Natixis Funds Trust I N-CSRS 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)

Russell L. Kane, Esq.

Natixis Distribution, L.P.

888 Boylston Street, Suite 800

Boston, Massachusetts 02199-8197 (Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2020

Item 1. Reports to Stockholders.

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

Semiannual Report

June 30, 2020

Mirova Global Green Bond Fund

Mirova Global Sustainable Equity Fund

Mirova International Sustainable Equity Fund

Table of Contents

Portfolio Review	1
Portfolio of Investments	17
Financial Statements	27
Notes to Financial Statements	43

IMPORTANT NOTICE TO SHAREHOLDERS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you wish to continue receiving paper copies of your shareholder reports after January 1, 2021, you can inform the Fund at any time by calling 1-800-225-5478. If you hold your account with a financial intermediary and you wish to continue receiving paper copies after January 1, 2021, you should call your financial intermediary directly. Paper copies are provided free of charge, and your election to receive reports in paper will apply to all funds held with the Natixis Funds complex. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You currently may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically at www.icsdelivery.com/natixisfunds.

MIROVA GLOBAL GREEN BOND FUND

Managers	Symbols
Marc Briand	Class A    MGGAX
Charles Portier	Class N    MGGNX
Mirova US LLC	Class Y    MGGYX

Investment Goal

The Fund seeks to provide total return, through a combination of capital appreciation and current income, by investing in green bonds.

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Average Annual Total Returns — June 30, 2020²

										Expense Ratios3
	6 Months			1 Year			Life of Fund			Gross			Net
Class Y (Inception 2/28/17)
NAV		2.85	%		4.50	%		4.39	%		1.28	%		0.71	%
Class A (Inception 2/28/17)
NAV		2.74			4.29			4.15			1.56	%		0.96	%
With 4.25% Maximum Sales Charge		-1.63			-0.13			2.81
Class N (Inception 2/28/17)
NAV		2.78			4.54			4.45			1.08	%		0.66	%
COMPARATIVE PERFORMANCE
Bloomberg Barclays MSCI Green Bond Index1		3.41			5.25			5.39

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

1 The Bloomberg Barclays MSCI Green Bond Index 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 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 4/30/21. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

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MIROVA GLOBAL SUSTAINABLE EQUITY FUND

Managers	Symbols
Jens Peers, CFA®	Class A    ESGMX
Hua Cheng, CFA®, PhD	Class C    ESGCX
Amber Fairbanks, CFA®	Class N    ESGNX
Mirova US LLC	Class Y    ESGYX

Investment Goal

The Fund seeks long-term capital appreciation.

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Average Annual Total Returns — June 30, 2020³

							Life of Class					Expense Ratios4
	6 Months			1 Year			Class Y/A/C			Class N		Gross			Net
Class Y (Inception 3/31/16)
NAV		6.06	%		15.94	%		13.54	%		—		1.14	%		0.96	%
Class A (Inception 3/31/16)
NAV		5.95			15.68			13.28			—		1.39	%		1.21	%
With 5.75% Maximum Sales Charge		-0.14			9.04			11.71			—
Class C (Inception 3/31/16)
NAV		5.48			14.79			12.42			—		2.14	%		1.96	%
With CDSC1		4.48			13.79			12.42			—
Class N (Inception 5/1/17)
NAV		6.06			15.99			—			14.11		1.08	%		0.90	%
COMPARATIVE PERFORMANCE
MSCI World Index (Net)2		-5.77			2.84			9.12			7.07

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

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

2 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 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 4/30/21. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

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MIROVA INTERNATIONAL SUSTAINABLE EQUITY FUND

Managers	Symbols
Jens Peers, CFA®	Class A    MRVAX
Hua Cheng, CFA® PhD	Class N    MRVNX
Amber Fairbanks, CFA®	Class Y    MRVYX
Mirova US LLC

Investment Goal

The Fund seeks long-term capital appreciation.

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Average Annual Total Returns — June 30, 2020²

										Expense Ratios3
	6 Months			1 Year			Life of Fund			Gross			Net
Class Y (Inception 12/28/18)
NAV		-3.05	%		6.58	%		14.58	%		94.13	%		0.96	%
Class A (Inception 12/28/18)
NAV		-3.29			6.31			14.25			107.91	%		1.21	%
With 5.75% Maximum Sales Charge		-8.83			0.20			9.84
Class N (Inception 12/28/18)
NAV		-3.05			6.68			14.65			1.99	%		0.92	%
COMPARATIVE PERFORMANCE
MSCI EAFE Index (Net)1		-11.34			-5.13			5.66

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 The 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.

3 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 4/30/21. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

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

QUARTERLY PORTFOLIO SCHEDULES

Natixis Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov.

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

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UNDERSTANDING FUND EXPENSES

As a mutual fund shareholder, you incur different types of costs: transaction costs, including sales charges (loads) on purchases, 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 Fund’s prospectus. The following examples are intended to help you understand the ongoing costs of investing in the Fund and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table for each class shows the actual account values and actual Fund expenses you would have paid on a $1,000 investment in the Fund from January 1, 2020 through June 30, 2020. 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 for the table of each class provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid on your investment for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

MIROVA GLOBAL GREEN BOND FUND	BEGINNING ACCOUNT VALUE 1/1/2020		ENDING ACCOUNT VALUE 6/30/2020		EXPENSES PAID DURING PERIOD* 1/1/2020 – 6/30/2020
Class A
Actual		$1,000.00		$1,027.40		$4.89
Hypothetical (5% return before expenses)		$1,000.00		$1,020.04		$4.87
Class N
Actual		$1,000.00		$1,027.80		$3.38
Hypothetical (5% return before expenses)		$1,000.00		$1,021.53		$3.37
Class Y
Actual		$1,000.00		$1,028.50		$3.63
Hypothetical (5% return before expenses)		$1,000.00		$1,021.28		$3.62

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.97%, 0.67% and 0.72% 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 (182), divided by 366 (to reflect the half-year period).

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MIROVA GLOBAL SUSTAINABLE EQUITY FUND	BEGINNING ACCOUNT VALUE 1/1/2020		ENDING ACCOUNT VALUE 6/30/2020		EXPENSES PAID DURING PERIOD* 1/1/2020 – 6/30/2020
Class A
Actual		$1,000.00		$1,059.50		$6.14
Hypothetical (5% return before expenses)		$1,000.00		$1,018.90		$6.02
Class C
Actual		$1,000.00		$1,054.80		$9.96
Hypothetical (5% return before expenses)		$1,000.00		$1,015.17		$9.77
Class N
Actual		$1,000.00		$1,060.60		$4.61
Hypothetical (5% return before expenses)		$1,000.00		$1,020.39		$4.52
Class Y
Actual		$1,000.00		$1,060.60		$4.92
Hypothetical (5% return before expenses)		$1,000.00		$1,020.09		$4.82

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.20%, 1.95%, 0.90% and 0.96% 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 (182), divided by 366 (to reflect the half-year period).

MIROVA INTERNATIONAL SUSTAINABLE EQUITY FUND	BEGINNING ACCOUNT VALUE 1/1/2020		ENDING ACCOUNT VALUE 6/30/2020		EXPENSES PAID DURING PERIOD* 1/1/2020 – 6/30/2020
Class A
Actual		$1,000.00		$967.10		$5.92
Hypothetical (5% return before expenses)		$1,000.00		$1,018.85		$6.07
Class N
Actual		$1,000.00		$969.50		$4.46
Hypothetical (5% return before expenses)		$1,000.00		$1,020.34		$4.57
Class Y
Actual		$1,000.00		$969.50		$4.70
Hypothetical (5% return before expenses)		$1,000.00		$1,020.09		$4.82

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.21%, 0.91% and 0.96% for Class A, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 366 (to reflect the half-year period).

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BOARD APPROVAL OF THE EXISTING ADVISORY AGREEMENTS

The Board of Trustees of the Trust (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. 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.

In connection with these meetings, the Trustees receive materials that the Funds’ investment adviser (the “Adviser”) 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 Adviser, 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 Adviser and (v) information obtained through the completion by the Adviser 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 Adviser’s investment staff and its use of technology, external research and trading cost measurement tools, (ii) arrangements in respect of the distribution of the Funds’ shares and the related costs, (iii) the allocation of the Funds’ brokerage, if any, including, to the extent applicable, the use of “soft” commission dollars to pay for research and other similar services, (iv) the Adviser’s policies and procedures relating to, among other things, compliance, trading and best execution, proxy voting 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 Adviser.

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. This information generally includes, 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, where available, performance ratings provided by a third-party, where available, total return information for various periods, and third-party performance rankings for various periods comparing a Fund against similarly categorized funds. The portfolio management team for

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each Fund or other representatives of the Adviser 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, each quarter the Trustees are provided with detailed statistical information about each Fund’s portfolio. The Trustees also receive periodic updates between meetings. These updated have increased in frequency during the COVID-19 crisis.

The Board most recently approved the continuation of the Agreements for a one-year period at its meeting held in June 2020. 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 Adviser and its affiliates to the Funds and the resources dedicated to the Funds by the Adviser and its affiliates.

The Trustees considered not only the advisory services provided by the Adviser to the Funds, but also the monitoring and oversight services provided by Natixis Advisors, L.P. (“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.

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 Adviser. 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. In addition, for any Funds with more than one year’s performance, the Trustees reviewed data prepared by an independent third party 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, 2019, each Fund’s one- and three-year performance, as applicable, stated as percentile rankings within categories selected by

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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
Mirova Global Sustainable Equity Fund		12	%		13	%		N/A
Mirova Global Green Bond Fund		9	%		N/A			N/A
Mirova International Sustainable Equity Fund		14	%		N/A			N/A

The Trustees also considered the Adviser’s performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of the Adviser to Trustee concerns about performance and the willingness of the Adviser to take steps intended to improve performance. The Board also considered information about the Funds’ more recent performance, including how that performance had been impacted by the COVID-19 crisis.

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 Adviser 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 Adviser and its 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 Adviser to comparable accounts (such as institutional separate accounts), as well as information about differences in such fees and the reasons for any such differences. In considering the fees charged to comparable accounts, the Trustees considered, among other things, management’s representations about the differences between managing mutual funds as compared to other types of accounts, including the additional resources required to effectively manage mutual fund assets, the greater regulatory costs associated with the management of such assets, and the entrepreneurial, regulatory and other risks associated with sponsoring and managing mutual funds. In evaluating each Fund’s advisory fee, the Trustees also took into account the demands, complexity and quality of the investment management of such Fund, as well as the need for the Adviser to offer competitive compensation and the potential need to expend additional resources to the extent the Fund grows in size. The Trustees considered that over the past several years, management had made recommendations regarding reductions in advisory fee rates, implementation of advisory fee breakpoints and the institution of advisory fee waivers and expense limitations for various funds in the fund family. They noted that the Funds have expense limitations in place, and they considered the amounts waived or reimbursed by the Adviser for the Funds under their limitations as well as the material terms of those expense limitations.

The Trustees noted that Mirova Global Sustainable Equity Fund and Mirova Global Green Bond Fund had contractual 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 believes the fee rates are reasonable considering that the profitability from the advisory and

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administrative relationships with the Funds was negative and therefore the effective advisory fee rate is less than the contractual fee rate and (2) that a comparison to the peer group for Mirova Global Green Bond Fund is challenging as its peer group contains other world bond funds that are not explicitly green bond-focused, and the two competitor green bond funds included in the peer group reside in a different category and are more U.S.-focused than the Fund.

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

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 Adviser and its 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 Adviser 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. The Trustees noted that each Fund was subject to an expense limitations. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and on a relative basis) and the profitability to the Adviser and its affiliates of their relationships with the Funds, as discussed above.

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 recent market and economic events, including but not limited to the COVID-19 crisis, 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

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programs of the Funds and the Adviser. They also considered the compliance-related resources the Adviser and its affiliates were providing to the Funds.

· So-called “fallout benefits” to the Adviser, such as the engagement of affiliates of the Adviser to provide distribution and administrative services to the Funds, and the benefits of research made available to the Adviser by reason of brokerage commissions (if any) generated by the Funds’ securities transactions. The Trustees also considered the benefits to the parent company of Natixis Advisors from the retention of the Adviser. 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 should be continued through June 30, 2021.

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LIQUIDITY RISK MANAGEMENT PROGRAM

Annual Report for the Period Commencing on December 1, 2018 and ending December 31, 2019 (including updates through June 30, 2020)

Effective December 1, 2018, 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 December 1, 2018 to December 31, 2019, there were no material changes to the Program 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.

During the period January 1, 2020 through June 30, 2020, 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 has been implemented effectively. The Program Administrator has also monitored, assessed and managed each Fund’s liquidity risk regularly and has determined that the Program is operating effectively.

15  |

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 Program, assessed its adequacy and effectiveness and described any material changes made to the Program.

16  |

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Mirova Global Green Bond Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 95.6% of Net Assets
		Belgium — 1.3%
	400,000	KBC Group NV, EMTN, 0.875%, 6/27/2023, (EUR)(a)	$	457,457
		Brazil — 1.5%
	500,000	Banco Nacional de Desenvolvimento Economico e Social, 4.750%, 5/09/2024(a)		523,130
		Canada — 2.3%
	1,000,000	Province of Ontario Canada, 1.950%, 1/27/2023, (CAD)(a)		763,457
	50,000	Province of Quebec Canada, 2.600%, 7/06/2025, (CAD)(a)		40,064
				803,521
		Chile — 0.9%
	300,000	Chile Government International Bond, 3.500%, 1/25/2050(a)		337,500
		Denmark — 3.2%
	300,000	Orsted A/S, 1.500%, 11/26/2029, (EUR)(a)		369,038
	700,000	Orsted A/S, (fixed rate to 9/09/2027, variable rate thereafter), 1.750%, 12/09/3019, (EUR)(a)		772,559
				1,141,597
		Finland — 1.4%
	500,000	Citycon OYJ, (fixed rate to 11/24/2024, variable rate thereafter), 4.496%, (EUR)(a)(b)		479,038
		France — 8.9%
	400,000	Covivio, 1.125%, 9/17/2031, (EUR)(a)		423,124
	400,000	Covivio, 1.875%, 5/20/2026, (EUR)(a)		461,832
	800,000	Electricite de France S.A., 3.625%, 10/13/2025(a)		897,902
	600,000	ICADE, 1.500%, 9/13/2027, (EUR)(a)		670,999
	400,000	SNCF Reseau, EMTN, 1.875%, 3/30/2034, (EUR)(a)		538,840
	100,000	Societe du Grand Paris EPIC, EMTN, 1.700%, 5/25/2050, (EUR)(a)		138,167
				3,130,864
		Germany — 5.0%
	700,000	Berlin Hyp AG, EMTN, 0.500%, 9/26/2023, (EUR)(a)		790,476
	600,000	E.ON SE, EMTN, 0.350%, 2/28/2030, (EUR)(a)		651,728
	300,000	Landesbank Baden-Wuerttemberg, Series 809, MTN, 0.375%, 7/29/2026, (EUR)(a)		331,555
				1,773,759
		India — 1.8%
	600,000	Indian Railway Finance Corp. Ltd., 3.835%, 12/13/2027(a)		633,738
		Indonesia — 1.5%
	500,000	Perusahaan Penerbit SBSN Indonesia III, 3.750%, 3/01/2023(a)		522,875
		Italy — 11.1%
	400,000	A2A SpA, EMTN, 1.000%, 7/16/2029, (EUR)(a)		453,018
	600,000	Assicurazioni Generali SpA, EMTN, 2.124%, 10/01/2030, (EUR)(a)		647,978
	300,000	Ferrovie dello Stato Italiane SpA, EMTN, 0.875%, 12/07/2023, (EUR)(a)		338,423
	500,000	Ferrovie dello Stato Italiane SpA, EMTN, 1.125%, 7/09/2026, (EUR)(a)		563,200
	500,000	Intesa Sanpaolo SpA, EMTN, 0.750%, 12/04/2024, (EUR)(a)		554,061
	300,000	Intesa Sanpaolo SpA, EMTN, 0.875%, 6/27/2022, (EUR)(a)		337,158
	900,000	Unione di Banche Italiane SpA, EMTN, 1.500%, 4/10/2024, (EUR)(a)		1,022,618
				3,916,456

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Mirova Global Green Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Japan — 3.6%
	700,000	Mizuho Financial Group, Inc., EMTN, 0.956%, 10/16/2024, (EUR)(a)	$	796,470
	400,000	Sumitomo Mitsui Financial Group, Inc., EMTN, 0.934%, 10/11/2024, (EUR)(a)		457,658
				1,254,128
		Korea — 1.7%
	400,000	Hyundai Capital Services, Inc., EMTN, 2.875%, 3/16/2021(a)		403,090
	200,000	Korea Water Resources Corp., EMTN, 3.875%, 5/15/2023(a)		216,326
				619,416
		Lithuania — 3.0%
	500,000	Ignitis Grupe UAB, EMTN, 1.875%, 7/10/2028, (EUR)(a)		577,820
	400,000	Ignitis Grupe UAB, EMTN, 2.000%, 7/14/2027, (EUR)(a)		466,517
				1,044,337
		Mexico — 0.6%
	200,000	Nacional Financiera SNC, 3.375%, 11/05/2020(a)		200,010
		Netherlands — 8.5%
	500,000	LeasePlan Corp. NV, EMTN, 3.500%, 4/09/2025, (EUR)(a)		611,852
	200,000	Nederlandse Waterschapsbank NV, EMTN, 2.375%, 3/24/2026(a)		219,048
	500,000	Royal Schiphol Group NV, EMTN, 1.500%, 11/05/2030, (EUR)(a)		588,882
	300,000	TenneT Holding BV, (fixed rate to 3/01/2024, variable rate thereafter), 2.995%, (EUR)(a)(b)		347,161
	300,000	TenneT Holding BV, EMTN, 1.250%, 10/24/2033, (EUR)(a)		360,871
	300,000	TenneT Holding BV, EMTN, 1.375%, 6/26/2029, (EUR)(a)		365,515
	200,000	TenneT Holding BV, EMTN, 1.750%, 6/04/2027, (EUR)		246,778
	200,000	TenneT Holding BV, EMTN, 1.875%, 6/13/2036, (EUR)(a)		258,072
				2,998,179
		Portugal — 2.7%
	500,000	EDP—Energias de Portugal S.A., (fixed rate to 1/30/2024, variable rate thereafter), 4.496%, 4/30/2079, (EUR)(a)		596,157
	300,000	EDP Finance BV, EMTN, 1.875%, 10/13/2025, (EUR)(a)		361,451
				957,608
		Singapore — 1.1%
	400,000	Vena Energy Capital Pte Ltd., EMTN, 3.133%, 2/26/2025(a)		372,931
		Spain — 9.5%
	500,000	ACS Servicios Comunicaciones y Energia, S.L., 1.875%, 4/20/2026, (EUR)(a)		579,355
	400,000	Banco Bilbao Vizcaya Argentaria S.A., 1.000%, 6/21/2026, (EUR)(a)		446,676
	500,000	Bankinter S.A., 0.625%, 10/06/2027, (EUR)(a)		529,054
	500,000	Iberdrola International BV, (fixed rate to 2/22/2023, variable rate thereafter), 1.875%, (EUR)(a)(b)		559,900
	500,000	Iberdrola International BV, EMTN, 1.125%, 4/21/2026, (EUR)(a)		589,192
	600,000	Telefonica Europe BV, (fixed rate to 2/05/2027, variable rate thereafter), 2.502%, (EUR)(a)(b)		636,624
				3,340,801
		Supranationals — 1.9%
	600,000	European Investment Bank, 2.375%, 5/24/2027(a)		669,438

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Mirova Global Green Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Sweden — 1.6%
	500,000	SKF AB, EMTN, 0.875%, 11/15/2029, (EUR)(a)	$	555,534
		United Kingdom — 5.7%
	500,000	Anglian Water Services Financing PLC, EMTN, 1.625%, 8/10/2025, (GBP)(a)		633,030
	200,000	SSE PLC, EMTN, 0.875%, 9/06/2025, (EUR)(a)		227,509
	200,000	SSE PLC, EMTN, 1.375%, 9/04/2027, (EUR)(a)		234,335
	600,000	Standard Chartered PLC, (fixed rate to 7/02/2026, variable rate thereafter), EMTN, 0.900%, 7/02/2027, (EUR)(a)		668,094
	200,000	Transport for London, EMTN, 2.125%, 4/24/2025, (GBP)(a)		262,943
				2,025,911
		United States — 16.8%
	300,000	Apple, Inc., 2.850%, 2/23/2023(a)		318,580
	900,000	Apple, Inc., 3.000%, 6/20/2027(a)		1,007,830
	1,000,000	Bank of America Corp., (fixed rate to 5/17/2021, variable rate thereafter), MTN, 3.499%, 5/17/2022(a)		1,024,330
	600,000	Digital Dutch Finco BV, 1.500%, 3/15/2030, (EUR)(a)		688,458
	400,000	Digital Euro Finco LLC, 2.500%, 1/16/2026, (EUR)(a)		485,577
	600,000	Digital Realty Trust LP, 3.950%, 7/01/2022(a)		635,680
	300,000	DTE Electric Co., Series A, 4.050%, 5/15/2048(a)		368,497
	100,000	Southern Power Co., 1.850%, 6/20/2026, (EUR)(a)		120,888
	400,000	Southern Power Co., 4.150%, 12/01/2025(a)		456,988
	700,000	Verizon Communications, Inc., 3.875%, 2/08/2029(a)		827,328
				5,934,156
		Total Bonds and Notes (Identified Cost $32,934,114)		33,692,384
		Total Investments — 95.6% (Identified Cost $32,934,114)		33,692,384
		Other assets less liabilities — 4.4%		1,558,437
		Net Assets — 100.0%	$	35,250,821
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
	(b)	Perpetual bond with no specified maturity date.
	EMTN	Euro Medium Term Note
	MTN	Medium Term Note
	CAD	Canadian Dollar
	EUR	Euro
	GBP	British Pound

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Mirova Global Green Bond Fund – (continued)

At June 30, 2020, open long futures contracts were as follows:

Financial Futures	Expiration Date		Contracts	Notional Amount		Value		Unrealized Appreciation (Depreciation)
10 Year Canada Government Bond		9/21/2020	6	$	677,961	$	679,817	$	1,856
30 Year U.S. Treasury Bond		9/21/2020	5		887,031		892,812		5,781
Euro-Buxl® 30 Year Bond		9/08/2020	9		2,156,782		2,224,125		67,343
Ultra Long U.S. Treasury Bond		9/21/2020	7		1,520,367		1,527,094		6,727
Total								$	81,707

At June 30, 2020, open short futures contracts were as follows:

Financial and Currency Futures	Expiration Date		Contracts	Notional Amount		Value		Unrealized Appreciation (Depreciation)
10 Year U.S. Treasury Note		9/21/2020	8	$	1,109,437	$	1,113,375	$	(3,938	)
British Pound		9/14/2020	12		940,163		929,775		10,388
Canadian Dollar		9/15/2020	11		813,945		809,820		4,125
Euro		9/14/2020	159		22,308,892		22,366,331		(57,439	)
Total								$	(46,864	)

Industry Summary at June 30, 2020 (Unaudited)

Utility - Electric	21.9	%
Bank	21.0
Financial	16.0
Industrial	13.2
Government Agency	4.8
Special Purpose	4.3
Telephone	4.1
Transportation- Rail	3.3
Government Regional	2.7
Government National	2.4
Supra-National	1.9
Total Investments	95.6
Other assets less liabilities (including futures contracts)	4.4
Net Assets	100.0	%

Currency Exposure Summary at June 30, 2020 (Unaudited)

Euro	63.5	%
United States Dollar	27.3
British Pound	2.5
Canadian Dollar	2.3
Total Investments	95.6
Other assets less liabilities (including futures contracts)	4.4
Net Assets	100.0	%

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Mirova Global Sustainable Equity Fund

Shares		Description	Value (†)
	Common Stocks — 91.9% of Net Assets
		Belgium — 1.7%
	81,294	KBC Group NV	$	4,670,437
		Denmark — 11.8%
	28,515	Chr. Hansen Holding A/S		2,941,192
	17,086	Coloplast A/S, Series B		2,663,159
	148,758	Novo Nordisk A/S, Class B		9,691,247
	85,195	Orsted A/S, 144A		9,831,625
	69,151	Vestas Wind Systems A/S		7,081,253
				32,208,476
		France — 3.7%
	50,192	Danone S.A.(a)		3,483,984
	31,073	EssilorLuxottica S.A.(a)		3,996,247
	93,755	Valeo S.A.		2,472,819
				9,953,050
		Germany — 6.8%
	16,902	Allianz SE, (Registered)		3,453,793
	45,080	Fresenius SE & Co. KGaA(a)		2,240,604
	17,786	SAP SE		2,486,294
	88,879	Symrise AG		10,385,212
				18,565,903
		Hong Kong — 1.7%
	505,393	AIA Group Ltd.		4,729,266
		Japan — 4.2%
	195,100	Sekisui House Ltd.		3,724,880
	54,724	Takeda Pharmaceutical Co. Ltd.		1,966,120
	149,000	Terumo Corp.		5,671,354
				11,362,354
		Netherlands — 3.9%
	5,044	Adyen NV, 144A(a)		7,341,510
	8,930	ASML Holding NV		3,266,709
				10,608,219
		Switzerland — 0.7%
	3,854	Geberit AG, (Registered)		1,933,689
		Taiwan — 2.2%
	104,533	Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR		5,934,338
		United Kingdom — 4.0%
	1,114,778	Legal & General Group PLC		3,039,159
	298,906	Prudential PLC		4,503,934
	65,036	Unilever NV		3,467,570
				11,010,663
		United States — 51.2%
	15,906	Adobe, Inc.(a)		6,924,041
	5,752	Alphabet, Inc., Class A(a)		8,156,624

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Mirova Global Sustainable Equity Fund – (continued)

Shares		Description	Value (†)
		United States — continued
	30,347	American Water Works Co., Inc.	$	3,904,445
	70,970	Aptiv PLC		5,529,982
	11,041	Bright Horizons Family Solutions, Inc.(a)		1,294,005
	60,411	Danaher Corp.		10,682,477
	93,205	Eaton Corp. PLC		8,153,573
	228,943	eBay, Inc.		12,008,060
	45,858	Ecolab, Inc.		9,123,449
	14,219	Estee Lauder Cos., Inc. (The), Class A		2,682,841
	38,456	Gilead Sciences, Inc.		2,958,805
	4,422	Intuitive Surgical, Inc.(a)		2,519,788
	38,471	MasterCard, Inc., Class A		11,375,875
	63,822	Microsoft Corp.		12,988,415
	16,641	NextEra Energy, Inc.		3,996,669
	38,214	Oracle Corp.		2,112,088
	23,169	Roper Technologies, Inc.		8,995,596
	36,515	Signature Bank		3,904,184
	32,295	Thermo Fisher Scientific, Inc.		11,701,770
	44,844	Visa, Inc., Class A		8,662,516
	23,417	Watts Water Technologies, Inc., Series A		1,896,777
				139,571,980
		Total Common Stocks (Identified Cost $207,561,726)		250,548,375
Principal Amount
	Short-Term Investments — 4.4%
$	11,969,324	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2020 at 0.000% to be repurchased at $11,969,324 on 7/01/2020 collateralized by $10,818,700 U.S. Treasury Note, 2.500% due 2/28/2026 valued at $12,208,720 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $11,969,324)		11,969,324
		Total Investments — 96.3% (Identified Cost $219,531,050)		262,517,699
		Other assets less liabilities — 3.7%		10,093,911
		Net Assets — 100.0%	$	272,611,610
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2020, the value of Rule 144A holdings amounted to $17,173,135 or 6.3% of net assets.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Mirova Global Sustainable Equity Fund – (continued)

Industry Summary at June 30, 2020 (Unaudited)

IT Services	10.1	%
Software	9.0
Chemicals	8.2
Health Care Equipment & Supplies	7.9
Insurance	5.7
Electrical Equipment	5.6
Electric Utilities	5.1
Internet & Direct Marketing Retail	4.4
Life Sciences Tools & Services	4.3
Pharmaceuticals	4.2
Semiconductors & Semiconductor Equipment	3.4
Industrial Conglomerates	3.3
Banks	3.1
Interactive Media & Services	3.0
Auto Components	2.9
Personal Products	2.3
Other Investments, less than 2% each	9.4
Short-Term Investments	4.4
Total Investments	96.3
Other assets less liabilities	3.7
Net Assets	100.0	%

Currency Exposure Summary at June 30, 2020 (Unaudited)

United States Dollar	57.8	%
Euro	17.4
Danish Krone	11.8
Japanese Yen	4.2
British Pound	2.7
Other, less than 2% each	2.4
Total Investments	96.3
Other assets less liabilities	3.7
Net Assets	100.0	%

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Mirova International Sustainable Equity Fund

Shares		Description	Value (†)
	Common Stocks — 92.2% of Net Assets
		Australia — 2.1%
	26,199	Brambles Ltd.	$	198,651
	72,076	Stockland		167,130
				365,781
		Belgium — 4.4%
	9,100	KBC Group NV		522,806
	4,788	Umicore S.A.		226,013
				748,819
		Denmark — 15.0%
	3,466	Chr. Hansen Holding A/S		357,502
	1,864	Coloplast A/S, Series B		290,538
	9,863	Novo Nordisk A/S, Class B		642,552
	5,602	Orsted A/S, 144A		646,479
	5,923	Vestas Wind Systems A/S		606,531
				2,543,602
		France — 14.9%
	1,740	Air Liquide S.A.		251,581
	18,102	Credit Agricole S.A.(a)		171,891
	6,203	Danone S.A.(a)		430,570
	1,649	Dassault Systemes SE		286,255
	1,832	EssilorLuxottica S.A.(a)		235,610
	848	L’Oreal S.A.(a)		273,689
	1,904	Orpea		219,918
	14,669	Suez S.A.		172,413
	9,644	Valeo S.A.		254,364
	2,700	Worldline S.A., 144A(a)		235,411
				2,531,702
		Germany — 8.2%
	1,409	Allianz SE, (Registered)		287,918
	3,986	Fresenius SE & Co. KGaA(a)		198,116
	4,402	SAP SE		615,353
	2,567	Symrise AG		299,945
				1,401,332
		Hong Kong — 3.4%
	62,000	AIA Group Ltd.		580,171
		Ireland — 3.8%
	6,140	Kingspan Group PLC		396,376
	7,311	Smurfit Kappa Group PLC		245,691
				642,067
		Japan — 12.5%
	3,400	Kao Corp.		269,817
	26,900	Kubota Corp.		402,390
	17,500	Sekisui House Ltd.		334,113
	800	Shimano, Inc.		153,831

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Mirova International Sustainable Equity Fund – (continued)

Shares		Description	Value (†)
		Japan — continued
	9,000	Takeda Pharmaceutical Co. Ltd.	$	323,351
	11,400	Terumo Corp.		433,916
	3,600	West Japan Railway Co.		201,920
				2,119,338
		Netherlands — 8.6%
	578	Adyen NV, 144A(a)		841,275
	1,702	ASML Holding NV		622,614
				1,463,889
		Norway — 0.6%
	6,695	Telenor ASA		97,753
		Switzerland — 1.5%
	507	Geberit AG, (Registered)		254,380
		Taiwan — 3.7%
	11,090	Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR		629,579
		United Kingdom — 13.5%
	4,229	Croda International PLC		274,677
	15,106	Halma PLC		430,373
	5,442	Johnson Matthey PLC		141,731
	25,124	Land Securities Group PLC		171,663
	155,379	Legal & General Group PLC		423,601
	21,761	Prudential PLC		327,896
	1,644	Spirax-Sarco Engineering PLC		202,393
	5,990	Unilever NV		319,373
				2,291,707
		Total Common Stocks (Identified Cost $13,504,876)		15,670,120
Principal Amount
	Short-Term Investments — 1.8%
$	298,907	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2020 at 0.000% to be repurchased at $298,907 on 7/01/2020 collateralized by $270,200 U.S. Treasury Note, 2.500% due 2/28/2026 valued at $304,916 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $298,907)		298,907
		Total Investments — 94.0% (Identified Cost $13,803,783)		15,969,027
		Other assets less liabilities — 6.0%		1,026,363
		Net Assets — 100.0%	$	16,995,390
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Mirova International Sustainable Equity Fund – (continued)

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, 2020, the value of Rule 144A holdings amounted to $1,723,165 or 10.1% of net assets.
ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

Industry Summary at June 30, 2020 (Unaudited)

Insurance	9.5	%
Chemicals	9.1
Semiconductors & Semiconductor Equipment	7.4
IT Services	6.3
Pharmaceuticals	5.7
Software	5.3
Personal Products	5.1
Health Care Equipment & Supplies	4.2
Banks	4.1
Building Products	3.8
Electric Utilities	3.8
Electrical Equipment	3.6
Machinery	3.6
Food Products	2.5
Electronic Equipment, Instruments & Components	2.5
Health Care Providers & Services	2.5
Household Durables	2.0
Other Investments, less than 2% each	11.2
Short-Term Investments	1.8
Total Investments	94.0
Other assets less liabilities	6.0
Net Assets	100.0	%

Currency Exposure Summary at June 30, 2020 (Unaudited)

Euro	41.8	%
Danish Krone	15.0
Japanese Yen	12.5
British Pound	11.6
United States Dollar	5.5
Hong Kong Dollar	3.4
Australian Dollar	2.1
Other, less than 2% each	2.1
Total Investments	94.0
Other assets less liabilities	6.0
Net Assets	100.0	%

See accompanying notes to financial statements.

|  26

Statements of Assets and Liabilities

June 30, 2020 (Unaudited)

	Mirova Global Green Bond Fund		Mirova Global Sustainable Equity Fund		Mirova International Sustainable Equity Fund
ASSETS
Investments at cost	$	32,934,114	$	219,531,050	$	13,803,783
Net unrealized appreciation		758,270		42,986,649		2,165,244
Investments at value		33,692,384		262,517,699		15,969,027
Due from brokers (including variation margin on futures contracts) (Note 2)		1,013,414		—		—
Foreign currency at value (identified cost $219,578, $1,478,675 and $1,034,028, respectively)		210,586		1,466,064		1,032,271
Receivable for Fund shares sold		71,314		9,055,188		—
Receivable from investment adviser (Note 6)		—		—		2,516
Receivable for securities sold		372,586		—		—
Dividends and interest receivable		238,336		93,573		17,060
Tax reclaims receivable		1,073		159,078		26,454
Unrealized appreciation on futures contracts (Note 2)		96,220		—		—
Prepaid expenses (Note 8)		7		30		4
TOTAL ASSETS		35,695,920		273,291,632		17,047,332
LIABILITIES
Payable for securities purchased		—		380,149		—
Payable for Fund shares redeemed		994		45,892		—
Payable to custodian bank (Note 9)		325,680		—		—
Unrealized depreciation on futures contracts (Note 2)		61,377		—		—
Management fees payable (Note 6)		3,912		155,775		—
Deferred Trustees’ fees (Note 6)		12,503		20,467		5,724
Administrative fees payable (Note 6)		1,229		9,290		614
Payable to distributor (Note 6d)		180		1,440		—
Other accounts payable and accrued expenses		39,224		67,009		45,604
TOTAL LIABILITIES		445,099		680,022		51,942
NET ASSETS	$	35,250,821	$	272,611,610	$	16,995,390
NET ASSETS CONSIST OF:
Paid-in capital	$	33,429,123	$	227,548,840	$	14,543,734
Accumulated earnings		1,821,698		45,062,770		2,451,656
NET ASSETS	$	35,250,821	$	272,611,610	$	16,995,390

See accompanying notes to financial statements.

27  |

Statements of Assets and Liabilities (continued)

June 30, 2020 (Unaudited)

	Mirova Global Green Bond Fund		Mirova Global Sustainable Equity Fund		Mirova International Sustainable Equity Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	3,529,215	$	17,020,086	$	5,298
Shares of beneficial interest		333,332		1,082,330		439
Net asset value and redemption price per share	$	10.59	$	15.73	$	12.07
Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	11.06	$	16.69	$	12.81
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	—	$	8,102,436	$	—
Shares of beneficial interest		—		530,223		—
Net asset value and offering price per share	$	—	$	15.28	$	—
Class N shares:
Net assets	$	19,714,447	$	26,000,096	$	16,977,540
Shares of beneficial interest		1,857,275		1,643,685		1,403,148
Net asset value, offering and redemption price per share	$	10.61	$	15.82	$	12.10
Class Y shares:
Net assets	$	12,007,159	$	221,488,992	$	12,552
Shares of beneficial interest		1,132,263		14,001,297		1,039
Net asset value, offering and redemption price per share	$	10.60	$	15.82	$	12.09	*

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

See accompanying notes to financial statements.

|  28

Statements of Operations

For the Six Months Ended June 30, 2020 (Unaudited)

	Mirova Global Green Bond Fund			Mirova Global Sustainable Equity Fund			Mirova International Sustainable Equity Fund
INVESTMENT INCOME
Dividends	$	—		$	1,673,361		$	169,869
Interest		300,380			13,242			778
Less net foreign taxes withheld		—			(124,890	)		(18,022	)
		300,380			1,561,713			152,625
Expenses
Management fees (Note 6)		98,337			779,260			63,587
Service and distribution fees (Note 6)		3,671			47,839			6
Administrative fees (Note 6)		7,917			43,448			3,537
Trustees’ fees and expenses (Note 6)		10,175			13,368			9,930
Transfer agent fees and expenses (Notes 6 and 7)		11,316			65,406			2,635
Audit and tax services fees		21,076			20,883			20,875
Custodian fees and expenses		6,030			20,989			10,466
Interest expense (Note 11)		3,485			4,851			1,034
Legal fees (Note 8)		724			2,194			381
Registration fees		42,416			63,718			16,626
Shareholder reporting expenses		3,697			16,307			2,208
Miscellaneous expenses (Note 8)		14,283			17,777			15,473
Total expenses		223,127			1,096,040			146,758
Less waiver and/or expense reimbursement (Note 6)		(96,567	)		(121,990	)		(74,178	)
Net expenses		126,560			974,050			72,580
Net investment income		173,820			587,663			80,045
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		708,491			1,646,151			208,149
Futures contracts		281,286			—			—
Foreign currency transactions (Note 2c)		(28,135	)		2,127			4,058
Net change in unrealized appreciation (depreciation) on:
Investments		(534,538	)		13,311,453			(726,147	)
Futures contracts		430,566			—			—
Foreign currency translations (Note 2c)		52			(33,001	)		(6,837	)
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions		857,722			14,926,730			(520,777	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,031,542		$	15,514,393		$	(440,732	)

See accompanying notes to financial statements.

29  |

Statements of Changes in Net Assets

	Mirova Global Green Bond Fund
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
FROM OPERATIONS:
Net investment income	$	173,820		$	371,311
Net realized gain on investments, futures contracts and foreign currency transactions		961,642			1,000,007
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		(103,920	)		1,256,056
Net increase in net assets resulting from operations		1,031,542			2,627,374
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(15,669	)		(48,042	)
Class N		(134,147	)		(686,274	)
Class Y		(65,032	)		(140,394	)
Total distributions		(214,848	)		(874,710	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 13)		(2,497,182	)		6,110,172
Net increase (decrease) in net assets		(1,680,488	)		7,862,836
NET ASSETS
Beginning of the period		36,931,309			29,068,473
End of the period	$	35,250,821		$	36,931,309

See accompanying notes to financial statements.

|  30

Statements of Changes in Net Assets (continued)

	Mirova Global Sustainable Equity Fund
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
FROM OPERATIONS:
Net investment income	$	587,663		$	471,120
Net realized gain on investments and foreign currency transactions		1,648,278			1,868,979
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		13,278,452			27,311,333
Net increase in net assets resulting from operations		15,514,393			29,651,432
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(60,611	)		(181,226	)
Class C		(28,735	)		(68,161	)
Class N		(67,867	)		(139,240	)
Class Y		(777,036	)		(1,933,861	)
Total distributions		(934,249	)		(2,322,488	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 13)		110,709,059			38,380,676
Net increase in net assets		125,289,203			65,709,620
NET ASSETS
Beginning of the period		147,322,407			81,612,787
End of the period	$	272,611,610		$	147,322,407

See accompanying notes to financial statements.

31  |

Statements of Changes in Net Assets (continued)

	Mirova International Sustainable Equity Fund
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
FROM OPERATIONS:
Net investment income	$	80,045		$	184,654
Net realized gain on investments and foreign currency transactions		212,207			41,973
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(732,984	)		2,861,207
Net increase (decrease) in net assets resulting from operations		(440,732	)		3,087,834
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(11	)		(12	)
Class N		(34,179	)		(205,624	)
Class Y		(25	)		(86	)
Total distributions		(34,215	)		(205,722	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 13)		264,124			4,287,311
Net increase (decrease) in net assets		(210,823	)		7,169,423
NET ASSETS
Beginning of the period		17,206,213			10,036,790
End of the period	$	16,995,390		$	17,206,213

See accompanying notes to financial statements.

|  32

Financial Highlights

For a share outstanding throughout each period.

	Mirova Global Green Bond—Class A
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	10.36		$	9.71		$	9.96		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04			0.09			0.08			0.04
Net realized and unrealized gain (loss)		0.24			0.80			(0.02	)		0.11
Total from Investment Operations		0.28			0.89			0.06			0.15
LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.10	)		(0.31	)		(0.19	)
Net realized capital gains		—			(0.14	)		—			—
Total Distributions		(0.05	)		(0.24	)		(0.31	)		(0.19	)
Net asset value, end of the period	$	10.59		$	10.36		$	9.71		$	9.96
Total return(b)(c)		2.74	%(d)		9.16	%		0.64	%		1.46	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,529		$	2,549		$	814		$	139
Net expenses(e)		0.97	%(f)(g)		0.96	%(h)		0.96	%(i)		0.96	%(f)(j)
Gross expenses		1.58	%(f)(g)		1.56	%(h)		1.75	%(i)		5.23	%(f)(j)
Net investment income		0.72	%(f)		0.86	%		0.85	%		0.49	%(f)
Portfolio turnover rate		25	%		25	%		46	%		46	%

* From commencement of operations on February 28, 2017 through December 31, 2017.

(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 0.95% and the ratio of gross expenses would have been 1.56%.

(h) Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 1.55%.

(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 1.74%.

(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 5.22%.

See accompanying notes to financial statements.

33  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Mirova Global Green Bond—Class N
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	10.39		$	9.73		$	9.98		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.12			0.11			0.06
Net realized and unrealized gain (loss)		0.24			0.80			(0.02	)		0.12
Total from Investment Operations		0.29			0.92			0.09			0.18
LESS DISTRIBUTIONS FROM:
Net investment income		(0.07	)		(0.12	)		(0.34	)		(0.20	)
Net realized capital gains		—			(0.14	)		—			—
Total Distributions		(0.07	)		(0.26	)		(0.34	)		(0.20	)
Net asset value, end of the period	$	10.61		$	10.39		$	9.73		$	9.98
Total return(b)		2.78	%(c)		9.52	%		0.93	%		1.77	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	19,714		$	27,322		$	27,050		$	25,805
Net expenses(d)		0.67	%(e)(f)		0.66	%(g)		0.66	%(h)		0.67	%(e)(i)
Gross expenses		1.17	%(e)(f)		1.08	%(g)		1.12	%(h)		1.11	%(e)(i)
Net investment income		1.00	%(e)		1.17	%		1.13	%		0.75	%(e)
Portfolio turnover rate		25	%		25	%		46	%		46	%

* From commencement of operations on February 28, 2017 through December 31, 2017.

(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 1.15%.

(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 1.07%.

(h) Includes interest expense. Without this expense the ratio of net expenses would have been 0.65% and the ratio of gross expenses would have been 1.11%.

(i) Includes interest expense. Without this expense the ratio of net expenses would have been 0.65% and the ratio of gross expenses would have been 1.10%.

See accompanying notes to financial statements.

|  34

Financial Highlights (continued)

For a share outstanding throughout each period.

	Mirova Global Green Bond—Class Y
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	10.37		$	9.72		$	9.97		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.11			0.12			0.06
Net realized and unrealized gain (loss)		0.24			0.80			(0.03	)		0.11
Total from Investment Operations		0.29			0.91			0.09			0.17
LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.12	)		(0.34	)		(0.20	)
Net realized capital gains		—			(0.14	)		—			—
Total Distributions		(0.06	)		(0.26	)		(0.34	)		(0.20	)
Net asset value, end of the period	$	10.60		$	10.37		$	9.72		$	9.97
Total return(b)		2.85	%(c)		9.38	%		0.89	%		1.66	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	12,007		$	7,060		$	1,205		$	43
Net expenses(d)		0.72	%(e)(f)		0.71	%(g)		0.71	%(h)		0.71	%(e)(i)
Gross expenses		1.33	%(e)(f)		1.28	%(g)		1.39	%(h)		3.62	%(e)(i)
Net investment income		0.98	%(e)		1.10	%		1.19	%		0.71	%(e)
Portfolio turnover rate		25	%		25	%		46	%		46	%

* From commencement of operations on February 28, 2017 through December 31, 2017.

(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 0.70% and the ratio of gross expenses would have been 1.31%.

(g) Includes interest expense. Without this expense the ratio of net expenses would have been 0.70% and the ratio of gross expenses would have been 1.27%.

(h) Includes interest expense. Without this expense the ratio of net expenses would have been 0.70% and the ratio of gross expenses would have been 1.39%.

(i) Includes interest expense. Without this expense the ratio of net expenses would have been 0.70% and the ratio of gross expenses would have been 3.62%.

