Natixis Funds Trust I

N-CSRS 1 d784805dncsrs.htm NATIXIS FUNDS TRUST I Natixis Funds Trust I

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, 2019

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:

LOGO

Semiannual Report

June 30, 2019

Loomis Sayles High Income Fund

Loomis Sayles Investment Grade Bond Fund

Loomis Sayles Multi-Asset Income Fund

Table of Contents



Portfolio Review			1

Portfolio of Investments			15

Financial Statements			55

Notes to Financial Statements			74

Shareholder Supplement (previously posted to the Fund’s website)			enclosed

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 HIGH INCOME FUND



Managers		Symbols

Matthew J. Eagan, CFA^®		Class A NEFHX

Brian P. Kennedy		Class C NEHCX

Elaine M. Stokes		Class N LSHNX

Todd P. Vandam, CFA^®		Class Y NEHYX

Loomis, Sayles & Company, L.P.

Investment Goal

The Fund seeks high current income plus the opportunity for capital appreciation to produce a high total return.

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Average Annual Total Returns — June 30, 2019³



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

Class Y (Inception 2/29/08)
NAV		9.67	%		6.59	%		3.71	%		8.29	%		—	%		1.02	%		0.80	%

Class A (Inception 2/22/84)
NAV		9.51			6.30			3.48			8.02			—			1.27			1.05
With 4.25% Maximum Sales Charge		4.78			1.71			2.56			7.55			—

Class C (Inception 3/2/98)
NAV		9.09			5.48			2.69			7.20			—			2.02			1.80
With CDSC¹		8.09			4.48			2.69			7.20			—

Class N (Inception 11/30/16)
NAV		9.68			6.88			—			—			6.07			0.89			0.75

Comparative Performance
Bloomberg Barclays U.S. Corporate High-Yield Bond Index²		9.94			7.48			4.70			9.24			6.58

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

1	Class C shares performance assumes a 1% CDSC applied when you sell shares within one year of purchase.

The Bloomberg Barclays U.S. Corporate High-Yield Bond Index measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB /BB or below, excluding emerging market debt. The Bloomberg Barclays U.S. Corporate High-Yield Bond Index was created in 1986, with history backfilled to July 1, 1983, and rolls up into the Bloomberg Barclays U.S. Universal and Global High-Yield Indices.

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

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 4/30/20. 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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LOOMIS SAYLES INVESTMENT GRADE BOND FUND



Managers	Symbols

Matthew J. Eagan, CFA^®	Class A	LIGRX

Brian P. Kennedy	Class C	LGBCX

Elaine M. Stokes	Class N	LGBNX

Loomis, Sayles & Company, L.P.	Class Y	LSIIX

	Admin Class	LIGAX

Investment Goal

The Fund seeks high total investment return through a combination of current income and capital appreciation.

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Average Annual Total Returns — June 30, 2019⁴



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

Class Y (Inception 12/31/96)
NAV		6.31	%		6.70	%		2.30	%		6.04	%		—	%		0.57	%		0.53	%

Class A (Inception 12/31/96)
NAV		6.19			6.45			2.04			5.77			—			0.82			0.78
With 4.25% Maximum Sales Charge		1.66			1.96			1.16			5.31			—

Class C (Inception 9/12/03)
NAV		5.76			5.55			1.27			4.98			—			1.57			1.53
With CDSC²		4.76			4.55			1.27			4.98			—

Class N (Inception 2/1/13)
NAV		6.34			6.75			2.40			—			3.04			0.48			0.48

Admin Class (Inception 2/1/10)¹
NAV		5.98			6.09			1.80			5.51			—			1.07			1.03

Comparative Performance
Bloomberg Barclays U.S. Government/Credit Bond Index³		6.90			8.52			3.11			4.09			2.81

1	Prior to the inception of Admin Class shares (2/1/10), performance is that of Class A shares, restated to reflect the higher net expenses of Admin Class shares.

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

The Bloomberg Barclays U.S. Government/Credit Bond Index is the non-securitized component of the U.S. Aggregate Index and was the first macro index launched by Barclays Capital. The U.S. Government/Credit Bond Index includes Treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year), government-related issues (i.e., agency, sovereign, supranational, and local authority debt), and corporates. The U.S. Government/Credit Bond Index was launched on January 1, 1979, with index history backfilled to 1973, and is a subset of the U.S. Aggregate Index.

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

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LOOMIS SAYLES MULTI-ASSET INCOME FUND



Managers	Symbols

Thomas Fahey	Class A	IIDPX

Kevin Kearns	Class C	CIDPX

Maura Murphy, CFA^®	Class N	LMINX

Loomis, Sayles & Company, L.P.	Class Y	YIDPX

Investment Goal

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

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Average Annual Total Returns — June 30, 2019^5,6



	6 Months			1 Year			5 Years			10 Years			Life of Class N			Expense Ratios⁷
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net

Class Y (Inception 12/3/12)¹
NAV		9.51	%		1.81	%		4.68	%		9.81	%		—	%		0.89	%		0.75	%

Class A (Inception 11/17/05)
NAV		9.30			1.53			4.42			9.68			—			1.14			1.00
With 4.25% Maximum Sales Charge		4.68			-2.77			3.52			9.20			—

Class C (Inception 11/17/05)
NAV		8.86			0.77			3.63			8.86			—			1.89			1.75
With CDSC²		7.86			-0.19			3.63			8.86			—

Class N (Inception 8/31/15)
NAV		9.53			1.86			—			—			6.36			1.38			0.70

Comparative Performance
Bloomberg Barclays U.S. Aggregate Bond Index³		6.11			7.87			2.95			3.90			3.22
S&P 500^® Index⁴		18.54			10.42			10.71			14.70			13.31

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

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

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

4	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.

