. (The)(b)		1,700,274
	478	Ulta Beauty, Inc.(a)(b)		224,216
	749	Williams-Sonoma, Inc.(b)		86,075

				2,489,937

		Technology Hardware, Storage & Peripherals — 6.2%
	66,509	Apple, Inc.(b)		8,641,514
	1,163	Dell Technologies, Inc., Class C(b)		46,776

				8,688,290

		Textiles, Apparel & Luxury Goods — 0.8%
	579	Carter’s, Inc.(b)		43,199
	189	Lululemon Athletica, Inc.(a)(b)		60,552
	7,268	NIKE, Inc., Class B(b)		850,429
	2,457	Skechers U.S.A., Inc., Class A(a)(b)		103,071
	2,600	Under Armour, Inc., Class C(a)(b)		23,192

				1,080,443

		Tobacco — 1.1%
	11,270	Altria Group, Inc.(b)		515,152
	1,544	British American Tobacco PLC, Sponsored ADR(b)		61,729
	8,950	Philip Morris International, Inc.(b)		905,829

				1,482,710

		Wireless Telecommunication Services — 0.1%
	6,515	America Movil SAB de CV, Series L, Sponsored ADR(b)	$	118,573
	5,722	Vodafone Group PLC, Sponsored ADR(b)		57,907

				176,480

		Total Common Stocks (Identified Cost $113,901,960)		138,873,970


Principal Amount
	Short-Term Investments — 1.1%
$	1,540,484	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/2022 at 1.800% to be repurchased at $1,540,792 on 1/03/2023 collateralized by $780,300 U.S. Treasury Note, 3.625% due 4/15/2028 valued at $1,571,439 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $1,540,484)		1,540,484


		Total Investments — 100.7% (Identified Cost $115,442,444)		140,414,454
		Other assets less liabilities — (0.7)%		(1,004,658	)

		Net Assets — 100.0%	$	139,409,796


Written Options — (1.8%)

Description	Expiration Date		Exercise Price	Contracts			Notional Amount			Premiums (Received)			Value (†)
Index Options — (1.8%)
S&P 500^® Index, Call		1/20/2023	3,850		(40	)	$	(15,358,000	)	$	(294,736	)	$	(287,400	)
S&P 500^® Index, Call		1/20/2023	4,075		(41	)		(15,741,950	)		(461,045	)		(25,215	)
S&P 500^® Index, Call		1/20/2023	4,100		(40	)		(15,358,000	)		(481,620	)		(17,200	)
S&P 500^® Index, Call		1/31/2023	3,925		(40	)		(15,358,000	)		(238,100	)		(213,600	)
S&P 500^® Index, Call		2/17/2023	3,825		(40	)		(15,358,000	)		(535,900	)		(540,600	)
S&P 500^® Index, Call		2/17/2023	3,900		(41	)		(15,741,950	)		(505,667	)		(390,525	)
S&P 500^® Index, Call		2/17/2023	3,950		(38	)		(14,590,100	)		(471,675	)		(277,020	)
S&P 500^® Index, Call		2/17/2023	3,975		(40	)		(15,358,000	)		(725,593	)		(250,400	)
S&P 500^® Index, Call		3/17/2023	3,900		(39	)		(14,974,050	)		(473,948	)		(513,630	)

Total										$	(4,188,284	)	$	(2,515,590	)



	(†)			See Note 2 of Notes to Financial Statements.
	(a)			Non-income producing security.
	(b)			Security (or a portion thereof) has been pledged as collateral for 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.
	REITs			Real Estate Investment Trusts

See accompanying notes to financial statements.

37 |

Portfolio of Investments – as of December 31, 2022

Gateway Equity Call Premium Fund – (continued)

Industry Summary at December 31, 2022


Software	8.6	%
Technology Hardware, Storage & Peripherals	6.2
Pharmaceuticals	5.1
Semiconductors & Semiconductor Equipment	5.0
Oil, Gas & Consumable Fuels	4.7
IT Services	4.4
Interactive Media & Services	4.2
Banks	3.9
Health Care Providers & Services	3.6
Capital Markets	2.7
Insurance	2.6
Biotechnology	2.4
Health Care Equipment & Supplies	2.4
Internet & Direct Marketing Retail	2.4
Diversified Financial Services	2.2
Beverages	2.2
Hotels, Restaurants & Leisure	2.0
Other Investments, less than 2% each	35.0
Short-Term Investments	1.1

Total Investments	100.7
Other assets less liabilities (including open written options)	(0.7	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 38

Portfolio of Investments – as of December 31, 2022

Mirova Global Green Bond Fund


Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 98.7% of Net Assets
		Canada — 2.2%
	1,000,000	Province of Ontario Canada, 1.950%, 1/27/2023, (CAD)	$	737,334
	50,000	Province of Quebec Canada, 2.600%, 7/06/2025, (CAD)		35,648

				772,982

		Chile — 2.0%
	500,000	Chile Government International Bond, 1.250%, 1/29/2040, (EUR)		348,329
	500,000	Chile Government International Bond, 3.500%, 1/25/2050		360,312

				708,641

		Denmark — 3.1%
	500,000	Orsted A/S, 1.500%, 11/26/2029, (EUR)		463,852
	200,000	Orsted A/S, (fixed rate to 9/09/2027, variable rate thereafter), 1.750%, 12/09/3019, (EUR)		182,780
	500,000	Vestas Wind Systems Finance BV, EMTN, 1.500%, 6/15/2029, (EUR)		468,654

				1,115,286

		Finland — 0.5%
	200,000	VR-Yhtyma OYJ, 2.375%, 5/30/2029, (EUR)		190,811

		France — 7.7%
	400,000	Altarea SCA, 1.750%, 1/16/2030, (EUR)		316,553
	400,000	Cie de Saint-Gobain, EMTN, 2.125%, 6/10/2028, (EUR)		393,469
	400,000	Covivio, 1.125%, 9/17/2031, (EUR)		342,861
	200,000	Derichebourg S.A., 2.250%, 7/15/2028, (EUR)		182,957
	200,000	Faurecia SE, 2.375%, 6/15/2029, (EUR)		161,370
	100,000	Getlink SE, 3.500%, 10/30/2025, (EUR)		103,834
	600,000	ICADE, 1.500%, 9/13/2027, (EUR)		556,071
	300,000	Seche Environnement S.A., 2.250%, 11/15/2028, (EUR)		275,367
	600,000	Societe du Grand Paris EPIC, EMTN, 1.700%, 5/25/2050, (EUR)		422,828

				2,755,310

		Germany — 9.5%
	700,000	BayWa AG, EMTN, 3.125%, 6/26/2024, (EUR)		747,007
	2,300,000	Bundesrepublik Deutschland Bundesanleihe, Series G, Zero Coupon, 1.719%-2.111%, 8/15/2050, (EUR)(a)		1,288,013
	500,000	E.ON SE, EMTN, 0.350%, 2/28/2030, (EUR)		419,019
	500,000	EnBW Energie Baden-Wuerttemberg AG, (fixed rate to 3/30/2026, variable rate thereafter), 1.875%, 6/29/2080, (EUR)		458,934
	500,000	Landesbank Baden-Wuerttemberg, Series 809, MTN, 0.375%, 7/29/2026, (EUR)		470,948

				3,383,921

		Hungary — 1.4%
	700,000	Hungary Government International Bond, 1.750%, 6/05/2035, (EUR)		490,779

		Indonesia — 1.4%
	500,000	Perusahaan Penerbit SBSN Indonesia III, MTN, 3.900%, 8/20/2024		493,750

		Ireland — 0.7%
	300,000	ESB Finance DAC, EMTN, 1.000%, 7/19/2034, (EUR)		232,435

		Italy — 6.5%
	400,000	A2A SpA, EMTN, 1.000%, 7/16/2029, (EUR)	$	342,544
	600,000	Assicurazioni Generali SpA, EMTN, 2.124%, 10/01/2030, (EUR)		527,573
	300,000	ERG SpA, EMTN, 0.500%, 9/11/2027, (EUR)		271,530
	400,000	Hera SpA, EMTN, 2.500%, 5/25/2029, (EUR)		387,844
	1,300,000	Italy Buoni Poliennali Del Tesoro, 1.500%, 4/30/2045, 144A, (EUR)		786,842

				2,316,333

		Japan — 2.4%
	500,000	Denso Corp., 1.239%, 9/16/2026		434,423
	400,000	Mizuho Financial Group, Inc., EMTN, 3.490%, 9/05/2027, (EUR)		416,645

				851,068

		Korea — 2.9%
	400,000	Kookmin Bank, GMTN, 4.500%, 2/01/2029		370,943
	300,000	Korea International Bond, Zero Coupon, 0.000%, 10/15/2026, (EUR)(b)		280,748
	400,000	Korea Water Resources Corp., EMTN, 3.875%, 5/15/2023		398,240

				1,049,931

		Lithuania — 2.3%
	500,000	AB Ignitis Grupe, EMTN, 1.875%, 7/10/2028, (EUR)		448,834
	400,000	AB Ignitis Grupe, EMTN, 2.000%, 7/14/2027, (EUR)		380,907

				829,741

		Mexico — 2.2%
	800,000	Mexico Government International Bond, 1.350%, 9/18/2027, (EUR)		767,754

		Netherlands — 9.0%
	200,000	ABB Finance BV, EMTN, Zero Coupon, 0.282%, 1/19/2030, (EUR)(b)		164,187
	300,000	Alliander NV, EMTN, 2.625%, 9/09/2027, (EUR)		308,901
	400,000	CTP NV, EMTN, 2.125%, 10/01/2025, (EUR)		367,510
	400,000	de Volksbank NV, EMTN, 0.375%, 3/03/2028, (EUR)		345,462
	500,000	de Volksbank NV, (fixed rate to 12/15/2027, variable rate thereafter), 7.000%, (EUR)(c)		478,973
	600,000	de Volksbank NV, EMTN, (fixed rate to 10/22/2025, variable rate thereafter), 1.750%, 10/22/2030, (EUR)		581,639
	500,000	Koninklijke Philips NV, EMTN, 2.125%, 11/05/2029, (EUR)		462,705
	300,000	Stedin Holding NV, EMTN, 2.375%, 6/03/2030, (EUR)		290,963
	150,000	TenneT Holding BV, EMTN, 1.250%, 10/24/2033, (EUR)		121,717
	100,000	TenneT Holding BV, EMTN, 1.875%, 6/13/2036, (EUR)		84,055

				3,206,112

		Norway — 0.9%
	300,000	Statkraft A/S, EMTN, 2.875%, 9/13/2029, (EUR)		307,621

		Portugal — 1.0%
	400,000	Ren Finance BV, EMTN, 0.500%, 4/16/2029, (EUR)		342,283

		Singapore — 2.6%
	1,000,000	Vena Energy Capital Pte Ltd., EMTN, 3.133%, 2/26/2025		918,658

		Spain — 9.5%
	400,000	Banco Bilbao Vizcaya Argentaria S.A., 1.000%, 6/21/2026, (EUR)		390,780
	300,000	Banco Bilbao Vizcaya Argentaria S.A., GMTN, 4.375%, 10/14/2029, (EUR)		325,204
	500,000	Bankinter S.A., 0.625%, 10/06/2027, (EUR)		450,629

See accompanying notes to financial statements.

39 |

Portfolio of Investments – as of December 31, 2022

Mirova Global Green Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Spain — continued
	400,000	Iberdrola Finanzas S.A., EMTN, 1.375%, 3/11/2032, (EUR)	$	353,980
	500,000	Iberdrola International BV, (fixed rate to 2/22/2023, variable rate thereafter), 1.875%, (EUR)(c)		529,872
	900,000	Spain Government Bond, 1.000%, 7/30/2042, 144A, (EUR)		587,773
	500,000	Telefonica Emisiones S.A., EMTN, 2.592%, 5/25/2031, (EUR)		483,805
	300,000	Telefonica Europe BV, (fixed rate to 2/05/2027, variable rate thereafter), 2.502%, (EUR)(c)		269,143

				3,391,186

		Supranationals — 5.7%
	2,200,000	European Investment Bank, 2.375%, 5/24/2027		2,042,789

		Sweden — 3.4%
	400,000	SKF AB, 3.125%, 9/14/2028, (EUR)		406,771
	500,000	Vattenfall AB, EMTN, 0.125%, 2/12/2029, (EUR)		427,694
	400,000	Volvo Car AB, EMTN, 2.500%, 10/07/2027, (EUR)		376,453

				1,210,918

		United Kingdom — 9.2%
	500,000	Anglian Water Services Financing PLC, EMTN, 1.625%, 8/10/2025, (GBP)		555,359
	500,000	SSE PLC, EMTN, 1.375%, 9/04/2027, (EUR)		482,190
	300,000	SSE PLC, EMTN, 2.875%, 8/01/2029, (EUR)		300,050
	400,000	Thames Water Utilities Finance PLC, 0.875%, 1/31/2028, (EUR)		364,185
	1,600,000	United Kingdom Gilt, 0.875%, 7/31/2033, (GBP)		1,443,796
	200,000	United Kingdom Gilt, 1.500%, 7/31/2053, (GBP)		138,309

				3,283,889

		United States — 12.6%
	600,000	Digital Dutch Finco BV, 1.500%, 3/15/2030, (EUR)		501,404
	600,000	Digital Euro Finco LLC, 2.500%, 1/16/2026, (EUR)		594,489
	300,000	Digital Intrepid Holding BV, 0.625%, 7/15/2031, (EUR)		219,607
	200,000	DTE Electric Co., 3.950%, 3/01/2049		163,888
��	500,000	Equinix, Inc., 0.250%, 3/15/2027, (EUR)		462,177
	400,000	Ford Motor Co., 3.250%, 2/12/2032		299,977
		United States — continued
$	500,000	General Motors Co., 5.400%, 10/15/2029	$	477,149
	400,000	Southern Power Co., 4.150%, 12/01/2025		392,030
	200,000	Thermo Fisher Scientific, Inc., 4.100%, 8/15/2047		173,957
	700,000	Verizon Communications, Inc., 3.875%, 2/08/2029		656,786
	600,000	Wabtec Transportation Netherlands BV, 1.250%, 12/03/2027, (EUR)		543,970

				4,485,434

		Total Bonds and Notes (Identified Cost $41,309,382)		35,147,632


		Total Investments — 98.7% (Identified Cost $41,309,382)		35,147,632
		Other assets less liabilities — 1.3%		467,662

		Net Assets — 100.0%	$	35,615,294


	(†)	See Note 2 of Notes to Financial Statements.
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(a)	Interest rate represents annualized yield at time of purchase; not a coupon rate. The Fund’s investment in this security is comprised of various lots with differing annualized yields.
	(b)	Interest rate represents annualized yield at time of purchase; not a coupon rate.
	(c)	Perpetual bond with no specified maturity 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, 2022, the value of Rule 144A holdings amounted to $1,374,615 or 3.9% of net assets.
	EMTN	Euro Medium Term Note
	GMTN	Global Medium Term Note
	MTN	Medium Term Note

	CAD	Canadian Dollar
	EUR	Euro
	GBP	British Pound

At December 31, 2022, open long futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
2 Year U.S. Treasury Note		3/31/2023		10	$	2,062,266	$	2,050,782	$	(11,484	)
5 Year U.S. Treasury Note		3/31/2023		11		1,204,930		1,187,226		(17,704	)
10 Year Canada Government Bond		3/22/2023		2		186,662		181,019		(5,643	)
Euro-Buxl^® 30 Year Bond		3/08/2023		3		517,347		434,302		(83,045	)

Total									$	(117,876	)

At December 31, 2022, open short futures contracts were as follows:


Financial and Currency Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
British Pound		3/13/2023		20	$	1,514,209	$	1,510,500	$	3,709
Canadian Dollar		3/14/2023		9		673,920		665,280		8,640
Euro		3/13/2023		190		24,934,803		25,540,750		(605,947	)
German Euro BOBL		3/08/2023		25		3,171,474		3,097,613		73,861
Ultra Long U.S. Treasury Bond		3/22/2023		5		720,000		671,563		48,437

Total									$	(471,300	)

See accompanying notes to financial statements.

| 40

Portfolio of Investments – as of December 31, 2022

Mirova Global Green Bond Fund – (continued)

Industry Summary at December 31, 2022


Utility-Electric	18.9	%
Government National	18.2
Industrial	16.3
Special Purpose	10.9
Bank	10.8
Financial	9.2
Supra-National	5.7
Government Regional	3.4
Telephone	2.6
Government Agency	1.1
Utility-Gas	0.8
Transportation-Rail	0.5
Transportation-Non Rail	0.3

Total Investments	98.7
Other assets less liabilities (including futures contracts)	1.3

Net Assets	100.0	%

Currency Exposure Summary at December 31, 2022


Euro	70.4	%
United States Dollar	20.1
British Pound	6.0
Canadian Dollar	2.2

Total Investments	98.7
Other assets less liabilities (including futures contracts)	1.3

Net Assets	100.0	%

See accompanying notes to financial statements.