See accompanying notes to financial statements.

35  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Mirova Global Sustainable Equity Fund—Class A
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Period Ended December 31, 2016*
Net asset value, beginning of the period	$	14.92		$	11.45		$	12.77		$	9.90		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.02			0.03			0.00	(b)		(0.04	)		0.02
Net realized and unrealized gain (loss)		0.86			3.69			(0.84	)		3.06			(0.11	)
Total from Investment Operations		0.88			3.72			(0.84	)		3.02			(0.09	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(b)		(0.03	)		(0.00	)(b)		(0.03	)		(0.00	)(b)
Net realized capital gains		(0.07	)		(0.22	)		(0.48	)		(0.12	)		(0.01	)
Total Distributions		(0.07	)		(0.25	)		(0.48	)		(0.15	)		(0.01	)
Net asset value, end of the period	$	15.73		$	14.92		$	11.45		$	12.77		$	9.90
Total return(c)(d)		5.95	%(e)		32.63	%		(6.54	)%		30.44	%		(0.85	)%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	17,020		$	12,884		$	6,360		$	3,260		$	71
Net expenses(f)		1.20	%(g)(h)		1.21	%(i)		1.30	%(h)(j)		1.29	%		1.30	%(g)
Gross expenses		1.33	%(g)(h)		1.39	%(i)		1.39	%(h)		1.43	%		1.72	%(g)
Net investment income (loss)		0.33	%(g)		0.21	%		0.03	%		(0.36	)%		0.23	%(g)
Portfolio turnover rate		3	%		23	%		19	%		20	%		20	%

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

(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 of less than 0.01%.

(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 1.38%.

(j) Effective December 28, 2018, the expense limit decreased from 1.30% to 1.20%.

See accompanying notes to financial statements.

|  36

Financial Highlights (continued)

For a share outstanding throughout each period.

	Mirova Global Sustainable Equity Fund—Class C
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Period Ended December 31, 2016*
Net asset value, beginning of the period	$	14.56		$	11.24		$	12.63		$	9.85		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.03	)		(0.07	)		(0.09	)		(0.12	)		(0.06	)
Net realized and unrealized gain (loss)		0.82			3.61			(0.82	)		3.02			(0.08	)
Total from Investment Operations		0.79			3.54			(0.91	)		2.90			(0.14	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(b)		—			—			—			—
Net realized capital gains		(0.07	)		(0.22	)		(0.48	)		(0.12	)		(0.01	)
Total Distributions		(0.07	)		(0.22	)		(0.48	)		(0.12	)		(0.01	)
Net asset value, end of the period	$	15.28		$	14.56		$	11.24		$	12.63		$	9.85
Total return(c)(d)		5.48	%(e)		31.66	%		(7.20	)%		29.40	%		(1.39	)%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	8,102		$	5,406		$	2,706		$	1,164		$	52
Net expenses(f)		1.95	%(g)(h)		1.96	%(i)		2.05	%(h)(j)		2.04	%		2.05	%(g)
Gross expenses		2.08	%(g)(h)		2.14	%(i)		2.14	%(h)		2.18	%		2.20	%(g)
Net investment loss		(0.39	)%(g)		(0.52	)%		(0.72	)%		(1.02	)%		(0.77	)%(g)
Portfolio turnover rate		3	%		23	%		19	%		20	%		20	%

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

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

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

(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 2.13%.

(j) Effective December 28, 2018, the expense limit decreased from 2.05% to 1.95%.

See accompanying notes to financial statements.

37  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Mirova Global Sustainable Equity Fund—Class N
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	14.99		$	11.49		$	12.81		$	11.29
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.05			0.06			(0.01	)		0.02
Net realized and unrealized gain (loss)		0.85			3.72			(0.79	)		1.66
Total from Investment Operations		0.90			3.78			(0.80	)		1.68
LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(b)		(0.06	)		(0.04	)		(0.04	)
Net realized capital gains		(0.07	)		(0.22	)		(0.48	)		(0.12	)
Total Distributions		(0.07	)		(0.28	)		(0.52	)		(0.16	)
Net asset value, end of the period	$	15.82		$	14.99		$	11.49		$	12.81
Total return(c)		6.06	%(d)		33.05	%		(6.26	)%		14.81	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	26,000		$	11,000		$	2,842		$	1
Net expenses(e)		0.90	%(f)(g)		0.90	%(h)		1.01	%(i)(j)		1.00	%(f)
Gross expenses		1.02	%(f)(g)		1.08	%(h)		1.08	%(i)		14.30	%(f)
Net investment income (loss)		0.67	%(f)		0.46	%		(0.08	)%		0.29	%(f)
Portfolio turnover rate		3	%		23	%		19	%		20	%(k)

* From commencement of Class operations on May 1, 2017 through December 31, 2017.

(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 1.01%.

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

(i) 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%.

(j) Effective December 28, 2018, the expense limit decreased from 1.00% to 0.90%.

(k) Represents the Fund’s portfolio turnover rate for the year ended December 31, 2017.

See accompanying notes to financial statements.

|  38

Financial Highlights (continued)

For a share outstanding throughout each period.

	Mirova Global Sustainable Equity Fund—Class Y
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Period Ended December 31, 2016*
Net asset value, beginning of the period	$	14.99		$	11.49		$	12.81		$	9.91		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.07			0.04			0.03			0.03
Net realized and unrealized gain (loss)		0.85			3.70			(0.85	)		3.02			(0.10	)
Total from Investment Operations		0.90			3.77			(0.81	)		3.05			(0.07	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(b)		(0.05	)		(0.03	)		(0.03	)		(0.01	)
Net realized capital gains		(0.07	)		(0.22	)		(0.48	)		(0.12	)		(0.01	)
Total Distributions		(0.07	)		(0.27	)		(0.51	)		(0.15	)		(0.02	)
Net asset value, end of the period	$	15.82		$	14.99		$	11.49		$	12.81		$	9.91
Total return(c)		6.06	%(d)		32.99	%		(6.32	)%		30.75	%		(0.70	)%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	221,489		$	118,032		$	69,705		$	63,359		$	49,593
Net expenses(e)		0.96	%(f)(g)		0.96	%(h)		1.05	%(i)(j)		1.04	%		1.05	%(f)
Gross expenses		1.08	%(f)(g)		1.14	%(h)		1.15	%(i)		1.16	%		1.21	%(f)
Net investment income		0.66	%(f)		0.50	%		0.29	%		0.26	%		0.35	%(f)
Portfolio turnover rate		3	%		23	%		19	%		20	%		20	%

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

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

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

(c) 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 1.08%.

(h) Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 1.13%.

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

(j) Effective December 28, 2018, the expense limit decreased from 1.05% to 0.95%.

See accompanying notes to financial statements.

39  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Mirova International Sustainable Equity Fund—Class A
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Period Ended December 31, 2018*
Net asset value, beginning of the period	$	12.51		$	10.03		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.04			0.12			(0.00	)(b)
Net realized and unrealized gain (loss)		(0.46	)		2.48			0.03
Total from Investment Operations		(0.42	)		2.60			0.03
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.12	)		—
Net realized capital gains		(0.02	)		—			—
Total Distributions		(0.02	)		(0.12	)		—
Net asset value, end of the period	$	12.07		$	12.51		$	10.03
Total return(c)(d)		(3.29	)%(e)		25.97	%(f)		0.30	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	5		$	4		$	1
Net expenses(g)		1.21	%(h)(i)		1.21	%(j)		1.20	%(h)
Gross expenses		26.86	%(h)(i)		107.91	%(j)		22.87	%(h)
Net investment income (loss)		0.70	%(h)		1.09	%		(1.20	)%(h)
Portfolio turnover rate		4	%		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) Generally accepted accounting principles require certain adjustments to be made to the net assets of the Fund for financial reporting purposes only, and as such, the total returns based on the adjusted net asset values per share may differ from the total returns reported in the average annual total return table.

(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) 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 26.85%.

(j) Includes interest expense. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 107.90%.

See accompanying notes to financial statements.

|  40

Financial Highlights (continued)

For a share outstanding throughout each period.

	Mirova International Sustainable Equity Fund—Class N
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Period Ended December 31, 2018*
Net asset value, beginning of the period	$	12.51		$	10.03		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.06			0.15			(0.00	)(b)
Net realized and unrealized gain (loss)		(0.45	)		2.49			0.03
Total from Investment Operations		(0.39	)		2.64			0.03
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.16	)		—
Net realized capital gains		(0.02	)		—			—
Total Distributions		(0.02	)		(0.16	)		—
Net asset value, end of the period	$	12.10		$	12.51		$	10.03
Total return(c)		(3.05	)%(d)		26.31	%(e)		0.30	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	16,978		$	17,193		$	10,035
Net expenses(f)		0.91	%(g)(h)		0.92	%(i)		0.90	%(g)
Gross expenses		1.82	%(g)(h)		1.99	%(i)		22.55	%(g)
Net investment income (loss)		1.01	%(g)		1.36	%		(0.90	)%(g)
Portfolio turnover rate		4	%		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) Generally accepted accounting principles require certain adjustments to be made to the net assets of the Fund for financial reporting purposes only, and as such, the total returns based on the adjusted net asset values per share may differ from the total returns reported in the average annual total return table.

(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 0.90% and the ratio of gross expenses would have been 1.81%.

(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 1.97%.

See accompanying notes to financial statements.

41  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Mirova International Sustainable Equity Fund—Class Y
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Period Ended December 31, 2018*
Net asset value, beginning of the period	$	12.50		$	10.03		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.07			0.15			(0.00	)(b)
Net realized and unrealized gain (loss)		(0.46	)		2.48			0.03
Total from Investment Operations		(0.39	)		2.63			0.03
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.16	)		—
Net realized capital gains		(0.02	)		—			—
Total Distributions		(0.02	)		(0.16	)		—
Net asset value, end of the period	$	12.09		$	12.50		$	10.03
Total return(c)		(3.05	)%(d)		26.21	%(e)		0.30	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	13		$	9		$	1
Net expenses(f)		0.96	%(g)(h)		0.96	%(i)		0.95	%(g)
Gross expenses		24.79	%(g)(h)		94.13	%(i)		22.51	%(g)
Net investment income (loss)		1.16	%(g)		1.36	%		(0.95	)%(g)
Portfolio turnover rate		4	%		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) Generally accepted accounting principles require certain adjustments to be made to the net assets of the Fund for financial reporting purposes only, and as such, the total returns based on the adjusted net asset values per share may differ from the total returns reported in the average annual total return table.

(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 0.95% and the ratio of gross expenses would have been 24.77%.

(i) Includes interest expense. Without this expense the ratio of net expenses would have been 0.95% and the ratio of gross expenses would have been 94.12%.

See accompanying notes to financial statements.

|  42

Notes to Financial Statements

June 30, 2020 (Unaudited)

1.  Organization.  Natixis Funds Trust I (the “Trust”) is organized as a Massachusetts business trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Declaration of Trust permits the Board of Trustees to authorize the issuance of an unlimited number of shares of the Trust in multiple series. The financial statements for certain funds of the Trust are presented in separate reports. The following funds (individually, a “Fund” and collectively, the “Funds”) are included in this report:

Mirova Global Green Bond Fund (the “Global Green Bond Fund”)

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

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

Global Sustainable Equity Fund and International Sustainable Equity Fund are diversified investment companies. Global Green Bond Fund is a non-diversified investment company.

Each Fund offers Class A, Class N and Class Y shares. Global Sustainable Equity Fund also offers Class C shares.

Class A shares are sold with a maximum front-end sales charge of 5.75% for Global Sustainable Equity Fund and International Sustainable Equity Fund and 4.25% for Global Green Bond Fund. Class C shares do not pay a front-end sales charge, pay higher Rule 12b-1 fees than Class A shares for ten years (at which point they automatically convert to Class A shares) and may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with 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. 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.

43  |

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

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.  Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows:

Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Futures contracts are valued at the most recent settlement price on the exchange on which the adviser believes that, over time, they are traded most extensively.

|  44

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

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

As of June 30, 2020, securities held by the Funds were fair valued as follows:

Fund	Equity securities1		Percentage of Net Assets
Global Sustainable Equity Fund	$	87,868,922		32.2	%
International Sustainable Equity Fund		13,552,787		79.7	%

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

b.  Investment Transactions and Related Investment Income.  Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. 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

45  |

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

denominated in currencies other than U.S. dollars, if any, are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars on the respective dates of such transactions.

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates. Net realized foreign exchange gains or losses and the net change in unrealized foreign exchange gains or losses are disclosed in the Statements of Operations. For federal income tax purposes, net realized foreign exchange gains or losses are characterized as ordinary income, and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.

The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statements of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities. 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.  Futures Contracts.  The Funds may enter into futures contracts. Futures contracts are agreements between two parties to buy and sell a particular instrument or index for a specified price on a specified future date.

When a Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker an amount of cash or short-term high-quality securities as “initial margin.” As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as “variation margin,” are made or received by a Fund, depending on the price fluctuations in the fair value of the contract and the value of cash or securities on deposit with the broker. 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

|  46

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

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 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.  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.

f.  Federal and Foreign Income Taxes.  The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of June 30, 2020 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

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Notes to Financial Statements (continued)

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on the Statements of Operations as a reduction of investment income, net of amounts eligible to be reclaimed. Dividends and interest receivable on the Statements of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes where reclaims have been or will be filed are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

g.  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 foreign currency gains and losses, premium amortization, distribution re-designations and non-deductible expenses. 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, return of capital distributions received, premium amortization and futures contract mark-to-market. 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, 2019 was as follows:

	2019 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Global Green Bond Fund	$	608,967	$	265,743	$	874,710
Global Sustainable Equity Fund		460,922		1,861,566		2,322,488
International Sustainable Equity Fund		205,722		—		205,722

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

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, 2019, late-year ordinary and post-October capital loss deferrals was as follows:

	Global Green Bond Fund			Global Sustainable Equity Fund		International Sustainable Equity Fund
Late-year ordinary and post-October capital loss deferrals*	$	(195,168	)	$	—	$	—

* 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 is deferring capital and foreign currency losses.

As of June 30, 2020, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:

	Global Green Bond Fund			Global Sustainable Equity Fund			International Sustainable Equity Fund
Federal tax cost	$	33,046,428		$	219,531,050		$	13,803,783
Gross tax appreciation	$	1,259,691		$	45,623,341		$	2,792,464
Gross tax depreciation		(578,892	)		(2,636,692	)		(627,220	)
Net tax appreciation	$	680,799		$	42,986,649		$	2,165,244

Amounts in the tables 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.

h.  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

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

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, 2020, 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.

i.  Indemnifications.  Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

3.  Fair Value Measurements.  In accordance with accounting standards related to fair value measurements and disclosures, the Funds have categorized the inputs utilized in determining the value of each Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:

• Level 1 – quoted prices in active markets for identical assets or liabilities;

• Level 2 – prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and

• Level 3 – prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect each Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of June 30, 2020, at value:

Global Green Bond Fund

Asset Valuation Inputs

Description	Level 1			Level 2		Level 3		Total
Bonds and Notes(a)	$	—		$	33,692,384	$	—	$	33,692,384
Futures Contracts (unrealized appreciation)		96,220			—		—		96,220
Total	$	96,220		$	33,692,384	$	—	$	33,788,604
Liability Valuation Inputs
Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(61,377	)	$	—	$	—	$	(61,377	)

(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	$	—	$	4,670,437	$	—	$	4,670,437
Denmark		9,831,625		22,376,851		—		32,208,476
France		—		9,953,050		—		9,953,050
Germany		—		18,565,903		—		18,565,903
Hong Kong		—		4,729,266		—		4,729,266
Japan		—		11,362,354		—		11,362,354
Netherlands		7,341,510		3,266,709		—		10,608,219
Switzerland		—		1,933,689		—		1,933,689
United Kingdom		—		11,010,663		—		11,010,663
Other Common Stocks(a)		145,506,318		—		—		145,506,318
Total Common Stocks		162,679,453		87,868,922		—		250,548,375
Short-Term Investments		—		11,969,324		—		11,969,324
Total	$	162,679,453	$	99,838,246	$	—	$	262,517,699

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

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

International Sustainable Equity Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	365,781	$	—	$	365,781
Belgium		—		748,819		—		748,819
Denmark		646,479		1,897,123		—		2,543,602
France		—		2,531,702		—		2,531,702
Germany		—		1,401,332		—		1,401,332
Hong Kong		—		580,171		—		580,171
Ireland		—		642,067		—		642,067
Japan		—		2,119,338		—		2,119,338
Netherlands		841,275		622,614		—		1,463,889
Norway		—		97,753		—		97,753
Switzerland		—		254,380		—		254,380
Taiwan		629,579		—		—		629,579
United Kingdom		—		2,291,707		—		2,291,707
Total Common Stocks		2,117,333		13,552,787		—		15,670,120
Short-Term Investments		—		298,907		—		298,907
Total	$	2,117,333	$	13,851,694	$	—	$	15,969,027

4.  Derivatives.  Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that Global Green Bond Fund used during the period include futures contracts.

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, 2020, the Fund used U.S. and foreign Treasury 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 subjected 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, 2020, the Fund used U.S. and foreign Treasury bond futures to manage duration.

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

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, 2020, the Fund used currency futures for hedging purposes.

The following is a summary of derivative instruments for Global Green Bond Fund as of June 30, 2020, as reflected within the Statements of Assets and Liabilities:

Assets	Unrealized appreciation on futures contracts
Exchange-traded asset derivatives
Interest rate contracts	$	81,707
Foreign exchange contracts		14,513
Total exchange-traded asset derivatives	$	96,220
Liabilities	Unrealized depreciation on futures contracts
Exchange-traded liability derivatives
Interest rate contracts	$	(3,938	)
Foreign exchange contracts		(57,439	)
Total exchange-traded liability derivatives	$	(61,377	)

Transactions in derivative instruments for Global Green Bond Fund during the six months ended June 30, 2020, as reflected within the Statements of Operations were as follows:

Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	181,604
Foreign exchange contracts		99,682
Total	$	281,286
Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	162,274
Foreign exchange contracts		268,292
Total	$	430,566

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Notes to Financial Statements (continued)

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

The volume of 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, 2020:

Global Green Bond Fund	Futures
Average Notional Amount Outstanding		86.21	%
Highest Notional Amount Outstanding		96.00	%
Lowest Notional Amount Outstanding		82.17	%
Notional Amount Outstanding as of June 30, 2020		86.65	%

Notional amounts outstanding at the end of the prior period are included in the averages above.

Counterparty risk is managed based on policies and procedures established by each Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearing house, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers are required to segregate customer margin 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 clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. The following table shows the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund, as of June 30, 2020:

Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
Global Green Bond Fund	$	1,127,469	$	1,127,469

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

5.  Purchases and Sales of Securities.  For the six months ended June 30, 2020, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:

Fund	Purchases		Sales
Global Green Bond Fund	$	8,327,554	$	9,170,769
Global Sustainable Equity Fund		100,708,323		5,580,728
International Sustainable Equity Fund		713,613		677,811

6.  Management Fees and Other Transactions with Affiliates.

a.  Management Fees.  Mirova US LLC (“Mirova US”) serves as investment adviser to the Funds. 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		0.55	%
Global Sustainable Equity Fund		0.80	%
International Sustainable Equity Fund		0.80	%

Mirova US has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until April 30, 2021, 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, 2020, the expense limits as a percentage of average daily net assets under the expense limitation agreement were as follows:

	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Class A			Class C			Class N			Class Y
Global Green Bond Fund		0.95	%		—			0.65	%		0.70	%
Global Sustainable Equity Fund		1.20	%		1.95	%		0.90	%		0.95	%
International Sustainable Equity Fund		1.20	%		—			0.90	%		0.95	%

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Notes to Financial Statements (continued)

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Mirova US shall be permitted to recover expenses borne under the expense limitation agreement (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 a class’ expense limits, 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, 2020, 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
							Gross			Net
Global Green Bond Fund	$	98,337	$	95,846	$	2,491		0.55	%		0.01	%
Global Sustainable Equity Fund		779,260		121,202		658,058		0.80	%		0.68	%
International Sustainable Equity Fund		63,587		63,587		—		0.80	%		—	%

¹  Management fee waivers are subject to possible recovery until December 31, 2021.

In addition, Mirova US reimbursed non-class-specific expenses of International Sustainable Equity Fund in the amount of $10,427, for the six months ended June 30, 2020.

No expenses were recovered for any of the Funds during the six months ended June 30, 2020 under the terms of the expense limitation agreements.

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

Pursuant to Rule 12b-1 under the 1940 Act, the Trust has 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

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

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, 2020, the service and distribution fees for each Fund were as follows:

	Service Fees				Distribution Fees
Fund	Class A		Class C		Class C
Global Green Bond Fund	$	3,671	$	—	$	—
Global Sustainable Equity Fund		16,740		7,775		23,324
International Sustainable Equity Fund		6		—		—

c.  Administrative Fees.  Natixis Advisors, L.P. (“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. Natixis Advisors is a wholly-owned subsidiary of Natixis. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trust 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 Trust, 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 Trust of $10 million, which is reevaluated on an annual basis.

For the six months ended June 30, 2020, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Global Green Bond Fund	$	7,917
Global Sustainable Equity Fund		43,448
International Sustainable Equity Fund		3,537

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

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Notes to Financial Statements (continued)

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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, 2020, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:

Fund	Sub-Transfer Agent Fees
Global Green Bond Fund	$	8,210
Global Sustainable Equity Fund		58,078
International Sustainable Equity Fund		15

As of June 30, 2020, 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
Global Green Bond Fund	$	180
Global Sustainable Equity Fund		1,440

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, 2020 was as follows:

Fund	Commissions
Global Green Bond Fund	$	55
Global Sustainable Equity Fund		2,522
International Sustainable Equity Fund		14

f.  Trustees Fees and Expenses.  The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of Natixis Advisors,

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

Natixis Distribution, Natixis 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 $199,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee, the chairperson of the Audit Committee and the chairperson of the Governance Committee each receive an additional retainer fee at the annual rate of $20,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

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

Certain officers and employees of Natixis Advisors and its affiliates are also officers and/or Trustees of the Trust.

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Notes to Financial Statements (continued)

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g.  Affiliated Ownership.  As of June 30, 2020, the percentage of each Fund’s net assets owned by affiliates is as follows:

Global Green Bond Fund	Percentage of Net Assets
Natixis Sustainable Future 2015 Fund		2.11	%
Natixis Sustainable Future 2020 Fund		1.34	%
Natixis Sustainable Future 2025 Fund		1.51	%
Natixis Sustainable Future 2030 Fund		1.26	%
Natixis Sustainable Future 2035 Fund		0.79	%
Natixis Sustainable Future 2040 Fund		0.66	%
Natixis Sustainable Future 2045 Fund		0.24	%
Natixis Sustainable Future 2050 Fund		0.21	%
Natixis Sustainable Future 2055 Fund		0.18	%
Natixis Sustainable Future 2060 Fund		0.15	%
Natixis and affiliates		41.02	%
		49.47	%

International Sustainable Equity Fund	Percentage of Net Assets
Natixis Sustainable Future 2015 Fund		2.91	%
Natixis Sustainable Future 2020 Fund		2.33	%
Natixis Sustainable Future 2025 Fund		3.90	%
Natixis Sustainable Future 2030 Fund		4.99	%
Natixis Sustainable Future 2035 Fund		5.14	%
Natixis Sustainable Future 2040 Fund		5.45	%
Natixis Sustainable Future 2045 Fund		5.12	%
Natixis Sustainable Future 2050 Fund		4.56	%
Natixis Sustainable Future 2055 Fund		3.96	%
Natixis Sustainable Future 2060 Fund		3.29	%
Natixis and affiliates		58.26	%
		99.91	%

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 (effective May 1, 2020 for Global Green Bond Fund and International 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, 2021 and is not subject to recovery under the expense limitation agreement described above.

|  60

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

For the six months ended June 30, 2020 (for the period May 1, 2020 through June 30, 2020 for Global Green Bond Fund and International Sustainable Equity Fund), Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:

Fund	Reimbursement of Transfer Agency Expenses Class N
Global Green Bond Fund	$	721
Global Sustainable Equity Fund		788
International Sustainable Equity Fund		164

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

For the six months ended June 30, 2020, 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
Global Green Bond Fund	$	2,417	$	—	$	837	$	8,062
Global Sustainable Equity Fund		4,826		2,243		788		57,549
International Sustainable Equity Fund		610		—		846		1,179

8.  Line of Credit.  Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, entered into a $400,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 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 an arrangement fee, an upfront fee, and certain other 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 and/or miscellaneous expenses 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, 2020, none of the Funds had borrowings under this agreement.

61  |

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

9.  Payable to Custodian Bank.  The Funds’ custodian bank, State Street Bank, provides overdraft protection to the Funds in the event of a cash shortfall. Cash overdrafts bear interest at a rate per annum equal to the Federal Funds rate plus a variable spread. At June 30, 2020, Global Green Bond Fund had a payable to the custodian bank of $325,680 for an overdraft.

10.  Risk.  Each Fund’s investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks. The Fund’s investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.

Global markets have experienced periods of high volatility triggered by the rapidly evolving public health emergency known as coronavirus (“COVID-19”). As the situation continues to unfold, the extent and duration of the impact that the COVID-19 outbreak may have on financial markets and the economy as a whole remains highly uncertain. If the effects of the COVID-19 outbreak on financial markets and the economy continue for an extended period of time, the Funds’ future financial and investment results may be adversely affected.

11.  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, 2020 is reflected on the Statements of Operations.

12.  Concentration of Ownership.  From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of June 30, 2020, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Funds’ total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:

Fund	Number of 5% Non-Affiliated Account Holders		Percentage of Non-Affiliated Ownership			Percentage of Affiliated Ownership (Note 6g)			Total Percentage of Ownership
Global Green Bond Fund		1		9.71	%		49.47	%		59.18	%
Global Sustainable Equity Fund		2		10.93	%		—			10.93	%
International Sustainable Equity Fund		—		—			99.91	%		99.91	%

|  62

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

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.

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

	Six Months Ended June 30, 2020					Year Ended December 31, 2019
Global Green Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	122,472		$	1,272,648		213,955		$	2,256,341
Issued in connection with the reinvestment of distributions	1,312			13,527		3,961			41,148
Redeemed	(36,555	)		(378,986	)	(55,616	)		(576,973	)
Net change	87,229		$	907,189		162,300		$	1,720,516
Class N
Issued from the sale of shares	196,382		$	2,048,746		197,653		$	2,056,718
Issued in connection with the reinvestment of distributions	13,069			134,147		66,143			686,274
Redeemed	(983,027	)		(10,312,894	)	(412,919	)		(4,197,811	)
Net change	(773,576	)	$	(8,130,001	)	(149,123	)	$	(1,454,819	)
Class Y
Issued from the sale of shares	670,362		$	7,014,807		711,084		$	7,480,033
Issued in connection with the reinvestment of distributions	5,528			57,056		11,941			124,307
Redeemed	(224,138	)		(2,346,233	)	(166,513	)		(1,759,865	)
Net change	451,752		$	4,725,630		556,512		$	5,844,475
Increase (decrease) from capital share transactions	(234,595	)	$	(2,497,182	)	569,689		$	6,110,172

63  |

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

13.  Capital Shares (continued).

	Six Months Ended June 30, 2020					Year Ended December 31, 2019
Global Sustainable Equity Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	341,698		$	4,978,638		421,391		$	5,771,615
Issued in connection with the reinvestment of distributions	2,948			39,542		9,280			131,736
Redeemed	(125,656	)		(1,746,642	)	(122,875	)		(1,613,835	)
Net change	218,990		$	3,271,538		307,796		$	4,289,516
Class C
Issued from the sale of shares	179,070		$	2,503,294		152,601		$	2,081,444
Issued in connection with the reinvestment of distributions	681			8,882		1,646			22,845
Redeemed	(20,887	)		(280,149	)	(23,760	)		(318,560	)
Net change	158,864		$	2,232,027		130,487		$	1,785,729
Class N
Issued from the sale of shares	968,824		$	14,184,063		479,051		$	6,954,884
Issued in connection with the reinvestment of distributions	5,014			67,584		9,538			139,234
Redeemed	(64,051	)		(940,236	)	(2,130	)		(31,125	)
Net change	909,787		$	13,311,411		486,459		$	7,062,993
Class Y
Issued from the sale of shares	7,657,756		$	113,278,717		4,887,232		$	66,779,728
Issued in connection with the reinvestment of distributions	38,049			512,903		92,160			1,315,613
Redeemed	(1,566,779	)		(21,897,537	)	(3,173,224	)		(42,852,903	)
Net change	6,129,026		$	91,894,083		1,806,168		$	25,242,438
Increase from capital share transactions	7,416,667		$	110,709,059		2,730,910		$	38,380,676
International Sustainable Equity Fund
Class A
Issued from the sale of shares	96		$	1,197		241		$	3,002
Issued in connection with the reinvestment of distributions	1			11		1			12
Net change	97		$	1,208		242		$	3,014
Class N
Issued from the sale of shares	160,647		$	1,745,954		624,516		$	6,901,909
Issued in connection with the reinvestment of distributions	3,306			34,179		16,672			205,624
Redeemed	(134,952	)		(1,521,378	)	(267,041	)		(2,830,518	)
Net change	29,001		$	258,755		374,147		$	4,277,015
Class Y
Issued from the sale of shares	355		$	4,136		575		$	7,196
Issued in connection with the reinvestment of distributions	2			25		7			86
Net change	357		$	4,161		582		$	7,282
Increase from capital share transactions	29,455		$	264,124		374,971		$	4,287,311

|  64

Semiannual Report

June 30, 2020

Natixis Oakmark Fund

Natixis Oakmark International Fund

Vaughan Nelson Mid Cap Fund

(formerly Vaughan Nelson Value Opportunity Fund)

Vaughan Nelson Small Cap Value Fund

Table of Contents

Portfolio Review	1
Portfolio of Investments	19
Financial Statements	34
Notes to Financial Statements	60

IMPORTANT NOTICE TO SHAREHOLDERS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you wish to continue receiving paper copies of your shareholder reports after January 1, 2021, you can inform the Fund at any time by calling 1-800-225-5478. If you hold your account with a financial intermediary and you wish to continue receiving paper copies after January 1, 2021, you should call your financial intermediary directly. Paper copies are provided free of charge, and your election to receive reports in paper will apply to all funds held with the Natixis Funds complex. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You currently may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically at www.icsdelivery.com/natixisfunds.

NATIXIS OAKMARK FUND

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

* Effective January 28, 2020, Michael A. Nicolas joined the portfolio management team of the Fund.

Investment Goal

The Fund seeks long-term capital appreciation.

1  |

Average Annual Total Returns — June 30, 2020³

													Life of Class N		Expense Ratios4
	6 Months			1 Year			5 Years			10 Years					Gross			Net
Class Y (Inception 11/18/98)
NAV		-13.66	%		-5.92	%		5.74	%		11.17	%		—		0.92	%		0.92	%
Class A (Inception 5/6/31)
NAV		-13.78			-6.18			5.47			10.88			—		1.17	%		1.17	%
With 5.75% Maximum Sales Charge		-18.74			-11.59			4.22			10.23			—
Class C (Inception 5/1/95)
NAV		-14.13			-6.91			4.67			10.05			—		1.92	%		1.92	%
With CDSC1		-14.99			-7.80			4.67			10.05			—
Class N (Inception 5/1/17)
NAV		-13.60			-5.84			—			—			3.32		1.25	%		0.83	%
COMPARATIVE PERFORMANCE
S&P 500® Index2		-3.08			7.51			10.73			13.99			10.74

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

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

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

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

4 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 4/30/21. 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.

|  2

NATIXIS OAKMARK INTERNATIONAL FUND

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

Investment Goal

The Fund seeks long-term capital appreciation.

3  |

Average Annual Total Returns — June 30, 2020⁴

															Expense Ratios5
	6 Months			1 Year			5 Years			Life of Class					Gross			Net
Class Y (Inception 5/1/17)											Class A/C		Class Y/N
NAV1		-23.38	%		-15.40	%		-1.68	%		—		-6.10	%		0.99	%		0.99	%
Class A (Inception 12/15/10)												��
NAV		-23.40			-15.53			-1.83			2.71		—			1.24	%		1.24	%
With 5.75% Maximum Sales Charge		-27.80			-20.41			-2.98			2.07		—
Class C (Inception 12/15/10)
NAV		-23.71			-16.23			-2.58			1.94		—			1.99	%		1.99	%
With CDSC2		-24.48			-17.05			-2.58			1.94		—
Class N (Inception 5/1/17)
NAV		-23.23			-15.23			—			—		-5.98			1.03	%		0.89	%
COMPARATIVE PERFORMANCE
MSCI World ex U.S. Index (Net)3		-11.49			-5.42			2.01			3.45		1.78

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

1 Prior to the inception of Class Y shares (5/1/2017), performance is that of Class A shares and reflects the higher net expenses of that share class.

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

3 MSCI World ex U.S. 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.

5 Expense ratios are as shown in the Funds 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 4/30/21. 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.

|  4

VAUGHAN NELSON MID CAP FUND

(formerly Vaughan Nelson Value Opportunity Fund)

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

Investment Goal

The Fund seeks long-term capital appreciation.

5  |

Average Annual Total Returns — June 30, 2020³

													Life of Class N			Expense Ratios4
	6 Months			1 Year			5 Years			10 Years						Gross			Net
Class Y (Inception 10/31/08)															��
NAV		-14.70	%		-7.26	%		0.20	%		9.59	%		—			1.04	%		0.99	%
Class A (Inception 10/31/08)
NAV		-14.84			-7.54			-0.06			9.32			—			1.30	%		1.24	%
With 5.75% Maximum Sales Charge		-19.74			-12.85			-1.24			8.68			—
Class C (Inception 10/31/08)
NAV		-15.19			-8.26			-0.81			8.51			—			2.04	%		1.98	%
With CDSC1		-16.00			-9.13			-0.81			8.51			—
Class N (Inception 5/1/13)
NAV		-14.68			-7.19			0.29			—			5.97			0.95	%		0.93	%
COMPARATIVE PERFORMANCE
Russell Midcap® Value Index2		-18.09			-11.81			3.32			10.29			6.64

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

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

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.

4 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 4/30/21. 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.

|  6

VAUGHAN NELSON SMALL CAP VALUE FUND

Managers	Symbols
Chris D. Wallis, CFA®	Class A    NEFJX
Stephen Davis, CFA®	Class C    NEJCX
	Class N    VSCNX
	Class Y    NEJYX
Vaughan Nelson Investment Management, L.P.

Investment Goal

The Fund seeks capital appreciation.

7  |

Average Annual Total Returns — June 30, 2020³

													Life of Class N		Expense Ratios4
	6 Months			1 Year			5 Years			10 Years					Gross			Net
Class Y (Inception 8/31/06)
NAV		-18.40	%		-13.91	%		0.62	%		9.14	%		—		1.27	%		1.13	%
Class A (Inception 12/31/96)
NAV		-18.51			-14.11			0.38			8.87			—		1.51	%		1.38	%
With 5.75% Maximum Sales Charge		-23.18			-19.05			-0.80			8.22			—
Class C (Inception 12/31/96)
NAV		-18.74			-14.69			-0.37			8.05			—		2.27	%		2.13	%
With CDSC1		-19.54			-15.52			-0.37			8.05			—
Class N (Inception 5/1/17)
NAV		-18.39			-13.87			—			—			-2.08		11.84	%		1.08	%
COMPARATIVE PERFORMANCE
Russell 2000® Value Index2		-23.50			-17.48			1.26			7.82			-4.16

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

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

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.

4 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 4/30/21. 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.

|  8

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

Natixis Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov.

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

9  |

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, 2020 through June 30, 2020. 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.

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Natixis Oakmark Fund	Beginning Account Value 1/1/2020		Ending Account Value 6/30/2020		Expenses Paid During Period* 1/1/2020 – 6/30/2020
Class A
Actual		$1,000.00		$862.20		$5.42
Hypothetical (5% return before expenses)		$1,000.00		$1,019.05		$5.87
Class C
Actual		$1,000.00		$858.70		$8.87
Hypothetical (5% return before expenses)		$1,000.00		$1,015.32		$9.62
Class N
Actual		$1,000.00		$864.00		$3.85
Hypothetical (5% return before expenses)		$1,000.00		$1,020.74		$4.17
Class Y
Actual		$1,000.00		$863.40		$4.31
Hypothetical (5% return before expenses)		$1,000.00		$1,020.24		$4.67

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.17%, 1.92%, 0.83% and 0.93% 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 (182), divided by 366 (to reflect the half-year period).

Natixis Oakmark International Fund	Beginning Account Value 1/1/2020		Ending Account Value 6/30/2020		Expenses Paid During Period* 1/1/2020 – 6/30/2020
Class A
Actual		$1,000.00		$766.00		$6.02
Hypothetical (5% return before expenses)		$1,000.00		$1,018.05		$6.87
Class C
Actual		$1,000.00		$762.90		$9.29
Hypothetical (5% return before expenses)		$1,000.00		$1,014.32		$10.62
Class N
Actual		$1,000.00		$767.70		$4.09
Hypothetical (5% return before expenses)		$1,000.00		$1,020.24		$4.67
Class Y
Actual		$1,000.00		$766.20		$4.92
Hypothetical (5% return before expenses)		$1,000.00		$1,019.29		$5.62

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.37%, 2.12%, 0.93% and 1.12% 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 (182), divided by 366 (to reflect the half-year period).

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Vaughan Nelson Mid Cap Fund	Beginning Account Value 1/1/2020		Ending Account Value 6/30/2020		Expenses Paid During Period* 1/1/2020 – 6/30/2020
Class A
Actual		$1,000.00		$851.60		$5.52
Hypothetical (5% return before expenses)		$1,000.00		$1,018.90		$6.02
Class C
Actual		$1,000.00		$848.10		$8.96
Hypothetical (5% return before expenses)		$1,000.00		$1,015.17		$9.77
Class N
Actual		$1,000.00		$853.20		$4.15
Hypothetical (5% return before expenses)		$1,000.00		$1,020.39		$4.52
Class Y
Actual		$1,000.00		$853.00		$4.38
Hypothetical (5% return before expenses)		$1,000.00		$1,020.14		$4.77

* 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 (182), divided by 366 (to reflect the half-year period).

Vaughan Nelson Small Cap Value Fund	Beginning Account Value 1/1/2020		Ending Account Value 6/30/2020		Expenses Paid During Period* 1/1/2020 – 6/30/2020
Class A
Actual		$1,000.00		$814.90		$6.05
Hypothetical (5% return before expenses)		$1,000.00		$1,018.20		$6.72
Class C
Actual		$1,000.00		$812.60		$9.42
Hypothetical (5% return before expenses)		$1,000.00		$1,014.47		$10.47
Class N
Actual		$1,000.00		$816.10		$4.70
Hypothetical (5% return before expenses)		$1,000.00		$1,019.69		$5.22
Class Y
Actual		$1,000.00		$816.00		$4.92
Hypothetical (5% return before expenses)		$1,000.00		$1,019.44		$5.47

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.34%, 2.09%, 1.04% and 1.09% 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 (182), divided by 366 (to reflect the half-year period).

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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 and sub-advisory agreements (collectively, the “Agreements”) at most of its meetings throughout the year. Each year, usually in the spring, the Contract Review Committee of the Board meets to review the Agreements to determine whether to recommend that the full Board approve the continuation of the Agreements, typically for an additional one-year period. 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.

In connection with these meetings, the Trustees receive materials that the Funds’ investment advisers and sub-advisers (collectively, the “Advisers”) believe to be reasonably necessary for the Trustees to evaluate the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Funds and the performance of peer groups of funds and the Funds’ performance benchmarks, (ii) information on the Funds’ advisory and sub-advisory fees and other expenses, including information comparing the Funds’ advisory and sub-advisory fees to the fees charged to institutional accounts with similar strategies managed by the Advisers, if any, and to those of peer groups of funds and information about any applicable expense limitations and/or fee “breakpoints,” (iii) sales and redemption data in respect of the Funds, (iv) information about the profitability of the Agreements to the Advisers and (v) information obtained through the completion by the Advisers of 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, 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 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.

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. This information generally includes, 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 where available, performance ratings provided by a third-party, total return information for various periods, and third-party performance rankings for various periods comparing a

13  |

Fund against similarly categorized funds. The portfolio management team for each Fund or other representatives of the Advisers make periodic presentations to the Contract Review Committee and/or the full Board, and Funds identified as presenting possible performance concerns may be subject to more frequent Board or Committee presentations and reviews. In addition, each quarter, the Trustees are provided with detailed statistical information about each Fund’s portfolio. The Trustees also receive periodic updates between meetings. These updates have increased in frequency during the COVID-19 crisis.

The Board most recently approved the continuation of the Agreements for a one-year period at its meeting held in June 2020. 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 considered not only the advisory services provided by the Advisers to the Funds, but also the monitoring and oversight services provided by Natixis Advisors, L.P. (“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.

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. In addition, the Trustees reviewed data prepared by an independent third party 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, 2019, each Fund’s one-, three- and five-year performance, as applicable, stated as percentile rankings within categories selected by the

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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
Natixis Oakmark Fund		70	%		92	%		80	%
Natixis Oakmark International Fund		27	%		86	%		69	%
Vaughan Nelson Small Cap Value Fund		46	%		86	%		69	%
Vaughan Nelson Mid Cap Fund		24	%		73	%		84	%

In the case of each Fund that had performance that lagged that of a relevant category median as determined by the independent third-party 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’s more recent performance has been stronger relative to its category; (3) the Adviser’s deep value investment strategy was expected to result in cyclical underperformance from time to time and (4) 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 that performance had been impacted by the COVID-19 crisis.

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 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

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extent the Fund grows in size. The Trustees considered that over the past several years, management had made 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 Vaughan Nelson Mid Cap Fund and Vaughan Nelson Small Cap Value Fund under their respective expense limitation agreements as well as the material terms of those expense limitations. They further noted that management had proposed to reduce the expense limitations for Natixis Oakmark International Fund and Vaughan Nelson Small Cap Value Fund on all share classes, effective as of July 1, 2020.

The Trustees noted that certain of the Funds 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) the quality of the services and the reputation and performance of the portfolio management team; (2) that the Fund had an expense limitation reduction last year and the comparison against the peer group did not reflect the full impact of that reduction; and (3) that management had proposed to further reduce the expense limitations of the Fund.

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 compared to that of certain other investment managers for which such data was available.

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. 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

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proposal to reduce the expense limitations for Natixis Oakmark International Fund and Vaughan Nelson Small Cap Value 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 each Adviser has made into its business.

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 recent market and economic events, including but not limited to the COVID-19 crisis, on the performance, asset levels and expense ratios of each Fund.

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

· So-called “fallout benefits” to the Advisers, such as the engagement of affiliates of the Advisers to provide distribution 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 also considered the benefits to the parent company of Natixis Advisors from the retention of the Adviser. 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 should be continued through June 30, 2021.

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LIQUIDITY RISK MANAGEMENT PROGRAM

Annual Report for the Period Commencing on December 1, 2018 and ending December 31, 2019 (including updates through June 30, 2020)

Effective December 1, 2018, 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 December 1, 2018 to December 31, 2019, there were no material changes to the Program 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.

During the period January 1, 2020 through June 30, 2020, 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 has been implemented effectively. The Program Administrator has also monitored, assessed and managed each Fund’s liquidity risk regularly and has determined that the Program is operating effectively.

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 Program, assessed its adequacy and effectiveness and described any material changes made to the Program.

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Portfolio of Investments – as of June 30, 2020 (Unaudited)

Natixis Oakmark Fund

Shares		Description	Value (†)
	Common Stocks — 93.9% of Net Assets
		Aerospace & Defense — 1.0%
	14,400	General Dynamics Corp.	$	2,152,224
		Auto Components — 1.3%
	36,600	Aptiv PLC		2,851,872
		Automobiles — 1.8%
	151,800	General Motors Co.		3,840,540
		Banks — 8.1%
	299,200	Bank of America Corp.		7,106,000
	134,700	Citigroup, Inc.		6,883,170
	118,245	Wells Fargo & Co.		3,027,072
				17,016,242
		Beverages — 2.6%
	31,200	Constellation Brands, Inc., Class A		5,458,440
		Biotechnology — 1.0%
	3,245	Regeneron Pharmaceuticals, Inc.(a)		2,023,744
		Capital Markets — 13.2%
	104,900	Bank of New York Mellon Corp. (The)		4,054,385
	156,400	Charles Schwab Corp. (The)		5,276,936
	19,865	Goldman Sachs Group, Inc. (The)		3,925,721
	17,710	Moody’s Corp.		4,865,469
	13,440	S&P Global, Inc.		4,428,211
	82,836	State Street Corp.		5,264,228
				27,814,950
		Consumer Finance — 6.9%
	264,100	Ally Financial, Inc.		5,237,103
	36,044	American Express Co.		3,431,389
	94,805	Capital One Financial Corp.		5,933,845
				14,602,337
		Electronic Equipment, Instruments & Components — 1.5%
	38,300	TE Connectivity Ltd.		3,123,365
		Entertainment — 3.2%
	14,705	Netflix, Inc.(a)		6,691,363
		Health Care Providers & Services — 5.4%
	63,085	CVS Health Corp.		4,098,632
	30,207	HCA Healthcare, Inc.		2,931,891
	11,290	Humana, Inc.		4,377,698
				11,408,221
		Hotels, Restaurants & Leisure — 2.8%
	46,245	Hilton Worldwide Holdings, Inc.		3,396,695
	156,400	MGM Resorts International		2,627,520
				6,024,215
		Industrial Conglomerates — 1.4%
	440,100	General Electric Co.		3,005,883

19  | See accompanying notes to financial statements.