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

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

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ADDITIONAL INFORMATION

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

ADDITIONAL INDEX INFORMATION

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

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

PROXY VOTING INFORMATION

A description of the Natixis Funds’ proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the Natixis Funds’ website at im.natixis.com; and on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the funds voted proxies relating to portfolio securities 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 on Form N-PORT. The Funds’ Forms N-PORT 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 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, 2019 through June 30, 2019. 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 = 8.6) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

The second line in the table of 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 to 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.

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LOOMIS SAYLES HIGH INCOME FUND	BEGINNING ACCOUNT VALUE 1/1/2019		ENDING ACCOUNT VALUE 6/30/2019		EXPENSES PAID DURING PERIOD * 1/1/2019 – 6/30/2019
Class A
Actual		$1,000.00		$1,095.10		$5.45
Hypothetical (5% return before expenses)		$1,000.00		$1,019.59		$5.26
Class C
Actual		$1,000.00		$1,090.90		$9.33
Hypothetical (5% return before expenses)		$1,000.00		$1,015.87		$9.00
Class N
Actual		$1,000.00		$1,096.80		$3.90
Hypothetical (5% return before expenses)		$1,000.00		$1,021.08		$3.76
Class Y
Actual		$1,000.00		$1,096.70		$4.16
Hypothetical (5% return before expenses)		$1,000.00		$1,020.83		$4.01

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.05%, 1.80%, 0.75% and 0.80% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), divided by 365 (to reflect the half-year period).


LOOMIS SAYLES INVESTMENT GRADE BOND FUND	BEGINNING ACCOUNT VALUE 1/1/2019		ENDING ACCOUNT VALUE 6/30/2019		EXPENSES PAID DURING PERIOD * 1/1/2019 – 6/30/2019
Class A
Actual		$1,000.00		$1,061.90		$3.99
Hypothetical (5% return before expenses)		$1,000.00		$1,020.93		$3.91
Class C
Actual		$1,000.00		$1,057.60		$7.81
Hypothetical (5% return before expenses)		$1,000.00		$1,017.21		$7.65
Class N
Actual		$1,000.00		$1,063.40		$2.46
Hypothetical (5% return before expenses)		$1,000.00		$1,022.41		$2.41
Class Y
Actual		$1,000.00		$1,063.10		$2.71
Hypothetical (5% return before expenses)		$1,000.00		$1,022.17		$2.66
Admin Class
Actual		$1,000.00		$1,059.80		$5.26
Hypothetical (5% return before expenses)		$1,000.00		$1,019.69		$5.16

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.78%, 1.53%, 0.48%, 0.53% and 1.03% for Class A, C, N, Y and Admin Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), divided by 365 (to reflect the half-year period).

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LOOMIS SAYLES MULTI-ASSET INCOME FUND	BEGINNING ACCOUNT VALUE 1/1/2019		ENDING ACCOUNT VALUE 6/30/2019		EXPENSES PAID DURING PERIOD* 1/1/2019 – 6/30/2019
Class A
Actual		$1,000.00		$1,093.00		$4.93
Hypothetical (5% return before expenses)		$1,000.00		$1,020.08		$4.76
Class C
Actual		$1,000.00		$1,088.60		$8.80
Hypothetical (5% return before expenses)		$1,000.00		$1,016.36		$8.50
Class N
Actual		$1,000.00		$1,095.30		$3.38
Hypothetical (5% return before expenses)		$1,000.00		$1,021.57		$3.26
Class Y
Actual		$1,000.00		$1,095.10		$3.64
Hypothetical (5% return before expenses)		$1,000.00		$1,021.32		$3.51

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.95%, 1.70%, 0.65% and 0.70% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), divided by 365 (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 agreement and Loomis Sayles Multi-Asset Income Fund’s sub-advisory agreement (collectively, the “Agreements”) at most of its meetings throughout the year. Each year, usually in the spring, the Contract Review Committee of the Board meets to review the Agreements to determine whether to recommend that the full Board approve the continuation of the Agreements, typically for an additional one-year period. 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 caps 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 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

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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.

The Board most recently approved the continuation of the Agreements for a one-year period at its meeting held in June 2019. 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.

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, 2018, each Fund’s one-, three- and five-year performance stated as percentile rankings within categories selected by the independent third-party data provider, was as follows (where the best performance would be in the first percentile of its category):


	One-Year			Three-Year			Five-Year
Loomis Sayles High Income Fund		68	%		39	%		35	%
Loomis Sayles Investment Grade Bond Fund		46	%		2	%		58	%
Loomis Sayles Multi-Asset Income Fund		95	%		82	%		50	%

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consistent with the Fund’s investment objective and policies; (2) that more recent performance has been stronger relative to its category; (3) that the Fund had recently been assigned to a different category by the independent third-party data provider, which is expected to result in more relevant performance comparisons; and (3) that longer-term performance has been competitive when compared to relevant performance benchmarks.