41 |

Portfolio of Investments – as of December 31, 2022

Mirova Global Sustainable Equity Fund


Shares		Description	Value (†)
	Common Stocks — 98.6% of Net Assets
		Belgium — 1.1%
	151,183	KBC Group NV	$	9,733,960

		Brazil — 1.9%
	20,014	MercadoLibre, Inc.(a)		16,936,647

		Denmark — 9.3%
	302,260	Novo Nordisk A/S, Class B		41,051,612
	251,826	Orsted A/S, 144A		22,766,489
	591,167	Vestas Wind Systems A/S		17,244,723

				81,062,824

		France — 2.6%
	529,484	Credit Agricole S.A.		5,569,821
	91,858	EssilorLuxottica S.A.		16,620,139

				22,189,960

		Germany — 5.5%
	218,629	Mercedes-Benz Group AG, (Registered)		14,297,215
	107,744	SAP SE		11,123,563
	206,565	Symrise AG		22,433,990

				47,854,768

		Hong Kong — 2.9%
	2,263,311	AIA Group Ltd.		24,994,607

		Japan — 5.4%
	841,800	Sekisui House Ltd.		14,924,316
	607,130	Takeda Pharmaceutical Co. Ltd.		18,970,791
	443,200	Terumo Corp.		12,564,975

				46,460,082

		Netherlands — 3.8%
	13,136	Adyen NV, 144A(a)		18,236,038
	26,371	ASML Holding NV		14,378,831

				32,614,869

		Spain — 3.4%
	2,533,317	Iberdrola S.A.		29,572,646

		Taiwan — 2.2%
	260,502	Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR		19,404,794

		United Kingdom — 2.6%
	4,383,942	Legal & General Group PLC		13,143,638
	192,268	Unilever PLC		9,647,380

				22,791,018

		United States — 57.9%
	70,960	Adobe, Inc.(a)		23,880,169
	89,717	American Water Works Co., Inc.		13,674,665
	220,003	Aptiv PLC(a)		20,488,879
	190,484	Ball Corp.		9,741,352
	73,553	Bright Horizons Family Solutions, Inc.(a)		4,641,194
	86,494	Danaher Corp.		22,957,237
	23,650	Deere & Co.		10,140,174
	676,733	eBay, Inc.		28,064,118
	190,714	Ecolab, Inc.		27,760,330
	85,422	Edwards Lifesciences Corp.(a)		6,373,335
	67,114	Eli Lilly & Co.		24,552,986
	42,013	Estee Lauder Cos., Inc. (The), Class A		10,423,845
	39,130	Intuitive Surgical, Inc.(a)		10,383,146
	118,432	Mastercard, Inc., Class A		41,182,359
	160,023	Microsoft Corp.		38,376,716
	275,714	NextEra Energy, Inc.		23,049,690
	168,559	NVIDIA Corp.		24,633,212
	68,452	Roper Technologies, Inc.		29,577,425
	70,522	Signature Bank		8,125,545
	277,604	Sunrun, Inc.(a)		6,668,048
		United States — continued
	52,405	SVB Financial Group(a)	$	12,060,487
	78,246	Thermo Fisher Scientific, Inc.		43,089,290
	292,910	Verizon Communications, Inc.		11,540,654
	120,475	Visa, Inc., Class A		25,029,886
	69,244	Watts Water Technologies, Inc., Class A		10,125,550
	139,203	Xylem, Inc.		15,391,676

				501,931,968

		Total Common Stocks (Identified Cost $954,746,681)		855,548,143


		Total Investments — 98.6% (Identified Cost $954,746,681)		855,548,143
		Other assets less liabilities — 1.4%		11,884,265

		Net Assets — 100.0%	$	867,432,408


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.

	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, 2022, the value of Rule 144A holdings amounted to $41,002,527 or 4.7% of net assets.
	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, 2022


Software	11.9	%
IT Services	9.8
Pharmaceuticals	9.7
Electric Utilities	8.7
Life Sciences Tools & Services	7.6
Semiconductors & Semiconductor Equipment	6.7
Chemicals	5.8
Health Care Equipment & Supplies	5.3
Internet & Direct Marketing Retail	5.1
Insurance	4.4
Machinery	4.2
Banks	4.1
Electrical Equipment	2.8
Auto Components	2.4
Personal Products	2.3
Other Investments, less than 2% each	7.8

Total Investments	98.6
Other assets less liabilities	1.4

Net Assets	100.0	%

Currency Exposure Summary at December 31, 2022


United States Dollar	62.0	%
Euro	17.5
Danish Krone	9.3
Japanese Yen	5.4
Hong Kong Dollar	2.9
British Pound	1.5

Total Investments	98.6
Other assets less liabilities	1.4

Net Assets	100.0	%

See accompanying notes to financial statements.

| 42

Portfolio of Investments – as of December 31, 2022

Mirova International Sustainable Equity Fund


Shares		Description	Value (†)
	Common Stocks — 99.9% of Net Assets
		Australia — 1.2%
	42,192	Stockland	$	103,913

		Belgium — 5.9%
	6,653	KBC Group NV		428,355
	2,805	Umicore S.A.		103,167

				531,522

		Brazil — 1.2%
	125	MercadoLibre, Inc.(a)		105,780

		Denmark — 12.1%
	3,464	Novo Nordisk A/S, Class B		470,465
	3,158	Orsted A/S, 144A		285,501
	11,352	Vestas Wind Systems A/S		331,145

				1,087,111

		France — 12.7%
	1,123	Air Liquide S.A.		159,393
	16,194	Credit Agricole S.A.		170,350
	4,823	Dassault Systemes SE		173,433
	1,076	EssilorLuxottica S.A.		194,684
	500	L’Oreal S.A.		179,049
	1,420	Sanofi		136,926
	3,151	Worldline S.A., 144A(a)		123,401

				1,137,236

		Germany — 6.9%
	2,533	Mercedes-Benz Group AG, (Registered)		165,645
	2,765	SAP SE		285,461
	1,504	Symrise AG		163,342

				614,448

		Hong Kong — 8.6%
	42,478	AIA Group Ltd.		469,101
	21,857	Prudential PLC		298,026

				767,127

		Ireland — 3.9%
	3,596	Kingspan Group PLC		194,702
	4,281	Smurfit Kappa Group PLC		158,655

				353,357

		Japan — 13.5%
	1,900	Kao Corp.		75,431
	22,100	Kubota Corp.		301,918
	10,100	Sekisui House Ltd.		179,063
	800	Shimano, Inc.		126,415
	8,138	Takeda Pharmaceutical Co. Ltd.		254,285
	6,600	Terumo Corp.		187,114
	2,000	West Japan Railway Co.		86,839

				1,211,065

		Netherlands — 7.7%
	204	Adyen NV, 144A(a)		283,203
	753	ASML Holding NV		410,574

				693,777

		Norway — 0.4%
	3,921	Telenor ASA		36,634

		Spain — 4.2%
	32,051	Iberdrola S.A.		374,147

		Switzerland — 2.6%
	484	Geberit AG, (Registered)		228,487

		Taiwan — 4.1%
	4,962	Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR		369,619

		United Kingdom — 14.9%
	3,166	Croda International PLC		251,946
		United Kingdom — continued
	9,784	Halma PLC	$	233,005
	3,187	Johnson Matthey PLC		81,451
	14,707	Land Securities Group PLC		109,878
	119,493	Legal & General Group PLC		358,256
	964	Spirax-Sarco Engineering PLC		123,132
	3,507	Unilever PLC		175,970

				1,333,638

		Total Common Stocks (Identified Cost $11,539,092)		8,947,861


		Total Investments — 99.9% (Identified Cost $11,539,092)		8,947,861
		Other assets less liabilities — 0.1%		10,383

		Net Assets — 100.0%	$	8,958,244


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.

	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, 2022, the value of Rule 144A holdings amounted to $692,105 or 7.7% of net assets.
	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, 2022


Insurance	12.6	%
Pharmaceuticals	9.5
Semiconductors & Semiconductor Equipment	8.7
Chemicals	8.4
Electric Utilities	7.4
Banks	6.7
Software	5.1
Personal Products	4.8
Machinery	4.8
Building Products	4.8
IT Services	4.5
Health Care Equipment & Supplies	4.3
Electrical Equipment	3.7
Electronic Equipment, Instruments & Components	2.6
REITs - Diversified	2.4
Household Durables	2.0
Other Investments, less than 2% each	7.6

Total Investments	99.9
Other assets less liabilities	0.1

Net Assets	100.0	%

Currency Exposure Summary at December 31, 2022


Euro	43.3	%
British Pound	16.2
Japanese Yen	13.5
Danish Krone	12.1
United States Dollar	5.3
Hong Kong Dollar	5.3
Swiss Franc	2.6
Other, less than 2% each	1.6

Total Investments	99.9
Other assets less liabilities	0.1

Net Assets	100.0	%

See accompanying notes to financial statements.

43 |

Portfolio of Investments – as of December 31, 2022

Mirova U.S. Sustainable Equity Fund


Shares		Description	Value (†)
	Common Stocks — 98.3% of Net Assets
		Auto Components — 2.1%
	832	Aptiv PLC(a)	$	77,484

		Banks — 2.1%
	509	Signature Bank		58,647
	75	SVB Financial Group(a)		17,260

				75,907

		Chemicals — 3.2%
	811	Ecolab, Inc.		118,049

		Commercial Services & Supplies — 4.2%
	973	Waste Management, Inc.		152,644

		Communications Equipment — 1.1%
	815	Cisco Systems, Inc.		38,827

		Containers & Packaging — 1.4%
	1,012	Ball Corp.		51,754

		Diversified Consumer Services — 0.9%
	504	Bright Horizons Family Solutions, Inc.(a)		31,802

		Diversified Telecommunication Services — 2.0%
	1,827	Verizon Communications, Inc.		71,984

		Electric Utilities — 4.4%
	1,933	NextEra Energy, Inc.		161,599

		Electrical Equipment — 0.9%
	1,347	Sunrun, Inc.(a)		32,355

		Electronic Equipment, Instruments & Components — 1.1%
	797	Trimble, Inc.(a)		40,296

		Health Care Equipment & Supplies — 4.0%
	353	Edwards Lifesciences Corp.(a)		26,337
	447	Intuitive Surgical, Inc.(a)		118,612

				144,949

		Household Products — 1.5%
	718	Colgate-Palmolive Co.		56,571

		Internet & Direct Marketing Retail — 3.5%
	3,088	eBay, Inc.		128,059

		IT Services — 9.6%
	180	Accenture PLC, Class A		48,031
	605	Mastercard, Inc., Class A		210,377
	445	Visa, Inc., Class A		92,453

				350,861

		Life Sciences Tools & Services — 10.9%
	587	Danaher Corp.		155,802
	441	Thermo Fisher Scientific, Inc.		242,854

				398,656

		Machinery — 8.4%
	103	Deere & Co.		44,162
	684	Watts Water Technologies, Inc., Class A		100,021
	1,482	Xylem, Inc.		163,865

				308,048

		Personal Products — 3.0%
	435	Estee Lauder Cos., Inc. (The), Class A		107,928

		Pharmaceuticals — 3.6%
	363	Eli Lilly & Co.		132,800

		Semiconductors & Semiconductor Equipment — 10.6%
	944	First Solar, Inc.(a)		141,402
	1,004	NVIDIA Corp.		146,725
	1,327	Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR		98,848

				386,975

		Software — 15.5%
	362	Adobe, Inc.(a)	$	121,824
	1,131	Microsoft Corp.		271,236
	405	Roper Technologies, Inc.		174,997

				568,057

		Water Utilities — 4.3%
	1,037	American Water Works Co., Inc.		158,060

		Total Common Stocks (Identified Cost $3,704,689)		3,593,665


Principal Amount
	Short-Term Investments — 2.7%
$	100,052	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/2022 at 1.800% to be repurchased at $100,072 on 1/03/2023 collateralized by $116,700 U.S. Treasury Note, 1.250% due 3/31/2028 valued at $102,103 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $100,052)		100,052

		Total Investments — 101.0% (Identified Cost $3,804,741)		3,693,717
		Other assets less liabilities — (1.0)%		(38,206	)

		Net Assets — 100.0%	$	3,655,511


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	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, 2022


Software	15.5	%
Life Sciences Tools & Services	10.9
Semiconductors & Semiconductor Equipment	10.6
IT Services	9.6
Machinery	8.4
Electric Utilities	4.4
Water Utilities	4.3
Commercial Services & Supplies	4.2
Health Care Equipment & Supplies	4.0
Pharmaceuticals	3.6
Internet & Direct Marketing Retail	3.5
Chemicals	3.2
Personal Products	3.0
Auto Components	2.1
Banks	2.1
Diversified Telecommunication Services	2.0
Other Investments, less than 2% each	6.9
Short-Term Investments	2.7

Total Investments	101.0
Other assets less liabilities	(1.0	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 44

Statements of Assets and Liabilities

December 31, 2022


	Gateway Fund		Gateway Equity Call Premium Fund		Mirova Global Green Bond Fund
ASSETS
Investments at cost	$	2,946,359,258	$	115,442,444	$	41,309,382
Net unrealized appreciation (depreciation)		3,473,011,667		24,972,010		(6,161,750	)

Investments at value		6,419,370,925		140,414,454		35,147,632
Cash		26,484		2,454		—
Due from brokers (including variation margin on futures contracts) (Note 2)		—		—		1,529,723
Foreign currency at value (identified cost $0, $0 and $1,833,618, respectively)		—		—		1,849,067
Receivable for Fund shares sold		9,711,231		873,468		208,406
Receivable from investment adviser (Note 6)		—		—		24,520
Receivable for securities sold		31,901,010		712,048		—
Dividends and interest receivable		4,142,643		117,771		294,825
Unrealized appreciation on futures contracts (Note 2)		—		—		134,647
Prepaid expenses (Note 8)		1,198		566		559

TOTAL ASSETS		6,465,153,491		142,120,761		39,189,379

LIABILITIES
Options written, at value (premiums received $185,070,747, $4,188,284 and $0, respectively) (Note 2)		111,573,945		2,515,590		—
Payable for Fund shares redeemed		10,682,824		26,714		700,620
Payable to custodian bank (Note 9)		—		—		2,071,038
Unrealized depreciation on futures contracts (Note 2)		—		—		723,823
Management fees payable (Note 6)		3,068,724		34,780		—
Deferred Trustees’ fees (Note 6)		1,143,854		53,461		20,777
Administrative fees payable (Note 6)		257,617		5,669		1,503
Payable to distributor (Note 6d)		41,301		436		344
Audit and tax services fees payable		54,782		53,723		45,285
Other accounts payable and accrued expenses		290,938		20,592		10,695

TOTAL LIABILITIES		127,113,985		2,710,965		3,574,085

NET ASSETS	$	6,338,039,506	$	139,409,796	$	35,615,294

NET ASSETS CONSIST OF:
Paid-in capital	$	3,848,120,513	$	120,724,621	$	45,587,908
Accumulated earnings (loss)		2,489,918,993		18,685,175		(9,972,614	)

NET ASSETS	$	6,338,039,506	$	139,409,796	$	35,615,294

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	869,121,700	$	1,617,348	$	5,278,322

Shares of beneficial interest		24,432,413		110,777		660,314

Net asset value and redemption price per share	$	35.57	$	14.60	$	7.99

Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	37.74	$	15.49	$	8.34

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	77,354,918	$	944,242	$	—

Shares of beneficial interest		2,193,877		65,314		—

Net asset value and offering price per share	$	35.26	$	14.46	$	—

Class N shares:
Net assets	$	378,376,979	$	218,791	$	5,223,751

Shares of beneficial interest		10,644,572		15,012		649,942

Net asset value, offering and redemption price per share	$	35.55	$	14.57	$	8.04

Class Y shares:
Net assets	$	5,013,185,909	$	136,629,415	$	25,113,221

Shares of beneficial interest		141,050,267		9,366,728		3,128,962

Net asset value, offering and redemption price per share	$	35.54	$	14.59	$	8.03

See accompanying notes to financial statements.