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Natixis Oakmark Fund – (continued)

Shares		Description	Value (†)
		Insurance — 3.7%
	150,795	American International Group, Inc.	$	4,701,788
	38,627	Reinsurance Group of America, Inc.		3,029,902
				7,731,690
		Interactive Media & Services — 9.7%
	5,685	Alphabet, Inc., Class A(a)		8,061,614
	31,935	Facebook, Inc., Class A(a)		7,251,481
	27,036	Match Group, Inc.(a)		2,894,204
	103,141	Pinterest, Inc., Class A(a)		2,286,636
				20,493,935
		Internet & Direct Marketing Retail — 5.6%
	3,425	Booking Holdings, Inc.(a)		5,453,765
	84,011	eBay, Inc.		4,406,377
	199,200	Qurate Retail, Inc., Class A(a)		1,892,400
				11,752,542
		IT Services — 6.8%
	14,320	Automatic Data Processing, Inc.		2,132,105
	164,300	DXC Technology Co.		2,710,950
	29,665	Gartner, Inc.(a)		3,599,254
	9,750	MasterCard, Inc., Class A		2,883,075
	15,805	Visa, Inc., Class A		3,053,052
				14,378,436
		Machinery — 6.2%
	29,081	Caterpillar, Inc.		3,678,746
	26,460	Cummins, Inc.		4,584,460
	25,755	Parker-Hannifin Corp.		4,720,119
				12,983,325
		Media — 4.8%
	8,115	Charter Communications, Inc., Class A(a)		4,138,975
	151,200	Comcast Corp., Class A		5,893,776
				10,032,751
		Oil, Gas & Consumable Fuels — 4.6%
	243,398	Apache Corp.		3,285,873
	23,000	Concho Resources, Inc.		1,184,500
	24,130	Diamondback Energy, Inc.		1,009,116
	84,724	EOG Resources, Inc.		4,292,118
				9,771,607
		Software — 1.4%
	15,398	Workday, Inc., Class A(a)		2,884,969
		Wireless Telecommunication Services — 0.9%
	18,400	T-Mobile US, Inc.(a)		1,916,360
		Total Common Stocks (Identified Cost $192,084,750)		197,959,011

See accompanying notes to financial statements. |  20

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Natixis Oakmark Fund – (continued)

Principal Amount		Description	Value (†)
	Short-Term Investments — 6.4%
$	13,461,035	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2020 at 0.000% to be repurchased at $13,461,035 on 7/01/2020 collateralized by $12,148,600 U.S. Treasury Note, 2.250% due 11/15/2027 valued at $13,730,293 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $13,461,035)	$	13,461,035
		Total Investments — 100.3% (Identified Cost $205,545,785)		211,420,046
		Other assets less liabilities — (0.3)%		(568,866	)
		Net Assets — 100.0%	$	210,851,180
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.

Industry Summary at June 30, 2020 (Unaudited)

Capital Markets	13.2	%
Interactive Media & Services	9.7
Banks	8.1
Consumer Finance	6.9
IT Services	6.8
Machinery	6.2
Internet & Direct Marketing Retail	5.6
Health Care Providers & Services	5.4
Media	4.8
Oil, Gas & Consumable Fuels	4.6
Insurance	3.7
Entertainment	3.2
Hotels, Restaurants & Leisure	2.8
Beverages	2.6
Other Investments, less than 2% each	10.3
Short-Term Investments	6.4
Total Investments	100.3
Other assets less liabilities	(0.3	)
Net Assets	100.0	%

21  | See accompanying notes to financial statements.

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Natixis Oakmark International Fund

Shares		Description	Value (†)
	Common Stocks — 97.4% of Net Assets
		Australia — 3.4%
	4,538,450	AMP Ltd.(a)	$	5,872,416
	565,600	Brambles Ltd.		4,288,599
	546,458	Orica Ltd.		6,319,576
				16,480,591
		Canada — 2.5%
	1,571,867	Cenovus Energy, Inc.		7,352,207
	107,700	Open Text Corp.		4,573,442
				11,925,649
		China — 2.5%
	600	Alibaba Group Holding Ltd., Sponsored ADR(a)		129,420
	124,800	Alibaba Group Holding Ltd.(a)		3,367,577
	42,634	Baidu, Inc., Sponsored ADR(a)		5,111,390
	134,100	Trip.com Group Ltd., ADR(a)		3,475,872
				12,084,259
		Finland — 0.8%
	140,900	UPM-Kymmene OYJ		4,081,125
		France — 11.8%
	361,348	Accor S.A.(a)		9,861,770
	525,291	BNP Paribas S.A.(a)(b)		20,987,475
	203,422	Bureau Veritas S.A.(a)		4,314,466
	23,700	EssilorLuxottica S.A.(a)		3,048,018
	285,851	Publicis Groupe S.A.		9,285,870
	337,600	Valeo S.A.		8,904,313
				56,401,912
		Germany — 16.7%
	60,910	Allianz SE, (Registered)		12,446,487
	120,630	Bayer AG, (Registered)		8,941,515
	255,100	Bayerische Motoren Werke AG		16,285,744
	153,459	Continental AG(a)		15,086,741
	451,714	Daimler AG, (Registered)		18,377,467
	31,500	Henkel AG & Co. KGaA		2,635,299
	924,100	thyssenkrupp AG(a)		6,592,783
				80,366,036
		India — 1.1%
	937,775	Axis Bank Ltd.		5,073,143
		Indonesia — 1.0%
	13,450,000	Bank Mandiri Persero Tbk PT		4,670,240
		Ireland — 2.1%
	153,763	Ryanair Holdings PLC, Sponsored ADR(a)		10,200,637
		Italy — 4.1%
	10,146,500	Intesa Sanpaolo SpA(a)		19,498,426

See accompanying notes to financial statements. |  22

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Natixis Oakmark International Fund – (continued)

Shares		Description	Value (†)
		Japan — 2.6%
	340,100	Komatsu Ltd.	$	6,965,425
	86,300	Toyota Motor Corp.		5,426,894
				12,392,319
		Korea — 2.5%
	38,950	NAVER Corp.		8,763,096
	75,500	Samsung Electronics Co. Ltd.		3,342,206
				12,105,302
		Mexico — 0.8%
	691,500	Grupo Televisa SAB, Sponsored ADR(a)		3,623,460
		Netherlands — 2.2%
	186,844	EXOR NV		10,724,328
		South Africa — 2.2%
	56,935	Naspers Ltd., N Shares		10,463,531
		Spain — 1.3%
	115,900	Amadeus IT Group S.A.		6,084,994
		Sweden — 5.3%
	596,855	Hennes & Mauritz AB, B Shares		8,711,869
	412,800	SKF AB, B Shares		7,716,684
	581,100	Volvo AB, B Shares(a)		9,143,538
				25,572,091
		Switzerland — 12.0%
	103,800	Cie Financiere Richemont S.A., (Registered)		6,695,133
	1,630,734	Credit Suisse Group AG, (Registered)(b)		16,967,570
	10,216,780	Glencore PLC(b)		21,763,832
	9,030	Kuehne & Nagel International AG, (Registered)(a)		1,504,114
	119,121	LafargeHolcim Ltd., (Registered)		5,247,997
	25,855	Swatch Group AG (The)		5,189,400
				57,368,046
		Taiwan — 0.2%
	83,000	Taiwan Semiconductor Manufacturing Co. Ltd.		886,399
		United Kingdom — 22.3%
	251,467	Ashtead Group PLC		8,482,750
	194,781	Bunzl PLC		5,224,632
	2,211,500	CNH Industrial NV(a)		15,537,127
	231,000	Compass Group PLC		3,178,204
	55,462	Ferguson PLC		4,534,936
	2,706,800	G4S PLC		3,829,323
	347,632	Liberty Global PLC, Class A(a)		7,599,235
	47,637,200	Lloyds Banking Group PLC		18,376,491
	568,700	Prudential PLC		8,569,206
	10,800	Reckitt Benckiser Group PLC		993,583
	1,939,800	Rolls-Royce Holdings PLC		6,848,685
	4,900,700	Royal Bank of Scotland Group PLC		7,357,150
	180,289	Schroders PLC		6,580,134
	100	Schroders PLC, (Non Voting)		2,569

23  | See accompanying notes to financial statements.

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Natixis Oakmark International Fund – (continued)

Shares		Description	Value (†)
		United Kingdom — continued
	203,500	Smiths Group PLC	$	3,557,569
	822,400	WPP PLC		6,411,689
				107,083,283
		Total Common Stocks (Identified Cost $613,594,963)		467,085,771
	Preferred Stocks — 0.3%
		Germany — 0.3%
	16,700	Henkel AG & Co. KGaA (Identified Cost $1,737,081)		1,558,005
Principal Amount
	Short-Term Investments — 1.9%
$	9,199,723	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2020 at 0.000% to be repurchased at $9,199,723 on 7/01/2020 collateralized by $8,218,300 U.S. Treasury Note, 2.875% due 7/31/2025 valued at $9,383,733 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $9,199,723)		9,199,723
		Total Investments — 99.6% (Identified Cost $624,531,767)		477,843,499
		Other assets less liabilities — 0.4%		1,800,642
		Net Assets — 100.0%	$	479,644,141
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	CHF	Swiss Franc

At June 30, 2020, the Fund had the following open forward foreign currency contracts:

Counterparty	Delivery Date		Currency Bought/ Sold (B/S)		Units of Currency		In Exchange for		Notional Value		Unrealized Appreciation (Depreciation)
State Street Bank and Trust Company		12/16/2020	CHF	S		4,313,000	$	4,564,697	$	4,576,755	$	(12,058	)

See accompanying notes to financial statements. |  24

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Natixis Oakmark International Fund – (continued)

Industry Summary at June 30, 2020 (Unaudited)

Banks	15.9	%
Automobiles	8.3
Machinery	8.2
Metals & Mining	6.0
Auto Components	5.0
Capital Markets	4.9
Insurance	4.4
Media	4.0
Trading Companies & Distributors	3.9
Internet & Direct Marketing Retail	3.6
Diversified Financial Services	3.4
Textiles, Apparel & Luxury Goods	3.1
Interactive Media & Services	2.9
Hotels, Restaurants & Leisure	2.8
Airlines	2.1
Other Investments, less than 2% each	19.2
Short-Term Investments	1.9
Total Investments	99.6
Other assets less liabilities (including forward foreign currency contracts)	0.4
Net Assets	100.0	%

Currency Exposure Summary at June 30, 2020 (Unaudited)

Euro	40.4	%
British Pound	22.1
United States Dollar	8.2
Swiss Franc	7.4
Swedish Krona	5.3
Australian Dollar	3.4
Japanese Yen	2.6
South Korean Won	2.5
Canadian Dollar	2.5
South African Rand	2.2
Other, less than 2% each	3.0
Total Investments	99.6
Other assets less liabilities (including forward foreign currency contracts)	0.4
Net Assets	100.0	%

25  | See accompanying notes to financial statements.

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Vaughan Nelson Mid Cap Fund*

Shares		Description	Value (†)
	Common Stocks — 99.2% of Net Assets
		Banks — 4.1%
	128,500	Bank of NT Butterfield & Son Ltd. (The)	$	3,134,115
	95,750	PacWest Bancorp		1,887,233
	189,525	TCF Financial Corp.		5,575,825
				10,597,173
		Beverages — 2.1%
	31,405	Constellation Brands, Inc., Class A		5,494,305
		Building Products — 1.0%
	24,550	Allegion PLC		2,509,501
		Capital Markets — 4.9%
	70,450	Ares Management Corp., Class A		2,796,865
	39,200	Nasdaq, Inc.		4,683,224
	73,425	Raymond James Financial, Inc.		5,053,843
				12,533,932
		Chemicals — 3.9%
	52,275	FMC Corp.		5,207,635
	75,150	LyondellBasell Industries NV, Class A		4,938,858
				10,146,493
		Commercial Services & Supplies — 1.3%
	75,200	Brink’s Co. (The)		3,422,352
		Construction & Engineering — 1.9%
	397,125	WillScot Corp.(a)		4,880,666
		Consumer Finance — 0.6%
	69,950	Synchrony Financial		1,550,092
		Containers & Packaging — 3.7%
	12,400	AptarGroup, Inc.		1,388,552
	23,325	Avery Dennison Corp.		2,661,149
	82,025	Crown Holdings, Inc.(a)		5,342,288
				9,391,989
		Distributors — 0.4%
	3,830	POOL CORP.		1,041,262
		Diversified Consumer Services — 4.9%
	17,600	Bright Horizons Family Solutions, Inc.(a)		2,062,720
	31,750	Grand Canyon Education, Inc.(a)		2,874,327
	224,000	Laureate Education, Inc., Class A(a)		2,232,160
	149,575	ServiceMaster Global Holdings, Inc.(a)		5,338,332
				12,507,539
		Electric Utilities — 3.9%
	67,475	Alliant Energy Corp.		3,228,004
	86,325	Evergy, Inc.		5,118,209
	20,350	Eversource Energy		1,694,545
				10,040,758

See accompanying notes to financial statements. |  26

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Vaughan Nelson Mid Cap Fund* – (continued)

Shares		Description	Value (†)
		Electrical Equipment — 5.1%
	52,900	AMETEK, Inc.	$	4,727,673
	26,050	Hubbell, Inc.		3,265,628
	268,650	nVent Electric PLC		5,031,814
				13,025,115
		Electronic Equipment, Instruments & Components — 2.5%
	16,875	CDW Corp.		1,960,538
	43,725	Keysight Technologies, Inc.(a)		4,406,605
				6,367,143
		Energy Equipment & Services — 0.8%
	128,750	Baker Hughes Co.		1,981,463
		Food & Staples Retailing — 1.8%
	161,350	Performance Food Group Co.(a)		4,701,739
		Health Care Equipment & Supplies — 3.4%
	14,190	Cooper Cos., Inc. (The)		4,024,852
	80,625	Hologic, Inc.(a)		4,595,625
				8,620,477
		Health Care Providers & Services — 1.3%
	53,325	Centene Corp.(a)		3,388,804
		Hotels, Restaurants & Leisure — 1.5%
	175,275	Aramark		3,955,957
		Independent Power & Renewable Electricity Producers — 3.1%
	77,650	Atlantica Sustainable Infrastructure PLC		2,259,615
	300,150	Vistra Energy Corp.		5,588,793
				7,848,408
		Insurance — 5.3%
	37,950	Allstate Corp. (The)		3,680,771
	45,650	Arthur J. Gallagher & Co.		4,450,418
	111,375	Athene Holding Ltd., Class A(a)		3,473,786
	24,800	Reinsurance Group of America, Inc.		1,945,312
				13,550,287
		IT Services — 10.8%
	15,135	Alliance Data Systems Corp.		682,891
	25,550	Booz Allen Hamilton Holding Corp.		1,987,535
	23,420	CACI International, Inc., Class A(a)		5,079,330
	39,450	Fidelity National Information Services, Inc.		5,289,850
	53,075	Fiserv, Inc.(a)		5,181,182
	29,920	Global Payments, Inc.		5,075,030
	64,000	MAXIMUS, Inc.		4,508,800
				27,804,618
		Life Sciences Tools & Services — 2.9%
	26,300	Agilent Technologies, Inc.		2,324,131
	35,787	IQVIA Holdings, Inc.(a)		5,077,460
				7,401,591

27  | See accompanying notes to financial statements.

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Vaughan Nelson Mid Cap Fund* – (continued)

Shares		Description	Value (†)
		Machinery — 7.8%
	87,575	Crane Co.	$	5,207,209
	66,975	Oshkosh Corp.		4,796,750
	86,225	Otis Worldwide Corp.		4,902,754
	113,850	Timken Co. (The)		5,179,036
				20,085,749
		Media — 3.1%
	94,275	Nexstar Media Group, Inc., Class A		7,889,875
		Metals & Mining — 1.9%
	643,725	Constellium SE(a)		4,943,808
		Multi-Utilities — 1.8%
	45,650	Ameren Corp.		3,211,934
	23,825	CMS Energy Corp.		1,391,856
				4,603,790
		Multiline Retail — 0.8%
	10,175	Dollar General Corp.		1,938,439
		Oil, Gas & Consumable Fuels — 2.5%
	39,200	Pioneer Natural Resources Co.		3,829,840
	404,100	WPX Energy, Inc.(a)		2,578,158
				6,407,998
		REITs – Diversified — 0.7%
	241,375	New Residential Investment Corp.		1,793,416
		REITs – Warehouse/Industrials — 1.9%
	68,725	CyrusOne, Inc.		4,999,744
		Semiconductors & Semiconductor Equipment — 2.8%
	21,575	Analog Devices, Inc.		2,645,958
	74,900	Entegris, Inc.		4,422,845
				7,068,803
		Software — 3.3%
	18,600	Check Point Software Technologies Ltd.(a)		1,998,198
	5,110	RingCentral, Inc., Class A(a)		1,456,401
	282,050	SolarWinds Corp.(a)		4,983,824
				8,438,423
		Thrifts & Mortgage Finance — 1.4%
	34,475	Essent Group Ltd.		1,250,408
	148,600	MGIC Investment Corp.		1,217,034
	81,375	Radian Group, Inc.		1,262,126
				3,729,568
		Total Common Stocks (Identified Cost $265,377,414)		254,661,277

See accompanying notes to financial statements. |  28

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Vaughan Nelson Mid Cap Fund* – (continued)

Principal Amount		Description	Value (†)
	Short-Term Investments — 1.0%
$	2,605,005	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2020 at 0.000% to be repurchased at $2,605,005 on 7/01/2020 collateralized by $2,345,900 U.S. Treasury Inflation Indexed Note, 2.250% due 8/15/2027 valued at $2,657,118 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $2,605,005)	$	2,605,005
		Total Investments — 100.2% (Identified Cost $267,982,419)		257,266,282
		Other assets less liabilities — (0.2)%		(604,050	)
		Net Assets — 100.0%	$	256,662,232
	*	Formerly Vaughan Nelson Value Opportunity Fund.
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	REITs	Real Estate Investment Trusts

Industry Summary at June 30, 2020 (Unaudited)

IT Services	10.8	%
Machinery	7.8
Insurance	5.3
Electrical Equipment	5.1
Capital Markets	4.9
Diversified Consumer Services	4.9
Banks	4.1
Chemicals	3.9
Electric Utilities	3.9
Containers & Packaging	3.7
Health Care Equipment & Supplies	3.4
Software	3.3
Media	3.1
Independent Power & Renewable Electricity Producers	3.1
Life Sciences Tools & Services	2.9
Semiconductors & Semiconductor Equipment	2.8
Oil, Gas & Consumable Fuels	2.5
Electronic Equipment, Instruments & Components	2.5
Beverages	2.1
Other Investments, less than 2% each	19.1
Short-Term Investments	1.0
Total Investments	100.2
Other assets less liabilities	(0.2	)
Net Assets	100.0	%

29  | See accompanying notes to financial statements.

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Vaughan Nelson Small Cap Value Fund

Shares		Description	Value (†)
	Common Stocks — 97.5% of Net Assets
		Banks — 1.9%
	32,850	First Bancorp	$	823,878
	30,175	First Merchants Corp.		831,925
				1,655,803
		Biotechnology — 0.7%
	7,163	Emergent BioSolutions, Inc.(a)		566,450
		Building Products — 5.8%
	18,175	Armstrong World Industries, Inc.		1,416,923
	80,350	Builders FirstSource, Inc.(a)		1,663,245
	19,900	Fortune Brands Home & Security, Inc.		1,272,207
	7,700	Simpson Manufacturing Co., Inc.		649,572
				5,001,947
		Capital Markets — 5.5%
	31,250	LPL Financial Holdings, Inc.		2,450,000
	36,800	Moelis & Co., Class A		1,146,688
	48,075	Virtu Financial, Inc., Class A		1,134,570
				4,731,258
		Chemicals — 2.4%
	130,800	Element Solutions, Inc.(a)		1,419,180
	37,275	Huntsman Corp.		669,832
				2,089,012
		Commercial Services & Supplies — 3.6%
	38,025	Brady Corp., Class A		1,780,330
	7,450	UniFirst Corp.		1,333,178
				3,113,508
		Consumer Finance — 1.9%
	24,650	FirstCash, Inc.		1,663,382
		Electronic Equipment, Instruments & Components — 4.8%
	25,155	Fabrinet(a)		1,570,175
	52,425	Insight Enterprises, Inc.(a)		2,579,310
				4,149,485
		Food & Staples Retailing — 0.8%
	22,475	Performance Food Group Co.(a)		654,922
		Gas Utilities — 3.9%
	25,100	Southwest Gas Holdings, Inc.		1,733,155
	24,850	Spire, Inc.		1,632,893
				3,366,048
		Health Care Equipment & Supplies — 2.4%
	29,450	Integra LifeSciences Holdings Corp.(a)		1,383,856
	45,228	Lantheus Holdings, Inc.(a)		646,760
				2,030,616
		Health Care Providers & Services — 1.7%
	31,575	AMN Healthcare Services, Inc.(a)		1,428,453

See accompanying notes to financial statements. |  30

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Vaughan Nelson Small Cap Value Fund – (continued)

Shares		Description	Value (†)
		Hotels, Restaurants & Leisure — 1.0%
	53,125	Scientific Games Corp., Class A(a)	$	821,313
		Insurance — 8.4%
	39,500	First American Financial Corp.		1,896,790
	17,175	Hanover Insurance Group, Inc. (The)		1,740,343
	117,375	Old Republic International Corp.		1,914,386
	31,525	Selective Insurance Group, Inc.		1,662,628
				7,214,147
		IT Services — 3.1%
	8,910	CACI International, Inc., Class A(a)		1,932,401
	40,875	Switch, Inc., Class A		728,392
				2,660,793
		Life Sciences Tools & Services — 3.7%
	32,300	Bruker Corp.		1,313,964
	19,175	PRA Health Sciences, Inc.(a)		1,865,536
				3,179,500
		Machinery — 8.4%
	12,375	Alamo Group, Inc.		1,270,170
	12,200	Albany International Corp., Class A		716,262
	38,300	Federal Signal Corp.		1,138,659
	20,050	Franklin Electric Co., Inc.		1,053,026
	48,175	Trinity Industries, Inc.		1,025,646
	24,925	Watts Water Technologies, Inc., Series A		2,018,925
				7,222,688
		Media — 3.5%
	12,025	Nexstar Media Group, Inc., Class A		1,006,372
	40,400	Sinclair Broadcast Group, Inc., Class A		745,784
	110,275	TEGNA, Inc.		1,228,464
				2,980,620
		Metals & Mining — 0.5%
	6,675	Materion Corp.		410,446
		Oil, Gas & Consumable Fuels — 1.2%
	235,700	Kosmos Energy Ltd.		391,262
	58,700	Parsley Energy, Inc., Class A		626,916
				1,018,178
		Professional Services — 3.4%
	26,500	ASGN, Inc.(a)		1,767,020
	10,075	FTI Consulting, Inc.(a)		1,154,091
				2,921,111
		Real Estate Management & Development — 3.5%
	146,175	Cushman & Wakefield PLC(a)		1,821,340
	40,825	Marcus & Millichap, Inc.(a)		1,178,210
				2,999,550

31  | See accompanying notes to financial statements.

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Vaughan Nelson Small Cap Value Fund – (continued)

Shares		Description	Value (†)
		REITs – Warehouse/Industrials — 2.0%
	57,850	STAG Industrial, Inc.	$	1,696,162
		Road & Rail — 3.7%
	16,175	Landstar System, Inc.		1,816,614
	12,075	Saia, Inc.(a)		1,342,499
				3,159,113
		Semiconductors & Semiconductor Equipment — 12.4%
	24,175	Cabot Microelectronics Corp.		3,373,379
	16,250	MKS Instruments, Inc.		1,840,150
	30,525	Nova Measuring Instruments Ltd.(a)		1,471,000
	44,700	Onto Innovation, Inc.(a)		1,521,588
	76,750	Rambus, Inc.(a)		1,166,600
	65,075	Tower Semiconductor Ltd.(a)		1,242,282
				10,614,999
		Software — 0.7%
	6,175	CyberArk Software Ltd.(a)		612,992
		Specialty Retail — 0.7%
	8,425	Group 1 Automotive, Inc.		555,797
		Thrifts & Mortgage Finance — 1.3%
	133,775	MGIC Investment Corp.		1,095,617
		Trading Companies & Distributors — 4.6%
	30,700	GATX Corp.		1,872,086
	28,025	Rush Enterprises, Inc., Class A		1,161,916
	4,950	Watsco, Inc.		879,615
				3,913,617
		Total Common Stocks (Identified Cost $86,706,675)		83,527,527
Principal Amount
	Short-Term Investments — 1.7%
$	1,437,542	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2020 at 0.000% to be repurchased at $1,437,542 on 7/01/2020 collateralized by $1,297,400 U.S.Treasury Note, 2.250% due 11/15/2027 valued at $1,466,316 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $1,437,542)		1,437,542
		Total Investments — 99.2% (Identified Cost $88,144,217)		84,965,069
		Other assets less liabilities — 0.8%		708,026
		Net Assets — 100.0%	$	85,673,095
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	REITs	Real Estate Investment Trusts

See accompanying notes to financial statements. |  32

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Vaughan Nelson Small Cap Value Fund – (continued)

Industry Summary at June 30, 2020 (Unaudited)

Semiconductors & Semiconductor Equipment	12.4	%
Machinery	8.4
Insurance	8.4
Building Products	5.8
Capital Markets	5.5
Electronic Equipment, Instruments & Components	4.8
Trading Companies & Distributors	4.6
Gas Utilities	3.9
Life Sciences Tools & Services	3.7
Road & Rail	3.7
Commercial Services & Supplies	3.6
Real Estate Management & Development	3.5
Media	3.5
Professional Services	3.4
IT Services	3.1
Chemicals	2.4
Health Care Equipment & Supplies	2.4
REITs—Warehouse/Industrials	2.0
Other Investments, less than 2% each	12.4
Short-Term Investments	1.7
Total Investments	99.2
Other assets less liabilities	0.8
Net Assets	100.0	%

33  | See accompanying notes to financial statements.

Statements of Assets and Liabilities

June 30, 2020 (Unaudited)

	Natixis Oakmark Fund		Natixis Oakmark International Fund			Vaughan Nelson Mid Cap Fund*
ASSETS
Investments at cost	$	205,545,785	$	624,531,767		$	267,982,419
Net unrealized appreciation (depreciation)		5,874,261		(146,688,268	)		(10,716,137	)
Investments at value		211,420,046		477,843,499			257,266,282
Cash		—		—			21,858
Foreign currency at value (identified cost $0, $79,711 and $0, respectively)		—		79,954			—
Receivable for Fund shares sold		96,389		204,276			181,109
Receivable for securities sold		180,624		578,397			272,394
Dividends receivable		103,067		139,858			131,090
Tax reclaims receivable		68,912		2,401,103			—
Prepaid expenses (Note 8)		41		89			52
TOTAL ASSETS		211,869,079		481,247,176			257,872,785
LIABILITIES
Payable for securities purchased		38,567		102,018			536,784
Payable for Fund shares redeemed		226,927		898,936			268,782
Unrealized depreciation on forward foreign currency contracts (Note 2)		—		12,058			—
Management fees payable (Note 6)		124,656		335,078			157,430
Deferred Trustees’ fees (Note 6)		544,281		101,744			155,428
Administrative fees payable (Note 6)		7,942		18,381			8,936
Payable to distributor (Note 6d)		147		1,589			1,054
Other accounts payable and accrued expenses		75,379		133,231			82,139
TOTAL LIABILITIES		1,017,899		1,603,035			1,210,553
NET ASSETS	$	210,851,180	$	479,644,141		$	256,662,232
NET ASSETS CONSIST OF:
Paid-in capital	$	200,025,822	$	743,180,544		$	251,578,172
Accumulated earnings (loss)		10,825,358		(263,536,403	)		5,084,060
NET ASSETS	$	210,851,180	$	479,644,141		$	256,662,232

See accompanying notes to financial statements. |  34

Statements of Assets and Liabilities (continued)

June 30, 2020 (Unaudited)

	Natixis Oakmark Fund		Natixis Oakmark International Fund		Vaughan Nelson Mid Cap Fund*
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	141,001,454	$	107,277,313	$	24,589,916
Shares of beneficial interest		7,297,512		10,280,024		1,335,024
Net asset value and redemption price per share	$	19.32	$	10.44	$	18.42
Offering price per share (100/94.25 of net asset value) (Note 1)	$	20.50	$	11.08	$	19.54
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	36,443,211	$	101,746,629	$	14,647,491
Shares of beneficial interest		2,247,573		9,943,846		851,904
Net asset value and offering price per share	$	16.21	$	10.23	$	17.19
Class N shares:
Net assets	$	582,114	$	403,533	$	14,556,106
Shares of beneficial interest		28,386		38,774		780,288
Net asset value, offering and redemption price per share	$	20.51	$	10.41	$	18.65
Class Y shares:
Net assets	$	32,824,401	$	270,216,666	$	202,868,719
Shares of beneficial interest		1,603,511		25,995,076		10,861,994
Net asset value, offering and redemption price per share	$	20.47	$	10.39	$	18.68

* Formerly Vaughan Nelson Value Opportunity Fund.

35  | See accompanying notes to financial statements.

Statements of Assets and Liabilities (continued)

June 30, 2020 (Unaudited)

	Vaughan Nelson Small Cap Value Fund
ASSETS
Investments at cost	$	88,144,217
Net unrealized depreciation		(3,179,148	)
Investments at value		84,965,069
Receivable for Fund shares sold		30,773
Receivable for securities sold		1,429,246
Dividends receivable		48,272
Prepaid expenses (Note 8)		15
TOTAL ASSETS		86,473,375
LIABILITIES
Payable for securities purchased		257,728
Payable for Fund shares redeemed		243,374
Management fees payable (Note 6)		45,891
Deferred Trustees’ fees (Note 6)		193,929
Administrative fees payable (Note 6)		3,005
Payable to distributor (Note 6d)		318
Other accounts payable and accrued expenses		56,035
TOTAL LIABILITIES		800,280
NET ASSETS	$	85,673,095
NET ASSETS CONSIST OF:
Paid-in capital	$	96,045,684
Accumulated loss		(10,372,589	)
NET ASSETS	$	85,673,095

See accompanying notes to financial statements. |  36

Statements of Assets and Liabilities (continued)

June 30, 2020 (Unaudited)

	Vaughan Nelson Small Cap Value Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	49,765,013
Shares of beneficial interest		3,984,756
Net asset value and redemption price per share	$	12.49
Offering price per share (100/94.25 of net asset value) (Note 1)	$	13.25
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	944,840
Shares of beneficial interest		150,773
Net asset value and offering price per share	$	6.27
Class N shares:
Net assets	$	17,345
Shares of beneficial interest		1,322
Net asset value, offering and redemption price per share	$	13.12
Class Y shares:
Net assets	$	34,945,897
Shares of beneficial interest		2,665,056
Net asset value, offering and redemption price per share	$	13.11

37  | See accompanying notes to financial statements.

Statements of Operations

For the Six Months Ended June 30, 2020 (Unaudited)

	Natixis Oakmark Fund			Natixis Oakmark International Fund			Vaughan Nelson Mid Cap Fund*
INVESTMENT INCOME
Dividends	$	1,921,867		$	4,731,634		$	2,511,762
Interest		17,838			18,574			4,793
Less net foreign taxes withheld		(1,216	)		(638,833	)		—
		1,938,489			4,111,375			2,516,555
Expenses
Management fees (Note 6)		794,829			1,995,527			1,167,858
Service and distribution fees (Note 6)		392,267			772,464			119,999
Administrative fees (Note 6)		50,927			113,896			64,822
Trustees’ fees and expenses (Note 6)		6,483			17,308			13,233
Transfer agent fees and expenses (Notes 6 and 7)		114,570			511,233			163,030
Audit and tax services fees		20,276			20,967			20,757
Custodian fees and expenses		4,986			89,543			7,193
Legal fees (Note 8)		3,162			6,286			3,587
Registration fees		35,450			71,154			29,046
Shareholder reporting expenses		13,580			25,489			13,006
Miscellaneous expenses (Note 8)		18,707			35,243			20,855
Total expenses		1,455,237			3,659,110			1,623,386
Less waiver and/or expense reimbursement (Note 6)		(734	)		(16,587	)		(118,672	)
Net expenses		1,454,503			3,642,523			1,504,714
Net investment income		483,986			468,852			1,011,841
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		5,663,416			(67,490,665	)		20,146,115
Forward foreign currency contracts (Note 2d)		—			(85,289	)		—
Foreign currency transactions (Note 2c)		—			(57,735	)		—
Net change in unrealized appreciation (depreciation) on:
Investments		(45,737,486	)		(99,629,143	)		(77,950,231	)
Forward foreign currency contracts (Note 2d)		—			58,201			—
Foreign currency translations (Note 2c)		—			19,401			—
Net realized and unrealized loss on investments, forward foreign currency contracts and foreign currency transactions		(40,074,070	)		(167,185,230	)		(57,804,116	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(39,590,084	)	$	(166,716,378	)	$	(56,792,275	)

* Formerly Vaughan Nelson Value Opportunity Fund.

See accompanying notes to financial statements. |  38

Statements of Operations (continued)

For the Six Months Ended June 30, 2020 (Unaudited)

	Vaughan Nelson Small Cap Value Fund
INVESTMENT INCOME
Dividends	$	761,111
Interest		5,341
		766,452
Expenses
Management fees (Note 6)		409,655
Service and distribution fees (Note 6)		72,505
Administrative fees (Note 6)		20,217
Trustees’ fees and expenses (Note 6)		8,305
Transfer agent fees and expenses (Notes 6 and 7)		56,574
Audit and tax services fees		20,282
Custodian fees and expenses		5,684
Legal fees (Note 8)		1,385
Registration fees		24,301
Shareholder reporting expenses		8,376
Miscellaneous expenses (Note 8)		16,423
Total expenses		643,707
Less waiver and/or expense reimbursement (Note 6)		(74,882	)
Net expenses		568,825
Net investment income		197,627
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized loss on:
Investments		(5,188,529	)
Net change in unrealized appreciation (depreciation) on:
Investments		(16,067,803	)
Net realized and unrealized loss on investments		(21,256,332	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(21,058,705	)

39  | See accompanying notes to financial statements.

Statements of Changes in Net Assets

	Natixis Oakmark Fund
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
FROM OPERATIONS:
Net investment income	$	483,986		$	2,288,224
Net realized gain on investments		5,663,416			14,578,257
Net change in unrealized appreciation (depreciation) on investments		(45,737,486	)		50,910,323
Net increase (decrease) in net assets resulting from operations		(39,590,084	)		67,776,804
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(245,999	)		(16,820,039	)
Class C		(84,082	)		(5,798,979	)
Class N		(958	)		(37,043	)
Class Y		(58,320	)		(5,261,958	)
Total distributions		(389,359	)		(27,918,019	)
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(32,607,092	)		(28,613,857	)
Net increase (decrease) in net assets		(72,586,535	)		11,244,928
NET ASSETS
Beginning of the period		283,437,715			272,192,787
End of the period	$	210,851,180		$	283,437,715

See accompanying notes to financial statements. |  40

Statements of Changes in Net Assets (continued)

	Natixis Oakmark International Fund
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
FROM OPERATIONS:
Net investment income	$	468,852		$	17,206,258
Net realized loss on investments, forward foreign currency contracts and foreign currency transactions		(67,633,689	)		(15,858,364	)
Net change in unrealized appreciation (depreciation) on investments, forward foreign currency contracts and foreign currency translations		(99,551,541	)		136,447,696
Net increase (decrease) in net assets resulting from operations		(166,716,378	)		137,795,590
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		—			(5,093,122	)
Class C		—			(4,034,677	)
Class N		—			(27,558	)
Class Y		—			(8,066,849	)
Total distributions		—			(17,222,206	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		48,524,349			(208,787,046	)
Net decrease in net assets		(118,192,029	)		(88,213,662	)
NET ASSETS
Beginning of the period		597,836,170			686,049,832
End of the period	$	479,644,141		$	597,836,170

41  | See accompanying notes to financial statements.

Statements of Changes in Net Assets (continued)

	Vaughan Nelson Mid Cap Fund*
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
FROM OPERATIONS:
Net investment income	$	1,011,841		$	1,697,453
Net realized gain on investments		20,146,115			26,643,511
Net change in unrealized appreciation (depreciation) on investments		(77,950,231	)		96,669,546
Net increase (decrease) in net assets resulting from operations		(56,792,275	)		125,010,510
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(832,824	)		(293,257	)
Class C		(564,565	)		(183,363	)
Class N		(468,474	)		(212,174	)
Class Y		(6,836,075	)		(3,167,841	)
Total distributions		(8,701,938	)		(3,856,635	)
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(50,176,045	)		(340,544,321	)
Net decrease in net assets		(115,670,258	)		(219,390,446	)
NET ASSETS
Beginning of the period		372,332,490			591,722,936
End of the period	$	256,662,232		$	372,332,490

* Formerly Vaughan Nelson Value Opportunity Fund.

See accompanying notes to financial statements. |  42

Statements of Changes in Net Assets (continued)

	Vaughan Nelson Small Cap Value Fund
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
FROM OPERATIONS:
Net investment income	$	197,627		$	258,053
Net realized gain (loss) on investments		(5,188,529	)		3,647,835
Net change in unrealized appreciation (depreciation) on investments		(16,067,803	)		24,895,047
Net increase (decrease) in net assets resulting from operations		(21,058,705	)		28,800,935
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(370,452	)		(475,801	)
Class C		(14,118	)		(18,939	)
Class N		(119	)		(194	)
Class Y		(236,190	)		(411,969	)
Total distributions		(620,879	)		(906,903	)
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(6,125,277	)		(42,810,460	)
Net decrease in net assets		(27,804,861	)		(14,916,428	)
NET ASSETS
Beginning of the period		113,477,956			128,394,384
End of the period	$	85,673,095		$	113,477,956

43  | See accompanying notes to financial statements.

Financial Highlights

For a share outstanding throughout each period.

	Natixis Oakmark Fund—Class A
	Six Months Ended June  30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value, beginning of the period	$	22.45		$	19.44		$	24.72		$	21.37		$	18.79		$	20.43
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.18	(b)		0.10			0.11			0.16			0.14
Net realized and unrealized gain (loss)		(3.15	)		4.93			(3.28	)		4.28			3.20			(1.02	)
Total from Investment Operations		(3.10	)		5.11			(3.18	)		4.39			3.36			(0.88	)
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.21	)		(0.08	)		(0.10	)		(0.16	)		(0.13	)
Net realized capital gains		(0.03	)		(1.89	)		(2.02	)		(0.94	)		(0.62	)		(0.63	)
Total Distributions		(0.03	)		(2.10	)		(2.10	)		(1.04	)		(0.78	)		(0.76	)
Net asset value, end of the period	$	19.32		$	22.45		$	19.44		$	24.72		$	21.37		$	18.79
Total return(c)		(13.78	)%(d)		26.77	%(b)		(13.01	)%		20.75	%		18.37	%		(4.41	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	141,001		$	181,417		$	164,748		$	203,792		$	173,036		$	173,925
Net expenses		1.17	%(e)(f)		1.17	%		1.13	%		1.18	%		1.18	%		1.14	%
Gross expenses		1.17	%(e)(f)		1.17	%		1.13	%		1.18	%		1.18	%		1.14	%
Net investment income		0.51	%(e)		0.85	%(b)		0.41	%		0.48	%		0.82	%		0.68	%
Portfolio turnover rate		16	%		15	%		39	%		16	%		16	%		23	%

(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 $0.13, total return would have been 26.50% and the ratio of net investment income to average net assets would have been 0.62%.

(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.

(f) Includes refund of prior year service fee of 0.01%. See Note 6b of Notes to Financial Statements.

See accompanying notes to financial statements. |  44

Financial Highlights (continued)

For a share outstanding throughout each period.

	Natixis Oakmark Fund—Class C
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value, beginning of the period	$	18.92		$	16.66		$	21.58		$	18.83		$	16.65		$	18.19
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.02	)		0.02	(b)		(0.07	)		(0.05	)		0.01			(0.01	)
Net realized and unrealized gain (loss)		(2.66	)		4.20			(2.83	)		3.74			2.80			(0.90	)
Total from Investment Operations		(2.68	)		4.22			(2.90	)		3.69			2.81			(0.91	)
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.07	)		—			(0.00	)(c)		(0.01	)		(0.00	)(c)
Net realized capital gains		(0.03	)		(1.89	)		(2.02	)		(0.94	)		(0.62	)		(0.63	)
Total Distributions		(0.03	)		(1.96	)		(2.02	)		(0.94	)		(0.63	)		(0.63	)
Net asset value, end of the period	$	16.21		$	18.92		$	16.66		$	21.58		$	18.83		$	16.65
Total return(d)		(14.13	)%(e)		25.82	%(b)		(13.63	)%		19.85	%		17.45	%		(5.07	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	36,443		$	54,384		$	53,606		$	62,272		$	55,910		$	70,616
Net expenses		1.92	%(f)		1.92	%		1.88	%		1.93	%		1.93	%		1.89	%
Gross expenses		1.92	%(f)		1.92	%		1.88	%		1.93	%		1.93	%		1.89	%
Net investment income (loss)		(0.24	)%(f)		0.12	%(b)		(0.33	)%		(0.27	)%		0.09	%		(0.07	)%
Portfolio turnover rate		16	%		15	%		39	%		16	%		16	%		23	%

(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 $(0.02), total return would have been 25.50% and the ratio of net investment loss to average net assets would have been (0.12)%.

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

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

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

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

45  | See accompanying notes to financial statements.

Financial Highlights (continued)

For a share outstanding throughout each period.

	Natixis Oakmark Fund—Class N
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	23.78		$	20.49		$	25.91		$	23.13
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.09			0.22	(b)		0.22			0.14
Net realized and unrealized gain (loss)		(3.33	)		5.25			(3.45	)		3.44
Total from Investment Operations		(3.24	)		5.47			(3.23	)		3.58
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.29	)		(0.17	)		(0.17	)
Net realized capital gains		(0.03	)		(1.89	)		(2.02	)		(0.63	)
Total Distributions		(0.03	)		(2.18	)		(2.19	)		(0.80	)
Net asset value, end of the period	$	20.51		$	23.78		$	20.49		$	25.91
Total return(c)		(13.60	)%(d)		27.16	%(b)		(12.60	)%		15.46	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	582		$	801		$	10		$	1
Net expenses(e)		0.83	%(f)		0.83	%		0.75	%		0.75	%(f)
Gross expenses		1.06	%(f)		1.25	%		3.79	%		13.79	%(f)
Net investment income		0.86	%(f)		0.93	%(b)		0.88	%		0.84	%(f)
Portfolio turnover rate		16	%		15	%		39	%		16	%(g)

* From commencement of Class operations on May 1, 2017 through December 31, 2017.

(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 $0.22, total return would have been 26.90% and the ratio of net investment income to average net assets would have been 0.92%.

(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) Represents the Fund’s portfolio turnover rate for the year ended December 31, 2017.

See accompanying notes to financial statements. |  46

Financial Highlights (continued)

For a share outstanding throughout each period.

	Natixis Oakmark Fund—Class Y
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value, beginning of the period	$	23.75		$	20.46		$	25.90		$	22.34		$	19.60		$	21.28
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.27	(b)		0.17			0.17			0.21			0.19
Net realized and unrealized gain (loss)		(3.33	)		5.17			(3.44	)		4.48			3.36			(1.06	)
Total from Investment Operations		(3.25	)		5.44			(3.27	)		4.65			3.57			(0.87	)
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.26	)		(0.15	)		(0.15	)		(0.21	)		(0.18	)
Net realized capital gains		(0.03	)		(1.89	)		(2.02	)		(0.94	)		(0.62	)		(0.63	)
Total Distributions		(0.03	)		(2.15	)		(2.17	)		(1.09	)		(0.83	)		(0.81	)
Net asset value, end of the period	$	20.47		$	23.75		$	20.46		$	25.90		$	22.34		$	19.60
Total return		(13.66	)%(c)		27.06	%(b)(d)		(12.76	)%		21.05	%		18.69	%		(4.18	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	32,824		$	46,836		$	53,829		$	49,955		$	26,252		$	21,696
Net expenses		0.93	%(e)		0.91	%(f)		0.88	%		0.93	%		0.92	%		0.89	%
Gross expenses		0.93	%(e)		0.92	%		0.88	%		0.93	%		0.92	%		0.89	%
Net investment income		0.79	%(e)		1.16	%(b)		0.68	%		0.71	%		1.05	%		0.92	%
Portfolio turnover rate		16	%		15	%		39	%		16	%		16	%		23	%

(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 $0.20, total return would have been 26.80% and the ratio of net investment income to average net assets would have been 0.90%.

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

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

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

(f) 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.

47  | See accompanying notes to financial statements.

Financial Highlights (continued)

For a share outstanding throughout each period.

