Natixis Funds Trust I NCSRS Certified semi-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: June 30, 2023

Item 1. Reports to Stockholders.

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

LOGO

Semiannual Report

June 30, 2023

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			17
Financial Statements			28
Notes to Financial Statements			59

LOGO

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.

Average Annual Total Returns — June 30, 2023³



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

Class Y (Inception 12/15/20)
NAV		17.45	%		22.79	%		-2.20	%		1.80	%		0.95	%

Class A (Inception 12/15/20)
NAV		17.35			22.40			-2.45			2.05			1.20
With 5.75% Maximum Sales Charge		10.58			15.37			-4.69

Class C (Inception 12/15/20)
NAV		16.86			21.55			-3.18			2.79			1.95
With CDSC¹		15.86			20.55			-3.18

Class N (Inception 12/15/20)
NAV		17.45			22.84			-2.17			1.67			0.90

Comparative Performance
MSCI ACWI ex USA Index²		9.47	%		12.72	%		0.59	%

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.

2	The MSCI ACWI ex USA Index 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 4/30/24. 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.

1 |

NATIXIS OAKMARK FUND



Managers	Symbols

Robert F. Bierig	Class A	NEFOX

Michael J. Mangan, CFA^®	Class C	NECOX

Michael A. Nicolas, CFA^®	Class N	NOANX

William C. Nygren, CFA^®	Class Y	NEOYX

Harris Associates L.P.

Investment Goal

The Fund seeks long-term capital appreciation.

Average Annual Total Returns — June 30, 2023³



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

Class Y
NAV		17.60	%		26.83	%		11.29	%		12.11	%		—	%		0.85	%		0.80	%

Class A
NAV		17.45			26.52			11.01			11.83			—			1.10			1.05
With 5.75% Maximum Sales Charge		10.72			19.24			9.70			11.17			—

Class C
NAV		17.03			25.57			10.17			11.16			—			1.85			1.80
With CDSC¹		16.03			24.57			10.17			11.16			—

Class N (Inception 5/1/17)
NAV		17.64			26.90			11.39			—			11.92			0.93			0.75

Comparative Performance
S&P 500^® Index²		16.89	%		19.59	%		12.31	%		12.86	%		12.58

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 4/30/24. 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

Eric Liu, CFA^®*	Class C	NOICX

Michael L. Manelli, CFA^®	Class N	NIONX

Harris Associates L.P.	Class Y	NOIYX

*	Effective August 1, 2023, Eric Liu serves as portfolio manager of the Fund.

Investment Goal

The Fund seeks long-term capital appreciation.

Average Annual Total Returns — June 30, 2023⁴



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

Class Y (Inception 5/1/17)
NAV¹		17.92	%		22.97	%		3.01	%		4.66	%		—	%		1.13	%		0.90	%

Class A
NAV		17.74			22.64			2.77			4.50			—			1.38			1.15
With 5.75% Maximum Sales Charge		11.00			15.56			1.55			3.88			—

Class C
NAV		17.31			21.81			2.00			3.88			—			2.13			1.90
With CDSC²		16.31			20.81			2.00			3.88			—

Class N (Inception 5/1/17)
NAV		17.98			23.01			3.08			—			3.20			1.02			0.85

Comparative Performance
MSCI World ex USA Index (Net)³		11.29	%		17.41	%		4.58	%		5.40	%		5.36

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 4/30/24. 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.

3 |

NATIXIS U.S. EQUITY OPPORTUNITIES FUND



Managers	Symbols

Robert F. Bierig	Class A	NEFSX

Michael J. Mangan, CFA^®, CPA	Class C	NECCX

Michael A. Nicolas, CFA^®	Class N	NESNX

William C. Nygren, CFA^®	Class Y	NESYX

Harris Associates L.P.



Aziz V. Hamzaogullari, CFA^®

Loomis, Sayles & Company, L.P.

Investment Goal

The Fund seeks long-term growth of capital.

Average Annual Total Returns — June 30, 2023⁴



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

Class Y
NAV		24.23	%		30.36	%		11.90	%		14.07	%		—	%		0.84	%		0.84	%

Class A
NAV		24.09			30.07			11.62			13.79			—			1.09			1.09
With 5.75% Maximum Sales Charge		16.96			22.60			10.31			13.11			—

Class C
NAV		23.67			29.06			10.79			13.10			—			1.84			1.84
With CDSC¹		22.67			28.07			10.79			13.10			—

Class N (Inception 5/1/17)
NAV		24.26			30.45			11.98			—			13.17			1.31			0.78

Comparative Performance
S&P 500^® Index²		16.89	%		19.59	%		12.31	%		12.86	%		12.58
Russell 1000^® Index³		16.68	%		19.36	%		11.92	%		12.64	%		12.28

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.

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VAUGHAN NELSON MID CAP FUND



Managers	Symbols

Dennis G. Alff, CFA^®	Class A	VNVAX

Chad D. Fargason	Class C	VNVCX

Chris D. Wallis, CFA^®	Class N	VNVNX

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

Investment Goal

The Fund seeks long-term capital appreciation.

Average Annual Total Returns — June 30, 2023³



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

Class Y
NAV		5.30	%		10.00	%		6.97	%		7.92	%		—	%		0.96	%		0.90	%

Class A
NAV		5.19			9.71			6.70			7.64			—			1.21			1.15
With 5.75% Maximum Sales Charge		-0.86			3.38			5.44			7.01			—

Class C
NAV		4.79			8.90			5.90			7.00			—			1.96			1.90
With CDSC¹		3.79			7.90			5.90			7.00			—

Class N (Inception 5/1/13)
NAV		5.36			10.08			7.05			7.99			8.34			0.87			0.85

Comparative Performance
Russell Midcap^® Value Index²		5.23	%		10.50	%		6.84	%		9.03	%		9.04

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.

5 |

VAUGHAN NELSON SMALL CAP VALUE FUND



Managers		Symbols

James Eisenman, CFA^®		Class A NEFJX

Chris D. Wallis, CFA^®		Class C NEJCX

Vaughan Nelson Investment Management, L.P.		Class N VSCNX

		Class Y NEJYX

Investment Goal

The Fund seeks capital appreciation.

Average Annual Total Returns — June 30, 2023³



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

Class Y
NAV		14.68	%		18.51	%		9.15	%		10.13	%		—	%		1.12	%		1.00	%

Class A
NAV		14.57			18.27			8.88			9.86			—			1.37	%		1.25
With 5.75% Maximum Sales Charge		7.95			11.45			7.60			9.20			—

Class C
NAV		14.15			17.39			8.04			9.20			—			2.12			2.00
With CDSC¹		13.15			16.39			8.04			9.20			—

Class N (Inception 5/1/17)
NAV		14.73			18.60			9.23			—			8.89			1.10			0.95

Comparative Performance
Russell 2000^® Value Index²		2.50	%		6.01	%		3.54	%		7.29	%		4.89

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

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.

7 |

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 January 1, 2023 through June 30, 2023. 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 1/1/2023		ENDING ACCOUNT VALUE 6/30/2023		EXPENSES PAID DURING PERIOD^*1/1/2023 – 6/30/2023
Class A
Actual		$1,000.00		$1,173.50		$6.47
Hypothetical (5% return before expenses)		$1,000.00		$1,018.84		$6.01
Class C
Actual		$1,000.00		$1,168.60		$10.49
Hypothetical (5% return before expenses)		$1,000.00		$1,015.13		$ 9.74
Class N
Actual		$1,000.00		$1,174.50		$ 4.85
Hypothetical (5% return before expenses)		$1,000.00		$1,020.33		$ 4.51
Class Y
Actual		$1,000.00		$1,174.50		$ 5.12
Hypothetical (5% return before expenses)		$1,000.00		$1,020.08		$ 4.76

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 (181), divided by 365 (to reflect the half-year period).

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NATIXIS OAKMARK FUND	BEGINNING ACCOUNT VALUE 1/1/2023		ENDING ACCOUNT VALUE 6/30/2023		EXPENSES PAID DURING PERIOD^*1/1/2023 – 6/30/2023
Class A
Actual		$1,000.00		$1,174.50		$5.66
Hypothetical (5% return before expenses)		$1,000.00		$1,019.59		$5.26
Class C
Actual		$1,000.00		$1,170.30		$9.69
Hypothetical (5% return before expenses)		$1,000.00		$1,015.87		$9.00
Class N
Actual		$1,000.00		$1,176.40		$4.05
Hypothetical (5% return before expenses)		$1,000.00		$1,021.08		$3.76
Class Y
Actual		$1,000.00		$1,176.00		$4.32
Hypothetical (5% return before expenses)		$1,000.00		$1,020.83		$4.01

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 (181), divided by 365 (to reflect the half-year period).


NATIXIS OAKMARK INTERNATIONAL FUND	BEGINNING ACCOUNT VALUE 1/1/2023		ENDING ACCOUNT VALUE6/30/2023		EXPENSES PAID DURING PERIOD^*1/1/2023 – 6/30/2023
Class A
Actual		$1,000.00		$1,177.40		$6.21
Hypothetical (5% return before expenses)		$1,000.00		$1,019.09		$5.76
Class C
Actual		$1,000.00		$1,173.10		$10.24
Hypothetical (5% return before expenses)		$1,000.00		$1,015.37		$ 9.49
Class N
Actual		$1,000.00		$1,179.80		$ 4.59
Hypothetical (5% return before expenses)		$1,000.00		$1,020.58		$ 4.26
Class Y
Actual		$1,000.00		$1,179.20		$ 4.86
Hypothetical (5% return before expenses)		$1,000.00		$1,020.33		$ 4.51

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 (181), divided by 365 (to reflect the half-year period).

9 |


NATIXIS U.S. EQUITY OPPORTUNITIES FUND	BEGINNING ACCOUNT VALUE 1/1/2023		ENDING ACCOUNT VALUE6/30/2023		EXPENSES PAID DURING PERIOD^*1/1/2023 – 6/30/2023
Class A
Actual		$1,000.00		$1,240.90		$6.28
Hypothetical (5% return before expenses)		$1,000.00		$1,019.19		$5.66
Class C
Actual		$1,000.00		$1,236.70		$10.43
Hypothetical (5% return before expenses)		$1,000.00		$1,015.47		$ 9.39
Class N
Actual		$1,000.00		$1,242.60		$ 4.50
Hypothetical (5% return before expenses)		$1,000.00		$1,020.78		$ 4.06
Class Y
Actual		$1,000.00		$1,242.30		$ 4.89
Hypothetical (5% return before expenses)		$1,000.00		$1,020.43		$ 4.41

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.13%, 1.88%, 0.81% and 0.88% 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 (181), divided by 365 (to reflect the half-year period).


VAUGHAN NELSON MID CAP FUND	BEGINNING ACCOUNT VALUE 1/1/2023		ENDING ACCOUNT VALUE6/30/2023		EXPENSES PAID DURING PERIOD^*1/1/2023 – 6/30/2023
Class A
Actual		$1,000.00		$1,051.90		$5.85
Hypothetical (5% return before expenses)		$1,000.00		$1,019.09		$5.76
Class C
Actual		$1,000.00		$1,047.90		$9.65
Hypothetical (5% return before expenses)		$1,000.00		$1,015.37		$9.49
Class N
Actual		$1,000.00		$1,053.60		$4.33
Hypothetical (5% return before expenses)		$1,000.00		$1,020.58		$4.26
Class Y
Actual		$1,000.00		$1,053.00		$4.58
Hypothetical (5% return before expenses)		$1,000.00		$1,020.33		$4.51

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VAUGHAN NELSON SMALL CAP VALUE FUND	BEGINNING ACCOUNT VALUE 1/1/2023		ENDING ACCOUNT VALUE6/30/2023		EXPENSES PAID DURING PERIOD^*1/1/2023 – 6/30/2023
Class A
Actual		$1,000.00		$1,145.70		$ 6.65
Hypothetical (5% return before expenses)		$1,000.00		$1,018.60		$ 6.26
Class C
Actual		$1,000.00		$1,141.50		$10.62
Hypothetical (5% return before expenses)		$1,000.00		$1,014.88		$ 9.99
Class N
Actual		$1,000.00		$1,147.30		$ 5.06
Hypothetical (5% return before expenses)		$1,000.00		$1,020.08		$ 4.76
Class Y
Actual		$1,000.00		$1,146.80		$ 5.32
Hypothetical (5% return before expenses)		$1,000.00		$1,019.84		$ 5.01

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 (181), divided by 365 (to reflect the half-year period).

11 |

BOARD APPROVAL OF THE EXISTING ADVISORY AND SUB-ADVISORY AGREEMENTS

The Board of Trustees of the Trusts (the “Board”), including the Independent Trustees, considers matters bearing on each Fund’s advisory agreement and, with respect to Natixis Oakmark Fund, Natixis Oakmark International Fund, Natixis U.S. Equity Opportunities Fund, Vaughan Nelson Mid Cap Fund, and Vaughan Nelson Small Cap Value Fund, sub-advisory agreement (collectively, the “Agreements”) at most of its meetings throughout the year. Each year, usually in the spring, the Contract Review Committee of the Board meets to review the Agreements to determine whether to recommend that the full Board approve the continuation of the Agreements, typically for an additional one-year period. This meeting typically includes all the Independent Trustees, including the Trustees who do not serve on the Contract Review Committee. After the Contract Review Committee has made its recommendation, the full Board, including the Independent Trustees, determines whether to approve the continuation of the Agreements at its June Board meeting.

In connection with these meetings, the Trustees receive materials that the Funds’ investment advisers and sub-advisers, as applicable (collectively, the “Advisers”) believe to be reasonably necessary for the Trustees to evaluate the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Funds and the performance of peer groups of funds and the Funds’ performance benchmarks, (ii) information on the Funds’ advisory and sub-advisory fees and other expenses, including information comparing the Funds’ advisory and sub-advisory fees to the fees charged to institutional accounts with similar strategies managed by the Advisers, if any, and to those of peer groups of funds and information about any applicable expense limitations and/or fee “breakpoints,” (iii) sales and redemption data in respect of the Funds, (iv) information about the profitability of the Agreements to the Advisers, including how profitability is determined for the Funds, and (v) information obtained through the completion by the Advisers of a questionnaire distributed on behalf of the Trustees. The Board, including the Independent Trustees, also considers other matters such as (i) each Fund’s investment objective and strategies and the size, education and experience of the Advisers’ respective investment staffs and their use of technology, external research and trading cost measurement tools, (ii) arrangements in respect of the distribution of the Funds’ shares and the related costs, (iii) the allocation of the Funds’ brokerage, if any, including, to the extent applicable, allocations to brokers affiliated with the Advisers and the use of “soft” commission dollars to pay for research and other similar services, (iv) each Adviser’s policies and procedures relating to, among other things, compliance, trading and best execution, proxy voting, liquidity and valuation, (v) information about amounts invested by the Funds’ portfolio managers in the Funds or in similar accounts that they manage and (vi) the general economic outlook with particular emphasis on the mutual fund industry. Throughout the process, the Trustees are afforded the opportunity to ask questions of and request additional materials from the Advisers and the Independent Trustees meet separately with independent legal counsel outside the presence of Adviser personnel.

In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreements, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide detailed information about the Funds’ investment performance and the fees charged to the Funds for advisory and other services. The information received by the Trustees generally includes, where available, among other things, an internal performance rating for each Fund based on agreed-upon criteria, graphs showing each Fund’s performance and expense differentials against each Fund’s peer group/category of funds, total return information for various periods, performance rankings provided by a third-party data provider for various periods comparing a Fund against similarly categorized funds, and performance ratings provided by a different third-party rating organization. The portfolio management team for each Fund or other representatives of the Advisers make periodic presentations to the Contract Review Committee and/or the full Board, and Funds identified as presenting possible performance concerns may be subject to more frequent Board or Committee presentations and reviews. In addition, the Trustees are periodically provided with detailed statistical information about each Fund’s portfolio. The Trustees also receive periodic updates between meetings, both at the Board and at the Committee level.

The Board most recently approved the continuation of the Agreements for a one-year period at its meeting held in June 2023. In the case of Natixis U.S. Equity Opportunities Fund, the Board approved the Agreement with an amendment that reduced the Fund’s advisory fee effective July 1, 2023. In considering whether to approve the continuation of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreements included, but were not limited to, the factors listed below.

The nature, extent and quality of the services provided to the Funds under the Agreements. The Trustees considered the nature, extent and quality of the services provided by the Advisers and their affiliates to the Funds and the resources dedicated to the Funds by the Advisers and their affiliates. The Trustees also considered their experience with other funds advised or sub-advised by the Adviser, as well as the affiliation between the Adviser and Natixis Investment Managers, LLC, whose affiliates provide investment advisory services to other funds in the Natixis family of funds.

| 12

increases in the services provided resulting from new regulatory requirements, such as recent rules relating to the fair valuation of investments and the use of derivatives, as well as from monitoring proposed rules, such as those relating to privacy and cybersecurity, environmental, social and governance-specific disclosures, and vendor oversight.

For each Fund, the Trustees also considered the benefits to shareholders of investing in a mutual fund that is part of a family of funds that offers shareholders the right to exchange shares of one type of fund for shares of another type of fund, and provides a variety of fund and shareholder services.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the nature, extent and quality of services provided supported the renewal of the Agreements.

Investment performance of the Funds and the Advisers. As noted above, the Trustees received information about the performance of the Funds over various time periods, including information that compared the performance of the Funds to the performance of peer groups and categories of funds and the Funds’ respective performance benchmarks. The Board noted that while it found the data provided by the independent third-party data provider useful, it recognized its limitations, including, in particular, that notable differences may exist between the Funds and the performance comparisons (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the performance comparisons. The Trustees also received information about how comparative peer groups are constructed. In addition, the Trustees reviewed data prepared by an independent third-party rating organization that analyzed the performance of the Funds using a variety of performance metrics, including metrics that measured the performance of the Funds on a risk adjusted basis.

The Board noted that, through December 31, 2022, each Fund’s one-, three- and five-year performance, as applicable, stated as percentile rankings within categories selected by the independent third-party data provider, was as follows (where the best performance would be in the first percentile of its category):


	One-Year			Three-Year			Five-Year
Loomis Sayles International Growth Fund		9	%		N/A			N/A
Natixis Oakmark Fund		94	%		12	%		38	%
Natixis Oakmark International Fund		94	%		95	%		100	%
Natixis U.S. Equity Opportunities Fund		87	%		77	%		67	%
Vaughan Nelson Mid Cap Fund		19	%		49	%		61	%
Vaughan Nelson Small Cap Value Fund		13	%		8	%		16	%

In the case of each Fund that had performance that lagged that of a relevant category median as determined by the independent third-party data provider for certain (although not necessarily all) periods, the Board concluded that other factors relevant to performance supported renewal of the Agreements. These factors included one or more of the following: (1) that the underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Adviser that were reasonable and consistent with the Fund’s investment objective and policies; (2) that the Fund had outperformed its relevant benchmark for the one-year period ended December 31, 2022; (3) that the Fund’s longer-term (three-year and five-year) performance was stronger relative to its category; (4) that the Fund’s long-term (10-year) performance was stronger relative to its category; (5) relatively recent changes to the Fund’s portfolio management team; and (6) that the Fund’s shorter-term performance has been strong relative to its category. The Board also considered information about the Funds’ more recent performance, including how performance over various periods had been impacted by various factors such as market and economic events.

The Trustees also considered each Adviser’s performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of the Advisers to Trustee concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the performance of the Funds and the Advisers and/or other relevant factors supported the renewal of the Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their respective relationships with the Funds. The Trustees considered the fees charged to the Funds for advisory, sub-advisory and administrative services as well as the total expense levels of the Funds. This information included comparisons (provided both by management and by an independent third party) of the Funds’ advisory fees and total expense levels to those of their peer groups and information about the advisory fees charged by the Advisers to comparable accounts (such as institutional separate accounts), as well as information about differences in such fees and the reasons for any such differences. In considering the fees charged to comparable accounts, the Trustees considered, among other things, management’s representations about the differences between managing mutual funds as compared to other types of

13 |

accounts, including the additional resources required to effectively manage mutual fund assets, the greater regulatory costs associated with the management of such assets, and the entrepreneurial, regulatory and other risks associated with sponsoring and managing mutual funds. In evaluating each Fund’s advisory and sub-advisory fees, the Trustees also took into account the demands, complexity and quality of the investment management of such Fund, and the need for the Advisers to offer competitive compensation and the potential need to expend additional resources to the extent the Fund grows in size. The Trustees considered that over the past several years, management had demonstrated its intention to have competitive fee levels by making recommendations regarding reductions in advisory fee rates, implementation of advisory fee breakpoints and the institution of advisory fee waivers and expense limitations for various funds in the fund family. They noted that all of the Funds included have expense limitations in place, and they considered the amounts waived or reimbursed by the Adviser for all of the Funds under their expense limitation agreements. They further noted that management had proposed to reduce the advisory fee rate and the expense limitations on all share classes for Natixis U.S. Equity Opportunities Fund effective as of July 1, 2023. The Trustees further noted that the Loomis Sayles International Growth Fund, Natixis Oakmark International Fund, Vaughan Nelson Small Cap Value Fund, and Vaughan Nelson Mid Cap Fund had total advisory fee rates that were at or below the medians of their peer groups of funds.

The Trustees noted that each of Natixis Oakmark Fund and Natixis U.S. Equity Opportunities Fund had total advisory fee rates that were above the median of a peer group of funds. In this regard, the Trustees considered the factors that management believed justified such relatively higher advisory fee rates, including: (1) that management had proposed to reduce the expense limitations and advisory fee of Natixis U.S. Equity Opportunities Fund; (2) that the advisory fee was only six basis points higher than the median of a peer group of funds for Natixis Oakmark Fund; and (3) the quality of the services and the reputation and performance of the portfolio management team. The Board also considered that the fee and expense information reflected information as of a certain date and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Trustees also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the Funds. The Trustees reviewed information provided by management as to the profitability of the Advisers’ and their affiliates’ relationships with the Funds, and information about how expenses are determined and allocated for purposes of profitability calculations. They also reviewed information provided by management about the effect of distribution costs and changes in asset levels on Adviser profitability, including information regarding resources spent on distribution activities. When reviewing profitability, the Trustees also considered information about court cases in which adviser compensation or profitability were issues, the performance of the relevant Funds, the expense levels of the Funds, whether the Advisers had implemented breakpoints and/or expense limitations with respect to such Funds and the overall profit margin of Natixis Investment Managers, LLC compared to that of certain other investment managers for which such data was available. The Board also noted the competitive nature of the global asset management industry.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the advisory fees charged to each of the Funds were fair and reasonable, and that the costs of these services generally and the related profitability of the Advisers and their affiliates in respect of their relationships with the Funds supported the renewal of the Agreements.

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies are shared with the Funds through breakpoints in their investment advisory fees or other means, such as expense limitations. The Trustees also considered management’s explanation of the factors that are taken into account with respect to the implementation of breakpoints in investment advisory fees or expense limitations, which reduced the total expenses borne by shareholders. With respect to economies of scale, the Trustees noted that Natixis Oakmark Fund, Natixis Oakmark International Fund and Vaughan Nelson Mid Cap Fund had breakpoints in their advisory fees and that each of the Funds was subject to an expense limitation. The Trustees also considered management’s proposal to reduce the expense limitations for Natixis U.S. Equity Opportunities Fund. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and on a relative basis) and the profitability to the Advisers and their affiliates of their relationships with the Funds, as discussed above. The Trustees also considered that the Funds have benefitted from the substantial reinvestment certain Advisers had made into their businesses.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the extent to which economies of scale were shared with the Funds supported the renewal of the Agreements.

The Trustees also considered other factors, which included but were not limited to the following:

•

The effect of various factors and recent market and economic events, such as recent market volatility, geopolitical instability, aggressive domestic and foreign central bank policies, and lingering effects of the Covid-19 crisis, as applicable, on the performance, asset levels and expense ratios of each Fund.

•

Whether each Fund has operated in accordance with its investment objective and the Fund’s record of compliance with its investment restrictions, and the compliance programs of the Funds and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates were providing to the Funds.

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•

So-called “fallout benefits” to the Advisers, such as the engagement of affiliates of the Advisers to provide distribution and administrative services to the Funds, and the benefits of research made available to the Advisers by reason of brokerage commissions (if any) generated by the Funds’ securities transactions. The Trustees considered the possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest.

•

The Trustees’ review and discussion of the Funds’ advisory arrangements in prior years, and management’s record of responding to Trustee concerns raised during the year and in prior years.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that each of the existing Agreements, including the reduction in the advisory fee schedule for Natixis U.S. Equity Opportunities Fund described above, should be continued through June 30, 2024.

15 |

LIQUIDITY RISK MANAGEMENT PROGRAM

Annual Report for the Period Commencing on January 1, 2022 and ending December 31, 2022 (including updates through June 30, 2023)

Effective December 1, 2018 (December 15, 2020 for the Loomis Sayles International Growth Fund), the Funds adopted a liquidity risk management program (the “Program”) pursuant to the requirements of Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Rule”). The Rule requires registered open-end funds, including mutual funds and exchange-traded funds to establish liquidity risk management programs in order to effectively manage fund liquidity and mitigate the risk that a fund could not meet redemption requests without significantly diluting the interests of remaining investors.

The Rule requires the Funds to assess, manage and review their liquidity risk considering applicable factors during normal and foreseeable stressed conditions. In fulfilling this requirement, each Fund assesses and reviews (where applicable and amongst other matters) its investment strategy, portfolio holdings, possible investment concentrations, use of derivatives, short-term and long-term cash flow projections, use of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Each Program has established a Program Administrator (“Administrator”) which is the adviser or sub-adviser of the Fund.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

Each Fund is prohibited from acquiring an investment if, after the acquisition, its holdings of illiquid assets will exceed 15% of its net assets. If a Fund does not hold a majority of highly liquid investments in its portfolio, then the Fund is required to establish a highly liquid investment minimum (“HLIM”). None of the Funds has established an HLIM.

During the period from January 1, 2022 to December 31, 2022, there were no material changes to the Programs and no material events that impacted the operation of the Funds’ Programs. During the period, the Funds held sufficient liquid assets to meet redemptions on a timely basis and did not have any illiquid security violations.

During the period January 1, 2023 through June 30, 2023, the Funds held sufficient liquid assets to meet redemptions on a timely basis and did not have any illiquid security violations.

Annual Program Assessment and Conclusion

In the opinion of the Program Administrators, the Program of each Fund approved by the Funds’ Board is operating effectively. The Program Administrators have also monitored, assessed and managed each Fund’s liquidity risk regularly throughout the period.

Pursuant to the Rule’s requirements, the Board has received and reviewed a written report prepared by each Fund’s Program Administrator that addressed the operation of the Programs, assessed their adequacy and effectiveness and described any material changes made to the Programs.

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Portfolio of Investments – as of June 30, 2023 (Unaudited)

Loomis Sayles International Growth Fund


Shares		Description	Value (†)
	Common Stocks — 97.4% of Net Assets
		Australia — 7.3%
	41,038	WiseTech Global Ltd.	$	2,201,206

		Belgium — 1.9%
	10,059	Anheuser-Busch InBev SA		570,118

		Brazil — 9.4%
	389,250	Ambev SA, ADR		1,237,815
	1,324	MercadoLibre, Inc.(a)		1,568,410

				2,806,225

		Canada — 2.9%
	13,492	Shopify, Inc., Class A(a)		871,583

		China — 24.7%
	4,275	Alibaba Group Holding Ltd., ADR(a)(b)		356,321
	5,210	Baidu, Inc., ADR(a)(b)		713,301
	70,200	Budweiser Brewing Co. APAC Ltd.		181,654
	571,000	Dali Foods Group Co. Ltd.		255,433
	4,000	Kweichow Moutai Co. Ltd., Class A		931,679
	4,513	NXP Semiconductors NV		923,721
	30,200	Tencent Holdings Ltd.(b)		1,280,515
	30,161	Trip.com Group Ltd., ADR(a)(b)		1,055,635
	50,648	Vipshop Holdings Ltd., ADR(a)(b)		835,692
	15,284	Yum China Holdings, Inc.		863,546

				7,397,497

		Denmark — 5.5%
	10,296	Novo Nordisk AS, Class B		1,663,213

		France — 4.9%
	3,100	EssilorLuxottica SA		584,568
	7,894	Sodexo SA		869,266

				1,453,834

		Germany — 3.2%
	6,937	SAP SE		947,646

		Japan — 4.3%
	30,200	FANUC Corp.		1,060,190
	6,500	Unicharm Corp.		241,702

				1,301,892

		Macau — 0.9%
	44,000	Galaxy Entertainment Group Ltd.(a)		280,312

		Netherlands — 3.7%
	633	Adyen NV(a)		1,096,146

		Switzerland — 4.8%
	8,178	CRISPR Therapeutics AG(a)		459,113
	9,599	Novartis AG, (Registered)		967,765

				1,426,878

		United Kingdom — 6.2%
	8,068	Diageo PLC		346,851
	11,862	Reckitt Benckiser Group PLC		891,438
	12,106	Unilever PLC		630,988

				1,869,277

		United States — 17.7%
	9,176	Block, Inc.(a)		610,847
	17,315	Doximity, Inc., Class A(a)		589,056
	22,283	Experian PLC		855,243
	8,521	Nestle SA, (Registered)		1,025,004
	3,218	Roche Holding AG		983,002
	4,773	Tesla, Inc.(a)		1,249,428

				5,312,580

		Total Common Stocks (Identified Cost $30,186,743)		29,198,407

Principal Amount		Description	Value (†)
	Short-Term Investments — 2.3%
$	699,162	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2023 at 2.300% to be repurchased at $699,296 on 7/03/2023 collateralized by $824,800 U.S. Treasury Note, 0.500% due 5/31/2027 valued at $713,146 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $699,162)	$	699,162


		Total Investments — 99.7% (Identified Cost $30,885,905)		29,897,569
		Other assets less liabilities — 0.3%		83,875

		Net Assets — 100.0%	$	29,981,444


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

	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 June 30, 2023 (Unaudited)


Pharmaceuticals	12.0	%
Beverages	10.8
Software	10.5
Hotels, Restaurants & Leisure	10.2
Broadline Retail	9.3
Interactive Media & Services	6.7
Financial Services	5.7
Food Products	4.2
Automobiles	4.2
Household Products	3.8
Machinery	3.5
Semiconductors & Semiconductor Equipment	3.1
IT Services	2.9
Professional Services	2.8
Personal Care Products	2.1
Health Care Technology	2.0
Health Care Equipment & Supplies	2.0
Biotechnology	1.6
Short-Term Investments	2.3

Total Investments	99.7
Other assets less liabilities	0.3

Net Assets	100.0	%

Currency Exposure Summary at June 30, 2023 (Unaudited)


United States Dollar	40.3	%
Euro	15.8
Swiss Franc	9.9
Australian Dollar	7.3
British Pound	6.9
Hong Kong Dollar	6.6
Danish Krone	5.5
Japanese Yen	4.3
Yuan Renminbi	3.1

Total Investments	99.7
Other assets less liabilities	0.3

Net Assets	100.0	%

See accompanying notes to financial statements.

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Portfolio of Investments – as of June 30, 2023 (Unaudited)

Natixis Oakmark Fund


Shares		Description	Value (†)
	Common Stocks – 94.1% of Net Assets
		Automobile Components – 2.8%
	146,367	BorgWarner, Inc.	$	7,158,810
	75,687	Magna International, Inc.		4,271,774

				11,430,584

		Automobiles – 2.4%
	252,860	General Motors Co.		9,750,282

		Banks – 9.6%
	305,636	Bank of America Corp.		8,768,697
	164,618	Citigroup, Inc.		7,579,013
	4,560	First Citizens BancShares, Inc., Class A		5,852,532
	200,200	Truist Financial Corp.		6,076,070
	264,004	Wells Fargo & Co.		11,267,690

				39,544,002

		Broadline Retail – 3.3%
	67,900	Amazon.com, Inc.(a)		8,851,444
	104,065	eBay, Inc.		4,650,665

				13,502,109

		Building Products – 3.7%
	6,369	Carlisle Cos., Inc.		1,633,840
	89,600	Fortune Brands Innovations, Inc.		6,446,720
	124,300	Masco Corp.		7,132,334

				15,212,894

		Capital Markets – 14.0%
	161,582	Bank of New York Mellon Corp.		7,193,631
	150,239	Charles Schwab Corp.		8,515,546
	20,898	Goldman Sachs Group, Inc.		6,740,441
	87,266	Intercontinental Exchange, Inc.		9,868,039
	208,810	KKR & Co., Inc.		11,693,360
	15,521	Moody’s Corp.		5,396,962
	112,266	State Street Corp.		8,215,626

				57,623,605

		Chemicals – 1.0%
	35,666	Celanese Corp.		4,130,123

		Consumer Finance – 6.9%
	328,654	Ally Financial, Inc.		8,876,944
	35,373	American Express Co.		6,161,977
	122,406	Capital One Financial Corp.		13,387,544

				28,426,465

		Consumer Staples Distribution & Retail – 1.6%
	136,700	Kroger Co.		6,424,900

		Electronic Equipment, Instruments & Components – 1.1%
	33,365	TE Connectivity Ltd.		4,676,438

		Entertainment – 2.4%
	35,300	Walt Disney Co.(a)		3,151,584
	522,500	Warner Bros. Discovery, Inc.(a)		6,552,150

				9,703,734

		Financial Services – 3.2%
	69,069	Fiserv, Inc.(a)		8,713,054
	43,900	Global Payments, Inc.		4,325,028

				13,038,082

		Health Care Equipment & Supplies – 0.2%
	20,108	Baxter International, Inc.		916,120

		Health Care Providers & Services – 1.2%
	16,119	HCA Healthcare, Inc.		4,891,794

		Hotels, Restaurants & Leisure – 2.0%
	1,673	Booking Holdings, Inc.(a)		4,517,652
	25,728	Hilton Worldwide Holdings, Inc.		3,744,711

				8,262,363

		Household Durables – 1.7%
	91,700	PulteGroup, Inc.		7,123,256

		Insurance – 4.6%
	148,635	American International Group, Inc.		8,552,458
	22,737	Reinsurance Group of America, Inc.		3,153,395
	29,663	Willis Towers Watson PLC		6,985,636

				18,691,489

		Interactive Media & Services – 6.7%
	122,220	Alphabet, Inc., Class A(a)		14,629,734
	25,466	Meta Platforms, Inc., Class A(a)		7,308,233
	209,100	Pinterest, Inc., Class A(a)		5,716,794

				27,654,761

		Life Sciences Tools & Services – 0.9%
	16,162	IQVIA Holdings, Inc.(a)		3,632,733

		Machinery – 2.4%
	36,649	PACCAR, Inc.		3,065,689
	17,800	Parker-Hannifin Corp.		6,942,712

				10,008,401

		Media – 5.3%
	21,374	Charter Communications, Inc., Class A(a)		7,852,167
	233,142	Comcast Corp., Class A		9,687,050
	49,600	Liberty Broadband Corp., Class C(a)		3,973,456

				21,512,673

		Oil, Gas & Consumable Fuels – 6.6%
	205,972	APA Corp.		7,038,063
	104,530	ConocoPhillips		10,830,353
	80,860	EOG Resources, Inc.		9,253,619

				27,122,035

		Professional Services – 1.4%
	24,300	Equifax, Inc.		5,717,790

		Real Estate Management & Development – 2.2%
	111,918	CBRE Group, Inc., Class A(a)		9,032,902

		Software – 5.1%
	67,300	Oracle Corp.		8,014,757
	34,600	Salesforce, Inc.(a)		7,309,596
	24,780	Workday, Inc., Class A(a)		5,597,554

				20,921,907

		Tobacco – 1.8%
	161,314	Altria Group, Inc.		7,307,524

		Total Common Stocks (Identified Cost $343,422,159)		386,258,966


Principal Amount
	Short-Term Investments – 2.6%
$	10,430,365	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2023 at 2.300% to be repurchased at $10,432,365 on 7/03/2023 collateralized by $11,298,300 U.S. Treasury Note, 2.625% due 5/31/2027 valued at $10,638,974 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $10,430,365)		10,430,365


		Total Investments – 96.7% (Identified Cost $353,852,524)		396,689,331
		Other assets less liabilities – 3.3%		13,691,715

		Net Assets – 100.0%	$	410,381,046


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

See accompanying notes to financial statements.