45 |

Statements of Assets and Liabilities (continued)

December 31, 2022


	Mirova Global Sustainable Equity Fund			Mirova International Sustainable Equity Fund			Mirova U.S. Sustainable Equity Fund
ASSETS
Investments at cost	$	954,746,681		$	11,539,092		$	3,804,741
Net unrealized depreciation		(99,198,538	)		(2,591,231	)		(111,024	)

Investments at value		855,548,143			8,947,861			3,693,717
Foreign currency at value (identified cost $12,369,753, $91,334 and $0, respectively)		12,537,049			94,266			—
Receivable for Fund shares sold		1,337,039			18,198			11,408
Receivable from investment adviser (Note 6)		—			6,616			5,653
Dividends and interest receivable		271,391			11,634			1,349
Tax reclaims receivable		682,248			61,214			—
Prepaid expenses (Note 8)		641			558			556

TOTAL ASSETS		870,376,511			9,140,347			3,712,683

LIABILITIES
Payable for Fund shares redeemed		1,973,761			39,463			—
Management fees payable (Note 6)		568,957			—			—
Deferred Trustees’ fees (Note 6)		43,462			12,989			5,549
Administrative fees payable (Note 6)		35,462			362			150
Payable to distributor (Note 6d)		7,793			17			2
Audit and tax services fees payable		44,996			44,865			44,448
Other accounts payable and accrued expenses		269,672			84,407			7,023

TOTAL LIABILITIES		2,944,103			182,103			57,172

NET ASSETS	$	867,432,408		$	8,958,244		$	3,655,511

NET ASSETS CONSIST OF:
Paid-in capital	$	980,681,195		$	11,818,891		$	3,777,005
Accumulated loss		(113,248,787	)		(2,860,647	)		(121,494	)

NET ASSETS	$	867,432,408		$	8,958,244		$	3,655,511

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	29,013,123		$	717,422		$	2,667

Shares of beneficial interest		1,905,687			68,504			294

Net asset value and redemption price per share	$	15.22		$	10.47		$	9.07

Offering price per share (100/94.25 of net asset value) (Note 1)	$	16.15		$	11.11		$	9.62

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	11,440,846		$	—		$	77,144

Shares of beneficial interest		789,919			—			8,645

Net asset value and offering price per share	$	14.48		$	—		$	8.92

Class N shares:
Net assets	$	189,957,035		$	7,433,250		$	3,527,321

Shares of beneficial interest		12,364,452			706,535			388,535

Net asset value, offering and redemption price per share	$	15.36		$	10.52		$	9.08

Class Y shares:
Net assets	$	637,021,404		$	807,572		$	48,379

Shares of beneficial interest		41,466,978			76,848			5,333

Net asset value, offering and redemption price per share	$	15.36		$	10.51		$	9.07

See accompanying notes to financial statements.

| 46

Statements of Operations

For the Year Ended December 31, 2022


	Gateway Fund			Gateway Equity Call Premium Fund			Mirova Global Green Bond Fund
INVESTMENT INCOME
Dividends	$	111,489,535		$	2,105,185		$	—
Interest		825,403			23,781			714,961
Less net foreign taxes withheld		(131,554	)		(7,235	)		—

		112,183,384			2,121,731			714,961

Expenses
Management fees (Note 6)		42,712,665			754,139			204,867
Service and distribution fees (Note 6)		3,277,842			12,855			15,597
Administrative fees (Note 6)		3,299,638			58,881			18,492
Trustees’ fees and expenses (Note 6)		232,940			15,909			13,089
Trustees’ fees deferred compensation (Note 6)		(115,800	)		(3,826	)		549
Transfer agent fees and expenses (Notes 6 and 7)		4,382,114			67,138			42,249
Audit and tax services fees		54,998			53,742			45,287
Custodian fees and expenses		277,348			98,161			11,800
Interest expense (Note 11)		—			1,508			4,380
Legal fees (Note 8)		248,230			4,308			1,374
Registration fees		181,419			81,334			51,342
Regulatory filing fees		13,000			13,000			13,000
Shareholder reporting expenses		331,628			12,256			13,771
Miscellaneous expenses		217,851			22,791			19,438

Total expenses		55,113,873			1,192,196			455,235
Fee/expense recovery (Note 6)		3,123			—			—
Less waiver and/or expense reimbursement (Note 6)		(990,739	)		(293,801	)		(171,696	)

Net expenses		54,126,257			898,395			283,539

Net investment income		58,057,127			1,223,336			431,422

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS WRITTEN AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		204,406,425			(626,895	)		(4,062,959	)
Futures contracts		—			—			1,911,303
Options written		448,762,179			7,931,158			—
Foreign currency transactions (Note 2c)		(3,241	)		(155	)		(97,168	)
Net change in unrealized appreciation (depreciation) on:
Investments		(1,779,813,042	)		(25,391,840	)		(5,644,636	)
Futures contracts		—			—			(114,946	)
Options written		85,743,092			1,830,792			—
Foreign currency translations (Note 2c)		(129	)		—			6,670

Net realized and unrealized loss on investments, futures contracts, options written and foreign currency transactions		(1,040,904,716	)		(16,256,940	)		(8,001,736	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(982,847,589	)	$	(15,033,604	)	$	(7,570,314	)

See accompanying notes to financial statements.

47 |

Statements of Operations (continued)

For the Year Ended December 31, 2022


	Mirova Global Sustainable Equity Fund			Mirova International Sustainable Equity Fund			Mirova U.S. Sustainable Equity Fund
INVESTMENT INCOME
Dividends	$	16,679,217		$	587,791		$	38,939
Non-cash dividends (Note 2b)		1,225,552			31,741			—
Interest		35,148			1,009			654
Less net foreign taxes withheld		(1,483,752	)		(67,280	)		(515	)

		16,456,165			553,261			39,078

Expenses
Management fees (Note 6)		7,695,354			152,331			25,740
Service and distribution fees (Note 6)		219,162			1,370			863
Administrative fees (Note 6)		434,036			8,536			1,786
Trustees’ fees and expenses (Note 6)		41,127			12,386			11,958
Trustees’ fees deferred compensation (Note 6)		4,776			1,585			2,645
Transfer agent fees and expenses (Notes 6 and 7)		843,739			5,517			3,892
Audit and tax services fees		45,838			45,213			44,449
Custodian fees and expenses		70,014			24,633			2,016
Interest expense (Note 11)		42,550			2,412			—
Legal fees (Note 8)		33,519			761			122
Registration fees		103,972			52,520			69,501
Regulatory filing fees		13,000			13,000			13,000
Shareholder reporting expenses		87,121			9,177			8,357
Miscellaneous expenses		58,821			18,762			13,529

Total expenses		9,693,029			348,203			197,858
Less waiver and/or expense reimbursement (Note 6)		(410,053	)		(172,221	)		(167,224	)

Net expenses		9,282,976			175,982			30,634

Net investment income		7,173,189			377,279			8,444

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		(13,898,657	)		(43,865	)		81,285
Foreign currency transactions (Note 2c)		(231,031	)		(23,782	)		—
Net change in unrealized appreciation (depreciation) on:
Investments		(261,769,491	)		(8,261,267	)		(1,240,668	)
Foreign currency translations (Note 2c)		178,325			(1,402	)		—

Net realized and unrealized loss on investments and foreign currency transactions		(275,720,854	)		(8,330,316	)		(1,159,383	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(268,547,665	)	$	(7,953,037	)	$	(1,150,939	)

See accompanying notes to financial statements.

| 48

Statements of Changes in Net Assets


	Gateway Fund						Gateway Equity Call Premium Fund
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income	$	58,057,127		$	49,256,628		$	1,223,336		$	539,101
Net realized gain (loss) on investments, options written and foreign currency transactions		653,165,363			(549,706,836	)		7,304,108			(5,401,601	)
Net change in unrealized appreciation (depreciation) on investments, options written and foreign currency translations		(1,694,070,079	)		1,314,249,613			(23,561,048	)		19,067,765

Net increase (decrease) in net assets resulting from operations		(982,847,589	)		813,799,405			(15,033,604	)		14,205,265

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(5,738,007	)		(4,616,139	)		(12,362	)		(7,926	)
Class C		—			—			(601	)		(75	)
Class N		(4,134,252	)		(3,190,505	)		(2,287	)		(4,105	)
Class Y		(48,176,662	)		(41,377,637	)		(1,235,232	)		(532,807	)

Total distributions		(58,048,921	)		(49,184,281	)		(1,250,482	)		(544,913	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 13)		(805,606,549	)		294,964,158			49,826,241			32,303,743

Net increase (decrease) in net assets		(1,846,503,059	)		1,059,579,282			33,542,155			45,964,095
NET ASSETS
Beginning of the year		8,184,542,565			7,124,963,283			105,867,641			59,903,546

End of the year	$	6,338,039,506		$	8,184,542,565		$	139,409,796		$	105,867,641

See accompanying notes to financial statements.

49 |

Statements of Changes in Net Assets (continued)


	Mirova Global Green Bond Fund						Mirova Global Sustainable Equity Fund
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income	$	431,422		$	261,984		$	7,173,189		$	2,101,557
Net realized gain (loss) on investments, futures contracts and foreign currency transactions		(2,248,824	)		2,318,906			(14,129,688	)		150,307,939
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		(5,752,912	)		(3,822,067	)		(261,591,166	)		23,546,962

Net increase (decrease) in net assets resulting from operations		(7,570,314	)		(1,241,177	)		(268,547,665	)		175,956,458

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(308,314	)		(196,254	)		(1,656,969	)		(4,789,380	)
Class C		—			—			(629,720	)		(1,953,531	)
Class N		(298,746	)		(286,884	)		(10,372,579	)		(22,974,524	)
Class Y		(1,496,052	)		(956,524	)		(35,564,616	)		(94,376,354	)

Total distributions		(2,103,112	)		(1,439,662	)		(48,223,884	)		(124,093,789	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 13)		(1,836,354	)		10,270,116			63,521,966			191,048,671

Net increase (decrease) in net assets		(11,509,780	)		7,589,277			(253,249,583	)		242,911,340
NET ASSETS
Beginning of the year		47,125,074			39,535,797			1,120,681,991			877,770,651

End of the year	$	35,615,294		$	47,125,074		$	867,432,408		$	1,120,681,991

See accompanying notes to financial statements.

| 50

Statements of Changes in Net Assets (continued)


	Mirova International Sustainable Equity Fund						Mirova U.S. Sustainable Equity Fund
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
FROM OPERATIONS:
Net investment income	$	377,279		$	269,597		$	8,444		$	2,949
Net realized gain (loss) on investments and foreign currency transactions		(67,647	)		225,743			81,285			433,439
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(8,262,669	)		1,042,311			(1,240,668	)		1,023,001

Net increase (decrease) in net assets resulting from operations		(7,953,037	)		1,537,651			(1,150,939	)		1,459,389

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(25,462	)		(8,864	)		(223	)		(623	)
Class C		—			—			(5,225	)		(5,097	)
Class N		(273,620	)		(929,817	)		(257,702	)		(264,825	)
Class Y		(29,504	)		(41,940	)		(2,573	)		(2,393	)
Tax return of capital
Class N		—			—			(3,159	)		—
Class Y		—			—			(29	)		—

Total distributions		(328,586	)		(980,621	)		(268,911	)		(272,938	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 13)		(12,492,079	)		12,545,607			24,536			(1,244,405	)

Net increase (decrease) in net assets		(20,773,702	)		13,102,637			(1,395,314	)		(57,954	)
NET ASSETS
Beginning of the year		29,731,946			16,629,309			5,050,825			5,108,779

End of the year	$	8,958,244		$	29,731,946		$	3,655,511		$	5,050,825

See accompanying notes to financial statements.

51 |

Financial Highlights

For a share outstanding throughout each period.


	Gateway Fund—Class A
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	40.70		$	36.76		$	34.69		$	31.65		$	33.47

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.22			0.18			0.30			0.37			0.34
Net realized and unrealized gain (loss)		(5.13	)		3.93			2.08			3.05			(1.80	)

Total from Investment Operations		(4.91	)		4.11			2.38			3.42			(1.46	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.22	)		(0.17	)		(0.31	)		(0.38	)		(0.36	)

Net asset value, end of the period	$	35.57		$	40.70		$	36.76		$	34.69		$	31.65

Total return(b)(c)		(12.06	)%		11.24	%		6.92	%		10.84	%		(4.39	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	869,122		$	1,073,713		$	987,702		$	1,125,464		$	1,177,641
Net expenses(d)		0.93	%(e)		0.94	%(f)		0.94	%		0.94	%		0.94	%
Gross expenses		0.96	%(e)		0.98	%(f)		1.02	%		1.01	%		1.01	%
Net investment income		0.60	%		0.46	%		0.88	%		1.12	%		1.03	%
Portfolio turnover rate		16	%		11	%		22	%		12	%		10	%

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

(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)	Includes refund of prior year service fee of 0.01%. See Note 6b of Notes to Financial Statements.

(f)	Includes refund of prior year service fee of 0.01%

See accompanying notes to financial statements.

| 52

Financial Highlights (continued)

For a share outstanding throughout each period.