	Natixis Oakmark International Fund—Class A
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value, beginning of the period	$	13.63		$	11.29		$	15.58		$	12.15		$	11.47		$	12.44
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.00	(b)		0.37	(c)		0.25			0.18			0.17			0.15
Net realized and unrealized gain (loss)		(3.19	)		2.38			(4.02	)		3.41			0.76			(0.80	)
Total from Investment Operations		(3.19	)		2.75			(3.77	)		3.59			0.93			(0.65	)
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.41	)		(0.29	)		(0.16	)		(0.21	)		(0.20	)
Net realized capital gains		—			—			(0.23	)		—			(0.04	)		(0.12	)
Total Distributions		—			(0.41	)		(0.52	)		(0.16	)		(0.25	)		(0.32	)
Net asset value, end of the period	$	10.44		$	13.63		$	11.29		$	15.58		$	12.15		$	11.47
Total return(d)		(23.40	)%(e)(f)		24.35	%(c)		(24.15	)%		29.56	%		8.19	%		(5.35	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	107,277		$	172,906		$	257,551		$	603,988		$	533,112		$	722,805
Net expenses		1.37	%(g)(h)		1.29	%		1.31	%		1.32	%		1.34	%		1.31	%
Gross expenses		1.38	%(g)		1.29	%		1.31	%		1.32	%		1.34	%		1.31	%
Net investment income		0.06	%(g)		2.91	%(c)		1.72	%		1.28	%		1.54	%		1.17	%
Portfolio turnover rate		34	%		28	%		50	%		40	%		41	%		51	%

(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 $0.29, total return would have been 23.55% and the ratio of net investment income to average net assets would have been 2.26%.

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

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

See accompanying notes to financial statements. |  48

Financial Highlights (continued)

For a share outstanding throughout each period.

	Natixis Oakmark International Fund—Class C
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value, beginning of the period	$	13.41		$	11.11		$	15.30		$	11.96		$	11.29		$	12.25
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.04	)		0.26	(b)		0.13			0.06			0.08			0.05
Net realized and unrealized gain (loss)		(3.14	)		2.34			(3.92	)		3.35			0.74			(0.78	)
Total from Investment Operations		(3.18	)		2.60			(3.79	)		3.41			0.82			(0.73	)
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.30	)		(0.17	)		(0.07	)		(0.11	)		(0.11	)
Net realized capital gains		—			—			(0.23	)		—			(0.04	)		(0.12	)
Total Distributions		—			(0.30	)		(0.40	)		(0.07	)		(0.15	)		(0.23	)
Net asset value, end of the period	$	10.23		$	13.41		$	11.11		$	15.30		$	11.96		$	11.29
Total return(c)		(23.71	)%(d)(e)		23.44	%(b)		(24.74	)%		28.55	%		7.36	%		(6.08	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	101,747		$	179,533		$	212,618		$	363,018		$	255,249		$	341,959
Net expenses		2.12	%(f)(g)		2.04	%		2.07	%		2.07	%		2.09	%		2.06	%
Gross expenses		2.13	%(f)		2.04	%		2.07	%		2.07	%		2.09	%		2.06	%
Net investment income (loss)		(0.72	)%(f)		2.09	%(b)		0.94	%		0.42	%		0.73	%		0.39	%
Portfolio turnover rate		34	%		28	%		50	%		40	%		41	%		51	%

(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 $0.18, total return would have been 22.63% and the ratio of net investment income to average net assets would have been 1.43%.

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

(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.

49  | See accompanying notes to financial statements.

Financial Highlights (continued)

For a share outstanding throughout each period.

	Natixis Oakmark International Fund—Class N
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	13.56		$	11.25		$	15.58		$	13.98
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.02			0.33	(b)		0.28			0.15
Net realized and unrealized gain (loss)		(3.17	)		2.45			(4.02	)		1.66
Total from Investment Operations		(3.15	)		2.78			(3.74	)		1.81
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.47	)		(0.36	)		(0.21	)
Net realized capital gains		—			—			(0.23	)		—
Total Distributions		—			(0.47	)		(0.59	)		(0.21	)
Net asset value, end of the period	$	10.41		$	13.56		$	11.25		$	15.58
Total return(c)		(23.23	)%(d)		24.75	%(b)		(23.94	)%		12.96	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	404		$	811		$	758		$	1
Net expenses(e)		0.93	%(f)		0.94	%		0.99	%		0.92	%(f)
Gross expenses		1.21	%(f)		1.08	%		1.02	%		25.21	%(f)
Net investment income		0.45	%(f)		2.56	%(b)		2.04	%		1.54	%(f)
Portfolio turnover rate		34	%		28	%		50	%		40	%(g)

* From commencement of Class operations on May 1, 2017 through December 31, 2017.

(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 $0.27, total return would have been 23.94% and the ratio of net investment income to average net assets would have been 2.15%.

(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) Represents the Fund’s portfolio turnover rate for the year ended December 31, 2017.

See accompanying notes to financial statements. |  50

Financial Highlights (continued)

For a share outstanding throughout each period.

	Natixis Oakmark International Fund—Class Y
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019				Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	13.56		$	11.25			$	15.56		$	13.98
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.03			0.37	(b)			0.26			0.00	(c)
Net realized and unrealized gain (loss)		(3.20	)		2.40				(3.99	)		1.79
Total from Investment Operations		(3.17	)		2.77				(3.73	)		1.79
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.46	)			(0.35	)		(0.21	)
Net realized capital gains		—			—				(0.23	)		—
Total Distributions		—			(0.46	)			(0.58	)		(0.21	)
Net asset value, end of the period	$	10.39		$	13.56			$	11.25		$	15.56
Total return		(23.38	)%(d)(e)		24.64	%(b)			(23.93	)%		12.79	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	270,217		$	244,586			$	215,123		$	172,978
Net expenses		1.12	%(f)(g)		1.04	%			1.07	%		1.07	%(f)
Gross expenses		1.13	%(f)		1.04	%			1.07	%		1.07	%(f)
Net investment income		0.66	%(f)		2.91	%(b)	��		1.85	%		0.03	%(f)
Portfolio turnover rate		34	%		28	%			50	%		40	%(h)

* From commencement of Class operations on May 1, 2017 through December 31, 2017.

(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 $0.29, total return would have been 23.84% and the ratio of net investment income to average net assets would have been 2.29%.

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

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

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

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

(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) Represents the Fund’s portfolio turnover rate for the year ended December 31, 2017.

51  | See accompanying notes to financial statements.

Financial Highlights (continued)

For a share outstanding throughout each period.

	Vaughan Nelson Mid Cap Fund*—Class A
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value, beginning of the period	$	22.42		$	17.37		$	22.65		$	20.55		$	20.04		$	21.29
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.03			0.09			0.17	(b)		0.07			0.03	(c)
Net realized and unrealized gain (loss)		(3.44	)		5.21			(3.71	)		2.48			1.05			(0.79	)
Total from Investment Operations		(3.39	)		5.24			(3.62	)		2.65			1.12			(0.76	)
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.02	)		(0.15	)		(0.18	)		(0.05	)		(0.02	)
Net realized capital gains		(0.61	)		(0.17	)		(1.51	)		(0.37	)		(0.56	)		(0.47	)
Total Distributions		(0.61	)		(0.19	)		(1.66	)		(0.55	)		(0.61	)		(0.49	)
Net asset value, end of the period	$	18.42		$	22.42		$	17.37		$	22.65		$	20.55		$	20.04
Total return(d)		(14.84	)%(e)(f)		30.21	%(e)		(16.10	)%		12.93	%(b)		5.85	%		(3.66	)%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	24,590		$	33,434		$	43,769		$	67,186		$	87,536		$	142,833
Net expenses		1.20	%(g)(h)		1.25	%(g)(i)(j)		1.24	%		1.22	%		1.23	%		1.23	%
Gross expenses		1.29	%(h)		1.28	%(i)		1.24	%		1.22	%		1.23	%		1.23	%
Net investment income		0.53	%(h)		0.16	%		0.42	%		0.77	%(b)		0.35	%		0.16	%(c)
Portfolio turnover rate		23	%		52	%		44	%		42	%		57	%		32	%

* Formerly Vaughan Nelson Value Opportunity Fund.

(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 $0.09, total return would have been 12.53% and the ratio of net investment income to average net assets would have been 0.41%.

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

(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) 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%.

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

See accompanying notes to financial statements. |  52

Financial Highlights (continued)

For a share outstanding throughout each period.

	Vaughan Nelson Mid Cap Fund*—Class C
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value, beginning of the period	$	21.06		$	16.43		$	21.50		$	19.51		$	19.16		$	20.51
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.02	)		(0.10	)		(0.08	)		0.00	(b)(c)		(0.07	)		(0.13	)(d)
Net realized and unrealized gain (loss)		(3.24	)		4.90			(3.48	)		2.36			0.98			(0.75	)
Total from Investment Operations		(3.26	)		4.80			(3.56	)		2.36			0.91			(0.88	)
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.00	)(b)		—			—			(0.00	)(b)		—
Net realized capital gains		(0.61	)		(0.17	)		(1.51	)		(0.37	)		(0.56	)		(0.47	)
Total Distributions		(0.61	)		(0.17	)		(1.51	)		(0.37	)		(0.56	)		(0.47	)
Net asset value, end of the period	$	17.19		$	21.06		$	16.43		$	21.50		$	19.51		$	19.16
Total return(e)		(15.19	)%(f)(g)		29.25	%(f)		(16.71	)%		12.11	%(c)		5.03	%		(4.39	)%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	14,647		$	21,932		$	23,967		$	47,559		$	68,923		$	89,284
Net expenses		1.95	%(h)(i)		1.99	%(h)(j)(k)		1.98	%		1.97	%		1.98	%		1.98	%
Gross expenses		2.04	%(i)		2.02	%(j)		1.98	%		1.97	%		1.98	%		1.98	%
Net investment income (loss)		(0.24	)%(i)		(0.50	)%		(0.36	)%		0.00	%(c)(l)		(0.38	)%		(0.61	)%(d)
Portfolio turnover rate		23	%		52	%		44	%		42	%		57	%		32	%

* Formerly Vaughan Nelson Value Opportunity Fund.

(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) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.07), total return would have been 11.70% and the ratio of net investment loss to average net assets would have been (0.35)%.

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

(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) 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%.

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

(l) Amount rounds to less than 0.01%.

53  | See accompanying notes to financial statements.

Financial Highlights (continued)

For a share outstanding throughout each period.

	Vaughan Nelson Mid Cap Fund*—Class N
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value, beginning of the period	$	22.66		$	17.54		$	22.87		$	20.75		$	20.26		$	21.50
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.11			0.17			0.25	(b)		0.16			0.11	(c)
Net realized and unrealized gain (loss)		(3.48	)		5.27			(3.75	)		2.51			1.04			(0.81	)
Total from Investment Operations		(3.40	)		5.38			(3.58	)		2.76			1.20			(0.70	)
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.09	)		(0.24	)		(0.27	)		(0.15	)		(0.07	)
Net realized capital gains		(0.61	)		(0.17	)		(1.51	)		(0.37	)		(0.56	)		(0.47	)
Total Distributions		(0.61	)		(0.26	)		(1.75	)		(0.64	)		(0.71	)		(0.54	)
Net asset value, end of the period	$	18.65		$	22.66		$	17.54		$	22.87		$	20.75		$	20.26
Total return		(14.68	)%(d)(e)		30.67	%(d)		(15.78	)%		13.31	%(b)		6.21	%		(3.35	)%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	14,556		$	18,262		$	70,902		$	134,205		$	148,365		$	65,010
Net expenses		0.90	%(f)(g)		0.92	%(f)(h)(i)		0.88	%		0.88	%		0.88	%		0.89	%
Gross expenses		0.93	%(g)		0.93	%(h)		0.88	%		0.88	%		0.88	%		0.89	%
Net investment income		0.84	%(g)		0.51	%		0.76	%		1.16	%(b)		0.78	%		0.50	%(c)
Portfolio turnover rate		23	%		52	%		44	%		42	%		57	%		32	%

* Formerly Vaughan Nelson Value Opportunity Fund.

(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 $0.17, total return would have been 12.92% and the ratio of net investment income to average net assets would have been 0.76%.

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

(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 0.91% and the ratio of gross expenses would have been 0.91%.

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

See accompanying notes to financial statements. |  54

Financial Highlights (continued)

For a share outstanding throughout each period.

	Vaughan Nelson Mid Cap Fund*—Class Y
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value, beginning of the period	$	22.69		$	17.57		$	22.89		$	20.77		$	20.27		$	21.52
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.10			0.15			0.23	(b)		0.12			0.09	(c)
Net realized and unrealized gain (loss)		(3.48	)		5.26			(3.75	)		2.51			1.07			(0.82	)
Total from Investment Operations		(3.40	)		5.36			(3.60	)		2.74			1.19			(0.73	)
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.07	)		(0.21	)		(0.25	)		(0.13	)		(0.05	)
Net realized capital gains		(0.61	)		(0.17	)		(1.51	)		(0.37	)		(0.56	)		(0.47	)
Total Distributions		(0.61	)		(0.24	)		(1.72	)		(0.62	)		(0.69	)		(0.52	)
Net asset value, end of the period	$	18.68		$	22.69		$	17.57		$	22.89		$	20.77		$	20.27
Total return		(14.70	)%(d)(e)		30.52	%(d)		(15.85	)%		13.19	%(b)		6.14	%		(3.47	)%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	202,869		$	298,705		$	453,085		$	774,304		$	903,545		$	1,133,634
Net expenses		0.95	%(f)(g)		1.00	%(f)(h)(i)		0.99	%		0.97	%		0.98	%		0.98	%
Gross expenses		1.04	%(g)		1.02	%(i)		0.99	%		0.97	%		0.98	%		0.98	%
Net investment income		0.77	%(g)		0.48	%		0.66	%		1.04	%(b)		0.62	%		0.39	%(c)
Portfolio turnover rate		23	%		52	%		44	%		42	%		57	%		32	%

* Formerly Vaughan Nelson Value Opportunity Fund.

(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 $0.15, total return would have been 12.80% 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 $0.05, total return would have been (3.70)% and the ratio of net investment income to average net assets would have been 0.20%.

(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, 2019, the expense limit decreased from 1.15% to 0.95%.

(i) 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%.

55  | See accompanying notes to financial statements.

Financial Highlights (continued)

For a share outstanding throughout each period.

	Vaughan Nelson Small Cap Value Fund—Class A
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value, beginning of the period	$	15.45		$	12.48		$	18.71		$	19.79		$	17.74		$	20.65
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.02			0.02			0.01			(0.01	)		0.02			0.06	(b)
Net realized and unrealized gain (loss)		(2.89	)		3.06			(2.76	)		1.21			3.49			(0.07	)
Total from Investment Operations		(2.87	)		3.08			(2.75	)		1.20			3.51			(0.01	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(c)		(0.03	)		(0.00	)(c)		(0.00	)(c)		(0.01	)		(0.04	)
Net realized capital gains		(0.09	)		(0.08	)		(3.48	)		(2.28	)		(1.45	)		(2.86	)
Total Distributions		(0.09	)		(0.11	)		(3.48	)		(2.28	)		(1.46	)		(2.90	)
Net asset value, end of the period	$	12.49		$	15.45		$	12.48		$	18.71		$	19.79		$	17.74
Total return(d)		(18.51	)%(e)(f)		24.66	%(e)		(14.84	)%		6.28	%		20.24	%		(0.29	)%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	49,765		$	67,525		$	66,376		$	93,751		$	106,447		$	103,092
Net expenses		1.34	%(g)(h)		1.40	%(h)(i)		1.38	%		1.36	%		1.35	%		1.35	%
Gross expenses		1.50	%(g)		1.47	%		1.38	%		1.36	%		1.35	%		1.35	%
Net investment income (loss)		0.34	%(g)		0.12	%		0.03	%		(0.03	)%		0.11	%		0.26	%(b)
Portfolio turnover rate		55	%		61	%		70	%		92	%		74	%		62	%

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

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

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

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

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

See accompanying notes to financial statements. |  56

Financial Highlights (continued)

For a share outstanding throughout each period.

	Vaughan Nelson Small Cap Value Fund—Class C
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value, beginning of the period	$	7.84		$	6.41		$	11.67		$	13.26		$	12.39		$	15.36
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.01	)		(0.05	)		(0.09	)		(0.10	)		(0.08	)		(0.08	)(b)
Net realized and unrealized gain (loss)		(1.47	)		1.57			(1.69	)		0.79			2.40			(0.03	)
Total from Investment Operations		(1.48	)		1.52			(1.78	)		0.69			2.32			(0.11	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(c)		(0.01	)		(0.00	)(c)		(0.00	)(c)		—			—
Net realized capital gains		(0.09	)		(0.08	)		(3.48	)		(2.28	)		(1.45	)		(2.86	)
Total Distributions		(0.09	)		(0.09	)		(3.48	)		(2.28	)		(1.45	)		(2.86	)
Net asset value, end of the period	$	6.27		$	7.84		$	6.41		$	11.67		$	13.26		$	12.39
Total return(d)		(18.74	)%(e)(f)		23.69	%(e)		(15.51	)%		5.50	%		19.32	%		(1.02	)%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	945		$	1,450		$	3,480		$	15,756		$	20,379		$	21,188
Net expenses		2.09	%(g)(h)		2.16	%(h)(i)		2.12	%		2.11	%		2.10	%		2.10	%
Gross expenses		2.25	%(g)		2.23	%		2.12	%		2.11	%		2.10	%		2.10	%
Net investment loss		(0.41	)%(g)		(0.68	)%		(0.83	)%		(0.79	)%		(0.64	)%		(0.48	)%(b)
Portfolio turnover rate		55	%		61	%		70	%		92	%		74	%		62	%

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

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

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

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

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

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

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

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

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

57  | See accompanying notes to financial statements.

Financial Highlights (continued)

For a share outstanding throughout each period.

	Vaughan Nelson Small Cap Value Fund—Class N
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	16.20		$	13.08		$	19.37		$	19.55
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04			0.08			0.08			0.07
Net realized and unrealized gain (loss)		(3.03	)		3.20			(2.86	)		1.35
Total from Investment Operations		(2.99	)		3.28			(2.78	)		1.42
LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(b)		(0.08	)		(0.03	)		(0.02	)
Net realized capital gains		(0.09	)		(0.08	)		(3.48	)		(1.58	)
Total Distributions		(0.09	)		(0.16	)		(3.51	)		(1.60	)
Net asset value, end of the period	$	13.12		$	16.20		$	13.08		$	19.37
Total return(c)		(18.39	)%(d)		25.08	%		(14.48	)%		7.17	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	17		$	21		$	1		$	1
Net expenses(e)		1.04	%(f)		1.03	%(g)		0.96	%		0.96	%(f)
Gross expenses		9.28	%(f)		11.80	%		15.17	%		14.68	%(f)
Net investment income		0.64	%(f)		0.52	%		0.43	%		0.56	%(f)
Portfolio turnover rate		55	%		61	%		70	%		92	%(h)

* From commencement of Class operations on May 1, 2017 through December 31, 2017.

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

(h) Represents the Fund’s portfolio turnover rate for the year ended December 31, 2017.

See accompanying notes to financial statements. |  58

Financial Highlights (continued)

For a share outstanding throughout each period.

	Vaughan Nelson Small Cap Value Fund—Class Y
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value, beginning of the period	$	16.19		$	13.08		$	19.37		$	20.36		$	18.21		$	21.13
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04			0.05			0.04			0.05			0.07			0.11	(b)
Net realized and unrealized gain (loss)		(3.03	)		3.21			(2.84	)		1.25			3.59			(0.07	)
Total from Investment Operations		(2.99	)		3.26			(2.80	)		1.30			3.66			0.04
LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(c)		(0.07	)		(0.01	)		(0.01	)		(0.06	)		(0.10	)
Net realized capital gains		(0.09	)		(0.08	)		(3.48	)		(2.28	)		(1.45	)		(2.86	)
Total Distributions		(0.09	)		(0.15	)		(3.49	)		(2.29	)		(1.51	)		(2.96	)
Net asset value, end of the period	$	13.11		$	16.19		$	13.08		$	19.37		$	20.36		$	18.21
Total return		(18.40	)%(d)(e)		24.88	%(d)		(14.61	)%		6.60	%		20.53	%		(0.05	)%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	34,946		$	44,482		$	58,538		$	176,940		$	183,145		$	179,322
Net expenses		1.09	%(f)(g)		1.15	%(g)(h)		1.12	%		1.11	%		1.10	%		1.10	%
Gross expenses		1.25	%(f)		1.23	%		1.12	%		1.11	%		1.10	%		1.10	%
Net investment income		0.59	%(f)		0.35	%		0.22	%		0.23	%		0.36	%		0.50	%(b)
Portfolio turnover rate		55	%		61	%		70	%		92	%		74	%		62	%

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

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

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

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

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

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

59  | See accompanying notes to financial statements.

Notes to Financial Statements

June 30, 2020 (Unaudited)

1.  Organization.  Natixis Funds Trust I and Natixis Funds Trust II (the “Trusts” and each a “Trust”) are each organized as a Massachusetts business trust. Each Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Each Declaration of Trust permits the Board of Trustees to authorize the issuance of an unlimited number of shares of the Trust in multiple series. The financial statements for certain funds of the Trusts are presented in separate reports. The following funds (individually, a “Fund” and collectively, the “Funds”) are included in this report:

Natixis Funds Trust I:

Natixis Oakmark International Fund

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

Natixis Funds Trust II:

Natixis Oakmark Fund

Vaughan Nelson Mid Cap Fund (formerly Vaughan Nelson Value Opportunity Fund) (the “Mid Cap Fund”)

Effective at the close of business on June 30, 2020, Vaughan Nelson Value Opportunity Fund changed its name to Vaughan Nelson Mid Cap Fund and its investment strategy changed to require the Fund to invest at least 80% of its net assets (plus any borrowings made for investment purposes) in companies that, at the time of purchase, have market capitalizations either within the capitalization range of the Russell Midcap^® Value Index, or are $15 billion or less.

Each Fund is a diversified investment company.

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

Small Cap Value Fund was closed to new investors effective July 31, 2009. The Fund re-opened to new investors effective March 31, 2020.

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 ten years (at which point they automatically convert to Class A shares) and may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with 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 Fund’s prospectus.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and

|  60

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”) and Natixis ETF Trust. Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to the class (such as the Rule 12b-1 fees applicable to Class A and Class C) and transfer agent fees for each Fund are borne collectively for Class A, Class C and Class Y and individually for Class N. In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of a Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

2.  Significant Accounting Policies.  The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. The Funds’ financial statements follow the accounting and reporting guidelines provided for investment companies and are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has evaluated the events and transactions subsequent to 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.  Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser or sub-adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser or sub-adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows:

Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In

61  |

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

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

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

As of June 30, 2020, securities held by Natixis Oakmark International Fund were fair valued as follows:

Equity securities1	Percentage of Net Assets
$426,578,113	88.9%

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

b.  Investment Transactions and Related Investment Income.  Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual

|  62

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

basis. Dividends reinvested 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 on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates. Net realized foreign exchange gains or losses and the net change in unrealized foreign exchange gains or losses are disclosed in the Statements of Operations. For federal income tax purposes, net realized foreign exchange gains or losses are characterized as ordinary income, and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.

The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statements of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities.

The Funds may use foreign currency exchange contracts to facilitate transactions in foreign-denominated investments. Losses may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

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d.  Forward Foreign Currency Contracts.  Certain Funds may enter into forward foreign currency contracts, including forward foreign cross currency contracts, to acquire exposure to foreign currencies or to hedge the Fund’s investments against currency fluctuation. A contract can also be used to offset a previous contract. These contracts involve market risk in excess of the unrealized 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.

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, 2020 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next 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 eligible to be reclaimed. Dividends and interest receivable on the Statements of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes where reclaims have been or will be filed are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the

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event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

f.  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on 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 distribution re-designations, return of capital distributions received, distributions in excess of income and/or capital gain, foreign currency gains and losses and capital gains taxes. Permanent book and tax basis differences relating to shareholder distributions, net investment income and net realized gains will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, wash sales, return of capital distributions received and forward foreign currency contract mark-to-market. 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 net realized short-term capital gains are reported as 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, 2019 was as follows:

	2019 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Natixis Oakmark Fund	$	2,339,088	$	25,578,931	$	27,918,019
Natixis Oakmark International Fund		17,222,206		—		17,222,206
Mid Cap Fund		996,088		2,860,547		3,856,635
Small Cap Value Fund		348,253		558,650		906,903

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.

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As of December 31, 2019, capital loss carryforwards and late-year ordinary and post-October capital loss deferrals were as follows:

	Natixis Oakmark Fund		Natixis Oakmark International Fund			Mid Cap Fund		Small Cap Value Fund
Capital loss carryforward:
Long-term:
No expiration date	$	—	$	(32,773,225	)	$	—	$	—
Late-year ordinary and post-October capital loss deferrals*	$	—	$	(62,337	)	$	—	$	—

* 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 International Fund is deferring foreign currency losses.

As of June 30, 2020, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:

	Natixis Oakmark Fund			Natixis Oakmark International Fund			Mid Cap Fund			Small Cap Value Fund
Federal tax cost	$	205,545,785		$	624,531,767		$	267,982,419		$	88,144,217
Gross tax appreciation	$	32,334,787		$	13,875,086		$	23,076,115		$	5,447,853
Gross tax depreciation		(26,460,526	)		(160,575,412	)		(33,792,252	)		(8,627,001	)
Net tax appreciation (depreciation)	$	5,874,261		$	(146,700,326	)	$	(10,716,137	)	$	(3,179,148	)

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 segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of

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June 30, 2020 (Unaudited)

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, 2020, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

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

For the six months ended June 30, 2020, none of the Funds had loaned securities under this agreement.

i.  Indemnifications.  Under the Trusts’ organizational documents, their officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

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

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(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 following is a summary of the inputs used to value the Funds’ investments as of June 30, 2020, at value:

Natixis Oakmark Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	197,959,011	$	—	$	—	$	197,959,011
Short-Term Investments		—		13,461,035		—		13,461,035
Total	$	197,959,011	$	13,461,035	$	—	$	211,420,046

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

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Notes to Financial Statements (continued)

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Natixis Oakmark International Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	16,480,591	$	—	$	16,480,591
China		8,716,682		3,367,577		—		12,084,259
Finland		—		4,081,125		—		4,081,125
France		—		56,401,912		—		56,401,912
Germany		—		80,366,036		—		80,366,036
India		—		5,073,143		—		5,073,143
Indonesia		—		4,670,240		—		4,670,240
Italy		—		19,498,426		—		19,498,426
Japan		—		12,392,319		—		12,392,319
Korea		—		12,105,302		—		12,105,302
Netherlands		—		10,724,328		—		10,724,328
South Africa		—		10,463,531		—		10,463,531
Spain		—		6,084,994		—		6,084,994
Sweden		—		25,572,091		—		25,572,091
Switzerland		—		57,368,046		—		57,368,046
Taiwan		—		886,399		—		886,399
United Kingdom		7,599,235		99,484,048		—		107,083,283
All Other Common stocks(a)		25,749,746		—		—		25,749,746
Total Common Stocks		42,065,663		425,020,108		—		467,085,771
Preferred Stocks(a)		—		1,558,005		—		1,558,005
Short-Term Investments		—		9,199,723		—		9,199,723
Total	$	42,065,663	$	435,777,836	$	—	$	477,843,499

Liability Valuation Inputs

Description	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(12,058	)	$	—	$	(12,058	)

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

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Mid Cap Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	254,661,277	$	—	$	—	$	254,661,277
Short-Term Investments		—		2,605,005		—		2,605,005
Total	$	254,661,277	$	2,605,005	$	—	$	257,266,282

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

Small Cap Value Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	83,527,527	$	—	$	—	$	83,527,527
Short-Term Investments		—		1,437,542		—		1,437,542
Total	$	83,527,527	$	1,437,542	$	—	$	84,965,069

(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 that Natixis Oakmark International Fund used during the period include forward foreign currency contracts.

The Fund is subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may enter into forward foreign currency contracts for hedging purposes to protect the value of the Fund’s holdings of foreign securities. During the six months ended June 30, 2020, the Fund engaged in forward foreign currency transactions for hedging purposes.

The following is a summary of derivative instruments for Natixis Oakmark International Fund as of June 30, 2020, as reflected within the Statements of Assets and Liabilities:

Liabilities	Unrealized depreciation on forward foreign currency contracts
Over-the-counter liability derivatives
Foreign exchange contracts		$(12,058)

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

Transactions in derivative instruments for Natixis Oakmark International Fund during the six months ended June 30, 2020, as reflected within the Statements of Operations were as follows:

Net Realized Gain (Loss) on:	Forward foreign currency contracts
Foreign exchange contracts	$(85,289)
Net Change in Unrealized Appreciation (Depreciation) on:	Forward foreign currency contracts
Foreign exchange contracts	$58,201

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

The volume of forward foreign currency contract activity, as a percentage of net assets, for Natixis Oakmark International Fund, based on gross month-end notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the six months ended June 30, 2020:

Natixis Oakmark International Fund	Forwards
Average Notional Amount Outstanding	0.91%
Highest Notional Amount Outstanding	1.12%
Lowest Notional Amount Outstanding	0.70%
Notional Amount Outstanding as of June 30, 2020	0.95%

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 forwards is recorded in the Statements of Assets and Liabilities. The aggregate notional values of forward contracts are not recorded in the Statements of Assets and Liabilities, and therefore are not included in the Fund’s net assets.

The Fund enters into over-the-counter derivatives, including forward foreign currency contracts, pursuant to an International Swaps and Derivatives Association, Inc. (“ISDA”) agreement between the Fund and its counterparty. ISDA agreements typically contain master netting provisions in the event of a default or other termination event. Master netting provisions allow the Fund and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative

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contracts to one net amount payable by either the Fund or the counterparty. For financial reporting purposes, the Fund does not offset derivative assets and liabilities on the Statements of Assets and Liabilities.

As of June 30, 2020, gross amounts of derivative assets and liabilities not offset in the Statement of Assets and Liabilities and the related net amounts after taking into account master netting arrangements, by counterparty, are as follows:

Natixis Oakmark International Fund

Counterparty	Gross Amounts of Liabilities			Offset Amount		Net Amount
State Street Bank and Trust Company	$	(12,058	)	$	—	$	(12,058	)

Counterparty risk is managed based on policies and procedures established by each Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements and monitoring of counterparty credit default swap spreads. Based on balances reflected on the Fund’s Statement of Assets and Liabilities, the following table shows (i) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties to the relevant financial instruments failed completely to perform according to the terms of the contracts and ii) the amount of loss that the Fund would incur after taking into account master netting provisions pursuant to ISDA agreements, as of June 30, 2020:

Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
Natixis Oakmark International Fund	$	—	$	—

5.  Purchases and Sales of Securities.  For the six months ended June 30, 2020, purchases and sales of securities (excluding short-term investments) were as follows:

Fund	Purchases		Sales
Natixis Oakmark Fund	$	35,490,102	$	75,622,432
Natixis Oakmark International Fund		225,889,499		175,449,179
Mid Cap Fund		68,396,652		124,131,638
Small Cap Value Fund		49,898,585		58,584,861

6.  Management Fees and Other Transactions with Affiliates.

a.  Management Fees.  Natixis Advisors, L.P. (“Natixis Advisors”) serves as investment adviser to each Fund. Under the terms of the management agreements, each Fund pays

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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	%
Mid Cap Fund		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.75	%
Small Cap Value Fund		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%

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
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 (“Natixis”), which is part of Natixis Investment Managers, an international asset management group based in Paris, France.

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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	%
Mid Cap Fund	Vaughan Nelson		0.50	%		0.50	%		0.50	%		0.50	%		0.47	%
Small Cap Value Fund	Vaughan Nelson		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%

Natixis Advisors has 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, 2021, 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, 2020 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
Natixis Oakmark Fund		1.30	%		2.05	%		1.00	%		1.05	%
Natixis Oakmark International Fund		1.37	%		2.12	%		1.07	%		1.12	%
Mid Cap Fund		1.20	%		1.95	%		0.90	%		0.95	%
Small Cap Value Fund		1.34	%		2.09	%		1.04	%		1.09	%

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Effective July 1, 2020, the expense limits as a percentage of average daily net assets under the expense limitation agreements for Natixis Oakmark International Fund and Small Cap Value Fund are as follows:

	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Class A			Class C			Class N			Class Y
Natixis Oakmark International Fund		1.20	%		1.95	%		0.90	%		0.95	%
Small Cap Value Fund		1.30	%		2.05	%		1.00	%		1.05	%

These new undertakings are in effect until April 30, 2022, may be terminated before then only with the consent of the Funds’ Board of Trustees, and will be reevaluated on an annual basis.

Natixis Advisors shall be permitted to recover expenses borne under the expense limitation agreements (whether through waiver of management fees or otherwise) on a class by class basis in later periods to the extent the annual operating expenses of a class fall below a class’ expense limits, 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, 2020, the management fees and waivers 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
							Gross			Net
Natixis Oakmark Fund	$	794,829	$	—	$	794,829		0.69	%		0.69	%
Natixis Oakmark International Fund		1,995,527		—		1,995,527		0.78	%		0.78	%
Mid Cap Fund		1,167,858		118,672		1,049,186		0.80	%		0.72	%
Small Cap Value Fund		409,655		74,155		335,500		0.90	%		0.74	%

For the six months ended June 30, 2020, class-specific expenses have been reimbursed as follows:

	Reimbursement1
Fund	Class A		Class C		Class N		Class Y		Total
Natixis Oakmark International Fund	$	4,198	$	4,358	$	—	$	7,268	$	15,824

¹  Waiver/expense reimbursements are subject to possible recovery until December 31, 2021.

No expenses were recovered for any of the Funds during the six months ended June 30, 2020 under the terms of the expense limitation agreements.

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b.  Service and Distribution Fees.  Natixis Distribution, L.P. (“Natixis Distribution”), which is a wholly-owned subsidiary of Natixis, 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, 2020, the service and distribution fees for each Fund were as follows:

	Service Fees				Distribution Fees
Fund	Class A		Class C		Class C
Natixis Oakmark Fund	$	179,943	$	53,081	$	159,243
Natixis Oakmark International Fund		154,759		154,426		463,279
Mid Cap Fund		33,955		21,511		64,533
Small Cap Value Fund		67,149		1,339		4,017

For the six months ended June 30, 2020, Natixis Distribution refunded Natixis Oakmark Fund $4,543 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 provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trust and Natixis Advisors, each Fund pays Natixis Advisors monthly its pro rata

|  76

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

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 Trust, 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 Trust of $10 million, which is reevaluated on an annual basis.

For the six months ended June 30, 2020, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Natixis Oakmark Fund	$	50,927
Natixis Oakmark International Fund		113,896
Mid Cap Fund		64,822
Small Cap Value Fund		20,217

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, 2020, 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
Natixis Oakmark Fund	$	50,093
Natixis Oakmark International Fund		488,247
Mid Cap Fund		144,903
Small Cap Value Fund		26,578

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

As of June 30, 2020, 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
Natixis Oakmark Fund	$	147
Natixis Oakmark International Fund		1,589
Mid Cap Fund		1,054
Small Cap Value Fund		318

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, 2020, were as follows:

Fund	Commissions
Natixis Oakmark Fund	$	6,425
Natixis Oakmark International Fund		7,024
Mid Cap Fund		448
Small Cap Value Fund		1,156

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 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 $199,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee, the chairperson of the Audit Committee and the chairperson of the Governance Committee each receive an additional retainer fee at the annual rate of $20,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust based on a formula that takes into account, among other factors, the relative net assets

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

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

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, 2020, Natixis and affiliates held shares of Small Cap Value Fund representing less than 0.01% 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 Natixis Oakmark Fund, Natixis Oakmark International Fund and Small Cap Value Fund to reimburse any and all transfer agency expenses for the Funds’ Class N shares. This undertaking is in effect through April 30, 2021 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended June 30, 2020, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:

	Reimbursement of Transfer Agency Expenses
Fund	Class N
Natixis Oakmark Fund	$	734
Natixis Oakmark International Fund		763
Small Cap Value Fund		727

i.  Payment by Affiliates.  For the six months ended June 30, 2020, Harris reimbursed Natixis Oakmark International Fund $2,108 in connection with a trading error.

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

j.  Interfund Transactions.  A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common Trustees. For the six months ended June 30, 2020, Natixis Oakmark Fund engaged in purchase and sale transactions of $10,946 and $295,969, respectively, with an affiliate of Natixis in compliance with Rule 17a-7 of the 1940 Act pursuant to procedures adopted by the Board of Trustees.

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

For the six months ended June 30, 2020 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
Natixis Oakmark Fund	$	73,517	$	21,082	$	734	$	19,237
Natixis Oakmark International Fund		115,880		113,696		763		280,894
Mid Cap Fund		15,966		10,099		755		136,210
Small Cap Value Fund		32,967		656		727		22,224

8.  Line of Credit.  Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, entered into a $400,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 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 an arrangement fee, an upfront fee, and certain other 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 and/or miscellaneous expenses 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, 2020, Natixis Oakmark International Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $6,700,000 at a weighted average interest rate of 1.18%. Interest expense incurred on the line of credit was $440.

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

9.  Risk.  Natixis Oakmark International Fund’s investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks. The Fund’s investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.

Global markets have experienced periods of high volatility triggered by the rapidly evolving public health emergency known as coronavirus (“COVID-19”). As the situation continues to unfold, the extent and duration of the impact that the COVID-19 outbreak may have on financial markets and the economy as a whole remains highly uncertain. If the effects of the COVID-19 outbreak on financial markets and the economy continue for an extended period of time, the Funds’ future financial and investment results may be adversely affected.

10.  Concentration of Ownership.  From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of June 30, 2020, 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		27.76	%
Mid Cap Fund		2		24.27	%

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.

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

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

	Six Months Ended June 30, 2020					Year Ended December 31, 2019
Natixis Oakmark Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	267,769		$	4,932,958		341,587		$	7,422,550
Issued in connection with the reinvestment of distributions	13,561			230,700		707,759			15,556,227
Redeemed	(1,065,271	)		(20,436,276	)	(1,440,445	)		(31,399,881	)
Net change	(783,941	)	$	(15,272,618	)	(391,099	)	$	(8,421,104	)
Class C
Issued from the sale of shares	124,847		$	1,895,856		411,202		$	7,542,498
Issued in connection with the reinvestment of distributions	4,876			69,780		258,850			4,802,209
Redeemed	(757,239	)		(11,946,953	)	(1,012,379	)		(18,545,938	)
Net change	(627,516	)	$	(9,981,317	)	(342,327	)	$	(6,201,231	)
Class N
Issued from the sale of shares	—		$	—		38,538		$	856,493
Issued in connection with the reinvestment of distributions	53			958		1,564			37,043
Redeemed	(5,358	)		(94,061	)	(6,880	)		(164,534	)
Net change	(5,305	)	$	(93,103	)	33,222		$	729,002
Class Y
Issued from the sale of shares	716,148		$	13,262,852		1,091,333		$	25,027,333
Issued in connection with the reinvestment of distributions	2,330			41,979		178,407			4,126,503
Redeemed	(1,087,014	)		(20,564,885	)	(1,928,446	)		(43,874,360	)
Net change	(368,536	)	$	(7,260,054	)	(658,706	)	$	(14,720,524	)
Decrease from capital share transactions	(1,785,298	)	$	(32,607,092	)	(1,358,910	)	$	(28,613,857	)

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

11.  Capital Shares (continued).

	Six Months Ended June 30, 2020					Year Ended December 31, 2019
Natixis Oakmark International Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	1,039,527		$	10,941,159		3,833,342		$	48,961,166
Issued in connection with the reinvestment of distributions	—			—		293,582			3,983,907
Redeemed	(3,448,952	)		(33,994,046	)	(14,255,482	)		(182,428,373	)
Net change	(2,409,425	)	$	(23,052,887	)	(10,128,558	)	$	(129,483,300	)
Class C
Issued from the sale of shares	325,687		$	3,450,396		1,189,713		$	14,652,748
Issued in connection with the reinvestment of distributions	—			—		235,439			3,145,368
Redeemed	(3,768,935	)		(37,015,305	)	(7,169,411	)		(88,659,492	)
Net change	(3,443,248	)	$	(33,564,909	)	(5,744,259	)	$	(70,861,376	)
Class N
Issued from the sale of shares	2,418		$	23,378		35,523		$	453,334
Issued in connection with the reinvestment of distributions	—			—		2,041			27,558
Redeemed	(23,451	)		(224,513	)	(45,088	)		(565,153	)
Net change	(21,033	)	$	(201,135	)	(7,524	)	$	(84,261	)
Class Y
Issued from the sale of shares	21,144,348		$	230,812,549		7,903,073		$	103,147,261
Issued in connection with the reinvestment of distributions	—			—		590,961			7,977,970
Redeemed	(13,190,897	)		(125,469,269	)	(9,581,271	)		(119,483,340	)
Net change	7,953,451		$	105,343,280		(1,087,237	)	$	(8,358,109	)
Increase (decrease) from capital share transactions	2,079,745		$	48,524,349		(16,967,578	)	$	(208,787,046	)

83  |

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

11.  Capital Shares (continued).

	Six Months Ended June 30, 2020					Year Ended December 31, 2019
Mid Cap Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	75,228		$	1,444,779		861,269		$	17,619,199
Issued in connection with the reinvestment of distributions	48,711			808,115		12,533			280,906
Redeemed	(280,300	)		(5,103,100	)	(1,901,968	)		(37,334,239	)
Net change	(156,361	)	$	(2,850,206	)	(1,028,166	)	$	(19,434,134	)
Class C
Issued from the sale of shares	13,192		$	230,848		41,784		$	804,347
Issued in connection with the reinvestment of distributions	31,145			483,062		7,533			158,588
Redeemed	(234,019	)		(4,138,341	)	(466,640	)		(9,000,145	)
Net change	(189,682	)	$	(3,424,431	)	(417,323	)	$	(8,037,210	)
Class N
Issued from the sale of shares	63,631		$	1,297,011		265,852		$	5,433,660
Issued in connection with the reinvestment of distributions	27,450			460,894		9,232			208,696
Redeemed	(116,653	)		(2,244,408	)	(3,511,497	)		(74,546,739	)
Net change	(25,572	)	$	(486,503	)	(3,236,413	)	$	(68,904,383	)
Class Y
Issued from the sale of shares	1,074,047		$	19,695,153		2,842,232		$	59,252,207
Issued in connection with the reinvestment of distributions	379,132			6,373,204		129,190			2,931,301
Redeemed	(3,753,845	)		(69,483,262	)	(15,601,071	)		(306,352,102	)
Net change	(2,300,666	)	$	(43,414,905	)	(12,629,649	)	$	(244,168,594	)
Decrease from capital share transactions	(2,672,281	)	$	(50,176,045	)	(17,311,551	)	$	(340,544,321	)

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

11.  Capital Shares (continued).

	Six Months Ended June 30, 2020					Year Ended December 31, 2019
Small Cap Value Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	93,253		$	1,180,153		291,593		$	4,253,300
Issued in connection with the reinvestment of distributions	31,423			353,345		29,009			447,550
Redeemed	(510,678	)		(6,597,938	)	(1,267,013	)		(18,496,699	)
Net change	(386,002	)	$	(5,064,440	)	(946,411	)	$	(13,795,849	)
Class C
Issued from the sale of shares	9,521		$	59,315		14,584		$	107,063
Issued in connection with the reinvestment of distributions	1,869			10,560		1,709			13,304
Redeemed	(45,492	)		(312,815	)	(374,191	)		(2,772,672	)
Net change	(34,102	)	$	(242,940	)	(357,898	)	$	(2,652,305	)
Class N
Issued from the sale of shares	—		$	—		2,117		$	32,857
Issued in connection with the reinvestment of distributions	10			119		12			194
Redeemed	—			—		(887	)		(14,210	)
Net change	10		$	119		1,242		$	18,841
Class Y
Issued from the sale of shares	559,564		$	7,513,075		255,977		$	3,867,153
Issued in connection with the reinvestment of distributions	18,958			223,701		24,035			388,742
Redeemed	(660,408	)		(8,554,792	)	(2,009,269	)		(30,637,042	)
Net change	(81,886	)	$	(818,016	)	(1,729,257	)	$	(26,381,147	)
Decrease from capital share transactions	(501,980	)	$	(6,125,277	)	(3,032,324	)	$	(42,810,460	)

85  |

Semiannual Report

June 30, 2020

Loomis Sayles Strategic Alpha Fund

Natixis U.S. Equity Opportunities Fund

Table of Contents

Portfolio Review	1
Portfolio of Investments	15
Financial Statements	48
Notes to Financial Statements	61

IMPORTANT NOTICE TO SHAREHOLDERS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you wish to continue receiving paper copies of your shareholder reports after January 1, 2021, you can inform the Fund at any time by calling 1-800-225-5478. If you hold your account with a financial intermediary and you wish to continue receiving paper copies after January 1, 2021, you should call your financial intermediary directly. Paper copies are provided free of charge, and your election to receive reports in paper will apply to all funds held with the Natixis Funds complex. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You currently may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically at www.icsdelivery.com/natixisfunds.

LOOMIS SAYLES STRATEGIC ALPHA FUND

Managers	Symbols
Matthew J. Eagan, CFA®	Class A    LABAX
Kevin P. Kearns	Class C    LABCX
Todd P. Vandam, CFA®	Class N    LASNX
Loomis, Sayles & Company, L.P.	Class Y    LASYX

Investment Goal

The Fund seeks to provide an attractive absolute total return, complemented by prudent investment management designed to manage risks and protect investor capital. The secondary goal of the Fund is to achieve these returns with relatively low volatility.