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 and the greater regulatory costs associated with the management of such assets. 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 and expense caps for various funds in the fund family. They noted that the Funds have expense caps in place, and they considered the amounts waived or reimbursed by the Adviser for a Fund under its cap.

The Trustees noted that Loomis Sayles High Income 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 relatively higher advisory fee rate, including that management had proposed to reduce the expense cap 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 the allocation of expenses used to calculate profitability. 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 caps with respect to such Funds and the overall profit margin of Natixis

13 |

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 caps. 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 caps. With respect to economies of scale, the Trustees noted that Loomis Sayles Multi-Asset Income Fund and Loomis Sayles Investment Grade Bond Fund have breakpoints in their advisory fees and that each of the Funds was subject to an expense cap. The Trustees also considered management’s proposal to reduce the expense caps for Loomis Sayles Investment Grade Bond Fund and Loomis Sayles High Income 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 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, 2020.

| 14

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles High Income Fund


Principal Amount		Description	Value (†)
	Bonds and Notes — 93.0% of Net Assets
	Non-Convertible Bonds — 84.5%
		ABS Home Equity — 0.4%
$	77,587	Banc of America Alternative Loan Trust, Series 2003-8, Class 1CB1, 5.500%, 10/25/2033	$	81,229
	59,508	Banc of America Funding Trust, Series 2007-4, Class 5A1, 5.500%, 11/25/2034		59,926
	735	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-HYB7, Class 2A, 5.111%, 11/20/2035(a)(b)(c)		409
	170,020	DSLA Mortgage Loan Trust, Series 2005-AR5, Class 2A1A, 1-month LIBOR + 0.330%, 2.720%, 9/19/2045(d)		138,847
	150,000	Home Partners of America Trust, Series 2016-2, Class E, 1-month LIBOR + 3.780%, 6.174%, 10/17/2033, 144A(d)		150,136
	155,000	Home Partners of America Trust, Series 2016-2, Class F, 1-month LIBOR + 4.700%, 7.094%, 10/17/2033, 144A(d)		155,092

				585,639

		Aerospace & Defense — 1.4%
	638,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		622,050
	383,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		411,725
	1,065,000	TransDigm, Inc., 6.250%, 3/15/2026, 144A		1,120,912

				2,154,687

		Airlines — 0.4%
	535,000	Latam Finance Ltd., 6.875%, 4/11/2024, 144A		555,469
	17,680	Virgin Australia Pass Through Certificates, Series 2013-1B, 6.000%, 4/23/2022, 144A		17,986

				573,455

		Automotive — 1.4%
	195,000	Allison Transmission, Inc., 5.000%, 10/01/2024, 144A		198,900
	510,000	Allison Transmission, Inc., 5.875%, 6/01/2029, 144A		536,775
	285,000	Dana Financing Luxembourg S.a.r.l., 5.750%, 4/15/2025, 144A		292,481
	690,000	Delphi Technologies PLC, 5.000%, 10/01/2025, 144A		615,825
	115,000	Goodyear Tire & Rubber Co. (The), 5.000%, 5/31/2026		113,275
	420,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		400,050

				2,157,306

		Banking — 2.5%
	1,730,000	Ally Financial, Inc., 4.625%, 3/30/2025		1,825,150
	485,000	Ally Financial, Inc., 5.750%, 11/20/2025		536,483
	425,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		369,329
	470,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A		471,277
	495,000	Intesa Sanpaolo SpA, 5.710%, 1/15/2026, 144A		500,961

				3,703,200

		Building Materials — 2.8%
	610,000	Beacon Roofing Supply, Inc., 4.875%, 11/01/2025, 144A		603,900
	230,000	Cemex SAB de CV, 5.700%, 1/11/2025, 144A		238,959

See accompanying notes to financial statements.

15 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Building Materials — continued
$	350,000	Cemex SAB de CV, 7.750%, 4/16/2026, 144A	$	385,003
	420,000	James Hardie International Finance Ltd., 4.750%, 1/15/2025, 144A		428,400
	445,000	James Hardie International Finance Ltd., 5.000%, 1/15/2028, 144A		442,775
	360,000	JELD-WEN, Inc., 4.625%, 12/15/2025, 144A		353,250
	160,000	JELD-WEN, Inc., 4.875%, 12/15/2027, 144A		154,800
	420,000	Summit Materials LLC/Summit Materials Finance Corp., 6.125%, 7/15/2023		425,250
	1,120,000	U.S. Concrete, Inc., 6.375%, 6/01/2024		1,164,800

				4,197,137

		Cable Satellite — 8.1%
	475,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 2/15/2023		482,505
	625,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2023, 144A		638,086
	450,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 5/01/2025, 144A		465,187
	695,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 6/01/2029, 144A		717,587
	865,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 2/15/2026, 144A		907,169
	1,360,000	CSC Holdings LLC, 5.500%, 4/15/2027, 144A		1,428,000
	390,000	CSC Holdings LLC, 6.500%, 2/01/2029, 144A		425,588
	415,000	DISH DBS Corp., 7.750%, 7/01/2026		402,550
	355,000	Sirius XM Radio, Inc., 5.000%, 8/01/2027, 144A		361,177
	800,000	Telenet Finance Luxembourg Notes S.a.r.l., 5.500%, 3/01/2028, 144A		806,864
	1,485,000	Unitymedia GmbH, 6.125%, 1/15/2025, 144A		1,544,771
	265,000	Virgin Media Finance PLC, 6.000%, 10/15/2024, 144A		274,606
	1,070,000	Virgin Media Secured Finance PLC, 5.500%, 5/15/2029, 144A		1,085,729
	2,570,000	Ziggo BV, 5.500%, 1/15/2027, 144A		2,614,230