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Portfolio of Investments – as of June 30, 2023 (Unaudited)

Natixis Oakmark Fund – (continued)

Industry Summary at June 30, 2023 (Unaudited)


Capital Markets	14.0	%
Banks	9.6
Consumer Finance	6.9
Interactive Media & Services	6.7
Oil, Gas & Consumable Fuels	6.6
Media	5.3
Software	5.1
Insurance	4.6
Building Products	3.7
Broadline Retail	3.3
Financial Services	3.2
Automobile Components	2.8
Machinery	2.4
Automobiles	2.4
Entertainment	2.4
Real Estate Management & Development	2.2
Hotels, Restaurants & Leisure	2.0
Other Investments, less than 2% each	10.9
Short-Term Investments	2.6

Total Investments	96.7
Other assets less liabilities	3.3

Net Assets	100.0	%

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of June 30, 2023 (Unaudited)

Natixis Oakmark International Fund


Shares		Description	Value (†)
	Common Stocks — 94.3% of Net Assets
		Australia — 0.2%
	66,720	Orica Ltd.	$	660,978

		Belgium — 1.6%
	110,300	Anheuser-Busch InBev SA		6,251,521

		Canada — 1.9%
	161,400	Open Text Corp.		6,713,070
	12,699	Restaurant Brands International, Inc.		984,427

				7,697,497

		China — 4.4%
	747,300	Alibaba Group Holding Ltd.(a)		7,779,264
	106,975	Prosus NV		7,834,220
	122,808	Vipshop Holdings Ltd., ADR(a)		2,026,332

				17,639,816

		Denmark — 1.0%
	19,600	DSV AS		4,116,812

		France — 16.0%
	203,205	Accor SA		7,561,549
	192,791	BNP Paribas SA		12,166,261
	38,800	Capgemini SE		7,346,492
	84,600	Danone SA		5,184,580
	53,063	Edenred		3,554,391
	14,610	Kering SA		8,067,630
	68,198	Publicis Groupe SA		5,473,315
	282,725	Valeo SA		6,075,556
	229,651	Worldline SA(a)		8,409,825

				63,839,599

		Germany — 26.4%
	32,600	Adidas AG		6,328,574
	38,710	Allianz SE, (Registered)		9,016,480
	182,030	Bayer AG, (Registered)		10,076,277
	73,200	Bayerische Motoren Werke AG		9,004,116
	45,400	Brenntag SE		3,542,020
	120,073	Continental AG		9,071,564
	232,107	Daimler Truck Holding AG		8,365,630
	178,400	Fresenius Medical Care AG & Co. KGaA		8,525,935
	313,000	Fresenius SE & Co. KGaA		8,681,608
	65,702	Henkel AG & Co. KGaA		4,625,038
	149,014	Mercedes-Benz Group AG, (Registered)		11,994,331
	50,800	SAP SE		6,939,658
	38,600	Siemens AG, (Registered)		6,434,654
	385,000	thyssenkrupp AG		3,015,489

				105,621,374

		Hong Kong — 1.8%
	508,400	Prudential PLC		7,180,329

		India — 0.8%
	263,075	Axis Bank Ltd.		3,174,355

		Indonesia — 0.1%
	1,283,000	Bank Mandiri Persero Tbk PT		446,493

		Ireland — 1.8%
	66,938	Ryanair Holdings PLC, ADR(a)		7,403,343

		Italy — 2.7%
	4,115,000	Intesa Sanpaolo SpA		10,788,504

		Japan — 3.3%
	33,400	Fujitsu Ltd.		4,324,725
	179,000	Komatsu Ltd.		4,841,594
	121,100	Recruit Holdings Co. Ltd.		3,864,945

				13,031,264

		Korea — 2.0%
	55,950	NAVER Corp.		7,832,153

		Luxembourg — 1.0%
	64,100	Eurofins Scientific SE	$	4,073,418

		Netherlands — 2.7%
	37,300	Akzo Nobel NV		3,049,393
	85,544	EXOR NV		7,636,900

				10,686,293

		Spain — 1.6%
	82,430	Amadeus IT Group SA(a)		6,277,075

		Sweden — 3.5%
	109,600	Sandvik AB		2,139,851
	348,403	SKF AB, B Shares		6,071,097
	274,700	Volvo AB, B Shares		5,684,919

				13,895,867

		Switzerland — 6.2%
	3,700	Cie Financiere Richemont SA, Class A (Registered)		628,512
	1,170,680	Glencore PLC		6,637,612
	93,821	Holcim AG, (Registered)		6,324,209
	52,300	Novartis AG, (Registered)		5,272,855
	11,700	Schindler Holding AG		2,747,237
	10,799	Swatch Group AG		3,157,542

				24,767,967

		United Kingdom — 14.1%
	77,800	Ashtead Group PLC		5,393,939
	735,892	CNH Industrial NV		10,613,486
	120,100	Compass Group PLC		3,363,173
	355,777	Informa PLC		3,284,948
	218,963	Liberty Global PLC, Class A(a)		3,691,716
	22,232,800	Lloyds Banking Group PLC		12,324,716
	41,600	Reckitt Benckiser Group PLC		3,126,272
	1,340,482	Schroders PLC		7,457,940
	96,200	Smiths Group PLC		2,012,671
	502,700	WPP PLC		5,269,196

				56,538,057

		United States — 1.2%
	15,890	Roche Holding AG		4,853,917

		Total Common Stocks (Identified Cost $345,999,403)		376,776,632


	Preferred Stocks — 1.6%
		Korea — 1.6%
	145,900	Samsung Electronics Co. Ltd., 1.822%, (KRW) (Identified Cost $7,968,900)		6,620,835


Principal Amount
	Short-Term Investments — 3.1%
$	12,272,396	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2023 at 2.300% to be repurchased at $12,274,749 on 7/03/2023 collateralized by $13,293,700 U.S. Treasury Note, 2.625% due 5/31/2027 valued at $12,517,931 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $12,272,396)		12,272,396


		Total Investments — 99.0% (Identified Cost $366,240,699)		395,669,863
		Other assets less liabilities – 1.0%		3,992,355

		Net Assets — 100.0%	$	399,662,218

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of June 30, 2023 (Unaudited)

Natixis Oakmark International Fund – (continued)


	(†)			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.
	KRW			South Korean Won

Industry Summary at June 30, 2023 (Unaudited)


Machinery	10.2	%
Banks	9.8
Automobiles	5.2
Pharmaceuticals	5.0
Financial Services	4.9
Hotels, Restaurants & Leisure	4.5
Textiles, Apparel & Luxury Goods	4.5
Broadline Retail	4.4
Health Care Providers & Services	4.3
Insurance	4.1
Automobile Components	3.8
Media	3.5
Software	3.4
IT Services	2.9
Metals & Mining	2.4
Trading Companies & Distributors	2.2
Industrial Conglomerates	2.1
Interactive Media & Services	2.0
Household Products	2.0
Other Investments, less than 2% each	14.7
Short-Term Investments	3.1

Total Investments	99.0
Other assets less liabilities	1.0

Net Assets	100.0	%

Currency Exposure Summary at June 30, 2023 (Unaudited)


Euro	56.7	%
British Pound	14.0
United States Dollar	6.5
Swiss Franc	5.7
South Korean Won	3.6
Swedish Krona	3.5
Japanese Yen	3.3
Other, less than 2% each	5.7

Total Investments	99.0
Other assets less liabilities	1.0

Net Assets	100.0	%

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of June 30, 2023 (Unaudited)

Natixis U.S. Equity Opportunities Fund


Shares			Description	Value (†)
	Common Stocks — 95.5% of Net Assets
			Aerospace & Defense — 2.1%
	87,477		Boeing Co.(a)	$	18,471,643

			Air Freight & Logistics — 0.6%
	45,085		Expeditors International of Washington, Inc.		5,461,146

			Automobile Components — 0.4%
	96,569		Mobileye Global, Inc., Class A(a)		3,710,181

			Automobiles — 3.9%
	411,300		General Motors Co.		15,859,728
	69,098		Tesla, Inc.(a)		18,087,784

					33,947,512

			Banks — 3.8%
	286,105		Citigroup, Inc.		13,172,274
	471,900		Wells Fargo & Co.		20,140,692

					33,312,966

			Beverages — 2.3%
	12,368		Boston Beer Co., Inc., Class A(a)		3,814,786
	291,655		Monster Beverage Corp.(a)		16,752,663

					20,567,449

			Biotechnology — 2.5%
	51,495		Alnylam Pharmaceuticals, Inc.(a)		9,780,960
	58,260		CRISPR Therapeutics AG(a)		3,270,716
	11,914		Regeneron Pharmaceuticals, Inc.(a)		8,560,686

					21,612,362

			Broadline Retail — 4.6%
	46,738		Alibaba Group Holding Ltd., ADR(a)		3,895,613
	281,648		Amazon.com, Inc.(a)		36,715,633

					40,611,246

			Building Products — 1.4%
	220,600		Masco Corp.		12,658,028

			Capital Markets — 10.6%
	256,545		Charles Schwab Corp.		14,540,971
	14,236		FactSet Research Systems, Inc.		5,703,653
	36,400		Goldman Sachs Group, Inc.		11,740,456
	148,900		Intercontinental Exchange, Inc.		16,837,612
	363,000		KKR & Co., Inc.		20,328,000
	11,777		MSCI, Inc.		5,526,828
	88,854		SEI Investments Co.		5,297,476
	178,700		State Street Corp.		13,077,266

					93,052,262

			Consumer Finance — 4.4%
	568,400		Ally Financial, Inc.		15,352,484
	210,985		Capital One Financial Corp.		23,075,429

					38,427,913

			Consumer Staples Distribution & Retail — 1.0%
	196,700		Kroger Co.		9,244,900

			Entertainment — 4.3%
	40,784		Netflix, Inc.(a)		17,964,944
	91,579		Walt Disney Co.(a)		8,176,173
	890,100		Warner Bros. Discovery, Inc.(a)		11,161,854

					37,302,971

		��	Financial Services — 4.6%
	68,506		Block, Inc.(a)		4,560,445
	119,100		Fiserv, Inc.(a)		15,024,465
	63,975		PayPal Holdings, Inc.(a)		4,269,052
	69,782		Visa, Inc., Class A		16,571,829

					40,425,791

			Health Care Equipment & Supplies — 0.5%
	13,399		Intuitive Surgical, Inc.(a)		4,581,654

			Health Care Providers & Services — 1.0%
	28,000		HCA Healthcare, Inc.		8,497,440

			Health Care Technology — 1.6%
	217,096		Doximity, Inc., Class A(a)		7,385,606
	32,963		Veeva Systems, Inc., Class A(a)		6,517,774

					13,903,380

			Hotels, Restaurants & Leisure — 2.0%
	76,152		Starbucks Corp.		7,543,617
	95,952		Yum China Holdings, Inc.		5,421,288
	30,280		Yum! Brands, Inc.		4,195,294

					17,160,199

			Insurance — 1.4%
	52,100		Willis Towers Watson PLC		12,269,550

			Interactive Media & Services — 9.9%
	331,947		Alphabet, Inc., Class A(a)		39,734,056
	39,520		Alphabet, Inc., Class C(a)		4,780,734
	148,651		Meta Platforms, Inc., Class A(a)		42,659,864

					87,174,654

			IT Services — 0.7%
	93,815		Shopify, Inc., Class A(a)		6,060,449

			Life Sciences Tools & Services — 0.7%
	33,581		Illumina, Inc.(a)		6,296,102

			Machinery — 1.7%
	7,406		Deere & Co.		3,000,837
	31,200		Parker-Hannifin Corp.		12,169,248

					15,170,085

			Media — 3.9%
	50,810		Charter Communications, Inc., Class A(a)		18,666,070
	370,180		Comcast Corp., Class A		15,380,979

					34,047,049

			Oil, Gas & Consumable Fuels — 5.3%
	364,541		APA Corp.		12,456,366
	169,600		ConocoPhillips		17,572,256
	142,838		EOG Resources, Inc.		16,346,381

					46,375,003

			Pharmaceuticals — 1.6%
	36,053		Novartis AG, ADR		3,638,108
	36,675		Novo Nordisk AS, ADR		5,935,116
	108,976		Roche Holding AG, ADR		4,162,883

					13,736,107

			Real Estate Management & Development — 1.8%
	193,600		CBRE Group, Inc., Class A(a)		15,625,456

			Semiconductors & Semiconductor Equipment — 4.3%
	74,093		NVIDIA Corp.		31,342,821
	54,405		QUALCOMM, Inc.		6,476,371

					37,819,192

			Software — 11.0%
	55,860		Autodesk, Inc.(a)		11,429,515
	37,221		Microsoft Corp.		12,675,239
	276,438		Oracle Corp.		32,921,001
	98,702		Salesforce, Inc.(a)		20,851,785
	80,543		Workday, Inc., Class A(a)		18,193,858

					96,071,398

			Textiles, Apparel & Luxury Goods — 0.3%
	357,738		Under Armour, Inc., Class A(a)		2,582,868

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of June 30, 2023 (Unaudited)

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


Shares		Description	Value (†)
		Tobacco — 1.3%
	247,200	Altria Group, Inc.	$	11,198,160

		Total Common Stocks (Identified Cost $604,792,826)		837,375,116


Principal Amount
	Short-Term Investments — 3.0%
$	25,958,224	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2023 at 2.300% to be repurchased at $25,963,200 on 7/03/2023 collateralized by $24,619,600 U.S. Treasury Note, 0.500% due 5/31/2027 valued at $21,286,810; $5,512,300 U.S. Treasury Note, 2.625% due 5/31/2027 valued at $5,190,623 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $25,958,224)		25,958,224


		Total Investments — 98.5% (Identified Cost $630,751,050)		863,333,340
		Other assets less liabilities — 1.5%		13,203,788

		Net Assets — 100.0%	$	876,537,128


	(†)	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 June 30, 2023 (Unaudited)


Software	11.0	%
Capital Markets	10.6
Interactive Media & Services	9.9
Oil, Gas & Consumable Fuels	5.3
Broadline Retail	4.6
Financial Services	4.6
Consumer Finance	4.4
Semiconductors & Semiconductor Equipment	4.3
Entertainment	4.3
Media	3.9
Automobiles	3.9
Banks	3.8
Biotechnology	2.5
Beverages	2.3
Aerospace & Defense	2.1
Hotels, Restaurants & Leisure	2.0
Other Investments, less than 2% each	16.0
Short-Term Investments	3.0

Total Investments	98.5
Other assets less liabilities	1.5

Net Assets	100.0	%

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of June 30, 2023 (Unaudited)

Vaughan Nelson Mid Cap Fund


Shares		Description		Value (†)
	Common Stocks — 95.8% of Net Assets
		Aerospace & Defense — 1.2%
	15,450	Axon Enterprise, Inc.(a)		$	3,014,604

		Banks — 0.6%
	57,700	Bank of NT Butterfield & Son Ltd.			1,578,672

		Building Products — 1.1%
	10,850	Allegion PLC			1,302,217
	45,350	AZEK Co., Inc.(a)			1,373,651

					2,675,868

		Capital Markets — 9.9%
	7,505	Ares Management Corp., Class A			723,107
	154,482	Brightsphere Investment Group, Inc.			3,236,398
	28,210	Cboe Global Markets, Inc.			3,893,262
	17,735	FactSet Research Systems, Inc.			7,105,528
	3,815	MSCI, Inc.			1,790,341
	129,825	Nasdaq, Inc.			6,471,776
	9,897	Raymond James Financial, Inc.			1,027,012

					24,247,424

		Chemicals — 1.8%
	38,405	Axalta Coating Systems Ltd.(a)			1,260,068
	19,295	FMC Corp.			2,013,240
	12,855	LyondellBasell Industries NV, Class A			1,180,475

					4,453,783

		Commercial Services & Supplies — 4.4%
	70,180	Republic Services, Inc.			10,749,471

		Communications Equipment — 3.4%
	28,805	Motorola Solutions, Inc.			8,447,930

		Construction & Engineering — 1.6%
	84,660	WillScot Mobile Mini Holdings Corp.(a)			4,045,901

		Construction Materials — 2.2%
	24,020	Vulcan Materials Co.			5,415,069

		Consumer Staples Distribution & Retail — 2.6%
	104,395	Performance Food Group Co.(a)			6,288,755

		Containers & Packaging — 1.4%
	6,445	Avery Dennison Corp.			1,107,251
	25,990	Crown Holdings, Inc.			2,257,751

					3,365,002

		Diversified Consumer Services — 0.7%
	16,170	Grand Canyon Education, Inc.(a)			1,668,906

		Electric Utilities — 4.7%
	112,495	Alliant Energy Corp.			5,903,737
	98,080	Evergy, Inc.			5,729,834

					11,633,571

		Electrical Equipment — 3.7%
	31,590	AMETEK, Inc.			5,113,789
	4,035	Hubbell, Inc.			1,337,844
	52,010	nVent Electric PLC			2,687,357

					9,138,990

		Electronic Equipment, Instruments & Components — 1.6%
	9,415	CDW Corp.			1,727,653
	13,385	Keysight Technologies, Inc.(a)			2,241,318

					3,968,971

		Financial Services — 0.3%
	8,912	Apollo Global Management, Inc.			684,531

		Health Care Equipment & Supplies — 2.8%
	9,320	Cooper Cos., Inc.			3,573,567
	39,780	Hologic, Inc.(a)			3,220,987

					6,794,554

		Health Care Providers & Services — 4.6%
	58,265	AmerisourceBergen Corp.			11,211,934

		Hotels, Restaurants & Leisure — 0.5%
	29,585	Aramark			1,273,634

		Household Products — 2.4%
	57,640	Church & Dwight Co., Inc.			5,777,257

		Independent Power & Renewable Electricity Producers — 1.9%
	181,710	Vistra Corp.	��		4,769,887

		Insurance — 6.6%
	53,040	Allstate Corp.			5,783,482
	26,895	Arthur J Gallagher & Co.			5,905,335
	32,150	Reinsurance Group of America, Inc.			4,458,883

					16,147,700

		Life Sciences Tools & Services — 3.0%
	8,225	Agilent Technologies, Inc.			989,056
	61,485	Avantor, Inc.(a)			1,262,902
	22,867	IQVIA Holdings, Inc.(a)			5,139,816

					7,391,774

		Machinery — 2.4%
	23,080	Crane Co.			2,056,890
	42,595	Otis Worldwide Corp.			3,791,381

					5,848,271

		Media — 1.0%
	14,980	Nexstar Media Group, Inc.			2,494,919

		Metals & Mining — 0.5%
	74,465	Constellium SE(a)			1,280,798

		Mortgage Real Estate Investment Trusts (REITs) — 1.7%
	437,915	Rithm Capital Corp.			4,094,505

		Multi-Utilities — 7.0%
	69,245	Ameren Corp.			5,655,239
	97,920	CMS Energy Corp.			5,752,800
	65,085	WEC Energy Group, Inc.			5,743,101

					17,151,140

		Oil, Gas & Consumable Fuels — 3.0%
	18,830	Diamondback Energy, Inc.			2,473,509
	18,200	Hess Corp.			2,474,290
	11,480	Pioneer Natural Resources Co.			2,378,426

					7,326,225

		Professional Services — 8.3%
	19,735	CACI International, Inc., Class A(a)			6,726,477
	4,535	Equifax, Inc.			1,067,086
	76,000	Maximus, Inc.			6,422,760
	101,550	SS&C Technologies Holdings, Inc.			6,153,930

					20,370,253

		Semiconductors & Semiconductor Equipment — 1.2%
	5,600	Monolithic Power Systems, Inc.			3,025,288

		Software — 3.1%
	18,170	Tyler Technologies, Inc.(a)			7,567,260

		Specialty Retail — 4.1%
	2,962	AutoZone, Inc.(a)			7,385,332
	5,440	Ulta Beauty, Inc.(a)			2,560,037

					9,945,369

		Textiles, Apparel & Luxury Goods — 0.5%
	22,610	Skechers USA, Inc., Class A(a)			1,190,643

		Total Common Stocks (Identified Cost $192,179,171)			235,038,859

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of June 30, 2023 (Unaudited)

Vaughan Nelson Mid Cap Fund – (continued)


Principal Amount		Description	Value (†)
	Short-Term Investments — 8.3%
$	20,350,076	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2023 at 2.300% to be repurchased at $20,353,976 on 7/03/2023 collateralized by $22,043,500 U.S. Treasury Note, 2.625% due 5/31/2027 valued at $20,757,126 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $20,350,076)	$	20,350,076


		Total Investments — 104.1% (Identified Cost $212,529,247)		255,388,935
		Other assets less liabilities — (4.1)%		(10,050,777	)

		Net Assets — 100.0%	$	245,338,158


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

	REITs	Real Estate Investment Trusts

Industry Summary at June 30, 2023 (Unaudited)


Capital Markets	9.9	%
Professional Services	8.3
Multi-Utilities	7.0
Insurance	6.6
Electric Utilities	4.7
Health Care Providers & Services	4.6
Commercial Services & Supplies	4.4
Specialty Retail	4.1
Electrical Equipment	3.7
Communications Equipment	3.4
Software	3.1
Life Sciences Tools & Services	3.0
Oil, Gas & Consumable Fuels	3.0
Health Care Equipment & Supplies	2.8
Consumer Staples Distribution & Retail	2.6
Machinery	2.4
Household Products	2.4
Construction Materials	2.2
Other Investments, less than 2% each	17.6
Short-Term Investments	8.3

Total Investments	104.1
Other assets less liabilities	(4.1	)

Net Assets	100.0	%

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of June 30, 2023 (Unaudited)

Vaughan Nelson Small Cap Value Fund


Shares		Description	Value (†)
	Common Stocks – 90.2% of Net Assets
		Banks – 0.8%
	29,920	Cadence Bank	$	587,629
	46,555	Old National Bancorp		648,977
	23,320	United Bankshares, Inc.		691,904
	35,350	United Community Banks, Inc.		883,396

				2,811,906

		Building Products – 1.4%
	44,145	Advanced Drainage Systems, Inc.		5,022,818

		Capital Markets – 4.3%
	96,675	Artisan Partners Asset Management, Inc., Class A		3,800,294
	53,665	Cboe Global Markets, Inc.		7,406,307
	82,775	Moelis & Co., Class A		3,753,018

				14,959,619

		Chemicals – 5.5%
	177,480	Chemours Co.		6,547,237
	573,930	Element Solutions, Inc.		11,019,456
	118,290	Mativ Holdings, Inc.		1,788,545

				19,355,238

		Consumer Staples Distribution & Retail – 1.5%
	89,520	Performance Food Group Co.(a)		5,392,685

		Electronic Equipment, Instruments & Components – 9.8%
	54,215	Advanced Energy Industries, Inc.		6,042,262
	120,990	Coherent Corp.(a)		6,168,070
	64,330	Fabrinet(a)		8,355,180
	94,110	Insight Enterprises, Inc.(a)		13,772,058

				34,337,570

		Energy Equipment & Services – 1.0%
	292,250	Patterson-UTI Energy, Inc.		3,498,233

		Gas Utilities – 2.8%
	72,390	Southwest Gas Holdings, Inc.		4,607,624
	83,560	Spire, Inc.		5,301,046

				9,908,670

		Ground Transportation – 3.0%
	35,625	Landstar System, Inc.		6,859,237
	10,970	Saia, Inc.(a)		3,756,238

				10,615,475

		Health Care Providers & Services – 3.5%
	36,645	Amedisys, Inc.(a)		3,350,819
	23,275	AMN Healthcare Services, Inc.(a)		2,539,768
	79,795	Tenet Healthcare Corp.(a)		6,493,717

				12,384,304

		Hotels, Restaurants & Leisure – 4.4%
	182,710	Bally’s Corp.(a)		2,842,968
	317,430	Everi Holdings, Inc.(a)		4,590,038
	255,899	International Game Technology PLC		8,160,619

				15,593,625

		Household Durables – 3.9%
	58,805	Installed Building Products, Inc.		8,242,109
	22,610	Meritage Homes Corp.		3,216,724
	36,995	Skyline Champion Corp.(a)		2,421,323

				13,880,156

		Industrial REITs – 1.8%
	171,685	STAG Industrial, Inc.		6,160,058

		Insurance – 3.0%
	99,880	First American Financial Corp.		5,695,158
	51,195	Selective Insurance Group, Inc.		4,912,160

				10,607,318

		Life Sciences Tools & Services – 1.3%
	219,565	Avantor, Inc.(a)	$	4,509,865

		Machinery – 5.7%
	32,445	Alamo Group, Inc.		5,966,960
	63,115	Federal Signal Corp.		4,041,253
	61,785	Franklin Electric Co., Inc.		6,357,677
	19,985	Watts Water Technologies, Inc., Class A		3,671,844

				20,037,734

		Marine Transportation – 2.0%
	91,985	Kirby Corp.(a)		7,078,246

		Media – 2.0%
	215,405	Gray Television, Inc.		1,697,391
	322,925	TEGNA, Inc.		5,244,302

				6,941,693

		Mortgage Real Estate Investment Trusts (REITs) – 2.3%
	316,045	MFA Financial, Inc.		3,552,346
	166,920	PennyMac Mortgage Investment Trust		2,250,081
	176,610	Two Harbors Investment Corp.		2,451,347

				8,253,774

		Office REITs – 1.0%
	164,145	Equity Commonwealth		3,325,578

		Oil, Gas & Consumable Fuels – 4.3%
	61,325	Antero Resources Corp.(a)		1,412,315
	17,090	Chord Energy Corp.		2,628,442
	78,380	Comstock Resources, Inc.		909,208
	71,275	Murphy Oil Corp.		2,729,832
	69,070	PDC Energy, Inc.		4,913,640
	235,475	Permian Resources Corp.		2,580,806

				15,174,243

		Personal Care Products – 0.6%
	180,380	Coty, Inc., Class A(a)		2,216,870

		Professional Services – 3.7%
	60,920	ASGN, Inc.(a)		4,607,380
	23,765	ExlService Holdings, Inc.(a)		3,589,941
	79,320	Kforce, Inc.		4,970,191

				13,167,512

		Semiconductors & Semiconductor Equipment – 6.9%
	120,385	Ichor Holdings Ltd.(a)		4,514,438
	52,160	MKS Instruments, Inc.		5,638,496
	156,820	Rambus, Inc.(a)		10,063,139
	103,630	Ultra Clean Holdings, Inc.(a)		3,985,610

				24,201,683

		Specialized REITs – 1.6%
	160,815	National Storage Affiliates Trust		5,601,186

		Specialty Retail – 1.1%
	11,735	RH(a)		3,867,739

		Textiles, Apparel & Luxury Goods – 2.0%
	115,815	Capri Holdings Ltd.(a)		4,156,600
	206,145	Wolverine World Wide, Inc.		3,028,270

				7,184,870

		Trading Companies & Distributors – 9.0%
	85,000	Beacon Roofing Supply, Inc.(a)		7,053,300
	213,095	Core & Main, Inc., Class A(a)		6,678,397
	82,115	GATX Corp.		10,571,485
	67,200	Rush Enterprises, Inc., Class A		4,081,728
	8,730	Watsco, Inc.		3,330,233

				31,715,143

		Total Common Stocks (Identified Cost $277,628,528)		317,803,811

See accompanying notes to financial statements.

| 26

Portfolio of Investments – as of June 30, 2023

Vaughan Nelson Small Cap Value Fund – (continued)


Shares		Description	Value (†)
	Exchange-Traded Funds – 4.6%
	114,675	iShares^® Russell 2000 Value Index ETF (Identified Cost $15,338,316)	$	16,146,240


Principal Amount
	Short-Term Investments – 5.2%
$	18,469,682	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2023 at 2.300% to be repurchased at $18,473,222 on 7/03/2023 collateralized by $20,006,600 U.S. Treasury Note, 2.625% due 5/31/2027 valued at $18,839,091 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $18,469,682)		18,469,682


		Total Investments – 100.0% (Identified Cost $311,436,526)		352,419,733
		Other assets less liabilities – (0.0)%		(35,088	)

		Net Assets – 100.0%	$	352,384,645


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

	ETF	Exchange-Traded Fund
	REITs	Real Estate Investment Trusts

Industry Summary at June 30, 2023 (Unaudited)


Electronic Equipment, Instruments & Components	9.8	%
Trading Companies & Distributors	9.0
Semiconductors & Semiconductor Equipment	6.9
Machinery	5.7
Chemicals	5.5
Hotels, Restaurants & Leisure	4.4
Oil, Gas & Consumable Fuels	4.3
Capital Markets	4.3
Household Durables	3.9
Professional Services	3.7
Health Care Providers & Services	3.5
Ground Transportation	3.0
Insurance	3.0
Gas Utilities	2.8
Mortgage Real Estate Investment Trusts (REITs)	2.3
Textiles, Apparel & Luxury Goods	2.0
Marine Transportation	2.0
Media	2.0
Other Investments, less than 2% each	12.1
Short-Term Investments	5.2
Exchange-Traded Funds	4.6

Total Investments	100.0
Other assets less liabilities	(0.0	)*

Net Assets	100.0	%

*	Less than 0.1%

See accompanying notes to financial statements.

27 |

Statements of Assets and Liabilities

June 30, 2023 (Unaudited)


	International Growth Fund			Natixis Oakmark Fund		Natixis Oakmark International Fund			Natixis U.S. Equity Opportunities Fund
ASSETS
Investments at cost	$	30,885,905		$	353,852,524	$	366,240,699		$	630,751,050
Net unrealized appreciation (depreciation)		(988,336	)		42,836,807		29,429,164			232,582,290

Investments at value		29,897,569			396,689,331		395,669,863			863,333,340
Cash		—			—		—			5,270
Foreign currency at value (identified cost $58,836, $0, $1,378 and $0, respectively)		58,953			—		1,366			—
Receivable for Fund shares sold		—			1,265,213		410,227			11,335,973
Receivable for securities sold		—			19,125,213		1,010,662			18,580,403
Dividends and interest receivable		13,157			309,740		223,848			501,389
Tax reclaims receivable		73,811			—		4,771,965			507,057
Prepaid expenses (Note 7)		292			419		421			564

TOTAL ASSETS		30,043,782			417,389,916		402,088,352			894,263,996

LIABILITIES
Payable for securities purchased		—			5,550,431		1,581,345			16,119,089
Payable for Fund shares redeemed		—			169,457		242,020			413,751
Foreign taxes payable (Note 2)		—			—		107,720			—
Management fees payable (Note 5)		9,075			210,485		211,322			493,409
Deferred Trustees’ fees (Note 5)		7,855			976,928		132,999			525,912
Administrative fees payable (Note 5)		1,132			15,494		14,950			32,533
Payable to distributor (Note 5d)		38			2,418		7,381			3,380
Audit and tax services fees payable		24,370			23,371		24,319			23,912
Other accounts payable and accrued expenses		19,868			60,286		104,078			114,882

TOTAL LIABILITIES		62,338			7,008,870		2,426,134			17,726,868

NET ASSETS	$	29,981,444		$	410,381,046	$	399,662,218		$	876,537,128

NET ASSETS CONSIST OF:
Paid-in capital	$	31,630,692		$	367,301,234	$	509,050,024		$	609,709,311
Accumulated earnings (loss)		(1,649,248	)		43,079,812		(109,387,806	)		266,827,817

NET ASSETS	$	29,981,444		$	410,381,046	$	399,662,218		$	876,537,128

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	147,148		$	221,649,668	$	145,004,902		$	576,962,428

Shares of beneficial interest		15,994			8,756,368		9,836,771			16,058,630

Net asset value and redemption price per share	$	9.20		$	25.31	$	14.74		$	35.93

Offering price per share (100/94.25 of net asset value) (Note 1)	$	9.76		$	26.85	$	15.64		$	38.12

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	921		$	51,903,292	$	35,882,795		$	30,466,483

Shares of beneficial interest		101			2,649,108		2,485,673			2,042,230

Net asset value and offering price per share	$	9.08	*	$	19.59	$	14.44		$	14.92

Class N shares:
Net assets	$	25,061,455		$	575,755	$	247,305		$	207,869

Shares of beneficial interest		2,717,489			20,951		16,829			4,441

Net asset value, offering and redemption price per share	$	9.22		$	27.48	$	14.70		$	46.80	*

Class Y shares:
Net assets	$	4,771,920		$	136,252,331	$	218,527,216		$	268,900,348

Shares of beneficial interest		517,586			4,974,520		14,882,654			5,764,849

Net asset value, offering and redemption price per share	$	9.22		$	27.39	$	14.68		$	46.64

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

See accompanying notes to financial statements.

| 28

Statements of Assets and Liabilities (continued)

June 30, 2023 (Unaudited)


	Vaughan Nelson Mid Cap Fund		Vaughan Nelson Small Cap Value Fund
ASSETS
Investments at cost	$	212,529,247	$	311,436,526
Net unrealized appreciation		42,859,688		40,983,207

Investments at value		255,388,935		352,419,733
Cash		4,902		—
Receivable for Fund shares sold		104,486		2,879,704
Dividends and interest receivable		244,715		250,433
Prepaid expenses (Note 7)		376		359

TOTAL ASSETS		255,743,414		355,550,229

LIABILITIES
Payable for securities purchased		9,883,998		2,440,852
Payable for Fund shares redeemed		10,433		222,190
Management fees payable (Note 5)		142,228		202,760
Deferred Trustees’ fees (Note 5)		293,541		230,446
Administrative fees payable (Note 5)		9,342		11,944
Payable to distributor (Note 5d)		2,049		759
Audit and tax services fees payable		24,104		23,393
Other accounts payable and accrued expenses		39,561		33,240

TOTAL LIABILITIES		10,405,256		3,165,584

NET ASSETS	$	245,338,158	$	352,384,645

NET ASSETS CONSIST OF:
Paid-in capital	$	220,714,914	$	314,613,332
Accumulated earnings		24,623,244		37,771,313

NET ASSETS	$	245,338,158	$	352,384,645

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	34,750,567	$	100,035,703

Shares of beneficial interest		1,681,821		5,755,728

Net asset value and redemption price per share	$	20.66	$	17.38

Offering price per share (100/94.25 of net asset value) (Note 1)	$	21.92	$	18.44

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	6,237,366	$	4,429,434

Shares of beneficial interest		335,339		731,738

Net asset value and offering price per share	$	18.60	$	6.05

Class N shares:
Net assets	$	60,861,462	$	2,011,211

Shares of beneficial interest		2,895,967		108,457

Net asset value, offering and redemption price per share	$	21.02	$	18.54

Class Y shares:
Net assets	$	143,488,763	$	245,908,297

Shares of beneficial interest		6,815,788		13,278,496

Net asset value, offering and redemption price per share	$	21.05	$	18.52

See accompanying notes to financial statements.

29 |

Statements of Operations

For the Six Months Ended June 30, 2023 (Unaudited)


	International Growth Fund			Natixis Oakmark Fund			Natixis Oakmark International Fund			Natixis U.S. Equity Opportunities Fund
INVESTMENT INCOME
Dividends	$	245,569		$	3,050,355		$	9,738,483		$	4,579,335
Interest		6,363			196,810			88,850			205,795
Less net foreign taxes withheld		(33,497	)		(9,108	)		(1,187,559	)		(53,084	)

		218,435			3,238,057			8,639,774			4,732,046

Expenses
Management fees (Note 5)		105,406			1,282,495			1,526,552			2,749,420
Service and distribution fees (Note 5)		178			519,728			365,490			831,829
Administrative fees (Note 5)		6,515			87,894			89,719			182,005
Trustees’ fees and expenses (Note 5)		10,327			40,885			22,370			45,492
Transfer agent fees and expenses (Notes 5 and 6)		4,924			167,302			322,803			279,155
Audit and tax services fees		22,229			21,627			22,287			22,131
Custodian fees and expenses		6,215			8,017			50,232			21,447
Legal fees		506			8,130			7,613			15,788
Registration fees		24,591			41,919			39,270			62,611
Shareholder reporting expenses		2,595			24,353			27,071			26,944
Miscellaneous expenses		28,263			25,046			43,673			36,170

Total expenses		211,749			2,227,396			2,517,080			4,272,992
Less waiver and/or expense reimbursement (Note 5)		(83,950	)		(189,933	)		(407,126	)		(834	)

Net expenses		127,799			2,037,463			2,109,954			4,272,158

Net investment income		90,636			1,200,594			6,529,820			459,888

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		(96,186	)		10,067,990			(8,443,987	)		41,703,999
Foreign currency transactions (Note 2c)		554			—			(22,748	)		—
Net change in unrealized appreciation (depreciation) on:
Investments		4,388,402			49,687,838			64,191,482			129,653,607
Foreign currency translations (Note 2c)		1,380			—			97,500			1,691

Net realized and unrealized gain on investments and foreign currency transactions		4,294,150			59,755,828			55,822,247			171,359,297

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,384,786		$	60,956,422		$	62,352,067		$	171,819,185

See accompanying notes to financial statements.

| 30

Statements of Operations (continued)

For the Six Months Ended June 30, 2023 (Unaudited)


	Vaughan Nelson Mid Cap Fund			Vaughan Nelson Small Cap Value Fund
INVESTMENT INCOME
Dividends	$	1,617,569		$	2,035,153
Interest		218,386			205,335

		1,835,955			2,240,488

Expenses
Management fees (Note 5)		971,354			1,020,613
Service and distribution fees (Note 5)		76,445			103,075
Administrative fees (Note 5)		60,018			55,638
Trustees’ fees and expenses (Note 5)		21,945			23,189
Transfer agent fees and expenses (Notes 5 and 6)		94,199			125,468
Audit and tax services fees		22,068			21,618
Custodian fees and expenses		7,808			12,065
Legal fees		5,592			4,003
Registration fees		25,371			54,400
Shareholder reporting expenses		14,372			16,378
Miscellaneous expenses		21,156			20,636

Total expenses		1,320,328			1,457,083
Less waiver and/or expense reimbursement (Note 5)		(96,215	)		(153,727	)

Net expenses		1,224,113			1,303,356

Net investment income		611,842			937,132

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		6,505,018			(1,388,631	)
Net change in unrealized appreciation (depreciation) on:
Investments		5,848,214			35,756,235

Net realized and unrealized gain on investments		12,353,232			34,367,604

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,965,074		$	35,304,736

See accompanying notes to financial statements.