1  |

Average Annual Total Returns — June 30, 2020⁴

															Expense Ratios5
	6 Months			1 Year			5 Years			Life of Class					Gross			Net
Class Y (Inception 12/15/10)											Class Y/A/C		Class N
NAV		2.06	%		2.73	%		2.74	%		2.87	%	—	%		0.74	%		0.74	%
Class A (Inception 12/15/10)
NAV		2.01			2.54			2.49			2.63		—			0.99			0.99
With 4.25% Maximum Sales Charge		-2.33			-1.78			1.60			2.17		—
Class C (Inception 12/15/10)
NAV		1.65			1.77			1.75			1.85		—			1.74			1.74
With CDSC1		0.65			0.77			1.75			1.85		—
Class N (Inception 5/1/17)
NAV		2.19			2.80			—			—		2.78			0.67			0.67
Comparative Performance
3-Month LIBOR2		0.53			1.58			1.47			0.91		1.91
3-Month LIBOR + 300 basis points3		2.02			4.57			4.47			3.90		4.90

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 3-Month LIBOR, or the London Interbank Offered Rate, represents the average rate at which a leading bank, for a given currency (in this case U.S. dollars), can obtain unsecured funding, and is representative of short-term interest rates.

3 3-Month LIBOR + 300 basis points is created by adding 3.00% to the annual return of 3-Month LIBOR. The calculation is performed on a monthly basis and is subject to the effects of compounding.

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

5 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 4/30/21. 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.

|  2

NATIXIS U.S. EQUITY OPPORTUNITIES FUND

Managers	Symbols
Large Cap Value Segment	Class A    NEFSX
Harris Associates L.P.	Class C    NECCX
All Cap Growth Segment	Class N    NESNX
Loomis, Sayles & Company, L.P.	Class Y    NESYX

Investment Goal

The Fund seeks long-term growth of capital.

3  |

Average Annual Total Returns — June 30, 2020⁴

													Life of			Expense Ratios5
	6 Months			1 Year			5 Years			10 Years			Class N			Gross			Net
Class Y (Inception 11/15/94)
NAV		-1.57	%		7.32	%		12.13	%		15.39	%		—	%		0.92	%		0.92	%
Class A (Inception 7/7/94)
NAV		-1.68			7.07			11.85			15.10			—			1.17			1.17
With 5.75% Maximum Sales Charge		-7.34			0.92			10.54			14.42			—
Class C (Inception 7/7/94)
NAV		-2.06			6.27			11.02			14.23			—			1.92			1.92
With CDSC1		-3.00			5.37			11.02			14.23			—
Class N (Inception 5/1/17)
NAV		-1.50			7.41			—			—			11.71			1.42			0.83
Comparative Performance
S&P 500® Index2		-3.08			7.51			10.73			13.99			10.74
Russell 1000® Index3		-2.81			7.48			10.47			13.97			10.63

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

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

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

3 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.

5 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 4/30/21. 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.

|  4

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 Natixis Funds’ website at im.natixis.com; and on the Securities and Exchange Commission’s (SEC) website at www.sec.gov. Information regarding how Natixis Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available from Natixis Funds’ website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

Natixis Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Forms N-PORT reports are available on the SEC’s website at www.sec.gov.

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

5  |

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’ prospectuses. 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, 2020 through June 30, 2020. 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 each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

|  6

LOOMIS SAYLES STRATEGIC ALPHA FUND	BEGINNING ACCOUNT VALUE 1/1/2020		ENDING ACCOUNT VALUE 6/30/2020		EXPENSES PAID DURING PERIOD* 1/1/2020 – 6/30/2020
Class A
Actual		$1,000.00		$1,020.10		$4.97
Hypothetical (5% return before expenses)		$1,000.00		$1,019.94		$4.97
Class C
Actual		$1,000.00		$1,016.50		$8.72
Hypothetical (5% return before expenses)		$1,000.00		$1,016.21		$8.72
Class N
Actual		$1,000.00		$1,021.90		$3.42
Hypothetical (5% return before expenses)		$1,000.00		$1,021.48		$3.42
Class Y
Actual		$1,000.00		$1,020.60		$3.72
Hypothetical (5% return before expenses)		$1,000.00		$1,021.18		$3.72

* Expenses are equal to the Fund’s annualized expense ratio: 0.99%, 1.74%, 0.68% and 0.74% 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 (182), divided by 366 (to reflect the half-year period).

NATIXIS U.S. EQUITY OPPORTUNITIES FUND	BEGINNING ACCOUNT VALUE 1/1/2020		ENDING ACCOUNT VALUE 6/30/2020		EXPENSES PAID DURING PERIOD* 1/1/2020 – 6/30/2020
Class A
Actual		$1,000.00		$983.20		$5.82
Hypothetical (5% return before expenses)		$1,000.00		$1,019.00		$5.92
Class C
Actual		$1,000.00		$979.40		$9.50
Hypothetical (5% return before expenses)		$1,000.00		$1,015.27		$9.67
Class N
Actual		$1,000.00		$985.00		$4.15
Hypothetical (5% return before expenses)		$1,000.00		$1,020.69		$4.22
Class Y
Actual		$1,000.00		$984.30		$4.54
Hypothetical (5% return before expenses)		$1,000.00		$1,020.29		$4.62

* Expenses are equal to the Fund’s annualized expense ratio: 1.18%, 1.93%, 0.84% and 0.92% 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 (182), divided by 366 (to reflect the half-year period).

7  |

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 Natixis U.S. Equity Opportunities Fund’s sub-advisory agreements (collectively, the “Agreements”), at most of its meetings throughout the year. Each year, usually in the spring, the Contract Review Committee of the Board meets to review the Agreements to determine whether to recommend that the full Board approve the continuation of the Agreements, typically for an additional one-year period. 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.

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, if any, and other expenses, including information comparing the Funds’ advisory fees and sub-advisory fees, if any, to the fees charged to institutional accounts with similar strategies managed by the Advisers, if any, and to those of peer groups of funds and information about any applicable expense limitations and/or fee “breakpoints,” (iii) sales and redemption data in respect of the Funds, (iv) information about the profitability of the Agreements to the Advisers and (v) information obtained through the completion by the Advisers of 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, 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 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.

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. This information generally includes, 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 where available, performance ratings provided by a third-party, total return information for various periods, and third-party performance rankings for various periods comparing a

|  8

Fund against similarly categorized funds. The portfolio management team for each Fund or other representatives of the Advisers make periodic presentations to the Contract Review Committee and/or the full Board, and Funds identified as presenting possible performance concerns may be subject to more frequent Board or Committee presentations and reviews. In addition, each quarter the Trustees are provided with detailed statistical information about each Fund’s portfolio. The Trustees also receive periodic updates between meetings. These updates have increased in frequency during the COVID-19 crisis.

The Board most recently approved the continuation of the Agreements for a one-year period at its meeting held in June 2020. 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 considered not only the advisory services provided by the Advisers to the Funds, but also the monitoring and oversight services provided by Natixis Advisors, L.P. (“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.

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. In addition, the Trustees reviewed data prepared by an independent third party 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, 2019, each Fund’s one-, three- and five-year performance, as applicable, stated as percentile rankings within categories selected by the

9  |

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 Strategic Alpha Fund		88	%		82	%		77	%
Natixis U.S. Equity Opportunities Fund		63	%		77	%		42	%

In the case of a Fund that had performance that lagged that of a relevant category median as determined by the independent third-party for certain (although not necessarily all) periods, the Board concluded that other factors relevant to performance supported renewal of the Agreements, including: (1) that the underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Advisers that were reasonable and consistent with the Fund’s investment objective and policies; (2) that Loomis Sayles Strategic Alpha Fund’s more recent performance had shown improvement relative to its category and (3) that Natixis U.S. Equity Opportunities Fund’s longer-term performance was strong relative to its category. The Board also considered information about the Funds’ more recent performance, including how that performance had been impacted by the COVID-19 crisis.

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 applicable, 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 and sub-advisory fees, as applicable, 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 made recommendations regarding reductions in advisory fee rates, implementation of advisory fee breakpoints and the institution of advisory fee waivers

|  10

and expense limitations for various funds in the fund family. They noted that the Funds have expense limitations in place, and that each Fund’s current expenses are below the limitation, under their respective expense limitation agreements.

The Trustees noted that Natixis U.S. Equity Opportunities Fund had a total advisory fee rate that was above the median of a peer group of funds. In this regard, the Trustees considered the factors that management believed justified such a relatively higher advisory fee rate, including the quality of the services and the reputation and performance of the portfolio management team, and that the Fund’s long-term performance has been consistently strong.

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 compared to that of certain other investment managers for which such data was available.

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. With respect to economies of scale, the Trustees noted that Loomis Sayles Strategic Alpha Fund had breakpoints in its advisory fee 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 each Adviser has made into its business.

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.

11  |

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

· The effect of recent market and economic events, including but not limited to the COVID-19 crisis, on the performance, asset levels and expense ratios of each Fund.

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

· So-called “fallout benefits” to the Advisers, such as the engagement of affiliates of the Advisers to provide distribution 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 also considered the benefits to the parent company of Natixis Advisors from the retention of the Adviser. 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 should be continued through June 30, 2021.

|  12

LIQUIDITY RISK MANAGEMENT PROGRAM

Annual Report for the Period Commencing on December 1, 2018 and ending December 31, 2019 (including updates through June 30, 2020)

Effective December 1, 2018, 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”). The Loomis Sayles Strategic Alpha Fund has established an HLIM.

During the period from December 1, 2018 to December 31, 2019, there were no material changes to the Program 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 HLIM or illiquid security violations during the period.

During the period January 1, 2020 through June 30, 2020, the Funds held sufficient liquid assets to meet redemptions on a timely basis and did not have any HLIM or 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 has been implemented effectively. The Program Administrator has also monitored, assessed and managed each Fund’s liquidity risk regularly and has determined that the Program is operating effectively.

13  |

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 Program, assessed its adequacy and effectiveness and described any material changes made to the Program.

|  14

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 78.6% of Net Assets
	Non-Convertible Bonds — 77.0%
		ABS Car Loan — 7.4%
$	2,805,000	AmeriCredit Automobile Receivables Trust, Series 2018-2, Class D, 4.010%, 7/18/2024(a)	$	2,917,642
	26,217	AmeriCredit Automobile Receivables Trust, Series 2018-3, Class A2B, 1-month LIBOR + 0.250%, 0.444%, 1/18/2022(a)(b)		26,217
	3,845,000	AmeriCredit Automobile Receivables Trust, Series 2018-3, Class D, 4.040%, 11/18/2024(a)		3,986,717
	1,210,000	Avid Automobile Receivables Trust, Series 2019-1, Class C, 3.140%, 7/15/2026, 144A		1,222,122
	1,035,000	Avid Automobile Receivables Trust, Series 2019-1, Class D, 4.030%, 7/15/2026, 144A		998,298
	1,785,000	California Republic Auto Receivables Trust, Series 2018-1, Class D, 4.330%, 4/15/2025		1,825,456
	135,000	CarMax Auto Owner Trust, Series 2018-1, Class D, 3.370%, 7/15/2024		136,106
	1,435,000	CarMax Auto Owner Trust, Series 2018-2, Class D, 3.990%, 4/15/2025(a)		1,465,401
	1,002,264	CarMax Auto Owner Trust, Series 2018-4, Class A2B, 1-month LIBOR + 0.200%, 0.385%, 2/15/2022(a)(b)	��	1,002,337
	1,125,000	CarMax Auto Owner Trust, Series 2018-4, Class D, 4.150%, 4/15/2025		1,146,059
	2,350,000	CarMax Auto Owner Trust, Series 2019-1, Class D, 4.040%, 8/15/2025		2,378,097
	25,555	CIG Auto Receivables Trust, Series 2017-1A, Class A, 2.710%, 5/15/2023, 144A(a)		25,599
	230,000	CPS Auto Receivables Trust, Series 2018-A, Class C, 3.050%, 12/15/2023, 144A(a)		231,152
	1,795,000	CPS Auto Receivables Trust, Series 2018-D, Class C, 3.830%, 9/15/2023, 144A(a)		1,832,019
	525,000	Credit Acceptance Auto Loan Trust, Series 2017-3A, Class C, 3.480%, 10/15/2026, 144A(a)		525,257
	1,205,000	Credit Acceptance Auto Loan Trust, Series 2018-2A, Class C, 4.160%, 9/15/2027, 144A(a)		1,244,197
	4,745,000	Credit Acceptance Auto Loan Trust, Series 2019-1A, Class C, 3.940%, 6/15/2028, 144A(a)		4,881,200
	2,955,000	Drive Auto Receivables Trust, Series 2018-1, Class D, 3.810%, 5/15/2024(a)		2,990,402
	195,000	Drive Auto Receivables Trust, Series 2018-3, Class D, 4.300%, 9/16/2024(a)		200,692
	2,395,000	Drive Auto Receivables Trust, Series 2018-5, Class D, 4.300%, 4/15/2026(a)		2,496,660
	1,330,000	Drive Auto Receivables Trust, Series 2019-1, Class D, 4.090%, 6/15/2026(a)		1,355,756
	1,390,000	DT Auto Owner Trust, Series 2018-2A, Class D, 4.150%, 3/15/2024, 144A(a)		1,421,153
	1,655,000	DT Auto Owner Trust, Series 2019-2A, Class D, 3.480%, 2/18/2025, 144A		1,664,617
	635,000	First Investors Auto Owner Trust , Series 2019-2A, Class D, 2.800%, 12/15/2025, 144A		635,486
	1,475,000	First Investors Auto Owner Trust , Series 2019-2A, Class E, 3.880%, 1/15/2026, 144A		1,423,956
	650,000	Flagship Credit Auto Trust, Series 2016-3, Class D, 3.890%, 11/15/2022, 144A(a)		661,142
	3,305,000	Flagship Credit Auto Trust, Series 2019-2, Class D, 3.530%, 5/15/2025, 144A		3,379,328
	1,260,000	GLS Auto Receivables Trust, Series 2018-3A, Class B, 3.780%, 8/15/2023, 144A(a)		1,286,474

15  | See accompanying notes to financial statements.

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		ABS Car Loan — continued
$	5,030,000	GLS Auto Receivables Trust, Series 2019-2A, Class C, 3.540%, 2/18/2025, 144A(a)	$	5,133,787
	4,355,000	NextGear Floorplan Master Owner Trust, Series 2017-2A, Class A1, 1-month LIBOR + 0.680%, 0.865%, 10/17/2022, 144A(a)(b)		4,338,625
	2,590,000	NextGear Floorplan Master Owner Trust, Series 2018-1A, Class A1, 1-month LIBOR + 0.640%, 0.825%, 2/15/2023, 144A(a)(b)		2,569,368
	2,820,000	NextGear Floorplan Master Owner Trust, Series 2018-2A, Class A1, 1-month LIBOR + 0.600%, 0.785%, 10/15/2023, 144A(a)(b)		2,756,488
	2,879,608	Prestige Auto Receivables Trust, Series 2016-1A, Class D, 5.150%, 11/15/2021, 144A(a)		2,899,639
	910,000	Prestige Auto Receivables Trust, Series 2019-1A, Class E, 3.900%, 5/15/2026, 144A		880,283
	3,210,000	Santander Drive Auto Receivables Trust, Series 2020-1, Class D, 5.350%, 3/15/2028(a)		3,528,182
	3,585,000	Santander Drive Auto Receivables Trust, Series 2018-2, Class D, 3.880%, 2/15/2024(a)		3,656,725
	4,140,000	Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.220%, 7/15/2025(a)		4,246,795
	353,000	Tidewater Auto Receivables Trust, Series 2018-AA, Class D, 4.300%, 11/15/2024, 144A(a)		361,553
	602,057	Toyota Auto Receivables Owner Trust, Series 2018-C, Class A2B, 1-month LIBOR + 0.120%, 0.305%, 8/16/2021(a)(b)		602,112
	10,030	Volkswagen Auto Loan Enhanced Trust, Series 2018-1, Class A2B, 1-month LIBOR + 0.180%, 0.370%, 7/20/2021(a)(b)		10,030
	4,605,000	Volvo Financial Equipment Master Owner Trust, Series 2018-A, Class A, 1-month LIBOR + 0.520%, 0.705%, 7/17/2023, 144A(a)(b)		4,577,831
	847,028	World Omni Automobile Lease Securitization Trust, Series 18-B, Class A2B, 1-month LIBOR + 0.180%, 0.365%, 6/15/2021(a)(b)		846,725
				79,767,685
		ABS Credit Card — 1.2%
	5,425,000	Discover Card Execution Note Trust, Series 2018-A3, Class A3, 1-month LIBOR + 0.230%, 0.415%, 12/15/2023(a)(b)		5,430,919
	640,000	Genesis Sales Finance Master Trust, Series 2019-AA, Class A, 4.680%, 8/20/2023, 144A(a)		636,776
	6,995,000	World Financial Network Credit Card Master Trust, Series 2019-C, Class M, 2.710%, 7/15/2026(a)		6,943,381
				13,011,076
		ABS Home Equity — 7.7%
	1,086,404	Ajax Mortgage Loan Trust, Series 2017-B, Class A, 3.163%, 9/25/2056, 144A(a)(c)		1,079,465
	275,520	Alternative Loan Trust, Series 2004-16CB, Class 1A1, 5.500%, 7/25/2034(a)		284,728
	298,140	Alternative Loan Trust, Series 2004-16CB, Class 3A1, 5.500%, 8/25/2034(a)		308,437
	474,253	Alternative Loan Trust, Series 2005-J1, Class 2A1, 5.500%, 2/25/2025(d)(e)		477,584
	300,000	American Homes 4 Rent, Series 2014-SFR2, Class D, 5.149%, 10/17/2036, 144A(a)		329,990

See accompanying notes to financial statements. |  16

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		ABS Home Equity — continued
$	2,170,000	American Homes 4 Rent, Series 2014-SFR2, Class E, 6.231%, 10/17/2036, 144A(a)	$	2,411,987
	1,200,000	American Homes 4 Rent, Series 2014-SFR3, Class E, 6.418%, 12/17/2036, 144A(a)		1,342,228
	3,138,000	American Homes 4 Rent, Series 2015-SFR1, Class E, 5.639%, 4/17/2052, 144A		3,461,188
	1,281,000	AMSR Trust, Series 2019-SFR1, Class B, 3.023%, 1/19/2039, 144A(a)		1,308,287
	460,578	Banc of America Alternative Loan Trust, Series 2003-8, Class 1CB1, 5.500%, 10/25/2033		462,860
	506,141	Banc of America Funding Trust, Series 2005-7, Class 3A1, 5.750%, 11/25/2035		545,012
	319,081	Banc of America Funding Trust, Series 2007-4, Class 5A1, 5.500%, 11/25/2034		314,271
	3,958,717	Citigroup Mortgage Loan Trust, Series 2019-E, Class A1, 3.228%, 11/25/2070, 144A(a)(c)		3,968,043
	1,141,110	Citigroup Mortgage Loan Trust, Series 2018-A, Class A1, 4.000%, 1/25/2068, 144A(c)		1,149,307
	2,722,040	Citigroup Mortgage Loan Trust, Series 2018-C, Class A1, 4.125%, 3/25/2059, 144A(c)		2,729,292
	2,089,844	Citigroup Mortgage Loan Trust, Series 2019-B, Class A1, 3.258%, 4/25/2066, 144A(c)		2,083,801
	2,200,000	Colony American Finance Ltd., Series 2015-1, Class D, 5.649%, 10/15/2047, 144A		2,209,894
	1,065,000	Colony American Finance Ltd., Series 2016-1, Class C, 4.638%, 6/15/2048, 144A(a)(c)		1,067,802
	1,304,000	Connecticut Avenue Securities Trust, Series 2020-R01, Class 1M2, 1-month LIBOR + 2.050%, 2.235%, 1/25/2040, 144A(b)		1,237,447
	1,830,000	CoreVest American Finance Ltd., Series 2019-2, Class B, 3.424%, 6/15/2052, 144A(a)		1,830,483
	438,839	Countrywide Alternative Loan Trust, Series 2003-22CB, Class 1A1, 5.750%, 12/25/2033(a)		456,547
	790,966	Countrywide Alternative Loan Trust, Series 2004-J10, Class 2CB1, 6.000%, 9/25/2034		829,505
	55,694	Countrywide Home Loan Mortgage Pass Through Trust, Series 2004-HYB4, Class 2A1, 3.870%, 9/20/2034(a)(c)(d)(e)		51,859
	2,405,136	Credit Suisse Mortgage Trust, Series 2018-RPL2, Class A1, 4.303%, 8/25/2062, 144A(a)(c)		2,406,779
	1,068,053	Credit Suisse Mortgage Trust, Series 2018-RPL7, Class A1, 4.000%, 8/26/2058, 144A(a)		1,076,760
	2,551,791	Credit Suisse Mortgage Trust, Series 2019-RP10, Class A1, 3.135%, 12/26/2059, 144A(c)		2,444,976
	174,357	CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-27, Class 4A4, 5.750%, 11/25/2033(a)		182,111
	475,341	DSLA Mortgage Loan Trust, Series 2005-AR5, Class 2A1A, 1-month LIBOR + 0.330%, 0.524%, 9/19/2045(b)		347,023
	1,316,798	Dukinfield II PLC, Series 2, Class A, 3-month LIBOR + 1.250%, 1.432%, 12/20/2052, (GBP)(a)(b)		1,629,739
	1,297,671	Federal National Mortgage Association Connecticut Avenue Securities, Series 2017-C05, Class 1M2, 1-month LIBOR + 2.200%, 2.385%, 1/25/2030(b)		1,270,635
	548,864	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M2, 1-month LIBOR + 1.850%, 2.035%, 10/25/2027(a)(b)		548,076

17  | See accompanying notes to financial statements.

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		ABS Home Equity — continued
$	114,230	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2018-DNA1, Class M2, 1-month LIBOR + 1.800%, 1.985%, 7/25/2030(b)	$	111,713
	691,825	Grand Avenue Mortgage Loan Trust, Series 2017-RPL1, Class A1, 3.250%, 8/25/2064, 144A		672,494
	570,579	IndyMac Index Mortgage Loan Trust, Series 2004-AR7, Class A5, 1-month LIBOR + 1.220%, 1.405%, 9/25/2034(b)		507,787
	2,430,559	IndyMac Index Mortgage Loan Trust, Series 2006-AR2, Class 2A1, 1-month LIBOR + 0.210%, 0.395%, 2/25/2046(b)		1,915,990
	2,614,643	Invitation Homes Trust, Series 2018-SFR1, Class E, 1-month LIBOR + 2.000%, 2.194%, 3/17/2037, 144A(b)		2,530,838
	4,475,000	Invitation Homes Trust, Series 2018-SFR2, Class E, 1-month LIBOR + 2.000%, 2.185%, 6/17/2037, 144A(b)		4,326,350
	1,199,196	JPMorgan Mortgage Trust, Series 2004-S1, Class 2A1, 6.000%, 9/25/2034		1,269,094
	2,254,144	Legacy Mortgage Asset Trust, Series 2019-GS3, Class A1, 3.750%, 4/25/2059, 144A(c)		2,288,399
	1,990,234	Legacy Mortgage Asset Trust, Series 2020-GS1, Class A1, 2.882%, 10/25/2059, 144A(c)		1,971,242
	430,222	Lehman XS Trust, Series 2006-2N, Class 1A1, 1-month LIBOR + 0.260%, 0.445%, 2/25/2046(b)		369,896
	181,107	MASTR Adjustable Rate Mortgages Trust, Series 2004-4, Class 5A1, 4.375%, 5/25/2034(a)(c)(d)(e)		177,107
	286,226	MASTR Alternative Loan Trust, Series 2003-9, Class 4A1, 5.250%, 11/25/2033(a)		295,193
	255,354	MASTR Alternative Loan Trust, Series 2004-5, Class 1A1, 5.500%, 6/25/2034(a)		263,046
	308,156	MASTR Alternative Loan Trust, Series 2004-5, Class 2A1, 6.000%, 6/25/2034(a)		320,321
	964,548	MASTR Alternative Loan Trust, Series 2004-8, Class 2A1, 6.000%, 9/25/2034		997,584
	64,976	Merrill Lynch Mortgage Investors Trust, Series 2006-2, Class 2A, 3.236%, 5/25/2036(a)(c)(d)(e)		62,176
	399,344	Morgan Stanley Mortgage Loan Trust, Series 2005-7, Class 4A2, 5.500%, 11/25/2035(d)(e)		352,047
	859,583	Morgan Stanley Mortgage Loan Trust, Series 2005-7, Class 7A5, 5.500%, 11/25/2035		842,924
	895,000	Preston Ridge Partners Mortgage LLC, Series 2018-1A, Class A2, 5.000%, 4/25/2023, 144A(c)		858,331
	1,757,669	Preston Ridge Partners Mortgage LLC, Series 2019-4A, Class A1, 3.351%, 11/25/2024, 144A(c)		1,759,204
	3,775,381	Preston Ridge Partners Mortgage LLC, Series 2020-1A, Class A1, 2.981%, 2/25/2025, 144A(a)(c)		3,751,493
	1,005,000	Progress Residential Trust, Series 2019-SFR3, Class D, 2.871%, 9/17/2036, 144A		1,008,007
	681,000	Progress Residential Trust, Series 2017-SFR2, Class E, 4.142%, 12/17/2034, 144A		688,407
	564,000	Progress Residential Trust, Series 2018-SFR2, Class E, 4.656%, 8/17/2035, 144A		577,755
	2,398,000	Progress Residential Trust, Series 2019-SFR1, Class E, 4.466%, 8/17/2035, 144A		2,472,779
	3,089,657	RCO V Mortgage LLC, Series 2019-1, Class A1, 3.721%, 5/24/2024, 144A(c)		3,096,353

See accompanying notes to financial statements. |  18

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		ABS Home Equity — continued
$	1,158,335	Residential Asset Securitization Trust, Series 2005-A8CB, Class A9, 5.375%, 7/25/2035	$	968,679
	2,752,258	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-14, Class A1, 1-month LIBOR + 0.310%, 0.495%, 7/25/2035(b)		1,978,715
	1,167,006	Towd Point Mortgage Trust, Series 2015-2, Class 1A13, 2.500%, 11/25/2060, 144A(a)(c)		1,175,470
	4,428,262	Vericrest Opportunity Loan Trust, Series 2019-NPL5, Class A1A, 3.352%, 9/25/2049, 144A(c)		4,429,816
	1,445,974	Vericrest Opportunity Loan Trust, Series 2019-NPL9, Class A1A, 3.327%, 11/26/2049, 144A(c)		1,443,425
				83,328,751
		ABS Other — 5.2%
	713,754	Accelerated Assets LLC, Series 2018-1, Class B, 4.510%, 12/02/2033, 144A		702,049
	2,218,114	AIM Aviation Finance Ltd., Series 2015-1A, Class B1, 5.072%, 2/15/2040, 144A(c)(f)(g)		610,949
	350,000	Ascentium Equipment Receivables Trust, Series 2017-2A, Class C, 2.870%, 8/10/2022, 144A(a)		353,913
	982,255	Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class A, 4.213%, 12/16/2041, 144A(a)(c)		824,456
	1,335,469	Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class B, 5.682%, 12/16/2041, 144A(a)(c)(f)(g)		771,134
	250,000	CCG Receivables Trust, Series 2018-1, Class C, 3.420%, 6/16/2025, 144A(a)		251,574
	580,000	Chesapeake Funding II LLC, Series 2017-2A, Class D, 3.710%, 5/15/2029, 144A		585,174
	775,000	Chesapeake Funding II LLC, Series 2017-4A, Class D, 3.260%, 11/15/2029, 144A		765,946
	790,000	Chesapeake Funding II LLC, Series 2018-1A, Class C, 3.570%, 4/15/2030, 144A(a)		804,861
	2,125,000	Chesapeake Funding II LLC, Series 2018-1A, Class D, 3.920%, 4/15/2030, 144A		2,144,296
	323,771	Diamond Resorts Owner Trust, Series 2017-1A, Class C, 6.070%, 10/22/2029, 144A		323,110
	1,282,594	Diamond Resorts Owner Trust, Series 2018-1, Class C, 4.530%, 1/21/2031, 144A		1,202,836
	1,770,790	Diamond Resorts Owner Trust, Series 2019-1, Class B, 3.530%, 2/20/2032, 144A(a)		1,697,903
	3,100,000	Fairstone Financial Issuance Trust I, Series 2019-1A, Class A, 3.948%, 3/21/2033, 144A, (CAD)(a)		2,241,449
	2,211,228	GCA2014 Holdings Ltd., Series 2014-1, Class C, 6.000%, 1/05/2030, 144A(d)(e)(f)(h)		682,739
	989,736	GCA2014 Holdings Ltd., Series 2014-1, Class D, 7.500%, 1/05/2030, 144A(d)(e)(f)(h)		101,092
	3,410,000	GCA2014 Holdings Ltd., Series 2014-1, Class E, Zero Coupon, 1/05/2030, 144A(d)(e)(f)(h)(i)		—
	791,756	Global Container Assets Ltd., Series 2015-1A, Class B, 4.500%, 2/05/2030, 144A(e)(f)(g)		626,540
	4,463,313	Horizon Aircraft Finance I Ltd., Series 2018-1, Class A, 4.458%, 12/15/2038, 144A(a)		4,026,886
	975,000	HPEFS Equipment Trust, Series 2020-1A, Class D, 2.260%, 2/20/2030, 144A(a)		956,028
	2,154,749	Kestrel Aircraft Funding Ltd., Series 2018-1A, Class A, 4.250%, 12/15/2038, 144A(a)		1,799,232

19  | See accompanying notes to financial statements.

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		ABS Other — continued
$	1,322,070	MAPS Ltd., Series 2018-1A, Class A, 4.212%, 5/15/2043, 144A(a)	$	1,155,623
	1,726,248	MAPS Ltd., Series 2018-1A, Class B, 5.193%, 5/15/2043, 144A(f)(g)		950,148
	605,498	Marlette Funding Trust, Series 2019-1A, Class A, 3.440%, 4/16/2029, 144A(a)		611,143
	1,739,007	Marlette Funding Trust, Series 2019-3A, Class A, 2.690%, 9/17/2029, 144A(a)		1,748,170
	607,398	MVW Owner Trust, Series 2019-1A, Class C, 3.330%, 11/20/2036, 144A		565,428
	1,100,000	Navistar Financial Dealer Note Master Owner Trust II, Series 2018-1, Class A, 1-month LIBOR + 0.630%, 0.815%, 9/25/2023, 144A(a)(b)		1,095,974
	3,120,000	OneMain Financial Issuance Trust, Series 2015-3A, Class B, 4.160%, 11/20/2028, 144A(a)		3,108,944
	3,100,000	OneMain Financial Issuance Trust, Series 2016-1A, Class C, 6.000%, 2/20/2029, 144A(a)		3,112,138
	3,230,000	OneMain Financial Issuance Trust, Series 2019-1A, Class D, 4.220%, 2/14/2031, 144A		3,060,838
	1,460,000	OneMain Financial Issuance Trust, Series 2020-1A, Class B, 4.830%, 5/14/2032, 144A		1,529,712
	810,000	Oxford Finance Funding Trust, Series 2019-1A, Class A2, 4.459%, 2/15/2027, 144A(a)		831,330
	3,980,000	Republic Finance Issuance Trust, Series 2019-A, Class A, 3.430%, 11/22/2027, 144A(a)		3,959,891
	4,090,958	S-Jets Ltd., Series 2017-1, Class A, 3.967%, 8/15/2042, 144A(a)		3,619,332
	3,718,000	SCF Equipment Trust LLC, Series 2018-1A, Class C, 4.210%, 4/20/2027, 144A(a)		3,784,318
	580,000	SoFi Consumer Loan Program Trust, Series 2018-1, Class B, 3.650%, 2/25/2027, 144A(a)		583,496
	1,690,000	SoFi Consumer Loan Program Trust, Series 2018-2, Class B, 3.790%, 4/26/2027, 144A(a)		1,741,442
	1,010,000	SoFi Consumer Loan Program Trust, Series 2018-4, Class C, 4.170%, 11/26/2027, 144A(a)		999,850
	1,021,957	Sprite Ltd., Series 2017-1, Class B, 5.750%, 12/15/2037, 144A(a)(f)(g)		552,674
	1,267,583	TAL Advantage V LLC, Series 2013-2A, Class A, 3.550%, 11/20/2038, 144A(a)		1,276,406
	1,037,652	Wave LLC, Series 2017-1A, Class B, 5.682%, 11/15/2042, 144A(a)(f)(g)		520,342
				56,279,366
		ABS Student Loan — 1.5%
	3,016,172	Education Funding Trust, Series 2020-A, Class A, 2.790%, 7/25/2041, 144A(a)		3,104,133
	3,410,000	Navient Private Education Refi Loan Trust, Series 2019-FA, Class B, 3.120%, 8/15/2068, 144A(a)		3,332,298
	1,035,000	Navient Private Education Refi Loan Trust, Series 2018-A, Class B, 3.680%, 2/18/2042, 144A(a)		1,018,042
	695,000	Navient Private Education Refi Loan Trust, Series 2019-GA, Class B, 3.080%, 10/15/2068, 144A(a)		684,799
	727,000	SLM Private Credit Student Loan Trust, Series 2003-A, Class A3, 28-day ARS, 3.694%, 6/15/2032(a)(b)		691,458
	2,046,000	SLM Private Credit Student Loan Trust, Series 2003-B, Class A3, 28-day ARS, 3.678%, 3/15/2033(a)(b)		2,020,765
	222,000	SLM Private Credit Student Loan Trust, Series 2003-B, Class A4, 28-day ARS, 3.666%, 3/15/2033(a)(b)		211,198
	800,000	SMB Private Education Loan Trust, Series 2015-C, Class B, 3.500%, 9/15/2043, 144A(a)		822,694

See accompanying notes to financial statements. |  20

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		ABS Student Loan — continued
$	1,022,710	SMB Private Education Loan Trust, Series 2017-B, Class A2B, 1-month LIBOR + 0.750%, 0.935%, 10/15/2035, 144A(a)(b)	$	1,012,526
	190,000	SMB Private Education Loan Trust, Series 2018-B, Class B, 4.000%, 7/15/2042, 144A(a)		187,891
	510,000	SMB Private Education Loan Trust, Series 2018-C, Class B, 4.000%, 11/17/2042, 144A(a)		514,904
	714,956	SoFi Professional Loan Program LLC, Series 2016-A, Class B, 3.570%, 1/26/2038, 144A(a)		742,393
	125,000	SoFi Professional Loan Program LLC, Series 2016-C, Class B, 3.350%, 5/25/2037, 144A(a)(c)		127,552
	1,350,000	SoFi Professional Loan Program Trust, Series 2020-A, Class BFX, 3.120%, 5/15/2046, 144A(a)		1,331,030
				15,801,683
		ABS Whole Business — 2.9%
	4,229,102	Adams Outdoor Advertising LP, Series 2018-1, Class A, 4.810%, 11/15/2048, 144A(a)		4,299,203
	3,278,600	Coinstar Funding LLC, Series 2017-1A, Class A2, 5.216%, 4/25/2047, 144A(a)		3,136,090
	496,250	DB Master Finance LLC, Series 2019-1A, Class A23, 4.352%, 5/20/2049, 144A		536,610
	2,836,275	Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A23, 4.118%, 7/25/2047, 144A(a)		3,058,923
	211,238	Domino’s Pizza Master Issuer LLC, Series 2018-1A, Class A2I, 4.116%, 7/25/2048, 144A(a)		224,871
	1,479,800	Driven Brands Funding LLC, Series 2018-1A, Class A2, 4.739%, 4/20/2048, 144A		1,566,087
	2,972,063	Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2I, 4.262%, 9/05/2048, 144A		2,985,021
	2,562,125	Planet Fitness Master Issuer LLC, Series 2019-1A, Class A2, 3.858%, 12/05/2049, 144A		2,207,168
	2,575,200	Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.540%, 2/25/2044, 144A(a)		2,696,299
	5,516,000	Taco Bell Funding LLC, Series 2018-1A, Class A2I, 4.318%, 11/25/2048, 144A(a)		5,633,380
	3,358,875	Wendy’s Funding LLC, Series 2018-1A, Class A2II, 3.884%, 3/15/2048, 144A(a)		3,547,509
	720,300	Wendy’s Funding LLC, Series 2019-1A, Class A2II, 4.080%, 6/15/2049, 144A		770,201
	891,000	Wingstop Funding LLC, Series 2018-1, Class A2, 4.970%, 12/05/2048, 144A		928,778
				31,590,140
		Aerospace & Defense — 2.4%
	1,635,000	Boeing Co. (The), 2.250%, 6/15/2026		1,580,208
	3,035,000	Boeing Co. (The), 2.700%, 5/01/2022(a)		3,072,955
	700,000	Boeing Co. (The), 2.950%, 2/01/2030		689,890
	70,000	Boeing Co. (The), 3.100%, 5/01/2026		71,329
	30,000	Boeing Co. (The), 3.550%, 3/01/2038		27,321
	15,000	Boeing Co. (The), 3.625%, 3/01/2048		13,181
	385,000	Boeing Co. (The), 3.750%, 2/01/2050		345,672
	325,000	Boeing Co. (The), 3.850%, 11/01/2048		290,607
	575,000	Boeing Co. (The), 3.950%, 8/01/2059		503,884
	3,185,000	Boeing Co. (The), 5.150%, 5/01/2030(a)		3,551,370
	3,185,000	Boeing Co. (The), 5.805%, 5/01/2050(a)		3,761,439

21  | See accompanying notes to financial statements.

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Aerospace & Defense — continued
$	1,985,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025	$	1,757,718
	1,105,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		977,925
	2,550,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		2,954,124
	305,000	Spirit AeroSystems, Inc., 4.600%, 6/15/2028		246,288
	2,580,000	Spirit AeroSystems, Inc., 7.500%, 4/15/2025, 144A		2,544,525
	125,000	TransDigm, Inc., 5.500%, 11/15/2027		109,088
	3,010,000	TransDigm, Inc., 6.250%, 3/15/2026, 144A		3,002,535
	410,000	TransDigm, Inc., 8.000%, 12/15/2025, 144A		430,906
				25,930,965
		Airlines — 0.6%
	3,570,329	Latam Airlines Pass Through Trust, Series 2015-1, Class B, 4.500%, 8/15/2025		1,811,942
	6,950,000	United Airlines Pass Through Trust, Series 2019-2, Class B, 3.500%, 11/01/2029(a)		4,934,500
				6,746,442
		Automotive — 3.9%
	2,960,000	FCE Bank PLC, EMTN, 0.869%, 9/13/2021, (EUR)		3,210,029
	370,000	FCE Bank PLC, EMTN, 1.134%, 2/10/2022, (EUR)		399,305
	1,580,000	FCE Bank PLC, EMTN, 1.875%, 6/24/2021, (EUR)		1,734,195
	1,530,000	Ford Motor Co., 8.500%, 4/21/2023		1,617,975
	1,800,000	Ford Motor Co., 9.000%, 4/22/2025		1,947,960
	400,000	Ford Motor Co., 9.625%, 4/22/2030		473,720
	655,000	Ford Motor Credit Co. LLC, 1.514%, 2/17/2023, (EUR)		688,864
	1,515,000	General Motors Co., 6.800%, 10/01/2027		1,765,369
	3,585,000	General Motors Financial Co., Inc., 3-month LIBOR + 0.850%, 2.170%, 4/09/2021(a)(b)		3,563,612
	2,870,000	General Motors Financial Co., Inc., EMTN, 1.694%, 3/26/2025, (EUR)		2,988,795
	3,250,000	General Motors Financial Co., Inc., EMTN, 2.200%, 4/01/2024, (EUR)(a)		3,576,834
	2,625,000	Hyundai Capital America, 2.375%, 2/10/2023, 144A(a)		2,644,638
	7,750,000	Hyundai Capital America, 3.950%, 2/01/2022, 144A(a)		7,971,513
	6,865,000	Nissan Motor Acceptance Corp., 3.650%, 9/21/2021, 144A(a)		6,881,491
	2,245,000	Volkswagen Group of America Finance LLC, 3.350%, 5/13/2025, 144A(a)		2,395,944
				41,860,244
		Banking — 2.2%
	345,000	Ally Financial, Inc., 3.875%, 5/21/2024		356,721
	325,000	Ally Financial, Inc., 4.625%, 3/30/2025		346,879
	2,000,000	Ally Financial, Inc., 5.750%, 11/20/2025		2,140,077
	2,350,000	Ally Financial, Inc., 5.800%, 5/01/2025		2,618,271
	44,570,000	Banco Hipotecario S.A., Argentina Deposit Rates Badlar Pvt Banks + 4.000%, 33.750%, 11/07/2022, 144A, (ARS)(b)		332,012
	21,970,000	Banco Macro S.A., 17.500%, 5/08/2022, 144A, (ARS)		129,651
	23,000,000	Banco Supervielle S.A., Argentina Deposit Rates Badlar Pvt Banks + 4.500%, 24.833%, 8/09/2020, 144A, (ARS)(b)		200,788
	1,430,000	Danske Bank A/S, (fixed rate to 12/20/2024, variable rate thereafter), 3.244%, 12/20/2025, 144A(a)		1,486,668
	6,690,000	JPMorgan Chase & Co., (fixed rate to 3/24/2030, variable rate thereafter), 4.493%, 3/24/2031(a)		8,155,594

See accompanying notes to financial statements. |  22

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Banking — continued
$	6,720,000	Mitsubishi UFJ Financial Group, Inc., 3-month LIBOR + 0.650%, 1.641%, 7/26/2021(a)(b)	$	6,743,533
	1,100,000	Standard Chartered PLC, (fixed rate to 4/01/2030, variable rate thereafter), 4.644%, 4/01/2031, 144A(a)		1,243,194
				23,753,388
		Brokerage — 0.2%
	2,500,000	Jefferies Group LLC, 5.125%, 1/20/2023		2,713,051
		Building Materials — 0.7%
	1,915,000	Builders FirstSource, Inc., 6.750%, 6/01/2027, 144A		1,960,481
	200,000	CEMEX Finance LLC, 6.000%, 4/01/2024, 144A		197,940
	1,725,000	Cemex SAB de CV, 5.450%, 11/19/2029, 144A		1,593,382
	615,000	Cemex SAB de CV, 5.700%, 1/11/2025, 144A		601,162
	210,000	Cemex SAB de CV, 7.750%, 4/16/2026, 144A		214,400
	1,970,000	Standard Industries, Inc., 4.375%, 7/15/2030, 144A		1,965,075
	805,000	Vulcan Materials Co., 3.500%, 6/01/2030		876,910
				7,409,350
		Cable Satellite — 1.4%
	1,585,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.500%, 8/15/2030, 144A		1,616,700
	175,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.500%, 5/01/2032, 144A		177,187
	310,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 6/01/2029, 144A		327,050
	1,610,000	CSC Holdings LLC, 4.125%, 12/01/2030, 144A		1,595,912
	2,710,000	CSC Holdings LLC, 4.625%, 12/01/2030, 144A		2,632,386
	1,060,000	CSC Holdings LLC, 6.500%, 2/01/2029, 144A		1,159,375
	265,000	Sirius XM Radio, Inc., 4.625%, 7/15/2024, 144A		271,625
	1,355,000	Sirius XM Radio, Inc., 5.000%, 8/01/2027, 144A		1,384,905
	255,000	Sirius XM Radio, Inc., 5.375%, 4/15/2025, 144A		261,885
	485,000	Sirius XM Radio, Inc., 5.375%, 7/15/2026, 144A		500,879
	110,000	Sirius XM Radio, Inc., 5.500%, 7/01/2029, 144A		115,788
	1,660,000	Virgin Media Finance PLC, 5.000%, 7/15/2030, 144A		1,622,999
	1,225,000	Virgin Media Secured Finance PLC, 5.500%, 8/15/2026, 144A		1,253,101
	1,725,000	Ziggo BV, 4.875%, 1/15/2030, 144A		1,725,052
	900,000	Ziggo BV, 5.500%, 1/15/2027, 144A		911,305
				15,556,149
		Chemicals — 0.1%
	1,540,000	Braskem Netherlands Finance BV, 4.500%, 1/31/2030, 144A		1,409,100
		Construction Machinery — 0.5%
	5,460,000	United Rentals North America, Inc., 4.000%, 7/15/2030		5,281,076
		Consumer Cyclical Services — 2.6%
	2,045,000	Booking Holdings, Inc., 4.500%, 4/13/2027(a)		2,348,815
	3,325,000	Booking Holdings, Inc., 4.625%, 4/13/2030(a)		3,924,564
	270,000	eBay, Inc., 4.000%, 7/15/2042(a)		293,874
	4,220,000	Expedia Group, Inc., 3.250%, 2/15/2030		3,934,496
	4,395,000	Expedia Group, Inc., 6.250%, 5/01/2025, 144A		4,681,876
	2,250,000	Expedia Group, Inc., 7.000%, 5/01/2025, 144A		2,338,768
	515,000	Uber Technologies, Inc., 7.500%, 5/15/2025, 144A		518,862

23  | See accompanying notes to financial statements.