				12,154,049

		Chemicals — 1.7%
	1,510,000	Hercules LLC, 6.500%, 6/30/2029		1,600,600
	825,000	Hexion, Inc., 6.625%, 4/15/2020(e)		639,375
	70,000	Hexion, Inc., 10.375%, 2/01/2022, 144A(e)		53,375
	245,000	SASOL Financing USA LLC, 5.875%, 3/27/2024		265,493

				2,558,843

		Construction Machinery — 0.7%
	615,000	United Rentals North America, Inc., 4.625%, 10/15/2025		624,994
	15,000	United Rentals North America, Inc., 5.500%, 5/15/2027		15,788
	180,000	United Rentals North America, Inc., 5.875%, 9/15/2026		191,700
	195,000	United Rentals North America, Inc., 6.500%, 12/15/2026		211,087

				1,043,569

		Consumer Cyclical Services — 1.1%
	585,000	Realogy Group LLC/Realogy Co-Issuer Corp., 4.875%, 6/01/2023, 144A		526,500
	350,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		374,938
	680,000	Uber Technologies, Inc., 7.500%, 11/01/2023, 144A		720,800

				1,622,238

		Electric — 1.7%
	125,000	AES Corp. (The), 5.125%, 9/01/2027		131,875
	479,000	AES Corp. (The), 5.500%, 4/15/2025		498,265

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Electric — continued
$	150,000	AES Corp. (The), 6.000%, 5/15/2026	$	159,000
	1,502,000	Enel SpA, (fixed rate to 9/24/2023, variable rate thereafter), 8.750%, 9/24/2073, 144A		1,731,055

				2,520,195

		Finance Companies — 4.7%
	120,000	CIT Group, Inc., 4.125%, 3/09/2021		122,286
	120,000	iStar, Inc., 4.625%, 9/15/2020		121,050
	395,000	iStar, Inc., 5.250%, 9/15/2022		404,381
	800,000	iStar, Inc., 6.500%, 7/01/2021		814,000
	720,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.250%, 10/01/2025, 144A		721,800
	255,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.875%, 8/01/2021, 144A		258,825
	820,000	Navient Corp., 6.500%, 6/15/2022		871,037
	315,000	Provident Funding Associates LP/PFG Finance Corp., 6.375%, 6/15/2025, 144A		296,100
	1,305,000	Quicken Loans, Inc., 5.250%, 1/15/2028, 144A		1,298,475
	710,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		732,188
	185,000	Springleaf Finance Corp., 6.875%, 3/15/2025		202,571
	700,000	Springleaf Finance Corp., 7.125%, 3/15/2026		766,937
	405,000	Unifin Financiera SAB de CV SOFOM ENR, 7.250%, 9/27/2023, 144A		417,960

				7,027,610

		Financial Other — 0.7%
	180,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875%, 2/01/2022		181,800
	105,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.250%, 2/01/2022		107,494
	465,000	Nationstar Mortgage Holdings, Inc., 8.125%, 7/15/2023, 144A		474,300
	330,000	Nationstar Mortgage Holdings, Inc., 9.125%, 7/15/2026, 144A		334,950

				1,098,544

		Food & Beverage — 2.6%
	210,000	BRF S.A., 4.750%, 5/22/2024, 144A		210,107
	520,000	Cosan Luxembourg S.A., 7.000%, 1/20/2027, 144A		568,105
	330,000	JBS USA LUX S.A./JBS USA Finance, Inc., 5.750%, 6/15/2025, 144A		343,200
	385,000	Marfrig Holdings Europe BV, Class B, 8.000%, 6/08/2023, 144A		401,036
	250,000	NBM U.S Holdings, Inc., 7.000%, 5/14/2026, 144A		262,875
	280,000	Pilgrim’s Pride Corp., 5.750%, 3/15/2025, 144A		284,200
	540,000	Pilgrim’s Pride Corp., 5.875%, 9/30/2027, 144A		559,575
	830,000	Post Holdings, Inc., 5.750%, 3/01/2027, 144A		856,975
	455,000	Sigma Holdco BV, 7.875%, 5/15/2026, 144A		420,875

				3,906,948

		Gaming — 0.8%
	175,000	Boyd Gaming Corp., 6.375%, 4/01/2026		185,129
	210,000	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 4.500%, 1/15/2028		208,425
	345,000	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 5.750%, 2/01/2027, 144A		371,738
	380,000	MGM Resorts International, 7.750%, 3/15/2022		423,700

				1,188,992

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Government Owned – No Guarantee — 1.0%
$	550,000	Petrobras Global Finance BV, 5.750%, 2/01/2029	$	573,320
	225,000	Petrobras Global Finance BV, 6.900%, 3/19/2049		239,625
	710,000	YPF S.A., 6.950%, 7/21/2027, 144A		644,112