31 |

Statements of Changes in Net Assets


	International Growth Fund						Natixis Oakmark Fund
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income	$	90,636		$	132,158		$	1,200,594		$	2,868,356
Net realized gain (loss) on investments and foreign currency transactions		(95,632	)		(90,706	)		10,067,990			42,131,981
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		4,389,782			(4,318,331	)		49,687,838			(116,959,779	)

Net increase (decrease) in net assets resulting from operations		4,384,786			(4,276,879	)		60,956,422			(71,959,442	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		—			(565	)		(1,772	)		(28,746,130	)
Class C		—			—			(570	)		(9,213,071	)
Class N		—			(155,851	)		(4	)		(73,284	)
Class Y		—			(21,469	)		(965	)		(15,943,567	)

Total distributions		—			(177,885	)		(3,311	)		(53,976,052	)

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		1,015,832			5,709,899			960,378			102,236,626

Net increase (decrease) in net assets		5,400,618			1,255,135			61,913,489			(23,698,868	)
NET ASSETS
Beginning of the period		24,580,826			23,325,691			348,467,557			372,166,425

End of the period	$	29,981,444		$	24,580,826		$	410,381,046		$	348,467,557

See accompanying notes to financial statements.

| 32

Statements of Changes in Net Assets (continued)


	Natixis Oakmark International Fund						Natixis U.S. Equity Opportunities Fund
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income	$	6,529,820		$	6,273,158		$	459,888		$	1,128,941
Net realized gain (loss) on investments and foreign currency transactions		(8,466,735	)		(25,614,988	)		41,703,999			79,629,441
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		64,288,982			(63,395,171	)		129,655,298			(306,110,093	)

Net increase (decrease) in net assets resulting from operations		62,352,067			(82,737,001	)		171,819,185			(225,351,711	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(5,737	)		(2,112,696	)		(1,034,935	)		(85,070,822	)
Class C		(1,700	)		(316,972	)		(134,413	)		(10,955,220	)
Class N		(11	)		(4,576	)		(274	)		(20,693	)
Class Y		(8,802	)		(4,025,613	)		(298,450	)		(26,488,550	)

Total distributions		(16,250	)		(6,459,857	)		(1,468,072	)		(122,535,285	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		(22,587,406	)		(86,758,283	)		(27,640,476	)		5,882,691

Net increase (decrease) in net assets		39,748,411			(175,955,141	)		142,710,637			(342,004,305	)
NET ASSETS
Beginning of the period		359,913,807			535,868,948			733,826,491			1,075,830,796

End of the period	$	399,662,218		$	359,913,807		$	876,537,128		$	733,826,491

See accompanying notes to financial statements.

33 |

Statements of Changes in Net Assets (continued)


	Vaughan Nelson Mid Cap Fund						Vaughan Nelson Small Cap Value Fund
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income	$	611,842		$	2,267,209		$	937,132		$	82,819
Net realized gain (loss) on investments		6,505,018			(21,324,989	)		(1,388,631	)		4,298,905
Net change in unrealized appreciation (depreciation) on investments		5,848,214			(18,052,025	)		35,756,235			(19,344,302	)

Net increase (decrease) in net assets resulting from operations		12,965,074			(37,109,805	)		35,304,736			(14,962,578	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		—			(1,087,431	)		—			(3,939,067	)
Class C		—			(262,976	)		—			(240,247	)
Class N		—			(2,652,401	)		—			(77,738	)
Class Y		—			(5,985,855	)		—			(5,400,412	)

Total distributions		—			(9,988,663	)		—			(9,657,464	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		(29,847,604	)		(58,219,497	)		126,545,376			65,258,561

Net increase (decrease) in net assets		(16,882,530	)		(105,317,965	)		161,850,112			40,638,519
NET ASSETS
Beginning of the period		262,220,688			367,538,653			190,534,533			149,896,014

End of the period	$	245,338,158		$	262,220,688		$	352,384,645		$	190,534,533

See accompanying notes to financial statements.

| 34

Financial Highlights

For a share outstanding throughout each period.


	International Growth Fund—Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Year Ended December 31, 2021			Period Ended December 31, 2020*
Net asset value, beginning of the period	$	7.84		$	9.57		$	10.13		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.02			0.02			(0.01	)		0.01
Net realized and unrealized gain (loss)		1.34			(1.71	)		(0.41	)		0.13

Total from Investment Operations		1.36			(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	$	9.20		$	7.84		$	9.57		$	10.13

Total return(b)(c)		17.35	%(d)		(17.71	)%		(4.07	)%		1.37	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	147		$	125		$	113		$	1
Net expenses(e)		1.20	%(f)		1.20	%		1.20	%		1.20	%(f)
Gross expenses		1.90	%(f)		2.05	%		2.71	%		13.05	%(f)
Net investment income (loss)		0.37	%(f)		0.26	%		(0.07	)%		1.28	%(f)
Portfolio turnover rate		2	%		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.

35 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	International Growth Fund—Class C
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Year Ended December 31, 2021			Period Ended December 31, 2020*
Net asset value, beginning of the period	$	7.77		$	9.51		$	10.13		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.02	)		0.02			(0.09	)		0.00	(b)
Net realized and unrealized gain (loss)		1.33			(1.76	)		(0.40	)		0.13

Total from Investment Operations		1.31			(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	$	9.08		$	7.77		$	9.51		$	10.13

Total return(c)(d)		16.86	%(e)		(18.30	)%		(4.79	)%		1.33	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1		$	1		$	38		$	1
Net expenses(f)		1.95	%(g)		1.95	%		1.95	%		1.95	%(g)
Gross expenses		2.51	%(g)		2.79	%		3.46	%		13.78	%(g)
Net investment income (loss)		(0.42	)%(g)		0.21	%		(0.90	)%		0.55	%(g)
Portfolio turnover rate		2	%		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.

| 36

Financial Highlights (continued)

For a share outstanding throughout each period.


	International Growth Fund—Class N
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Year Ended December 31, 2021			Period Ended December 31, 2020*
Net asset value, beginning of the period	$	7.85		$	9.58		$	10.13		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.03			0.05			0.03			0.01
Net realized and unrealized gain (loss)		1.34			(1.72	)		(0.42	)		0.13

Total from Investment Operations		1.37			(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	$	9.22		$	7.85		$	9.58		$	10.13

Total return(b)		17.45	%(c)		(17.47	)%		(3.77	)%		1.38	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	25,061		$	21,331		$	22,953		$	15,206
Net expenses(d)		0.90	%(e)		0.90	%		0.90	%		0.90	%(e)
Gross expenses		1.48	%(e)		1.67	%		1.58	%		6.48	%(e)
Net investment income		0.66	%(e)		0.62	%		0.29	%		1.43	%(e)
Portfolio turnover rate		2	%		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.

37 |

Financial Highlights (continued)

For a share outstanding throughout each period.


		International Growth Fund—Class Y
		Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Year Ended December 31, 2021			Period Ended December 31, 2020*
Net asset value, beginning of the period		$	7.85		$	9.58		$	10.13		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)			0.02			0.04			0.02			0.01
Net realized and unrealized gain (loss)			1.35			(1.72	)		(0.41	)		0.13

Total from Investment Operations			1.37			(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		$	9.22		$	7.85		$	9.58		$	10.13

Total return(b)			17.45	%(c)		(17.50	)%		(3.81	)%		1.38	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)		$	4,772		$	3,124		$	222		$	12
Net expenses(d)			0.95	%(e)		0.95	%		0.95	%		0.95	%(e)
Gross expenses			1.65	%(e)		1.80	%		2.46	%		12.58	%(e)
Net investment income			0.55	%(e)		0.47	%		0.19	%		1.63	%(e)
Portfolio turnover rate			2	%		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.

| 38

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis Oakmark Fund—Class A
	Six Months Ended June 30, 2023 (Unaudited)			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	$	21.55		$	29.04		$	23.20		$	22.45		$	19.44		$	24.72

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.17			0.07			0.11	(b)		0.18	(c)		0.10
Net realized and unrealized gain (loss)		3.68			(4.00	)		7.81			2.78			4.93			(3.28	)

Total from Investment Operations		3.76			(3.83	)		7.88			2.89			5.11			(3.18	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(d)		(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		(0.00	)		(3.66	)		(2.04	)		(2.14	)		(2.10	)		(2.10	)

Net asset value, end of the period	$	25.31		$	21.55		$	29.04		$	23.20		$	22.45		$	19.44

Total return(e)		17.45	%(f)(g)		(13.30	)%(f)		33.97	%(f)		13.01	%(b)		26.77	%(c)		(13.01	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	221,650		$	192,750		$	222,435		$	170,702		$	181,417		$	164,748
Net expenses		1.05	%(h)(i)		1.05	%(h)		1.12	%(h)(j)		1.20	%(k)		1.17	%		1.13	%
Gross expenses		1.15	%(i)		1.10	%		1.14	%		1.20	%(k)		1.17	%		1.13	%
Net investment income		0.66	%(i)		0.65	%		0.25	%		0.53	%(b)		0.85	%(c)		0.41	%
Portfolio turnover rate		25	%		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)	Amount rounds to less than $0.01 per share.

(e)	A sales charge for Class A 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)	Periods less than one year are not annualized.

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

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

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

See accompanying notes to financial statements.

39 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis Oakmark Fund—Class C
	Six Months Ended June 30, 2023 (Unaudited)			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	$	16.74		$	23.50		$	19.17		$	18.92		$	16.66		$	21.58

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.01	)		(0.02	)		(0.12	)		(0.04	)(b)		0.02	(c)		(0.07	)
Net realized and unrealized gain (loss)		2.86			(3.23	)		6.44			2.31			4.20			(2.83	)

Total from Investment Operations		2.85			(3.25	)		6.32			2.27			4.22			(2.90	)

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

Total Distributions		(0.00	)		(3.51	)		(1.99	)		(2.02	)		(1.96	)		(2.02	)

Net asset value, end of the period	$	19.59		$	16.74		$	23.50		$	19.17		$	18.92		$	16.66

Total return(e)		17.03	%(f)(g)		(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)	$	51,903		$	51,987		$	50,042		$	35,940		$	54,384		$	53,606
Net expenses		1.80	%(h)(i)		1.80	%(h)		1.87	%(h)(j)		1.95	%		1.92	%		1.88	%
Gross expenses		1.90	%(i)		1.85	%		1.89	%		1.95	%		1.92	%		1.88	%
Net investment income (loss)		(0.10	)%(i)		(0.10	)%		(0.49	)%		(0.23	)%(b)		0.12	%(c)		(0.33	)%
Portfolio turnover rate		25	%		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)	Periods less than one year are not annualized.

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

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

See accompanying notes to financial statements.

| 40

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis Oakmark Fund—Class N
	Six Months Ended June 30, 2023 (Unaudited)			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	$	23.36		$	31.13		$	24.72		$	23.78		$	20.49		$	25.91

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.12			0.26			0.23			0.18	(b)		0.22	(c)		0.22
Net realized and unrealized gain (loss)		4.00			(4.29	)		8.31			2.98			5.25			(3.45	)

Total from Investment Operations		4.12			(4.03	)		8.54			3.16			5.47			(3.23	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(d)		(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		(0.00	)		(3.74	)		(2.13	)		(2.22	)		(2.18	)		(2.19	)

Net asset value, end of the period	$	27.48		$	23.36		$	31.13		$	24.72		$	23.78		$	20.49

Total return(e)		17.64	%(f)		(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)	$	576		$	517		$	682		$	364		$	801		$	10
Net expenses(g)		0.75	%(h)		0.75	%		0.80	%(i)		0.86	%		0.83	%		0.75	%
Gross expenses		1.12	%(h)		0.93	%		1.55	%		1.05	%		1.25	%		3.79	%
Net investment income		0.96	%(h)		0.93	%		0.79	%		0.85	%(b)		0.93	%(c)		0.88	%
Portfolio turnover rate		25	%		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)	Amount rounds to less than $0.01 per share.

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

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

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

(i)	Effective July 1, 2021, the expense limit decreased from 1.00% to 0.75%.

See accompanying notes to financial statements.

41 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis Oakmark Fund—Class Y
	Six Months Ended June 30, 2023 (Unaudited)			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	$	23.29		$	31.04		$	24.68		$	23.75		$	20.46		$	25.90

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.12			0.25			0.17			0.17	(b)		0.27	(c)		0.17
Net realized and unrealized gain (loss)		3.98			(4.28	)		8.31			2.95			5.17			(3.44	)

Total from Investment Operations		4.10			(4.03	)		8.48			3.12			5.44			(3.27	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(d)		(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		(0.00	)		(3.72	)		(2.12	)		(2.19	)		(2.15	)		(2.17	)

Net asset value, end of the period	$	27.39		$	23.29		$	31.04		$	24.68		$	23.75		$	20.46

Total return		17.60	%(e)(f)		(13.10	)%(e)		34.35	%(e)		13.28	%(b)		27.06	%(c)(e)		(12.76	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	136,252		$	103,213		$	99,008		$	37,595		$	46,836		$	53,829
Net expenses		0.80	%(g)(h)		0.80	%(g)		0.86	%(g)(i)		0.95	%		0.91	%(g)		0.88	%
Gross expenses		0.90	%(h)		0.85	%		0.89	%		0.95	%		0.92	%		0.88	%
Net investment income		0.91	%(h)		0.89	%		0.56	%		0.79	%(b)		1.16	%(c)		0.68	%
Portfolio turnover rate		25	%		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)	Amount rounds to less than $0.01 per share.

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

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

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

(i)	Effective July 1, 2021, the expense limit decreased from 1.05% to 0.80%.

See accompanying notes to financial statements.

| 42

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis Oakmark International Fund—Class A
	Six Months Ended June 30, 2023 (Unaudited)			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	$	12.52		$	15.15		$	14.15		$	13.63		$	11.29		$	15.58

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.24			0.19			0.27	(b)		(0.00	)(c)		0.37	(d)		0.25
Net realized and unrealized gain (loss)		1.98			(2.60	)		0.96			0.55	(e)		2.38			(4.02	)

Total from Investment Operations		2.22			(2.41	)		1.23			0.55			2.75			(3.77	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(c)		(0.22	)		(0.23	)		(0.03	)		(0.41	)		(0.29	)
Net realized capital gains		—			—			—			—			—			(0.23	)

Total Distributions		(0.00	)		(0.22	)		(0.23	)		(0.03	)		(0.41	)		(0.52	)

Net asset value, end of the period	$	14.74		$	12.52		$	15.15		$	14.15		$	13.63		$	11.29

Total return(f)		17.74	%(g)(h)		(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)	$	145,005		$	120,316		$	152,900		$	131,630		$	172,906		$	257,551
Net expenses	��	1.15	%(i)(j)		1.15	%(i)		1.17	%(i)(k)		1.29	%(i)(l)		1.29	%		1.31	%
Gross expenses		1.36	%(j)		1.38	%		1.34	%		1.36	%		1.29	%		1.31	%
Net investment income (loss)		3.37	%(j)		1.48	%		1.73	%(b)		(0.03	)%		2.91	%(d)		1.72	%
Portfolio turnover rate		14	%		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)	Periods less than one year are not annualized.

(i)	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.

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

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

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

See accompanying notes to financial statements.

43 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis Oakmark International Fund—Class C
	Six Months Ended June 30, 2023 (Unaudited)			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	$	12.31		$	14.86		$	13.85		$	13.41		$	11.11		$	15.30

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.17			0.10			0.13	(b)		(0.08	)		0.26	(c)		0.13
Net realized and unrealized gain (loss)		1.96			(2.55	)		0.97			0.52	(d)		2.34			(3.92	)

Total from Investment Operations		2.13			(2.45	)		1.10			0.44			2.60			(3.79	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(e)		(0.10	)		(0.09	)		—			(0.30	)		(0.17	)
Net realized capital gains		—			—			—			—			—			(0.23	)

Total Distributions		(0.00	)		(0.10	)		(0.09	)		—			(0.30	)		(0.40	)

Net asset value, end of the period	$	14.44		$	12.31		$	14.86		$	13.85		$	13.41		$	11.11

Total return(f)		17.31	%(g)(h)		(16.50	)%(g)		7.92	%(b)(g)		3.28	%(g)		23.44	%(c)		(24.74	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	35,883		$	39,202		$	69,335		$	96,772		$	179,533		$	212,618
Net expenses		1.90	%(i)(j)		1.90	%(i)		1.93	%(i)(k)		2.05	%(i)(l)		2.04	%		2.07	%
Gross expenses		2.11	%(j)		2.13	%		2.09	%		2.11	%		2.04	%		2.07	%
Net investment income (loss)		2.45	%(j)		0.78	%		0.85	%(b)		(0.76	)%		2.09	%(c)		0.94	%
Portfolio turnover rate		14	%		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)	Amount rounds to less than $0.01 per share.

(f)	A contingent deferred sales charge for Class C 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)	Periods less than one year are not annualized.

(i)	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.

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

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

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

See accompanying notes to financial statements.

| 44

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis Oakmark International Fund—Class N
	Six Months Ended June 30, 2023 (Unaudited)			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	$	12.46		$	15.08		$	14.09		$	13.56		$	11.25		$	15.58

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.26			0.32			0.38	(b)		0.04			0.33	(c)		0.28
Net realized and unrealized gain (loss)		1.98			(2.68	)		0.89			0.56	(d)		2.45			(4.02	)

Total from Investment Operations		2.24			(2.36	)		1.27			0.60			2.78			(3.74	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(e)		(0.26	)		(0.28	)		(0.07	)		(0.47	)		(0.36	)
Net realized capital gains		—			—			—			—			—			(0.23	)

Total Distributions		(0.00	)		(0.26	)		(0.28	)		(0.07	)		(0.47	)		(0.59	)

Net asset value, end of the period	$	14.70		$	12.46		$	15.08		$	14.09		$	13.56		$	11.25

Total return(f)		17.98	%(g)		(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)	$	247		$	222		$	704		$	290		$	811		$	758
Net expenses(h)		0.85	%(i)		0.85	%		0.87	%(j)		0.92	%(k)		0.94	%		0.99	%
Gross expenses		1.64	%(i)		1.01	%		1.25	%		1.17	%		1.08	%		1.02	%
Net investment income		3.67	%(i)		2.56	%		2.49	%(b)		0.37	%		2.56	%(c)		2.04	%
Portfolio turnover rate		14	%		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)	Amount rounds to less than $0.01 per share.

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

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

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

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

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

See accompanying notes to financial statements.

45 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis Oakmark International Fund—Class Y
	Six Months Ended June 30, 2023 (Unaudited)			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	$	12.45		$	15.07		$	14.08		$	13.56		$	11.25		$	15.56

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.25			0.22			0.30	(b)		0.04			0.37	(c)		0.26
Net realized and unrealized gain (loss)		1.98			(2.58	)		0.96			0.55	(d)		2.40			(3.99	)

Total from Investment Operations		2.23			(2.36	)		1.26			0.59			2.77			(3.73	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(e)		(0.26	)		(0.27	)		(0.07	)		(0.46	)		(0.35	)
Net realized capital gains		—			—			—			—			—			(0.23	)

Total Distributions		(0.00	)		(0.26	)		(0.27	)		(0.07	)		(0.46	)		(0.58	)

Net asset value, end of the period	$	14.68		$	12.45		$	15.07		$	14.08		$	13.56		$	11.25

Total return		17.92	%(f)(g)		(15.71	)%(f)		8.97	%(b)(f)		4.32	%(f)		24.64	%(c)		(23.93	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	218,527		$	200,175		$	312,930		$	275,468		$	244,586		$	215,123
Net expenses		0.90	%(h)(i)		0.90	%(h)		0.92	%(h)(j)		1.03	%(h)(k)		1.04	%		1.07	%
Gross expenses		1.11	%(i)		1.13	%		1.09	%		1.11	%		1.04	%		1.07	%
Net investment income		3.54	%(i)		1.66	%		1.96	%(b)		0.41	%		2.91	%(c)		1.85	%
Portfolio turnover rate		14	%		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)	Amount rounds to less than $0.01 per share.

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

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

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

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

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

See accompanying notes to financial statements.

| 46

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis U.S. Equity Opportunities Fund—Class A
	Six Months Ended June 30, 2023 (Unaudited)			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	$	29.01		$	43.12		$	39.04		$	36.53		$	31.00		$	36.90

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.01			0.03			(0.11	)		(0.05	)		0.15	(b)		0.08
Net realized and unrealized gain (loss)		6.97			(8.89	)		8.99			7.66			9.34			(2.51	)

Total from Investment Operations		6.98			(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		(0.06	)		(5.22	)		(4.80	)		(5.10	)		(3.79	)		(3.42	)

Total Distributions		(0.06	)		(5.25	)		(4.80	)		(5.10	)		(3.96	)		(3.47	)

Net asset value, end of the period	$	35.93		$	29.01		$	43.12		$	39.04		$	36.53		$	31.00

Total return(c)		24.09	%(d)		(21.15	)%		23.14	%		22.09	%		31.03	%(b)		(6.48	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	576,962		$	512,392		$	733,423		$	649,754		$	616,922		$	523,665
Net expenses		1.13	%(e)		1.12	%		1.14	%		1.17	%		1.17	%		1.16	%
Gross expenses		1.13	%(e)		1.12	%		1.14	%		1.17	%		1.17	%		1.16	%
Net investment income (loss)		0.08	%(e)		0.09	%		(0.25	)%		(0.14	)%		0.42	%(b)		0.20	%
Portfolio turnover rate		17	%		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.

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

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

See accompanying notes to financial statements.

47 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis U.S. Equity Opportunities Fund—Class C
	Six Months Ended June 30, 2023 (Unaudited)			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	$	12.12		$	21.82		$	21.89		$	22.65		$	20.42		$	25.73

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.05	)		(0.12	)		(0.24	)		(0.19	)		(0.07	)(b)		(0.14	)
Net realized and unrealized gain (loss)		2.91			(4.36	)		4.97			4.53			6.10			(1.75	)

Total from Investment Operations		2.86			(4.48	)		4.73			4.34			6.03			(1.89	)

LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			—			(0.01	)		—
Net realized capital gains		(0.06	)		(5.22	)		(4.80	)		(5.10	)		(3.79	)		(3.42	)

Total Distributions		(0.06	)		(5.22	)		(4.80	)		(5.10	)		(3.80	)		(3.42	)

Net asset value, end of the period	$	14.92		$	12.12		$	21.82		$	21.89		$	22.65		$	20.42

Total return(c)		23.67	%(d)		(21.77	)%		22.27	%		21.15	%		30.06	%(b)		(7.18	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	30,466		$	29,356		$	57,492		$	63,126		$	77,924		$	78,783
Net expenses		1.88	%(e)		1.87	%		1.89	%		1.92	%		1.92	%		1.91	%
Gross expenses		1.88	%(e)		1.87	%		1.89	%		1.92	%		1.92	%		1.91	%
Net investment loss		(0.67	)%(e)		(0.66	)%		(0.99	)%		(0.87	)%		(0.31	)%(b)		(0.54	)%
Portfolio turnover rate		17	%		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.

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

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

See accompanying notes to financial statements.

| 48

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis U.S. Equity Opportunities Fund—Class N
	Six Months Ended June 30, 2023 (Unaudited)			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	$	37.72		$	54.14		$	47.84		$	43.61		$	36.37		$	42.63

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.18			0.03			0.13			0.19	(b)		0.25
Net realized and unrealized gain (loss)		9.06			(11.23	)		11.07			9.20			11.14			(2.91	)

Total from Investment Operations		9.14			(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		(0.06	)		(5.22	)		(4.80	)		(5.10	)		(3.79	)		(3.42	)

Total Distributions		(0.06	)		(5.37	)		(4.80	)		(5.10	)		(4.09	)		(3.60	)

Net asset value, end of the period	$	46.80		$	37.72		$	54.14		$	47.84		$	43.61		$	36.37

Total return(c)		24.26	%(d)		(20.88	)%		23.53	%		22.48	%		31.44	%(b)		(6.11	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	208		$	167		$	177		$	172		$	654		$	1
Net expenses(e)		0.81	%(f)		0.81	%		0.83	%		0.84	%		0.83	%		0.76	%
Gross expenses		1.70	%(f)		1.34	%		1.38	%		1.13	%		1.42	%		13.35	%
Net investment income		0.40	%(f)		0.41	%		0.06	%		0.31	%		0.44	%(b)		0.56	%
Portfolio turnover rate		17	%		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)	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.

49 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis U.S. Equity Opportunities Fund—Class Y
	Six Months Ended June 30, 2023 (Unaudited)			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	$	37.60		$	53.99		$	47.74		$	43.56		$	36.33		$	42.61

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.15			0.00	(b)		0.05			0.29	(c)		0.20
Net realized and unrealized gain (loss)		9.03			(11.20	)		11.05			9.23			10.99			(2.92	)

Total from Investment Operations		9.10			(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		(0.06	)		(5.22	)		(4.80	)		(5.10	)		(3.79	)		(3.42	)

Total Distributions		(0.06	)		(5.34	)		(4.80	)		(5.10	)		(4.05	)		(3.56	)

Net asset value, end of the period	$	46.64		$	37.60		$	53.99		$	47.74		$	43.56		$	36.33

Total return		24.23	%(d)		(20.95	)%		23.48	%		22.36	%		31.36	%(c)(e)		(6.24	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	268,900		$	191,912		$	284,738		$	243,302		$	283,864		$	296,255
Net expenses		0.88	%(f)		0.87	%		0.89	%		0.92	%		0.91	%(g)		0.91	%
Gross expenses		0.88	%(f)		0.87	%		0.89	%		0.92	%		0.92	%		0.91	%
Net investment income		0.32	%(f)		0.35	%		0.00	%(h)		0.13	%		0.69	%(c)		0.45	%
Portfolio turnover rate		17	%		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)	Periods less than one year are not annualized.

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

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

(g)	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.

(h)	Amount rounds to less than 0.01%.

See accompanying notes to financial statements.

| 50

Financial Highlights (continued)

For a share outstanding throughout each period.


	Vaughan Nelson Mid Cap Fund—Class A
	Six Months Ended June 30, 2023 (Unaudited)			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	$	19.64		$	22.70		$	21.79		$	22.42		$	17.37		$	22.65

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.03			0.11			0.05			0.07			0.03			0.09
Net realized and unrealized gain (loss)		0.99			(2.53	)		4.52			1.96			5.21			(3.71	)

Total from Investment Operations		1.02			(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	$	20.66		$	19.64		$	22.70		$	21.79		$	22.42		$	17.37

Total return(b)		5.19	%(c)(d)		(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)	$	34,751		$	33,507		$	37,849		$	30,567		$	33,434		$	43,769
Net expenses		1.15	%(e)(f)		1.15	%(e)		1.17	%(e)(g)		1.20	%(e)		1.25	%(e)(h)(i)		1.24	%
Gross expenses		1.24	%(f)		1.21	%		1.23	%		1.29	%		1.28	%(h)		1.24	%
Net investment income		0.28	%(f)		0.55	%		0.22	%		0.35	%		0.16	%		0.42	%
Portfolio turnover rate		28	%		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)	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.

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

(h)	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%.

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

See accompanying notes to financial statements.

51 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Vaughan Nelson Mid Cap Fund—Class C
	Six Months Ended June 30, 2023 (Unaudited)			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	$	17.75		$	20.58		$	20.15		$	21.06		$	16.43		$	21.50

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.05	)		(0.04	)		(0.13	)		(0.08	)		(0.10	)		(0.08	)
Net realized and unrealized gain (loss)		0.90			(2.28	)		4.18			1.79			4.90			(3.48	)

Total from Investment Operations		0.85			(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	$	18.60		$	17.75		$	20.58		$	20.15		$	21.06		$	16.43

Total return(c)		4.79	%(d)(e)		(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)	$	6,237		$	7,405		$	11,436		$	14,023		$	21,932		$	23,967
Net expenses		1.90	%(f)(g)		1.90	%(f)		1.93	%(f)(h)		1.95	%(f)		1.99	%(f)(i)(j)		1.98	%
Gross expenses		1.99	%(g)		1.96	%		1.98	%		2.04	%		2.02	%(i)		1.98	%
Net investment loss		(0.51	)%(g)		(0.22	)%		(0.56	)%		(0.42	)%		(0.50	)%		(0.36	)%
Portfolio turnover rate		28	%		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)	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.

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

(i)	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%.

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

See accompanying notes to financial statements.

| 52

Financial Highlights (continued)

For a share outstanding throughout each period.


	Vaughan Nelson Mid Cap Fund—Class N
	Six Months Ended June 30, 2023 (Unaudited)			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	$	19.95		$	23.05		$	22.07		$	22.66		$	17.54		$	22.87

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.17			0.14			0.13			0.11			0.17
Net realized and unrealized gain (loss)		1.01			(2.57	)		4.58			2.00			5.27			(3.75	)

Total from Investment Operations		1.07			(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	$	21.02		$	19.95		$	23.05		$	22.07		$	22.66		$	17.54

Total return		5.36	%(b)(c)		(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)	$	60,861		$	72,804		$	91,416		$	17,965		$	18,262		$	70,902
Net expenses		0.85	%(d)(e)		0.85	%(d)		0.86	%(d)(f)		0.90	%(d)		0.92	%(d)(g)(h)		0.88	%
Gross expenses		0.89	%(e)		0.87	%		0.89	%		0.94	%		0.93	%(g)		0.88	%
Net investment income		0.56	%(e)		0.84	%		0.55	%		0.65	%		0.51	%		0.76	%
Portfolio turnover rate		28	%		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)	Periods less than one year are not annualized.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

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

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

(g)	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%.

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

See accompanying notes to financial statements.

53 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Vaughan Nelson Mid Cap Fund—Class Y
	Six Months Ended June 30, 2023 (Unaudited)			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	$	19.99		$	23.09		$	22.10		$	22.69		$	17.57		$	22.89

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.16			0.11			0.12			0.10			0.15
Net realized and unrealized gain (loss)		1.01			(2.57	)		4.60			2.00			5.26			(3.75	)

Total from Investment Operations		1.06			(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	$	21.05		$	19.99		$	23.09		$	22.10		$	22.69		$	17.57

Total return		5.30	%(b)(c)		(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)	$	143,489		$	148,505		$	226,838		$	227,501		$	298,705		$	453,085
Net expenses		0.90	%(d)(e)		0.90	%(d)		0.93	%(d)(f)		0.95	%(d)		1.00	%(d)(g)(h)		0.99	%
Gross expenses		0.99	%(e)		0.96	%		0.98	%		1.04	%		1.02	%(g)		0.99	%
Net investment income		0.52	%(e)		0.78	%		0.45	%		0.60	%		0.48	%		0.66	%
Portfolio turnover rate		28	%		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)	Periods less than one year are not annualized.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

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

(f)	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 0.98% and the ratio of gross expenses would have been 1.01%.

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

See accompanying notes to financial statements.

| 54

Financial Highlights (continued)

For a share outstanding throughout each period.


	Vaughan Nelson Small Cap Value Fund—Class A
	Six Months Ended June 30, 2023 (Unaudited)			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	$	15.17		$	17.87		$	16.69		$	15.45		$	12.48		$	18.71

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.05			(0.02	)		0.00	(b)(c)		0.00	(c)		0.02			0.01
Net realized and unrealized gain (loss)		2.16			(1.78	)		4.98			1.33			3.06			(2.76	)

Total from Investment Operations		2.21			(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	$	17.38		$	15.17		$	17.87		$	16.69		$	15.45		$	12.48

Total return(d)		14.57	%(e)(f)		(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)	$	100,036		$	66,339		$	81,493		$	61,571		$	67,525		$	66,376
Net expenses		1.25	%(g)(h)		1.25	%(g)		1.27	%(g)(i)		1.32	%(g)(j)		1.40	%(g)(k)		1.38	%
Gross expenses		1.38	%(h)		1.37	%		1.43	%		1.53	%		1.47	%		1.38	%
Net investment income (loss)		0.58	%(h)		(0.12	)%		0.01	%(b)		0.02	%		0.12	%		0.03	%
Portfolio turnover rate		29	%		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)	Periods less than one year are not annualized.

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

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

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

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

See accompanying notes to financial statements.

55 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Vaughan Nelson Small Cap Value Fund—Class C
	Six Months Ended June 30, 2023 (Unaudited)			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	$	5.30		$	6.94		$	8.34		$	7.84		$	6.41		$	11.67

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.00	)(b)		(0.04	)		(0.06	)(c)		(0.05	)		(0.05	)		(0.09	)
Net realized and unrealized gain (loss)		0.75			(0.70	)		2.45			0.64			1.57			(1.69	)

Total from Investment Operations		0.75			(0.74	)		2.39			0.59			1.52			(1.78	)

LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			(0.00	)(b)		(0.01	)		(0.00	)(b)
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	$	6.05		$	5.30		$	6.94		$	8.34		$	7.84		$	6.41

Total return(d)		14.15	%(e)(f)		(11.01	)%(e)		29.45	%(c)(e)		8.08	%(e)		23.69	%(e)		(15.51	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	4,429		$	2,118		$	966		$	983		$	1,450		$	3,480
Net expenses		2.00	%(g)(h)		2.00	%(g)		2.03	%(g)(i)		2.07	%(g)(j)		2.16	%(g)(k)		2.12	%
Gross expenses		2.13	%(h)		2.12	%		2.19	%		2.28	%		2.23	%		2.12	%
Net investment loss		(0.12	)%(h)		(0.74	)%		(0.67	)%(c)		(0.71	)%		(0.68	)%		(0.83	)%
Portfolio turnover rate		29	%		63	%		92	%		105	%		61	%		70	%

(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)	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)%.

(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)	Periods less than one year are not annualized.

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

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

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

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

See accompanying notes to financial statements.

| 56

Financial Highlights (continued)

For a share outstanding throughout each period.


	Vaughan Nelson Small Cap Value Fund—Class N
	Six Months Ended June 30, 2023 (Unaudited)			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	$	16.16		$	18.96		$	17.52		$	16.20		$	13.08		$	19.37

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.04			0.01	(b)		0.04			0.08			0.08
Net realized and unrealized gain (loss)		2.30			(1.91	)		5.29			1.42			3.20			(2.86	)

Total from Investment Operations		2.38			(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	$	18.54		$	16.16		$	18.96		$	17.52		$	16.20		$	13.08

Total return(c)		14.73	%(d)		(9.95	)%		30.64	%(b)		9.27	%		25.08	%		(14.48	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,011		$	1,493		$	1,383		$	23		$	21		$	1
Net expenses(e)		0.95	%(f)		0.95	%		0.97	%(g)		1.02	%(h)		1.03	%(i)		0.96	%
Gross expenses		1.12	%(f)		1.10	%		1.19	%		6.54	%		11.80	%		15.17	%
Net investment income		0.88	%(f)		0.22	%		0.03	%(b)		0.31	%		0.52	%		0.43	%
Portfolio turnover rate		29	%		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)	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.

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

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

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

See accompanying notes to financial statements.

57 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Vaughan Nelson Small Cap Value Fund—Class Y
	Six Months Ended June 30, 2023 (Unaudited)			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	$	16.15		$	18.95		$	17.51		$	16.19		$	13.08		$	19.37

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.04			0.06	(b)		0.04			0.05			0.04
Net realized and unrealized gain (loss)		2.29			(1.91	)		5.23			1.41			3.21			(2.84	)

Total from Investment Operations		2.37			(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	$	18.52		$	16.15		$	18.95		$	17.51		$	16.19		$	13.08

Total return		14.68	%(c)(d)		(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)	$	245,908		$	120,585		$	66,054		$	49,315		$	44,482		$	58,538
Net expenses		1.00	%(e)(f)		1.00	%(e)		1.02	%(e)(g)		1.07	%(e)(h)		1.15	%(e)(i)		1.12	%
Gross expenses		1.13	%(f)		1.12	%		1.18	%		1.28	%		1.23	%		1.12	%
Net investment income		0.88	%(f)		0.22	%		0.28	%(b)		0.26	%		0.35	%		0.22	%
Portfolio turnover rate		29	%		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)	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.