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Consumer Cyclical Services — continued
$	4,580,000	Uber Technologies, Inc., 7.500%, 9/15/2027, 144A	$	4,591,450
	5,160,000	Uber Technologies, Inc., 8.000%, 11/01/2026, 144A		5,250,300
				27,883,005
		Consumer Products — 0.1%
	930,000	Kimberly-Clark de Mexico SAB de CV, 2.431%, 7/01/2031, 144A		936,956
		Diversified Manufacturing — 0.2%
	1,515,000	General Electric Co., 3.625%, 5/01/2030(a)		1,516,713
	720,000	General Electric Co., 4.350%, 5/01/2050(a)		712,083
				2,228,796
		Electric — 1.8%
	965,000	AES Corp. (The), 3.950%, 7/15/2030, 144A		1,020,488
	985,000	AES Corp. (The), 5.125%, 9/01/2027		1,021,938
	325,000	AES Corp. (The), 5.500%, 4/15/2025		333,414
	115,000	AES Corp. (The), 6.000%, 5/15/2026		119,456
	2,445,000	Enel SpA, (fixed rate to 9/24/2023, variable rate thereafter), 8.750%, 9/24/2073, 144A(a)		2,778,033
	270,000	IPALCO Enterprises, Inc., 4.250%, 5/01/2030, 144A		292,512
	480,000	NRG Energy, Inc., 5.250%, 6/15/2029, 144A		504,000
	1,075,000	NRG Energy, Inc., 5.750%, 1/15/2028		1,134,125
	1,785,000	Pacific Gas & Electric Co., 3.500%, 8/01/2050		1,725,167
	10,765,000	Vistra Operations Co. LLC, 3.700%, 1/30/2027, 144A(a)		11,086,110
				20,015,243
		Finance Companies — 3.6%
	905,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.650%, 7/21/2027		801,322
	2,430,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.875%, 1/23/2028		2,194,839
	2,745,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.500%, 9/15/2023		2,745,322
	1,140,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.500%, 7/15/2025		1,195,295
	2,755,000	Air Lease Corp., 3.375%, 7/01/2025		2,759,711
	6,000,000	Aircastle Ltd., 4.250%, 6/15/2026(a)		5,506,551
	4,695,000	Ares Capital Corp., 3.250%, 7/15/2025(a)		4,556,554
	5,755,000	GE Capital Funding LLC, 4.400%, 5/15/2030, 144A(a)		5,988,682
	90,000	Navient Corp., 5.875%, 10/25/2024		84,544
	5,865,000	Quicken Loans LLC, 5.250%, 1/15/2028, 144A		6,051,976
	875,000	Quicken Loans LLC, 5.750%, 5/01/2025, 144A		894,504
	280,000	Springleaf Finance Corp., 5.375%, 11/15/2029		261,800
	190,000	Springleaf Finance Corp., 6.625%, 1/15/2028		188,100
	5,000	Springleaf Finance Corp., 6.875%, 3/15/2025		5,130
	3,218,000	Springleaf Finance Corp., 7.125%, 3/15/2026		3,330,598
	1,855,000	Springleaf Finance Corp., 8.875%, 6/01/2025		1,983,088
				38,548,016
		Financial Other — 0.5%
	2,595,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.750%, 9/15/2024		2,439,819
	2,525,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.250%, 5/15/2027		2,436,625
	485,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.250%, 5/15/2026		485,339
				5,361,783

See accompanying notes to financial statements. |  24

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Food & Beverage — 2.3%
$	5,290,000	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.900%, 2/01/2046(a)	$	6,473,295
	5,200,000	Anheuser-Busch InBev Worldwide, Inc., 4.500%, 6/01/2050(a)		6,164,704
	990,000	Anheuser-Busch InBev Worldwide, Inc., 4.600%, 4/15/2048(a)		1,158,911
	3,256,000	Fomento Economico Mexicano SAB de CV, 3.500%, 1/16/2050		3,360,714
	1,455,000	Kraft Heinz Foods Co., 4.375%, 6/01/2046		1,427,559
	2,305,000	Kraft Heinz Foods Co., 4.875%, 10/01/2049, 144A		2,347,217
	715,000	Kraft Heinz Foods Co., 5.000%, 6/04/2042		753,328
	680,000	Lamb Weston Holdings, Inc., 4.875%, 5/15/2028, 144A		720,467
	2,735,000	NBM U.S Holdings, Inc., 7.000%, 5/14/2026, 144A		2,739,950
				25,146,145
		Gaming — 0.3%
	3,825,000	Boyd Gaming Corp., 4.750%, 12/01/2027, 144A		3,289,500
		Government Owned – No Guarantee — 2.3%
	4,120,000	Export-Import Bank of Korea, 3-month LIBOR + 0.525%, 0.822%, 6/25/2022(a)(b)		4,114,123
	18,670,000,000	Financiera de Desarrollo Territorial S.A., 7.875%, 8/12/2024, 144A, (COP)(a)		5,264,529
	12,050,000	Petroleos Mexicanos, 5.950%, 1/28/2031, 144A		9,943,058
	5,290,000	Petroleos Mexicanos, 6.625%, 6/15/2035(a)		4,304,473
	1,770,000	YPF S.A., 6.950%, 7/21/2027, 144A		1,239,000
	1,930,000	YPF S.A., Argentina Deposit Rates Badlar Pvt Banks + 4.000%, 32.229%, 7/07/2020, 144A(b)		360,044
				25,225,227
		Government Sponsored — 0.1%
	950,000	Petrobras Global Finance BV, 7.250%, 3/17/2044		1,030,750
		Health Insurance — 0.0%
	300,000	Centene Corp., 4.625%, 12/15/2029		316,500
		Healthcare — 0.5%
	380,000	Encompass Health Corp., 4.750%, 2/01/2030		362,900
	735,000	IQVIA, Inc., 5.000%, 5/15/2027, 144A		753,145
	2,790,000	Rede D’or Finance S.a.r.l., 4.500%, 1/22/2030, 144A		2,455,200
	890,000	Tenet Healthcare Corp., 4.625%, 6/15/2028, 144A		867,038
	340,000	Tenet Healthcare Corp., 4.875%, 1/01/2026, 144A		331,075
	135,000	Tenet Healthcare Corp., 5.125%, 5/01/2025		130,303
	255,000	Tenet Healthcare Corp., 6.250%, 2/01/2027, 144A		253,088
				5,152,749
		Home Construction — 0.2%
	320,000	Kaisa Group Holding Ltd., 11.950%, 10/22/2022, 144A		332,400
	1,361,000	Lennar Corp., 4.750%, 11/29/2027		1,476,685
	310,000	Lennar Corp., 4.875%, 12/15/2023		327,050
	30,000	Lennar Corp., 5.000%, 6/15/2027		32,400
	340,000	Yuzhou Properties Co. Ltd., 8.300%, 5/27/2025		335,995
				2,504,530

25  | See accompanying notes to financial statements.

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Independent Energy — 0.8%
$	4,360,000	Aker BP ASA, 3.750%, 1/15/2030, 144A	$	4,095,016
	4,155,000	Bruin E&P Partners LLC, 8.875%, 8/01/2023, 144A(f)(g)		83,100
	5,895,000	California Resources Corp., 8.000%, 12/15/2022, 144A(f)(g)(j)		232,086
	925,000	Diamondback Energy, Inc., 3.500%, 12/01/2029		895,927
	1,300,000	Hess Corp., 5.600%, 2/15/2041		1,365,600
	640,000	Occidental Petroleum Corp., 2.700%, 8/15/2022		595,808
	140,000	Occidental Petroleum Corp., 2.700%, 2/15/2023		127,575
	885,000	Occidental Petroleum Corp., 2.900%, 8/15/2024		756,215
	340,000	Occidental Petroleum Corp., 3.500%, 6/15/2025		287,300
	75,000	Occidental Petroleum Corp., 5.550%, 3/15/2026		68,453
	2,075,000	Whiting Petroleum Corp., 6.625%, 1/15/2026(f)(g)(j)		368,313
				8,875,393
		Industrial Other — 0.3%
	3,080,000	HTA Group Ltd. Co., 7.000%, 12/18/2025, 144A		3,114,989
		Life Insurance — 1.2%
	5,240,000	American International Group, Inc., 4.375%, 6/30/2050(a)		6,059,738
	6,780,000	New York Life Global Funding, 3-month LIBOR + 0.320%, 0.821%, 8/06/2021, 144A(a)(b)		6,796,822
				12,856,560
		Local Authorities — 0.2%
	67,000,000	Provincia de Buenos Aires, Argentina Deposit Rates Badlar Pvt Banks + 3.750%, 24.253%, 4/12/2025, 144A, (ARS)(b)		490,805
	216,360,000	Provincia de Buenos Aires, Argentina Deposit Rates Badlar Pvt Banks + 3.830%, 32.741%, 5/31/2022, (ARS)(b)		1,719,841
				2,210,646
		Lodging — 0.7%
	360,000	Hyatt Hotels Corp., 5.375%, 4/23/2025		381,477
	665,000	Hyatt Hotels Corp., 5.750%, 4/23/2030		731,181
	440,000	Marriott International, Inc., 5.750%, 5/01/2025		477,997
	5,145,000	Marriott International, Inc., 3-month LIBOR + 0.650%, 0.968%, 3/08/2021(b)		5,095,556
	695,000	Marriott International, Inc., 4.625%, 6/15/2030		721,143
				7,407,354
		Media Entertainment — 2.5%
	2,745,000	Clear Channel Worldwide Holdings, Inc., 5.125%, 8/15/2027, 144A		2,635,200
	2,830,000	iHeartCommunications, Inc., 4.750%, 1/15/2028, 144A		2,610,675
	2,205,000	iHeartCommunications, Inc., 5.250%, 8/15/2027, 144A		2,111,287
	750,000	iHeartCommunications, Inc., 6.375%, 5/01/2026		742,500
	3,150,000	iHeartCommunications, Inc., 8.375%, 5/01/2027		2,886,565
	415,000	Lamar Media Corp., 3.750%, 2/15/2028, 144A		391,262
	825,000	Lamar Media Corp., 4.000%, 2/15/2030, 144A		789,690
	855,000	Lamar Media Corp., 5.000%, 5/01/2023		859,275
	135,000	Netflix, Inc., 4.875%, 4/15/2028		144,351
	1,470,000	Netflix, Inc., 4.875%, 6/15/2030, 144A		1,576,575
	490,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		536,648

See accompanying notes to financial statements. |  26

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Media Entertainment — continued
$	1,075,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 4.625%, 3/15/2030, 144A	$	972,875
	610,000	ViacomCBS, Inc., 4.200%, 6/01/2029		683,632
	3,575,000	ViacomCBS, Inc., 4.200%, 5/19/2032		4,019,704
	935,000	ViacomCBS, Inc., 4.375%, 3/15/2043		977,734
	270,000	ViacomCBS, Inc., 4.900%, 8/15/2044		293,717
	4,030,000	ViacomCBS, Inc., 4.950%, 1/15/2031(a)		4,758,904
	270,000	ViacomCBS, Inc., 5.850%, 9/01/2043		317,716
				27,308,310
		Metals & Mining — 1.0%
	2,655,000	ABJA Investment Co. Pte Ltd., 5.450%, 1/24/2028		2,455,530
	400,000	ABJA Investment Co. Pte Ltd., 5.950%, 7/31/2024		394,900
	4,515,000	First Quantum Minerals Ltd., 6.875%, 3/01/2026, 144A		4,277,962
	425,000	First Quantum Minerals Ltd., 7.250%, 4/01/2023, 144A		405,875
	1,755,000	First Quantum Minerals Ltd., 7.500%, 4/01/2025, 144A		1,680,412
	1,155,000	Newcrest Finance Pty Ltd., 3.250%, 5/13/2030, 144A		1,240,593
				10,455,272
		Midstream — 1.0%
	5,460,000	Cheniere Corpus Christi Holdings LLC, 3.700%, 11/15/2029, 144A		5,570,684
	300,000	Kinder Morgan, Inc., 5.050%, 2/15/2046		344,169
	3,745,000	Sabine Pass Liquefaction LLC, 4.500%, 5/15/2030, 144A		4,157,715
	800,000	Tennessee Gas Pipeline Co. LLC, 7.000%, 3/15/2027		976,712
				11,049,280
		Non-Agency Commercial Mortgage-Backed Securities — 3.6%
	4,565,000	CFCRE Commercial Mortgage Trust, Series 2011-C1, Class D, 6.292%, 4/15/2044, 144A(a)(c)		4,436,006
	140,000	Commercial Mortgage Trust, Series 2012-LC4, Class C, 5.721%, 12/10/2044(a)(c)		114,514
	790,000	Credit Suisse Commercial Mortgage Securities Corp., Series 2019-SKLZ, Class D, 1-month LIBOR + 3.600%, 3.785%, 1/15/2034, 144A(b)		696,048
	5,680,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class E, 4.373%, 9/15/2037, 144A		4,272,090
	750,000	DBUBS Mortgage Trust, Series 2017-BRBK, Class D, 3.648%, 10/10/2034, 144A(c)		763,431
	2,552,340	DBUBS Mortgage Trust, Series 2011-LC1A, Class E, 5.876%, 11/10/2046, 144A(a)(c)		2,464,440
	3,195,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class D, 3.668%, 3/05/2033, 144A(c)		2,503,703
	2,170,000	GS Mortgage Securities Trust, Series 2011-GC5, Class D, 5.555%, 8/10/2044, 144A(c)		1,609,762
	1,606,402	Hospitality Mortgage Trust, Series 2019-HIT, Class C, 1-month LIBOR + 1.600%, 1.785%, 11/15/2036, 144A(a)(b)		1,469,696
	1,570,000	Morgan Stanley Capital I Trust, Series 2011-C2, Class D, 5.661%, 6/15/2044, 144A(a)(c)		1,161,221
	2,515,000	Morgan Stanley Capital I Trust, Series 2011-C2, Class E, 5.661%, 6/15/2044, 144A(c)		1,503,291

27  | See accompanying notes to financial statements.

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	3,868,554	Motel 6 Trust, Series 2017-M6MZ, Class M, 1-month LIBOR + 6.927%, 7.111%, 8/15/2024, 144A(b)	$	3,235,794
	1,060,000	Starwood Retail Property Trust, Series 2014-STAR, Class C, 1-month LIBOR + 2.750%, 2.935%, 11/15/2027, 144A(b)(f)(g)		725,705
	4,243,654	Starwood Retail Property Trust, Series 2014-STAR, Class D, 1-month LIBOR + 3.500%, 3.685%, 11/15/2027, 144A(b)(f)(g)		2,672,626
	3,575,000	Starwood Retail Property Trust, Series 2014-STAR, Class E, 1-month LIBOR + 4.400%, 4.585%, 11/15/2027, 144A(b)(d)(e)(f)		1,623,134
	1,370,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class E, 5.046%, 5/10/2063, 144A(c)(f)(g)		511,158
	4,885,000	Wells Fargo Commercial Mortgage Trust, Series 2019-JWDR, Class C, 3.139%, 9/15/2031, 144A(a)(c)		4,550,970
	2,987,500	WFRBS Commercial Mortgage Trust, Series 2011-C2, Class D, 5.850%, 2/15/2044, 144A(a)(c)		2,928,918
	1,809,189	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class D, 5.852%, 3/15/2044, 144A(c)		929,086
	605,000	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class C, 4.966%, 6/15/2045(a)(c)		416,611
	950,000	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class E, 4.966%, 6/15/2045, 144A(c)		394,761
				38,982,965
		Pharmaceuticals — 1.9%
	2,320,000	Bausch Health Cos., Inc., 4.500%, 5/15/2023, (EUR)		2,576,674
	2,070,000	Bausch Health Cos., Inc., 6.250%, 2/15/2029, 144A		2,080,350
	645,000	Perrigo Finance UnLtd. Co., 3.150%, 6/15/2030		651,911
	1,665,000	Teva Pharmaceutical Finance Netherlands II BV, 6.000%, 1/31/2025, 144A, (EUR)		1,973,399
	10,035,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		8,429,400
	1,860,000	Teva Pharmaceutical Finance Netherlands III BV, 7.125%, 1/31/2025, 144A		1,979,951
	2,445,000	Upjohn, Inc., 4.000%, 6/22/2050, 144A		2,600,466
				20,292,151
		REITs – Mortgage — 0.5%
	5,245,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.250%, 2/01/2027, 144A		4,196,000
	405,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.250%, 3/15/2022, 144A		384,750
	1,120,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.250%, 10/01/2025, 144A		965,664
				5,546,414
		Restaurants — 0.9%
	435,000	1011778 B.C. ULC/New Red Finance, Inc., 3.875%, 1/15/2028, 144A		422,024
	5,765,000	1011778 B.C. ULC/New Red Finance, Inc., 4.375%, 1/15/2028, 144A		5,650,795
	2,115,000	McDonald’s Corp., MTN, 3.625%, 9/01/2049(a)		2,320,652
	920,000	Yum! Brands, Inc., 4.750%, 1/15/2030, 144A		933,800
				9,327,271

See accompanying notes to financial statements. |  28

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Retailers — 0.3%
$	525,000	AutoNation, Inc., 4.750%, 6/01/2030	$	568,873
	400,000	Dollar General Corp., 3.500%, 4/03/2030		449,297
	2,065,000	Levi Strauss & Co., 5.000%, 5/01/2025, 144A		2,072,765
				3,090,935
		Supermarkets — 0.2%
	2,515,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s LP/Albertson’s LLC, 5.750%, 3/15/2025		2,570,028
		Technology — 4.1%
	100,000	Broadcom Corp./Broadcom Cayman Finance Ltd., 3.500%, 1/15/2028		105,825
	360,000	Broadcom Corp./Broadcom Cayman Finance Ltd., 3.875%, 1/15/2027		389,022
��	115,000	Broadcom, Inc., 4.250%, 4/15/2026, 144A		127,984
	6,185,000	Broadcom, Inc., 4.300%, 11/15/2032, 144A		6,786,049
	6,220,000	Broadcom, Inc., 4.750%, 4/15/2029, 144A(a)		7,060,539
	1,655,000	Broadcom, Inc., 5.000%, 4/15/2030, 144A		1,902,212
	1,650,000	CDW LLC/CDW Finance Corp., 4.125%, 5/01/2025		1,652,062
	2,070,000	CommScope, Inc., 6.000%, 3/01/2026, 144A		2,121,750
	3,610,000	CommScope, Inc., 7.125%, 7/01/2028, 144A		3,601,336
	3,610,000	Equinix, Inc., 2.150%, 7/15/2030		3,578,340
	375,000	Equinix, Inc., 3.200%, 11/18/2029		407,835
	1,375,000	Iron Mountain, Inc., 5.000%, 7/15/2028, 144A		1,347,088
	1,375,000	Iron Mountain, Inc., 5.250%, 7/15/2030, 144A		1,354,375
	5,645,000	Micron Technology, Inc., 5.327%, 2/06/2029		6,753,744
	2,305,000	MSCI, Inc., 3.625%, 9/01/2030, 144A		2,293,475
	1,660,000	Nokia OYJ, EMTN, 2.000%, 3/11/2026, (EUR)		1,846,956
	575,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 3.150%, 5/01/2027, 144A		609,547
	330,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 3.400%, 5/01/2030, 144A		355,063
	570,000	Open Text Corp., 3.875%, 2/15/2028, 144A		548,528
	530,000	Open Text Holdings, Inc., 4.125%, 2/15/2030, 144A		520,725
	240,000	Sabre GLBL, Inc., 9.250%, 4/15/2025, 144A		252,900
	810,000	Seagate HDD Cayman, 4.125%, 1/15/2031, 144A		851,129
	535,000	SS&C Technologies, Inc., 5.500%, 9/30/2027, 144A		542,832
				45,009,316
		Transportation Services — 0.7%
	1,645,000	GMR Hyderabad International Airport Ltd., 5.375%, 4/10/2024		1,590,369
	5,805,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 3.650%, 7/29/2021, 144A(a)		5,941,608
				7,531,977
		Treasuries — 1.5%
	338,660,000	Republic of South Africa Government Bond, Series 2037, 8.500%, 1/31/2037, (ZAR)		15,775,261
		Wireless — 2.8%
	2,375,000	American Tower Corp., 2.100%, 6/15/2030		2,380,841
	860,000	Bharti Airtel Ltd., 4.375%, 6/10/2025		887,517
	5,430,000	Crown Castle International Corp., 2.250%, 1/15/2031		5,479,527
	1,985,000	IHS Netherlands Holdco BV, 7.125%, 3/18/2025, 144A		2,006,120
	3,170,000	Kenbourne Invest S.A., 6.875%, 11/26/2024, 144A		3,203,887

29  | See accompanying notes to financial statements.

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wireless — continued
$	730,000	Millicom International Cellular S.A., 5.125%, 1/15/2028, 144A	$	733,796
	330,000	Sprint Capital Corp., 6.875%, 11/15/2028		401,775
	575,000	Sprint Communications, Inc., 7.000%, 8/15/2020		577,329
	12,470,000	T-Mobile USA, Inc., 3.875%, 4/15/2030, 144A(a)		13,878,611
	550,000	T-Mobile USA, Inc., 4.500%, 2/01/2026		556,578
				30,105,981
		Wirelines — 0.4%
	2,760,000	AT&T, Inc., 3.650%, 6/01/2051		2,889,778
	470,000	Level 3 Financing, Inc., 4.625%, 9/15/2027, 144A		473,525
	1,150,000	Level 3 Financing, Inc., 5.375%, 8/15/2022		1,151,035
				4,514,338
		Total Non-Convertible Bonds (Identified Cost $870,372,372)		834,102,107
	Convertible Bonds — 1.6%
		Cable Satellite — 0.9%
	4,280,000	DISH Network Corp., 2.375%, 3/15/2024		3,829,943
	6,680,000	DISH Network Corp., 3.375%, 8/15/2026		6,136,346
				9,966,289
		Diversified Manufacturing — 0.1%
	600,000	Greenbrier Cos., Inc. (The), 2.875%, 2/01/2024		493,783
		Independent Energy — 0.0%
	1,280,000	Chesapeake Energy Corp., 5.500%, 9/15/2026(f)(g)(j)		33,766
		Pharmaceuticals — 0.4%
	2,570,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		3,140,692
	1,000,000	BioMarin Pharmaceutical, Inc., 1.250%, 5/15/2027, 144A		1,163,772
				4,304,464
		Technology — 0.2%
	2,255,000	CalAmp Corp., 2.000%, 8/01/2025		1,771,506
		Total Convertible Bonds (Identified Cost $17,916,698)		16,569,808
		Total Bonds and Notes (Identified Cost $888,289,070)		850,671,915
	Senior Loans — 0.5%
		Cable Satellite — 0.2%
	1,930,000	Ziggo BV, 2019 EUR Term Loan H, 6-month EURIBOR + 3.000%, 3.000%, 1/31/2029, (EUR)(b)		2,090,575
		Independent Energy — 0.0%
	811,000	California Resources Corp., 2017 1st Lien Term Loan, 12/31/2022(f)(g)(j)		276,754
	3,740,000	Gavilan Resources LLC, 2nd Lien Term Loan, 3/01/2024(f)(g)(j)		9,350
				286,104

See accompanying notes to financial statements. |  30

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

Principal   Amount (‡)		Description	Value (†)
		Technology — 0.2%
$	1,805,000	Cardtronics USA, Inc., Term Loan B, 6/25/2027(k)	$	1,768,900
		Wireless — 0.1%
	1,600,000	T-Mobile USA, Inc., 2020 Term Loan, 1-month LIBOR + 3.000%, 3.178%, 4/01/2027(b)		1,596,544
		Total Senior Loans (Identified Cost $9,984,047)		5,742,123
	Collateralized Loan Obligations — 5.0%
	1,740,000	AGL CLO 3 Ltd., Series 2020-3A, Class D, 3-month LIBOR + 3.300%, 4.190%, 1/15/2033, 144A(b)		1,582,095
	1,350,000	AGL CLO 3 Ltd., Series 2020-3A, Class C, 3-month LIBOR + 2.150%, 3.040%, 1/15/2033, 144A(a)(b)		1,284,858
	865,000	Anchorage Capital CLO 9 Ltd., Series 2016-9A, Class DR, 3-month LIBOR + 4.000%, 5.219%, 7/15/2032, 144A(b)		828,443
	480,000	Apidos CLO XX, Series 2015-20A, Class BRR, 3-month LIBOR + 1.950%, 3.126%, 7/16/2031, 144A(a)(b)		451,526
	3,175,000	Apidos CLO XXIII, Series 2015-23A, Class CR, 3-month LIBOR + 2.000%, 3.601%, 4/15/2033, 144A(a)(b)		3,006,888
	475,000	Apidos CLO XXXII, Series 2019-32A, Class D, 3-month LIBOR + 3.500%, 5.183%, 1/20/2033, 144A(b)		452,446
	1,790,000	ARES LI CLO Ltd., Series 2019-51A, Class C, 3-month LIBOR + 2.700%, 3.919%, 4/15/2031, 144A(a)(b)		1,768,185
	400,000	Ballyrock CLO Ltd., Series 2018-1A, Class C, 3-month LIBOR + 3.150%, 4.285%, 4/20/2031, 144A(b)		350,471
	850,000	Barings CLO Ltd., Series 2019-4A, Class C, 3-month LIBOR + 2.800%, 4.405%, 1/15/2033, 144A(a)(b)		837,426
	500,000	Battalion CLO XVI Ltd., Series 2019-16A, Class D, 3-month LIBOR + 4.360%, 6.263%, 12/19/2032, 144A(b)		480,176
	1,915,000	BlueMountain CLO XXIV Ltd., Series 2019-24A, Class C, 3-month LIBOR + 2.700%, 3.835%, 4/20/2031, 144A(a)(b)		1,892,653
	915,000	Bristol Park CLO Ltd., Series 2016-1A, Class CR, 3-month LIBOR + 1.950%, 3.169%, 4/15/2029, 144A(a)(b)		872,689
	455,000	Burnham Park CLO Ltd., Series 2016-1A, Class CR, 3-month LIBOR + 2.150%, 3.285%, 10/20/2029, 144A(a)(b)		449,611
	400,000	Carbone CLO Ltd., Series 2017-1A, Class B, 3-month LIBOR + 1.800%, 2.935%, 1/20/2031, 144A(a)(b)		374,593
	1,575,000	Carlyle Global Market Strategies CLO Ltd., Series 2015-2A, Class CR, 3-month LIBOR + 2.250%, 3.241%, 4/27/2027, 144A(b)		1,390,561
	500,000	Catamaran CLO Ltd., Series 2013-1A, Class CR, 3-month LIBOR + 1.800%, 2.791%, 1/27/2028, 144A(a)(b)		472,331
	265,000	CIFC Funding II Ltd., Series 2014-2RA, Class A3, 3-month LIBOR + 1.900%, 2.920%, 4/24/2030, 144A(a)(b)		250,416
	730,000	CIFC Funding II Ltd., Series 2013-2A, Class A3LR, 3-month LIBOR + 1.950%, 3.085%, 10/18/2030, 144A(a)(b)		687,446
	2,410,000	Cole Park CLO Ltd., Series 2015-1A, Class DR, 3-month LIBOR + 3.150%, 4.285%, 10/20/2028, 144A(b)		2,223,978
	875,000	Dryden 45 Senior Loan Fund, Series 2016-45A, Class ER, 3-month LIBOR + 5.850%, 7.069%, 10/15/2030, 144A(b)		752,759

31  | See accompanying notes to financial statements.

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Collateralized Loan Obligations — (continued)
$	615,000	Dryden 80 CLO Ltd., Series 2019-80A, Class D1, 3-month LIBOR + 4.100%, 5.984%, 1/17/2033, 144A(b)	$	593,994
	250,000	Dryden CLO Ltd., Series 2018-64A, Class C, 3-month LIBOR + 1.750%, 2.885%, 4/18/2031, 144A(a)(b)		233,323
	300,000	Dryden XXVI Senior Loan Fund, Series 2013-26A, Class CR, 3-month LIBOR + 1.850%, 3.069%, 4/15/2029, 144A(a)(b)		275,569
	230,823	Galaxy XXIX CLO Ltd., Series 2018-29A, Class A, 3-month LIBOR + 0.790%, 1.182%, 11/15/2026, 144A(a)(b)		226,770
	330,000	Galaxy XXIX CLO Ltd., Series 2018-29A, Class D, 3-month LIBOR + 2.400%, 2.792%, 11/15/2026, 144A(b)		315,346
	1,405,000	Galaxy XXVI CLO Ltd., Series 2018-26A, Class E, 3-month LIBOR + 5.850%, 6.208%, 11/22/2031, 144A(b)		1,107,389
	650,000	Gilbert Park CLO Ltd., Series 2017-1A, Class D, 3-month LIBOR + 2.950%, 4.169%, 10/15/2030, 144A(b)		585,879
	320,000	Goldentree Loan Management U.S. CLO 3 Ltd., Series 2018-3A, Class C, 3-month LIBOR + 1.900%, 3.035%, 4/20/2030, 144A(a)(b)		301,121
	1,110,000	LCM 30 Ltd., Series 30A, Class D, 3-month LIBOR + 3.750%, 4.885%, 4/20/2031, 144A(b)		1,032,923
	475,000	Madison Park Funding XXXI Ltd., Series 2018-31A, Class C, 3-month LIBOR + 2.150%, 3.193%, 1/23/2031, 144A(a)(b)		447,411
	300,000	Madison Park Funding XXXI Ltd., Series 2018-31A, Class D, 3-month LIBOR + 3.000%, 4.043%, 1/23/2031, 144A(b)		267,052
	3,300,000	Neuberger Berman CLO Ltd., Series 2013-14A, Class CR2, 3-month LIBOR + 1.900%, 2.787%, 1/28/2030, 144A(a)(b)		3,151,599
	725,000	Neuberger Berman Loan Advisers CLO Ltd., Series 2018-30A, Class E, 3-month LIBOR + 6.750%, 7.885%, 1/20/2031, 144A(b)		627,591
	495,000	Octagon Investment Partners 39 Ltd., Series 2018-3A, Class E, 3-month LIBOR + 5.750%, 6.885%, 10/20/2030, 144A(b)		432,468
	1,420,000	Octagon Investment Partners 40 Ltd., Series 2019-1A, Class D, 3-month LIBOR + 3.800%, 4.935%, 4/20/2031, 144A(b)		1,335,440
	920,000	Octagon Investment Partners XXII Ltd., Series 2014-1A, Class CRR, 3-month LIBOR + 1.900%, 2.998%, 1/22/2030, 144A(a)(b)		850,037
	1,745,000	OHA Credit Funding 5 Ltd., Series 2020-5A, Class C, 3-month LIBOR + 2.000%, 3.306%, 4/18/2033, 144A(a)(b)		1,622,746
	2,245,000	OHA Loan Funding Ltd., Series 2013-1A, Class DR2, 3-month LIBOR + 3.050%, 4.093%, 7/23/2031, 144A(b)		2,007,906
	1,570,000	OHA Loan Funding Ltd., Series 2016-1A, Class CR, 3-month LIBOR + 1.950%, 3.085%, 1/20/2033, 144A(a)(b)		1,463,461
	247,294	OZLM XIII Ltd., Series 2015-13A, Class A1R, 3-month LIBOR + 1.080%, 1.840%, 7/30/2027, 144A(a)(b)		243,915
	325,000	Palmer Square CLO Ltd., Series 2015-1A, Class CR2, 3-month LIBOR + 3.150%, 3.524%, 5/21/2029, 144A(b)		298,360
	300,000	Palmer Square CLO Ltd., Series 2015-2A, Class BR2, 3-month LIBOR + 1.950%, 3.085%, 7/20/2030, 144A(a)(b)		286,366
	2,610,000	Parallel Ltd., Series 2017-1A, Class CR, 3-month LIBOR + 2.000%, 3.135%, 7/20/2029, 144A(a)(b)		2,388,495
	1,645,000	Parallel Ltd., Series 2018-2A, Class B, 3-month LIBOR + 2.150%, 3.285%, 10/20/2031, 144A(a)(b)		1,535,245

See accompanying notes to financial statements. |  32

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Collateralized Loan Obligations — (continued)
$	1,045,000	Pikes Peak CLO 1, Series 2018-1A, Class D, 3-month LIBOR + 3.150%, 4.170%, 7/24/2031, 144A(b)	$	926,340
	340,000	Recette CLO LLC, Series 2015-1A, Class DR, 3-month LIBOR + 2.750%, 3.885%, 10/20/2027, 144A(a)(b)		330,781
	920,000	Regatta XIII Funding Ltd., Series 2018-2A, Class C, 3-month LIBOR + 3.100%, 4.319%, 7/15/2031, 144A(b)		838,906
	2,565,000	Rockford Tower CLO Ltd., Series 2017-2A, Class CR, 3-month LIBOR + 1.900%, 3.119%, 10/15/2029, 144A(a)(b)		2,447,764
	740,000	Symphony CLO XX Ltd., Series 2018-20A, Class D, 3-month LIBOR + 3.860%, 5.036%, 1/16/2032, 144A(b)		734,427
	920,000	TCW CLO Ltd., Series 2018-1, Class D, 3-month LIBOR + 2.910%, 3.901%, 4/25/2031, 144A(b)		819,878
	1,030,000	TICP CLO VII Ltd., Series 2017-7A, Class CR, 3-month LIBOR + 2.150%, 3.660%, 4/15/2033, 144A(a)(b)		981,162
	610,000	TICP CLO XV Ltd., Series 2020-15A, Class C, 3-month LIBOR + 2.150%, 3.785%, 4/20/2033, 144A(a)(b)		574,194
	895,000	TRESTLES CLO II Ltd., Series 2018-2A, Class D, 3-month LIBOR + 5.750%, 6.741%, 7/25/2031, 144A(b)		707,526
	780,000	VERDE CLO Ltd., Series 2019-1A, Class E, 3-month LIBOR + 6.900%, 8.119%, 4/15/2032, 144A(b)		721,669
	695,000	Voya CLO Ltd, Series 2019-3A, Class D, 3-month LIBOR + 3.850%, 4.985%, 10/17/2032, 144A(b)		657,160
	2,435,000	York CLO-7 Ltd., Series 2019-2A, Class D, 3-month LIBOR + 3.800%, 5.592%, 1/22/2033, 144A(b)		2,230,002
		Total Collateralized Loan Obligations (Identified Cost $53,430,067)		54,009,766
	Loan Participations — 0.0%
		ABS Other — 0.0%
	1,061,479	Harbour Aircraft Investments Ltd., Series 2017-1, Class C, 8.000%, 11/15/2037 (d)(e) (Identified Cost $1,059,184)		480,319
Shares
	Common Stocks — 2.1%
		Aerospace & Defense — 0.0%
	428	Lockheed Martin Corp.		156,186
	218	Northrop Grumman Corp.		67,022
				223,208
		Air Freight & Logistics — 0.1%
	8,781	Expeditors International of Washington, Inc.		667,707
		Banks — 0.0%
	4,334	Truist Financial Corp.		162,742
		Beverages — 0.0%
	628	PepsiCo, Inc.		83,059

33  | See accompanying notes to financial statements.

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

Shares		Description	Value (†)
		Biotechnology — 0.0%
	1,835	AbbVie, Inc.	$	180,160
	722	Amgen, Inc.		170,291
				350,451
		Building Products — 0.0%
	4,994	Johnson Controls International PLC		170,495
		Capital Markets — 0.1%
	857	CME Group, Inc.		139,297
	1,859	Intercontinental Exchange, Inc.		170,284
	539	S&P Global, Inc.		177,590
				487,171
		Chemicals — 0.1%
	138,555	Hexion Holdings Corp., Class B(i)		978,614
		Communications Equipment — 0.0%
	3,847	Cisco Systems, Inc.		179,424
		Construction Materials — 0.2%
	673,076	Cemex SAB de CV, Sponsored ADR		1,938,459
		Diversified Telecommunication Services — 0.2%
	75,762	AT&T, Inc.		2,290,285
	3,101	Verizon Communications, Inc.		170,958
				2,461,243
		Electric Utilities — 0.0%
	1,925	Duke Energy Corp.		153,788
	619	Entergy Corp.		58,069
				211,857
		Entertainment — 0.0%
	2,466	Activision Blizzard, Inc.		187,169
		Food & Staples Retailing — 0.0%
	1,243	Walmart, Inc.		148,887
		Health Care Providers & Services — 0.1%
	1,823	AmerisourceBergen Corp.		183,704
	665	Anthem, Inc.		174,881
	926	Cigna Corp.		173,764
	453	Humana, Inc.		175,651
	575	UnitedHealth Group, Inc.		169,596
				877,596
		Hotels, Restaurants & Leisure — 0.1%
	444	Domino’s Pizza, Inc.		164,031
	928	McDonald’s Corp.		171,188
	6,587	Starbucks Corp.		484,737
	1,505	Yum! Brands, Inc.		130,800
				950,756
		Household Durables — 0.0%
	3,043	DR Horton, Inc.		168,734

See accompanying notes to financial statements. |  34

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

Shares		Description	Value (†)
		Household Products — 0.0%
	1,158	Kimberly-Clark Corp.	$	163,683
	1,478	Procter & Gamble Co. (The)		176,725
				340,408
		Independent Power & Renewable Electricity Producers — 0.0%
	8,267	AES Corp. (The)		119,789
		Industrial Conglomerates — 0.0%
	1,087	Honeywell International, Inc.		157,169
		Insurance — 0.1%
	1,789	Allstate Corp. (The)		173,515
	1,491	Lincoln National Corp.		54,854
	4,577	MetLife, Inc.		167,152
	2,006	Progressive Corp. (The)		160,701
	10,189	Unum Group		169,035
				725,257
		Internet & Direct Marketing Retail — 0.1%
	337	Booking Holdings, Inc.(i)		536,618
	3,606	eBay, Inc.		189,135
				725,753
		IT Services — 0.1%
	870	Accenture PLC, Class A		186,806
	1,656	Leidos Holdings, Inc.		155,118
	586	MasterCard, Inc., Class A		173,280
	158	Visa, Inc., Class A		30,521
				545,725
		Media — 0.0%
	4,589	Comcast Corp., Class A		178,879
	3,086	Fox Corp., Class A		82,767
	2,544	Omnicom Group, Inc.		138,902
				400,548
		Metals & Mining — 0.0%
	2,759	Newmont Corp.		170,341
		Multiline Retail — 0.0%
	922	Dollar General Corp.		175,650
	448	Target Corp.		53,729
				229,379
		Oil, Gas & Consumable Fuels — 0.1%
	1,884	Dommo Energia S.A., Sponsored ADR(d)(e)(i)		5,474
	9,081	Enterprise Products Partners LP		165,002
	11,126	Kinder Morgan, Inc.		168,781
	9,018	Williams Cos., Inc. (The)		171,522
				510,779
		Personal Products — 0.1%
	3,082	Estee Lauder Cos., Inc. (The), Class A		581,512
		Pharmaceuticals — 0.1%
	3,141	Bristol-Myers Squibb Co.		184,691

35  | See accompanying notes to financial statements.

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

Shares		Description	Value (†)
		Pharmaceuticals — continued
	1,055	Eli Lilly & Co.	$	173,210
	1,221	Johnson & Johnson		171,709
	2,323	Merck & Co., Inc.		179,638
				709,248
		REITs – Diversified — 0.0%
	679	American Tower Corp.		175,549
		Road & Rail — 0.0%
	1,696	CSX Corp.		118,279
	1,002	Union Pacific Corp.		169,408
				287,687
		Semiconductors & Semiconductor Equipment — 0.2%
	3,018	Applied Materials, Inc.		182,438
	554	Broadcom, Inc.		174,848
	2,912	Intel Corp.		174,225
	3,478	KLA Corp.		676,401
	554	Lam Research Corp.		179,197
	478	NVIDIA Corp.		181,597
	8,486	QUALCOMM, Inc.		774,008
				2,342,714
		Software — 0.1%
	618	Intuit, Inc.		183,045
	897	Microsoft Corp.		182,549
	6,653	NortonLifeLock, Inc.		131,929
	3,317	Oracle Corp.		183,331
				680,854
		Specialty Retail — 0.1%
	2,264	Best Buy Co., Inc.		197,579
	705	Home Depot, Inc. (The)		176,610
	1,297	Lowe’s Cos., Inc.		175,251
				549,440
		Technology Hardware, Storage & Peripherals — 0.1%
	2,674	Apple, Inc.		975,475
	10,505	HP, Inc.		183,102
				1,158,577
		Textiles, Apparel & Luxury Goods — 0.1%
	1,414	LVMH Moet Hennessy Louis Vuitton SE		624,274
	6,477	NIKE, Inc., Class B		635,070
				1,259,344
		Tobacco — 0.0%
	4,256	Altria Group, Inc.		167,048
	2,297	Philip Morris International, Inc.		160,928
				327,976
		Total Common Stocks (Identified Cost $37,243,546)		22,245,621

See accompanying notes to financial statements. |  36

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

Shares		Description	Value (†)
	Preferred Stocks — 0.8%
	Convertible Preferred Stocks — 0.4%
		Banking — 0.1%
	811	Bank of America Corp., Series L, 7.250%	$	1,088,524
		Food & Beverage — 0.3%
	42,272	Bunge Ltd., 4.875%		3,770,663
		Midstream — 0.0%
	1,714	Chesapeake Energy Corp., 5.750%(d)(e)(f)		—
	2,329	El Paso Energy Capital Trust I, 4.750%		103,547
				103,547
		Total Convertible Preferred Stocks (Identified Cost $6,307,289)		4,962,734
	Non-Convertible Preferred Stocks — 0.4%
		Cable Satellite — 0.4%
	4,040,000	NBCUniversal Enterprise, Inc., 5.250%, 144A(a) (Identified Cost $4,040,000)		4,050,100
		Total Preferred Stocks (Identified Cost $10,347,289)		9,012,834
Principal Amount (‡)
	Other Investments — 0.1%
		Aircraft ABS — 0.1%
$	900	ECAF I Blocker Ltd.(d)(e)(f)(h) (Identified Cost $9,000,000)		1,129,500
	Short-Term Investments — 8.2%
	35,525,583	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2020 at 0.000% to be repurchased at $35,525,583 on 7/01/2020 collateralized by $31,735,700 U.S. Treasury Note 2.875% due 7/31/2025 valued at $36,236,124 including accrued interest (Note 2 of Notes to Financial Statements)		35,525,583
	15,915,000	U.S. Treasury Bills, 0.137%, 11/05/2020(l)		15,906,017
	10,785,000	U.S. Treasury Bills, 0.143%, 11/19/2020(l)		10,778,136
	10,840,000	U.S. Treasury Bills, 0.161%, 11/27/2020(l)(m)		10,832,597
	15,915,000	U.S. Treasury Cash Management Bills, 0.141%, 10/13/2020(l)		15,907,644
		Total Short-Term Investments (Identified Cost $88,953,168)		88,949,977
		Total Investments — 95.3% (Identified Cost $1,098,306,371)		1,032,242,055
		Other assets less liabilities — 4.7%		50,688,162
		Net Assets — 100.0%	$	1,082,930,217

37  | See accompanying notes to financial statements.