	Gateway Fund—Class C
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	40.41		$	36.60		$	34.54		$	31.50		$	33.32

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.06	)		(0.11	)		0.04			0.12			0.09
Net realized and unrealized gain (loss)		(5.09	)		3.92			2.07			3.03			(1.80	)

Total from Investment Operations		(5.15	)		3.81			2.11			3.15			(1.71	)

LESS DISTRIBUTIONS FROM:
Net investment income		—			—			(0.05	)		(0.11	)		(0.11	)

Net asset value, end of the period	$	35.26		$	40.41		$	36.60		$	34.54		$	31.50

Total return(b)(c)		(12.74	)%		10.41	%		6.13	%		10.02	%		(5.15	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	77,355		$	114,019		$	142,623		$	215,947		$	272,904
Net expenses(d)		1.70	%		1.70	%		1.70	%		1.70	%		1.70	%
Gross expenses		1.71	%		1.73	%		1.77	%		1.76	%		1.76	%
Net investment income (loss)		(0.17	)%		(0.30	)%		0.12	%		0.37	%		0.27	%
Portfolio turnover rate		16	%		11	%		22	%		12	%		10	%

(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)	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.

53 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Gateway Fund—Class N
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	40.68		$	36.74		$	34.68		$	31.63		$	33.46

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.33			0.29			0.40			0.47			0.44
Net realized and unrealized gain (loss)		(5.13	)		3.94			2.07			3.06			(1.81	)

Total from Investment Operations		(4.80	)		4.23			2.47			3.53			(1.37	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.33	)		(0.29	)		(0.41	)		(0.48	)		(0.46	)

Net asset value, end of the period	$	35.55		$	40.68		$	36.74		$	34.68		$	31.63

Total return		(11.80	)%		11.57	%(b)		7.25	%(b)		11.17	%(b)		(4.13	)%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	378,377		$	504,299		$	369,829		$	369,793		$	179,727
Net expenses		0.65	%		0.65	%(c)		0.65	%(c)		0.65	%(c)		0.65	%(c)
Gross expenses		0.65	%		0.67	%		0.70	%		0.69	%		0.70	%
Net investment income		0.88	%		0.74	%		1.17	%		1.40	%		1.32	%
Portfolio turnover rate		16	%		11	%		22	%		12	%		10	%

(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)	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.

| 54

Financial Highlights (continued)

For a share outstanding throughout each period.


	Gateway Fund—Class Y
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019				Year Ended December 31, 2018
Net asset value, beginning of the period	$	40.67		$	36.73		$	34.67		$	31.63			$	33.46

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.31			0.27			0.38			0.46				0.43
Net realized and unrealized gain (loss)		(5.13	)		3.94			2.07			3.04				(1.81	)

Total from Investment Operations		(4.82	)		4.21			2.45			3.50				(1.38	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.31	)		(0.27	)		(0.39	)		(0.46	)			(0.45	)

Net asset value, end of the period	$	35.54		$	40.67		$	36.73		$	34.67			$	31.63

Total return(b)		(11.85	)%		11.49	%		7.19	%		11.12	%			(4.18	)%
RATIOS TO AVERAGE NET ASSETS:													��
Net assets, end of the period (000’s)	$	5,013,186		$	6,492,511		$	5,624,810		$	6,446,007			$	6,508,061
Net expenses(c)		0.70	%		0.70	%		0.70	%		0.70	%			0.70	%
Gross expenses		0.71	%		0.73	%		0.77	%		0.76	%			0.76	%
Net investment income		0.83	%		0.70	%		1.12	%		1.37	%			1.28	%
Portfolio turnover rate		16	%		11	%		22	%		12	%			10	%

(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)	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.

55 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Gateway Equity Call Premium Fund—Class A
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	16.66		$	14.03		$	13.07		$	11.32		$	12.08

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.07			0.09			0.10			0.09
Net realized and unrealized gain (loss)		(2.06	)		2.62			0.95			1.76			(0.76	)

Total from Investment Operations		(1.96	)		2.69			1.04			1.86			(0.67	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.06	)		(0.08	)		(0.11	)		(0.09	)

Net asset value, end of the period	$	14.60		$	16.66		$	14.03		$	13.07		$	11.32

Total return(b)(c)		(11.77	)%		19.20	%		8.06	%		16.46	%		(5.60	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,617		$	2,613		$	1,456		$	2,363		$	2,375
Net expenses(d)		0.93	%		1.03	%(e)(f)		1.20	%		1.20	%		1.20	%
Gross expenses		1.16	%		1.20	%		1.43	%		1.42	%		1.44	%
Net investment income		0.66	%		0.43	%		0.69	%		0.82	%		0.73	%
Portfolio turnover rate		11	%		5	%		15	%		17	%		58	%

(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 July 1, 2021, the expense limit decreased from 1.20% to 0.93%.

(f)	Includes additional voluntary waiver of advisory fee of 0.02%.

See accompanying notes to financial statements.

| 56

Financial Highlights (continued)

For a share outstanding throughout each period.


	Gateway Equity Call Premium Fund—Class C
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	16.52		$	13.96		$	13.03		$	11.29		$	12.05

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.01	)		(0.05	)		(0.01	)		0.01			0.00	(b)
Net realized and unrealized gain (loss)		(2.04	)		2.61			0.95			1.74			(0.75	)

Total from Investment Operations		(2.05	)		2.56			0.94			1.75			(0.75	)

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

Net asset value, end of the period	$	14.46		$	16.52		$	13.96		$	13.03		$	11.29

Total return(c)(d)		(12.36	)%		18.28	%		7.23	%		15.54	%		(6.24	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	944		$	814		$	741		$	727		$	849
Net expenses(e)		1.68	%		1.79	%(f)(g)		1.95	%		1.95	%		1.95	%
Gross expenses		1.91	%		1.96	%		2.17	%		2.17	%		2.19	%
Net investment income (loss)		(0.06	)%		(0.33	)%		(0.10	)%		0.07	%		0.02	%
Portfolio turnover rate		11	%		5	%		15	%		17	%		58	%

(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)	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, 2021, the expense limit decreased from 1.95% to 1.68%.

(g)	Includes additional voluntary waiver of advisory fee of 0.02%.

See accompanying notes to financial statements.

57 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Gateway Equity Call Premium Fund—Class N
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	16.63		$	14.01		$	13.06		$	11.32		$	12.09

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.14			0.11			0.12			0.13			0.13
Net realized and unrealized gain (loss)		(2.05	)		2.61			0.95			1.76			(0.77	)

Total from Investment Operations		(1.91	)		2.72			1.07			1.89			(0.64	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.15	)		(0.10	)		(0.12	)		(0.15	)		(0.13	)

Net asset value, end of the period	$	14.57		$	16.63		$	14.01		$	13.06		$	11.32

Total return(b)		(11.51	)%		19.49	%		8.36	%		16.73	%		(5.32	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	219		$	437		$	728		$	530		$	1
Net expenses(c)		0.63	%		0.77	%(d)		0.90	%		0.90	%		0.90	%
Gross expenses		1.23	%		1.08	%		1.29	%		1.63	%		15.41	%
Net investment income		0.95	%		0.70	%		0.95	%		1.03	%		1.04	%
Portfolio turnover rate		11	%		5	%		15	%		17	%		58	%

(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)	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)	Effective July 1, 2021, the expense limit decreased from 0.90% to 0.63%.

See accompanying notes to financial statements.

| 58

Financial Highlights (continued)

For a share outstanding throughout each period.


	Gateway Equity Call Premium Fund—Class Y
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	16.65		$	14.02		$	13.07		$	11.32		$	12.09

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.14			0.10			0.11			0.13			0.12
Net realized and unrealized gain (loss)		(2.06	)		2.63			0.96			1.76			(0.76	)

Total from Investment Operations		(1.92	)		2.73			1.07			1.89			(0.64	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.10	)		(0.12	)		(0.14	)		(0.13	)

Net asset value, end of the period	$	14.59		$	16.65		$	14.02		$	13.07		$	11.32

Total return(b)		(11.48	)%		19.43	%		8.38	%		16.67	%		(5.37	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	136,629		$	102,004		$	56,979		$	60,794		$	67,125
Net expenses(c)		0.68	%		0.78	%(d)(e)		0.95	%		0.95	%		0.95	%
Gross expenses		0.91	%		0.95	%		1.17	%		1.17	%		1.19	%
Net investment income		0.95	%		0.67	%		0.90	%		1.06	%		1.01	%
Portfolio turnover rate		11	%		5	%		15	%		17	%		58	%

(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)	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)	Effective July 1, 2021, the expense limit decreased from 0.95% to 0.68%.

(e)	Includes additional voluntary waiver of advisory fee of 0.02%.

See accompanying notes to financial statements.

59 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova Global Green Bond—Class A
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	10.14		$	10.77		$	10.36		$	9.71		$	9.96

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.04			0.07			0.09			0.08
Net realized and unrealized gain (loss)		(1.75	)		(0.37	)		0.71			0.80			(0.02	)

Total from Investment Operations		(1.68	)		(0.33	)		0.78			0.89			0.06

LESS DISTRIBUTIONS FROM:
Net investment income		(0.01	)		(0.14	)		(0.18	)		(0.10	)		(0.31	)
Net realized capital gains		(0.46	)		(0.16	)		(0.19	)		(0.14	)		—

Total Distributions		(0.47	)		(0.30	)		(0.37	)		(0.24	)		(0.31	)

Net asset value, end of the period	$	7.99		$	10.14		$	10.77		$	10.36		$	9.71

Total return(b)(c)		(16.73	)%		(3.02	)%		7.61	%		9.16	%		0.64	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	5,278		$	6,798		$	5,674		$	2,549		$	814
Net expenses(d)		0.91	%(e)		0.96	%(f)(g)		0.97	%(h)		0.96	%(i)		0.96	%(j)
Gross expenses		1.34	%(e)		1.41	%(g)		1.43	%(h)		1.56	%(i)		1.75	%(j)
Net investment income		0.83	%		0.39	%		0.69	%		0.86	%		0.85	%
Portfolio turnover rate		60	%		37	%		53	%		25	%		46	%

(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)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross expenses would have been 1.33%.

(f)	Effective July 1, 2021, the expense limit decreased from 0.95% to 0.90%.

(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.92% and the ratio of gross expenses would have been 1.37%.

(h)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 1.41%.

(i)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 1.55%.

(j)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 1.74%.

See accompanying notes to financial statements.

| 60

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova Global Green Bond—Class N
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	10.17		$	10.80		$	10.39		$	9.73		$	9.98

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.07			0.10			0.12			0.11
Net realized and unrealized gain (loss)		(1.75	)		(0.36	)		0.71			0.80			(0.02	)

Total from Investment Operations		(1.65	)		(0.29	)		0.81			0.92			0.09

LESS DISTRIBUTIONS FROM:
Net investment income		(0.02	)		(0.18	)		(0.21	)		(0.12	)		(0.34	)
Net realized capital gains		(0.46	)		(0.16	)		(0.19	)		(0.14	)		—

Total Distributions		(0.48	)		(0.34	)		(0.40	)		(0.26	)		(0.34	)

Net asset value, end of the period	$	8.04		$	10.17		$	10.80		$	10.39		$	9.73

Total return(b)		(16.42	)%		(2.73	)%		7.89	%		9.52	%		0.93	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	5,224		$	8,110		$	11,781		$	27,322		$	27,050
Net expenses(c)		0.61	%(d)		0.67	%(e)(f)		0.67	%(g)		0.66	%(h)		0.66	%(i)
Gross expenses		0.99	%(d)		1.05	%(f)		1.07	%(g)		1.08	%(h)		1.12	%(i)
Net investment income		1.11	%		0.69	%		0.96	%		1.17	%		1.13	%
Portfolio turnover rate		60	%		37	%		53	%		25	%		46	%

(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)	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)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.60% and the ratio of gross expenses would have been 0.98%.

(e)	Effective July 1, 2021, the expense limit decreased from 0.65% to 0.60%.

(f)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.63% and the ratio of gross expenses would have been 1.02%.

(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.65% and the ratio of gross expenses would have been 1.05%.

(h)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.65% and the ratio of gross expenses would have been 1.07%.

(i)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.65% and the ratio of gross expenses would have been 1.11%.

See accompanying notes to financial statements.

61 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova Global Green Bond—Class Y
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	10.16		$	10.79		$	10.37		$	9.72		$	9.97

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.07			0.10			0.11			0.12
Net realized and unrealized gain (loss)		(1.76	)		(0.37	)		0.72			0.80			(0.03	)

Total from Investment Operations		(1.66	)		(0.30	)		0.82			0.91			0.09

LESS DISTRIBUTIONS FROM:
Net investment income		(0.01	)		(0.17	)		(0.21	)		(0.12	)		(0.34	)
Net realized capital gains		(0.46	)		(0.16	)		(0.19	)		(0.14	)		—

Total Distributions		(0.47	)		(0.33	)		(0.40	)		(0.26	)		(0.34	)

Net asset value, end of the period	$	8.03		$	10.16		$	10.79		$	10.37		$	9.72

Total return(b)		(16.45	)%		(2.69	)%		7.85	%		9.38	%		0.89	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	25,113		$	32,217		$	22,081		$	7,060		$	1,205
Net expenses(c)		0.66	%(d)		0.71	%(e)(f)		0.72	%(g)		0.71	%(h)		0.71	%(i)
Gross expenses		1.09	%(d)		1.16	%(f)		1.18	%(g)		1.28	%(h)		1.39	%(i)
Net investment income		1.09	%		0.63	%		0.94	%		1.10	%		1.19	%
Portfolio turnover rate		60	%		37	%		53	%		25	%		46	%

(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)	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)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.65% and the ratio of gross expenses would have been 1.08%.

(e)	Effective July 1, 2021, the expense limit decreased from 0.70% to 0.65%.

(f)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.67% and the ratio of gross expenses would have been 1.13%.

(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.70% and the ratio of gross expenses would have been 1.16%.

(h)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.70% and the ratio of gross expenses would have been 1.27%.

(i)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.70% and the ratio of gross expenses would have been 1.39%.

See accompanying notes to financial statements.

| 62

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova Global Sustainable Equity Fund—Class A
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	20.53		$	19.57		$	14.92		$	11.45		$	12.77

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.08			(0.01	)		(0.02	)		0.03			0.00	(b)
Net realized and unrealized gain (loss)		(4.62	)		3.45			4.77			3.69			(0.84	)

Total from Investment Operations		(4.54	)		3.44			4.75			3.72			(0.84	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.07	)		(0.00	)(b)		(0.00	)(b)		(0.03	)		(0.00	)(b)
Net realized capital gains		(0.70	)		(2.48	)		(0.10	)		(0.22	)		(0.48	)

Total Distributions		(0.77	)		(2.48	)		(0.10	)		(0.25	)		(0.48	)

Net asset value, end of the period	$	15.22		$	20.53		$	19.57		$	14.92		$	11.45

Total return(c)(d)		(22.56	)%		17.82	%		32.07	%		32.63	%		(6.54	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	29,013		$	43,117		$	33,625		$	12,884		$	6,360
Net expenses(e)		1.20	%(f)		1.21	%(g)		1.20	%		1.21	%(h)		1.30	%(i)(j)
Gross expenses		1.26	%(f)		1.24	%(g)		1.24	%		1.39	%(h)		1.39	%(i)
Net investment income (loss)		0.51	%		(0.03	)%		(0.14	)%		0.21	%		0.03	%
Portfolio turnover rate		23	%		40	%(k)		11	%		23	%		19	%

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

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

(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)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 1.25%.

(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 1.24%.

(h)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 1.38%.

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

(j)	Effective December 28, 2018, the expense limit decreased from 1.30% to 1.20%.

(k)	The variation in the Fund’s turnover rate from 2020 to 2021 was primarily due to an increase in shareholder activity.