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

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

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

See accompanying notes to financial statements.

| 58

Notes to Financial Statements

June 30, 2023 (Unaudited)

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 (“International Growth Fund”)

Natixis Funds Trust I:

Natixis Oakmark International Fund

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

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

Natixis Funds Trust II:

Natixis Oakmark Fund

Vaughan Nelson Mid Cap Fund (“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 period-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Funds’ financial statements.

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

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

59 |

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Broker-dealer bid prices may be used to 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 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.

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

| 60

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

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 June 30, 2023 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years, where applicable, remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

A Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statements of Operations as a reduction of investment income, net of amounts that have been or are expected to be reclaimed and paid. Dividends and interest receivable on the Statements of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes where reclaims have been or are expected to 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 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.

61 |

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

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


	2022 Distributions
Fund	Ordinary Income		Long-Term Capital Gains		Total
International Growth Fund	$	177,885	$	—	$	177,885
Natixis Oakmark Fund		2,835,653		51,140,399		53,976,052
Natixis Oakmark International Fund		6,459,857		—		6,459,857
U.S. Equity Opportunities Fund		1,935,796		120,599,489		122,535,285
Mid Cap Fund		2,282,950		7,705,713		9,988,663
Small Cap Value Fund		2,901,818		6,755,646		9,657,464

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, capital loss carryforwards and late-year ordinary and post-October capital loss deferrals 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
Capital loss carryforward:
Short-term:
No expiration date	$	(318,617	)	$	—		$	(7,975,554	)	$	—	$	(16,690,689	)	$	—
Long-term:
No expiration date		—			—			(112,759,862	)		—		(5,472,473	)		—

Total capital loss carryforward		(318,617	)		—			(120,735,416	)		—		(22,163,162	)		—

Late-year ordinary and post-October capital loss deferrals*	$	—		$	(5,213,543	)	$	—		$	—	$	—		$	(581,338	)

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 June 30, 2023, the tax cost of investments 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	$	30,885,905		$	353,852,524		$	366,240,699		$	630,751,050		$	212,529,247		$	311,436,526

Gross tax appreciation	$	3,496,147		$	51,291,946		$	62,182,594		$	263,766,123		$	46,474,188		$	49,445,371
Gross tax depreciation		(4,484,483	)		(8,455,139	)		(32,753,430	)		(31,183,833	)		(3,614,500	)		(8,462,164	)

Net tax appreciation (depreciation)	$	(988,336	)	$	42,836,807		$	29,429,164		$	232,582,290		$	42,859,688		$	40,983,207

Amounts in the table above exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Adjustments may include, but are not limited to, wash sales and derivatives mark-to-market.

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

| 62

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

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 June 30, 2023, 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. 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.

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.

63 |

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of June 30, 2023, at value:

International Growth Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	2,201,206	$	—	$	2,201,206
Belgium		—		570,118		—		570,118
China		4,748,216		2,649,281		—		7,397,497
Denmark		—		1,663,213		—		1,663,213
France		—		1,453,834		—		1,453,834
Germany		—		947,646		—		947,646
Japan		—		1,301,892		—		1,301,892
Macau		—		280,312		—		280,312
Netherlands		—		1,096,146		—		1,096,146
Switzerland		459,113		967,765		—		1,426,878
United Kingdom		—		1,869,277		—		1,869,277
United States		2,449,331		2,863,249		—		5,312,580
All Other Common Stocks(a)		3,677,808		—		—		3,677,808

Total Common Stocks	$	11,334,468	$	17,863,939	$	—	$	29,198,407

Short-Term Investments		—		699,162		—		699,162

Total	$	11,334,468	$	18,563,101	$	—	$	29,897,569

(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)	$	386,258,966	$	—	$	—	$	386,258,966
Short-Term Investments		—		10,430,365		—		10,430,365

Total	$	386,258,966	$	10,430,365	$	—	$	396,689,331

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

| 64

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

Natixis Oakmark International Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	660,978	$	—	$	660,978
Belgium		—		6,251,521		—		6,251,521
China		2,026,332		15,613,484		—		17,639,816
Denmark		—		4,116,812		—		4,116,812
France		—		63,839,599		—		63,839,599
Germany		—		105,621,374		—		105,621,374
Hong Kong		—		7,180,329		—		7,180,329
India		—		3,174,355		—		3,174,355
Indonesia		—		446,493		—		446,493
Italy		—		10,788,504		—		10,788,504
Japan		—		13,031,264		—		13,031,264
Korea		—		7,832,153		—		7,832,153
Luxembourg		—		4,073,418		—		4,073,418
Netherlands		—		10,686,293		—		10,686,293
Spain		—		6,277,075		—		6,277,075
Sweden		—		13,895,867		—		13,895,867
Switzerland		—		24,767,967		—		24,767,967
United Kingdom		3,691,716		52,846,341		—		56,538,057
United States		—		4,853,917		—		4,853,917
All Other Common Stocks(a)		15,100,840		—		—		15,100,840

Total Common Stocks		20,818,888		355,957,744		—		376,776,632

Preferred Stocks(a)		—		6,620,835		—		6,620,835
Short-Term Investments		—		12,272,396		—		12,272,396

Total	$	20,818,888	$	374,850,975	$	—	$	395,669,863

(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)	$	837,375,116	$	—	$	—	$	837,375,116
Short-Term Investments		—		25,958,224		—		25,958,224

Total	$	837,375,116	$	25,958,224	$	—	$	863,333,340

(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)	$	235,038,859	$	—	$	—	$	235,038,859
Short-Term Investments		—		20,350,076		—		20,350,076

Total	$	235,038,859	$	20,350,076	$	—	$	255,388,935

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

65 |

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

Small Cap Value Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	317,803,811	$	—	$	—	$	317,803,811
Exchange-Traded Funds		16,146,240		—		—		16,146,240
Short-Term Investments		—		18,469,682		—		18,469,682

Total	$	333,950,051	$	18,469,682	$	—	$	352,419,733

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

4. Purchases and Sales of Securities. For the six months ended June 30, 2023, purchases and sales of securities (excluding short-term investments) were as follows:


Fund	Purchases		Sales
International Growth Fund	$	1,169,196	$	484,712
Natixis Oakmark Fund		89,699,553		100,118,683
Natixis Oakmark International Fund		51,650,126		72,805,170
U.S. Equity Opportunities Fund		132,617,779		196,010,504
Mid Cap Fund		66,942,641		100,618,266
Small Cap Value Fund		189,677,826		65,925,352

5. 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.

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	%

Effective July 1, 2023, U.S. Equity Opportunities Fund pays a management fee at the annual rate of 0.67% 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.

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Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

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.

Effective July 1, 2023, U.S. Equity Opportunities Fund Large Cap Value Segment has agreed to pay its respective subadviser a subadvisory fee at the following annual rates, calculated daily and payable monthly, based on the 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
U.S. Equity Opportunities Fund
Large Cap Value Segment		Harris		0.51	%		0.51	%		0.51	%		0.51	%		0.51	%

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, 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.

For the six months ended June 30, 2023, 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	%

Effective July 1, 2023, the expense limits as a percentage of average daily net assets under the expense limitation agreements for U.S. Equity Opportunities Fund are as follows:


	Expense Limit as a Percentage of Average Daily Net Assets
	Class A			Class C			Class N			Class Y
U.S. Equity Opportunities Fund		1.12	%		1.87	%		0.82	%		0.87	%

This new undertaking is in effect until April 30, 2025, may be terminated before then only with the consent of the Funds’ Board of Trustees, and will be reevaluated on an annual basis.

67 |

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

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 six months ended June 30, 2023, the management fees and waiver of management fees for each Fund were as follows:


	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	$	105,406	$	83,101	$	22,305		0.75	%		0.16	%
Natixis Oakmark Fund		1,282,495		189,094		1,093,401		0.68	%		0.58	%
Natixis Oakmark International Fund		1,526,552		406,269		1,120,283		0.79	%		0.58	%
U.S. Equity Opportunities Fund		2,749,420		—		2,749,420		0.70	%		0.70	%
Mid Cap Fund		971,354		95,200		876,154		0.75	%		0.68	%
Small Cap Value Fund		1,020,613		152,847		867,766		0.85	%		0.72	%

¹	Management fee waivers are subject to possible recovery until December 31, 2024.

No expenses were recovered for any of the Funds during the six months ended June 30, 2023 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.

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 six months ended June 30, 2023, 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	$	174	$	1	$	3
Natixis Oakmark Fund		258,277		65,363		196,088
Natixis Oakmark International Fund		169,515		48,994		146,981
U.S. Equity Opportunities Fund		683,170		37,165		111,494
Mid Cap Fund		42,038		8,602		25,805
Small Cap Value Fund		86,257		4,205		12,613

c. Administrative Fees. Natixis Advisors provides certain administrative services for the Funds and contracts with State Street Bank and Trust Company (“State Street Bank”) to serve as sub-administrator. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trusts and Natixis Advisors, each Fund pays Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0540% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0275% of the next $30 billion and 0.0225%

| 68

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts of $10 million, which is reevaluated on an annual basis.

For the six months ended June 30, 2023, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
International Growth Fund	$	6,515
Natixis Oakmark Fund		87,894
Natixis Oakmark International Fund		89,719
U.S. Equity Opportunities Fund		182,005
Mid Cap Fund		60,018
Small Cap Value Fund		55,638

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 six months ended June 30, 2023, 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	$	1,570
Natixis Oakmark Fund		94,365
Natixis Oakmark International Fund		303,685
U.S. Equity Opportunities Fund		139,448
Mid Cap Fund		81,796
Small Cap Value Fund		88,381

As of June 30, 2023, 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	$	38
Natixis Oakmark Fund		2,418
Natixis Oakmark International Fund		7,381
U.S. Equity Opportunities Fund		3,380
Mid Cap Fund		2,049
Small Cap Value Fund		759

Sub-transfer agent fees attributable to Class A, Class C and Class Y are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

e. Commissions. Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the six months ended June 30, 2023 was as follows:


Fund	Commissions
Natixis Oakmark Fund	$	22,000
Natixis Oakmark International Fund		2,995
U.S. Equity Opportunities Fund		6,969
Mid Cap Fund		626
Small Cap Value Fund		3,220

69 |

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

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. Each Governance Committee member is compensated $2,500 for each Committee meeting that he or she attends either in person or 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.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts as designated by the participating Trustees. Changes in the value of participants’ deferral accounts are allocated pro rata among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts and are normally reflected as Trustees’ fees and expenses in the Statements of Operations. Deferred amounts remain in the funds until distributed in accordance with the provisions of the Plan. The portions of the accrued obligations allocated to the Funds under the Plan are reflected as Deferred Trustees’ fees in the Statements of Assets and Liabilities.

Certain officers and employees of Natixis Advisors, Loomis Sayles and affiliates are also officers and/or Trustees of the Trusts.

g. Affiliated Ownership. As of June 30, 2023, 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, 2024 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended June 30, 2023, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:


	Reimbursement of Transfer Agency Expenses
Fund	Class N
International Growth Fund	$	849
Natixis Oakmark Fund		839
Natixis Oakmark International Fund		857
U.S. Equity Opportunities Fund		834
Mid Cap Fund		1,015
Small Cap Value Fund		880

6. Class-Specific Transfer Agent Fees and Expenses. Transfer agent fees and expenses attributable to Class A, Class C and Class Y are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

| 70

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

For the six months ended June 30, 2023, 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	$	125	$	1	$	849	$	3,949
Natixis Oakmark Fund		90,959		23,118		839		52,386
Natixis Oakmark International Fund		112,727		32,648		857		176,571
U.S. Equity Opportunities Fund		193,974		10,568		834		73,779
Mid Cap Fund		16,778		3,435		1,015		72,971
Small Cap Value Fund		35,551		1,778		880		87,259

7. Line of Credit. Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trusts, entered into a syndicated, revolving, committed, unsecured line of credit with State Street Bank as administrative agent. The aggregate revolving commitment amount is $575,000,000. Any one Fund may borrow up to $402,500,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $575,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. 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.

Prior to April 6, 2023, each Fund, together with certain other funds of Natixis Funds Trusts and 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 was able to borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate did 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 was 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, was accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

For the six months ended June 30, 2023, U.S. Equity Opportunities Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $2,850,000 at a weighted average interest rate of 5.43%. Interest expense incurred on the line of credit was $1,720.

8. 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.

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.

71 |

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

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.

9. Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of June 30, 2023, 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% Account Holders		Percentage of Ownership
Natixis Oakmark International Fund		1		21.41	%
U.S. Equity Opportunities Fund		1		6.52	%
Mid Cap Fund		2		24.99	%
Small Cap Value Fund		1		7.59	%

Omnibus shareholder accounts for which Natixis Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for a non-discretionary customer are included in the table above. For other omnibus accounts, the Funds do not have information on the individual shareholder accounts underlying the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

10. Capital Shares. Each Fund may issue an unlimited number of shares of beneficial interest, without par value. Transactions in capital shares were as follows:


	Six Months Ended June 30, 2023						Year Ended December 31, 2022
International Growth Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		1,394		$	12,250			4,118		$	33,249
Issued in connection with the reinvestment of distributions		—			—			71			565
Redeemed		(1,353	)		(11,699	)		—			—

Net change		41		$	551			4,189		$	33,814

Class C
Redeemed		—		$	—			(3,928	)	$	(33,853	)

Net change		—		$	—			(3,928	)	$	(33,853	)

Class N
Issued from the sale of shares		—		$	—			319,693		$	2,500,000
Issued in connection with the reinvestment of distributions		—			—			2,314			18,351

Net change		—		$	—			322,007		$	2,518,351

Class Y
Issued from the sale of shares		119,836		$	1,017,450			374,914		$	3,190,418
Issued in connection with the reinvestment of distributions		—			—			2,707			21,469
Redeemed		(246	)		(2,169	)		(2,822	)		(20,300	)

Net change		119,590		$	1,015,281			374,799		$	3,191,587

Increase from capital share transactions		119,631		$	1,015,832			697,067		$	5,709,899


	Six Months Ended June 30, 2023						Year Ended December 31, 2022
Natixis Oakmark Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		440,143		$	10,346,715			1,251,455		$	32,636,811
Issued in connection with the reinvestment of distributions		69			1,612			1,168,653			25,751,399
Redeemed		(629,050	)		(14,822,401	)		(1,134,294	)		(28,656,218	)

Net change		(188,838	)	$	(4,474,074	)		1,285,814		$	29,731,992

| 72

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

10. Capital Shares (continued).


	Six Months Ended June 30, 2023						Year Ended December 31, 2022
Natixis Oakmark Fund	Shares			Amount			Shares			Amount
Class C
Issued from the sale of shares		167,742		$	3,082,038			1,217,488		$	26,738,602
Issued in connection with the reinvestment of distributions		29			523			492,676			8,476,261
Redeemed		(624,080	)		(11,323,146	)		(734,433	)		(14,940,011	)

Net change		(456,309	)	$	(8,240,585	)		975,731		$	20,274,852

Class N
Issued from the sale of shares		159		$	4,093			58		$	1,547
Issued in connection with the reinvestment of distributions		—			4			3,064			73,284
Redeemed		(1,348	)		(36,120	)		(2,888	)		(81,794	)

Net change		(1,189	)	$	(32,023	)		234		$	(6,963	)

Class Y
Issued from the sale of shares		2,083,792		$	53,741,648			6,361,056		$	191,465,914
Issued in connection with the reinvestment of distributions		38			939			638,488			15,388,143
Redeemed		(1,541,558	)		(40,035,527	)		(5,757,253	)		(154,617,312	)

Net change		542,272		$	13,707,060			1,242,291		$	52,236,745

Increase (decrease) from capital share transactions		(104,064	)	$	960,378			3,504,070		$	102,236,626


	Six Months Ended June 30, 2023						Year Ended December 31, 2022
Natixis Oakmark International Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		1,093,953		$	15,673,883			2,081,450		$	27,188,627
Issued in connection with the reinvestment of distributions		262			3,712			108,247			1,369,329
Redeemed		(868,265	)		(12,342,108	)		(2,674,538	)		(34,233,303	)

Net change		225,950		$	3,335,487			(484,841	)	$	(5,675,347	)

Class C
Issued from the sale of shares		46,220		$	651,104			146,028		$	1,872,215
Issued in connection with the reinvestment of distributions		116			1,608			23,961			297,840
Redeemed		(746,341	)		(10,430,300	)		(1,650,271	)		(21,038,433	)

Net change		(700,005	)	$	(9,777,588	)		(1,480,282	)	$	(18,868,378	)

Class N
Issued from the sale of shares		321		$	4,574			145,580		$	2,017,090
Issued in connection with the reinvestment of distributions		1			11			363			4,576
Redeemed		(1,277	)		(18,305	)		(174,806	)		(2,201,343	)

Net change		(955	)	$	(13,720	)		(28,863	)	$	(179,677	)

Class Y
Issued from the sale of shares		1,766,206		$	25,206,715			7,667,504		$	104,077,801
Issued in connection with the reinvestment of distributions		588			8,295			303,265			3,815,073
Redeemed		(2,957,087	)		(41,346,595	)		(12,663,967	)		(169,927,755	)

Net change		(1,190,293	)	$	(16,131,585	)		(4,693,198	)	$	(62,034,881	)

Decrease from capital share transactions		(1,665,303	)	$	(22,587,406	)		(6,687,184	)	$	(86,758,283	)

73 |

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

10. Capital Shares (continued).


	Six Months Ended June 30, 2023						Year Ended December 31, 2022
U.S. Equity Opportunities Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		315,043		$	10,260,388			682,513		$	23,765,153
Issued in connection with the reinvestment of distributions		30,085			963,916			2,458,392			77,467,012
Redeemed		(1,946,926	)		(63,661,029	)		(2,488,264	)		(85,464,740	)

Net change		(1,601,798	)	$	(52,436,725	)		652,641		$	15,767,425

Class C
Issued from the sale of shares		56,413		$	770,890			188,655		$	3,147,013
Issued in connection with the reinvestment of distributions		9,417			126,002			731,774			10,169,356
Redeemed		(444,825	)		(5,969,647	)		(1,134,470	)		(19,010,339	)

Net change		(378,995	)	$	(5,072,755	)		(214,041	)	$	(5,693,970	)

Class N
Issued from the sale of shares		—		$	—			721		$	30,208
Issued in connection with the reinvestment of distributions		7			274			516			20,693
Redeemed		(4	)		(125	)		(72	)		(2,729	)

Net change		3		$	149			1,165		$	48,172

Class Y
Issued from the sale of shares		1,710,821		$	73,982,468			1,826,215		$	81,090,815
Issued in connection with the reinvestment of distributions		5,618			234,456			558,904			22,817,734
Redeemed		(1,055,057	)		(44,348,069	)		(2,555,340	)		(108,147,485	)

Net change		661,382		$	29,868,855			(170,221	)	$	(4,238,936	)

Increase (decrease) from capital share transactions		(1,319,408	)	$	(27,640,476	)		269,544		$	5,882,691


	Six Months Ended June 30, 2023						Year Ended December 31, 2022
Mid Cap Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		96,322		$	1,937,908			254,188		$	5,207,282
Issued in connection with the reinvestment of distributions		—			—			47,991			1,002,920
Redeemed		(120,508	)		(2,409,783	)		(263,346	)		(5,258,953	)

Net change		(24,186	)	$	(471,875	)		38,833		$	951,249

Class C
Issued from the sale of shares		9,224		$	165,968			41,957		$	749,400
Issued in connection with the reinvestment of distributions		—			—			13,437			257,591
Redeemed		(91,130	)		(1,648,828	)		(193,780	)		(3,552,548	)

Net change		(81,906	)	$	(1,482,860	)		(138,386	)	$	(2,545,557	)

Class N
Issued from the sale of shares		140,598		$	2,901,047			157,734		$	3,317,147
Issued in connection with the reinvestment of distributions		—			—			125,027			2,643,594
Redeemed		(894,581	)		(18,311,963	)		(599,530	)		(12,583,501	)

Net change		(753,983	)	$	(15,410,916	)		(316,769	)	$	(6,622,760	)

Class Y
Issued from the sale of shares		396,155		$	8,135,700			994,932		$	20,936,431
Issued in connection with the reinvestment of distributions		—			—			271,832			5,776,106
Redeemed		(1,010,552	)		(20,617,653	)		(3,661,665	)		(76,714,966	)

Net change		(614,397	)	$	(12,481,953	)		(2,394,901	)	$	(50,002,429	)

Decrease from capital share transactions		(1,474,472	)	$	(29,847,604	)		(2,811,223	)	$	(58,219,497	)

| 74

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

10. Capital Shares (continued).


	Six Months Ended June 30, 2023						Year Ended December 31, 2022
Small Cap Value Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		1,833,490		$	30,856,994			294,742		$	4,937,363
Issued in connection with the reinvestment of distributions		—			—			238,814			3,785,851
Redeemed		(450,135	)		(7,291,058	)		(720,255	)		(11,602,583	)

Net change		1,383,355		$	23,565,936			(186,699	)	$	(2,879,369	)

Class C
Issued from the sale of shares		383,287		$	2,200,813			269,996		$	1,616,908
Issued in connection with the reinvestment of distributions		—			—			43,643			240,247
Redeemed		(50,886	)		(284,515	)		(53,628	)		(323,660	)

Net change		332,401		$	1,916,298			260,011		$	1,533,495

Class N
Issued from the sale of shares		19,086		$	335,945			16,766		$	293,058
Issued in connection with the reinvestment of distributions		—			—			4,642			77,738
Redeemed		(2,989	)		(51,920	)		(1,959	)		(31,168	)

Net change		16,097		$	284,025			19,449		$	339,628

Class Y
Issued from the sale of shares		7,926,213		$	137,295,586			5,751,752		$	96,719,232
Issued in connection with the reinvestment of distributions		—			—			313,912			5,212,202
Redeemed		(2,115,681	)		(36,516,469	)		(2,083,989	)		(35,666,627	)

Net change		5,810,532		$	100,779,117			3,981,675		$	66,264,807

Increase from capital share transactions		7,542,385		$	126,545,376			4,074,436		$	65,258,561

75 |

LOGO

Semiannual Report

June 30, 2023

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			16
Financial Statements			33
Notes to Financial Statements			62

LOGO

GATEWAY FUND



Managers		Symbols

Daniel M. Ashcraft, CFA^®		Class A GATEX

Michael T. Buckius, CFA^®		Class C GTECX

Kenneth H. Toft, CFA^®		Class N GTENX

Mitchell J. Trotta, CFA^®		Class Y GTEYX

Gateway Investment Advisers, LLC

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.

Average Annual Total Returns – June 30, 2023⁴



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

Class Y
NAV		11.28	%		12.05	%		4.56	%		4.89	%		—	%		0.71	%		0.70	%

Class A
NAV		11.16			11.79			4.31			4.63			—			0.96	%		0.94	%
With 5.75% Maximum Sales Charge		4.77			5.35			3.08			4.02			—

Class C
NAV		10.72			10.94			3.52			4.00			—			1.71	%		1.70	%
With CDSC¹		9.72			9.94			3.52			4.00			—

Class N (Inception 5/1/17)
NAV		11.30			12.11			4.61			—			4.69			0.65	%		0.65	%

Comparative Performance
S&P 500^® Index²		16.89			19.59			12.31			12.86			12.58
Bloomberg U.S. Aggregate Bond Index³		2.09			-0.94			0.77			1.52			0.70

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.

1 |

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.

Average Annual Total Returns – June 30, 2023⁴



															Expense Ratios⁵
	6 Months			1 Year			5 Years			Life of Class					Gross			Net

Class Y (Inception 9/30/14)											Class Y/A/C		Class N
NAV		12.48	%		15.14	%		7.32	%		6.91	%	—	%		0.91	%		0.68	%

Class A (Inception 9/30/14)
NAV		12.34			14.83			7.05			6.64		—			1.16	%		0.93	%
With 5.75% Maximum Sales Charge		5.89			8.26			5.79			5.92		—

Class C (Inception 9/30/14)
NAV		11.94			14.06			6.25			5.92		—			1.91	%		1.68	%
With CDSC¹		10.94			13.06			6.25			5.92		—

Class N (Inception 5/1/17)
NAV		12.52			15.21			7.33			—		7.16			1.23	%		0.63	%

Comparative Performance
Cboe S&P 500 BuyWrite Index (BXM^SM)²		10.47			9.02			4.42			6.26		5.11
S&P 500^® Index³		16.89			19.59			12.31			12.86		12.58

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 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.

| 2

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.

Average Annual Total Returns – June 30, 2023²



													Expense Ratios³
	6 Months			1 Year			5 Year			Life of Fund			Gross			Net

Class Y (Inception 2/28/17)
NAV		2.24	%		-0.40	%		-0.22	%		0.09	%		1.09	%		0.66	%

Class A (Inception 2/28/17)
NAV		2.13			-0.76			-0.49			-0.17			1.34	%		0.91	%
With 4.25% Maximum Sales Charge		-2.16			-4.98			-1.36			-0.85

Class N (Inception 2/28/17)
NAV		2.24			-0.40			-0.19			0.14			0.99	%		0.61	%

Comparative Performance
Bloomberg MSCI Green Bond Index – USD Hedged¹		3.28			-0.95			-0.12			0.47

Bloomberg MSCI 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.

3 |

MIROVA GLOBAL SUSTAINABLE EQUITY FUND



Managers		Symbols

Hua Cheng, CFA^®, PhD		Class A ESGMX

Jens Peers, CFA^®		Class C ESGCX

Soliane Varlet		Class N ESGNX

Mirova US LLC		Class Y ESGYX

Investment Goal

The Fund seeks long-term capital appreciation.

Average Annual Total Returns – June 30, 2023³



	6 Months		1 Year		5 Years					Expense Ratios⁴
	6 Months		1 Year		5 Years		Life of Class			Gross			Net

								Class Y/A/C	Class N

Class Y (Inception 3/31/16)		14.52%		18.46%		11.17%		11.83%	—%		1.01%			0.95%

Class A (Inception 3/31/16)
NAV		14.39		18.17		10.90		11.56	—		1.26	%		1.20	%
With 5.75% Maximum Sales Charge		7.81		11.40		9.59		10.65	—

Class C (Inception 3/31/16)
NAV		13.96		17.28		10.07		10.72	—		2.01	%		1.95	%
With CDSC¹		12.96		16.28		10.07		10.72	—

Class N (Inception 5/1/17)
NAV		14.52		18.46		11.22		—	11.84		0.90	%		0.90	%

Comparative Performance
MSCI World Index (Net)²		15.09		18.51		9.07		9.50	9.50

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

MSCI World Index (Net) is an unmanaged index that is designed to measure the equity market performance of developed markets. It is composed of common stocks of companies representative of the market structure of 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.

| 4

MIROVA INTERNATIONAL SUSTAINABLE EQUITY FUND



Managers		Symbols

Hua Cheng, CFA^®, PhD		Class A MRVAX

Jens Peers, CFA^®		Class N MRVNX

Soliane Varlet		Class Y MRVYX

Mirova US LLC

Investment Goal

The Fund seeks long-term capital appreciation.

Average Annual Total Returns – June 30, 2023²



										Expense Ratios³
	6 Months			1 Year			Life of Fund			Gross			Net

Class Y (Inception 12/28/18)
NAV		12.17	%		17.14	%		8.02	%		2.05	%		0.96	%

Class A (Inception 12/28/18)
NAV		12.02			16.82			7.75			2.30	%		1.21	%
With 5.75% Maximum Sales Charge		5.57			10.15			6.34

Class N (Inception 12/28/18)
NAV		12.16			17.20			8.06			1.80	%		0.91	%

Comparative Performance
MSCI EAFE Index (Net)¹		11.67	%		18.77	%		7.80	%

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.

5 |

MIROVA U.S. SUSTAINABLE EQUITY FUND



Managers		Symbols

Hua Cheng, CFA^®, PhD		Class A MUSAX

Jens Peers, CFA^®		Class C MUSCX

Soliane Varlet		Class N MUSNX

Mirova US LLC		Class Y MUSYX

Investment Goal

The Fund seeks long-term capital appreciation.

Average Annual Total Returns – June 30, 2023³



										Expense Ratios⁴
	6 Months			1 Year			Life of Fund			Gross			Net

Class Y (Inception 12/15/20)
NAV		17.09	%		21.62	%		7.27	%		6.96	%		0.80	%

Class A (Inception 12/15/20)
NAV		16.87			21.25			7.02			7.15	%		1.05	%
With 5.75% Maximum Sales Charge		10.19			14.23			4.55

Class C (Inception 12/15/20)
NAV		16.48			20.38			6.21			7.97	%		1.80	%
With CDSC¹		15.48			19.38			6.21

Class N (Inception 12/15/20)
NAV		17.07			21.66			7.34			4.90	%		0.75	%

Comparative Performance
S&P 500^® Index²		16.89	%		19.59	%		9.25	%

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.

| 6

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.

7 |

UNDERSTANDING FUND EXPENSES


GATEWAY FUND	BEGINNING ACCOUNT VALUE 1/1/2023		ENDING ACCOUNT VALUE 6/30/2023		EXPENSES PAID DURING PERIOD* 1/1/2023 – 6/30/2023
Class A
Actual		$1,000.00		$1,111.60		$4.92
Hypothetical (5% return before expenses)		$1,000.00		$1,020.13		$4.71
Class C
Actual		$1,000.00		$1,107.20		$8.88
Hypothetical (5% return before expenses)		$1,000.00		$1,016.36		$8.50
Class N
Actual		$1,000.00		$1,113.00		$3.41
Hypothetical (5% return before expenses)		$1,000.00		$1,021.57		$3.26
Class Y
Actual		$1,000.00		$1,112.80		$3.67
Hypothetical (5% return before expenses)		$1,000.00		$1,021.32		$3.51

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 (181), divided by 365 (to reflect the half-year period).

| 8


GATEWAY EQUITY CALL PREMIUM FUND	BEGINNING ACCOUNT VALUE 1/1/2023		ENDING ACCOUNT VALUE 6/30/2023		EXPENSES PAID DURING PERIOD* 1/1/2023 – 6/30/2023
Class A
Actual		$1,000.00		$1,123.40		$4.90
Hypothetical (5% return before expenses)		$1,000.00		$1,020.18		$4.66
Class C
Actual		$1,000.00		$1,119.40		$8.83
Hypothetical (5% return before expenses)		$1,000.00		$1,016.46		$8.40
Class N
Actual		$1,000.00		$1,125.20		$3.32
Hypothetical (5% return before expenses)		$1,000.00		$1,021.67		$3.16
Class Y
Actual		$1,000.00		$1,124.80		$3.58
Hypothetical (5% return before expenses)		$1,000.00		$1,021.42		$3.41

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 (181), divided by 365 (to reflect the half-year period).


MIROVA GLOBAL GREEN BOND FUND	BEGINNING ACCOUNT VALUE 1/1/2023		ENDING ACCOUNT VALUE 6/30/2023		EXPENSES PAID DURING PERIOD* 1/1/2023 – 6/30/2023
Class A
Actual		$1,000.00		$1,021.30		$5.01
Hypothetical (5% return before expenses)		$1,000.00		$1,019.84		$5.01
Class N
Actual		$1,000.00		$1,022.40		$3.46
Hypothetical (5% return before expenses)		$1,000.00		$1,021.37		$3.46
Class Y
Actual		$1,000.00		$1,022.40		$3.76
Hypothetical (5% return before expenses)		$1,000.00		$1,021.08		$3.76

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.00%, 0.69% and 0.75% 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 (181), divided by 365 (to reflect the half-year period).

9 |


MIROVA GLOBAL SUSTAINABLE EQUITY FUND	BEGINNING ACCOUNT VALUE 1/1/2023		ENDING ACCOUNT VALUE 6/30/2023		EXPENSES PAID DURING PERIOD* 1/1/2023 – 6/30/2023
Class A
Actual		$1,000.00		$1,143.90		$6.38
Hypothetical (5% return before expenses)		$1,000.00		$1,018.84		$6.01
Class C
Actual		$1,000.00		$1,139.60		$10.34
Hypothetical (5% return before expenses)		$1,000.00		$1,015.13		$9.74
Class N
Actual		$1,000.00		$1,145.20		$4.79
Hypothetical (5% return before expenses)		$1,000.00		$1,020.33		$4.51
Class Y
Actual		$1,000.00		$1,145.20		$5.05
Hypothetical (5% return before expenses)		$1,000.00		$1,020.08		$4.76


MIROVA INTERNATIONAL SUSTAINABLE EQUITY FUND	BEGINNING ACCOUNT VALUE 1/1/2023		ENDING ACCOUNT VALUE 6/30/2023		EXPENSES PAID DURING PERIOD* 1/1/2023 – 6/30/2023
Class A
Actual		$1,000.00		$1,120.20		$6.36
Hypothetical (5% return before expenses)		$1,000.00		$1,018.79		$6.06
Class N
Actual		$1,000.00		$1,121.60		$4.79
Hypothetical (5% return before expenses)		$1,000.00		$1,020.28		$4.56
Class Y
Actual		$1,000.00		$1,121.70		$5.00
Hypothetical (5% return before expenses)		$1,000.00		$1,020.08		$4.76

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.21%, 0.91% and 0.95% 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 (181), divided by 365 (to reflect the half-year period).

| 10


MIROVA U.S. SUSTAINABLE EQUITY FUND	BEGINNING ACCOUNT VALUE 1/1/2023		ENDING ACCOUNT VALUE 6/30/2023		EXPENSES PAID DURING PERIOD* 1/1/2023 – 6/30/2023
Class A
Actual		$1,000.00		$1,168.70		$5.65
Hypothetical (5% return before expenses)		$1,000.00		$1,019.59		$5.26
Class C
Actual		$1,000.00		$1,164.80		$9.66
Hypothetical (5% return before expenses)		$1,000.00		$1,015.87		$9.00
Class N
Actual		$1,000.00		$1,170.70		$4.04
Hypothetical (5% return before expenses)		$1,000.00		$1,021.08		$3.76
Class Y
Actual		$1,000.00		$1,170.90		$4.31
Hypothetical (5% return before expenses)		$1,000.00		$1,020.83		$4.01

11 |

BOARD APPROVAL OF ADVISORY AGREEMENT

The Board of Trustees of the Trusts (the “Board”), including the Independent Trustees, considers matters bearing on each Fund’s advisory agreement (collectively, the “Agreements”) at most of its meetings throughout the year. Each year, usually in the spring, the Contract Review Committee of the Board meets to review the Agreements to determine whether to recommend that the full Board approve the continuation of the Agreements, typically for an additional one-year period. This meeting typically includes all the Independent Trustees, including the Trustees who do not serve on the Contract Review Committee. After the Contract Review Committee has made its recommendation, the full Board, including the Independent Trustees, determines whether to approve the continuation of the Agreements at its June Board meeting.

In connection with these meetings, the Trustees receive materials that the Funds’ investment advisers (the “Advisers”) believe to be reasonably necessary for the Trustees to evaluate the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Funds and the performance of peer groups of funds and the Funds’ performance benchmarks, (ii) information on the Funds’ advisory fees and other expenses, including information comparing the Funds’ advisory fees to the fees charged to institutional accounts with similar strategies managed by the Advisers, if any, and to those of peer groups of funds and information about any applicable expense limitations and/or fee “breakpoints,” (iii) sales and redemption data in respect of the Funds, (iv) information about the profitability of the Agreements to the Advisers, including how profitability is determined for the Funds, and (v) information obtained through the completion by the Advisers of a questionnaire distributed on behalf of the Trustees. The Board, including the Independent Trustees, also considers other matters such as (i) each Fund’s investment objective and strategies and the size, education and experience of the Advisers’ respective investment staffs and their use of technology, external research and trading cost measurement tools, (ii) arrangements in respect of the distribution of the Funds’ shares and the related costs, (iii) the allocation of the Funds’ brokerage, if any, including, to the extent applicable, allocations to brokers affiliated with the Advisers and the use of “soft” commission dollars to pay for research and other similar services, (iv) each Adviser’s policies and procedures relating to, among other things, compliance, trading and best execution, proxy voting, liquidity and valuation, (v) information about amounts invested by the Funds’ portfolio managers in the Funds or in similar accounts that they manage and (vi) the general economic outlook with particular emphasis on the mutual fund industry. Throughout the process, the Trustees are afforded the opportunity to ask questions of and request additional materials from the Advisers and the Independent Trustees meet separately with independent legal counsel outside the presence of Adviser personnel.