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

Written Options — (0.0%)
Description	Expiration Date		Exercise Price	Shares (††)			Notional Amount			Premiums (Received)			Value (†)
Options on Securities — (0.0%)
AbbVie, Inc., Call		8/21/2020	105.00		(1,200	)	$	(117,816	)	$	(1,568	)	$	(1,824	)
Accenture PLC, Call		8/21/2020	215.00		(500	)		(107,360	)		(2,114	)		(4,275	)
Activision Blizzard, Inc. Call		8/21/2020	82.50		(1,700	)		(129,030	)		(4,058	)		(3,026	)
AES Corp. (The), Call		8/21/2020	16.00		(3,300	)		(47,817	)		(810	)		(1,320	)
Allstate Corp. (The), Call		8/21/2020	105.00		(800	)		(77,592	)		(1,982	)		(1,392	)
Altria Group, Inc., Call		8/21/2020	45.00		(1,700	)		(66,725	)		(981	)		(399	)
American Tower Corp., Call		8/21/2020	280.00		(400	)		(103,416	)		(2,827	)		(2,120	)
AmerisourceBergen Corp., Call		8/21/2020	110.00		(1,000	)		(100,770	)		(2,167	)		(1,700	)
Amgen, Inc., Call		8/21/2020	250.00		(500	)		(117,930	)		(2,933	)		(2,225	)
Anthem, Inc., Call		8/21/2020	300.00		(400	)		(105,192	)		(1,547	)		(1,208	)
Apple, Inc., Call		8/21/2020	380.00		(200	)		(72,960	)		(1,733	)		(2,210	)
Applied Materials, Inc., Call		8/21/2020	70.00		(2,400	)		(145,080	)		(3,089	)		(2,016	)
AT&T, Inc., Call		8/21/2020	33.00		(3,400	)		(102,782	)		(1,418	)		(1,207	)
Best Buy Co., Inc., Call		8/21/2020	90.00		(1,500	)		(130,905	)		(4,211	)		(6,375	)
Bristol-Myers Squibb Co., Call		8/21/2020	62.50		(1,200	)		(70,560	)		(980	)		(1,464	)
Broadcom Ltd., Call		8/21/2020	350.00		(300	)		(94,683	)		(1,160	)		(1,185	)
Cisco Systems, Inc., Call		8/21/2020	50.00		(1,500	)		(69,960	)		(1,001	)		(1,290	)
CME GROUP, Inc., Call		8/21/2020	200.00		(300	)		(48,762	)		(398	)		(67	)
CSX Corp., Call		8/21/2020	80.00		(800	)		(55,792	)		(366	)		(540	)
Dollar General Corp., Call		8/21/2020	200.00		(500	)		(95,255	)		(1,834	)		(1,575	)
Domino’s Pizza, Inc., Call		8/21/2020	410.00		(200	)		(73,888	)		(2,473	)		(1,200	)
DR Horton, Inc., Call		8/21/2020	65.00		(2,400	)		(133,080	)		(2,465	)		(1,836	)
Duke Energy Corp., Call		8/21/2020	92.50		(900	)		(71,901	)		(528	)		(157	)
eBay, Inc., Call		8/21/2020	50.00		(1,400	)		(73,430	)		(3,286	)		(6,090	)
Eli Lilly & Co., Call		8/21/2020	170.00		(400	)		(65,672	)		(1,527	)		(2,060	)
Entergy Corp., Call		8/21/2020	110.00		(300	)		(28,143	)		(236	)		(105	)
Fox Corp., Call		8/21/2020	33.00		(1,500	)		(40,230	)		(581	)		(412	)
Home Depot, Inc. (The), Call		8/21/2020	275.00		(400	)		(100,204	)		(1,207	)		(998	)
Honeywell International, Inc., Call		8/21/2020	165.00		(500	)		(72,295	)		(444	)		(515	)
HP, Inc., Call		8/21/2020	20.00		(8,400	)		(146,412	)		(2,435	)		(2,982	)
Humana, Inc., Call		8/21/2020	420.00		(300	)		(116,325	)		(1,490	)		(2,175	)
Intel Corp., Call		8/21/2020	67.50		(1,400	)		(83,762	)		(1,158	)		(798	)
Intercontinental Exchange, Inc., Call		8/21/2020	100.00		(1,300	)		(119,080	)		(2,442	)		(1,008	)
Intuit, Inc., Call		8/21/2020	310.00		(400	)		(118,476	)		(2,867	)		(3,640	)
Johnson & Johnson, Call		8/21/2020	155.00		(900	)		(126,567	)		(1,266	)		(743	)
Johnson Controls International PLC, Call		8/21/2020	39.00		(2,900	)		(99,006	)		(1,558	)		(1,349	)
Kimberly-Clark Corp., Call		8/21/2020	150.00		(600	)		(84,810	)		(1,510	)		(1,080	)
Kinder Morgan, Inc., Call		8/21/2020	18.00		(4,400	)		(66,748	)		(559	)		(396	)
Lam Research Corp., Call		8/21/2020	375.00		(400	)		(129,384	)		(2,467	)		(2,610	)
Leidos Holdings, Inc., Call		8/21/2020	110.00		(600	)		(56,202	)		(826	)		(375	)
Lincoln National Corp., Call		8/21/2020	50.00		(800	)		(29,432	)		(710	)		(312	)
Lockheed Martin Corp., Call		8/21/2020	420.00		(200	)		(72,984	)		(993	)		(305	)
Lowe’s Cos., Inc., Call		8/21/2020	150.00		(1,100	)		(148,632	)		(2,021	)		(1,870	)
MasterCard, Inc., Call		8/21/2020	340.00		(400	)		(118,280	)		(1,347	)		(482	)

See accompanying notes to financial statements. |  38

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

Written Options — (continued)
Description	Expiration Date		Exercise Price	Shares (††)			Notional Amount			Premiums (Received)			Value (†)
Options on Securities — (continued)
McDonald’s Corp., Call		8/21/2020	200.00		(300	)	$	(55,341	)	$	(1,055	)	$	(657	)
Merck & Co., Inc., Call		8/21/2020	82.50		(1,100	)		(85,063	)		(1,416	)		(1,348	)
Microsoft Corp., Call		8/21/2020	220.00		(700	)		(142,457	)		(1,909	)		(2,153	)
Newmont Corp., Call		8/21/2020	65.00		(1,600	)		(98,784	)		(3,403	)		(4,792	)
Northrop Grumman Corp., Call		8/21/2020	350.00		(100	)		(30,744	)		(367	)		(232	)
NVIDIA Corp., Call		8/21/2020	435.00		(300	)		(113,973	)		(2,795	)		(2,483	)
Omnicom Group, Inc., Call		8/21/2020	62.50		(1,500	)		(81,900	)		(806	)		(1,500	)
Oracle Corp., Call		8/21/2020	57.50		(2,300	)		(127,121	)		(2,408	)		(2,852	)
PepsiCo, Inc., Call		8/21/2020	140.00		(200	)		(26,452	)		(355	)		(286	)
Philip Morris International, Inc., Call		8/21/2020	80.00		(1,100	)		(77,066	)		(976	)		(511	)
Procter & Gamble Co. (The), Call		8/21/2020	130.00		(1,300	)		(155,441	)		(945	)		(871	)
Progressive Corp. (The), Call		8/21/2020	85.00		(1,400	)		(112,154	)		(3,594	)		(2,240	)
QUALCOMM, Inc., Call		8/21/2020	100.00		(1,500	)		(136,815	)		(2,771	)		(3,150	)
S&P Global, Inc., Call		8/21/2020	350.00		(300	)		(98,844	)		(2,390	)		(2,580	)
Target Corp., Call		8/21/2020	130.00		(300	)		(35,979	)		(725	)		(587	)
Truist Financial Corp., Call		8/21/2020	47.50		(2,100	)		(78,855	)		(1,548	)		(504	)
Union Pacific Corp., Call		8/21/2020	185.00		(600	)		(101,442	)		(1,960	)		(1,650	)
UnitedHealth Group, Inc., Call		8/21/2020	320.00		(200	)		(58,990	)		(953	)		(1,105	)
Unum Group, Call		8/21/2020	20.00		(4,000	)		(66,360	)		(1,548	)		(1,100	)
Verizon Communications, Inc., Call		8/21/2020	60.00		(2,100	)		(115,773	)		(855	)		(462	)
Williams Cos., Inc. (The), Call		8/21/2020	23.00		(3,600	)		(68,472	)		(854	)		(432	)
Yum Brands, Inc., Call		8/21/2020	100.00		(600	)		(52,146	)		(532	)		(390	)
Total										$	(107,738	)	$	(102,801	)

(‡)	Principal Amount/Par Value stated in U.S. dollars unless otherwise noted.
(†)	See Note 2 of Notes to Financial Statements.
(††)	Options on securities are expressed as shares.
(a)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
(b)	Variable rate security. Rate as of June 30, 2020 is disclosed.
(c)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of June 30, 2020 is disclosed.
(d)	Fair valued by the Fund’s adviser. At June 30, 2020, the value of these securities amounted to $5,143,031 or 0.5% of net assets. See Note 2 of Notes to Financial Statements.
(e)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
(f)	Illiquid security.
(g)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At June 30, 2020, the value of these securities amounted to $8,944,645 or 0.8% of net assets. See Note 2 of Notes to Financial Statements.

39  | See accompanying notes to financial statements.

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

(h) Securities subject to restriction on resale. At June 30, 2020, the restricted securities held by the Fund are as follows:

	Acquisition Date	Acquisition Cost		Value		% of Net Assets
ECAF I Blocker Ltd.	6/18/2015	$	9,000,000	$	1,129,500		0.1%
GCA2014 Holdings Ltd., Series 2014-1, Class C	12/18/2014		2,211,228		682,739		0.1%
GCA2014 Holdings Ltd., Series 2014-1, Class D	12/18/2014		989,736		101,092		Less than 0.1%
GCA2014 Holdings Ltd., Series 2014-1, Class E	12/18/2014		2,657,606		—		—

(i)	Non-income producing security.
(j)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(k)	Position is unsettled. Contract rate was not determined at June 30, 2020 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
(l)	Interest rate represents discount rate at time of purchase; not a coupon rate.
(m)	Security (or a portion thereof) has been pledged as collateral for open derivative contracts.
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, 2020, the value of Rule 144A holdings amounted to $566,285,650 or 52.3% of net assets.
ABS	Asset-Backed Securities
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.
ARS	Auction Rate Security
EMTN	Euro Medium Term Note
EURIBOR	Euro Interbank Offered Rate
JIBAR	Johannesburg Interbank Agreed Rate
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
REITs	Real Estate Investment Trusts
SAFEX	South African Futures Exchange
SLM	Sallie Mae
ARS	Argentine Peso
CAD	Canadian Dollar
COP	Colombian Peso
EUR	Euro
GBP	British Pound
THB	Thai Baht
ZAR	South African Rand

See accompanying notes to financial statements. |  40

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

At June 30, 2020, the Fund had the following open bilateral credit default swap agreements:

Buy Protection
Counterparty	Reference Obligation	(Pay)/ Receive Fixed Rate1	Expiration Date		Notional Value(‡)			Unamortized Up Front Premium Paid/ (Received)			Market Value			Unrealized Appreciation (Depreciation)
Bank of America, N.A.	Enel SpA	(1.00%)		6/20/2023		550,000	EUR	$	(191	)	$	(11,116	)	$	(10,925	)
Bank of America, N.A.	United Mexican States	(1.00%)		6/20/2025		1,945,000			168,731			52,563			(116,168	)
Bank of America, N.A.	United Mexican States	(1.00%)		6/20/2025		9,720,000			843,358			262,680			(580,678	)
Bank of America, N.A.	United Mexican States	(1.00%)		6/20/2025		9,860,000			932,438			266,462			(665,976	)
Morgan Stanley Capital Services, Inc.	China Government International Bond	(1.00%)		6/20/2025		10,750,000			(204,679	)		(268,985	)		(64,306	)
Morgan Stanley Capital Services, Inc.	China Government International Bond	(1.00%)		6/20/2025		10,700,000			(245,567	)		(267,734	)		(22,167	)
Morgan Stanley Capital Services, Inc.	Enel SpA	(1.00%)		12/20/2023		6,115,000	EUR		28,568			(127,656	)		(156,224	)
Total											$	(93,786	)	$	(1,616,444	)

At June 30, 2020, the Fund had the following open centrally cleared interest rate swap agreements:

Notional Value	Currency		Expiration Date	Fund Pays1			Fund Receives1		Market Value			Unrealized Appreciation (Depreciation)2
330,000,000		ZAR	5/07/2030		7.580	%		3-month SAFEX-JIBAR	$	(943,318	)	$	(944,793	)

At June 30, 2020, the Fund had the following open centrally cleared credit default swap agreements:

Sell Protection
Reference Obligation	(Pay)/ Receive Fixed Rate			Expiration Date		Implied Credit Spread^			Notional Value(‡)		Unamortized Up Front Premium Paid/ (Received)			Market Value			Unrealized Appreciation (Depreciation)
CDX.NA.HY* Series 34 500, 5-Year		5.00	%		06/20/2025		5.16	%		94,259,000	$	(4,665,005	)	$	(532,375	)	$	4,132,630

(‡) Notional value stated in U.S. dollars unless otherwise noted.

41  | See accompanying notes to financial statements.

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

¹  Payments are made quarterly.

²  Differences between unrealized appreciation (depreciation) and market value, if any, are due to interest booked as part of the initial trades.

^ Implied credit spreads, represented in absolute terms, serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

* CDX.NA.HY is an index composed of North American high yield credit default swaps.

At June 30, 2020, the Fund had the following open forward foreign currency contracts:

Counterparty	Delivery Date	Currency Bought/ Sold (B/S)		Units of Currency			In Exchange for		Notional Value		Unrealized Appreciation (Depreciation)
Bank of America, N.A.	7/23/2020		CAD		S	3,020,000	$	2,126,392	$	2,224,642	$	(98,250	)
Bank of America, N.A.	7/23/2020		EUR		S	1,665,000		1,809,192		1,871,471		(62,279	)
Barclays Bank PLC	7/23/2020		EUR		S	1,955,000		2,124,319		2,197,433		(73,114	)
Deutsche Bank AG	7/31/2020		GBP		S	1,400,000		1,741,446		1,735,070		6,376
HSBC Bank USA	8/13/2020		EUR		S	590,000		639,140		663,470		(24,330	)
JPMorgan Chase Bank N.A.	7/06/2020		EUR		S	4,900,000		5,306,491		5,505,596		(199,105	)
Morgan Stanley Capital Services, Inc.	7/08/2020		COP		S	18,400,000,000		4,535,371		4,893,610		(358,239	)
Morgan Stanley Capital Services, Inc.	9/16/2020		EUR		S	1,550,000		1,755,406		1,744,337		11,069
Morgan Stanley Capital Services, Inc.	9/30/2020		EUR		S	1,480,000		1,663,254		1,666,093		(2,839	)
Morgan Stanley Capital Services, Inc.	7/31/2020		ZAR		S	315,790,000		16,750,949		18,140,339		(1,389,390	)
Standard Chartered Bank	7/02/2020		EUR		B	5,280,000		5,924,688		5,932,078		7,390
Standard Chartered Bank	7/02/2020		EUR		S	5,280,000		5,747,038		5,932,078		(185,040	)
Standard Chartered Bank	10/02/2020		EUR		S	5,280,000		5,936,700		5,944,169		(7,469	)
UBS AG	7/22/2020		THB		B	471,555,000		14,708,515		15,256,206		547,691
UBS AG	7/22/2020		THB		S	471,555,000		14,494,667		15,256,206		(761,539	)
Total											$	(2,589,068	)

At June 30, 2020, open short futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra Long U.S. Treasury Bond		9/21/2020		72	$	15,704,410	$	15,707,250	$	(2,840	)

See accompanying notes to financial statements. |  42

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

Industry Summary at June 30, 2020 (Unaudited)

ABS Home Equity	7.7	%
ABS Car Loan	7.4
ABS Other	5.2
Technology	4.5
Automotive	3.9
Non-Agency Commercial Mortgage-Backed Securities	3.6
Finance Companies	3.6
Wireless	2.9
Cable Satellite	2.9
ABS Whole Business	2.9
Food & Beverage	2.6
Consumer Cyclical Services	2.6
Media Entertainment	2.5
Aerospace & Defense	2.4
Pharmaceuticals	2.4
Government Owned – No Guarantee	2.3
Banking	2.3
Other Investments, less than 2% each	20.4
Short-Term Investments	8.2
Collateralized Loan Obligations	5.0
Total Investments	95.3
Other assets less liabilities (including open written options, swap agreements, forward foreign currency and futures contracts)	4.7
Net Assets	100.0	%

43  | See accompanying notes to financial statements.

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Natixis U.S. Equity Opportunities Fund

Shares		Description	Value (†)
	Common Stocks — 97.0% of Net Assets
		Aerospace & Defense — 2.1%
	93,323	Boeing Co. (The)	$	17,106,106
		Air Freight & Logistics — 1.8%
	202,263	Expeditors International of Washington, Inc.		15,380,079
		Automobiles — 1.0%
	327,700	General Motors Co.		8,290,810
		Banks — 4.3%
	604,160	Bank of America Corp.		14,348,800
	287,005	Citigroup, Inc.		14,665,956
	255,400	Wells Fargo & Co.		6,538,240
				35,552,996
		Beverages — 4.1%
	66,391	Constellation Brands, Inc., Class A		11,615,106
	324,142	Monster Beverage Corp.(a)		22,469,523
				34,084,629
		Biotechnology — 4.0%
	80,761	BioMarin Pharmaceutical, Inc.(a)		9,961,062
	36,771	Regeneron Pharmaceuticals, Inc.(a)		22,932,234
				32,893,296
		Capital Markets — 7.2%
	333,245	Charles Schwab Corp. (The)		11,243,686
	28,218	FactSet Research Systems, Inc.		9,268,766
	38,000	Moody’s Corp.		10,439,740
	23,875	MSCI, Inc.		7,969,953
	173,594	SEI Investments Co.		9,544,198
	179,111	State Street Corp.		11,382,504
				59,848,847
		Communications Equipment — 1.1%
	202,377	Cisco Systems, Inc.		9,438,863
		Consumer Finance — 2.4%
	77,800	American Express Co.		7,406,560
	201,985	Capital One Financial Corp.		12,642,241
				20,048,801
		Electronic Equipment, Instruments & Components — 0.8%
	81,400	TE Connectivity Ltd.		6,638,170
		Energy Equipment & Services — 0.5%
	210,651	Schlumberger Ltd.		3,873,872
		Entertainment — 2.9%
	31,330	Netflix, Inc.(a)		14,256,403
	89,702	Walt Disney Co. (The)		10,002,670
				24,259,073
		Health Care Equipment & Supplies — 0.9%
	8,779	Intuitive Surgical, Inc.(a)		5,002,538

See accompanying notes to financial statements. |  44

Portfolio of Investments – as of June 30, 2020 (Unaudited)

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

Shares		Description	Value (†)
		Health Care Equipment & Supplies — continued
	23,368	Varian Medical Systems, Inc.(a)	$	2,863,047
				7,865,585
		Health Care Providers & Services — 2.9%
	127,200	CVS Health Corp.		8,264,184
	66,600	HCA Healthcare, Inc.		6,464,196
	24,390	Humana, Inc.		9,457,223
				24,185,603
		Health Care Technology — 1.2%
	147,555	Cerner Corp.		10,114,895
		Hotels, Restaurants & Leisure — 3.5%
	99,800	Hilton Worldwide Holdings, Inc.		7,330,310
	114,060	Starbucks Corp.		8,393,675
	171,698	Yum China Holdings, Inc.		8,253,523
	61,872	Yum! Brands, Inc.		5,377,296
				29,354,804
		Household Products — 0.7%
	85,073	Colgate-Palmolive Co.		6,232,448
		Industrial Conglomerates — 0.8%
	949,250	General Electric Co.		6,483,378
		Insurance — 1.2%
	325,155	American International Group, Inc.		10,138,333
		Interactive Media & Services — 10.2%
	20,387	Alphabet, Inc., Class A(a)		28,909,785
	8,312	Alphabet, Inc., Class C(a)		11,749,926
	194,025	Facebook, Inc., Class A(a)		44,057,257
				84,716,968
		Internet & Direct Marketing Retail — 10.1%
	132,410	Alibaba Group Holding Ltd., Sponsored ADR(a)		28,560,837
	14,851	Amazon.com, Inc.(a)		40,971,236
	7,300	Booking Holdings, Inc.(a)		11,624,082
	290,543	Qurate Retail, Inc., Class A(a)		2,760,158
				83,916,313
		IT Services — 5.7%
	25,806	Automatic Data Processing, Inc.		3,842,255
	353,800	DXC Technology Co.		5,837,700
	21,000	MasterCard, Inc., Class A		6,209,700
	162,904	Visa, Inc., Class A		31,468,166
				47,357,821
		Life Sciences Tools & Services — 1.1%
	25,008	Illumina, Inc.(a)		9,261,713
		Machinery — 2.5%
	62,900	Caterpillar, Inc.		7,956,850
	83,000	Deere & Co.		13,043,450
				21,000,300

45  | See accompanying notes to financial statements.

Portfolio of Investments – as of June 30, 2020 (Unaudited)

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

Shares		Description	Value (†)
		Media — 2.6%
	17,425	Charter Communications, Inc., Class A(a)	$	8,887,447
	321,980	Comcast Corp., Class A		12,550,780
				21,438,227
		Oil, Gas & Consumable Fuels — 2.0%
	525,541	Apache Corp.		7,094,804
	182,938	EOG Resources, Inc.		9,267,639
				16,362,443
		Pharmaceuticals — 3.4%
	86,558	Novartis AG, Sponsored ADR		7,559,976
	73,273	Novo Nordisk A/S, Sponsored ADR		4,797,916
	373,493	Roche Holding AG, Sponsored ADR		16,202,126
				28,560,018
		Semiconductors & Semiconductor Equipment — 4.0%
	61,765	NVIDIA Corp.		23,465,141
	109,692	QUALCOMM, Inc.		10,005,007
				33,470,148
		Software — 11.2%
	114,816	Autodesk, Inc.(a)		27,462,839
	75,511	Microsoft Corp.		15,367,243
	373,078	Oracle Corp.		20,620,021
	82,233	salesforce.com, Inc.(a)		15,404,708
	78,069	Workday, Inc., Class A(a)		14,627,008
				93,481,819
		Textiles, Apparel & Luxury Goods — 0.8%
	641,510	Under Armour, Inc., Class A(a)		6,248,307
		Total Common Stocks (Identified Cost $609,264,324)		807,604,665
Principal Amount
	Short-Term Investments — 2.8%
$	23,154,685	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/2020 at 0.000% to be repurchased at $23,154,685 on 7/01/2020 collateralized by $19,549,300 U.S. Treasury Note, 2.250% due 11/15/2027 valued at $22,094,531; $1,415,200 U.S. Treasury Note, 1.625% due 2/15/2026 valued at $1,523,354 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $23,154,685)		23,154,685
		Total Investments — 99.8% (Identified Cost $632,419,009)		830,759,350
		Other assets less liabilities — 0.2%		1,913,665
		Net Assets — 100.0%	$	832,673,015

See accompanying notes to financial statements. |  46

Portfolio of Investments – as of June 30, 2020 (Unaudited)

Natixis U.S. Equity Opportunities 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.

Industry Summary at June 30, 2020 (Unaudited)

Software	11.2	%
Interactive Media & Services	10.2
Internet & Direct Marketing Retail	10.1
Capital Markets	7.2
IT Services	5.7
Banks	4.3
Beverages	4.1
Semiconductors & Semiconductor Equipment	4.0
Biotechnology	4.0
Hotels, Restaurants & Leisure	3.5
Pharmaceuticals	3.4
Entertainment	2.9
Health Care Providers & Services	2.9
Media	2.6
Machinery	2.5
Consumer Finance	2.4
Aerospace & Defense	2.1
Oil, Gas & Consumable Fuels	2.0
Other Investments, less than 2% each	11.9
Short-Term Investments	2.8
Total Investments	99.8
Other assets less liabilities	0.2
Net Assets	100.0	%

47  | See accompanying notes to financial statements.

Statements of Assets and Liabilities

June 30, 2020 (Unaudited)

	Loomis Sayles Strategic Alpha Fund			Natixis U.S. Equity Opportunities Fund
ASSETS
Investments at cost	$	1,098,306,371		$	632,419,009
Net unrealized appreciation (depreciation)		(66,064,316	)		198,340,341
Investments at value		1,032,242,055			830,759,350
Cash		734,586			114
Due from brokers (Note 2)		33,684,214			—
Foreign currency at value (identified cost $2,003,205 and $0, respectively)		2,001,921			—
Receivable for Fund shares sold		1,788,102			293,294
Receivable for securities sold		21,298,389			3,354,064
Collateral received for open forward foreign currency contracts, options or swap agreements (Notes 2 and 4)		495,789			—
Dividends and interest receivable		8,431,539			335,003
Unrealized appreciation on forward foreign currency contracts (Note 2)		572,526			—
Tax reclaims receivable		—			470,047
Receivable for variation margin on centrally cleared swap agreements (Note 2)		831,023			—
Unamortized upfront premiums paid on bilateral swap agreements (Note 2)		1,973,095			—
Prepaid expenses (Note 8)		207			150
TOTAL ASSETS		1,104,053,446			835,212,022
LIABILITIES
Options written, at value (premiums received $107,738 and $0, respectively) (Note 2)		102,801			—
Payable for securities purchased		11,900,869			—
Unrealized depreciation on bilateral swap agreements (Note 2)		1,616,444			—
Payable for Fund shares redeemed		2,419,121			1,392,120
Unrealized depreciation on forward foreign currency contracts (Note 2)		3,161,594			—
Unamortized upfront premiums received on bilateral swap agreements (Note 2)		450,437			—
Due to brokers (Note 2)		495,789			—
Payable for variation margin on futures contracts (Note 2)		98,503			—
Management fees payable (Note 6)		536,692			520,025
Deferred Trustees’ fees (Note 6)		169,308			441,480
Administrative fees payable (Note 6)		38,005			30,595
Payable to distributor (Note 6d)		189			1,999
Other accounts payable and accrued expenses		133,477			152,788
TOTAL LIABILITIES		21,123,229			2,539,007
NET ASSETS	$	1,082,930,217		$	832,673,015
NET ASSETS CONSIST OF:
Paid-in capital	$	1,184,510,624		$	586,609,498
Accumulated earnings (loss)		(101,580,407	)		246,063,517
NET ASSETS	$	1,082,930,217		$	832,673,015

See accompanying notes to financial statements. |  48

Statements of Assets and Liabilities (continued)

June 30, 2020 (Unaudited)

	Loomis Sayles Strategic Alpha Fund		Natixis U.S. Equity Opportunities Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	31,161,205	$	552,514,857
Shares of beneficial interest		3,186,047		15,821,825
Net asset value and redemption price per share	$	9.78	$	34.92
Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	10.21	$	37.05
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	14,072,009	$	63,193,224
Shares of beneficial interest		1,443,756		2,981,952
Net asset value and offering price per share	$	9.75	$	21.19
Class N shares:
Net assets	$	434,462,863	$	326,948
Shares of beneficial interest		44,519,555		7,794
Net asset value, offering and redemption price per share	$	9.76	$	41.95
Class Y shares:
Net assets	$	603,234,140	$	216,637,986
Shares of beneficial interest		61,843,240		5,172,425
Net asset value, offering and redemption price per share	$	9.75	$	41.88

49  | See accompanying notes to financial statements.

Statements of Operations

For the Six Months Ended June 30, 2020 (Unaudited)

	Loomis Sayles Strategic Alpha Fund			Natixis U.S. Equity Opportunities Fund
INVESTMENT INCOME
Dividends	$	1,751,757		$	5,597,257
Interest		22,100,987			30,834
Less net foreign taxes withheld		—			(127,914	)
		23,852,744			5,500,177
Expenses
Management fees (Note 6)		3,471,713			3,186,374
Service and distribution fees (Note 6)		119,235			1,017,358
Administrative fees (Note 6)		257,765			188,856
Trustees’ fees and expenses (Note 6)		29,033			19,083
Transfer agent fees and expenses (Notes 6 and 7)		220,039			357,642
Audit and tax services fees		41,398			20,773
Custodian fees and expenses		35,029			27,353
Legal fees (Note 8)		14,326			10,705
Registration fees		31,088			57,907
Shareholder reporting expenses		30,175			42,374
Miscellaneous expenses (Note 8)		49,989			25,081
Total expenses		4,299,790			4,953,506
Less waiver and/or expense reimbursement (Note 6)		—			(735	)
Net expenses		4,299,790			4,952,771
Net investment income		19,552,954			547,406
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS WRITTEN, SWAP AGREEMENTS, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		407,173			49,184,271
Futures contracts		6,650,842			—
Options written		46,838			—
Swap agreements		2,272,156			—
Forward foreign currency contracts (Note 2d)		3,694,970			—
Foreign currency transactions (Note 2c)		(719,582	)		—
Net change in unrealized appreciation (depreciation) on:
Investments		(17,230,775	)		(79,610,039	)
Futures contracts		372			—
Options written		(2,379	)		—
Swap agreements		1,775,256			—
Forward foreign currency contracts (Note 2d)		(1,483,978	)		—
Foreign currency translations (Note 2c)		82,158			—
Net realized and unrealized loss on investments, futures contracts, options written, swap agreements, forward foreign currency contracts and foreign currency transactions		(4,506,949	)		(30,425,768	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	15,046,005		$	(29,878,362	)

See accompanying notes to financial statements. |  50

Statements of Changes in Net Assets

	Loomis Sayles Strategic Alpha Fund
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
FROM OPERATIONS:
Net investment income	$	19,552,954		$	49,850,113
Net realized gain (loss) on investments, futures contracts, options written, swap agreements, forward foreign currency contracts and foreign currency transactions		12,352,397			(8,071,488	)
Net change in unrealized appreciation (depreciation) on investments, futures contracts, options written, swap agreements, forward foreign currency contracts and foreign currency translations		(16,859,346	)		15,971,337
Net increase in net assets resulting from operations		15,046,005			57,749,962
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(323,429	)		(1,581,199	)
Class C		(99,859	)		(411,487	)
Class N		(5,301,837	)		(8,768,965	)
Class Y		(7,349,120	)		(34,262,581	)
Total distributions		(13,074,245	)		(45,024,232	)
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(219,764,298	)		(216,962,192	)
Net decrease in net assets		(217,792,538	)		(204,236,462	)
NET ASSETS
Beginning of the period		1,300,722,755			1,504,959,217
End of the period	$	1,082,930,217		$	1,300,722,755

51  | See accompanying notes to financial statements.

Statements of Changes in Net Assets (continued)

	Natixis U.S. Equity Opportunities Fund
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
FROM OPERATIONS:
Net investment income	$	547,406		$	4,347,188
Net realized gain on investments		49,184,271			90,186,547
Net change in unrealized appreciation (depreciation) on investments		(79,610,039	)		167,414,696
Net increase (decrease) in net assets resulting from operations		(29,878,362	)		261,948,431
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(13,750,474	)		(63,482,836	)
Class C		(2,699,204	)		(12,360,421	)
Class N		(7,287	)		(44,503	)
Class Y		(4,631,193	)		(26,597,489	)
Total distributions		(21,088,158	)		(102,485,249	)
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(95,724,860	)		(78,802,617	)
Net increase (decrease) in net assets		(146,691,380	)		80,660,565
NET ASSETS
Beginning of the period		979,364,395			898,703,830
End of the period	$	832,673,015		$	979,364,395

See accompanying notes to financial statements. |  52

Financial Highlights

For a share outstanding throughout each period.

	Loomis Sayles Strategic Alpha Fund—Class A
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value, beginning of the period	$	9.69		$	9.62		$	9.92		$	9.86		$	9.45		$	9.96
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.15			0.30			0.33			0.32			0.30			0.26
Net realized and unrealized gain (loss)		0.04	(b)		0.04			(0.30	)		(0.01	)		0.31			(0.42	)
Total from Investment Operations		0.19			0.34			0.03			0.31			0.61			(0.16	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.27	)		(0.33	)		(0.25	)		(0.20	)		(0.35	)
Net asset value, end of the period	$	9.78		$	9.69		$	9.62		$	9.92		$	9.86		$	9.45
Total return(c)		2.01	%(d)		3.58	%		0.39	%		3.22	%(e)		6.57	%		(1.68	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	31,161		$	48,815		$	36,528		$	28,020		$	67,746		$	116,055
Net expenses		0.99	%(f)		0.99	%		1.00	%(g)		1.05	%(h)(i)		1.10	%		1.10	%
Gross expenses		0.99	%(f)		0.99	%		1.00	%(g)		1.06	%		1.10	%		1.10	%
Net investment income		3.11	%(f)		3.10	%		3.29	%		3.26	%		3.14	%		2.66	%
Portfolio turnover rate		245	%		414	%(j)		379	%(j)		178	%(k)		72	%		72	%

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

(b) 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.

(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) 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) Includes fee/expense recovery of less than 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) Effective July 1, 2017, the expense limit decreased from 1.30% to 1.00%.

(j) The variation in the Fund’s turnover rate from 2017 to 2018 was primarily due to a repositioning of the portfolio. During 2019, turnover has remained elevated due to a larger volume of short duration securities held by the Fund.

(k) The variation in the Fund’s turnover rate from 2016 to 2017 was primarily due to a repositioning of the portfolio.

53  | See accompanying notes to financial statements.

Financial Highlights (continued)

For a share outstanding throughout each period.

	Loomis Sayles Strategic Alpha Fund—Class C
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value, beginning of the period	$	9.66		$	9.58		$	9.88		$	9.82		$	9.42		$	9.93
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.23			0.26			0.25			0.23			0.19
Net realized and unrealized gain (loss)		0.05	(b)		0.04			(0.31	)		0.00	(b)(c)		0.30			(0.43	)
Total from Investment Operations		0.16			0.27			(0.05	)		0.25			0.53			(0.24	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.07	)		(0.19	)		(0.25	)		(0.19	)		(0.13	)		(0.27	)
Net asset value, end of the period	$	9.75		$	9.66		$	9.58		$	9.88		$	9.82		$	9.42
Total return(d)		1.65	%(e)		2.87	%(f)		(0.42	)%		2.53	%		5.70	%		(2.44	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	14,072		$	16,337		$	26,883		$	33,759		$	45,674		$	62,453
Net expenses		1.74	%(g)		1.73	%(h)		1.75	%(i)		1.81	%(j)		1.85	%		1.85	%
Gross expenses		1.74	%(g)		1.74	%		1.75	%(i)		1.81	%		1.85	%		1.85	%
Net investment income		2.38	%(g)		2.33	%		2.61	%		2.52	%		2.40	%		1.91	%
Portfolio turnover rate		245	%		414	%(k)		379	%(k)		178	%(l)		72	%		72	%

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

(b) 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.

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

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

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

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

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

(h) 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.

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

(j) Effective July 1, 2017, the expense limit decreased from 2.05% to 1.75%.

(k) The variation in the Fund’s turnover rate from 2017 to 2018 was primarily due to a repositioning of the portfolio. During 2019, turnover has remained elevated due to a larger volume of short duration securities held by the Fund.

(l) The variation in the Fund’s turnover rate from 2016 to 2017 was primarily due to a repositioning of the portfolio.

See accompanying notes to financial statements. |  54

Financial Highlights (continued)

For a share outstanding throughout each period.

	Loomis Sayles Strategic Alpha Fund—Class N
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	9.67		$	9.60		$	9.90		$	9.90
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.17			0.33			0.34			0.25
Net realized and unrealized gain (loss)		0.04	(b)		0.04			(0.28	)		(0.04	)
Total from Investment Operations		0.21			0.37			0.06			0.21
LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.30	)		(0.36	)		(0.21	)
Net asset value, end of the period	$	9.76		$	9.67		$	9.60		$	9.90
Total return		2.19	%(c)		3.92	%		0.68	%		2.11	%(c)(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	434,463		$	297,300		$	255,226		$	59,282
Net expenses		0.68	%(e)		0.67	%		0.70	%(f)		0.70	%(e)(g)(h)
Gross expenses		0.68	%(e)		0.67	%		0.70	%(f)		0.72	%(e)
Net investment income		3.49	%(e)		3.39	%		3.44	%		3.83	%(e)
Portfolio turnover rate		245	%		414	%(i)		379	%(i)		178	%(j)

* From commencement of Class operations on May 1, 2017 through December 31, 2017.

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

(b) 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.

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

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

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

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

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

(h) Effective July 1, 2017, the expense limit decreased from 1.00% to 0.70%.

(i) The variation in the Fund’s turnover rate from 2017 to 2018 was primarily due to a repositioning of the portfolio. During 2019, turnover has remained elevated due to a larger volume of short duration securities held by the Fund.

(j) Represents the Fund’s portfolio turnover rate for the year ended December 31, 2017.

55  | See accompanying notes to financial statements.

Financial Highlights (continued)

For a share outstanding throughout each period.

	Loomis Sayles Strategic Alpha Fund—Class Y
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value, beginning of the period	$	9.67		$	9.59		$	9.90		$	9.85		$	9.44		$	9.95
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.16			0.32			0.35			0.35			0.32			0.29
Net realized and unrealized gain (loss)		0.03	(b)		0.06			(0.31	)		(0.01	)		0.32			(0.43	)
Total from Investment Operations		0.19			0.38			0.04			0.34			0.64			(0.14	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.30	)		(0.35	)		(0.29	)		(0.23	)		(0.37	)
Net asset value, end of the period	$	9.75		$	9.67		$	9.59		$	9.90		$	9.85		$	9.44
Total return		2.06	%(c)		3.96	%		0.53	%		3.48	%(d)		6.86	%		(1.43	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	603,234		$	938,271		$	1,186,322		$	1,031,537		$	1,083,527		$	1,183,723
Net expenses		0.74	%(e)		0.74	%		0.75	%(f)		0.80	%(g)(h)		0.85	%		0.85	%
Gross expenses		0.74	%(e)		0.74	%		0.75	%(f)		0.81	%		0.85	%		0.85	%
Net investment income		3.34	%(e)		3.33	%		3.51	%		3.53	%		3.39	%		2.91	%
Portfolio turnover rate		245	%		414	%(i)		379	%(i)		178	%(j)		72	%		72	%

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

(b) 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.

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

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

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

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

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

(h) Effective July 1, 2017, the expense limit decreased from 1.05% to 0.75%.

(i) The variation in the Fund’s turnover rate from 2017 to 2018 was primarily due to a repositioning of the portfolio. During 2019, turnover has remained elevated due to a larger volume of short duration securities held by the Fund.

(j) The variation in the Fund’s turnover rate from 2016 to 2017 was primarily due to a repositioning of the portfolio.

See accompanying notes to financial statements. |  56

Financial Highlights (continued)

For a share outstanding throughout each period.

	Natixis U.S. Equity Opportunities Fund—Class A
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value, beginning of the period	$	36.53		$	31.00		$	36.90		$	30.27		$	27.60		$	27.40
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.02			0.15	(b)		0.08			0.06			0.12			0.06
Net realized and unrealized gain (loss)		(0.77	)		9.34			(2.51	)		7.88			3.12			1.55
Total from Investment Operations		(0.75	)		9.49			(2.43	)		7.94			3.24			1.61
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.17	)		(0.05	)		(0.06	)		(0.12	)		—
Net realized capital gains		(0.86	)		(3.79	)		(3.42	)		(1.25	)		(0.45	)		(1.41	)
Total Distributions		(0.86	)		(3.96	)		(3.47	)		(1.31	)		(0.57	)		(1.41	)
Net asset value, end of the period	$	34.92		$	36.53		$	31.00		$	36.90		$	30.27		$	27.60
Total return(c)		(1.68	)%(d)		31.03	%(b)		(6.48	)%		26.28	%		11.86	%		5.86	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	552,515		$	616,922		$	523,665		$	604,330		$	472,436		$	422,069
Net expenses		1.18	%(e)		1.17	%		1.16	%		1.21	%(f)		1.23	%(g)		1.25	%(h)
Gross expenses		1.18	%(e)		1.17	%		1.16	%		1.21	%		1.23	%(g)		1.25	%
Net investment income		0.12	%(e)		0.42	%(b)		0.20	%		0.16	%		0.42	%		0.21	%
Portfolio turnover rate		17	%		12	%		23	%		17	%		17	%		20	%

(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 $0.09, 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.

(f) Effective July 1, 2017, the expense limit decreased from 1.25% to 1.20%.

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

(h) Effective July 1, 2015, the expense limit decreased from 1.30% to 1.25%.

57  | See accompanying notes to financial statements.

Financial Highlights (continued)

For a share outstanding throughout each period.

	Natixis U.S. Equity Opportunities Fund—Class C
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value, beginning of the period	$	22.65		$	20.42		$	25.73		$	21.54		$	19.86		$	20.24
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.07	)		(0.07	)(b)		(0.14	)		(0.14	)		(0.07	)		(0.11	)
Net realized and unrealized gain (loss)		(0.53	)		6.10			(1.75	)		5.58			2.22			1.14
Total from Investment Operations		(0.60	)		6.03			(1.89	)		5.44			2.15			1.03
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.01	)		—			(0.00	)(c)		(0.02	)		—
Net realized capital gains		(0.86	)		(3.79	)		(3.42	)		(1.25	)		(0.45	)		(1.41	)
Total Distributions		(0.86	)		(3.80	)		(3.42	)		(1.25	)		(0.47	)		(1.41	)
Net asset value, end of the period	$	21.19		$	22.65		$	20.42		$	25.73		$	21.54		$	19.86
Total return(d)		(2.06	)%(e)		30.06	%(b)		(7.18	)%		25.35	%		11.02	%		5.06	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	63,193		$	77,924		$	78,783		$	112,615		$	72,768		$	61,864
Net expenses		1.93	%(f)		1.92	%		1.91	%		1.96	%(g)		1.98	%(h)		2.00	%(i)
Gross expenses		1.93	%(f)		1.92	%		1.91	%		1.96	%		1.98	%(h)		2.00	%
Net investment loss		(0.63	)%(f)		(0.31	)%(b)		(0.54	)%		(0.59	)%		(0.33	)%		(0.54	)%
Portfolio turnover rate		17	%		12	%		23	%		17	%		17	%		20	%

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

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

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

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

(g) Effective July 1, 2017, the expense limit decreased from 2.00% to 1.95%.

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

(i) Effective July 1, 2015, the expense limit decreased from 2.05% to 2.00%.

See accompanying notes to financial statements. |  58

Financial Highlights (continued)

For a share outstanding throughout each period.

	Natixis U.S. Equity Opportunities Fund—Class N
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	43.61		$	36.37		$	42.63		$	37.62
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.19	(b)		0.25			0.12
Net realized and unrealized gain (loss)		(0.90	)		11.14			(2.91	)		6.20
Total from Investment Operations		(0.80	)		11.33			(2.66	)		6.32
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.30	)		(0.18	)		(0.16	)
Net realized capital gains		(0.86	)		(3.79	)		(3.42	)		(1.15	)
Total Distributions		(0.86	)		(4.09	)		(3.60	)		(1.31	)
Net asset value, end of the period	$	41.95		$	43.61		$	36.37		$	42.63
Total return(c)		(1.50	)%(d)		31.44	%(b)		(6.11	)%		16.78	%(d)
Ratios to Average Net Assets:
Net assets, end of the period (000’s)	$	327		$	654		$	1		$	1
Net expenses(e)		0.84	%(f)		0.83	%		0.76	%		0.78	%(f)(g)
Gross expenses		1.16	%(f)		1.42	%		13.35	%		13.41	%(f)
Net investment income		0.52	%(f)		0.44	%(b)		0.56	%		0.44	%(f)
Portfolio turnover rate		17	%		12	%		23	%		17	%(h)

* From commencement of Class operations on May 1, 2017 through December 31, 2017.

(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.

(g) Effective July 1, 2017, the expense limit decreased from 0.95% to 0.90%.

(h) Represents the Fund’s portfolio turnover rate for the year ended December 31, 2017.

59  | See accompanying notes to financial statements.

Financial Highlights (continued)

For a share outstanding throughout each period.

	Natixis U.S. Equity Opportunities Fund—Class Y
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net asset value, beginning of the period	$	43.56		$	36.33		$	42.61		$	34.77		$	31.61		$	31.18
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.29	(b)		0.20			0.16			0.21			0.15
Net realized and unrealized gain (loss)		(0.90	)		10.99			(2.92	)		9.07			3.59			1.76
Total from Investment Operations		(0.82	)		11.28			(2.72	)		9.23			3.80			1.91
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.26	)		(0.14	)		(0.14	)		(0.19	)		(0.07	)
Net realized capital gains		(0.86	)		(3.79	)		(3.42	)		(1.25	)		(0.45	)		(1.41	)
Total Distributions		(0.86	)		(4.05	)		(3.56	)		(1.39	)		(0.64	)		(1.48	)
Net asset value, end of the period	$	41.88		$	43.56		$	36.33		$	42.61		$	34.77		$	31.61
Total return		(1.57	)%(c)		31.36	%(b)(d)		(6.24	)%		26.60	%		12.13	%		6.11	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	216,638		$	283,864		$	296,255		$	285,008		$	143,231		$	70,643
Net expenses		0.92	%(e)		0.91	%(f)		0.91	%		0.95	%(g)		0.98	%(h)		1.00	%(i)
Gross expenses		0.92	%(e)		0.92	%		0.91	%		0.95	%		0.98	%(h)		1.00	%
Net investment income		0.38	%(e)		0.69	%(b)		0.45	%		0.40	%		0.63	%		0.46	%
Portfolio turnover rate		17	%		12	%		23	%		17	%		17	%		20	%

(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 $0.22, total return would have been 31.16% and the ratio of net investment income to average net assets would have been 0.53%.

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

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

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

(f) 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.

(g) Effective July 1, 2017, the expense limit decreased from 1.00% to 0.95%.

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

(i) Effective July 1, 2015, the expense limit decreased from 1.05% to 1.00%.

See accompanying notes to financial statements. |  60

Notes to Financial Statements

June 30, 2020 (Unaudited)

1.  Organization.   Natixis Funds Trust I and Natixis Funds Trust II (the “Trusts” and each a “Trust”) are each organized as a Massachusetts business trust. Each Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Each Declaration of Trust permits the Board of Trustees to authorize the issuance of an unlimited number of shares of the Trust in multiple series. The financial statements for certain funds of the Trusts are presented in separate reports. The following funds (individually, a “Fund” and collectively, the “Funds”) are included in this report:

Natixis Funds Trust I:

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

Natixis Funds Trust II:

Loomis Sayles Strategic Alpha Fund (the “Strategic Alpha Fund”)

The U.S. Equity Opportunities Fund is a diversified investment company and the Strategic Alpha Fund 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 4.25% for Strategic Alpha Fund and 5.75% for U.S. Equity Opportunities Fund. Class C shares do not pay a front-end sales charge, pay higher Rule 12b-1 fees than Class A shares for ten years (at which point they automatically convert to Class A shares) and may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with 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. 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 fee 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 a Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

61  |

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

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.  Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser or sub-adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser or sub-adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows:

Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Senior loans and collateralized loan obligations are valued at bid prices supplied by an independent pricing service, if available. Equity linked notes are valued using broker-dealer bid prices. Broker-dealer bid prices may be used to value debt, unlisted equity securities, senior loans and collateralized loan obligations where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Forward foreign currency contracts are valued utilizing

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interpolated rates determined based on information provided by an independent pricing service. Futures contracts are valued at the most recent settlement price on the exchange on which the adviser believes that, over time, they are traded most extensively. Centrally cleared swap agreements are valued at settlement prices of the clearing house on which the contracts were traded or prices obtained from broker-dealers. Bilateral credit default swaps are valued based on mid prices (between the bid price and the ask price) supplied by an independent pricing service. Bilateral interest rate swaps are valued based on prices supplied by an independent pricing source. 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. Options on futures contracts are valued using the current settlement price on the exchange on which, over time, they are traded most extensively. Option contracts on foreign indices are priced at the most recent settlement price. Other exchange-traded options are valued at the average of the closing bid and ask quotations on the exchange on which, over time, they are traded most extensively. Over-the-counter (“OTC”) currency options and swaptions are valued at mid prices (between the bid and the ask price) supplied by an independent pricing service, if available. Other OTC option contracts (including currency options and swaptions not priced through an independent pricing service) are valued based on quotations obtained from broker-dealers.

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

Illiquid securities for which market quotations are readily available and have been evaluated by the adviser are considered and classified as fair valued securities pursuant to the Funds’ pricing policies and procedures.