				1,457,057

		Healthcare — 5.0%
	590,000	CHS/Community Health Systems, Inc., 6.250%, 3/31/2023		567,875
	170,000	HCA, Inc., 7.050%, 12/01/2027		192,100
	655,000	HCA, Inc., 7.500%, 12/15/2023		733,600
	145,000	HCA, Inc., 7.500%, 11/06/2033		166,750
	590,000	HCA, Inc., 7.690%, 6/15/2025		693,250
	480,000	HCA, Inc., 8.360%, 4/15/2024		554,400
	820,000	HCA, Inc., MTN, 7.580%, 9/15/2025		943,000
	515,000	HCA, Inc., MTN, 7.750%, 7/15/2036		587,100
	275,000	Hologic, Inc., 4.375%, 10/15/2025, 144A		278,781
	315,000	Hologic, Inc., 4.625%, 2/01/2028, 144A		319,725
	200,000	IQVIA, Inc., 5.000%, 10/15/2026, 144A		206,500
	715,000	MPH Acquisition Holdings LLC, 7.125%, 6/01/2024, 144A		670,456
	1,255,000	Polaris Intermediate Corp., 8.500% PIK, 8.500% Cash, 12/01/2022, 144A(f)		1,107,537
	390,000	Tenet Healthcare Corp., 5.125%, 5/01/2025		391,950
	170,000	Tenet Healthcare Corp., 6.250%, 2/01/2027, 144A		175,950

				7,588,974

		Home Construction — 1.4%
	1,200,000	Corporacion GEO SAB de CV, 8.875%, 3/27/2022, 144A(a)(c)(e)		12
	800,000	Lennar Corp., 4.750%, 5/30/2025		847,000
	1,130,000	PulteGroup, Inc., 5.500%, 3/01/2026		1,220,400

				2,067,412

		Independent Energy — 9.7%
	460,000	Aker BP ASA, 5.875%, 3/31/2025, 144A		485,875
	685,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		654,175
	740,000	Bruin E&P Partners LLC, 8.875%, 8/01/2023, 144A		621,600
	90,000	California Resources Corp., 5.500%, 9/15/2021		64,703
	41,000	California Resources Corp., 6.000%, 11/15/2024		23,780
	1,190,000	California Resources Corp., 8.000%, 12/15/2022, 144A		896,962
	140,000	Callon Petroleum Co., 6.125%, 10/01/2024		141,400
	425,000	Centennial Resource Production LLC, 6.875%, 4/01/2027, 144A		429,250
	635,000	Denbury Resources, Inc., 7.750%, 2/15/2024, 144A		527,050
	205,000	Denbury Resources, Inc., 9.250%, 3/31/2022, 144A		192,188
	375,000	Gulfport Energy Corp., 6.000%, 10/15/2024		289,687
	595,000	Gulfport Energy Corp., 6.375%, 5/15/2025		460,381
	365,000	Gulfport Energy Corp., 6.375%, 1/15/2026		276,488
	622,000	Halcon Resources Corp., 6.750%, 2/15/2025(g)(h)		186,600
	605,000	Matador Resources Co., 5.875%, 9/15/2026		611,050
	1,250,000	MEG Energy Corp., 6.500%, 1/15/2025, 144A		1,256,250
	585,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		555,750
	690,000	Montage Resources Corp., 8.875%, 7/15/2023		581,325
	185,000	Newfield Exploration Co., 5.625%, 7/01/2024		204,555

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Independent Energy — continued
$	592,000	Oasis Petroleum, Inc., 6.875%, 3/15/2022	$	590,520
	210,000	PDC Energy, Inc., 5.750%, 5/15/2026		206,325
	205,000	PDC Energy, Inc., 6.125%, 9/15/2024		205,000
	870,000	Range Resources Corp., 4.875%, 5/15/2025		763,425
	330,000	Sanchez Energy Corp., 6.125%, 1/15/2023(g)(h)		14,850
	755,000	Sanchez Energy Corp., 7.250%, 2/15/2023, 144A(g)(h)		571,912
	685,000	Seven Generations Energy Ltd., 5.375%, 9/30/2025, 144A		659,312
	175,000	Seven Generations Energy Ltd., 6.875%, 6/30/2023, 144A		177,406
	920,000	SM Energy Co., 5.000%, 1/15/2024		844,100
	27,000	SM Energy Co., 6.125%, 11/15/2022		26,798
	45,000	SM Energy Co., 6.625%, 1/15/2027		41,625
	190,000	SM Energy Co., 6.750%, 9/15/2026		178,125
	425,000	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 9.750%, 4/15/2023, 144A		275,188
	405,000	Whiting Petroleum Corp., 5.750%, 3/15/2021		408,037
	50,000	Whiting Petroleum Corp., 6.250%, 4/01/2023		49,894
	1,215,000	Whiting Petroleum Corp., 6.625%, 1/15/2026		1,171,716

				14,643,302

		Integrated Energy — 0.1%
	200,000	Geopark Ltd., 6.500%, 9/21/2024, 144A		205,892

		Life Insurance — 0.2%
	340,000	CNO Financial Group, Inc., 5.250%, 5/30/2025		366,350

		Local Authorities — 0.3%
	325,000	Provincia de Buenos Aires, 6.500%, 2/15/2023, 144A		270,319
	270,000	Provincia de Buenos Aires, 7.875%, 6/15/2027, 144A		200,477

				470,796

		Lodging — 0.9%
	150,000	Hilton Domestic Operating Co., Inc., 4.250%, 9/01/2024		152,250
	755,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.625%, 4/01/2025		772,931
	365,000	Marriott Ownership Resorts, Inc./ILG LLC, 6.500%, 9/15/2026		391,463