The Board most recently approved the continuation of the Agreements for a one-year period at its meeting held in June 2023. In considering whether to approve the continuation of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreements included, but were not limited to, the factors listed below.

The nature, extent and quality of the services provided to the Funds under the Agreements. The Trustees considered the nature, extent and quality of the services provided by the Advisers and their affiliates to the Funds and the resources dedicated to the Funds by the Advisers and their affiliates. The Trustees also considered their experience with other funds advised by the Advisers, as well as the affiliation between the Advisers and Natixis Investment Managers, LLC, whose affiliates provide investment advisory services to other funds in the Natixis family of funds.

The Trustees considered not only the advisory services provided by the Advisers to the Funds, but also the benefits to the Funds from the monitoring and oversight services provided by Natixis Advisors, LLC (“Natixis Advisors”). They also considered the administrative and shareholder services provided by Natixis Advisors and its affiliates to the Funds. They also took into consideration increases in the services provided resulting from new regulatory requirements, such as recent rules relating to the fair valuation of investments and the use of derivatives, as well as from monitoring proposed rules, such as those relating to privacy and cybersecurity, environmental, social and governance-specific disclosures, and vendor oversight.

| 12


	One-Year			Three-Year			Five-Year
Gateway Equity Call Premium Fund		67	%		27	%		37	%
Gateway Fund		78	%		74	%		74	%
Mirova Global Green Bond Fund		84	%		90	%		91	%
Mirova Global Sustainable Equity Fund		38	%		14	%		13	%
Mirova International Sustainable Equity Fund		97	%		72	%		N/A
Mirova U.S. Sustainable Equity Fund		19	%		N/A			N/A

In the case of each Fund that had performance that lagged that of a relevant category median as determined by the independent third-party data provider for certain (although not necessarily all) periods, the Board concluded that other factors relevant to performance supported renewal of the Agreements. These factors included one or more of the following: (1) that the underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Adviser that were reasonable and consistent with the Fund’s investment objective and policies; (2) that the majority of the Funds in the Fund’s category do not have a comparable mandate and so have a significantly different investible universe; (3) that the Fund’s longer-term (three-year and five-year) performance was stronger relative to its category; (4) that the Fund had outperformed its relevant benchmark for the one-year period ended December 31, 2022; (5) relatively recent changes to the composition of the Fund’s portfolio management team; (6) that the Fund’s long-term (10-year) performance remains strong relative to its category; and (7) that the Fund’s performance had been consistent with its investment objective, such that its performance relative to its category would be expected to lag in certain market conditions. The Board also considered information about the Funds’ more recent performance, including how performance over various periods had been impacted by various factors such as market and economic events.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their respective relationships with the Funds. The Trustees considered the fees charged to the Funds for advisory and administrative services as well as the total expense levels of the Funds. This information included comparisons (provided both by management and by an independent third party) of the Funds’ advisory fees and total expense levels to those of their peer groups and information about the advisory fees charged by the Advisers to comparable accounts (such as institutional separate accounts), as well as information about differences in such fees and the reasons for any such differences. In considering the fees charged to comparable accounts, the Trustees considered, among other things, management’s representations about the differences between managing mutual funds as compared to other types of accounts, including the additional resources required to effectively manage mutual fund assets, the greater regulatory costs associated with the management of such assets, and the entrepreneurial, regulatory and other risks associated with sponsoring and managing mutual funds. In evaluating each Fund’s advisory fees, the Trustees also took into account the demands, complexity and quality of the

13 |

investment management of such Fund, and the need for the Advisers to offer competitive compensation and the potential need to expend additional resources to the extent the Fund grows in size. The Trustees considered that over the past several years, management had demonstrated its intention to have competitive fee levels by making recommendations regarding reductions in advisory fee rates, implementation of advisory fee breakpoints and the institution of advisory fee waivers and expense limitations for various funds in the fund family. They noted that all of the Funds included have expense limitations in place, and they considered the amounts waived or reimbursed by the Adviser for all of the Funds under their expense limitation agreements. The Trustees also noted that the total advisory fee rate for each Fund was at or below the median of its peer group of funds. The Board also considered that the fee and expense information reflected information as of a certain date and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies are shared with the Funds through breakpoints in their investment advisory fees or other means, such as expense limitations. The Trustees also considered management’s explanation of the factors that are taken into account with respect to the implementation of breakpoints in investment advisory fees or expense limitations, which reduced the total expenses borne by shareholders. With respect to economies of scale, the Trustees noted that Gateway Fund had breakpoints in its advisory fees and that each of the Funds was subject to an expense limitation. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and on a relative basis) and the profitability to the Advisers and their affiliates of their relationships with the Funds, as discussed above. The Trustees also considered that the Funds have benefitted from the substantial reinvestment certain Advisers had made into their businesses.

The Trustees also considered other factors, which included but were not limited to the following:

•

The Trustees’ review and discussion of the Funds’ advisory arrangements in prior years, and management’s record of responding to Trustee concerns raised during the year and in prior years.

| 14

LIQUIDITY RISK MANAGEMENT PROGRAM

Annual Report for the Period Commencing on January 1, 2022 and ending December 31, 2022 (including updates through June 30, 2023)

Effective December 1, 2018 (December 28, 2018 for Mirova International Sustainable Equity Fund and December 15, 2020 for Mirova U.S. Sustainable Equity Fund), the Funds adopted a liquidity risk management program (the “Program”) pursuant to the requirements of Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Rule”). The Rule requires registered open-end funds, including mutual funds and exchange-traded funds, to establish liquidity risk management programs in order to effectively manage fund liquidity and mitigate the risk that a fund could not meet redemption requests without significantly diluting the interests of remaining investors.

During the period January 1, 2023 through June 30, 2023, the Funds held sufficient liquid assets to meet redemptions on a timely basis and did not have any illiquid security violations.

Annual Program Assessment and Conclusion

15 |

Portfolio of Investments – as of June 30, 2023 (Unaudited)

Gateway Fund


Shares		Description	Value (†)
	Common Stocks — 100.0% of Net Assets
		Aerospace & Defense — 1.4%
	139,958	Boeing Co.(a)(b)	$	29,553,531
	41,278	HEICO Corp.(b)		7,303,729
	528,727	Raytheon Technologies Corp.(b)		51,794,097

				88,651,357

		Air Freight & Logistics — 0.6%
	36,648	GXO Logistics, Inc.(a)(b)		2,302,227
	216,722	United Parcel Service, Inc., Class B(b)		38,847,419

				41,149,646

		Automobile Components — 0.0%
	36,852	Autoliv, Inc.(b)		3,133,894

		Automobiles — 2.2%
	1,564,649	Ford Motor Co.(b)		23,673,139
	446,637	Tesla, Inc.(a)(b)		116,916,168

				140,589,307

		Banks — 3.2%
	1,980,422	Bank of America Corp.(b)		56,818,307
	653,900	JPMorgan Chase & Co.(b)		95,103,216
	438,916	Truist Financial Corp.(b)		13,321,101
	857,188	Wells Fargo & Co.(b)		36,584,784

				201,827,408

		Beverages — 1.2%
	349,444	Monster Beverage Corp.(a)(b)		20,072,063
	320,572	PepsiCo, Inc.(b)		59,376,346

				79,448,409

		Biotechnology — 2.0%
	361,393	AbbVie, Inc.(b)		48,690,479
	8,614	Alnylam Pharmaceuticals, Inc.(a)(b)		1,636,143
	115,006	Amgen, Inc.(b)		25,533,632
	39,867	Biogen, Inc.(a)(b)		11,356,115
	16,697	Exact Sciences Corp.(a)(b)		1,567,848
	3,171	Horizon Therapeutics PLC(a)		326,137
	73,708	Moderna, Inc.(a)(b)		8,955,522
	16,492	Seagen, Inc.(a)(b)		3,174,050
	68,273	Vertex Pharmaceuticals, Inc.(a)(b)		24,025,952

				125,265,878

		Broadline Retail — 3.5%
	1,671,445	Amazon.com, Inc.(a)(b)		217,889,570
	2,538	MercadoLibre, Inc.(a)(b)		3,006,515

				220,896,085

		Building Products — 0.4%
	355,197	Carrier Global Corp.(b)		17,656,843
	20,800	Lennox International, Inc.(b)		6,782,256

				24,439,099

		Capital Markets — 2.1%
	84,063	Blackstone, Inc.(b)		7,815,337
	324,121	Charles Schwab Corp.(b)		18,371,178
	14,601	FactSet Research Systems, Inc.(b)		5,849,891
	216,194	Intercontinental Exchange, Inc.(b)		24,447,217
	432,102	Morgan Stanley(b)		36,901,511
	41,804	MSCI, Inc.(b)		19,618,199
	58,940	S&P Global, Inc.(b)		23,628,457

				136,631,790

		Chemicals — 1.6%
	83,434	Ashland, Inc.(b)		7,251,249
	71,767	Celanese Corp.(b)		8,310,619
	275,738	Corteva, Inc.(b)		15,799,787
	558,410	Dow, Inc.(b)		29,740,917
		Chemicals — continued
	125,392	Eastman Chemical Co.(b)		10,497,818
	167,820	LyondellBasell Industries NV, Class A(b)		15,410,911
	125,903	Mosaic Co.(b)		4,406,605
	30,931	Nutrien Ltd.(b)		1,826,475
	66,451	Olin Corp.(b)		3,414,917
	95,921	RPM International, Inc.(b)		8,606,991

				105,266,289

		Commercial Services & Supplies — 1.0%
	244,314	Copart, Inc.(a)(b)		22,283,880
	53,505	Waste Connections, Inc.(b)		7,647,470
	185,672	Waste Management, Inc.(b)		32,199,238

				62,130,588

		Communications Equipment — 0.9%
	1,082,609	Cisco Systems, Inc.(b)		56,014,190

		Construction Materials — 0.3%
	43,244	Martin Marietta Materials, Inc.(b)		19,965,322

		Consumer Finance — 0.7%
	259,378	Ally Financial, Inc.(b)		7,005,800
	180,444	Discover Financial Services(b)		21,084,881
	445,997	Synchrony Financial(b)		15,128,218

				43,218,899

		Consumer Staples Distribution & Retail — 1.9%
	26,487	Casey’s General Stores, Inc.(b)		6,459,649
	80,381	Costco Wholesale Corp.(b)		43,275,523
	152,451	Target Corp.(b)		20,108,287
	115,434	U.S. Foods Holding Corp.(a)(b)		5,079,096
	285,139	Walmart, Inc.(b)		44,818,148

				119,740,703

		Containers & Packaging — 0.3%
	54,360	Avery Dennison Corp.(b)		9,339,048
	60,185	Crown Holdings, Inc.(b)		5,228,271
	141,364	WestRock Co.(b)		4,109,451

				18,676,770

		Distributors — 0.3%
	107,529	Genuine Parts Co.(b)		18,197,133

		Diversified Consumer Services — 0.1%
	67,454	Service Corp. International(b)		4,356,854

		Diversified REITs — 0.0%
	34,300	WP Carey, Inc.(b)		2,317,308

		Diversified Telecommunication Services — 0.9%
	1,570,015	Verizon Communications, Inc.(b)		58,388,858

		Electric Utilities — 1.3%
	323,243	Alliant Energy Corp.(b)		16,963,793
	588,216	American Electric Power Co., Inc.(b)		49,527,787
	80,010	Evergy, Inc.(b)		4,674,184
	161,352	FirstEnergy Corp.(b)		6,273,366
	153,399	OGE Energy Corp.(b)		5,508,558

				82,947,688

		Electrical Equipment — 0.7%
	157,676	Eaton Corp. PLC(b)		31,708,644
	31,715	Hubbell, Inc.(b)		10,515,425

				42,224,069

		Electronic Equipment, Instruments & Components — 0.8%
	97,069	CDW Corp.(b)		17,812,161
	375,436	Corning, Inc.(b)		13,155,277
	26,442	Teledyne Technologies, Inc.(a)(b)		10,870,571
	33,350	Zebra Technologies Corp., Class A(a)(b)		9,865,931

				51,703,940

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of June 30, 2023 (Unaudited)

Gateway Fund – (continued)


Shares		Description	Value (†)
		Energy Equipment & Services — 0.3%
	595,515	Halliburton Co.(b)	$	19,646,040

		Entertainment — 1.4%
	81,510	Live Nation Entertainment, Inc.(a)(b)		7,426,376
	95,905	Netflix, Inc.(a)(b)		42,245,194
	6,573	Roku, Inc.(a)		420,409
	428,339	Walt Disney Co.(a)(b)		38,242,106

				88,334,085

		Financial Services — 4.8%
	422,537	Berkshire Hathaway, Inc., Class B(a)(b)		144,085,117
	109,617	Block, Inc.(a)(b)		7,297,204
	97,940	Mastercard, Inc., Class A(b)		38,519,802
	300,792	PayPal Holdings, Inc.(a)(b)		20,071,850
	357,561	Visa, Inc., Class A(b)		84,913,586
	133,431	Voya Financial, Inc.(b)		9,568,337

				304,455,896

		Food Products — 1.0%
	61,781	Bunge Ltd.(b)		5,829,037
	74,762	Lamb Weston Holdings, Inc.(b)		8,593,892
	665,608	Mondelez International, Inc., Class A(b)		48,549,448

				62,972,377

		Gas Utilities — 0.0%
	10,131	UGI Corp.		273,233

		Ground Transportation — 1.0%
	88,900	Canadian Pacific Kansas City Ltd.(b)		7,180,453
	836,813	CSX Corp.(b)		28,535,323
	47,741	J.B. Hunt Transport Services, Inc.(b)		8,642,553
	43,447	Old Dominion Freight Line, Inc.(b)		16,064,528
	81,926	Uber Technologies, Inc.(a)(b)		3,536,746

				63,959,603

		Health Care Equipment & Supplies — 2.8%
	426,297	Abbott Laboratories(b)		46,474,899
	161,683	Baxter International, Inc.(b)		7,366,277
	554,460	Boston Scientific Corp.(a)(b)		29,990,741
	56,911	Dexcom, Inc.(a)(b)		7,313,633
	218,970	Edwards Lifesciences Corp.(a)(b)		20,655,440
	99,773	GE HealthCare Technologies, Inc.(b)		8,105,559
	15,092	Insulet Corp.(a)(b)		4,351,627
	108,519	Intuitive Surgical, Inc.(a)(b)		37,106,987
	55,109	STERIS PLC(b)		12,398,423
	14,309	Teleflex, Inc.(b)		3,463,207

				177,226,793

		Health Care Providers & Services — 3.1%
	411,160	CVS Health Corp.(b)		28,423,491
	79,403	Elevance Health, Inc.(b)		35,277,959
	78,255	HCA Healthcare, Inc.(b)		23,748,827
	16,707	Molina Healthcare, Inc.(a)(b)		5,032,817
	201,782	UnitedHealth Group, Inc.(b)		96,984,500
	46,177	Universal Health Services, Inc., Class B(b)		7,285,345

				196,752,939

		Health Care Technology — 0.1%
	35,189	Veeva Systems, Inc., Class A(a)(b)		6,957,921

		Hotels, Restaurants & Leisure — 1.8%
	9,745	Booking Holdings, Inc.(a)(b)		26,314,716
	168,770	Hilton Worldwide Holdings, Inc.(b)		24,564,473
	175,041	McDonald’s Corp.(b)		52,233,985
	105,955	Restaurant Brands International, Inc.(b)		8,213,632
	12,225	Vail Resorts, Inc.(b)		3,077,766

				114,404,572

		Household Durables — 0.4%
	2,093	NVR, Inc.(a)(b)		13,291,848
	129,073	Toll Brothers, Inc.(b)		10,205,802

				23,497,650

		Household Products — 1.2%
	527,557	Procter & Gamble Co.(b)		80,051,499

		Industrial Conglomerates — 1.1%
	196,520	3M Co.(b)		19,669,687
	235,768	Honeywell International, Inc.(b)		48,921,860

				68,591,547

		Industrial REITs — 0.3%
	171,517	Prologis, Inc.(b)		21,033,130

		Insurance — 2.0%
	467,650	Aflac, Inc.(b)		32,641,970
	62,761	American Financial Group, Inc.(b)		7,452,868
	91,119	Aon PLC, Class A(b)		31,454,279
	147,374	Arthur J Gallagher & Co.(b)		32,358,909
	74,687	Fidelity National Financial, Inc.(b)		2,688,732
	3,155	Markel Group, Inc.(a)(b)		4,363,933
	14,888	RenaissanceRe Holdings Ltd.(b)		2,776,910
	245,220	Unum Group(b)		11,696,994

				125,434,595

		Interactive Media & Services — 5.6%
	426,457	Alphabet, Inc., Class A(a)(b)		51,046,903
	1,557,256	Alphabet, Inc., Class C(a)(b)		188,381,258
	402,654	Meta Platforms, Inc., Class A(a)(b)		115,553,645

				354,981,806

		IT Services — 0.5%
	16,620	DXC Technology Co.(a)		444,086
	14,418	EPAM Systems, Inc.(a)(b)		3,240,446
	21,387	Gartner, Inc.(a)(b)		7,492,080
	60,907	Shopify, Inc., Class A(a)(b)		3,934,592
	8,665	Twilio, Inc., Class A(a)		551,267
	72,450	VeriSign, Inc.(a)(b)		16,371,527

				32,033,998

		Leisure Products — 0.0%
	1,696	Polaris, Inc.		205,097

		Life Sciences Tools & Services — 1.1%
	17,245	ICON PLC, ADR(a)(b)		4,314,699
	52,161	Illumina, Inc.(a)(b)		9,779,666
	108,200	Thermo Fisher Scientific, Inc.(b)		56,453,350

				70,547,715

		Machinery — 1.8%
	127,277	Caterpillar, Inc.(b)		31,316,506
	89,903	Cummins, Inc.(b)		22,040,620
	66,901	Deere & Co.(b)		27,107,616
	62,061	Parker-Hannifin Corp.(b)		24,206,272
	121,067	Pentair PLC(b)		7,820,928

				112,491,942

		Media — 0.6%
	880,705	Comcast Corp., Class A(b)		36,593,293

		Metals & Mining — 0.3%
	201,505	Newmont Corp.(b)		8,596,203
	96,794	Southern Copper Corp.(b)		6,944,002
	47,801	Steel Dynamics, Inc.(b)		5,206,963

				20,747,168

		Multi-Utilities — 0.9%
	260,977	Ameren Corp.(b)		21,313,992
	206,097	Consolidated Edison, Inc.(b)		18,631,169
	227,581	WEC Energy Group, Inc.(b)		20,081,747

				60,026,908

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of June 30, 2023 (Unaudited)

Gateway Fund – (continued)


Shares		Description	Value (†)
		Oil, Gas & Consumable Fuels — 3.9%
	309,261	Cenovus Energy, Inc.(b)	$	5,251,252
	45,031	Cheniere Energy, Inc.(b)		6,860,923
	389,682	Chevron Corp.(b)		61,316,463
	365,530	ConocoPhillips(b)		37,872,563
	44,900	Enbridge, Inc.(b)		1,668,035
	789,833	Exxon Mobil Corp.(b)		84,709,589
	61,365	HF Sinclair Corp.(b)		2,737,493
	221,709	Occidental Petroleum Corp.(b)		13,036,489
	226,052	ONEOK, Inc.(b)		13,951,929
	371,240	Suncor Energy, Inc.(b)		10,884,757
	115,966	Targa Resources Corp.(b)		8,825,013

				247,114,506

		Passenger Airlines — 0.2%
	153,012	Alaska Air Group, Inc.(a)(b)		8,137,178
	144,851	United Airlines Holdings, Inc.(a)(b)		7,947,975

				16,085,153

		Pharmaceuticals — 4.6%
	489,213	Bristol-Myers Squibb Co.(b)		31,285,171
	164,055	Eli Lilly & Co.(b)		76,938,514
	14,229	Jazz Pharmaceuticals PLC(a)(b)		1,763,969
	510,674	Johnson & Johnson(b)		84,526,761
	529,430	Merck & Co., Inc.(b)		61,090,928
	1,096,402	Pfizer, Inc.(b)		40,216,025

				295,821,368

		Professional Services — 0.9%
	141,064	Automatic Data Processing, Inc.(b)		31,004,456
	4,628	Booz Allen Hamilton Holding Corp.		516,485
	194,878	Paychex, Inc.(b)		21,801,002
	21,371	SS&C Technologies Holdings, Inc.		1,295,083
	53,033	TransUnion(b)		4,154,075

				58,771,101

		Real Estate Management & Development — 0.1%
	97,840	CoStar Group, Inc.(a)(b)		8,707,760
	15,415	Zillow Group, Inc., Class C(a)		774,758

				9,482,518

		Residential REITs — 0.9%
	252,006	American Homes 4 Rent, Class A(b)		8,933,613
	85,332	Camden Property Trust(b)		9,290,095
	143,552	Equity LifeStyle Properties, Inc.(b)		9,602,193
	346,842	Invitation Homes, Inc.(b)		11,931,365
	48,503	Sun Communities, Inc.(b)		6,327,701
	265,036	UDR, Inc.(b)		11,385,947

				57,470,914

		Retail REITs — 0.5%
	122,523	NNN REIT, Inc.(b)		5,242,759
	257,605	Simon Property Group, Inc.(b)		29,748,226

				34,990,985

		Semiconductors & Semiconductor Equipment — 7.3%
	326,538	Advanced Micro Devices, Inc.(a)(b)		37,195,944
	127,044	Analog Devices, Inc.(b)		24,749,442
	79,275	Broadcom, Inc.(b)		68,765,513
	16,102	First Solar, Inc.(a)(b)		3,060,829
	919,182	Intel Corp.(b)		30,737,446
	163,539	Marvell Technology, Inc.(b)		9,776,361
	433,233	NVIDIA Corp.(b)		183,266,224
	116,450	NXP Semiconductors NV(b)		23,834,986
	248,547	QUALCOMM, Inc.(b)		29,587,035
	106,600	Teradyne, Inc.(b)		11,867,778
	258,807	Texas Instruments, Inc.(b)		46,590,436

				469,431,994


Shares		Description	Value (†)
		Software — 10.4%
	118,824	Adobe, Inc.(a)(b)	$	58,103,748
	6,683	Black Knight, Inc.(a)		399,175
	115,419	Cadence Design Systems, Inc.(a)(b)		27,068,064
	25,057	Intuit, Inc.(b)		11,480,867
	1,324,476	Microsoft Corp.(b)		451,037,057
	380,874	Oracle Corp.(b)		45,358,285
	30,411	Palo Alto Networks, Inc.(a)(b)		7,770,314
	147,290	Salesforce, Inc.(a)(b)		31,116,485
	44,136	ServiceNow, Inc.(a)(b)		24,803,108
	10,997	VMware, Inc., Class A(a)(b)		1,580,159
	29,249	Workday, Inc., Class A(a)(b)		6,607,057

				665,324,319

		Specialized REITs — 0.3%
	151,601	CubeSmart(b)		6,770,500
	127,202	Digital Realty Trust, Inc.(b)		14,484,492

				21,254,992

		Specialty Retail — 2.2%
	15,444	Burlington Stores, Inc.(a)(b)		2,430,731
	20,171	Dick’s Sporting Goods, Inc.(b)		2,666,405
	218,400	Home Depot, Inc.(b)		67,843,776
	186,352	Lowe’s Cos., Inc.(b)		42,059,646
	16,734	O’Reilly Automotive, Inc.(a)(b)		15,985,990
	195,010	Valvoline, Inc.(b)		7,314,825

				138,301,373

		Technology Hardware, Storage & Peripherals — 8.2%
	2,679,532	Apple, Inc.(b)		519,748,822
	38,399	Dell Technologies, Inc., Class C(b)		2,077,770

				521,826,592

		Textiles, Apparel & Luxury Goods — 0.5%
	16,507	Lululemon Athletica, Inc.(a)(b)		6,247,899
	215,613	NIKE, Inc., Class B(b)		23,797,207

				30,045,106

		Tobacco — 0.5%
	671,905	Altria Group, Inc.(b)		30,437,296

		Total Common Stocks (Identified Cost $2,168,522,278)		6,384,759,508


		Total Purchased Options — 0.4% (Identified Cost $58,277,319) (see detail below)		26,285,235


Principal Amount
	Short-Term Investments — 2.7%
$	170,669,144	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2023 at 2.300% to be repurchased at $170,701,855 on 7/03/2023 collateralized by $98,130,700 U.S. Treasury Note, 0.625% due 5/15/2030 valued at $78,569,725; $101,432,000 U.S. Treasury Note, 2.625% due 5/31/2027 valued at $95,512,817 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $170,669,144)		170,669,144


		Total Investments — 103.1% (Identified Cost $2,397,468,741)		6,581,713,887
		Other assets less liabilities — (3.1)%		(199,696,243	)

		Net Assets — 100.0%	$	6,382,017,644

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of June 30, 2023 (Unaudited)

Gateway Fund – (continued)

Purchased Options — 0.4%


Description	Expiration Date		Exercise Price		Contracts		Notional Amount		Cost		Value (†)
Index Options — 0.4%
S&P 500 Index, Put(a)		9/15/2023		3,675		2,046	$	910,547,748	$	11,421,795	$	1,575,420
S&P 500 Index, Put(a)		9/15/2023		3,700		2,046		910,547,748		8,459,146		1,657,260
S&P 500 Index, Put(a)		9/15/2023		3,800		2,045		910,102,710		6,178,968		2,106,350
S&P 500 Index, Put(a)		10/20/2023		3,850		2,045		910,102,710		8,348,713		4,447,875
S&P 500 Index, Put(a)		10/20/2023		3,875		1,926		857,143,188		7,578,232		4,420,170
S&P 500 Index, Put(a)		10/20/2023		3,900		2,046		910,547,748		7,522,528		4,982,010
S&P 500 Index, Put(a)		11/17/2023		3,925		2,045		910,102,710		8,767,937		7,096,150

Total									$	58,277,319	$	26,285,235

Written Options — (2.8%)


Description	Expiration Date		Exercise Price		Contracts			Notional Amount			Premiums (Received)			Value (†)
Index Options — (2.8%)
S&P 500 Index, Call		7/31/2023		4,350		(1,557	)	$	(692,924,166	)	$	(10,994,724	)	$	(20,957,220	)
S&P 500 Index, Call		8/18/2023		4,325		(3,155	)		(1,404,094,890	)		(27,529,763	)		(56,143,225	)
S&P 500 Index, Call		8/18/2023		4,350		(1,578	)		(702,269,964	)		(11,696,925	)		(24,774,600	)
S&P 500 Index, Call		8/18/2023		4,400		(1,578	)		(702,269,964	)		(10,182,045	)		(18,667,740	)
S&P 500 Index, Call		8/31/2023		4,500		(1,577	)		(701,824,926	)		(10,388,488	)		(11,559,410	)
S&P 500 Index, Call		9/15/2023		4,425		(1,578	)		(702,269,964	)		(16,140,399	)		(21,003,180	)
S&P 500 Index, Call		9/15/2023		4,500		(1,578	)		(702,269,964	)		(12,115,095	)		(13,515,570	)
S&P 500 Index, Call		9/15/2023		4,550		(1,598	)		(711,170,724	)		(9,983,505	)		(10,019,460	)

Total											$	(109,030,944	)	$	(176,640,405	)


	(†)			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

Industry Summary at June 30, 2023 (Unaudited)


Software	10.4	%
Technology Hardware, Storage & Peripherals	8.2
Semiconductors & Semiconductor Equipment	7.3
Interactive Media & Services	5.6
Financial Services	4.8
Pharmaceuticals	4.6
Oil, Gas & Consumable Fuels	3.9
Broadline Retail	3.5
Banks	3.2
Health Care Providers & Services	3.1
Health Care Equipment & Supplies	2.8
Automobiles	2.2
Specialty Retail	2.2
Capital Markets	2.1
Insurance	2.0
Biotechnology	2.0
Other Investments, less than 2% each	32.5
Short-Term Investments	2.7

Total Investments	103.1
Other assets less liabilities (including open written options)	(3.1	)

Net Assets	100.0	%

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of June 30, 2023 (Unaudited)

Gateway Equity Call Premium Fund


Shares		Description	Value (†)
	Common Stocks — 99.6% of Net Assets
		Aerospace & Defense — 1.4%
	4,257	Boeing Co.(a)(b)	$	898,908
	2,686	Lockheed Martin Corp.(b)		1,236,581
	14,053	Raytheon Technologies Corp.(b)		1,376,632

				3,512,121

		Air Freight & Logistics — 0.4%
	3,910	CH Robinson Worldwide, Inc.(b)		368,909
	5,682	Expeditors International of Washington, Inc.(b)		688,261
	492	GXO Logistics, Inc.(a)		30,907

				1,088,077

		Automobile Components — 0.2%
	858	Adient PLC(a)(b)		32,879
	3,861	Gentex Corp.(b)		112,973
	1,060	Lear Corp.(b)		152,163
	1,844	Magna International, Inc.(b)		104,075

				402,090

		Automobiles — 2.2%
	37,625	Ford Motor Co.(b)		569,266
	18,754	Tesla, Inc.(a)(b)		4,909,235

				5,478,501

		Banks — 3.1%
	54,372	Bank of America Corp.(b)		1,559,933
	16,981	Citigroup, Inc.(b)		781,805
	412	East West Bancorp, Inc.		21,749
	27,889	Fifth Third Bancorp(b)		730,971
	8,108	First Horizon Corp.(b)		91,377
	20,244	JPMorgan Chase & Co.(b)		2,944,287
	31,114	Wells Fargo & Co.(b)		1,327,946

				7,458,068

		Beverages — 1.7%
	7,712	Brown-Forman Corp., Class B(b)		515,007
	16,479	Keurig Dr Pepper, Inc.(b)		515,298
	17,149	PepsiCo, Inc.(b)		3,176,338

				4,206,643

		Biotechnology — 1.9%
	12,377	AbbVie, Inc.(b)		1,667,553
	654	Alnylam Pharmaceuticals, Inc.(a)(b)		124,221
	4,268	Amgen, Inc.(b)		947,581
	1,663	Biogen, Inc.(a)(b)		473,706
	2,689	BioMarin Pharmaceutical, Inc.(a)(b)		233,083
	2,438	Moderna, Inc.(a)(b)		296,217
	303	Seagen, Inc.(a)(b)		58,315
	2,321	Vertex Pharmaceuticals, Inc.(a)(b)		816,783

				4,617,459

		Broadline Retail — 3.3%
	61,655	Amazon.com, Inc.(a)(b)		8,037,346
	8	MercadoLibre, Inc.(a)(b)		9,477
	3,827	Nordstrom, Inc.(b)		78,338

				8,125,161

		Building Products — 0.3%
	5,236	Fortune Brands Innovations, Inc.(b)		376,730
	726	Lennox International, Inc.(b)		236,727

				613,457

		Capital Markets — 2.4%
	16,593	Bank of New York Mellon Corp.(b)		738,720
	2,034	BlackRock, Inc.(b)		1,405,779
	2,001	Blackstone, Inc.(b)		186,033
	1,026	FactSet Research Systems, Inc.(b)		411,067
		Capital Markets — continued
	6,777	KKR & Co., Inc.(b)		379,512
	748	LPL Financial Holdings, Inc.(b)		162,638
	18,446	Morgan Stanley(b)		1,575,288
	1,440	MSCI, Inc.(b)		675,777
	4,371	Raymond James Financial, Inc.(b)		453,579

				5,988,393

		Chemicals — 1.5%
	2,504	Air Products & Chemicals, Inc.(b)		750,023
	1,655	Ashland, Inc.(b)		143,836
	8,617	Huntsman Corp.(b)		232,831
	3,979	Linde PLC(b)		1,516,317
	512	Nutrien Ltd.		30,234
	4,354	PPG Industries, Inc.(b)		645,698
	3,228	RPM International, Inc.(b)		289,649

				3,608,588

		Commercial Services & Supplies — 0.5%
	2,774	Waste Connections, Inc.(b)		396,488
	4,638	Waste Management, Inc.(b)		804,322

				1,200,810

		Communications Equipment — 0.9%
	4,531	Ciena Corp.(a)(b)		192,522
	34,978	Cisco Systems, Inc.(b)		1,809,762
	24,289	Telefonaktiebolaget LM Ericsson, ADR(b)		132,375

				2,134,659

		Construction Materials — 0.5%
	2,559	Martin Marietta Materials, Inc.(b)		1,181,465

		Consumer Finance — 0.3%
	4,484	Ally Financial, Inc.(b)		121,113
	18,757	Synchrony Financial(b)		636,237

				757,350

		Consumer Staples Distribution & Retail — 2.0%
	3,338	Costco Wholesale Corp.(b)		1,797,113
	8,111	Sysco Corp.(b)		601,836
	5,188	Target Corp.(b)		684,297
	11,527	Walmart, Inc.(b)		1,811,814

				4,895,060

		Containers & Packaging — 0.2%
	1,233	Crown Holdings, Inc.(b)		107,111
	13,236	WestRock Co.(b)		384,770

				491,881

		Distributors — 0.3%
	4,678	Genuine Parts Co.(b)		791,658

		Diversified Consumer Services — 0.0%
	1,757	Service Corp. International(b)		113,485

		Diversified REITs — 0.1%
	2,146	WP Carey, Inc.(b)		144,984

		Diversified Telecommunication Services — 0.6%
	90,407	AT&T, Inc.(b)		1,441,992

		Electric Utilities — 1.7%
	20,127	Alliant Energy Corp.(b)		1,056,265
	22,000	American Electric Power Co., Inc.(b)		1,852,400
	15,162	NextEra Energy, Inc.(b)		1,125,020
	2,101	OGE Energy Corp.(b)		75,447

				4,109,132

		Electrical Equipment — 0.6%
	617	Acuity Brands, Inc.(b)		100,620
	9,763	Emerson Electric Co.(b)		882,478
	905	Hubbell, Inc.(b)		300,062

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of June 30, 2023 (Unaudited)

Gateway Equity Call Premium Fund – (continued)


Shares		Description	Value (†)
		Electrical Equipment — continued
	2,698	Sensata Technologies Holding PLC(b)	$	121,383

				1,404,543

		Electronic Equipment, Instruments & Components — 0.5%
	1,888	Arrow Electronics, Inc.(a)(b)		270,418
	724	Avnet, Inc.		36,526
	3,542	CDW Corp.(b)		649,957
	7,429	Flex Ltd.(a)(b)		205,338

				1,162,239

		Energy Equipment & Services — 0.3%
	19,602	Halliburton Co.(b)		646,670
	6,142	NOV, Inc.(b)		98,518

				745,188

		Entertainment — 1.2%
	475	Madison Square Garden Sports Corp.(b)		89,324
	3,052	Netflix, Inc.(a)(b)		1,344,376
	14,486	Walt Disney Co.(a)(b)		1,293,310
	20,184	Warner Bros. Discovery, Inc.(a)(b)		253,107

				2,980,117

		Financial Services — 4.6%
	16,004	Berkshire Hathaway, Inc., Class B(a)(b)		5,457,364
	8,059	Mastercard, Inc., Class A(b)		3,169,605
	11,017	Visa, Inc., Class A(b)		2,616,317

				11,243,286

		Food Products — 0.9%
	14,518	Hormel Foods Corp.(b)		583,914
	2,045	Ingredion, Inc.(b)		216,668
	15,454	Kellogg Co.(b)		1,041,599
	2,313	Post Holdings, Inc.(a)(b)		200,421
	1,107	TreeHouse Foods, Inc.(a)(b)		55,771

				2,098,373

		Gas Utilities — 0.0%
	3,730	UGI Corp.(b)		100,598

		Ground Transportation — 0.8%
	3,153	Canadian Pacific Kansas City Ltd.(b)		254,668
	1,379	Old Dominion Freight Line, Inc.(b)		509,885
	492	RXO, Inc.(a)		11,154
	5,487	Union Pacific Corp.(b)		1,122,750
	492	XPO, Inc.(a)		29,028

				1,927,485

		Health Care Equipment & Supplies — 2.5%
	15,694	Abbott Laboratories(b)		1,710,960
	4,403	Alcon, Inc.(b)		361,530
	946	Align Technology, Inc.(a)(b)		334,543
	2,065	Cooper Cos., Inc.(b)		791,783
	4,219	Dexcom, Inc.(a)(b)		542,184
	1,333	IDEXX Laboratories, Inc.(a)(b)		669,473
	11,147	Medtronic PLC(b)		982,051
	2,282	ResMed, Inc.(b)		498,617
	1,252	Teleflex, Inc.(b)		303,021