See accompanying notes to financial statements.

63 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova Global Sustainable Equity Fund—Class C
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	19.62		$	18.95		$	14.56		$	11.24		$	12.63

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.04	)		(0.16	)		(0.13	)		(0.07	)		(0.09	)
Net realized and unrealized gain (loss)		(4.40	)		3.31			4.62			3.61			(0.82	)

Total from Investment Operations		(4.44	)		3.15			4.49			3.54			(0.91	)

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.00	)(b)		(0.00	)(b)		—			—
Net realized capital gains		(0.70	)		(2.48	)		(0.10	)		(0.22	)		(0.48	)

Total Distributions		(0.70	)		(2.48	)		(0.10	)		(0.22	)		(0.48	)

Net asset value, end of the period	$	14.48		$	19.62		$	18.95		$	14.56		$	11.24

Total return(c)(d)		(23.11	)%		16.85	%		31.07	%		31.66	%		(7.20	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	11,441		$	17,248		$	11,196		$	5,406		$	2,706
Net expenses(e)		1.95	%(f)		1.96	%(g)		1.95	%		1.96	%(h)		2.05	%(i)(j)
Gross expenses		2.01	%(f)		1.99	%(g)		1.99	%		2.14	%(h)		2.14	%(i)
Net investment loss		(0.23	)%		(0.79	)%		(0.84	)%		(0.52	)%		(0.72	)%
Portfolio turnover rate		23	%		40	%(k)		11	%		23	%		19	%

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

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

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

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

(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)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.95% and the ratio of gross expenses would have been 2.00%.

(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.95% and the ratio of gross expenses would have been 1.99%.

(h)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.95% and the ratio of gross expenses would have been 2.13%.

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

(j)	Effective December 28, 2018, the expense limit decreased from 2.05% to 1.95%.

(k)	The variation in the Fund’s turnover rate from 2020 to 2021 was primarily due to an increase in shareholder activity.

See accompanying notes to financial statements.

| 64

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova Global Sustainable Equity Fund—Class N
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	20.72		$	19.71		$	14.99		$	11.49		$	12.81

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.13			0.05			0.01			0.06			(0.01	)
Net realized and unrealized gain (loss)		(4.67	)		3.49			4.82			3.72			(0.79	)

Total from Investment Operations		(4.54	)		3.54			4.83			3.78			(0.80	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.05	)		(0.01	)		(0.06	)		(0.04	)
Net realized capital gains		(0.70	)		(2.48	)		(0.10	)		(0.22	)		(0.48	)

Total Distributions		(0.82	)		(2.53	)		(0.11	)		(0.28	)		(0.52	)

Net asset value, end of the period	$	15.36		$	20.72		$	19.71		$	14.99		$	11.49

Total return		(22.32	)%		18.17	%		32.44	%(b)		33.05	%(b)		(6.26	)%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	189,957		$	219,679		$	72,768		$	11,000		$	2,842
Net expenses		0.90	%(c)		0.91	%(d)(e)		0.90	%(f)		0.90	%(f)(g)		1.01	%(f)(h)(i)
Gross expenses		0.90	%(c)		0.91	%(d)(e)		0.93	%		1.08	%(g)		1.08	%(h)
Net investment income (loss)		0.81	%		0.24	%		0.08	%		0.46	%		(0.08	)%
Portfolio turnover rate		23	%		40	%(j)		11	%		23	%		19	%

(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)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.89% and the ratio of gross expenses would have been 0.89%.

(d)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross expenses would have been 0.90%.

(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)	Includes interest expense of less than 0.01%.

(h)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.99% and the ratio of gross expenses would have been 1.07%.

(i)	Effective December 28, 2018, the expense limit decreased from 1.00% to 0.90%.

(j)	The variation in the Fund’s turnover rate from 2020 to 2021 was primarily due to an increase in shareholder activity.

See accompanying notes to financial statements.

65 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova Global Sustainable Equity Fund—Class Y
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of the period	$	20.71		$	19.71		$	14.99		$	11.49		$	12.81

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.12			0.05			0.01			0.07			0.04
Net realized and unrealized gain (loss)		(4.66	)		3.46			4.81			3.70			(0.85	)

Total from Investment Operations		(4.54	)		3.51			4.82			3.77			(0.81	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.03	)		(0.00	)(b)		(0.05	)		(0.03	)
Net realized capital gains		(0.70	)		(2.48	)		(0.10	)		(0.22	)		(0.48	)

Total Distributions		(0.81	)		(2.51	)		(0.10	)		(0.27	)		(0.51	)

Net asset value, end of the period	$	15.36		$	20.71		$	19.71		$	14.99		$	11.49

Total return(c)		(22.33	)%		18.06	%		32.42	%		32.99	%		(6.32	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	637,021		$	840,638		$	760,181		$	118,032		$	69,705
Net expenses(d)		0.95	%(e)		0.96	%(f)		0.95	%		0.96	%(g)		1.05	%(h)(i)
Gross expenses		1.01	%(e)		0.99	%(f)		0.99	%		1.14	%(g)		1.15	%(h)
Net investment income		0.76	%		0.22	%		0.06	%		0.50	%		0.29	%
Portfolio turnover rate		23	%		40	%(j)		11	%		23	%		19	%

(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)	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)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 1.00%.

(f)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 0.99%.

(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 1.13%.

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

(i)	Effective December 28, 2018, the expense limit decreased from 1.05% to 0.95%.

(j)	The variation in the Fund’s turnover rate from 2020 to 2021 was primarily due to an increase in shareholder activity.

See accompanying notes to financial statements.

| 66

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova International Sustainable Equity Fund—Class A
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Period Ended December 31, 2018*
Net asset value, beginning of the period	$	14.35		$	13.95		$	12.51		$	10.03		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.11			0.08			(0.01	)		0.12			(0.00	)(b)
Net realized and unrealized gain (loss)		(3.62	)		0.78			2.87			2.48			0.03

Total from Investment Operations		(3.51	)		0.86			2.86			2.60			0.03

LESS DISTRIBUTIONS FROM:
Net investment income		(0.37	)		(0.09	)		(0.12	)		(0.12	)		—
Net realized capital gains		—			(0.37	)		(1.30	)		—			—

Total Distributions		(0.37	)		(0.46	)		(1.42	)		(0.12	)		—

Net asset value, end of the period	$	10.47		$	14.35		$	13.95		$	12.51		$	10.03

Total return(c)(d)		(24.42	)%		6.22	%		23.18	%		25.97	%		0.30	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	717		$	380		$	76		$	4		$	1
Net expenses(f)		1.21	%(g)		1.21	%(h)		1.26	%(i)		1.21	%(j)		1.20	%(k)
Gross expenses		2.30	%(g)		2.08	%(h)		5.69	%(i)		107.91	%(j)		22.87	%(k)
Net investment income (loss)		0.99	%		0.57	%		(0.04	)%		1.09	%		(1.20	)%(k)
Portfolio turnover rate		8	%		8	%		11	%		8	%		0	%

*	From commencement of operations on December 28, 2018 through December 31, 2018.

(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 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.

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

(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)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 2.29%.

(h)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 2.07%.

(i)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 5.64%.

(j)	Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 107.90%.

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

See accompanying notes to financial statements.

67 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova International Sustainable Equity Fund—Class N
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Period Ended December 31, 2018*
Net asset value, beginning of the period	$	14.40		$	13.99		$	12.51		$	10.03		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.23			0.14			0.07			0.15			(0.00	)(b)
Net realized and unrealized gain (loss)		(3.71	)		0.76			2.84			2.49			0.03

Total from Investment Operations		(3.48	)		0.90			2.91			2.64			0.03

LESS DISTRIBUTIONS FROM:
Net investment income		(0.40	)		(0.12	)		(0.13	)		(0.16	)		—
Net realized capital gains		—			(0.37	)		(1.30	)		—			—

Total Distributions		(0.40	)		(0.49	)		(1.43	)		(0.16	)		—

Net asset value, end of the period	$	10.52		$	14.40		$	13.99		$	12.51		$	10.03

Total return(c)		(24.17	)%		6.47	%		23.60	%		26.31	%		0.30	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	7,433		$	27,569		$	16,478		$	17,193		$	10,035
Net expenses(e)		0.91	%(f)		0.91	%(g)		0.93	%(h)		0.92	%(i)		0.90	%(j)
Gross expenses		1.80	%(f)		1.44	%(g)		1.83	%(h)		1.99	%(i)		22.55	%(j)
Net investment income (loss)		2.01	%		0.94	%		0.58	%		1.36	%		(0.90	)%(j)
Portfolio turnover rate		8	%		8	%		11	%		8	%		0	%

*	From commencement of operations on December 28, 2018 through December 31, 2018.

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

(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)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross expenses would have been 1.79%.

(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross expenses would have been 1.43%.

(h)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross expenses would have been 1.80%.

(i)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.75% and the ratio of gross expenses would have been 1.22%.

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

See accompanying notes to financial statements.

| 68

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova International Sustainable Equity Fund—Class Y
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Period Ended December 31, 2018*
Net asset value, beginning of the period	$	14.38		$	13.98		$	12.50		$	10.03		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.24			0.08			0.03			0.15			(0.00	)(b)
Net realized and unrealized gain (loss)		(3.72	)		0.80			2.88			2.48			0.03

Total from Investment Operations		(3.48	)		0.88			2.91			2.63			0.03

LESS DISTRIBUTIONS FROM:
Net investment income		(0.39	)		(0.11	)		(0.13	)		(0.16	)		—
Net realized capital gains		—			(0.37	)		(1.30	)		—			—

Total Distributions		(0.39	)		(0.48	)		(1.43	)		(0.16	)		—

Net asset value, end of the period	$	10.51		$	14.38		$	13.98		$	12.50		$	10.03

Total return(c)		(24.18	)%		6.39	%		23.60	%		26.21	%		0.30	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	808		$	1,783		$	75		$	9		$	1
Net expenses(e)		0.96	%(f)		0.96	%(g)		1.00	%(h)		0.96	%(i)		0.95	%(j)
Gross expenses		2.05	%(f)		1.83	%(g)		6.51	%(h)		94.13	%(i)		22.51	%(j)
Net investment income (loss)		2.09	%		0.52	%		0.21	%		1.36	%		(0.95	)%(j)
Portfolio turnover rate		8	%		8	%		11	%		8	%		0	%

*	From commencement of operations on December 28, 2018 through December 31, 2018.

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

(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)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 2.04%.

(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 1.82%.

(h)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 6.46%.

(i)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 94.12%.

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

See accompanying notes to financial statements.

69 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova U.S. Sustainable Equity Fund—Class A
	Year Ended December 31, 2022			Year Ended December 31, 2021			Period Ended December 31, 2020*
Net asset value, beginning of the period	$	12.57		$	10.21		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.00	(b)		(0.04	)		(0.00	)(b)
Net realized and unrealized gain (loss)		(2.86	)		3.06			0.21

Total from Investment Operations		(2.86	)		3.02			0.21

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.00	)(b)		—
Net realized capital gains		(0.64	)		(0.66	)		—

Total Distributions		(0.64	)		(0.66	)		—

Net asset value, end of the period	$	9.07		$	12.57		$	10.21

Total return(c)(d)		(23.21	)%		29.65	%		2.10	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3		$	12		$	1
Net expenses(f)		1.05	%		1.05	%		1.05	%(g)
Gross expenses		7.15	%		8.99	%		23.61	%(g)
Net investment income (loss)		0.01	%		(0.31	)%		(0.73	)%(g)
Portfolio turnover rate		8	%		9	%		0	%

*	From commencement of operations on December 15, 2020 through December 31, 2020.

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

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

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

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

See accompanying notes to financial statements.

| 70

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova U.S. Sustainable Equity Fund—Class C
	Year Ended December 31, 2022			Year Ended December 31, 2021			Period Ended December 31, 2020*
Net asset value, beginning of the period	$	12.47		$	10.21		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.08	)		(0.12	)		(0.01	)
Net realized and unrealized gain (loss)		(2.83	)		3.04			0.22

Total from Investment Operations		(2.91	)		2.92			0.21

LESS DISTRIBUTIONS FROM:
Net realized capital gains		(0.64	)		(0.66	)		—

Net asset value, end of the period	$	8.92		$	12.47		$	10.21

Total return(b)(c)		(23.81	)%		28.62	%		2.10	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	77		$	101		$	1
Net expenses(e)		1.80	%		1.80	%		1.80	%(f)
Gross expenses		7.97	%		9.37	%		24.34	%(f)
Net investment loss		(0.81	)%		(0.91	)%		(1.45	)%(f)
Portfolio turnover rate		8	%		9	%		0	%

*	From commencement of operations on December 15, 2020 through December 31, 2020.

(a)	Per share net investment 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)	Computed on an annualized basis for periods less than one year.

See accompanying notes to financial statements.

71 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova U.S. Sustainable Equity Fund—Class N
	Year Ended December 31, 2022			Year Ended December 31, 2021			Period Ended December 31, 2020*
Net asset value, beginning of the period	$	12.59		$	10.21		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.02			0.01			(0.00	)(b)
Net realized and unrealized gain (loss)		(2.85	)		3.05			0.21

Total from Investment Operations		(2.83	)		3.06			0.21

LESS DISTRIBUTIONS FROM:
Net investment income		(0.03	)		(0.02	)		—
Net realized capital gains		(0.64	)		(0.66	)		—
Tax return of capital		(0.01	)		—			—

Total Distributions		(0.68	)		(0.68	)		—

Net asset value, end of the period	$	9.08		$	12.59		$	10.21

Total return(c)		(22.95	)%		29.99	%		2.10	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,527		$	4,893		$	5,106
Net expenses(e)		0.75	%		0.75	%		0.75	%(f)
Gross expenses		4.90	%		3.50	%		17.07	%(f)
Net investment income (loss)		0.24	%		0.06	%		(0.39	)%(f)
Portfolio turnover rate		8	%		9	%		0	%

*	From commencement of operations on December 15, 2020 through December 31, 2020.

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

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

See accompanying notes to financial statements.

| 72

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova U.S. Sustainable Equity Fund—Class Y
	Year Ended December 31, 2022			Year Ended December 31, 2021			Period Ended December 31, 2020*
Net asset value, beginning of the period	$	12.59		$	10.21		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.02			(0.00	)(b)		(0.00	)(b)
Net realized and unrealized gain (loss)		(2.87	)		3.06			0.21

Total from Investment Operations		(2.85	)		3.06			0.21

LESS DISTRIBUTIONS FROM:
Net investment income		(0.02	)		(0.02	)		—
Net realized capital gains		(0.64	)		(0.66	)		—
Tax return of capital		(0.01	)		—			—

Total Distributions		(0.67	)		(0.68	)		—

Net asset value, end of the period	$	9.07		$	12.59		$	10.21

Total return(c)		(23.07	)%		29.97	%		2.10	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	48		$	44		$	1
Net expenses(e)		0.80	%		0.80	%		0.80	%(f)
Gross expenses		6.96	%		8.79	%		23.24	%(f)
Net investment income (loss)		0.19	%		(0.01	)%		(0.36	)%(f)
Portfolio turnover rate		8	%		9	%		0	%

*	From commencement of operations on December 15, 2020 through December 31, 2020.

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

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

See accompanying notes to financial statements.