				1,316,644

		Media Entertainment — 3.2%
	735,000	AMC Networks, Inc., 4.750%, 8/01/2025		742,350
	1,280,000	Clear Channel Worldwide Holdings, Inc., Series B, 6.500%, 11/15/2022		1,304,000
	65,000	Gray Television, Inc., 5.125%, 10/15/2024, 144A		66,219
	99,931	iHeartCommunications, Inc., 6.375%, 5/01/2026		106,052
	346,125	iHeartCommunications, Inc., 8.375%, 5/01/2027		362,573
	395,000	Meredith Corp., 6.875%, 2/01/2026		419,146
	740,000	Netflix, Inc., 4.875%, 4/15/2028		763,125
	390,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		414,254
	105,000	Nexstar Escrow, Inc., 5.625%, 7/15/2027, 144A		107,494
	520,000	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 4/15/2022, 144A		518,700

				4,803,913

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Metals & Mining — 2.6%
$	190,000	Commercial Metals Co., 4.875%, 5/15/2023	$	191,425
	665,000	First Quantum Minerals Ltd., 6.500%, 3/01/2024, 144A		621,775
	835,000	First Quantum Minerals Ltd., 6.875%, 3/01/2026, 144A		774,462
	445,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		442,775
	200,000	First Quantum Minerals Ltd., 7.250%, 4/01/2023, 144A		194,750
	840,000	FMG Resources (August 2006) Pty Ltd., 4.750%, 5/15/2022, 144A		867,846
	370,000	FMG Resources (August 2006) Pty Ltd., 5.125%, 5/15/2024, 144A		383,875
	435,000	Mineral Resources Ltd., 8.125%, 5/01/2027, 144A		452,944

				3,929,852

		Midstream — 4.2%
	385,000	EnLink Midstream Partners LP, 5.050%, 4/01/2045		321,475
	205,000	EnLink Midstream Partners LP, 5.450%, 6/01/2047		175,275
	435,000	EnLink Midstream Partners LP, 5.600%, 4/01/2044		399,112
	1,265,000	Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.625%, 2/15/2026, 144A		1,301,369
	200,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		198,000
	405,000	NGL Energy Partners LP/NGL Energy Finance Corp., 7.500%, 11/01/2023		423,225
	275,000	NGL Energy Partners LP/NGL Energy Finance Corp., 7.500%, 4/15/2026, 144A		284,625
	165,000	NGPL PipeCo LLC, 4.375%, 8/15/2022, 144A		169,950
	700,000	NGPL PipeCo LLC, 4.875%, 8/15/2027, 144A		741,125
	385,000	SemGroup Corp./Rose Rock Finance Corp., 5.625%, 7/15/2022		379,518
	935,000	Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.500%, 8/15/2022		897,600
	95,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.250%, 11/15/2023		95,000
	640,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.250%, 5/01/2023		648,864
	305,000	Transportadora de Gas del Sur S.A., 6.750%, 5/02/2025, 144A		294,782

				6,329,920

		Non-Agency Commercial Mortgage-Backed Securities — 1.4%
	100,000	CG-CCRE Commercial Mortgage Trust, Series 2014-FL2, Class COL1, 1-month LIBOR + 3.500%, 5.894%, 11/15/2031, 144A(d)(g)(h)		99,310
	225,000	CG-CCRE Commercial Mortgage Trust, Series 2014-FL2, Class COL2, 1-month LIBOR + 4.500%, 6.894%, 11/15/2031, 144A(d)(g)(h)		222,693
	1,020,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class E, 4.373%, 9/15/2037, 144A		958,386
	10,936	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class AM, 5.464%, 1/15/2049(b)		10,930
	380,000	Starwood Retail Property Trust, Series 2014-STAR, Class D, 1-month LIBOR + 3.250%, 5.644%, 11/15/2027, 144A(d)(g)(h)		344,077
	420,000	Starwood Retail Property Trust, Series 2014-STAR, Class E, 1-month LIBOR + 4.150%, 6.544%, 11/15/2027, 144A(d)		344,475
	125,000	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class E, 4.970%, 6/15/2045, 144A(b)		110,312

				2,090,183

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Oil Field Services — 2.1%
$	840,000	McDermott Technology Americas, Inc./McDermott Technology U.S., Inc., 10.625%, 5/01/2024, 144A	$	785,131
	160,000	Noble Holding International Ltd., 5.250%, 3/15/2042		85,275
	1,145,000	Shelf Drilling Holdings Ltd., 8.250%, 2/15/2025, 144A		1,056,835
	330,750	Transocean Guardian Ltd., 5.875%, 1/15/2024, 144A		336,125
	210,000	Transocean Proteus Ltd., 6.250%, 12/01/2024, 144A		216,562
	455,000	Transocean Sentry Ltd., 5.375%, 5/15/2023, 144A		455,569
	175,000	Transocean, Inc., 7.500%, 1/15/2026, 144A		166,688

				3,102,185

		Packaging — 1.2%
	200,000	ARD Finance S.A., 7.875% PIK, 7.125% Cash, 9/15/2023(f)		204,500
	395,000	Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 4.625%, 5/15/2023, 144A		401,419
	1,165,000	Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 7.250%, 5/15/2024, 144A		1,227,619