				6,194,162

		Health Care Providers & Services — 2.8%
	6,890	Centene Corp.(a)(b)		464,730
	2,951	Cigna Group(b)		828,051
	2,278	DaVita, Inc.(a)(b)		228,871
	2,081	Elevance Health, Inc.(b)		924,567
	1,935	Laboratory Corp. of America Holdings(b)		466,973
	941	Molina Healthcare, Inc.(a)(b)		283,467
	7,437	UnitedHealth Group, Inc.(b)		3,574,520

				6,771,179

		Health Care REITs — 0.0%
	2,686	Medical Properties Trust, Inc.(b)		24,872

		Health Care Technology — 0.1%
	1,165	Veeva Systems, Inc., Class A(a)(b)		230,355

		Hotel & Resort REITs — 0.0%
	2,742	Park Hotels & Resorts, Inc.(b)		35,152

		Hotels, Restaurants & Leisure — 1.9%
	343	Booking Holdings, Inc.(a)(b)		926,213
	1,238	Hilton Grand Vacations, Inc.(a)(b)		56,255
	4,294	Hilton Worldwide Holdings, Inc.(b)		624,992
	5,535	McDonald’s Corp.(b)		1,651,699
	5,230	MGM Resorts International(b)		229,702
	1,379	Restaurant Brands International, Inc.(b)		106,900
	9,117	Starbucks Corp.(b)		903,130
	905	Trip.com Group Ltd., ADR(a)(b)		31,675
	479	Vail Resorts, Inc.(b)		120,593

				4,651,159

		Household Durables — 0.4%
	6,955	PulteGroup, Inc.(b)		540,264
	5,780	Toll Brothers, Inc.(b)		457,025

				997,289

		Household Products — 1.3%
	3,636	Clorox Co.(b)		578,269
	16,538	Procter & Gamble Co.(b)		2,509,476

				3,087,745

		Industrial Conglomerates — 0.9%
	10,343	3M Co.(b)		1,035,231
	11,236	General Electric Co.(b)		1,234,274

				2,269,505

		Industrial REITs — 0.4%
	7,933	Prologis, Inc.(b)		972,824

		Insurance — 2.0%
	7,965	Arch Capital Group Ltd.(a)(b)		596,180
	3,809	Cincinnati Financial Corp.(b)		370,692
	15,267	Hartford Financial Services Group, Inc.(b)		1,099,529
	20,270	Manulife Financial Corp.(b)		383,306
	216	Markel Group, Inc.(a)(b)		298,767
	9,288	Prudential Financial, Inc.(b)		819,387
	911	RenaissanceRe Holdings Ltd.(b)		169,920
	9,046	W R Berkley Corp.(b)		538,780
	2,337	Willis Towers Watson PLC(b)		550,363

				4,826,924

		Interactive Media & Services — 5.6%
	27,403	Alphabet, Inc., Class A(a)(b)		3,280,139
	50,035	Alphabet, Inc., Class C(a)(b)		6,052,734
	15,464	Meta Platforms, Inc., Class A(a)(b)		4,437,859

				13,770,732

		IT Services — 0.9%
	4,538	Accenture PLC, Class A(b)		1,400,336
	820	EPAM Systems, Inc.(a)(b)		184,295
	600	Kyndryl Holdings, Inc.(a)		7,968
	2,533	VeriSign, Inc.(a)(b)		572,382

				2,164,981

		Leisure Products — 0.0%
	590	Brunswick Corp.(b)		51,117
	515	Polaris, Inc.(b)		62,279

				113,396

		Life Sciences Tools & Services — 1.5%
	9,551	Avantor, Inc.(a)(b)		196,178

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of June 30, 2023 (Unaudited)

Gateway Equity Call Premium Fund – (continued)


Shares		Description	Value (†)
		Life Sciences Tools & Services — continued
	746	Bio-Rad Laboratories, Inc., Class A(a)(b)	$	282,823
	1,206	ICON PLC, ADR(a)(b)		301,741
	3,338	Revvity, Inc.(b)		396,521
	3,647	Thermo Fisher Scientific, Inc.(b)		1,902,822
	2,640	Waters Corp.(a)(b)		703,666

				3,783,751

		Machinery — 2.1%
	471	AGCO Corp.(b)		61,899
	4,414	Caterpillar, Inc.(b)		1,086,065
	2,776	Cummins, Inc.(b)		680,564
	2,328	Deere & Co.(b)		943,282
	2,776	IDEX Corp.(b)		597,562
	18,714	Otis Worldwide Corp.(b)		1,665,733

				5,035,105

		Media — 0.6%
	30,949	Comcast Corp., Class A(b)		1,285,931
	1,274	Liberty Broadband Corp., Class C(a)(b)		102,060

				1,387,991

		Metals & Mining — 0.4%
	6,051	Alcoa Corp.(b)		205,310
	4,852	Barrick Gold Corp.(b)		82,144
	1,961	Rio Tinto PLC, ADR(b)		125,190
	2,052	Southern Copper Corp.(b)		147,211
	2,587	Steel Dynamics, Inc.(b)		281,802
	4,124	Vale SA, ADR(b)		55,344

				897,001

		Mortgage Real Estate Investment Trusts (REITs) — 0.1%
	7,880	Annaly Capital Management, Inc.(b)		157,679

		Multi-Utilities — 0.9%
	14,722	Ameren Corp.(b)		1,202,346
	15,812	CMS Energy Corp.(b)		928,955

				2,131,301

		Office REITs — 0.0%
	1,073	Kilroy Realty Corp.(b)		32,287

		Oil, Gas & Consumable Fuels — 3.8%
	1,928	Canadian Natural Resources Ltd.(b)		108,469
	3,377	Cenovus Energy, Inc.(b)		57,342
	894	Cheniere Energy, Inc.(b)		136,210
	12,800	Chevron Corp.(b)		2,014,080
	10,340	ConocoPhillips(b)		1,071,327
	9,900	Devon Energy Corp.(b)		478,566
	6,043	Enbridge, Inc.(b)		224,498
	33,102	Exxon Mobil Corp.(b)		3,550,190
	2,451	HF Sinclair Corp.(b)		109,339
	6,969	Occidental Petroleum Corp.(b)		409,777
	2,073	Ovintiv, Inc.(b)		78,919
	2,474	Pioneer Natural Resources Co.(b)		512,563
	3,117	Suncor Energy, Inc.(b)		91,390
	6,468	Targa Resources Corp.(b)		492,215
	1,014	TC Energy Corp.(b)		40,976

				9,375,861

		Passenger Airlines — 0.4%
	20,156	Delta Air Lines, Inc.(a)(b)		958,216
	5,618	JetBlue Airways Corp.(a)(b)		49,776

				1,007,992

		Personal Care Products — 0.0%
	2,246	BellRing Brands, Inc.(a)(b)		82,204

		Pharmaceuticals — 4.5%
	17,704	Bristol-Myers Squibb Co.(b)		1,132,171
		Pharmaceuticals — continued
	5,518	Eli Lilly & Co.(b)		2,587,832
	331	Jazz Pharmaceuticals PLC(a)(b)		41,034
	20,885	Johnson & Johnson(b)		3,456,885
	18,499	Merck & Co., Inc.(b)		2,134,599
	42,241	Pfizer, Inc.(b)		1,549,400
	1,500	Teva Pharmaceutical Industries Ltd., ADR(a)		11,295

				10,913,216

		Professional Services — 0.7%
	3,503	Booz Allen Hamilton Holding Corp.(b)		390,935
	5,031	Leidos Holdings, Inc.(b)		445,143
	414	ManpowerGroup, Inc.		32,871
	2,272	TransUnion(b)		177,966
	2,855	Verisk Analytics, Inc.(b)		645,316

				1,692,231

		Real Estate Management & Development — 0.3%
	5,870	CoStar Group, Inc.(a)(b)		522,430
	591	Jones Lang LaSalle, Inc.(a)(b)		92,078

				614,508

		Residential REITs — 0.7%
	3,564	American Homes 4 Rent, Class A(b)		126,344
	1,382	Essex Property Trust, Inc.(b)		323,803
	13,903	Invitation Homes, Inc.(b)		478,263
	4,041	Mid-America Apartment Communities, Inc.(b)		613,666
	1,172	Sun Communities, Inc.(b)		152,899

				1,694,975

		Retail REITs — 0.5%
	9,368	NNN REIT, Inc.(b)		400,857
	13,547	Realty Income Corp.(b)		809,975

				1,210,832

		Semiconductors & Semiconductor Equipment — 7.3%
	12,234	Advanced Micro Devices, Inc.(a)(b)		1,393,575
	6,263	Analog Devices, Inc.(b)		1,220,095
	9,494	Applied Materials, Inc.(b)		1,372,263
	2,865	Broadcom, Inc.(b)		2,485,187
	1,107	Enphase Energy, Inc.(a)(b)		185,400
	17,223	NVIDIA Corp.(b)		7,285,673
	4,667	ON Semiconductor Corp.(a)(b)		441,405
	11,001	QUALCOMM, Inc.(b)		1,309,559
	3,996	Teradyne, Inc.(b)		444,875
	9,484	Texas Instruments, Inc.(b)		1,707,310

				17,845,342

		Software — 10.6%
	3,074	Adobe, Inc.(a)(b)		1,503,155
	1,463	ANSYS, Inc.(a)(b)		483,185
	1,268	Check Point Software Technologies Ltd.(a)(b)		159,286
	6,924	Fortinet, Inc.(a)(b)		523,385
	2,574	Intuit, Inc.(b)		1,179,381
	50,567	Microsoft Corp.(b)		17,220,086
	13,632	Oracle Corp.(b)		1,623,435
	715	Palo Alto Networks, Inc.(a)(b)		182,690
	8,037	Salesforce, Inc.(a)(b)		1,697,897
	1,429	ServiceNow, Inc.(a)(b)		803,055
	1,462	VMware, Inc., Class A(a)(b)		210,075
	1,002	Workday, Inc., Class A(a)(b)		226,342
	2,608	Zoom Video Communications, Inc., Class A(a)(b)		177,031

				25,989,003

		Specialized REITs — 0.7%
	2,389	Extra Space Storage, Inc.(b)		355,603
	4,882	Gaming & Leisure Properties, Inc.(b)		236,582
	1,983	SBA Communications Corp.(b)		459,580

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of June 30, 2023 (Unaudited)

Gateway Equity Call Premium Fund – (continued)


Shares		Description	Value (†)
		Specialized REITs — continued
	17,848	VICI Properties, Inc.(b)	$	560,962

				1,612,727

		Specialty Retail — 1.9%
	346	Burlington Stores, Inc.(a)(b)		54,457
	933	Dick’s Sporting Goods, Inc.(b)		123,333
	1,370	Foot Locker, Inc.(b)		37,141
	5,211	Gap, Inc.(b)		46,534
	7,494	Home Depot, Inc.(b)		2,327,936
	6,284	Lowe’s Cos., Inc.(b)		1,418,299
	652	Ulta Beauty, Inc.(a)(b)		306,828
	6,132	Valvoline, Inc.(b)		230,011
	749	Williams-Sonoma, Inc.(b)		93,730

				4,638,269

		Technology Hardware, Storage & Peripherals — 8.1%
	101,216	Apple, Inc.(b)		19,632,867
	4,463	Dell Technologies, Inc., Class C(b)		241,493

				19,874,360

		Textiles, Apparel & Luxury Goods — 0.5%
	579	Carter’s, Inc.(b)		42,035
	157	Lululemon Athletica, Inc.(a)(b)		59,424
	9,680	NIKE, Inc., Class B(b)		1,068,382
	2,457	Skechers USA, Inc., Class A(a)(b)		129,386
	2,600	Under Armour, Inc., Class C(a)(b)		17,446

				1,316,673

		Tobacco — 0.7%
	6,771	British American Tobacco PLC, ADR(b)		224,797
	15,985	Philip Morris International, Inc.(b)		1,560,456

				1,785,253

		Wireless Telecommunication Services — 0.1%
	6,515	America Movil SAB de CV, ADR(a)(b)		140,984
	17,255	Vodafone Group PLC, ADR(b)		163,060

				304,044

		Total Common Stocks (Identified Cost $188,377,801)		243,515,743


Principal Amount
	Short-Term Investments — 3.5%
$	8,537,517	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2023 at 2.300% to be repurchased at $8,539,153 on 7/03/2023 collateralized by $9,248,000 U.S. Treasury Note, 2.625% due 5/31/2027 valued at $8,708,322 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $8,537,517)		8,537,517


		Total Investments — 103.1% (Identified Cost $196,915,318)		252,053,260
		Other assets less liabilities �� (3.1)%		(7,502,204	)

		Net Assets — 100.0%	$	244,551,056

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of June 30, 2023 (Unaudited)

Gateway Equity Call Premium Fund – (continued)

Written Options — (2.8%)


Description	Expiration Date		Exercise Price		Contracts			Notional Amount			Premiums (Received)			Value (†)
Index Options — (2.8%)
S&P 500 Index, Call		8/18/2023		4,300		(60	)	$	(26,702,280	)	$	(699,882	)	$	(1,192,800	)
S&P 500 Index, Call		8/18/2023		4,325		(119	)		(52,959,522	)		(1,037,989	)		(2,117,605	)
S&P 500 Index, Call		8/18/2023		4,350		(60	)		(26,702,280	)		(444,750	)		(942,000	)
S&P 500 Index, Call		8/31/2023		4,475		(57	)		(25,367,166	)		(569,421	)		(485,355	)
S&P 500 Index, Call		8/31/2023		4,500		(60	)		(26,702,280	)		(395,250	)		(439,800	)
S&P 500 Index, Call		9/15/2023		4,425		(60	)		(26,702,280	)		(613,703	)		(798,600	)
S&P 500 Index, Call		9/15/2023		4,500		(66	)		(29,372,508	)		(506,715	)		(565,290	)
S&P 500 Index, Call		9/15/2023		4,550		(60	)		(26,702,280	)		(374,850	)		(376,200	)

Total											$	(4,642,560	)	$	(6,917,650	)


	(†)			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

Industry Summary at June 30, 2023 (Unaudited)


Software	10.6	%
Technology Hardware, Storage & Peripherals	8.1
Semiconductors & Semiconductor Equipment	7.3
Interactive Media & Services	5.6
Financial Services	4.6
Pharmaceuticals	4.5
Oil, Gas & Consumable Fuels	3.8
Broadline Retail	3.3
Banks	3.1
Health Care Providers & Services	2.8
Health Care Equipment & Supplies	2.5
Capital Markets	2.4
Automobiles	2.2
Machinery	2.1
Consumer Staples Distribution & Retail	2.0
Insurance	2.0
Other Investments, less than 2% each	32.7
Short-Term Investments	3.5

Total Investments	103.1
Other assets less liabilities (including open written options)	(3.1	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of June 30, 2023 (Unaudited)

Mirova Global Green Bond Fund


Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 85.6% of Net Assets
		Canada — 0.1%
	50,000	Province of Quebec,2.600%, 7/06/2025, (CAD)	$	36,250

		Chile — 2.0%
	500,000	Chile Government International Bonds, 1.250%, 1/29/2040, (EUR)		361,253
	500,000	Chile Government International Bonds, 3.500%, 1/25/2050		374,715

				735,968

		Denmark — 3.1%
	500,000	Orsted AS,1.500%, 11/26/2029, (EUR)		474,493
	200,000	Orsted AS, (fixed rate to 9/09/2027, variable rate thereafter),1.750%, 12/09/3019, (EUR)		185,504
	500,000	Vestas Wind Systems Finance BV, EMTN, 1.500%, 6/15/2029, (EUR)		476,299

				1,136,296

		Finland — 0.5%
	200,000	VR-Yhtyma OYJ,2.375%, 5/30/2029, (EUR)		198,840

		France — 8.0%
	400,000	Altarea SCA,1.750%, 1/16/2030, (EUR)		303,177
	400,000	Banque Stellantis France SACA, EMTN, 3.875%, 1/19/2026, (EUR)		432,856
	400,000	Cie de Saint-Gobain, EMTN, 2.125%, 6/10/2028, (EUR)		404,290
	200,000	Covivio SA,1.125%, 9/17/2031, (EUR)		174,009
	400,000	Credit Mutuel Arkea SA, EMTN, 4.250%, 12/01/2032, (EUR)		436,982
	200,000	Derichebourg SA,2.250%, 7/15/2028, (EUR)		187,906
	200,000	Forvia,2.375%, 6/15/2029, (EUR)		178,197
	100,000	Getlink SE,3.500%, 10/30/2025, (EUR)		106,392
	300,000	ICADE,1.500%, 9/13/2027, (EUR)		289,867
	600,000	Societe du Grand Paris EPIC, EMTN, 1.700%, 5/25/2050, (EUR)		438,219

				2,951,895

		Germany — 4.5%
	2,000,000	Bundesrepublik Deutschland Bundesanleihe, Series G,Zero Coupon, 1.719%, 8/15/2050, (EUR)(a)		1,175,418
	500,000	EnBW Energie Baden-Wuerttemberg AG, (fixed rate to 3/30/2026, variable rate thereafter), 1.875%, 6/29/2080, (EUR)		486,494

				1,661,912

		Hungary — 1.0%
	500,000	Hungary Government International Bonds, 1.750%, 6/05/2035, (EUR)		381,222

		Indonesia — 1.3%
	500,000	Perusahaan Penerbit SBSN Indonesia III, 3.900%, 8/20/2024		493,125

		Ireland — 0.7%
	300,000	ESB Finance DAC, EMTN, 1.000%, 7/19/2034, (EUR)		248,411

		Italy — 6.9%
	400,000	A2A SpA, EMTN, 1.000%, 7/16/2029, (EUR)		360,372
	600,000	Assicurazioni Generali SpA, EMTN, 2.124%, 10/01/2030, (EUR)		538,327
	400,000	Cassa Depositi e Prestiti SpA, 3.875%, 2/13/2029, (EUR)		430,780
	300,000	ERG SpA, EMTN, 0.500%, 9/11/2027, (EUR)		283,673
	400,000	Hera SpA, EMTN, 2.500%, 5/25/2029, (EUR)		399,269
	800,000	Italy Buoni Poliennali Del Tesoro, Series 34Y, 1.500%, 4/30/2045, 144A, (EUR)		539,315

				2,551,736

		Japan — 2.3%
	500,000	Denso Corp., 1.239%, 9/16/2026		439,582
	400,000	Mizuho Financial Group, Inc., EMTN, 3.490%, 9/05/2027, (EUR)		423,992

				863,574

		Korea — 1.8%
	400,000	Kookmin Bank, GMTN, 4.500%, 2/01/2029		374,784
	300,000	Korea International Bonds, Zero Coupon, 0.000%, 10/15/2026, (EUR)(a)		289,699

				664,483

		Lithuania — 2.3%
	500,000	Ignitis Grupe AB, EMTN, 1.875%, 7/10/2028, (EUR)		471,519
	400,000	Ignitis Grupe AB, EMTN, 2.000%, 7/14/2027, (EUR)		393,901

				865,420

		Mexico — 2.1%
	800,000	Mexico Government International Bonds, 1.350%, 9/18/2027, (EUR)		790,029

		Netherlands — 7.2%
	300,000	Alliander NV, EMTN, 2.625%, 9/09/2027, (EUR)		315,546
	400,000	CTP NV, EMTN, 2.125%, 10/01/2025, (EUR)		392,159
	400,000	de Volksbank NV, EMTN, 0.375%, 3/03/2028, (EUR)		358,336
	600,000	de Volksbank NV, EMTN, (fixed rate to 10/22/2025, variable rate thereafter), 1.750%, 10/22/2030, (EUR)		593,569
	500,000	Koninklijke Philips NV, EMTN, 2.125%, 11/05/2029, (EUR)		489,469
	300,000	Stedin Holding NV, EMTN, 2.375%, 6/03/2030, (EUR)		300,691
	150,000	TenneT Holding BV, EMTN, 1.250%, 10/24/2033, (EUR)		132,524
	100,000	TenneT Holding BV, EMTN, 1.875%, 6/13/2036, (EUR)		90,235

				2,672,529

		Norway — 0.9%
	300,000	Statkraft AS, EMTN, 2.875%, 9/13/2029, (EUR)		315,598

		Portugal — 2.2%
	400,000	EDP Finance BV, EMTN, 3.875%, 3/11/2030, (EUR)		434,745
	400,000	Ren Finance BV, EMTN, 0.500%, 4/16/2029, (EUR)		364,249

				798,994

		Singapore — 1.3%
	500,000	Vena Energy Capital Pte Ltd., EMTN, 3.133%, 2/26/2025		468,395

		Spain — 6.7%
	400,000	Banco Bilbao Vizcaya Argentaria SA, 1.000%, 6/21/2026, (EUR)		398,705
	300,000	Banco Bilbao Vizcaya Argentaria SA, GMTN, 4.375%, 10/14/2029, (EUR)		331,848
	500,000	Bankinter SA, 0.625%, 10/06/2027, (EUR)		465,012
	400,000	Iberdrola Finanzas SA, EMTN, 1.375%, 3/11/2032, (EUR)		374,877
	900,000	Spain Government Bonds, 1.000%, 7/30/2042, 144A, (EUR)		617,135
	300,000	Telefonica Europe BV, (fixed rate to 2/05/2027, variable rate thereafter), 2.502%, (EUR)(b)		281,519

				2,469,096

		Supranationals — 6.3%
	2,500,000	European Investment Bank, 2.375%, 5/24/2027		2,316,847

		Sweden — 3.4%
	400,000	SKF AB, 3.125%, 9/14/2028, (EUR)		420,401
	500,000	Vattenfall AB, EMTN, 0.125%, 2/12/2029, (EUR)		451,768
	400,000	Volvo Car AB, EMTN, 2.500%, 10/07/2027, (EUR)		394,420

				1,266,589

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of June 30, 2023 (Unaudited)

Mirova Global Green Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Switzerland — 0.5%
	200,000	ABB Finance BV, EMTN, Zero Coupon, 0.282%, 1/19/2030, (EUR)(a)	$	173,156

		United Kingdom — 8.8%
	500,000	Anglian Water Services Financing PLC, EMTN, 1.625%, 8/10/2025, (GBP)		575,559
	300,000	Severn Trent Utilities Finance PLC, EMTN, 5.250%, 4/04/2036, (GBP)		354,129
	500,000	SSE PLC, EMTN, 1.375%, 9/04/2027, (EUR)		499,535
	300,000	SSE PLC, EMTN, 2.875%, 8/01/2029, (EUR)		310,252
	1,300,000	U.K. Gilts, 0.875%, 7/31/2033, (GBP)		1,182,933
	500,000	U.K. Gilts, 1.500%, 7/31/2053, (GBP)		331,582

				3,253,990

		United States — 11.7%
	600,000	Digital Dutch Finco BV, 1.500%, 3/15/2030, (EUR)		512,864
	300,000	Digital Intrepid Holding BV, 0.625%, 7/15/2031, (EUR)		226,870
	200,000	DTE Electric Co., 3.950%, 3/01/2049		164,332
	500,000	Equinix, Inc., 0.250%, 3/15/2027, (EUR)		474,895
	400,000	Ford Motor Co., 3.250%, 2/12/2032		314,674
	500,000	General Motors Co., 5.400%, 10/15/2029		487,526
	400,000	Southern Power Co., 4.150%, 12/01/2025		390,225
	300,000	Stellantis NV, EMTN, 4.375%, 3/14/2030, (EUR)		327,360
	200,000	Thermo Fisher Scientific, Inc., 4.100%, 8/15/2047		178,839
	700,000	Verizon Communications, Inc., 3.875%, 2/08/2029		656,520
	600,000	Wabtec Transportation Netherlands BV, 1.250%, 12/03/2027, (EUR)		567,126

				4,301,231

		Total Bonds and Notes (Identified Cost $36,144,758)		31,615,586

	Short-Term Investments — 1.3%
	481,674	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2023 at 2.300% to be repurchased at $481,766 on 7/03/2023 collateralized by $521,800 U.S. Treasury Note, 2.625% due 5/31/2027 valued at $491,350 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $481,674)		481,674


		Total Investments — 86.9% (Identified Cost $36,626,432)		32,097,260
		Other assets less liabilities — 13.1%		4,840,067

		Net Assets — 100.0%	$	36,937,327


	(†)	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.
	(b)	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 June 30, 2023, the value of Rule 144A holdings amounted to $1,156,450 or 3.1% of net assets.
	EMTN	Euro Medium Term Note
	GMTN	Global Medium Term Note

	CAD	Canadian Dollar
	EUR	Euro
	GBP	British Pound

See accompanying notes to financial statements.

| 26

Portfolio of Investments – as of June 30, 2023 (Unaudited)

Mirova Global Green Bond Fund – (continued)

At June 30, 2023, open long futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Eurex 5 Year Euro BOBL Futures		9/07/2023		3	$	382,160	$	378,788	$	(3,372	)
Eurex 30 Year Euro BUXL Futures		9/07/2023		5		740,925		761,658		20,733
Montreal Exchange 10 Year Canadian Bond Futures		9/20/2023		9		833,523		832,436		(1,087	)
CBOT 5 Year U.S. Treasury Notes Futures		9/29/2023		14		1,518,234		1,499,313		(18,921	)

Total									$	(2,647	)

At June 30, 2023, open short futures contracts were as follows:


Financial and Currency Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
CME British Pound Currency Futures		9/18/2023		26	$	2,016,463	$	2,063,588	$	(47,125	)
CME Canadian Dollar Currency Futures		9/19/2023		9		663,390		680,670		(17,280	)
CME Euro Foreign Exchange Currency Futures		9/18/2023		179		24,216,910		24,507,338		(290,428	)

Total									$	(354,833	)

Industry Summary at June 30, 2023 (Unaudited)


Utility-Electric	18.2	%
Government National	16.3
Industrial	13.6
Bank	9.1
Financial	9.0
Special Purpose	6.4
Supra-National	6.3
Telephone	2.6
Government Regional	1.3
Government Agency	1.2
Utility-Gas	0.8
Transportation-Rail	0.5
Transportation-Non Rail	0.3
Short-Term Investments	1.3

Total Investments	86.9
Other assets less liabilities (including futures contracts)	13.1

Net Assets	100.0	%

Currency Exposure Summary at June 30, 2023 (Unaudited)


Euro	60.7	%
United States Dollar	19.4
British Pound	6.7
Canadian Dollar	0.1

Total Investments	86.9
Other assets less liabilities (including futures contracts)	13.1

Net Assets	100.0	%

See accompanying notes to financial statements.

27 |

Portfolio of Investments — as of June 30, 2023 (Unaudited)

Mirova Global Sustainable Equity Fund


Shares		Description	Value (†)
	Common Stocks — 97.3% of Net Assets
		Belgium — 1.0%
	157,920	KBC Group NV	$	11,022,941

		Denmark — 8.7%
	276,609	Novo Nordisk AS, Class B		44,683,334
	263,047	Orsted AS		24,937,455
	792,042	Vestas Wind Systems AS(a)		21,058,280

				90,679,069

		France — 3.9%
	86,963	Air Liquide SA		15,595,518
	553,073	Credit Agricole SA		6,567,113
	95,954	EssilorLuxottica SA		18,094,065

				40,256,696

		Germany — 5.4%
	228,369	Mercedes-Benz Group AG, (Registered)		18,381,719
	112,545	SAP SE		15,374,483
	215,769	Symrise AG		22,623,918

				56,380,120

		Hong Kong — 2.3%
	2,364,112	AIA Group Ltd.		24,011,095

		Japan — 5.0%
	879,153	Sekisui House Ltd.		17,758,524
	634,130	Takeda Pharmaceutical Co. Ltd.		19,925,980
	462,800	Terumo Corp.		14,740,017

				52,424,521

		Netherlands — 4.2%
	13,721	Adyen NV(a)		23,760,216
	27,547	ASML Holding NV		19,980,631

				43,740,847

		Spain — 3.3%
	2,646,171	Iberdrola SA		34,555,828

		Taiwan — 2.6%
	272,108	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		27,461,139

		United Kingdom — 2.3%
	4,579,240	Legal & General Group PLC		13,258,268
	200,834	Unilever PLC		10,467,844

				23,726,112

		United States — 58.6%
	87,332	Adobe, Inc.(a)		42,704,475
	76,156	AGCO Corp.		10,008,421
	93,716	American Water Works Co., Inc.		13,377,959
	275,254	Aptiv PLC(a)		28,100,681
	198,972	Ball Corp.		11,582,160
	120,454	Danaher Corp.		28,908,960
	907,795	eBay, Inc.		40,569,358
	199,211	Ecolab, Inc.		37,190,702
	89,230	Edwards Lifesciences Corp.(a)		8,417,066
	70,083	Eli Lilly & Co.		32,867,525
	69,311	Estee Lauder Cos., Inc., Class A		13,611,294
	40,873	Intuitive Surgical, Inc.(a)		13,976,114
	123,707	Mastercard, Inc., Class A		48,653,963
	150,517	Microsoft Corp.		51,257,059
	287,998	NextEra Energy, Inc.		21,369,452
	119,088	NVIDIA Corp.		50,376,606
	71,501	Roper Technologies, Inc.		34,377,681
	289,974	Sunrun, Inc.(a)		5,178,936
	81,731	Thermo Fisher Scientific, Inc.		42,643,149
	305,962	Verizon Communications, Inc.		11,378,727
		United States — continued
	125,844	Visa, Inc., Class A		29,885,433
	72,330	Watts Water Technologies, Inc., Class A		13,289,191
	192,671	Xylem, Inc.		21,698,609

				611,423,521

		Total Common Stocks (Identified Cost $982,634,109)		1,015,681,889


Principal Amount
	Short-Term Investments — 2.2%
$	22,747,249	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2023 at 2.300% to be repurchased at $22,751,609 on 7/03/2023 collateralized by $24,640,100 U.S. Treasury Note, 2.625% due 5/31/2027 valued at $23,202,198 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $22,747,249)		22,747,249


		Total Investments — 99.5% (Identified Cost $1,005,381,358)		1,038,429,138
		Other assets less liabilities — 0.5%		5,555,838

		Net Assets — 100.0%	$	1,043,984,976


	(†)	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.

See accompanying notes to financial statements.

| 28

Portfolio of Investments – as of June 30, 2023 (Unaudited)

Mirova Global Sustainable Equity Fund – (continued)

Industry Summary at June 30, 2023 (Unaudited)


Software	13.8	%
Financial Services	9.9
Semiconductors & Semiconductor Equipment	9.3
Pharmaceuticals	9.3
Electric Utilities	7.7
Chemicals	7.3
Life Sciences Tools & Services	6.9
Health Care Equipment & Supplies	5.3
Machinery	4.3
Broadline Retail	3.9
Insurance	3.6
Automobile Components	2.7
Electrical Equipment	2.5
Personal Care Products	2.3
Other Investments, less than 2% each	8.5
Short-Term Investments	2.2

Total Investments	99.5
Other assets less liabilities	0.5

Net Assets	100.0	%

Currency Exposure Summary at June 30, 2023 (Unaudited)


United States Dollar	63.4	%
Euro	18.8
Danish Krone	8.7
Japanese Yen	5.0
Hong Kong Dollar	2.3
British Pound	1.3

Total Investments	99.5
Other assets less liabilities	0.5

Net Assets	100.0	%

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of June 30, 2023 (Unaudited)

Mirova International Sustainable Equity Fund


Shares		Description	Value (†)
	Common Stocks — 94.2% of Net Assets
		Australia — 1.1%
	43,963	Stockland	$	118,185

		Belgium — 5.2%
	6,933	KBC Group NV		483,929
	2,923	Umicore SA		81,725

				565,654

		Denmark — 10.7%
	2,967	Novo Nordisk AS, Class B		479,288
	3,290	Orsted AS		311,900
	13,699	Vestas Wind Systems AS(a)		364,220

				1,155,408

		France — 12.8%
	2,121	Air Liquide SA		380,370
	16,875	Credit Agricole SA		200,371
	5,026	Dassault Systemes SE		222,707
	1,122	EssilorLuxottica SA		211,576
	519	L’Oreal SA		242,101
	3,284	Worldline SA(a)		120,260

				1,377,385

		Germany — 8.9%
	4,980	Mercedes-Benz Group AG, (Registered)		400,847
	2,882	SAP SE		393,702
	1,567	Symrise AG		164,304

				958,853

		Hong Kong — 3.8%
	39,916	AIA Group Ltd.		405,407

		Ireland — 4.2%
	4,528	Kingspan Group PLC		301,401
	4,461	Smurfit Kappa Group PLC		148,886

				450,287

		Japan — 13.1%
	2,000	Kao Corp.		72,580
	23,000	Kubota Corp.		336,694
	10,420	Sekisui House Ltd.		210,480
	1,400	Shimano, Inc.		234,370
	8,338	Takeda Pharmaceutical Co. Ltd.		262,001
	6,700	Terumo Corp.		213,393
	1,900	West Japan Railway Co.		79,025

				1,408,543

		Netherlands — 8.5%
	212	Adyen NV(a)		367,114
	753	ASML Holding NV		546,172

				913,286

		Norway — 0.4%
	4,088	Telenor ASA		41,450

		Spain — 4.0%
	33,396	Iberdrola SA		436,112

		Switzerland — 2.5%
	504	Geberit AG, (Registered)		264,138

		Taiwan — 4.8%
	5,170	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		521,756

		United Kingdom — 12.7%
	4,774	Croda International PLC		341,267
	10,195	Halma PLC		295,098
	3,323	Johnson Matthey PLC		73,770
	15,325	Land Securities Group PLC		112,054
	124,493	Legal & General Group PLC		360,444
	3,655	Unilever PLC		190,505

				1,373,138

		United States — 1.5%
	1,480	Sanofi		159,331

		Total Common Stocks (Identified Cost $11,631,331)		10,148,933


Principal Amount
	Short-Term Investments — 3.9%
$	414,352	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2023 at 2.300% to be repurchased at $414,432 on 7/03/2023 collateralized by $448,900 U.S. Treasury Note, 2.625% due 5/31/2027 valued at $422,704 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $414,352)		414,352


		Total Investments — 98.1% (Identified Cost $12,045,683)		10,563,285
		Other assets less liabilities — 1.9%		207,785

		Net Assets — 100.0%	$	10,771,070


	(†)	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.