73 |

Notes to Financial Statements

December 31, 2022

1. Organization. Gateway Trust and Natixis Funds Trust I (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:

Gateway Trust:

Gateway Fund

Gateway Equity Call Premium Fund

Natixis Funds Trust I:

Mirova Global Green Bond Fund (the “Global Green Bond Fund”)

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

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

Mirova U.S. Sustainable Equity Fund (the “U.S. Sustainable Equity Fund”)

Each Fund is a diversified investment company.

Each Fund offers Class A, Class C, Class N and Class Y shares, except for Global Green Bond Fund and International Sustainable Equity Fund, which do not offer Class C shares.

Class A shares are sold with a maximum front-end sales charge of 5.75% for all Funds except for Global Green Bond Fund which are sold with a maximum front-end sales charge of 4.25%. Class C shares do not pay a front-end sales charge, pay higher Rule 12b-1 fees than Class A shares for eight years (at which point they automatically convert to Class A shares) (prior to May 1, 2021, Class C shares automatically converted to Class A shares after ten years) and may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Class Y shares are offered with an initial minimum investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts for Class N and Class Y as outlined in the relevant Funds’ prospectus.

Unadjusted readily available market quotations that are utilized for exchange traded equity securities (including shares of closed-end investment companies and exchange-traded funds) include the last sale price quoted on the exchange where the security is traded most extensively. Futures contracts are valued at the closing settlement price on the exchange on which the valuation designee believes that, over time, they are traded most extensively. Domestic, exchange-traded index and single name equity option contracts (including options on exchange-traded funds) are valued at the mean of the National Best Bid and Offer quotations as determined by the Options Price Reporting Authority. Shares of open-end investment companies are valued at net asset value per share.

| 74

Notes to Financial Statements (continued)

December 31, 2022

last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be fair valued using evaluated bids furnished by an independent pricing service, if available.

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 (including income reinvested) and foreign withholding tax, if applicable, are recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Dividends reinvested and stock dividends are reflected as non-cash dividends on the Statements of Operations. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. 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.

75 |

Notes to Financial Statements (continued)

December 31, 2022

d. Futures Contracts. A Fund 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. Gross unrealized appreciation (depreciation) on futures contracts is recorded in the Statements of Assets and Liabilities as an asset (liability). 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 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 outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

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.

e. Option Contracts. Gateway Fund and Gateway Equity Call Premium Fund’s investment strategies make use of exchange-traded options. Exchange-traded options are standardized contracts and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to a Fund are reduced.

When a Fund writes an index call option, an amount equal to the net premium received (the premium less commission) is recorded as a liability and is subsequently adjusted to the current value until the option expires or a Fund enters into a closing purchase transaction. When an index call option expires or a Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on effecting a closing purchase transaction, including commission, is treated as a realized gain or, if the net premium received is less than the amount paid, as a realized loss. A Fund, as writer of an index call option, bears the risk of an unfavorable change in the market value of the index underlying the written option.

When a Fund purchases an index put option, it pays a premium and the index put option is subsequently marked-to-market to reflect current value until the option expires or a Fund enters into a closing sale transaction. Premiums paid for purchasing index put options which expire are treated as realized losses. When a Fund enters into a closing sale transaction, the difference between the premium paid and the proceeds of the closing sale transaction is treated as a realized gain or loss. The risk associated with purchasing index put options is limited to the premium paid. Option contracts outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

f. Due from Brokers. Transactions and positions in certain futures contracts are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between a Fund and the various broker/dealers. The due from brokers balance in the Statements of Assets and Liabilities for Global Green Bond Fund represents cash pledged as collateral for futures contracts (including variation margin, as applicable). In certain circumstances the Fund’s use of cash held at brokers is restricted by regulation or broker mandated limits.

g. 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, 2022 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 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.

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Notes to Financial Statements (continued)

December 31, 2022

h. Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as premium amortization, futures contract mark-to-market, capital gain distribution received, return of capital distributions received, corporate actions, distributions in excess of income and/or capital gain and options contract mark-to-market. 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 wash sales, deferred Trustees’ fees, premium amortization, futures contract mark-to-market, options contract mark-to-market, corporate actions, capital gain distribution received 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.

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, 2022 and 2021 was as follows:


	2022 Distributions								2021 Distributions
Fund	Ordinary Income		Long-Term Capital Gains		Return of Capital		Total		Ordinary Income		Long-Term Capital Gains		Total
Gateway Fund	$	58,048,921	$	—	$	—	$	58,048,921	$	49,184,281	$	—	$	49,184,281
Gateway Equity Call Premium Fund		1,250,482		—		—		1,250,482		544,913		—		544,913
Global Green Bond Fund		200,482		1,902,630		—		2,103,112		901,804		537,858		1,439,662
Global Sustainable Equity Fund		24,414,403		23,809,481		—		48,223,884		14,908,515		109,185,274		124,093,789
International Sustainable Equity Fund		328,586		—		—		328,586		409,826		570,795		980,621
U.S. Sustainable Equity Fund		165,527		100,196		3,188		268,911		272,938		—		272,938

77 |

Notes to Financial Statements (continued)

December 31, 2022

As of December 31, 2022, the components of distributable earnings on a tax basis were as follows:


	Gateway Fund			Gateway Equity Call Premium Fund			Global Green Bond Fund
Undistributed ordinary income	$	1,154,074		$	—		$	—

Capital loss carryforward:
Short-term:
No expiration date		(1,015,602,052	)		(5,417,327	)		—
Long-term:
No expiration date		—			(808,973	)		—

Total capital loss carryforward		(1,015,602,052	)		(6,226,300	)		—

Late-year ordinary and post-October capital loss deferrals*		—			—			(2,907,874	)

Unrealized appreciation (depreciation)		3,505,510,825			24,964,936			(7,043,963	)

Total accumulated earnings (losses)	$	2,491,062,847		$	18,738,636		$	(9,951,837	)

Capital loss carryforward utilized in the current year	$	743,057,380		$	9,129,634		$	—


	Global Sustainable Equity Fund			International Sustainable Equity Fund			U.S. Sustainable Equity Fund
Undistributed ordinary income	$	580,522		$	15,825		$	—

Capital loss carryforward:
Short-term:
No expiration date		(8,855,576	)		(212,150	)		—
Long-term:
No expiration date		(3,426,339	)		(67,885	)		—

Total capital loss carryforward**		(12,281,915	)		(280,035	)		—

Late-year ordinary and post-October capital loss deferrals*		—			—			(4,921	)

Unrealized depreciation		(101,503,932	)		(2,583,448	)		(111,024	)

Total accumulated losses	$	(113,205,325	)	$	(2,847,658	)	$	(115,945	)

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 Green Bond Fund and U.S. Sustainable Equity Fund are deferring capital losses.

**	Under Section 382 of the Internal Revenue Service Code, a portion of the capital loss carryforward for the International Sustainable Equity Fund is subject to certain limitations upon availability, to offset future capital gains, if any.

As of December 31, 2022, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:


	Gateway Fund			Gateway Equity Call Premium Fund			Global Green Bond Fund			Global Sustainable Equity Fund			International Sustainable Equity Fund			U.S. Sustainable Equity Fund
Federal tax cost	$	2,852,653,866		$	115,449,528		$	42,189,386		$	957,173,100		$	11,531,264		$	3,804,741

Gross tax appreciation	$	3,616,232,108		$	30,824,950		$	202,381		$	39,804,706		$	241,248		$	315,140
Gross tax depreciation		(110,721,295	)		(5,860,024	)		(7,249,778	)		(141,429,663	)		(2,824,651	)		(426,164	)

Net tax appreciation (depreciation)	$	3,505,510,813		$	24,964,926		$	(7,047,397	)	$	(101,624,957	)	$	(2,583,403	)	$	(111,024	)

The difference between these amounts and those reported in the components of distributable earnings, if any, are primarily attributable to foreign currency mark-to-market.

i. 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

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Notes to Financial Statements (continued)

December 31, 2022

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, 2022, 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.

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 June 2022, the Financial Accounting Standards Board issued Accounting Standards Update 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in ASC 820 related to the measurement of fair value of an equity security subject to contractual sale restrictions, eliminating the ability to apply a discount to the fair value of such securities, and introducing related disclosure requirements. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the impact of applying this update.

•

Level 1 – quoted prices in active markets for identical assets or liabilities;

•

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, 2022, at value:

Gateway Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	6,152,050,500	$	—	$	—	$	6,152,050,500
Purchased Options(a)		61,206,245		—		—		61,206,245
Short-Term Investments		—		206,114,180		—		206,114,180

Total	$	6,213,256,745	$	206,114,180	$	—	$	6,419,370,925

Liability Valuation Inputs


Description	Level 1			Level 2		Level 3		Total
Written Options(a)	$	(111,573,945	)	$	—	$	—	$	(111,573,945	)

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

79 |

Notes to Financial Statements (continued)

December 31, 2022

Gateway Equity Call Premium Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	138,873,970	$	—	$	—	$	138,873,970
Short-Term Investments		—		1,540,484		—		1,540,484

Total	$	138,873,970	$	1,540,484	$	—	$	140,414,454

Liability Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Written Options(a)	$	(2,515,590)	$	—	$	—	$	(2,515,590)

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

Global Green Bond Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes(a)	$	—	$	35,147,632	$	—	$	35,147,632
Futures Contracts (unrealized appreciation)		134,647		—		—		134,647

Total	$	134,647	$	35,147,632	$	—	$	35,282,279

Liability Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(723,823)	$	—	$	—	$	(723,823)

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

Global Sustainable Equity Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Belgium	$	—	$	9,733,960	$	—	$	9,733,960
Denmark		—		81,062,824		—		81,062,824
France		—		22,189,960		—		22,189,960
Germany		—		47,854,768		—		47,854,768
Hong Kong		—		24,994,607		—		24,994,607
Japan		—		46,460,082		—		46,460,082
Netherlands		—		32,614,869		—		32,614,869
Spain		—		29,572,646		—		29,572,646
United Kingdom		—		22,791,018		—		22,791,018
All Other Common Stocks(a)		538,273,409		—		—		538,273,409

Total Common Stocks		538,273,409		317,274,734		—		855,548,143

Total	$	538,273,409	$	317,274,734	$	—	$	855,548,143

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

| 80

Notes to Financial Statements (continued)

December 31, 2022

International Sustainable Equity Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	103,913	$	—	$	103,913
Belgium		—		531,522		—		531,522
Denmark		—		1,087,111		—		1,087,111
France		—		1,137,236		—		1,137,236
Germany		—		614,448		—		614,448
Hong Kong		—		767,127		—		767,127
Ireland		—		353,357		—		353,357
Japan		—		1,211,065		—		1,211,065
Netherlands		—		693,777		—		693,777
Norway		—		36,634		—		36,634
Spain		—		374,147		—		374,147
Switzerland		—		228,487		—		228,487
United Kingdom		—		1,333,638		—		1,333,638
All Other Common Stocks(a)		475,399		—		—		475,399

Total Common Stocks		475,399		8,472,462		—		8,947,861

Total	$	475,399	$	8,472,462	$	—	$	8,947,861

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

U.S. Sustainable Equity Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	3,593,665	$	—	$	—	$	3,593,665
Short-Term Investments		—		100,052		—		100,052

Total	$	3,593,665	$	100,052	$	—	$	3,693,717

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

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 the Funds used during the period include written index call options, purchased index put options and futures contracts.

Through the use of index options, Gateway Fund and Gateway Equity Call Premium Fund intends that its risk management strategy will reduce the volatility inherent in equity investments while also allowing for more participation in equity returns than hybrid investments. Each Fund seeks to provide an efficient trade-off between risk and reward, where risk is characterized by volatility or fluctuations in value over time. To meet this objective, the Funds invest in a broadly diversified portfolio of common stocks, while also writing index call options and, for Gateway Fund, purchasing index put options. Writing index call options can reduce a Fund’s volatility, provide a steady cash flow and be an important source of a Fund’s return, although it also may reduce a Fund’s ability to profit from increases in the value of its equity portfolio. Buying index put options, can protect a Fund from a significant market decline that may occur over a short period of time. The value of an index put option generally increases as the prices of stocks constituting the index decrease and decreases as those stocks increase in price. For Gateway Fund, the combination of the diversified stock portfolio, the steady cash flow from writing of index call options and the downside protection from purchased index put options is intended to provide the Fund with the majority of the returns associated with equity market investments while exposing investors to less risk than other equity investments. For Gateway Equity Call Premium Fund, the combination of the diversified stock portfolio and the steady cash flow from writing of index call options is intended to moderate the volatility of returns relative to an all-equity portfolio. During the year ended December 31, 2022, Gateway Fund used written index call options and purchased index put options and Gateway Equity Call Premium Fund used written index call options in accordance with these strategies.

Global Green Bond Fund seeks to provide total return, through a combination of capital appreciation and current income, by investing in green bonds. The Fund pursues its objective by primarily investing in fixed-income securities. In connection with its principal

81 |

Notes to Financial Statements (continued)

December 31, 2022

investment strategies, the Fund may also invest in various types of futures contracts for investment purposes. During the year ended December 31, 2022, Global Green Bond Fund used U.S. and foreign government bond futures to gain yield curve exposure.

Global Green Bond Fund is subject to the risk that changes in interest rates will affect the value of the Fund’s investments in fixed income securities. The Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Fund may use futures contracts to hedge against changes in interest rates and to manage duration without having to buy or sell portfolio securities. During the year ended December 31, 2022, Global Green Bond Fund used U.S. and foreign government bond futures to manage duration.

Global Green Bond Fund is also 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 use futures contracts for hedging purposes to protect the value of the Fund’s holdings of foreign securities. During the year ended December 31, 2022, Global Green Bond Fund used currency futures for hedging purposes.

The following is a summary of derivative instruments for Gateway Fund as of December 31, 2022, as reflected within the Statements of Assets and Liabilities:


Assets	Investments at value¹
Exchange-traded asset derivatives
Equity contracts	$	61,206,245

Liabilities	Options written at value
Exchange-traded liability derivatives
Equity contracts	$	(111,573,945	)

¹	Represents purchased options, at value.

Transactions in derivative instruments for Gateway Fund during the year ended December 31, 2022, as reflected within the Statements of Operations were as follows:


Net Realized Gain (Loss) on:	Investments²			Options written
Equity contracts	$	(7,523,800	)	$	448,762,179

Net Change in Unrealized Appreciation (Depreciation) on:	Investments²			Options written
Equity contracts	$	2,427,387		$	85,743,092

²	Represents realized loss and change in unrealized appreciation (depreciation), respectively, for purchased options during the period.