				1,833,538

		Pharmaceuticals — 1.9%
	53,000	Bausch Health Cos., Inc., 5.500%, 3/01/2023, 144A		53,424
	269,000	Bausch Health Cos., Inc., 5.875%, 5/15/2023, 144A		272,126
	220,000	Bausch Health Cos., Inc., 6.125%, 4/15/2025, 144A		224,668
	170,000	Bausch Health Cos., Inc., 9.000%, 12/15/2025, 144A		189,941
	280,000	Catalent Pharma Solutions, Inc., 4.875%, 1/15/2026, 144A		283,850
	235,000	Mylan NV, 5.250%, 6/15/2046		219,198
	85,000	Mylan, Inc., 5.200%, 4/15/2048		78,490
	1,020,000	Teva Pharmaceutical Finance Netherlands III BV, 2.800%, 7/21/2023		883,963
	1,055,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		717,347

				2,923,007

		Property & Casualty Insurance — 0.7%
	1,110,000	Ardonagh Midco 3 PLC, 8.625%, 7/15/2023, 144A		1,043,400

		Refining — 0.7%
	405,000	Parkland Fuel Corp., 5.875%, 7/15/2027, 144A		411,460
	635,000	Parkland Fuel Corp., 6.000%, 4/01/2026, 144A		649,287

				1,060,747

		REITs – Regional Malls — 0.5%
	695,000	Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.750%, 5/15/2026, 144A		715,850

		Restaurants — 0.6%
	890,000	1011778 B.C. ULC/New Red Finance, Inc., 5.000%, 10/15/2025, 144A		896,942

		Retailers — 1.9%
	830,000	Asbury Automotive Group, Inc., 6.000%, 12/15/2024		859,050
	820,000	Group 1 Automotive, Inc., 5.000%, 6/01/2022		830,250
	505,000	JC Penney Corp., Inc., 5.875%, 7/01/2023, 144A		422,937
	475,000	L Brands, Inc., 6.750%, 7/01/2036		408,500
	180,000	L Brands, Inc., 6.875%, 11/01/2035		160,085

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Retailers — continued
$	125,000	William Carter Co. (The), 5.625%, 3/15/2027, 144A	$	130,938

				2,811,760

		Technology — 4.1%
	500,000	CalAmp Corp., 2.000%, 8/01/2025, 144A		404,428
	170,000	Camelot Finance S.A., 7.875%, 10/15/2024, 144A		178,287
	120,000	CDK Global, Inc., 5.250%, 5/15/2029, 144A		124,350
	100,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		87,000
	100,000	CommScope Technologies LLC, 6.000%, 6/15/2025, 144A		93,721
	380,000	CommScope, Inc., 5.500%, 3/01/2024, 144A		389,975
	385,000	CommScope, Inc., 6.000%, 3/01/2026, 144A		394,625
	140,000	Dell International LLC/EMC Corp., 4.900%, 10/01/2026, 144A		146,070
	1,205,000	Dell International LLC/EMC Corp., 6.020%, 6/15/2026, 144A		1,329,334
	620,000	Dun & Bradstreet Corp. (The), 6.875%, 8/15/2026, 144A		654,875
	420,000	First Data Corp., 5.375%, 8/15/2023, 144A		427,560
	190,000	Open Text Corp., 5.875%, 6/01/2026, 144A		200,982
	275,000	Sabre GLBL, Inc., 5.250%, 11/15/2023, 144A		283,250
	590,000	SS&C Technologies, Inc., 5.500%, 9/30/2027, 144A		612,125
	900,000	Western Digital Corp., 4.750%, 2/15/2026		882,945

				6,209,527

		Transportation Services — 0.2%
	275,000	APL Ltd., 8.000%, 1/15/2024(g)(h)		231,000

		Treasuries — 3.4%
	1,480,000	U.S. Treasury Note, 2.000%, 1/31/2020		1,479,538
	3,685,000	U.S. Treasury Note, 2.125%, 5/31/2021		3,710,046

				5,189,584

		Wireless — 3.7%
	1,000,000	Altice Luxembourg S.A., 10.500%, 5/15/2027, 144A		1,027,500
	200,000	Millicom International Cellular S.A., 5.125%, 1/15/2028, 144A		202,500
	200,000	Millicom International Cellular S.A., 6.250%, 3/25/2029, 144A		214,500
	865,000	Nokia Oyj, 4.375%, 6/12/2027		887,706
	90,000	Sprint Capital Corp., 6.875%, 11/15/2028		92,502
	20,000	Sprint Capital Corp., 8.750%, 3/15/2032		23,150
	890,000	Sprint Corp., 7.125%, 6/15/2024		943,667
	650,000	Sprint Corp., 7.250%, 9/15/2021		690,625
	1,085,000	Sprint Corp., 7.875%, 9/15/2023		1,178,582
	315,000	T-Mobile USA, Inc., 4.500%, 2/01/2026		322,481

				5,583,213

		Wirelines — 2.5%
	130,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		125,455
	555,000	Frontier Communications Corp., 8.000%, 4/01/2027, 144A		577,200
	1,060,000	Frontier Communications Corp., 8.500%, 4/01/2026, 144A		1,028,200
	120,000	Telecom Italia Capital S.A., 7.200%, 7/18/2036		132,300
	1,485,000	Windstream Services LLC/Windstream Finance Corp., 8.625%, 10/31/2025, 144A		1,514,700

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Wirelines — continued
$	505,000	Windstream Services LLC/Windstream Finance Corp., 10.500%, 6/30/2024, 144A(e)	$	366,125