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As of June 30, 2020, securities and other investments of the funds included in net assets were fair valued as follows:

Fund	Securities classified as fair valued		Percentage of Net Assets			Securities fair valued by the Fund’s adviser		Percentage of Net Assets
Strategic Alpha Fund	$	8,944,645		0.8	%	$	5,143,031		0.5	%

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, is 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 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. Periodic principal adjustments for inflation-protected securities are recorded to interest income. Negative principal adjustments (in the event of deflation) are recorded as reductions of interest income to the extent of interest income earned, not to exceed the amount of positive principal adjustments on a cumulative basis. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of the investments or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds’ investments in real estate investment trusts (“REITs”) are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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

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Notes to Financial Statements (continued)

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withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates. Net realized foreign exchange gains or losses and the net change in unrealized foreign exchange gains or losses are disclosed in the Statements of Operations. For federal income tax purposes, net realized foreign exchange gains or losses are characterized as ordinary income, and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.

The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statements of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities. 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.

For the six months ended June 30, 2020, the amount of income available to be distributed has been reduced by the following amounts as a result of losses arising from changes in exchange rates:

Strategic Alpha Fund $ 5,476,755

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.  The Funds may enter into forward foreign currency contracts, including forward foreign cross currency contracts, to acquire exposure to foreign currencies or to hedge the Fund’s investments against currency fluctuation. A contract can also be used to offset a previous contract. These contracts involve market risk in excess of the unrealized 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.

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e.  Futures Contracts.  The Funds may enter into futures contracts. Futures contracts are agreements between two parties to buy and sell a particular instrument or index for a specified price on a specified future date.

When a Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker an amount of cash or short-term high-quality securities as “initial margin.” As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as “variation margin,” are made or received by a Fund, depending on the price fluctuations in the fair value of the contract and the value of cash or securities on deposit with the broker. The aggregate principal amounts of the contracts are not recorded in the financial statements. Daily fluctuations in the value of the contracts are recorded in the Statements of Assets and Liabilities as a receivable (payable) and in the Statements of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses). Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When a Fund enters into a futures contract certain risks may arise, such as illiquidity in the futures market, which may limit a Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates.

Futures contracts are exchange-traded. Exchange-traded futures contracts are standardized and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to the Funds are reduced; however, in the event that a counterparty enters into bankruptcy, a Fund’s claim against initial/variation margin on deposit with the counterparty may be subject to terms of a final settlement in bankruptcy court.

f.  Option Contracts.  The Funds may enter into option contracts. When a Fund purchases an option, it pays a premium and the option is subsequently marked-to-market to reflect current value. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised are added to the cost or deducted from the proceeds on the underlying instrument to determine the realized gain or loss. If the 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 options is limited to the premium paid.

When a Fund writes an 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. Net premiums received for written options which expire are treated as realized gains. Net premiums received for written options which are exercised are deducted from the cost or added to the proceeds on the underlying instrument to

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determine the realized gain or loss. If the Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid on effecting a closing purchase transaction, including commissions, is treated as a realized gain or, if the net premium received is less than the amount paid, as a realized loss. The Fund, as writer of a written option, bears the risk of an unfavorable change in the market value of the instrument or index underlying the written option.

Exchange-traded options 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. OTC options are subject to the risk that the counterparty is unable or unwilling to meet its obligations under the option.

g.  Swaptions.  The Funds may enter into interest rate swaptions. An interest rate swaption gives the holder the right, but not the obligation, to enter into or cancel an interest rate swap agreement at a future date. Interest rate swaptions may be either purchased or written. The buyer of an interest rate swaption may purchase either the right to receive a fixed rate in the underlying swap (known as a “receiver swaption”) or to pay a fixed rate (known as a “payer swaption”), based on the notional amount of the swap agreement, in exchange for a floating rate. The notional amounts of swaptions are not recorded in the financial statements.

When a Fund purchases an interest rate swaption, it pays a premium and the swaption is subsequently marked-to-market to reflect current value. Premiums paid for purchasing interest rate swaptions which expire are treated as realized losses. Premiums paid for purchasing interest rate swaptions which are exercised are added to the cost or deducted from the proceeds on the underlying swap to determine the realized gain or loss. If 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 interest rate swaptions is limited to the premium paid.

When a Fund writes an interest rate swaption, an amount equal to the premium received is recorded as a liability and is subsequently adjusted to the current value. Premiums received for written interest rate swaptions which expire are treated as realized gains. Premiums received for written interest rate swaptions which are exercised are deducted from the cost or added to the proceeds on the underlying swap to determine the realized gain or loss. If a Fund enters into a closing purchase transaction, the difference between the premium received and any amount paid on effecting a closing purchase transaction, including commission, is treated as a realized gain or, if the premium received is less than the amount paid, as a realized loss. A Fund, as writer of a written interest rate swaption, bears the risk of an unfavorable change in the market value of the swap underlying the written interest rate swaption.

OTC interest rate swaptions are subject to the risk that the counterparty is unable or unwilling to meet its obligations under the swaption.

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There were no swaptions held by the Funds as of June 30, 2020.

h.  Swap Agreements.  The Funds may enter into credit default and interest rate swaps. A credit default swap is an agreement between two parties (the “protection buyer” and “protection seller”) to exchange the credit risk of an issuer (“reference obligation”) for a specified time period. The reference obligation may be one or more debt securities or an index of such securities. The Funds may be either the protection buyer or the protection seller. As a protection buyer, the Funds have the ability to hedge the downside risk of an issuer or group of issuers. As a protection seller, the Funds have the ability to gain exposure to an issuer or group of issuers whose bonds are unavailable or in short supply in the cash bond market, as well as realize additional income in the form of fees paid by the protection buyer. The protection buyer is obligated to pay the protection seller a stream of payments (“fees”) over the term of the contract, provided that no credit event, such as a default or a downgrade in credit rating, occurs on the reference obligation. The Funds may also pay or receive upfront premiums. If a credit event occurs, the protection seller must pay the protection buyer the difference between the agreed upon notional value and market value of the reference obligation. Market value in this case is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the value. The maximum potential amount of undiscounted future payments that a Fund as the protection seller could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement.

Implied credit spreads, represented in absolute terms, are disclosed in the Portfolio of Investments for those agreements for which the Fund is the protection seller. Implied credit spreads serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

An interest rate swap is an agreement with another party to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) to protect themselves from interest rate fluctuations. This type of swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to a specified interest rate(s) for a specified notional amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

The notional amounts of swap agreements are not recorded in the financial statements. Swap agreements are valued daily, and fluctuations in value are recorded

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Notes to Financial Statements (continued)

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in the Statements of Operations as change in unrealized appreciation (depreciation) on swap agreements. Fees are accrued in accordance with the terms of the agreement and are recorded as part of unrealized appreciation (depreciation) on swap agreements. When received or paid, fees are recorded in the Statements of Operations as realized gain or loss. Upfront premiums paid or received by the Funds are amortized or accreted over the term of the agreement and recorded as realized gain or loss. Payments made or received by the Funds as a result of a credit event or termination of the agreement are recorded as realized gain or loss.

Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract or centrally cleared (“centrally cleared swaps”). Bilateral swap agreements are traded between counterparties and, as such, are subject to the risk that a party to the agreement will not be able to meet its obligations. In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and the Funds face the CCP through a broker. Upon entering into a centrally cleared swap, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Subsequent payments, known as “variation margin,” are made or received by the Funds based on the daily change in the value of the centrally cleared swap agreement. For centrally cleared swaps, the Funds’ counterparty credit risk is reduced as the CCP stands between the Funds and the counterparty. The Funds cover their net obligations under outstanding swap agreements by segregating or earmarking cash or securities.

i.  Due to/from Brokers.  Transactions and positions in certain options, futures, forward foreign currency contracts and swap agreements are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between the Funds and the various broker/dealers. The due from brokers balance in the Statements of Assets and Liabilities for Strategic Alpha Fund represents cash pledged as collateral for forward foreign currency contracts, options, bilateral swap agreements and as initial margin for futures contracts and centrally cleared swap agreements. The due to brokers balance in the Statements of Assets and Liabilities for Strategic Alpha Fund represents cash received as collateral for forward foreign currency contracts. In certain circumstances the Fund’s use of cash, securities and/or foreign currency held at brokers is restricted by regulation or broker mandated limits.

j.  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, 2020 and has concluded that no provisions for income tax are required. The Funds’

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federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the 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 eligible to be reclaimed. Dividends and interest receivable on the Statements of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes where reclaims have been or will be filed are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

k.  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as paydown gains and losses, partnership basis adjustments, capital gains taxes, defaulted and/or non-income producing securities, swap adjustments, foreign currency gains and losses, convertible bond adjustments, distribution redesignations and premium amortization. Permanent book and tax basis differences relating to shareholder distributions, net investment income and net realized gains will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, premium amortization, trust preferred securities, partnership basis adjustments, defaulted and/or non-income producing securities, swap adjustments, wash sales, convertible bond adjustments, forward foreign currency contract mark-to-market, straddle loss deferrals and corporate actions. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times

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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 net realized short-term capital gains are reported as 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, 2019 was as follows:

	2019 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Strategic Alpha Fund	$	45,024,232	$	—	$	45,024,232
U.S. Equity Opportunities Fund		6,527,175		95,958,074		102,485,249

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, 2019, capital loss carryforwards and late-year ordinary and post-October capital loss deferrals were as follows:

	Strategic Alpha Fund			U.S. Equity Opportunities Fund
Capital loss carryforward:
Short-term:
No expiration date	$	(32,119,936	)	$	—
Long-term:
No expiration date		(18,331,675	)		—
Total capital loss carryforward	$	(50,451,611	)	$	—
Late-year ordinary and post-October capital loss deferrals*	$	(2,056,475	)	$	—

* 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. Strategic Alpha Fund is deferring foreign currency losses.

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As of June 30, 2020, unrealized appreciation (depreciation) on a tax basis was approximately as follows:

	Strategic Alpha Fund			U.S. Equity Opportunities Fund
Unrealized appreciation (depreciation)
Investments	$	(33,203,770	)	$	198,340,341
Foreign currency translations		(34,207,122	)		—
Total unrealized appreciation (depreciation)	$	(67,410,892	)	$	198,340,341

As of June 30, 2020, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:

	Strategic Alpha Fund			U.S. Equity Opportunities Fund
Federal tax cost	$	1,098,598,855		$	632,419,009
Gross tax appreciation	$	49,422,835		$	261,507,576
Gross tax depreciation		(116,795,213	)		(63,167,235	)
Net tax appreciation (depreciation)	$	(67,372,378	)	$	198,340,341

The difference between these amounts and those reported in the preceding table are primarily attributable to foreign currency mark-to-market.

Amounts in the tables 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.

l.  Senior Loans.  Strategic Alpha Fund may invest in senior loans to corporate, governmental or other borrowers. Senior loans, which include both secured and unsecured loans made by banks and other financial institutions to corporate customers, typically hold the most senior position in a borrower’s capital structure, may be secured by the borrower’s assets and have interest rates that reset frequently. Senior Loans can include term loans, revolving credit facility loans and second lien loans. A senior loan is often administered by a bank or other financial institution that acts as agent for all holders. The agent administers the terms of the senior loan, as specified in the loan agreement. Large loans may be shared or syndicated among several lenders. The Fund may enter into the primary syndicate for a loan or it may also purchase all or a portion of loans from other lenders (sometimes referred to as loan assignments), in either case becoming a direct lender. Senior loans outstanding at the end of the period are listed in the Fund’s Portfolio of Investments.

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m.  Loan Participations.  Strategic Alpha Fund’s investments in senior loans may be in the form of participations in loans. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the party from whom the Fund has purchased the participation and only upon receipt by that party of payments from the borrower. The Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement or to vote on matters arising under the loan agreement. Thus, the Fund may be subject to credit risk from both the party from whom it purchased the loan participation and the borrower. Additionally, the Fund may have minimal control over the terms of any loan modification. Loan participations outstanding at the end of the period, are listed in the Fund’s Portfolio of Investments.

n.  Collateralized Loan Obligations.  Strategic Alpha Fund may invest in collateralized loan obligations (“CLOs”). A CLO is a type of asset-backed security designed to redirect the cash flows from a pool of leveraged loans to investors based on their risk preferences. Cash flows from a CLO are split into two or more portions, called tranches, varying in risk and yield. The risk of an investment in a CLO depends largely on the type of the collateralized securities and the class of the instrument in which the Fund invests. The intent of the Funds when investing in CLOs is to purchase only higher level, investment grade level select tranches. CLOs outstanding at the end of the period are listed in the Fund’s Portfolio of Investments.

o.  Equity Linked Notes.  Strategic Alpha Fund may invest in equity linked notes. An equity linked note is a structured product that differs from a standard debt instrument where the cash payouts will be based on the return of an underlying equity. An equity linked note is typically purchased at a full nominal amount and includes a coupon with an enhanced yield relative to the dividend yield of the underlying security. At maturity the Fund will receive a redemption amount based on the final price of the underlying equity. The risk of investment in an equity linked note depends on the principal protection offered. Some equity linked notes may guarantee total principal or partial principal amounts while others may not provide any guarantee of principal. The maturity value may also be impacted to the extent of any limit on the return value as part of the note structure. Equity linked notes outstanding at the end of the period, if any, are listed in the Fund’s Portfolio of Investments.

p.  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

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a Fund’s ability to dispose of the underlying securities. As of June 30, 2020, 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.

q.  When-Issued and Delayed Delivery Transactions.  The Funds may enter into when-issued or delayed delivery transactions. When-issued refers to transactions made conditionally because a security, although authorized, has not been issued. Delayed delivery refers to transactions for which delivery or payment will occur at a later date, beyond the normal settlement period. The price of when-issued and delayed delivery securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The security and the obligation to pay for it are recorded by the Funds at the time the commitment is entered into. The value of the security may vary with market fluctuations during the time before the Funds take delivery of the security. No interest accrues to the Funds until the transaction settles.

Delayed delivery transactions include those designated as To Be Announced (“TBAs”) in the Portfolios of Investments. For TBAs, the actual security that will be delivered to fulfill the transaction is not designated at the time of the trade. The security is “to be announced” 48 hours prior to the established trade settlement date. Certain transactions require the Funds or counterparty to post cash and/or securities as collateral for the net mark-to-market exposure to the other party. The Funds cover their net obligations under outstanding delayed delivery commitments by segregating or earmarking cash or securities at the custodian.

Purchases of when-issued or delayed delivery securities may have a similar effect on the Funds’ NAV as if the Funds’ had created a degree of leverage in the portfolio. Risks may arise upon entering into such transactions from the potential inability of counterparties to meet their obligations under the transactions. Additionally, losses may arise due to changes in the value of the underlying securities.

There were no when-issued or delayed delivery securities held by the Funds as of June 30, 2020.

r.  Stripped Securities.  Each Fund may invest in stripped securities, which are usually structured with two or more classes that receive different proportions of the interest and principal distribution on a pool of U.S. or foreign government securities or mortgage assets. In some cases, one class will receive all of the interest (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Stripped securities commonly have greater market volatility than other types of fixed-income securities. In the case of stripped mortgage securities, if the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may fail to recoup fully its investments in IOs.

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

For the six months ended June 30, 2020, the Funds did not loan securities under this agreement.

t.  Unfunded Loan Commitments.  The Funds may enter into unfunded loan commitments, which are contractual obligations for future funding at the option of the borrower. Unfunded loan commitments represent a future obligation, in full, even though a percentage of the committed amount may not be utilized by the borrower. Unfunded loan commitments, and the obligation for future funding, are recorded as a liability on the Statements of Assets and Liabilities at par value at the time the commitment is entered into. Purchases of unfunded loan commitments may have a similar effect on the Fund’s NAV as if the Fund had created a degree of leverage in the portfolio. Market risk exists with these commitments to the same extent as if the securities were owned on a settled basis. Losses may arise due to changes in the value of the unfunded loan commitments.

As of June 30, 2020, the Funds did not have any unfunded loan commitments.

u.  Indemnifications.  Under the Trusts’ organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

v.  New Accounting Pronouncement.  In March 2020, the Financial Accounting Standards Board issued Accounting Standard Update 2020-04, Reference Rate Reform

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(Topic 848) (“ASU 2020-04”). In response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of the London Interbank Offered Rate (“LIBOR”), which is expected to occur no later than December 31, 2021, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides temporary guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 amendments offer optional expedients for contract modifications that would allow an entity to account for such modifications by prospectively adjusting the effective interest rate, instead of evaluating each contract, in accordance with existing accounting standards, as to whether reference rate modifications constitute the establishment of new contracts or the continuation of existing contracts. ASU 2020-04 amendments are currently effective and an entity may elect to apply its provisions as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020. No Fund contracts have yet been impacted by reference rate reform. Management expects to apply the optional expedients when appropriate.

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 and procedures are recommended by the adviser and approved by the Board of Trustees. Debt securities are valued based on evaluated bids furnished to the Funds by an independent pricing service. Broker-dealer bid prices may be used if an independent pricing service either is unable to price a security or does

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not provide a reliable price for a security. The Funds’ adviser may use internally developed models to validate broker-dealer bid prices that are only available from a single broker or market maker. Such securities are considered and classified as fair valued. Broker-dealer bid prices for which the Funds do not have knowledge of the inputs used by the broker-dealer are categorized in Level 3. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Funds’ adviser pursuant to procedures approved by the Board of Trustees. Fair valued securities may be categorized in Level 3.

The following is a summary of the inputs used to value the Funds’ investments as of June 30, 2020, at value:

Strategic Alpha Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	—	$	82,207,978	$	1,120,773	(b)	$	83,328,751
ABS Other		—		54,868,995		1,410,371	(c)(d)		56,279,366
Non-Agency Commercial Mortgage-Backed Securities		—		37,359,831		1,623,134	(b)		38,982,965
All Other Non-Convertible Bonds(a)		—		655,511,025		—			655,511,025
Total Non-Convertible Bonds		—		829,947,829		4,154,278			834,102,107
Convertible Bonds(a)		—		16,569,808		—			16,569,808
Total Bonds and Notes		—		846,517,637		4,154,278			850,671,915
Senior Loans(a)		—		5,742,123		—			5,742,123
Collateralized Loan Obligations		—		54,009,766		—			54,009,766
Loan Participations(a)		—		—		480,319	(b)		480,319
Common Stocks
Chemicals		—		978,614		—			978,614
Oil, Gas & Consumable Fuels		505,305		���		5,474	(b)		510,779
Textiles, Apparel & Luxury Goods		635,070		624,274		—			1,259,344
Other Common Stocks(a)		19,496,884		—		—			19,496,884
Total Common Stocks		20,637,259		1,602,888		5,474			22,245,621

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June 30, 2020 (Unaudited)

Strategic Alpha Fund (continued)

Asset Valuation Inputs (continued)

Description	Level 1			Level 2			Level 3			Total
Preferred Stocks
Convertible Preferred Stocks
Banking	$	1,088,524		$	—		$	—		$	1,088,524
Food & Beverage		—			3,770,663			—			3,770,663
Midstream		103,547			—			—	(d)		103,547
Total Convertible Preferred Stocks		1,192,071			3,770,663			—			4,962,734
Non-Convertible Preferred Stocks(a)		—			4,050,100			—			4,050,100
Total Preferred Stocks		1,192,071			7,820,763			—			9,012,834
Other Investments(a)		—			—			1,129,500	(b)		1,129,500
Short-Term Investments		—			88,949,977			—			88,949,977
Total Investments		21,829,330			1,004,643,154			5,769,571			1,032,242,055
Centrally Cleared Credit Default Swap Agreements (unrealized appreciation)		—			4,132,630			—			4,132,630
Forward Foreign Currency Contracts (unrealized appreciation)		—			572,526			—			572,526
Total	$	21,829,330		$	1,009,348,310		$	5,769,571		$	1,036,947,211
Liability Valuation Inputs
Description	Level 1			Level 2			Level 3			Total
Written Options(a)	$	(102,801	)	$	—		$	—		$	(102,801	)
Bilateral Credit Default Swap Agreements (unrealized depreciation)		—			(1,616,444	)		—			(1,616,444	)
Centrally Cleared Interest Rate Swap Agreements (unrealized depreciation)		—			(944,793	)		—			(944,793	)
Forward Foreign Currency Contracts (unrealized depreciation)		—			(3,161,594	)		—			(3,161,594	)
Futures Contracts (unrealized depreciation)		(2,840	)		—			—			(2,840	)
Total	$	(105,641	)	$	(5,722,831	)	$	—		$	(5,828,472	)

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

(b) Fair valued by the Fund’s adviser.

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(c) Fair valued by the Fund’s adviser using a broker dealer bid price provided by a single market maker ($783,831) or valued using broker-dealer bid prices ($626,540).

(d) Includes securities fair valued at zero by the Fund’s adviser using level 3 inputs.

U.S. Equity Opportunities Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	807,604,665	$	—	$	—	$	807,604,665
Short-Term Investments		—		23,154,685		—		23,154,685
Total	$	807,604,665	$	23,154,685	$	—	$	830,759,350

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

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of December 31, 2019 and/or June 30, 2020:

Strategic Alpha Fund

Asset Valuation Inputs

Investments in Securities	Balance as of December 31, 2019			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	801,522		$	—	$	5,345		$	(30,775	)	$	—
ABS Other		2,337,230	(a)		—		28			(1,831,035	)		122,937
Independent Energy		523,200	(a)		22,686		(1,472,185	)		926,299			—
Non-Agency Commercial Mortgage-Backed Securities		2,770,066			—		—			(1,146,932	)		—
Collateralized Loan Obligations		475,000			—		—			—			—
Loan Participations
ABS Other		—			91		14,429			(598,152	)		—
Common Stocks
Oil, Gas & Consumable Fuels		-	(a)		—		(439,289	)		436,379			—
Preferred Stocks
Midstream		293,900			—		—			(293,900	)		—
Other Investments
Aircraft ABS		7,776,000			—		—			(6,646,500	)		—
Equity Linked Notes		688,113			—		36,124			(30,859	)		—
Total	$	15,665,031		$	22,777	$	(1,855,548	)	$	(9,215,475	)	$	122,937

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Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of June 30, 2020			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at June 30, 2020
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	(237,425	)	$	582,106	$	—		$	1,120,773		$	(25,782	)
ABS Other		(81,328	)		862,539		—			1,410,371	(a)		(1,831,035	)
Independent Energy		—			—		—			—			—
Non-Agency Commercial Mortgage-Backed Securities		—			—		—			1,623,134			(1,146,932	)
Collateralized Loan Obligations		—			—		(475,000	)		—			—
Loan Participations
ABS Other		(3,939,608	)		5,003,559		—			480,319			(598,152	)
Common Stocks
Oil, Gas & Consumable Fuels		—			8,384		—			5,474			(2,910	)
Preferred Stocks
Midstream		—			—		—			—	(a)		(293,900	)
Other Investments
Aircraft ABS		—			—		—			1,129,500			(6,646,500	)
Equity Linked Notes		(693,378	)		—		—			—			—
Total	$	(4,951,739	)	$	6,456,588	$	(475,000	)	$	5,769,571		$	(10,545,211	)

(a) Includes securities fair valued at zero using level 3 inputs.

A debt security valued at $582,106 was transferred from Level 2 to Level 3 during the period ended June 30, 2020. At December 31, 2019, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At June 30, 2020, this security was valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service did not provide a reliable price for the security.

A debt security valued at $862,539 was transferred from Level 2 to Level 3 during the period ended June 30, 2020. At December 31, 2019, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At June 30, 2020, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the securities.

A debt security valued at $5,003,559 was transferred from Level 2 to Level 3 during the period ended June 30, 2020. At December 31, 2019, this security was valued at a bid

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price furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At June 30, 2020, this security was valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service did not provide a reliable price for the security.

A debt security valued at $475,000 was transferred from Level 3 to Level 2 during the period ended June 30, 2020. At December 31, 2019, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the security. At June 30, 2020 this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

A common stock valued at $8,384 was transferred from Level 1 to Level 3 during the period ended June 30, 2020. At December 31, 2019, this security was valued at the market price in accordance with the Fund’s valuation policies. At June 30,2020, this security was valued at fair value as determined in good faith by the Fund’s investment adviser as an independent pricing service was unable to price the security.

4.  Derivatives.  Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that Strategic Alpha Fund used during the period include forward foreign currency contracts, futures contracts, option contracts and swap agreements.

Strategic Alpha Fund seeks to achieve positive total returns over a full market cycle. The Fund pursues its objective by utilizing a flexible investment approach that allocates investments across a global range of investment opportunities related to credit, currencies and interest rates, while employing risk management techniques to mitigate downside risk. At times, the Fund expects to gain its investment exposure substantially through the use of derivatives, including forward foreign currency contracts, futures and option contracts, interest rate swaptions and swap agreements. During the six months ended June 30, 2020, the Fund used futures, forward foreign currency contracts, option contracts, interest rate swap agreements and credit default swap agreements (as a protection seller) to gain investment exposures in accordance with its objective.

Strategic Alpha Fund is subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may enter into forward foreign currency exchange contracts and option contracts for hedging purposes to protect the value of the Fund’s holdings of foreign securities. During the six months ended June 30, 2020, the Fund engaged in forward foreign currency contracts for hedging purposes.

Strategic Alpha Fund is subject to the risk that companies in which the Fund invests will fail financially or otherwise be unwilling or unable to meet their obligations to the

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Fund. The Fund may use credit default swaps, as a protection buyer, to hedge its credit exposure to issuers of bonds it holds without having to sell the bonds. During the six months ended June 30, 2020, the Fund engaged in credit default swap agreements (as a protection buyer) to hedge its credit exposure.

Strategic Alpha 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 and interest rate swap agreements 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, 2020, the Fund engaged in interest rate swap agreements for hedging purposes.

Strategic Alpha Fund is subject to the risk of unpredictable declines in the value of individual equity securities and periods of below-average performance in individual securities or in the equity market as a whole. The Fund may use futures contracts, purchased put options and written call options to hedge against a decline in value of an equity security that it owns. The Fund may also write put options to offset the cost of options used for hedging purposes. During the six months ended June 30, 2020, the Fund engaged in futures and option contracts for hedging purposes.

The following is a summary of derivative instruments for Strategic Alpha Fund as of June 30, 2020, as reflected within the Statements of Assets and Liabilities:

Assets	Unrealized appreciation on forward foreign currency contracts		Swap agreements at value1		Total
Over-the-counter asset derivatives
Foreign exchange contracts	$	572,526	$	—	$	572,526
Credit contracts		—		581,705		581,705
Total over-the counter asset derivatives	$	572,526	$	581,705	$	1,154,231
Total asset derivatives	$	572,526	$	581,705	$	1,154,231

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Liabilities	Options written at value			Unrealized depreciation on forward foreign currency contracts			Unrealized depreciation on futures contracts2		��	Swap agreements at value1			Total
Over-the-counter liability derivatives
Foreign exchange contracts	$	—		$	(3,161,594	)	$	—		$	—		$	(3,161,594	)
Credit contracts		—			—			—			(675,491	)		(675,491	)
Total over-the counter liability derivatives	$	—		$	(3,161,594	)	$	—		$	(675,491	)	$	(3,837,085	)
Exchange-traded/cleared liability derivatives
Interest rate contracts	$	—		$	—		$	(2,840	)	$	(943,318	)	$	(946,158	)
Credit contracts		—			—			—			(532,375	)		(532,375	)
Equity contracts		(102,801	)		—			—			—			(102,801	)
Total exchange-traded/cleared liability derivatives	$	(102,801	)	$	—		$	(2,840	)	$	(1,475,693	)	$	(1,581,334	)
Total liability derivatives	$	(102,801	)	$	(3,161,594	)	$	(2,840	)	$	(2,151,184	)	$	(5,418,419	)

¹  Represents swap agreements, at value. Market value of swap agreements is reported in the Portfolio of Investments along with the unamortized upfront premium paid (received), if any, and unrealized appreciation (depreciation) on each individual contract. Unrealized appreciation (depreciation) and upfront premiums paid (received) for bilateral swap agreements are reported within the Statements of Assets and Liabilities.

² Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day’s variation margin on futures contracts is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

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Transactions in derivative instruments for Strategic Alpha Fund during the six months ended June 30, 2020, as reflected within the Statements of Operations were as follows:

Net Realized Gain (Loss) on:	Investments3			Futures contracts		Options written			Swap agreements			Forward foreign currency contracts
Interest rate contracts	$	—		$	5,071,738	$	—		$	2,168		$	—
Foreign exchange contracts		—			—		—			—			3,694,970
Credit contracts		—			—		—			2,269,988			—
Equity contracts		(94,053	)		1,579,104		46,838			—			—
Total	$	(94,053	)	$	6,650,842	$	46,838		$	2,272,156		$	3,694,970
Net Change in Unrealized Appreciation (Depreciation) on:	Investments3			Futures contracts		Options written			Swap agreements			Forward foreign currency contracts
Interest rate contracts	$	—		$	372	$	—		$	(87,385	)	$	—
Foreign exchange contracts		—			—		—			—			(1,483,978	)
Credit contracts		—			—		—			1,862,641			—
Equity contracts		21,464			—		(2,379	)		—			—
Total	$	21,464		$	372	$	(2,379	)	$	1,775,256		$	(1,483,978	)

³   Represents realized loss and change in unrealized appreciation (depreciation), respectively, for purchased options during the period.

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

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The volume of forward foreign currency contract, futures contract and swap agreement activity, as a percentage of net assets for Strategic Alpha Fund, based on gross month-end notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the six months ended June 30, 2020:

Strategic Alpha Fund	Forwards			Futures			Credit Default Swaps			Interest Rate Swaps
Average Notional Amount Outstanding		15.04	%		2.92	%		8.62	%		0.46	%
Highest Notional Amount Outstanding		25.04	%		3.68	%		13.60	%		1.76	%
Lowest Notional Amount Outstanding		5.57	%		1.45	%		6.52	%		0.00	%
Notional Amount Outstanding as of June 30, 2020		8.22	%		1.45	%		13.36	%		1.76	%

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

The volume of option contract activity, as a percentage of net assets for Strategic Alpha Fund, based on the month-end market values of instruments underlying purchased and written options, at absolute value, was as follows for the six months ended June 30, 2020:

Strategic Alpha Fund	Put Options Purchased*			Call Options Written*
Average Market Value of Underlying Instruments		1.23	%		0.35	%
Highest Market Value of Underlying Instruments		4.18	%		0.55	%
Lowest Market Value of Underlying Instruments		0.00	%		0.23	%
Market Value of Underlying Instruments as of June 30, 2020		0.00	%		0.55	%

* Market value of underlying instruments is determined as follows: for securities by multiplying option shares by the price of the option’s underlying security, for currencies by multiplying par value by the strike price and dividing by the foreign currency exchange rate, for foreign indices by multiplying the number of contracts by the contract multiplier by the price of the underlying index and dividing by the foreign currency exchange rate and for futures by multiplying the number of contracts by the contract multiplier by the price of the underlying futures contract.

Amounts outstanding at the end of the prior period are included in the average amount outstanding.

Over-the-counter derivatives, including forward foreign currency contracts and swap agreements, are entered into pursuant to International Swaps and Derivatives Association, Inc. (“ISDA”) agreements negotiated between the Funds and their

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Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

counterparties. ISDA agreements typically contain, among other things, terms for the posting of collateral and master netting provisions in the event of a default or other termination event. Collateral is posted by a Fund or the counterparty to the extent of the net mark-to-market exposure to the other party of all open contracts under the agreement, subject to minimum transfer requirements. Master netting provisions allow the Funds and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative contracts, including any posted collateral, to one net amount payable by either the Funds or the counterparty. The Funds’ ISDA agreements typically contain provisions that allow a counterparty to terminate open contracts early if the NAV of a Fund declines beyond a certain threshold. For financial reporting purposes, the Funds do not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities.

As of June 30, 2020, gross amounts of over-the-counter derivative assets and liabilities not offset in the Statements of Assets and Liabilities and the related net amounts after taking into account master netting arrangements, by counterparty, are as follows:

Strategic Alpha Fund

Counterparty	Gross Amounts of Assets			Offset Amount			Net Asset Balance			Collateral (Received)/ Pledged			Net Amount
Bank of America, N.A.	$	581,705		$	(171,645	)	$	410,060		$	(410,060	)	$	—
Deutsche Bank AG		6,376			—			6,376			—			6,376
Morgan Stanley Capital Services, Inc.		11,069			(11,069	)		—			—			—
Standard Chartered Bank		7,390			(7,390	)		—			—			—
UBS AG		547,691			(547,691	)		—			—			—
	$	1,154,231		$	(737,795	)	$	416,436		$	(410,060	)	$	6,376
Counterparty	Gross Amounts of Liabilities			Offset Amount			Net Liability Balance			Collateral (Received)/ Pledged			Net Amount
Bank of America, N.A.	$	(171,645	)	$	171,645		$	—		$	—		$	—
Barclays Bank PLC		(73,114	)		—			(73,114	)		—			(73,114	)
HSBC Bank USA		(24,330	)		—			(24,330	)		—			(24,330	)
JPMorgan		(199,105	)		—			(199,105	)		—			(199,105	)
Morgan Stanley Capital Services, Inc.		(2,414,843	)		11,069			(2,403,774	)		2,403,774			—
Standard Chartered Bank		(192,509	)		7,390			(185,119	)		—			(185,119	)
UBS AG		(761,539	)		547,691			(213,848	)		130,000			(83,848	)
	$	(3,837,085	)	$	737,795		$	(3,099,290	)	$	2,533,774		$	(565,516	)

|  86

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

The actual collateral received or pledged, if any, may exceed the amounts shown in the table due to over collateralization. Timing differences may exist between when contracts under the ISDA agreements are marked-to-market and when collateral moves. The ISDA agreements include tri-party control agreements under which collateral is held for the benefit of the secured party at a third party custodian, State Street Bank.

Counterparty risk is managed based on policies and procedures established by each Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. A Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the Fund’s aggregated unrealized gains and the amount of any collateral pledged to the counterparty, which may be offset by any collateral posted to the Fund by the counterparty. ISDA master agreements can help to manage counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under these ISDA agreements, collateral is routinely transferred if the total net exposure in respect of certain transactions, net of existing collateral already in place, exceeds a specified amount (typically $250,000, depending on the counterparty). With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearing house, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers are required to segregate customer margin 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 clients, 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. Based on balances reflected on each Fund’s Statement of Assets and Liabilities, the following table shows (i) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties (including OTC derivative counterparties and brokers holding margin for exchange-traded derivatives) to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund, and (ii) the amount of loss that the Fund would incur after taking into account master netting provisions pursuant to ISDA agreements, as of June 30, 2020:

Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
Strategic Alpha Fund	$	39,741,685	$	36,060,056

87  |

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

Net loss amount reflects securities received as collateral of $495,789, which is recorded on the Statements of Assets and Liabilities. Securities received as collateral are valued in accordance with the Fund’s valuation policies.

5.  Purchases and Sales of Securities.  For the six months ended June 30, 2020, purchases and sales of securities (excluding short-term investments and option/swaption contracts and including paydowns) were as follows:

	U.S. Government/Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Strategic Alpha Fund	$	1,978,137,685	$	1,978,781,831	$	580,069,793	$	810,692,063
U.S. Equity Opportunities Fund		—		—		141,667,509		266,749,558

6.   Management Fees and Other Transactions with Affiliates.  

a.  Management Fees.  Natixis Advisors, L.P. (“Natixis Advisors”) serves as investment adviser to U.S. Equity Opportunities Fund. Natixis Advisors is a wholly-owned subsidiary of Natixis Investment Managers, LLC (“Natixis”), which is part of Natixis Investment Managers, an international asset management group based in Paris, France.

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

Natixis Advisors has entered into subadvisory agreements for the Fund as listed below.

U.S. Equity Opportunities Fund	Harris Associates L.P. (“Harris”)
	Loomis, Sayles & Company, L.P. (“Loomis Sayles”)

Loomis Sayles is a limited partnership whose sole general partner, Loomis, Sayles & Company, Inc., is indirectly owned by Natixis. Harris is a wholly-owned subsidiary of Natixis.

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

Fund	Subadviser		Percentage of Average Daily Net Assets
U.S. Equity Opportunities Fund
Large Cap Value Segment		Harris		0.52	%
All Cap Growth Segment		Loomis Sayles		0.35	%

|  88

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

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

Loomis Sayles is the investment adviser to Strategic Alpha Fund. Under the terms of the management agreement, the Fund pays a management fee at the annual rate of 0.60% of the first $1.25 billion and 0.55% in excess of $1.25 billion of the Fund’s average daily net assets, calculated daily and payable monthly.

Natixis Advisors and Loomis Sayles have given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until April 30, 2021, 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, 2020, 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
Strategic Alpha Fund		1.00	%		1.75	%		0.70	%		0.75	%
U.S. Equity Opportunities Fund		1.20	%		1.95	%		0.90	%		0.95	%

Natixis Advisors and Loomis Sayles shall be permitted to recover expenses borne under the expense limitation agreements (whether through waiver of management fees or otherwise) on a class by class basis in later periods to the extent the annual operating expenses of a class fall below a class’ expense limits, 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, 2020, the management fees for each Fund were as follows:

Fund	Gross Management Fees		Percentage of Average Daily Net Assets
Strategic Alpha Fund	$	3,471,713		0.60	%
U.S. Equity Opportunities Fund		3,186,374		0.75	%

89  |

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

No expenses were recovered for either Fund during the six months ended June 30, 2020 under the terms of the expense limitation agreements.

b.  Service and Distribution Fees.  Natixis Distribution, L.P. (“Natixis Distribution”), which is a wholly-owned subsidiary of Natixis, 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 Fund’s Class A shares, as reimbursement for expenses incurred by Natixis Distribution in providing personal services to investors in Class A shares and/or the maintenance of shareholder accounts.

Under the Class C 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 Fund’s Class C shares, as compensation for services provided by Natixis Distribution in providing personal services to investors in Class C shares and/or the maintenance of shareholder accounts.

Also under the Class C Plans, each Fund pays Natixis Distribution a monthly distribution fee at the annual rate of 0.75% of the average daily net assets attributable to the Fund’s Class C shares, as compensation for services provided by Natixis Distribution in connection with the marketing or sale of Class C shares.

For the six months ended June 30, 2020, the service and distribution fees for each Fund were as follows:

	Service Fees				Distribution Fees
Fund	Class A		Class C		Class C
Strategic Alpha Fund	$	45,114	$	18,530	$	55,591
U.S. Equity Opportunities Fund		684,083		83,319		249,956

c.  Administrative Fees.  Natixis Advisors provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trust 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 Trust, 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 Trust of $10 million, which is reevaluated on an annual basis.

|  90

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

For the six months ended June 30, 2020, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Strategic Alpha Fund	$	257,765
U.S. Equity Opportunities Fund		188,856

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, 2020, 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
Strategic Alpha Fund	$	206,135
U.S. Equity Opportunities Fund		206,889

As of June 30, 2020, 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
Strategic Alpha Fund	$	189
U.S. Equity Opportunities Fund		1,999

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.

91  |

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

e.  Commissions.  Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the six months ended June 30, 2020 were as follows:

Fund	Commissions
Strategic Alpha Fund	$	96
U.S. Equity Opportunities Fund		13,039

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 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 $199,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee, the chairperson of the Audit Committee and the chairperson of the Governance Committee each receive an additional retainer fee at the annual rate of $20,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

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

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

|  92

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

g.  Reimbursement of Transfer Agent Fees and Expenses.  Natixis Advisors has given a binding contractual undertaking to U.S. Equity Opportunities Fund to reimburse any and all transfer agency expenses for the Fund’s Class N shares. This undertaking is in effect through April 30, 2021 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended June 30, 2020, Natixis Advisors reimbursed the Fund $735 for transfer agency expenses.

h.  Affiliated Ownership.  As of June 30, 2020, the Loomis Sayles Employees’ Profit Sharing Retirement Plan held shares of Strategic Alpha Fund representing 0.25% of the Fund’s net assets.

Investment activities of affiliated shareholders could have material impacts on the Fund.

i.  Interfund Transactions.  A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common Trustees. For the six months ended June 30, 2020, U.S. Equity Opportunities Fund engaged in purchase transactions of $16,443 with an affiliate of Natixis in compliance with Rule 17a-7 of the 1940 Act pursuant to procedures adopted by the Board of Trustees.

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

For the six months ended June 30, 2020, 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
Strategic Alpha Fund	$	10,664	$	4,343	$	1,086	$	203,946
U.S. Equity Opportunities Fund		230,511		28,037		735		98,359

8.  Line of Credit.  Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, entered into a $400,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 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

93  |

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

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 an arrangement fee, an upfront fee, and certain other 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 and/or miscellaneous expenses 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, 2020, neither Fund had borrowings under this agreement.

9.  Risk.  Each Fund’s investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks. The Funds’ 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.

Strategic Alpha Fund is non-diversified, which means 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.

Global markets have experienced periods of high volatility triggered by the rapidly evolving public health emergency known as coronavirus (“COVID-19”). As the situation continues to unfold, the extent and duration of the impact that the COVID-19 outbreak may have on financial markets and the economy as a whole remains highly uncertain. If the effects of the COVID-19 outbreak on financial markets and the economy continue for an extended period of time, the Funds’ future financial and investment results may be adversely affected.

10.  Concentration of Ownership.  From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of June 30, 2020, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:

Fund	Number of 5% Account Holders		Percentage of Ownership
Strategic Alpha Fund		4		51.15	%

|  94

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

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

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

	Six Months Ended June 30, 2020					Year Ended December 31, 2019
Strategic Alpha Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	387,143		$	3,678,184		4,057,576		$	39,431,401
Issued in connection with the reinvestment of distributions	31,493			293,249		153,689			1,492,303
Redeemed	(2,269,796	)		(21,919,988	)	(2,971,674	)		(28,966,949	)
Net change	(1,851,160	)	$	(17,948,555	)	1,239,591		$	11,956,755
Class C
Issued from the sale of shares	90,087		$	857,558		166,733		$	1,611,447
Issued in connection with the reinvestment of distributions	5,942			55,163		26,221			253,548
Redeemed	(343,473	)		(3,261,320	)	(1,308,080	)		(12,656,029	)
Net change	(247,444	)	$	(2,348,599	)	(1,115,126	)	$	(10,791,034	)
Class N
Issued from the sale of shares	20,996,996		$	203,614,083		3,995,830		$	38,781,677
Issued in connection with the reinvestment of distributions	391,492			3,630,872		905,302			8,768,965
Redeemed	(7,608,616	)		(71,071,353	)	(750,043	)		(7,281,454	)
Net change	13,779,872		$	136,173,602		4,151,089		$	40,269,188
Class Y
Issued from the sale of shares	8,901,676		$	85,107,964		33,476,137		$	325,247,908
Issued in connection with the reinvestment of distributions	729,957			6,752,426		2,397,834			23,222,284
Redeemed	(44,845,141	)		(427,501,136	)	(62,461,312	)		(606,867,293	)
Net change	(35,213,508	)	$	(335,640,746	)	(26,587,341	)	$	(258,397,101	)
Decrease from capital share transactions	(23,532,240	)	$	(219,764,298	)	(22,311,787	)	$	(216,962,192	)

95  |

Notes to Financial Statements (continued)

June 30, 2020 (Unaudited)

11.  Capital Shares (continued).

	Six Months Ended June 30, 2020					Year Ended December 31, 2019
U.S. Equity Opportunities Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	409,422		$	13,227,163		1,147,417		$	39,768,929
Issued in connection with the reinvestment of distributions	432,483			13,035,014		1,642,521			59,555,999
Redeemed	(1,907,189	)		(62,392,380	)	(2,797,920	)		(100,075,167	)
Net change	(1,065,284	)	$	(36,130,203	)	(7,982	)	$	(750,239	)
Class C
Issued from the sale of shares	158,507		$	3,132,183		409,399		$	9,361,060
Issued in connection with the reinvestment of distributions	118,950			2,179,158		443,035			10,083,593
Redeemed	(736,050	)		(14,725,630	)	(1,269,592	)		(29,351,029	)
Net change	(458,593	)	$	(9,414,289	)	(417,158	)	$	(9,906,376	)
Class N
Issued from the sale of shares	909		$	36,105		14,461		$	605,261
Issued in connection with the reinvestment of distributions	201			7,287		1,020			44,503
Redeemed	(8,321	)		(295,429	)	(506	)		(22,193	)
Net change	(7,211	)	$	(252,037	)	14,975		$	627,571
Class Y
Issued from the sale of shares	1,167,168		$	48,413,441		1,739,715		$	72,112,902
Issued in connection with the reinvestment of distributions	106,921			3,863,059		514,088			22,126,509
Redeemed	(2,618,308	)		(102,204,831	)	(3,890,590	)		(163,012,984	)
Net change	(1,344,219	)	$	(49,928,331	)	(1,636,787	)	$	(68,773,573	)
Decrease from capital share transactions	(2,875,307	)	$	(95,724,860	)	(2,046,952	)	$	(78,802,617	)

|  96

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 Officerpursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)),filed herewith as Exhibits (a)(2)(1) and (a)(2)(2), respectively.
(a)	(3)	Not applicable.

(b)Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 are filed herewith as Exhibit (b).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Natixis Funds Trust I

By: /s/ David L. Giunta

Name: David L. Giunta

Title: President and Chief Executive Officer

Date: August 24, 2020

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 24, 2020

By: /s/ Michael C. Kardok

Name: Michael C. Kardok

Title: Treasurer and Principal Financial and

Accounting Officer

Date: August 24, 2020