The following is a summary of derivative instruments for Gateway Equity Call Premium Fund as of December 31, 2022, as reflected within the Statements of Assets and Liabilities:


Liabilities	Options written at value
Exchange-traded liability derivatives
Equity contracts	$	(2,515,590	)

Transactions in derivative instruments for Gateway Equity Call Premium Fund during the year ended December 31, 2022, as reflected within the Statements of Operations were as follows:


Net Realized Gain (Loss) on:	Options written
Equity contracts	$	7,931,158

Net Change in Unrealized Appreciation (Depreciation) on:	Options written
Equity contracts	$	1,830,792

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Notes to Financial Statements (continued)

December 31, 2022

The following is a summary of derivative instruments for Global Green Bond Fund as of December 31, 2022, as reflected within the Statements of Assets and Liabilities:


Assets	Unrealized appreciation on futures contracts
Exchange-traded asset derivatives
Interest rate contracts	$	122,298
Foreign exchange contracts		12,349

Total exchange-traded asset derivatives	$	134,647


Liabilities	Unrealized depreciation on futures contracts
Exchange-traded liability derivatives
Interest rate contracts	$	(117,876	)
Foreign exchange contracts		(605,947	)

Total exchange-traded liability derivatives	$	(723,823	)

Transactions in derivative instruments for Global Green Bond Fund during the year ended December 31, 2022, as reflected within the Statements of Operations were as follows:


Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	(630,454	)
Foreign exchange contracts		2,541,757

Total	$	1,911,303


Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	130,258
Foreign exchange contracts		(245,204	)

Total	$	(114,946	)

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 option contract activity as a percentage of investments in common stocks for Gateway Fund based on month-end notional amounts outstanding during the period, at absolute value, was as follows for the year ended December 31, 2022:


Gateway Fund	Call Options Written*			Put Options Purchased*
Average Notional Amount Outstanding		99.02	%		81.23	%
Highest Notional Amount Outstanding		99.15	%		99.03	%
Lowest Notional Amount Outstanding		98.86	%		68.68	%
Notional Amount Outstanding as of December 31, 2022		98.96	%		98.96	%

The volume of option contract activity as a percentage of investments in common stocks for Gateway Equity Call Premium Fund, based on month-end notional amounts outstanding during the period, at absolute value, was as follows for the year ended December 31, 2022:


Gateway Equity Call Premium Fund	Call Options Written*
Average Notional Amount Outstanding		99.04	%
Highest Notional Amount Outstanding		99.38	%
Lowest Notional Amount Outstanding		98.74	%
Notional Amount Outstanding as of December 31, 2022		99.25	%

*	Notional amounts outstanding are determined by multiplying option contracts by the contract multiplier by the price of the option’s underlying index, the S&P 500^® Index.

83 |

Notes to Financial Statements (continued)

December 31, 2022

The volume of futures contract activity as a percentage of net assets for Global Green Bond Fund, based on month-end notional amounts outstanding during the period, at absolute value, was as follows for the year ended December 31, 2022:


Global Green Bond Fund	Futures
Average Notional Amount Outstanding		84.77	%
Highest Notional Amount Outstanding		99.22	%
Lowest Notional Amount Outstanding		74.64	%
Notional Amount Outstanding as of December 31, 2022		99.22	%

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 contracts are not recorded in the Statements of Assets and Liabilities, and therefore are not included in the Funds’ net assets.

Counterparty risk is managed based on policies and procedures established by the Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearing house, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers typically are required to segregate customer margin for exchange-traded derivatives from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its customers, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. The following table shows 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 the collateral or other security, if any, for the amount due proved to be of no value to the Fund, as of December 31, 2022:


Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
Global Green Bond Fund	$	2,200,821	$	2,200,821

5. Purchases and Sales of Securities. For the year ended December 31, 2022, purchases and sales of securities (excluding short-term investments, option contracts and including paydowns) were as follows:


Fund	Purchases		Sales
Gateway Fund	$	1,165,186,917	$	1,612,134,351
Gateway Equity Call Premium Fund		75,807,561		14,298,417
Global Green Bond Fund		25,239,355		22,225,093
Global Sustainable Equity Fund		276,801,341		216,043,949
International Sustainable Equity Fund		1,417,168		12,953,023
U.S. Sustainable Equity Fund		319,412		648,402

6. Management Fees and Other Transactions with Affiliates.

a. Management Fees. Gateway Investment Advisers, LLC (“Gateway Advisers”) serves as investment adviser to Gateway Fund and Gateway Equity Call Premium Fund. Gateway Advisers is a subsidiary of Natixis Investment Managers, LLC, which is part of Natixis Investment Managers, an international asset management group based in Paris, France. Under the terms of the management 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 $5 billion			Next $5 billion			Over $10 billion
Gateway Fund		0.60	%		0.55	%		0.53	%
Gateway Equity Call Premium Fund		0.58	%		0.58	%		0.58	%

Mirova US LLC (“Mirova US”) serves as investment adviser to Global Green Bond Fund, Global Sustainable Equity Fund, International Sustainable Equity Fund and U.S. Sustainable Equity Fund. Mirova US is a wholly-owned subsidiary of Mirova, which is in turn a

| 84

Notes to Financial Statements (continued)

December 31, 2022

subsidiary of Natixis Investment Managers. 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:


Fund	Percentage of Average Daily Net Assets
Global Green Bond Fund		0.50	%
Global Sustainable Equity Fund		0.80	%
International Sustainable Equity Fund		0.80	%
U.S. Sustainable Equity Fund		0.65	%

Gateway Advisers and Mirova 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, substitute dividend expenses on securities sold short, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until April 30, 2023, 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, 2022, 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 C			Class N			Class Y
Gateway Fund		0.94	%		1.70	%		0.65	%		0.70	%
Gateway Equity Call Premium Fund		0.93	%		1.68	%		0.63	%		0.68	%
Global Green Bond Fund		0.90	%		—			0.60	%		0.65	%
Global Sustainable Equity Fund		1.20	%		1.95	%		0.90	%		0.95	%
International Sustainable Equity Fund		1.20	%		—			0.90	%		0.95	%
U.S. Sustainable Equity Fund		1.05	%		1.80	%		0.75	%		0.80	%

Gateway Advisers and Mirova US shall be permitted to recover expenses borne under the expense limitation agreements (whether through waiver of management fee or otherwise) on a class by class basis in later periods to the extent the annual operating expenses of a class fall below (1) a class’ expense limitation ratio in place at the time such amounts were waived/reimbursed and (2) a class’ current applicable expense limitation ratio, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the year ended December 31, 2022, the management fees and waiver of management fees for each Fund were as follows:


Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Percentage of Average Daily Net Assets
Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Gross			Net
Gateway Fund	$	42,712,665	$	—	$	42,712,665		0.58	%		0.58	%
Gateway Equity Call Premium Fund		754,139		292,832		461,307		0.58	%		0.35	%
Global Green Bond Fund		204,867		170,565		34,302		0.50	%		0.08	%
Global Sustainable Equity Fund		7,695,354		—		7,695,354		0.80	%		0.80	%
International Sustainable Equity Fund		152,331		152,331		—		0.80	%		—	%
U.S. Sustainable Equity Fund		25,740		25,740		—		0.65	%		—	%

For the year ended December 31, 2022, class-specific expenses have been reimbursed as follows:


	Reimbursement¹
Fund	Class A		Class C		Class N		Class Y		Total
Gateway Fund	$	223,714	$	11,772	$	—	$	755,253	$	990,739
Global Sustainable Equity Fund		18,214		7,230		—		382,905		408,349

¹	Waiver/expense reimbursements are subject to possible recovery until December 31, 2023.

85 |

Notes to Financial Statements (continued)

December 31, 2022

In addition, Mirova US reimbursed non-class-specific expenses of International Sustainable Equity Fund and U.S. Sustainable Equity Fund in the amounts of $18,722 and $140,557, respectively, for the year ended December 31, 2022, which are subject to possible recovery until December 31, 2023.

For the year ended December 31, 2022, expense reimbursements related to the prior fiscal year were recovered as follows:


Fund	Recovered Expenses
Gateway Fund	$	3,123

For the year ended December 31, 2022, the service and distribution fees for each Fund were as follows:


	Service Fees				Distribution Fees
Fund	Class A		Class C		Class C
Gateway Fund	$	2,340,771	$	234,268	$	702,803
Gateway Equity Call Premium Fund		4,959		1,974		5,922
Global Green Bond Fund		15,597		—		—
Global Sustainable Equity Fund		84,785		33,594		100,783
International Sustainable Equity Fund		1,370		—	��	—
U.S. Sustainable Equity Fund		56		202		605

For the year ended December 31, 2022, Natixis Distribution refunded Gateway Fund $61,250 of prior year Class A service fees paid to Natixis Distribution in excess of amounts subsequently paid to securities dealers or financial intermediaries. Service and distribution fees on the Statements of Operations have been reduced by these amounts.

c. Administrative Fees. Natixis Advisors, LLC (“Natixis Advisors”) provides certain administrative services for the Funds and contracts with State Street Bank and Trust Company (“State Street Bank”) to serve as sub-administrator. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trusts and Natixis Advisors, each Fund pays Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0540% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts of $10 million, which is reevaluated on an annual basis.

For the year ended December 31, 2022, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
Gateway Fund	$	3,299,638
Gateway Equity Call Premium Fund		58,881
Global Green Bond Fund		18,492
Global Sustainable Equity Fund		434,036
International Sustainable Equity Fund		8,536
U.S. Sustainable Equity Fund		1,786

| 86

Notes to Financial Statements (continued)

December 31, 2022

For the year ended December 31, 2022, 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
Gateway Fund	$	3,851,759
Gateway Equity Call Premium Fund		45,305
Global Green Bond Fund		35,419
Global Sustainable Equity Fund		811,257
International Sustainable Equity Fund		2,235
U.S. Sustainable Equity Fund		47


Fund	Reimbursements of Sub-Transfer Agent Fees
Gateway Fund	$	41,301
Gateway Equity Call Premium Fund		436
Global Green Bond Fund		344
Global Sustainable Equity Fund		7,793
International Sustainable Equity Fund		17
U.S. Sustainable Equity Fund		2

e. Commissions. Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the year ended December 31, 2022 was as follows:


Fund	Commissions
Gateway Fund	$	36,852
Gateway Equity Call Premium Fund		214
Global Sustainable Equity Fund		11,367
International Sustainable Equity Fund		19

87 |

Notes to Financial Statements (continued)

December 31, 2022

Effective January 1, 2023, each Governance Committee member is compensated $2,500 for each Committee meeting that he or she attends either in person or telephonically.

For the year ended December 31, 2022, net depreciation in the value of participants’ deferral accounts are reflected on the Statements of Operations as a reduction to expenses, as follows:


Fund	Amount
Gateway Fund	$	(115,800	)
Gateway Equity Call Premium Fund		(3,826	)

Certain officers and employees of Natixis Advisors and affiliates are also officers and/or Trustees of the Trusts.

g. Affiliated Ownership. As of December 31, 2022, the percentage of each Fund’s net assets owned by Natixis and affiliates is as follows:


Global Green Bond Fund	Percentage of Net Assets
Natixis Sustainable Future 2015 Fund		1.56	%
Natixis Sustainable Future 2020 Fund		1.11	%
Natixis Sustainable Future 2025 Fund		1.96	%
Natixis Sustainable Future 2030 Fund		3.39	%
Natixis Sustainable Future 2035 Fund		2.21	%
Natixis Sustainable Future 2040 Fund		1.55	%
Natixis Sustainable Future 2045 Fund		1.22	%
Natixis Sustainable Future 2050 Fund		0.48	%
Natixis Sustainable Future 2055 Fund		0.41	%
Natixis Sustainable Future 2060 Fund		0.29	%
Natixis Sustainable Future 2065 Fund		0.11	%

		14.29	%


International Sustainable Equity Fund	Percentage of Net Assets
Natixis Sustainable Future 2015 Fund		1.91	%
Natixis Sustainable Future 2020 Fund		1.85	%
Natixis Sustainable Future 2025 Fund		4.38	%
Natixis Sustainable Future 2030 Fund		9.68	%
Natixis Sustainable Future 2035 Fund		11.27	%
Natixis Sustainable Future 2040 Fund		10.86	%
Natixis Sustainable Future 2045 Fund		12.02	%
Natixis Sustainable Future 2050 Fund		11.43	%
Natixis Sustainable Future 2055 Fund		10.00	%
Natixis Sustainable Future 2060 Fund		6.90	%
Natixis Sustainable Future 2065 Fund		2.57	%

		82.87	%



U.S. Sustainable Equity Fund	Percentage of Net Assets
Natixis and affiliates		96.50	%

Investment activities of affiliated shareholders could have material impacts on the Fund.

| 88

Notes to Financial Statements (continued)

December 31, 2022

h. Reimbursement of Transfer Agent Fees and Expenses. Natixis Advisors has given a binding contractual undertaking to Gateway Equity Call Premium Fund, Global Green Bond Fund, Global Sustainable Equity Fund, International Sustainable Equity Fund and U.S. Sustainable Equity Fund to reimburse any and all transfer agency expenses for the Funds’ Class N shares. This undertaking is in effect through April 30, 2023, and is not subject to recovery under the expense limitation agreement described above.

For the year ended December 31, 2022, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:


	Reimbursement of Transfer Agency Expenses
Fund	Class N
Gateway Equity Call Premium Fund	$	969
Global Green Bond Fund		1,131
Global Sustainable Equity Fund		1,704
International Sustainable Equity Fund		1,168
U.S. Sustainable Equity Fund		927

For the year ended December 31, 2022, the Funds incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):


	Transfer Agent Fees and Expenses
Fund	Class A		Class C		Class N		Class Y
Gateway Fund	$	615,244	$	59,937	$	3,119	$	3,703,814
Gateway Equity Call Premium Fund		1,026		411		969		64,732
Global Green Bond Fund		7,239		—		1,131		33,879
Global Sustainable Equity Fund		37,648		14,916		1,704		789,471
International Sustainable Equity Fund		1,442		—		1,168		2,907
U.S. Sustainable Equity Fund		462		1,691		927		812

For the year ended December 31, 2022, International Sustainable Equity Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $600,000 at a weighted average interest rate of 2.68%. Interest expense incurred on the line of credit was $268.

9. Payable to Custodian Bank. The Funds’ custodian bank, State Street Bank, provides overdraft protection to the Funds in the event of a cash shortfall. Cash overdrafts bear interest at a rate per annum equal to the Federal Funds rate plus a variable spread. At December 31, 2022, Global Green Bond Fund had a payable to the custodian bank of $2,071,038 for an overdraft.

10. Risk. The Funds’ investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks. The Fund’s investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.

89 |

Notes to Financial Statements (continued)

December 31, 2022

11. Interest Expense. The Funds incur interest expense on cash (including foreign currency) overdrafts at the custodian bank, borrowings on the line of credit and, for Global Green Bond Fund, foreign currency debit balances at brokers. Interest expense incurred for the year ended December 31, 2022 is reflected on the Statements of Operations.