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of June 30, 2023 (Unaudited)

Mirova International Sustainable Equity Fund – (continued)

Industry Summary at June 30, 2023 (Unaudited)


Semiconductors & Semiconductor Equipment	9.9	%
Chemicals	9.6
Pharmaceuticals	8.3
Insurance	7.1
Electric Utilities	6.9
Banks	6.4
Software	5.8
Building Products	5.3
Personal Care Products	4.7
Financial Services	4.5
Health Care Equipment & Supplies	4.0
Automobiles	3.7
Electrical Equipment	3.4
Machinery	3.1
Electronic Equipment, Instruments & Components	2.7
Leisure Products	2.2
Diversified REITs	2.1
Household Durables	2.0
Other Investments, less than 2% each	2.5
Short-Term Investments	3.9

Total Investments	98.1
Other assets less liabilities	1.9

Net Assets	100.0	%

Currency Exposure Summary at June 30, 2023 (Unaudited)


Euro	46.9	%
Japanese Yen	13.1
British Pound	10.9
Danish Krone	10.7
United States Dollar	8.7
Hong Kong Dollar	3.8
Swiss Franc	2.5
Other, less than 2% each	1.5

Total Investments	98.1
Other assets less liabilities	1.9

Net Assets	100.0	%

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of June 30, 2023 (Unaudited)

Mirova U.S. Sustainable Equity Fund


Shares		Description	Value (†)
	Common Stocks — 96.3% of Net Assets
		Automobile Components — 2.1%
	856	Aptiv PLC(a)	$	87,389

		Broadline Retail — 3.3%
	3,176	eBay, Inc.		141,935

		Chemicals — 3.7%
	834	Ecolab, Inc.		155,699

		Commercial Services & Supplies — 4.1%
	1,001	Waste Management, Inc.		173,593

		Communications Equipment — 1.0%
	838	Cisco Systems, Inc.		43,358

		Containers & Packaging — 1.4%
	1,041	Ball Corp.		60,597

		Diversified Telecommunication Services — 1.7%
	1,879	Verizon Communications, Inc.		69,880

		Electric Utilities — 3.5%
	1,988	NextEra Energy, Inc.		147,510

		Electrical Equipment — 0.6%
	1,388	Sunrun, Inc.(a)		24,790

		Electronic Equipment, Instruments & Components — 1.0%
	820	Trimble, Inc.(a)		43,411

		Financial Services — 7.2%
	506	Mastercard, Inc., Class A		199,010
	458	Visa, Inc., Class A		108,766

				307,776

		Health Care Equipment & Supplies — 4.5%
	363	Edwards Lifesciences Corp.(a)		34,242
	460	Intuitive Surgical, Inc.(a)		157,292

				191,534

		Household Products — 1.3%
	739	Colgate-Palmolive Co.		56,933

		IT Services — 1.4%
	186	Accenture PLC, Class A		57,396

		Life Sciences Tools & Services — 9.4%
	763	Danaher Corp.		183,120
	418	Thermo Fisher Scientific, Inc.		218,091

				401,211

		Machinery — 8.0%
	307	AGCO Corp.		40,346
	704	Watts Water Technologies, Inc., Class A		129,346
	1,524	Xylem, Inc.		171,633

				341,325

		Personal Care Products — 2.1%
	448	Estee Lauder Cos., Inc., Class A		87,978

		Pharmaceuticals — 4.1%
	373	Eli Lilly & Co.		174,929

		Semiconductors & Semiconductor Equipment — 14.6%
	877	First Solar, Inc.(a)		166,709
	744	NVIDIA Corp.		314,727
	1,365	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		137,756

				619,192

		Software — 17.7%
	372	Adobe, Inc.(a)		181,904
	1,091	Microsoft Corp.		371,529
	416	Roper Technologies, Inc.		200,013

				753,446

		Water Utilities — 3.6%
	1,067	American Water Works Co., Inc.		152,314

		Total Common Stocks (Identified Cost $3,545,270)		4,092,196


Principal Amount
	Short-Term Investments — 4.6%
$	197,733	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2023 at 2.300% to be repurchased at $197,771 on 7/03/2023 collateralized by $214,200 U.S. Treasury Note, 2.625% due 5/31/2027 valued at $201,700 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $197,733)		197,733


		Total Investments — 100.9% (Identified Cost $3,743,003)		4,289,929
		Other assets less liabilities — (0.9)%		(39,247	)

		Net Assets — 100.0%	$	4,250,682


	(†)	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 June 30, 2023 (Unaudited)


Software	17.7	%
Semiconductors & Semiconductor Equipment	14.6
Life Sciences Tools & Services	9.4
Machinery	8.0
Financial Services	7.2
Health Care Equipment & Supplies	4.5
Pharmaceuticals	4.1
Commercial Services & Supplies	4.1
Chemicals	3.7
Water Utilities	3.6
Electric Utilities	3.5
Broadline Retail	3.3
Personal Care Products	2.1
Automobile Components	2.1
Other Investments, less than 2% each	8.4
Short-Term Investments	4.6

Total Investments	100.9
Other assets less liabilities	(0.9	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 32

Statements of Assets and Liabilities

June 30, 2023 (Unaudited)


	Gateway Fund		Gateway Equity Call Premium Fund		Mirova Global Green Bond Fund
ASSETS
Investments at cost	$	2,397,468,741	$	196,915,318	$	36,626,432
Net unrealized appreciation (depreciation)		4,184,245,146		55,137,942		(4,529,172	)

Investments at value		6,581,713,887		252,053,260		32,097,260
Cash		27,777		513		18
Due from brokers (including variation margin on futures contracts) (Note 2)		—		—		1,292,150
Foreign currency at value (identified cost $0, $0 and $3,212,828, respectively)		—		—		3,242,199
Receivable for Fund shares sold		10,228,947		565,935		66,832
Receivable for securities sold		20,371,993		770,100		364,076
Dividends and interest receivable		2,786,020		141,959		318,863
Tax reclaims receivable		—		208		—
Unrealized appreciation on futures contracts (Note 2)		—		—		20,733
Prepaid expenses (Note 8)		2,588		352		294

TOTAL ASSETS		6,615,131,212		253,532,327		37,402,425

LIABILITIES
Options written, at value (premiums received $109,030,944, $4,642,560 and $0, respectively) (Note 2)		176,640,405		6,917,650		—
Payable for securities purchased		45,384,168		1,715,700		—
Payable for Fund shares redeemed		6,183,229		122,317		9,647
Unrealized depreciation on futures contracts (Note 2)		—		—		378,213
Management fees payable (Note 6)		2,921,366		88,575		685
Deferred Trustees’ fees (Note 6)		1,196,229		57,318		23,255
Administrative fees payable (Note 6)		242,285		9,161		1,396
Payable to distributor (Note 6d)		46,818		1,839		304
Audit and tax services fees payable		29,304		28,943		25,476
Other accounts payable and accrued expenses		469,764		39,768		26,122

TOTAL LIABILITIES		233,113,568		8,981,271		465,098

NET ASSETS	$	6,382,017,644	$	244,551,056	$	36,937,327

NET ASSETS CONSIST OF:
Paid-in capital	$	3,249,235,527	$	204,266,267	$	46,089,992
Accumulated earnings (loss)		3,132,782,117		40,284,789		(9,152,665	)

NET ASSETS	$	6,382,017,644	$	244,551,056	$	36,937,327

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	806,268,513	$	2,006,991	$	5,045,669

Shares of beneficial interest		20,470,907		122,823		617,972

Net asset value and redemption price per share	$	39.39	$	16.34	$	8.16

Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	41.79	$	17.34	$	8.52

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	72,085,478	$	1,083,959	$	—

Shares of beneficial interest		1,847,325		67,017		—

Net asset value and offering price per share	$	39.02	$	16.17	$	—

Class N shares:
Net assets	$	388,464,590	$	240,225	$	6,128,855

Shares of beneficial interest		9,870,250		14,726		745,460

Net asset value, offering and redemption price per share	$	39.36	$	16.31	$	8.22

Class Y shares:
Net assets	$	5,115,199,063	$	241,219,881	$	25,762,803

Shares of beneficial interest		129,989,646		14,775,736		3,138,483

Net asset value, offering and redemption price per share	$	39.35	$	16.33	$	8.21

See accompanying notes to financial statements.

33 |

Statements of Assets and Liabilities (continued)

June 30, 2023 (Unaudited)


	Mirova Global Sustainable Equity Fund		Mirova International Sustainable Equity Fund			Mirova U.S. Sustainable Equity Fund
ASSETS
Investments at cost	$	1,005,381,358	$	12,045,683		$	3,743,003
Net unrealized appreciation (depreciation)		33,047,780		(1,482,398	)		546,926

Investments at value		1,038,429,138		10,563,285			4,289,929
Foreign currency at value (identified cost $5,505,255, $162,026 and $0, respectively)		5,467,309		161,850			—
Receivable for Fund shares sold		1,057,707		25,285			—
Receivable from investment adviser (Note 6)		—		16,562			13,336
Dividends and interest receivable		267,916		13,699			1,260
Tax reclaims receivable		659,933		59,946			—
Prepaid expenses (Note 8)		620		284			281

TOTAL ASSETS		1,045,882,623		10,840,911			4,304,806

LIABILITIES
Payable for Fund shares redeemed		1,013,398		54			—
Management fees payable (Note 6)		663,786		—			—
Deferred Trustees’ fees (Note 6)		50,528		15,162			7,516
Administrative fees payable (Note 6)		39,360		401			158
Payable to distributor (Note 6d)		8,425		17			—
Audit and tax services fees payable		24,106		24,400			24,091
Other accounts payable and accrued expenses		98,044		29,807			22,359

TOTAL LIABILITIES		1,897,647		69,841			54,124

NET ASSETS	$	1,043,984,976	$	10,771,070		$	4,250,682

NET ASSETS CONSIST OF:
Paid-in capital	$	1,028,081,665	$	12,544,349		$	3,754,234
Accumulated earnings (loss)		15,903,311		(1,773,279	)		496,448

NET ASSETS	$	1,043,984,976	$	10,771,070		$	4,250,682

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	30,168,624	$	638,586		$	5,279

Shares of beneficial interest		1,734,058		54,531			498

Net asset value and redemption price per share	$	17.40	$	11.71		$	10.60

Offering price per share (100/94.25 of net asset value) (Note 1)	$	18.46	$	12.42		$	11.25

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	11,502,518	$	—		$	91,970

Shares of beneficial interest		697,586		—			8,852

Net asset value and offering price per share	$	16.49	$	—		$	10.39

Class N shares:
Net assets	$	236,219,611	$	9,083,433		$	4,128,337

Shares of beneficial interest		13,434,522		770,927			388,535

Net asset value, offering and redemption price per share	$	17.58	$	11.78		$	10.63

Class Y shares:
Net assets	$	766,094,223	$	1,049,051		$	25,096

Shares of beneficial interest		43,584,787		89,156			2,364

Net asset value, offering and redemption price per share	$	17.58	$	11.77		$	10.62

See accompanying notes to financial statements.

| 34

Statements of Operations

For the Six Months Ended June 30, 2023 (Unaudited)


	Gateway Fund			Gateway Equity Call Premium Fund			Mirova Global Green Bond Fund
INVESTMENT INCOME
Dividends	$	52,144,756		$	1,737,059		$	—
Interest		1,652,150			76,235			439,667
Less net foreign taxes withheld		(96,325	)		(4,649	)		—

		53,700,581			1,808,645			439,667

Expenses
Management fees (Note 6)		18,440,769			583,940			91,433
Service and distribution fees (Note 6)		1,394,412			7,057			6,341
Administrative fees (Note 6)		1,449,184			46,648			8,477
Trustees’ fees and expenses (Note 6)		184,129			16,163			11,071
Transfer agent fees and expenses (Notes 6 and 7)		2,205,231			82,048			15,894
Audit and tax services fees		27,380			26,659			22,458
Custodian fees and expenses		106,406			39,749			6,070
Interest expense (Note 10)		—			—			17,530
Legal fees		133,160			3,306			775
Registration fees		60,401			27,418			23,158
Regulatory filing fees		6,500			6,500			6,500
Shareholder reporting expenses		173,414			9,599			7,264
Miscellaneous expenses		126,998			16,222			12,041

Total expenses		24,307,984			865,309			229,012
Less waiver and/or expense reimbursement (Note 6)		(1,160,365	)		(173,688	)		(87,719	)

Net expenses		23,147,619			691,621			141,293

Net investment income		30,552,962			1,117,024			298,374

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS WRITTEN AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		133,624,818			(2,178,890	)		(594,678	)
Futures contracts		—			—			(752,694	)
Options written		(61,222,853	)		(2,462,413	)		—
Foreign currency transactions (Note 2c)		1,166			56			6,331
Net change in unrealized appreciation (depreciation) on:
Investments		711,233,479			30,165,932			1,632,578
Futures contracts		—			—			231,696
Options written		(141,106,263	)		(3,947,784	)		—
Foreign currency translations (Note 2c)		(7	)		(12	)		(1,658	)

Net realized and unrealized gain on investments, futures contracts, options written and foreign currency transactions		642,530,340			21,576,889			521,575

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	673,083,302		$	22,693,913		$	819,949

See accompanying notes to financial statements.

35 |

Statements of Operations (continued)

For the Six Months Ended June 30, 2023 (Unaudited)


	Mirova Global Sustainable Equity Fund			Mirova International Sustainable Equity Fund			Mirova U.S. Sustainable Equity Fund
INVESTMENT INCOME
Dividends	$	9,746,503		$	196,023		$	21,305
Non-cash dividends (Note 2b)		493,198			—			—
Interest		98,893			2,259			1,524
Less net foreign taxes withheld		(868,286	)		(23,652	)		(249	)

		9,470,308			174,630			22,580

Expenses
Management fees (Note 6)		3,769,240			39,534			12,543
Service and distribution fees (Note 6)		93,115			846			419
Administrative fees (Note 6)		218,320			2,290			895
Trustees’ fees and expenses (Note 6)		31,238			10,214			9,807
Transfer agent fees and expenses (Notes 6 and 7)		389,298			3,254			3,274
Audit and tax services fees		22,344			22,246			22,042
Custodian fees and expenses		26,174			7,629			1,106
Interest expense (Note 10)		—			249			—
Legal fees		18,187			199			74
Registration fees		68,311			24,108			31,366
Regulatory filing fees		6,500			6,500			6,500
Shareholder reporting expenses		35,978			4,007			3,770
Miscellaneous expenses		25,366			19,074			9,094

Total expenses		4,704,071			140,150			100,890
Less waiver and/or expense reimbursement (Note 6)		(188,762	)		(94,169	)		(85,971	)

Net expenses		4,515,309			45,981			14,919

Net investment income		4,954,999			128,649			7,661

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		(7,213,745	)		(135,246	)		(47,669	)
Foreign currency transactions (Note 2c)		(71,380	)		2,042			—
Net change in unrealized appreciation (depreciation) on:
Investments		132,246,318			1,108,833			657,950
Foreign currency translations (Note 2c)		(183,266	)		(1,046	)		—

Net realized and unrealized gain on investments and foreign currency transactions		124,777,927			974,583			610,281

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	129,732,926		$	1,103,232		$	617,942

See accompanying notes to financial statements.

| 36

Statements of Changes in Net Assets


	Gateway Fund						Gateway Equity Call Premium Fund
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income	$	30,552,962		$	58,057,127		$	1,117,024		$	1,223,336
Net realized gain (loss) on investments, options written and foreign currency transactions		72,403,131			653,165,363			(4,641,247	)		7,304,108
Net change in unrealized appreciation (depreciation) on investments, options written and foreign currency translations		570,127,209			(1,694,070,079	)		26,218,136			(23,561,048	)

Net increase (decrease) in net assets resulting from operations		673,083,302			(982,847,589	)		22,693,913			(15,033,604	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(3,141,911	)		(5,738,007	)		(6,775	)		(12,362	)
Class C		(35,832	)		—			(383	)		(601	)
Class N		(2,059,224	)		(4,134,252	)		(1,190	)		(2,287	)
Class Y		(24,983,211	)		(48,176,662	)		(1,085,951	)		(1,235,232	)

Total distributions		(30,220,178	)		(58,048,921	)		(1,094,299	)		(1,250,482	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		(598,884,986	)		(805,606,549	)		83,541,646			49,826,241

Net increase (decrease) in net assets		43,978,138			(1,846,503,059	)		105,141,260			33,542,155
NET ASSETS
Beginning of the period		6,338,039,506			8,184,542,565			139,409,796			105,867,641

End of the period	$	6,382,017,644		$	6,338,039,506		$	244,551,056		$	139,409,796

See accompanying notes to financial statements.

37 |

Statements of Changes in Net Assets (continued)


	Mirova Global Green Bond Fund						Mirova Global Sustainable Equity Fund
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income	$	298,374		$	431,422		$	4,954,999		$	7,173,189
Net realized loss on investments, futures contracts and foreign currency transactions		(1,341,041	)		(2,248,824	)		(7,285,125	)		(14,129,688	)
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		1,862,616			(5,752,912	)		132,063,052			(261,591,166	)

Net increase (decrease) in net assets resulting from operations		819,949			(7,570,314	)		129,732,926			(268,547,665	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		—			(308,314	)		(18,262	)		(1,656,969	)
Class C		—			—			(7,207	)		(629,720	)
Class N		—			(298,746	)		(124,479	)		(10,372,579	)
Class Y		—			(1,496,052	)		(430,880	)		(35,564,616	)

Total distributions		—			(2,103,112	)		(580,828	)		(48,223,884	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		502,084			(1,836,354	)		47,400,470			63,521,966

Net increase (decrease) in net assets		1,322,033			(11,509,780	)		176,552,568			(253,249,583	)
NET ASSETS
Beginning of the period		35,615,294			47,125,074			867,432,408			1,120,681,991

End of the period	$	36,937,327		$	35,615,294		$	1,043,984,976		$	867,432,408

See accompanying notes to financial statements.

| 38

Statements of Changes in Net Assets (continued)


	Mirova International Sustainable Equity Fund						Mirova U.S. Sustainable Equity Fund
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
FROM OPERATIONS:
Net investment income	$	128,649		$	377,279		$	7,661		$	8,444
Net realized gain (loss) on investments and foreign currency transactions		(133,204	)		(67,647	)		(47,669	)		81,285
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		1,107,787			(8,262,669	)		657,950			(1,240,668	)

Net increase (decrease) in net assets resulting from operations		1,103,232			(7,953,037	)		617,942			(1,150,939	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,032	)		(25,462	)		—			(223	)
Class C		—			—			—			(5,225	)
Class N		(13,301	)		(273,620	)		—			(257,702	)
Class Y		(1,531	)		(29,504	)		—			(2,573	)
Tax return of capital
Class N		—			—			—			(3,159	)
Class Y		—			—			—			(29	)

Total distributions		(15,864	)		(328,586	)		—			(268,911	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		725,458			(12,492,079	)		(22,771	)		24,536

Net increase (decrease) in net assets		1,812,826			(20,773,702	)		595,171			(1,395,314	)
NET ASSETS
Beginning of the period		8,958,244			29,731,946			3,655,511			5,050,825

End of the period	$	10,771,070		$	8,958,244		$	4,250,682		$	3,655,511

See accompanying notes to financial statements.

39 |

Financial Highlights

For a share outstanding throughout each period.


	Gateway Fund—Class A
	Six Months Ended June 30, 2023 (Unaudited)			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	$	35.57		$	40.70		$	36.76		$	34.69		$	31.65		$	33.47

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.15			0.22			0.18			0.30			0.37			0.34
Net realized and unrealized gain (loss)		3.81			(5.13	)		3.93			2.08			3.05			(1.80	)

Total from Investment Operations		3.96			(4.91	)		4.11			2.38			3.42			(1.46	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.22	)		(0.17	)		(0.31	)		(0.38	)		(0.36	)

Net asset value, end of the period	$	39.39		$	35.57		$	40.70		$	36.76		$	34.69		$	31.65

Total return(b)(c)		11.16	%(d)		(12.06	)%		11.24	%		6.92	%		10.84	%		(4.39	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	806,269		$	869,122		$	1,073,713		$	987,702		$	1,125,464		$	1,177,641
Net expenses(e)		0.94	%(f)(g)		0.93	%(h)		0.94	%(h)		0.94	%		0.94	%		0.94	%
Gross expenses		0.98	%(f)(g)		0.96	%(h)		0.98	%(h)		1.02	%		1.01	%		1.01	%
Net investment income		0.79	%(f)		0.60	%		0.46	%		0.88	%		1.12	%		1.03	%
Portfolio turnover rate		8	%		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)	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.

(g)	Includes refund of prior year service fee of less than 0.01%. See Note 6b of Notes to Financial Statements.

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

See accompanying notes to financial statements.

| 40

Financial Highlights (continued)

For a share outstanding throughout each period.


	Gateway Fund—Class C
	Six Months Ended June 30, 2023 (Unaudited)			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	$	35.26		$	40.41		$	36.60		$	34.54		$	31.50		$	33.32

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.00	(b)		(0.06	)		(0.11	)		0.04			0.12			0.09
Net realized and unrealized gain (loss)		3.78			(5.09	)		3.92			2.07			3.03			(1.80	)

Total from Investment Operations		3.78			(5.15	)		3.81			2.11			3.15			(1.71	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.02	)		—			—			(0.05	)		(0.11	)		(0.11	)

Net asset value, end of the period	$	39.02		$	35.26		$	40.41		$	36.60		$	34.54		$	31.50

Total return(c)(d)		10.72	%(e)		(12.74	)%		10.41	%		6.13	%		10.02	%		(5.15	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	72,085		$	77,355		$	114,019		$	142,623		$	215,947		$	272,904
Net expenses(f)		1.70	%(g)		1.70	%		1.70	%		1.70	%		1.70	%		1.70	%
Gross expenses		1.74	%(g)		1.71	%		1.73	%		1.77	%		1.76	%		1.76	%
Net investment income (loss)		0.02	%(g)		(0.17	)%		(0.30	)%		0.12	%		0.37	%		0.27	%
Portfolio turnover rate		8	%		16	%		11	%		22	%		12	%		10	%

(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 contingent deferred sales charge for Class C 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.

41 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Gateway Fund—Class N
	Six Months Ended June 30, 2023 (Unaudited)			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	$	35.55		$	40.68		$	36.74		$	34.68		$	31.63		$	33.46

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.20			0.33			0.29			0.40			0.47			0.44
Net realized and unrealized gain (loss)		3.81			(5.13	)		3.94			2.07			3.06			(1.81	)

Total from Investment Operations		4.01			(4.80	)		4.23			2.47			3.53			(1.37	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.20	)		(0.33	)		(0.29	)		(0.41	)		(0.48	)		(0.46	)

Net asset value, end of the period	$	39.36		$	35.55		$	40.68		$	36.74		$	34.68		$	31.63

Total return		11.30	%(b)(c)		(11.80	)%		11.57	%(c)		7.25	%(c)		11.17	%(c)		(4.13	)%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	388,465		$	378,377		$	504,299		$	369,829		$	369,793		$	179,727
Net expenses		0.65	%(d)(e)		0.65	%		0.65	%(e)		0.65	%(e)		0.65	%(e)		0.65	%(e)
Gross expenses		0.66	%(d)		0.65	%		0.67	%		0.70	%		0.69	%		0.70	%
Net investment income		1.06	%(d)		0.88	%		0.74	%		1.17	%		1.40	%		1.32	%
Portfolio turnover rate		8	%		16	%		11	%		22	%		12	%		10	%

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

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

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

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

(e)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

See accompanying notes to financial statements.

| 42

Financial Highlights (continued)

For a share outstanding throughout each period.


	Gateway Fund—Class Y
	Six Months Ended June 30, 2023 (Unaudited)			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	$	35.54		$	40.67		$	36.73		$	34.67		$	31.63		$	33.46

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.19			0.31			0.27			0.38			0.46			0.43
Net realized and unrealized gain (loss)		3.81			(5.13	)		3.94			2.07			3.04			(1.81	)

Total from Investment Operations		4.00			(4.82	)		4.21			2.45			3.50			(1.38	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.19	)		(0.31	)		(0.27	)		(0.39	)		(0.46	)		(0.45	)

Net asset value, end of the period	$	39.35		$	35.54		$	40.67		$	36.73		$	34.67		$	31.63

Total return(b)		11.28	%(c)		(11.85	)%		11.49	%		7.19	%		11.12	%		(4.18	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	5,115,199		$	5,013,186		$	6,492,511		$	5,624,810		$	6,446,007		$	6,508,061
Net expenses(d)		0.70	%(e)		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Gross expenses		0.74	%(e)		0.71	%		0.73	%		0.77	%		0.76	%		0.76	%
Net investment income		1.02	%(e)		0.83	%		0.70	%		1.12	%		1.37	%		1.28	%
Portfolio turnover rate		8	%		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)	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.

43 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Gateway Equity Call Premium Fund—Class A
	Six Months Ended June 30, 2023 (Unaudited)			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	$	14.60		$	16.66		$	14.03		$	13.07		$	11.32		$	12.08

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.10			0.07			0.09			0.10			0.09
Net realized and unrealized gain (loss)		1.74			(2.06	)		2.62			0.95			1.76			(0.76	)

Total from Investment Operations		1.80			(1.96	)		2.69			1.04			1.86			(0.67	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.10	)		(0.06	)		(0.08	)		(0.11	)		(0.09	)

Net asset value, end of the period	$	16.34		$	14.60		$	16.66		$	14.03		$	13.07		$	11.32

Total return(b)(c)		12.34	%(d)		(11.77	)%		19.20	%		8.06	%		16.46	%		(5.60	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,007		$	1,617		$	2,613		$	1,456		$	2,363		$	2,375
Net expenses(e)		0.93	%(f)		0.93	%		1.03	%(g)(h)		1.20	%		1.20	%		1.20	%
Gross expenses		1.10	%(f)		1.16	%		1.20	%		1.43	%		1.42	%		1.44	%
Net investment income		0.83	%(f)		0.66	%		0.43	%		0.69	%		0.82	%		0.73	%
Portfolio turnover rate		24	%		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)	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.

(g)	Effective July 1, 2021, the expense limit decreased from 1.20% to 0.93%.

(h)	Includes additional voluntary waiver of advisory fee of 0.02%.

See accompanying notes to financial statements.

| 44

Financial Highlights (continued)

For a share outstanding throughout each period.


	Gateway Equity Call Premium Fund—Class C
	Six Months Ended June 30, 2023 (Unaudited)			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	$	14.46		$	16.52		$	13.96		$	13.03		$	11.29		$	12.05

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.01			(0.01	)		(0.05	)		(0.01	)		0.01			0.00	(b)
Net realized and unrealized gain (loss)		1.71			(2.04	)		2.61			0.95			1.74			(0.75	)

Total from Investment Operations		1.72			(2.05	)		2.56			0.94			1.75			(0.75	)

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

Net asset value, end of the period	$	16.17		$	14.46		$	16.52		$	13.96		$	13.03		$	11.29

Total return(c)(d)		11.94	%(e)		(12.36	)%		18.28	%		7.23	%		15.54	%		(6.24	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,084		$	944		$	814		$	741		$	727		$	849
Net expenses(f)		1.68	%(g)		1.68	%		1.79	%(h)(i)		1.95	%		1.95	%		1.95	%
Gross expenses		1.85	%(g)		1.91	%		1.96	%		2.17	%		2.17	%		2.19	%
Net investment income (loss)		0.08	%(g)		(0.06	)%		(0.33	)%		(0.10	)%		0.07	%		0.02	%
Portfolio turnover rate		24	%		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)	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.

(h)	Effective July 1, 2021, the expense limit decreased from 1.95% to 1.68%.

(i)	Includes additional voluntary waiver of advisory fee of 0.02%.

See accompanying notes to financial statements.

45 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Gateway Equity Call Premium Fund—Class N
	Six Months Ended June 30, 2023 (Unaudited)			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	$	14.57		$	16.63		$	14.01		$	13.06		$	11.32		$	12.09

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.09			0.14			0.11			0.12			0.13			0.13
Net realized and unrealized gain (loss)		1.73			(2.05	)		2.61			0.95			1.76			(0.77	)

Total from Investment Operations		1.82			(1.91	)		2.72			1.07			1.89			(0.64	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.08	)		(0.15	)		(0.10	)		(0.12	)		(0.15	)		(0.13	)

Net asset value, end of the period	$	16.31		$	14.57		$	16.63		$	14.01		$	13.06		$	11.32

Total return(b)		12.52	%(c)		(11.51	)%		19.49	%		8.36	%		16.73	%		(5.32	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	240		$	219		$	437		$	728		$	530		$	1
Net expenses(d)		0.63	%(e)		0.63	%		0.77	%(f)		0.90	%		0.90	%		0.90	%
Gross expenses		1.51	%(e)		1.23	%		1.08	%		1.29	%		1.63	%		15.41	%
Net investment income		1.13	%(e)		0.95	%		0.70	%		0.95	%		1.03	%		1.04	%
Portfolio turnover rate		24	%		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)	Periods less than one year are not annualized.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

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

(f)	Effective July 1, 2021, the expense limit decreased from 0.90% to 0.63%.

See accompanying notes to financial statements.

| 46

Financial Highlights (continued)

For a share outstanding throughout each period.


	Gateway Equity Call Premium Fund—Class Y
	Six Months Ended June 30, 2023 (Unaudited)			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	$	14.59		$	16.65		$	14.02		$	13.07		$	11.32		$	12.09

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.09			0.14			0.10			0.11			0.13			0.12
Net realized and unrealized gain (loss)		1.73			(2.06	)		2.63			0.96			1.76			(0.76	)

Total from Investment Operations		1.82			(1.92	)		2.73			1.07			1.89			(0.64	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.08	)		(0.14	)		(0.10	)		(0.12	)		(0.14	)		(0.13	)

Net asset value, end of the period	$	16.33		$	14.59		$	16.65		$	14.02		$	13.07		$	11.32

Total return(b)		12.48	%(c)		(11.48	)%		19.43	%		8.38	%		16.67	%		(5.37	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	241,220		$	136,629		$	102,004		$	56,979		$	60,794		$	67,125
Net expenses(d)		0.68	%(e)		0.68	%		0.78	%(f)(g)		0.95	%		0.95	%		0.95	%
Gross expenses		0.85	%(e)		0.91	%		0.95	%		1.17	%		1.17	%		1.19	%
Net investment income		1.12	%(e)		0.95	%		0.67	%		0.90	%		1.06	%		1.01	%
Portfolio turnover rate		24	%		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)	Periods less than one year are not annualized.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

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

(f)	Effective July 1, 2021, the expense limit decreased from 0.95% to 0.68%.

(g)	Includes additional voluntary waiver of advisory fee of 0.02%.

See accompanying notes to financial statements.

47 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova Global Green Bond—Class A
	Six Months Ended June 30, 2023 (Unaudited)			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	$	7.99		$	10.14		$	10.77		$	10.36		$	9.71		$	9.96

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.07			0.04			0.07			0.09			0.08
Net realized and unrealized gain (loss)		0.11			(1.75	)		(0.37	)		0.71			0.80			(0.02	)

Total from Investment Operations		0.17			(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	$	8.16		$	7.99		$	10.14		$	10.77		$	10.36		$	9.71

Total return(b)(c)		2.13	%(d)		(16.73	)%		(3.02	)%		7.61	%		9.16	%		0.64	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	5,046		$	5,278		$	6,798		$	5,674		$	2,549		$	814
Net expenses(e)		1.00	%(f)(g)		0.91	%(h)		0.96	%(i)(j)		0.97	%(k)		0.96	%(l)		0.96	%(m)
Gross expenses		1.48	%(f)(g)		1.34	%(h)		1.41	%(j)		1.43	%(k)		1.56	%(l)		1.75	%(m)
Net investment income		1.41	%(f)		0.83	%		0.39	%		0.69	%		0.86	%		0.85	%
Portfolio turnover rate		10	%		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)	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.

(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 1.38%.

(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 1.33%.

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

(j)	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%.

(k)	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%.

(l)	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%.

(m)	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.

| 48

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova Global Green Bond—Class N
	Six Months Ended June 30, 2023 (Unaudited)			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	$	8.04		$	10.17		$	10.80		$	10.39		$	9.73		$	9.98

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.10			0.07			0.10			0.12			0.11
Net realized and unrealized gain (loss)		0.11			(1.75	)		(0.36	)		0.71			0.80			(0.02	)

Total from Investment Operations		0.18			(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	$	8.22		$	8.04		$	10.17		$	10.80		$	10.39		$	9.73

Total return(b)		2.24	%(c)		(16.42	)%		(2.73	)%		7.89	%		9.52	%		0.93	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	6,129		$	5,224		$	8,110		$	11,781		$	27,322		$	27,050
Net expenses(d)		0.69	%(e)(f)		0.61	%(g)		0.67	%(h)(i)		0.67	%(j)		0.66	%(k)		0.66	%(l)
Gross expenses		1.16	%(e)(f)		0.99	%(g)		1.05	%(i)		1.07	%(j)		1.08	%(k)		1.12	%(l)
Net investment income		1.71	%(e)		1.11	%		0.69	%		0.96	%		1.17	%		1.13	%
Portfolio turnover rate		10	%		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)	Periods less than one year are not annualized.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

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

(f)	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 1.07%.

(g)	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%.

(h)	Effective July 1, 2021, the expense limit decreased from 0.65% to 0.60%.

(i)	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%.

(j)	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%.

(k)	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%.

(l)	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.

49 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova Global Green Bond—Class Y
	Six Months Ended June 30, 2023 (Unaudited)			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	$	8.03		$	10.16		$	10.79		$	10.37		$	9.72		$	9.97

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.10			0.07			0.10			0.11			0.12
Net realized and unrealized gain (loss)		0.11			(1.76	)		(0.37	)		0.72			0.80			(0.03	)

Total from Investment Operations		0.18			(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	$	8.21		$	8.03		$	10.16		$	10.79		$	10.37		$	9.72

Total return(b)		2.24	%(c)		(16.45	)%		(2.69	)%		7.85	%		9.38	%		0.89	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	25,763		$	25,113		$	32,217		$	22,081		$	7,060		$	1,205
Net expenses(d)		0.75	%(e)(f)		0.66	%(g)		0.71	%(h)(i)		0.72	%(j)		0.71	%(k)		0.71	%(l)
Gross expenses		1.23	%(e)(f)		1.09	%(g)		1.16	%(i)		1.18	%(j)		1.28	%(k)		1.39	%(l)
Net investment income		1.66	%(e)		1.09	%		0.63	%		0.94	%		1.10	%		1.19	%
Portfolio turnover rate		10	%		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)	Periods less than one year are not annualized.

(d)	The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. Without this waiver/reimbursement, expenses would have been higher.

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

(f)	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 1.13%.

(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 1.08%.

(h)	Effective July 1, 2021, the expense limit decreased from 0.70% to 0.65%.

(i)	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%.

(j)	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%.

(k)	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%.

(l)	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.

| 50

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova Global Sustainable Equity Fund—Class A
	Six Months Ended June 30, 2023 (Unaudited)			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	$	15.22		$	20.53		$	19.57		$	14.92		$	11.45		$	12.77

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.06			0.08			(0.01	)		(0.02	)		0.03			0.00	(b)
Net realized and unrealized gain (loss)		2.13			(4.62	)		3.45			4.77			3.69			(0.84	)

Total from Investment Operations		2.19			(4.54	)		3.44			4.75			3.72			(0.84	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.01	)		(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		(0.01	)		(0.77	)		(2.48	)		(0.10	)		(0.25	)		(0.48	)

Net asset value, end of the period	$	17.40		$	15.22		$	20.53		$	19.57		$	14.92		$	11.45

Total return(c)(d)		14.39	%(e)		(22.56	)%		17.82	%		32.07	%		32.63	%		(6.54	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	30,169		$	29,013		$	43,117		$	33,625		$	12,884		$	6,360
Net expenses(f)		1.20	%(g)		1.20	%(h)		1.21	%(i)		1.20	%		1.21	%(j)		1.30	%(k)(l)
Gross expenses		1.25	%(g)		1.26	%(h)		1.24	%(i)		1.24	%		1.39	%(j)		1.39	%(k)
Net investment income (loss)		0.78	%(g)		0.51	%		(0.03	)%		(0.14	)%		0.21	%		0.03	%
Portfolio turnover rate		12	%		23	%		40	%(m)		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)	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.

(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 1.25%.

(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 1.24%.

(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 1.38%.

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

(l)	Effective December 28, 2018, the expense limit decreased from 1.30% to 1.20%.

(m)	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.

51 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova Global Sustainable Equity Fund—Class C
	Six Months Ended June 30, 2023 (Unaudited)			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	$	14.48		$	19.62		$	18.95		$	14.56		$	11.24		$	12.63

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.00	(b)		(0.04	)		(0.16	)		(0.13	)		(0.07	)		(0.09	)
Net realized and unrealized gain (loss)		2.02			(4.40	)		3.31			4.62			3.61			(0.82	)

Total from Investment Operations		2.02			(4.44	)		3.15			4.49			3.54			(0.91	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.01	)		—			(0.00	)(b)		(0.00	)(b)		—			—
Net realized capital gains		—			(0.70	)		(2.48	)		(0.10	)		(0.22	)		(0.48	)

Total Distributions		(0.01	)		(0.70	)		(2.48	)		(0.10	)		(0.22	)		(0.48	)

Net asset value, end of the period	$	16.49		$	14.48		$	19.62		$	18.95		$	14.56		$	11.24

Total return(c)(d)		13.96	%(e)		(23.11	)%		16.85	%		31.07	%		31.66	%		(7.20	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	11,503		$	11,441		$	17,248		$	11,196		$	5,406		$	2,706
Net expenses(f)		1.95	%(g)		1.95	%(h)		1.96	%(i)		1.95	%		1.96	%(j)		2.05	%(k)(l)
Gross expenses		2.00	%(g)		2.01	%(h)		1.99	%(i)		1.99	%		2.14	%(j)		2.14	%(k)
Net investment income (loss)		0.01	%(g)		(0.23	)%		(0.79	)%		(0.84	)%		(0.52	)%		(0.72	)%
Portfolio turnover rate		12	%		23	%		40	%(m)		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 contingent deferred sales charge for Class C 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.

(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 2.00%.

(i)	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%.

(j)	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%.

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

(l)	Effective December 28, 2018, the expense limit decreased from 2.05% to 1.95%.

(m)	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.

| 52

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova Global Sustainable Equity Fund—Class N
	Six Months Ended June 30, 2023 (Unaudited)			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	$	15.36		$	20.72		$	19.71		$	14.99		$	11.49		$	12.81

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.09			0.13			0.05			0.01			0.06			(0.01	)
Net realized and unrealized gain (loss)		2.14			(4.67	)		3.49			4.82			3.72			(0.79	)

Total from Investment Operations		2.23			(4.54	)		3.54			4.83			3.78			(0.80	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.01	)		(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		(0.01	)		(0.82	)		(2.53	)		(0.11	)		(0.28	)		(0.52	)

Net asset value, end of the period	$	17.58		$	15.36		$	20.72		$	19.71		$	14.99		$	11.49

Total return		14.52	%(b)		(22.32	)%		18.17	%		32.44	%(c)		33.05	%(c)		(6.26	)%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	236,220		$	189,957		$	219,679		$	72,768		$	11,000		$	2,842
Net expenses		0.90	%(d)		0.90	%(e)		0.91	%(f)(g)		0.90	%(h)		0.90	%(h)(i)		1.01	%(h)(j)(k)
Gross expenses		0.90	%(d)		0.90	%(e)		0.91	%(f)(g)		0.93	%		1.08	%(i)		1.08	%(j)
Net investment income (loss)		1.07	%(d)		0.81	%		0.24	%		0.08	%		0.46	%		(0.08	)%
Portfolio turnover rate		12	%		23	%		40	%(l)		11	%		23	%		19	%

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

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

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

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

(e)	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%.

(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 0.90%.

(g)	Includes fee/expense recovery of 0.01%.

(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)	Includes interest expense of less than 0.01%.

(j)	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%.

(k)	Effective December 28, 2018, the expense limit decreased from 1.00% to 0.90%.

(l)	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.

53 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova Global Sustainable Equity Fund—Class Y
	Six Months Ended June 30, 2023 (Unaudited)			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	$	15.36		$	20.71		$	19.71		$	14.99		$	11.49		$	12.81

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.09			0.12			0.05			0.01			0.07			0.04
Net realized and unrealized gain (loss)		2.14			(4.66	)		3.46			4.81			3.70			(0.85	)

Total from Investment Operations		2.23			(4.54	)		3.51			4.82			3.77			(0.81	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.01	)		(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		(0.01	)		(0.81	)		(2.51	)		(0.10	)		(0.27	)		(0.51	)

Net asset value, end of the period	$	17.58		$	15.36		$	20.71		$	19.71		$	14.99		$	11.49

Total return(c)		14.52	%(d)		(22.33	)%		18.06	%		32.42	%		32.99	%		(6.32	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	766,094		$	637,021		$	840,638		$	760,181		$	118,032		$	69,705
Net expenses(e)		0.95	%(f)		0.95	%(g)		0.96	%(h)		0.95	%		0.96	%(i)		1.05	%(j)(k)
Gross expenses		1.00	%(f)		1.01	%(g)		0.99	%(h)		0.99	%		1.14	%(i)		1.15	%(j)
Net investment income		1.07	%(f)		0.76	%		0.22	%		0.06	%		0.50	%		0.29	%
Portfolio turnover rate		12	%		23	%		40	%(l)		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)	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.

(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 1.00%.

(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 0.99%.

(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 1.13%.

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

(k)	Effective December 28, 2018, the expense limit decreased from 1.05% to 0.95%.

(l)	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.

| 54

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova International Sustainable Equity Fund—Class A
	Six Months Ended June 30, 2023 (Unaudited)			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	$	10.47		$	14.35		$	13.95		$	12.51		$	10.03		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.13			0.11			0.08			(0.01	)		0.12			(0.00	)(b)
Net realized and unrealized gain (loss)		1.13			(3.62	)		0.78			2.87			2.48			0.03

Total from Investment Operations		1.26			(3.51	)		0.86			2.86			2.60			0.03

LESS DISTRIBUTIONS FROM:
Net investment income		(0.02	)		(0.37	)		(0.09	)		(0.12	)		(0.12	)		—
Net realized capital gains		—			—			(0.37	)		(1.30	)		—			—

Total Distributions		(0.02	)		(0.37	)		(0.46	)		(1.42	)		(0.12	)		—

Net asset value, end of the period	$	11.71		$	10.47		$	14.35		$	13.95		$	12.51		$	10.03

Total return(c)(d)		12.02	%(e)		(24.42	)%		6.22	%		23.18	%		25.97	%		0.30	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	639		$	717		$	380		$	76		$	4		$	1
Net expenses(f)		1.21	%(g)(h)		1.21	%(i)		1.21	%(j)		1.26	%(k)		1.21	%(l)		1.20	%(g)
Gross expenses		3.29	%(g)(h)		2.30	%(i)		2.08	%(j)		5.69	%(k)		107.91	%(l)		22.87	%(g)
Net investment income (loss)		2.35	%(g)		0.99	%		0.57	%		(0.04	)%		1.09	%		(1.20	)%(g)
Portfolio turnover rate		12	%		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)	Computed on an annualized basis for periods less than one year.

(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 3.29%.

(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 2.29%.

(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 2.07%.

(k)	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%.

(l)	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%.

See accompanying notes to financial statements.

55 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova International Sustainable Equity Fund—Class N
	Six Months Ended June 30, 2023 (Unaudited)			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	$	10.52		$	14.40		$	13.99		$	12.51		$	10.03		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.15			0.23			0.14			0.07			0.15			(0.00	)(b)
Net realized and unrealized gain (loss)		1.13			(3.71	)		0.76			2.84			2.49			0.03

Total from Investment Operations		1.28			(3.48	)		0.90			2.91			2.64			0.03

LESS DISTRIBUTIONS FROM:
Net investment income		(0.02	)		(0.40	)		(0.12	)		(0.13	)		(0.16	)		—
Net realized capital gains		—			—			(0.37	)		(1.30	)		—			—

Total Distributions		(0.02	)		(0.40	)		(0.49	)		(1.43	)		(0.16	)		—

Net asset value, end of the period	$	11.78		$	10.52		$	14.40		$	13.99		$	12.51		$	10.03

Total return(c)		12.16	%(d)		(24.17	)%		6.47	%		23.60	%		26.31	%		0.30	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	9,083		$	7,433		$	27,569		$	16,478		$	17,193		$	10,035
Net expenses(e)		0.91	%(f)(g)		0.91	%(h)		0.91	%(i)		0.93	%(j)		0.92	%(k)		0.90	%(f)
Gross expenses		2.78	%(f)(g)		1.80	%(h)		1.44	%(i)		1.83	%(j)		1.99	%(k)		22.55	%(f)
Net investment income (loss)		2.62	%(f)		2.01	%		0.94	%		0.58	%		1.36	%		(0.90	)%(f)
Portfolio turnover rate		12	%		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)	Computed on an annualized basis for periods less than one year.

(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 2.77%.

(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 1.79%.

(i)	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%.

(j)	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%.

(k)	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%.

See accompanying notes to financial statements.

| 56

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova International Sustainable Equity Fund—Class Y
	Six Months Ended June 30, 2023 (Unaudited)			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	$	10.51		$	14.38		$	13.98		$	12.50		$	10.03		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.15			0.24			0.08			0.03			0.15			(0.00	)(b)
Net realized and unrealized gain (loss)		1.13			(3.72	)		0.80			2.88			2.48			0.03

Total from Investment Operations		1.28			(3.48	)		0.88			2.91			2.63			0.03

LESS DISTRIBUTIONS FROM:
Net investment income		(0.02	)		(0.39	)		(0.11	)		(0.13	)		(0.16	)		—
Net realized capital gains		—			—			(0.37	)		(1.30	)		—			—

Total Distributions		(0.02	)		(0.39	)		(0.48	)		(1.43	)		(0.16	)		—

Net asset value, end of the period	$	11.77		$	10.51		$	14.38		$	13.98		$	12.50		$	10.03

Total return(c)		12.17	%(d)		(24.18	)%		6.39	%		23.60	%		26.21	%		0.30	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,049		$	808		$	1,783		$	75		$	9		$	1
Net expenses(e)		0.95	%(f)(g)		0.96	%(h)		0.96	%(i)		1.00	%(j)		0.96	%(k)		0.95	%(f)
Gross expenses		3.04	%(f)(g)		2.05	%(h)		1.83	%(i)		6.51	%(j)		94.13	%(k)		22.51	%(f)
Net investment income (loss)		2.64	%(f)		2.09	%		0.52	%		0.21	%		1.36	%		(0.95	)%(f)
Portfolio turnover rate		12	%		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)	Computed on an annualized basis for periods less than one year.

(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 3.03%.

(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 2.04%.

(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 1.82%.

(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 6.46%.

(k)	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%.

See accompanying notes to financial statements.

57 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova U.S. Sustainable Equity Fund—Class A
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Year Ended December 31, 2021			Period Ended December 31, 2020*
Net asset value, beginning of the period	$	9.07		$	12.57		$	10.21		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.01			0.00	(b)		(0.04	)		(0.00	)(b)
Net realized and unrealized gain (loss)		1.52			(2.86	)		3.06			0.21

Total from Investment Operations		1.53			(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	$	10.60		$	9.07		$	12.57		$	10.21

Total return(c)(d)		16.87	%(e)		(23.21	)%		29.65	%		2.10	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	5		$	3		$	12		$	1
Net expenses(f)		1.05	%(g)		1.05	%		1.05	%		1.05	%(g)
Gross expenses		9.72	%(g)		7.15	%		8.99	%		23.61	%(g)
Net investment income (loss)		0.11	%(g)		0.01	%		(0.31	)%		(0.73	)%(g)
Portfolio turnover rate		6	%		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.

| 58

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova U.S. Sustainable Equity Fund—Class C
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Year Ended December 31, 2021			Period Ended December 31, 2020*
Net asset value, beginning of the period	$	8.92		$	12.47		$	10.21		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.03	)		(0.08	)		(0.12	)		(0.01	)
Net realized and unrealized gain (loss)		1.50			(2.83	)		3.04			0.22

Total from Investment Operations		1.47			(2.91	)		2.92			0.21

LESS DISTRIBUTIONS FROM:
Net realized capital gains		—			(0.64	)		(0.66	)		—

Net asset value, end of the period	$	10.39		$	8.92		$	12.47		$	10.21

Total return(b)(c)		16.48	%(d)		(23.81	)%		28.62	%		2.10	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	92		$	77		$	101		$	1
Net expenses(e)		1.80	%(f)		1.80	%		1.80	%		1.80	%(f)
Gross expenses		10.46	%(f)		7.97	%		9.37	%		24.34	%(f)
Net investment loss		(0.63	)%(f)		(0.81	)%		(0.91	)%		(1.45	)%(f)
Portfolio turnover rate		6	%		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.

59 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova U.S. Sustainable Equity Fund—Class N
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Year Ended December 31, 2021			Period Ended December 31, 2020*
Net asset value, beginning of the period	$	9.08		$	12.59		$	10.21		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.02			0.02			0.01			(0.00	)(b)
Net realized and unrealized gain (loss)		1.53			(2.85	)		3.05			0.21

Total from Investment Operations		1.55			(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	$	10.63		$	9.08		$	12.59		$	10.21

Total return(c)		17.07	%(d)		(22.95	)%		29.99	%		2.10	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	4,128		$	3,527		$	4,893		$	5,106
Net expenses(e)		0.75	%(f)		0.75	%		0.75	%		0.75	%(f)
Gross expenses		5.08	%(f)		4.90	%		3.50	%		17.07	%(f)
Net investment income (loss)		0.42	%(f)		0.24	%		0.06	%		(0.39	)%(f)
Portfolio turnover rate		6	%		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.

| 60

Financial Highlights (continued)

For a share outstanding throughout each period.


	Mirova U.S. Sustainable Equity Fund—Class Y
	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Year Ended December 31, 2021			Period Ended December 31, 2020*
Net asset value, beginning of the period	$	9.07		$	12.59		$	10.21		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.02			0.02			(0.00	)(b)		(0.00	)(b)
Net realized and unrealized gain (loss)		1.53			(2.87	)		3.06			0.21

Total from Investment Operations		1.55			(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	$	10.62		$	9.07		$	12.59		$	10.21

Total return(c)		17.09	%(d)		(23.07	)%		29.97	%		2.10	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	25		$	48		$	44		$	1
Net expenses(e)		0.80	%(f)		0.80	%		0.80	%		0.80	%(f)
Gross expenses		9.46	%(f)		6.96	%		8.79	%		23.24	%(f)
Net investment income (loss)		0.49	%(f)		0.19	%		(0.01	)%		(0.36	)%(f)
Portfolio turnover rate		6	%		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.

61 |

Notes to Financial Statements

June 30, 2023 (Unaudited)

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 (“Global Green Bond Fund”)

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

Mirova International Sustainable Equity Fund (“International Sustainable Equity Fund”)

Mirova U.S. Sustainable Equity Fund (“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 (“NAV”) per share.

| 62

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

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.

63 |

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

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 June 30, 2023 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years, where applicable, remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

| 64

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

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.

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 year ended December 31, 2022 was as follows:


	2022 Distributions
Fund	Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Gateway Fund	$	58,048,921	$	—	$	—	$	58,048,921
Gateway Equity Call Premium Fund		1,250,482		—		—		1,250,482
Global Green Bond Fund		200,482		1,902,630		—		2,103,112
Global Sustainable Equity Fund		24,414,403		23,809,481		—		48,223,884
International Sustainable Equity Fund		328,586		—		—		328,586
U.S. Sustainable Equity Fund		165,527		100,196		3,188		268,911

65 |

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

As of December 31, 2022, capital loss carryforwards and late-year ordinary and post-October capital loss deferrals 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
Capital loss carryforward:
Short-term:
No expiration date	$	(1,015,602,052	)	$	(5,417,327	)	$	—		$	(8,855,576	)	$	(212,150	)	$	—
Long-term:
No expiration date		—			(808,973	)		—			(3,426,339	)		(67,885	)		—

Total capital loss carryforward*		(1,015,602,052	)		(6,226,300	)		—			(12,281,915	)		(280,035	)		—

Late-year ordinary and post-October capital loss deferrals**	$	—		$	—		$	(2,907,874	)	$	—		$	—		$	(4,921	)

*	Under Section 382 of the Internal Revenue Service Code, a portion of the capital loss carryforward for International Sustainable Equity Fund is subject to certain limitations upon availability, to offset future capital gains, if any.

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.

As of June 30, 2023, 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	$	2,397,468,741		$	196,915,318		$	36,873,954		$	1,005,381,358		$	12,045,683		$	3,743,003

Gross tax appreciation	$	4,223,216,728		$	58,051,979		$	231,166		$	119,499,015		$	615,927		$	783,278
Gross tax depreciation		(106,581,043	)		(5,189,127	)		(5,365,340	)		(86,451,235	)		(2,098,325	)		(236,352	)

Net tax appreciation (depreciation)	$	4,116,635,685		$	52,862,852		$	(5,134,174	)	$	33,047,780		$	(1,482,398	)	$	546,926

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 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 June 30, 2023, 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.

•

Level 1 – quoted prices in active markets for identical assets or liabilities;

•

| 66

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

•

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 June 30, 2023, at value:

Gateway Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	6,384,759,508	$	—	$	—	$	6,384,759,508
Purchased Options(a)		26,285,235		—		—		26,285,235
Short-Term Investments		—		170,669,144		—		170,669,144

Total	$	6,411,044,743	$	170,669,144	$	—	$	6,581,713,887

Liability Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Written Options(a)	$	(176,640,405)	$	—	$	—	$	(176,640,405)

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

Gateway Equity Call Premium Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	243,515,743	$	—	$	—	$	243,515,743
Short-Term Investments		—		8,537,517		—		8,537,517

Total	$	243,515,743	$	8,537,517	$	—	$	252,053,260

Liability Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Written Options(a)	$	(6,917,650)	$	—	$	—	$	(6,917,650)

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

67 |

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

Global Green Bond Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes(a)	$	—	$	31,615,586	$	—	$	31,615,586
Short-Term Investments		—		481,674		—		481,674

Total Investments		—		32,097,260		—		32,097,260

Futures Contracts (unrealized appreciation)		20,733		—		—		20,733

Total	$	20,733	$	32,097,260	$	—	$	32,117,993

Liability Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(378,213)	$	—	$	—	$	(378,213)

(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	$	—	$	11,022,941	$	—	$	11,022,941
Denmark		—		90,679,069		—		90,679,069
France		—		40,256,696		—		40,256,696
Germany		—		56,380,120		—		56,380,120
Hong Kong		—		24,011,095		—		24,011,095
Japan		—		52,424,521		—		52,424,521
Netherlands		—		43,740,847		—		43,740,847
Spain		—		34,555,828		—		34,555,828
United Kingdom		—		23,726,112		—		23,726,112
All Other Common Stocks(a)		638,884,660		—		—		638,884,660

Total Common Stocks		638,884,660		376,797,229		—		1,015,681,889

Short-Term Investments		—		22,747,249		—		22,747,249

Total	$	638,884,660	$	399,544,478	$	—	$	1,038,429,138

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

International Sustainable Equity Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	118,185	$	—	$	118,185
Belgium		—		565,654		—		565,654
Denmark		—		1,155,408		—		1,155,408
France		—		1,377,385		—		1,377,385
Germany		—		958,853		—		958,853
Hong Kong		—		405,407		—		405,407
Ireland		—		450,287		—		450,287
Japan		—		1,408,543		—		1,408,543
Netherlands		—		913,286		—		913,286
Norway		—		41,450		—		41,450

| 68

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)


Description	Level 1		Level 2		Level 3		Total
Spain	$	—	$	436,112	$	—	$	436,112
Switzerland		—		264,138		—		264,138
Taiwan		521,756		—		—		521,756
United Kingdom		—		1,373,138		—		1,373,138
United States		—		159,331		—		159,331

Total Common Stocks		521,756		9,627,177		—		10,148,933

Short-Term Investments		—		414,352		—		414,352

Total	$	521,756	$	10,041,529	$	—	$	10,563,285

U.S. Sustainable Equity Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	4,092,196	$	—	$	—	$	4,092,196
Short-Term Investments		—		197,733		—		197,733

Total	$	4,092,196	$	197,733	$	—	$	4,289,929

(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 six months ended June 30, 2023, 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 investment strategies, the Fund may also invest in various types of futures contracts for investment purposes. During the six months ended June 30, 2023, 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 six months ended June 30, 2023, 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 six months ended June 30, 2023, Global Green Bond Fund used currency futures for hedging purposes.

69 |

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

The following is a summary of derivative instruments for Gateway Fund as of June 30, 2023, as reflected within the Statements of Assets and Liabilities:


Assets	Investments at value¹
Exchange-traded asset derivatives
Equity contracts	$	26,285,235

Liabilities	Options written at value
Exchange-traded liability derivatives
Equity contracts	$	(176,640,405	)

¹	Represents purchased options, at value

Transactions in derivative instruments for Gateway Fund during the six months ended June 30, 2023, as reflected within the Statements of Operations were as follows:


Net Realized Gain (Loss) on:	Investments²			Options written
Equity contracts	$	(174,493,062	)	$	(61,222,853	)

Net Change in Unrealized Appreciation (Depreciation) on:	Investments²			Options written
Equity contracts	$	(735,224	)	$	(141,106,263	)

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 June 30, 2023, as reflected within the Statements of Assets and Liabilities:


Liabilities	Options written at value
Exchange-traded liability derivatives
Equity contracts	$	(6,917,650	)

Transactions in derivative instruments for Gateway Equity Call Premium Fund during the six months ended June 30, 2023, as reflected within the Statements of Operations were as follows:


Net Realized Gain (Loss) on:	Options written
Equity contracts	$	(2,462,413	)

Net Change in Unrealized Appreciation (Depreciation) on:	Options written
Equity contracts	$	(3,947,784	)

The following is a summary of derivative instruments for Global Green Bond Fund as of June 30, 2023, as reflected within the Statements of Assets and Liabilities:


Assets	Unrealized appreciation on futures contracts
Exchange-traded asset derivatives
Interest rate contracts	$	20,733

Liabilities	Unrealized depreciation on futures contracts
Exchange-traded liability derivatives
Interest rate contracts	$	(23,380	)
Foreign exchange contracts		(354,833	)

Total exchange-traded liability derivatives	$	(378,213	)

| 70

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

Transactions in derivative instruments for Global Green Bond Fund during the six months ended June 30, 2023, as reflected within the Statements of Operations were as follows:


Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	(215,965	)
Foreign exchange contracts		(536,729	)

Total	$	(752,694	)


Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	(7,070	)
Foreign exchange contracts		238,766

Total	$	231,696

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 six months ended June 30, 2023:


Gateway Fund	Call Options Written*			Put Options Purchased*
Average Notional Amount Outstanding		98.97	%		97.15	%
Highest Notional Amount Outstanding		99.03	%		99.03	%
Lowest Notional Amount Outstanding		98.94	%		86.17	%
Notional Amount Outstanding as of June 30, 2023		98.97	%		98.97	%

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 six months ended June 30, 2023:


Gateway Equity Call Premium Fund	Call Options Written*
Average Notional Amount Outstanding		99.00	%
Highest Notional Amount Outstanding		99.05	%
Lowest Notional Amount Outstanding		98.88	%
Notional Amount Outstanding as of June 30, 2023		99.05	%

*	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.

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 six months ended June 30, 2023:


Global Green Bond Fund	Futures
Average Notional Amount Outstanding		90.38	%
Highest Notional Amount Outstanding		94.21	%
Lowest Notional Amount Outstanding		83.18	%
Notional Amount Outstanding as of June 30, 2023		83.18	%

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

71 |

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

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.

5. Purchases and Sales of Securities. For the six months ended June 30, 2023, purchases and sales of securities (excluding short-term investments, option contracts and including paydowns) were as follows:


Fund	Purchases		Sales
Gateway Fund	$	505,043,629	$	1,292,439,204
Gateway Equity Call Premium Fund		123,293,855		46,639,632
Global Green Bond Fund		3,367,769		7,977,730
Global Sustainable Equity Fund		149,378,594		114,274,839
International Sustainable Equity Fund		1,388,913		1,161,400
U.S. Sustainable Equity Fund		241,446		353,195

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 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, 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.

| 72

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

For the six months ended June 30, 2023, 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 six months ended June 30, 2023, 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	$	18,440,769	$	1,076,323	$	17,364,446		0.59	%		0.56	%
Gateway Equity Call Premium Fund		583,940		172,854		411,086		0.58	%		0.41	%
Global Green Bond Fund		91,433		86,824		4,609		0.50	%		0.03	%
Global Sustainable Equity Fund		3,769,240		—		3,769,240		0.80	%		0.80	%
International Sustainable Equity Fund		39,534		39,534		—		0.80	%		—	%
U.S. Sustainable Equity Fund		12,543		12,543		—		0.65	%		—	%

For the six months ended June 30, 2023, class-specific expenses have been reimbursed as follows:


	Reimbursement¹
Fund	Class A		Class C		Class N		Class Y		Total
Gateway Fund	$	84,042	$	—	$	—	$	—	$	84,042
Global Sustainable Equity Fund	��	7,732		2,956		—		176,651		187,339

¹	Waiver/expense reimbursements are subject to possible recovery until December 31, 2024.

In addition, Mirova US reimbursed non-class-specific expenses of International Sustainable Equity Fund and U.S. Sustainable Equity Fund in the amounts of $53,731 and $72,630, respectively, for the six months ended June 30, 2023, which are subject to possible recovery until December 31, 2024.

73 |

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

For the six months ended June 30, 2023, the service and distribution fees for each Fund were as follows:


	Service Fees				Distribution Fees
Fund	Class A		Class C		Class C
Gateway Fund	$	1,024,693	$	92,430	$	277,289
Gateway Equity Call Premium Fund		2,167		1,223		3,667
Global Green Bond Fund		6,341		—		—
Global Sustainable Equity Fund		36,885		14,058		42,172
International Sustainable Equity Fund		846		—		—
U.S. Sustainable Equity Fund		4		104		311

For the six months ended June 30, 2023, Natixis Distribution refunded Gateway Fund $17,210 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 six months ended June 30, 2023, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
Gateway Fund	$	1,449,184
Gateway Equity Call Premium Fund		46,648
Global Green Bond Fund		8,477
Global Sustainable Equity Fund		218,320
International Sustainable Equity Fund		2,290
U.S. Sustainable Equity Fund		895

For the six months ended June 30, 2023, 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	$	1,937,112
Gateway Equity Call Premium Fund		70,613
Global Green Bond Fund		11,731
Global Sustainable Equity Fund		373,203
International Sustainable Equity Fund		568
U.S. Sustainable Equity Fund		17

| 74

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)


Fund	Reimbursements of Sub-Transfer Agent Fees
Gateway Fund	$	46,818
Gateway Equity Call Premium Fund		1,839
Global Green Bond Fund		304
Global Sustainable Equity Fund		8,425
International Sustainable Equity Fund		17

e. Commissions. Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the six months ended June 30, 2023 was as follows:


Fund	Commissions
Gateway Fund	$	29,938
Gateway Equity Call Premium Fund		26
Global Sustainable Equity Fund		2,234

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. Each Governance Committee member is compensated $2,500 for each Committee meeting that he or she attends either in person or 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.

Certain officers and employees of Natixis Advisors and affiliates are also officers and/or Trustees of the Trusts.

g. Affiliated Ownership. As of June 30, 2023, 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		1.57	%
Natixis Sustainable Future 2020 Fund		1.06	%
Natixis Sustainable Future 2025 Fund		2.29	%
Natixis Sustainable Future 2030 Fund		3.51	%
Natixis Sustainable Future 2035 Fund		2.68	%
Natixis Sustainable Future 2040 Fund		1.91	%

75 |

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)


Global Green Bond Fund	Percentage of Net Assets
Natixis Sustainable Future 2045 Fund		1.58	%
Natixis Sustainable Future 2050 Fund		0.70	%
Natixis Sustainable Future 2055 Fund		0.55	%
Natixis Sustainable Future 2060 Fund		0.40	%
Natixis Sustainable Future 2065 Fund		0.11	%

		16.36	%

International Sustainable Equity Fund	Percentage of Net Assets
Natixis Sustainable Future 2015 Fund		1.64	%
Natixis Sustainable Future 2020 Fund		1.49	%
Natixis Sustainable Future 2025 Fund		4.13	%
Natixis Sustainable Future 2030 Fund		8.44	%
Natixis Sustainable Future 2035 Fund		10.50	%
Natixis Sustainable Future 2040 Fund		11.23	%
Natixis Sustainable Future 2045 Fund		12.29	%
Natixis Sustainable Future 2050 Fund		12.54	%
Natixis Sustainable Future 2055 Fund		11.24	%
Natixis Sustainable Future 2060 Fund		8.34	%
Natixis Sustainable Future 2065 Fund		2.32	%

		84.16	%

U.S. Sustainable Equity Fund	Percentage of Net Assets
Natixis and affiliates		97.14	%

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 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, 2024, and is not subject to recovery under the expense limitation agreement described above.

For the six months ended June 30, 2023, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:


	Reimbursement of Transfer Agency Expenses
Fund	Class N
Gateway Equity Call Premium Fund	$	834
Global Green Bond Fund		895
Global Sustainable Equity Fund		1,423
International Sustainable Equity Fund		904
U.S. Sustainable Equity Fund		798

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.

| 76

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

For the six months ended June 30, 2023, 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	$	313,264	$	27,776	$	2,559	$	1,861,632
Gateway Equity Call Premium Fund		700		396		834		80,118
Global Green Bond Fund		2,470		—		895		12,529
Global Sustainable Equity Fund		15,644		5,966		1,423		366,265
International Sustainable Equity Fund		974		—		904		1,376
U.S. Sustainable Equity Fund		64		1,839		798		573

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 syndicated, revolving, committed, unsecured line of credit with State Street Bank as administrative agent. The aggregate revolving commitment amount is $575,000,000. Any one Fund may borrow up to $402,500,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $575,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. 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.

For the six months ended June 30, 2023, none of the Funds had borrowings under this agreement.

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.

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. Interest Expense. The Funds incur interest expense on cash (including foreign currency) overdrafts at the custodian bank and, for Global Green Bond Fund, foreign currency debit balances at brokers. Interest expense incurred for the six months ended June 30, 2023 is reflected on the Statements of Operations.

11. Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of June 30, 2023, based on management’s evaluation of the shareholder account base, the Funds had accounts representing

77 |

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

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		63.61	%		—			63.61	%
Global Green Bond Fund		4		45.57	%		16.36	%		61.93	%
Global Sustainable Equity Fund		1		28.67	%		—			28.67	%
International Sustainable Equity Fund		1		5.30	%		84.16	%		89.46	%

12. Capital Shares. Each Fund may issue an unlimited number of shares of beneficial interest, without par value. Transactions in capital shares were as follows:


	Six Months Ended June 30, 2023						Year Ended December 31, 2022
Gateway Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		976,241		$	36,460,500			2,990,927		$	111,688,911
Issued in connection with the reinvestment of distributions		71,179			2,676,774			132,916			4,799,294
Redeemed		(5,008,926	)		(186,722,613	)		(5,070,154	)		(186,569,866	)

Net change		(3,961,506	)	$	(147,585,339	)		(1,946,311	)	$	(70,081,661	)

Class C
Issued from the sale of shares		56,043		$	2,072,188			295,524		$	11,043,487
Issued in connection with the reinvestment of distributions		895			32,579			—			—
Redeemed		(403,490	)		(14,883,304	)		(923,521	)		(33,943,135	)

Net change		(346,552	)	$	(12,778,537	)		(627,997	)	$	(22,899,648	)

Class N
Issued from the sale of shares		2,545,654		$	93,501,083			4,827,293		$	182,200,937
Issued in connection with the reinvestment of distributions		28,479			1,070,515			64,735			2,340,801
Redeemed		(3,348,455	)		(125,165,066	)		(6,643,828	)		(244,989,922	)

Net change		(774,322	)	$	(30,593,468	)		(1,751,800	)	$	(60,448,184	)

Class Y
Issued from the sale of shares		12,193,929		$	455,215,801			33,208,989		$	1,246,241,832
Issued in connection with the reinvestment of distributions		540,143			20,347,019			1,096,216			39,614,732
Redeemed		(23,794,693	)		(883,490,462	)		(52,875,105	)		(1,938,033,620	)

Net change		(11,060,621	)	$	(407,927,642	)		(18,569,900	)	$	(652,177,056	)

Decrease from capital share transactions		(16,143,001	)	$	(598,884,986	)		(22,896,008	)	$	(805,606,549	)

| 78

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

12. Capital Shares (continued).


	Six Months Ended June 30, 2023						Year Ended December 31, 2022
Gateway Equity Call Premium Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		27,335		$	429,279			21,527		$	334,499
Issued in connection with the reinvestment of distributions		401			6,260			807			11,890
Redeemed		(15,690	)		(243,727	)		(68,414	)		(1,058,963	)

Net change		12,046		$	191,812			(46,080	)	$	(712,574	)

Class C
Issued from the sale of shares		3,147		$	48,869			45,751		$	665,059
Issued in connection with the reinvestment of distributions		26			383			41			601
Redeemed		(1,470	)		(21,494	)		(29,736	)		(422,608	)

Net change		1,703		$	27,758			16,056		$	243,052

Class N
Issued from the sale of shares		255		$	3,937			1,231		$	18,762
Issued in connection with the reinvestment of distributions		76			1,190			156			2,287
Redeemed		(617	)		(9,532	)		(12,648	)		(196,525	)

Net change		(286	)	$	(4,405	)		(11,261	)	$	(175,476	)

Class Y
Issued from the sale of shares		6,209,244		$	95,518,499			6,302,053		$	95,742,078
Issued in connection with the reinvestment of distributions		23,159			362,022			34,360			498,728
Redeemed		(823,395	)		(12,554,040	)		(3,097,465	)		(45,769,567	)

Net change		5,409,008		$	83,326,481			3,238,948		$	50,471,239

Increase from capital share transactions		5,422,471		$	83,541,646			3,197,663		$	49,826,241


	Six Months Ended June 30, 2023						Year Ended December 31, 2022
Global Green Bond Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		106,725		$	873,960			224,455		$	2,033,286
Issued in connection with the reinvestment of distributions		—			—			36,736			308,268
Redeemed		(149,067	)		(1,220,233	)		(271,498	)		(2,361,128	)

Net change		(42,342	)	$	(346,273	)		(10,307	)	$	(19,574	)

Class N
Issued from the sale of shares		139,629		$	1,147,900			325,512		$	2,912,104
Issued in connection with the reinvestment of distributions		—			—			35,400			298,746
Redeemed		(44,111	)		(363,942	)		(508,558	)		(4,731,582	)

Net change		95,518		$	783,958			(147,646	)	$	(1,520,732	)

Class Y
Issued from the sale of shares		556,033		$	4,572,310			1,025,177		$	9,141,286
Issued in connection with the reinvestment of distributions		—			—			162,421			1,369,017
Redeemed		(546,512	)		(4,507,911	)		(1,230,856	)		(10,806,351	)

Net change		9,521		$	64,399			(43,258	)	$	(296,048	)

Increase (decrease) from capital share transactions		62,697		$	502,084			(201,211	)	$	(1,836,354	)

79 |

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

12. Capital Shares (continued).


	Six Months Ended June 30, 2023						Year Ended December 31, 2022
Global Sustainable Equity Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		169,290		$	2,755,668			633,351		$	10,228,563
Issued in connection with the reinvestment of distributions		680			10,990			54,978			948,248
Redeemed		(341,599	)		(5,556,667	)		(883,055	)		(13,688,073	)

Net change		(171,629	)	$	(2,790,009	)		(194,726	)	$	(2,511,262	)

Class C
Issued from the sale of shares		16,204		$	252,770			127,671		$	2,080,308
Issued in connection with the reinvestment of distributions		179			2,743			13,506			224,871
Redeemed		(108,716	)		(1,658,658	)		(230,165	)		(3,378,088	)

Net change		(92,333	)	$	(1,403,145	)		(88,988	)	$	(1,072,909	)

Class N
Issued from the sale of shares		2,489,763		$	41,771,402			6,250,775		$	105,399,673
Issued in connection with the reinvestment of distributions		7,359			120,176			581,695			10,042,156
Redeemed		(1,427,052	)		(23,490,888	)		(5,072,369	)		(79,685,344	)

Net change		1,070,070		$	18,400,690			1,760,101		$	35,756,485

Class Y
Issued from the sale of shares		9,248,435		$	151,128,119			17,246,094		$	287,327,840
Issued in connection with the reinvestment of distributions		20,793			339,359			1,489,114			25,731,128
Redeemed		(7,151,419	)		(118,274,544	)		(17,853,965	)		(281,709,316	)

Net change		2,117,809		$	33,192,934			881,243		$	31,349,652

Increase from capital share transactions		2,923,917		$	47,400,470			2,357,630		$	63,521,966


	Six Months Ended June 30, 2023						Year Ended December 31, 2022
International Sustainable Equity Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		14,441		$	166,343			68,704		$	727,987
Issued in connection with the reinvestment of distributions		90			1,032			2,437			25,462
Redeemed		(28,504	)		(327,600	)		(29,117	)		(307,887	)

Net change		(13,973	)	$	(160,225	)		42,024		$	445,562

Class N
Issued from the sale of shares		94,468		$	1,088,476			309,325		$	3,440,154
Issued in connection with the reinvestment of distributions		1,155			13,301			26,059			273,620
Redeemed		(31,231	)		(358,056	)		(1,543,327	)		(16,210,215	)

Net change		64,392		$	743,721			(1,207,943	)	$	(12,496,441	)

Class Y
Issued from the sale of shares		19,242		$	221,075			89,827		$	983,179
Issued in connection with the reinvestment of distributions		133			1,531			2,813			29,504
Redeemed		(7,067	)		(80,644	)		(139,767	)		(1,453,883	)

Net change		12,308		$	141,962			(47,127	)	$	(441,200	)

Increase (decrease) from capital share transactions		62,727		$	725,458			(1,213,046	)	$	(12,492,079	)

| 80

Notes to Financial Statements (continued)

June 30, 2023 (Unaudited)

12. Capital Shares (continued).


	Six Months Ended June 30, 2023						Year Ended December 31, 2022
U.S. Sustainable Equity Fund	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		204		$	2,118			8,597		$	88,519
Issued in connection with the reinvestment of distributions		—			—			22			223
Redeemed		—			—			(9,310	)		(86,739	)

Net change		204		$	2,118			(691	)	$	2,003

Class C
Issued from the sale of shares		211		$	2,000			—		$	—
Issued in connection with the reinvestment of distributions		—			—			528			5,225
Redeemed		(4	)		(41	)		—			—

Net change		207		$	1,959			528		$	5,225

Class Y
Issued from the sale of shares		3,012		$	29,044			1,793		$	17,237
Issued in connection with the reinvestment of distributions		—			—			261			2,602
Redeemed		(5,981	)		(55,892	)		(254	)		(2,531	)

Net change		(2,969	)	$	(26,848	)		1,800		$	17,308

Increase (decrease) from capital share transactions		(2,558	)	$	(22,771	)		1,637		$	24,536

81 |

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

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) Not applicable.

(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:		August 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:		August 22, 2023

By:		/s/ Matthew J. Block
Name:		Matthew J. Block
Title:		Treasurer and Principal Financial and
		Accounting Officer
Date:		August 22, 2023

Natixis Funds Trust I N-CSRSCertified semi-annual shareholder report (management investment company)