12. 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, 2022, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Funds’ total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:


Fund	Number of 5% Non-Affiliated Account Holders		Percentage of Non-Affiliated Ownership			Percentage of Affiliated Ownership (Note 6g)			Total Percentage of Ownership
Gateway Equity Call Premium Fund		2		84.97	%		—			84.97	%
Global Green Bond Fund		3		35.19	%		14.29	%		49.48	%
Global Sustainable Equity Fund		1		23.33	%		—			23.33	%
International Sustainable Equity Fund		2		12.32	%		82.87	%		95.19	%

13. 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, 2022						Year Ended December 31, 2021
Gateway Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		2,990,927		$	111,688,911			4,103,014		$	159,384,742
Issued in connection with the reinvestment of distributions		132,916			4,799,294			100,047			3,909,189
Redeemed		(5,070,154	)		(186,569,866	)		(4,696,532	)		(182,041,657	)

Net change		(1,946,311	)	$	(70,081,661	)		(493,471	)	$	(18,747,726	)

Class C
Issued from the sale of shares		295,524		$	11,043,487			455,601		$	17,700,327
Redeemed		(923,521	)		(33,943,135	)		(1,530,271	)		(58,832,782	)

Net change		(627,997	)	$	(22,899,648	)		(1,074,670	)	$	(41,132,455	)

Class N
Issued from the sale of shares		4,827,293		$	182,200,937			5,482,060		$	215,874,763
Issued in connection with the reinvestment of distributions		64,735			2,340,801			44,030			1,726,281
Redeemed		(6,643,828	)		(244,989,922	)		(3,197,125	)		(126,136,905	)

Net change		(1,751,800	)	$	(60,448,184	)		2,328,965		$	91,464,139

Class Y
Issued from the sale of shares		33,208,989		$	1,246,241,832			37,955,789		$	1,477,701,403
Issued in connection with the reinvestment of distributions		1,096,216			39,614,732			867,558			33,970,801
Redeemed		(52,875,105	)		(1,938,033,620	)		(32,342,708	)		(1,248,292,004	)

Net change		(18,569,900	)	$	(652,177,056	)		6,480,639		$	263,380,200

Increase (decrease) from capital share transactions		(22,896,008	)	$	(805,606,549	)		7,241,463		$	294,964,158

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Notes to Financial Statements (continued)

December 31, 2022

13. Capital Shares (continued).


	Year Ended December 31, 2022						Year Ended December 31, 2021
Gateway Equity Call Premium Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		21,527		$	334,499			119,601		$	1,838,974
Issued in connection with the reinvestment of distributions		807			11,890			486			7,707
Redeemed		(68,414	)		(1,058,963	)		(67,014	)		(1,010,211	)

Net change		(46,080	)	$	(712,574	)		53,073		$	836,470

Class C
Issued from the sale of shares		45,751		$	665,059			5,571		$	83,540
Issued in connection with the reinvestment of distributions		41			601			5			75
Redeemed		(29,736	)		(422,608	)		(9,350	)		(135,497	)

Net change		16,056		$	243,052			(3,774	)	$	(51,882	)

Class N
Issued from the sale of shares		1,231		$	18,762			2,094		$	31,390
Issued in connection with the reinvestment of distributions		156			2,287			263			4,105
Redeemed		(12,648	)		(196,525	)		(28,036	)		(439,160	)

Net change		(11,261	)	$	(175,476	)		(25,679	)	$	(403,665	)

Class Y
Issued from the sale of shares		6,302,053		$	95,742,078			2,374,121		$	36,711,691
Issued in connection with the reinvestment of distributions		34,360			498,728			8,278			130,618
Redeemed		(3,097,465	)		(45,769,567	)		(318,518	)		(4,919,489	)

Net change		3,238,948		$	50,471,239			2,063,881		$	31,922,820

Increase from capital share transactions		3,197,663		$	49,826,241			2,087,501		$	32,303,743


	Year Ended December 31, 2022						Year Ended December 31, 2021
Global Green Bond Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		224,455		$	2,033,286			330,121		$	3,478,742
Issued in connection with the reinvestment of distributions		36,736			308,268			18,695			191,969
Redeemed		(271,498	)		(2,361,128	)		(205,158	)		(2,165,159	)

Net change		(10,307	)	$	(19,574	)		143,658		$	1,505,552

Class N
Issued from the sale of shares		325,512		$	2,912,104			402,160		$	4,252,330
Issued in connection with the reinvestment of distributions		35,400			298,746			27,746			286,884
Redeemed		(508,558	)		(4,731,582	)		(723,427	)		(7,634,063	)

Net change		(147,646	)	$	(1,520,732	)		(293,521	)	$	(3,094,849	)

Class Y
Issued from the sale of shares		1,025,177		$	9,141,286			1,803,141		$	19,007,559
Issued in connection with the reinvestment of distributions		162,421			1,369,017			84,947			873,670
Redeemed		(1,230,856	)		(10,806,351	)		(763,186	)		(8,021,816	)

Net change		(43,258	)	$	(296,048	)		1,124,902		$	11,859,413

Increase (decrease) from capital share transactions		(201,211	)	$	(1,836,354	)		975,039		$	10,270,116

91 |

Notes to Financial Statements (continued)

December 31, 2022

13. Capital Shares (continued).


	Year Ended December 31, 2022						Year Ended December 31, 2021
Global Sustainable Equity Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		633,351		$	10,228,563			730,171		$	15,268,213
Issued in connection with the reinvestment of distributions		54,978			948,248			137,134			2,803,008
Redeemed		(883,055	)		(13,688,073	)		(484,741	)		(10,404,320	)

Net change		(194,726	)	$	(2,511,262	)		382,564		$	7,666,901

Class C
Issued from the sale of shares		127,671		$	2,080,308			335,039		$	6,688,657
Issued in connection with the reinvestment of distributions		13,506			224,871			35,331			691,330
Redeemed		(230,165	)		(3,378,088	)		(82,377	)		(1,707,925	)

Net change		(88,988	)	$	(1,072,909	)		287,993		$	5,672,062

Class N
Issued from the sale of shares		6,250,775		$	105,399,673			7,851,561		$	166,251,848
Issued in connection with the reinvestment of distributions		581,695			10,042,156			1,098,456			22,677,782
Redeemed		(5,072,369	)		(79,685,344	)		(2,037,482	)		(42,874,998	)

Net change		1,760,101		$	35,756,485			6,912,535		$	146,054,632

Class Y
Issued from the sale of shares		17,246,094		$	287,327,840			23,278,352		$	494,418,241
Issued in connection with the reinvestment of distributions		1,489,114			25,731,128			3,260,207			67,203,764
Redeemed		(17,853,965	)		(281,709,316	)		(24,519,480	)		(529,966,929	)

Net change		881,243		$	31,349,652			2,019,079		$	31,655,076

Increase from capital share transactions		2,357,630		$	63,521,966			9,602,171		$	191,048,671


	Year Ended December 31, 2022						Year Ended December 31, 2021
International Sustainable Equity Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		68,704		$	727,987			20,848		$	301,831
Issued in connection with the reinvestment of distributions		2,437			25,462			621			8,864
Redeemed		(29,117	)		(307,887	)		(427	)		(6,066	)

Net change		42,024		$	445,562			21,042		$	304,629

Class N
Issued from the sale of shares		309,325		$	3,440,154			1,061,665		$	15,350,795
Issued in connection with the reinvestment of distributions		26,059			273,620			32,137			457,863
Redeemed		(1,543,327	)		(16,210,215	)		(356,899	)		(5,294,442	)

Net change		(1,207,943	)	$	(12,496,441	)		736,903		$	10,514,216

Class Y
Issued from the sale of shares		89,827		$	983,179			129,002		$	1,885,986
Issued in connection with the reinvestment of distributions		2,813			29,504			2,927			41,940
Redeemed		(139,767	)		(1,453,883	)		(13,329	)		(201,164	)

Net change		(47,127	)	$	(441,200	)		118,600		$	1,726,762

Increase (decrease) from capital share transactions		(1,213,046	)	$	(12,492,079	)		876,545		$	12,545,607

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Notes to Financial Statements (continued)

December 31, 2022

13. Capital Shares (continued).


	Year Ended December 31, 2022						Year Ended December 31, 2021
U.S. Sustainable Equity Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		8,597		$	88,519			835		$	10,270
Issued in connection with the reinvestment of distributions		22			223			50			623
Redeemed		(9,310	)		(86,739	)		—			—

Net change		(691	)	$	2,003			885		$	10,893

Class C
Issued from the sale of shares		—		$	—			7,608		$	99,355
Issued in connection with the reinvestment of distributions		528			5,225			409			5,097

Net change		528		$	5,225			8,017		$	104,452

Class N
Redeemed		—			—			(111,465	)		(1,400,000	)

Net change		—		$	—			(111,465	)	$	(1,400,000	)

Class Y
Issued from the sale of shares		1,793		$	17,237			16,848		$	195,494
Issued in connection with the reinvestment of distributions		261			2,602			190			2,393
Redeemed		(254	)		(2,531	)		(13,605	)		(157,637	)

Net change		1,800		$	17,308			3,433		$	40,250

Increase (decrease) from capital share transactions		1,637		$	24,536			(99,130	)	$	(1,244,405	)

93 |

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Gateway Trust and Natixis Funds Trust I and Shareholders of Gateway Fund, Gateway Equity Call Premium Fund, Mirova Global Green Bond Fund, Mirova Global Sustainable Equity Fund, Mirova International Sustainable Equity Fund and Mirova U.S. Sustainable Equity Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Gateway Fund and Gateway Equity Call Premium Fund (two of the funds constituting Gateway Trust), Mirova Global Green Bond Fund, Mirova Global Sustainable Equity Fund, Mirova International Sustainable Equity Fund and Mirova U.S. Sustainable Equity Fund (four of the funds constituting Natixis Funds Trust I) (hereafter collectively referred to as the “Funds”) as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

February 22, 2023

| 94

2022 U.S. Tax Distribution Information to Shareholders (Unaudited)


Fund	Qualifying Percentage
Gateway Fund		100.00	%
Gateway Equity Call Premium Fund		100.00	%
Global Sustainable Equity Fund		92.12	%
U.S. Sustainable Equity Fund		14.68	%


Fund	Amount
Global Green Bond Fund	$	1,902,630
Global Sustainable Equity Fund		23,809,481
U.S. Sustainable Equity Fund		100,196


Fund	Qualifying Percentage
Gateway Fund		100.00	%
Gateway Equity Call Premium Fund		100.00	%
Global Sustainable Equity Fund		70.78	%
International Sustainable Equity Fund		100.00	%
U.S. Sustainable Equity Fund		23.08	%

Foreign Tax Credit. For the year ended December 31, 2022, 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

International Sustainable Equity Fund

51,801

621,377

95 |

Trustee and Officer Information

The tables below provide certain information regarding the Trustees and officers of Natixis Funds Trust I and Gateway Trust (the “Trusts”). Unless otherwise indicated, the address of all persons below is 888 Boylston Street, Suite 800, Boston, MA 02199-8197. The Funds’ Statement of Additional Information includes additional information about the Trustees of the Trusts and is 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

Edmond J. English (1953)	Trustee since 2013 Chairperson of the Governance Committee and Contract Review Committee Member	Executive Chairman of Bob’s Discount Furniture (retail)	54 Director, Burlington Stores, Inc. (retail); Director, Rue Gilt Groupe, Inc. (e-commerce retail)	Significant experience on the Board and on the boards of other business organizations (including retail companies and a bank); executive experience (including at a retail company)

Richard A. Goglia (1951)	Trustee since 2015 Audit Committee Member and Governance Committee Member	Retired	54 Formerly, Director, Triumph Group (aerospace industry)	Significant 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 Chairperson of the Contract Review Committee	Retired	54 Director, Abt Associates Inc. (research and consulting); Director, The Hanover Insurance Group (property and casualty insurance); formerly, Director, Eastern Bank (bank)	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)

Martin T. Meehan (1956)	Trustee since 2012 Contract Review Committee Member and Governance Committee Member	President, University of Massachusetts	54 None	Significant 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

| 96

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

Maureen B. Mitchell (1951)	Trustee since 2017 Contract Review Committee Member and Governance Committee Member	Retired	54 Director, Sterling Bancorp (bank)	Significant experience on the Board; financial services industry and executive experience (including role as president of global sales and marketing at a financial services company)

James P. Palermo (1955)	Trustee since 2016 Audit Committee Member	Founding Partner, Breton Capital Management, LLC (private equity); Partner, STEP Partners, LLC (private equity)	54 Director, FutureFuel.io (chemicals and biofuels)	Significant 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)	Chairperson of the Board of Trustees since 2021 Trustee since 2009 Ex Officio member of the Audit Committee, Contract Review Committee and Governance Committee	Professor of Finance at Babson College	54 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 Audit Committee Member	Retired	54 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)

97 |

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

Kirk A. Sykes (1958)	Trustee since 2019 Audit Committee Member and Governance Committee Member	Managing Director of Accordia Partners, LLC (real estate development); President of Primary Corporation (real estate development); Managing Principal of Merrick Capital Partners (infrastructure finance)	54 Advisor, Eastern Bank (bank); Director, Apartment Investment and Management Company (real estate investment trust); formerly, Director, Ares Commercial Real Estate Corporation (real estate investment trust)	Experience on the Board and significant experience on the boards of other business organizations (including real estate companies and banks)

Cynthia L. Walker (1956)	Trustee since 2005 Chairperson of the Audit Committee	Retired; Formerly, Deputy Dean for Finance and Administration, Yale University School of Medicine	54 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 Chairman of the Board of Directors, Loomis, Sayles & Company, L.P.	54 None	Significant experience on the Board; continuing service as President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

David L. Giunta⁴ (1965)	Trustee since 2011 President and Chief Executive Officer	President and Chief Executive Officer, Natixis Advisors, LLC and Natixis Distribution, LLC	54 None	Significant experience on the Board; experience as President and Chief Executive Officer of Natixis Advisors, LLC and Natixis Distribution, LLC

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, Chief Executive Officer and Chairman of the Board of Directors 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, Natixis Advisors, LLC and Natixis Distribution, LLC.

| 98

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 TRUSTS

Matthew Block (1981)	Treasurer, Principal Financial and Accounting Officer	Since 2022	Senior Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC; formerly, Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC; Assistant Treasurer of the Fund Complex; Managing Director, State Street Bank and Trust Company

Susan McWhan Tobin (1963)	Secretary and Chief Legal Officer	Since 2022	Executive Vice President, General Counsel and Secretary, Natixis Advisors, LLC and Natixis Distribution, LLC; formerly, Executive Vice President and Chief Compliance Officer of Natixis Investment Managers (March 2019– May 2022) and Senior Vice President and Head of Compliance, US for Natixis Investment Managers (July 2011–March 2019)

Natalie R. Wagner (1979)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer	Since 2021	Senior Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC; formerly, Vice President, Head of Corporate Compliance, Global Atlantic Financial Group

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.

99 |

(b) Not Applicable.

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. Richard A. Goglia, Mr. James Palermo, Mr. Peter J. Smail, Mr. Kirk A. Sykes 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

	1/1/21-12/31/21		1/1/22-12/31/22		1/1/21-12/31/21		1/1/22-12/31/22		1/1/21-12/31/21		1/1/22-12/31/22		1/1/21-12/31/21		1/1/22-12/31/22
Natixis Funds Trust I (except Loomis Sayles Core Plus Bond Fund)	$	239,331	$	253,693	$	480	$	519	$	93,292	$	83,610	$	—	$	—

Audit-related fees consist of:

2021 & 2022 – performance of agreed-upon procedures related to the Registrant’s deferred compensation plan.

Tax fees consist of:

2021 & 2022 – review of the Registrant’s tax returns (2021 & 2022) and filings to reclaim withholding taxes paid on French dividends (2021 & 2022).

Aggregate fees billed to the Registrant for non-audit services during 2021 and 2022 were $93,772 and $84,129, 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 Natixis Advisors, LLC (“Natixis Advisors”), Mirova US LLC (“Mirova”) and entities controlling, controlled by or under common control with Natixis Advisors and Mirova (“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
	1/1/21-12/31/21		1/1/22- 12/31/22		1/1/21-12/31/21		1/1/22-12/31/22		1/1/21-12/31/21		1/1/22-12/31/22
Control Affiliates	$	—	$	—	$	31,137	$	28,621	$	—	$	50,000

The following table sets forth the aggregate fees billed by the Registrant’s principal accountant for non-audit services rendered to Mirova, Natixis Advisors 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
	1/1/21-12/31/21		1/1/22-12/31/22
Control Affiliates	$	235,234	$	341,351

None of the services described above were approved pursuant to paragraph (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 Registrant 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 Trustee of the Registrant 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 by 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 period covered by the report that have materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. 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.

(b)		Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002, 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, 2023

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, 2023

By:		/s/ Matthew Block
Name:		Matthew Block
Title:		Treasurer and Principal Financial and
		Accounting Officer

Date:		February 22, 2023

Natixis Funds Trust I N-CSRCertified annual shareholder report (management investment company)