				3,743,980

		Total Non-Convertible Bonds (Identified Cost $126,357,654)		127,107,440


	Convertible Bonds — 8.5%
		Cable Satellite — 1.3%
	1,515,000	DISH Network Corp., 2.375%, 3/15/2024		1,399,504
	580,000	DISH Network Corp., 3.375%, 8/15/2026		563,867

				1,963,371

		Diversified Manufacturing — 0.5%
	755,000	Greenbrier Cos., Inc. (The), 2.875%, 2/01/2024		725,467

		Diversified Operations — 0.1%
	160,000	RWT Holdings, Inc., 5.625%, 11/15/2019		160,974

		Finance Companies — 0.3%
	370,000	iStar, Inc., 3.125%, 9/15/2022		379,658

		Independent Energy — 1.2%
	840,000	Chesapeake Energy Corp., 5.500%, 9/15/2026		670,470
	825,000	PDC Energy, Inc., 1.125%, 9/15/2021		772,663
	225,000	SM Energy Co., 1.500%, 7/01/2021		207,033
	170,000	Whiting Petroleum Corp., 1.250%, 4/01/2020		164,475

				1,814,641

		Industrial Other — 0.1%
	225,000	Tutor Perini Corp., 2.875%, 6/15/2021		213,245

		Oil Field Services — 0.6%
	860,000	Nabors Industries, Inc., 0.750%, 1/15/2024		613,429
	390,000	Oil States International, Inc., 1.500%, 2/15/2023		346,869

				960,298

		Pharmaceuticals — 1.8%
	1,530,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		1,588,331
	430,000	Dermira, Inc., 3.000%, 5/15/2022		370,457
	475,000	Flexion Therapeutics, Inc., 3.375%, 5/01/2024		412,360
	370,000	Intercept Pharmaceuticals, Inc., 3.250%, 7/01/2023		329,898

				2,701,046

		Retailers — 0.3%
	270,000	Booking Holdings, Inc., 0.350%, 6/15/2020		388,560

		Technology — 2.3%
	705,000	Avaya Holdings Corp., 2.250%, 6/15/2023		613,703
	475,000	Evolent Health, Inc., 2.000%, 12/01/2021		422,231
	865,000	Finisar Corp., 0.500%, 12/15/2036		843,310
	625,000	Nuance Communications, Inc., 1.000%, 12/15/2035		585,388

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount		Description	Value (†)
		Technology — continued
$	315,000	Nuance Communications, Inc., 1.250%, 4/01/2025	$	308,977
	245,000	Palo Alto Networks, Inc., 0.750%, 7/01/2023, 144A		258,125
	140,000	Verint Systems, Inc., 1.500%, 6/01/2021		150,021
	305,000	Western Digital Corp., 1.500%, 2/01/2024, 144A		273,899

				3,455,654

		Total Convertible Bonds (Identified Cost $13,397,879)		12,762,914


		Total Bonds and Notes (Identified Cost $139,755,533)		139,870,354


	Senior Loans — 1.3%
		Media Entertainment — 0.3%
	437,200	iHeartCommunications, Inc., Exit Term Loan, 5/01/2026(i)		437,611

		Retailers — 0.3%
	660,551	J.C. Penney Corp., Inc., 2016 Term Loan B, 3-month LIBOR + 4.250%, 6.771%, 6/23/2023(d)		573,577

		Transportation Services — 0.7%
	1,031,801	Uber Technologies, 2018 Term Loan, 1-month LIBOR + 4.000%, 6.411%, 4/04/2025(d)		1,031,367

		Total Senior Loans (Identified Cost $2,117,759)		2,042,555


	Loan Participations — 0.3%
		ABS Other — 0.3%
	409,762	Harbour Aircraft Investments Ltd., Series 2017-1, Class C, 8.000%, 11/15/2037(a) (Identified Cost $408,841)		413,156


Shares
	Preferred Stocks — 1.4%
		Food & Beverage — 1.0%
	15,414	Bunge Ltd., 4.875%		1,540,278

		Midstream — 0.4%
	137	Chesapeake Energy Corp., 5.750%		64,808
	20	Chesapeake Energy Corp., 5.750%, 144A		9,565
	988	Chesapeake Energy Corp., 5.750%		472,528

				546,901

		Total Preferred Stocks (Identified Cost $2,299,442)		2,087,179

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Shares		Description	Value (†)
	Other Investments — 0.6%
		Aircraft ABS — 0.6%
	100	ECAF I Blocker Ltd.(a)(c)(g)(j) (Identified Cost $1,000,000)	$	864,000


	Common Stocks — 0.3%
		Media — 0.3%
	41,970	Clear Channel Outdoor Holdings, Inc.(k)		198,098
	17,671	iHeartMedia, Inc., Class A(k)		265,949

				464,047

		Total Common Stocks (Identified Cost $577,986)		464,047


Principal Amount
	Short-Term Investments — 4.4%
$	6,644,356	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/28/2019 at 1.500% to be repurchased at $6,645,187 on 7/01/2019 collateralized by $6,540,000 U.S. Treasury Note, 2.500% due 5/15/2024 valued at $6,782,385 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $6,644,356)		6,644,356


		Total Investments — 101.3% (Identified Cost $152,803,917)		152,385,647
		Other assets less liabilities — (1.3)%		(1,979,248	)

		Net Assets — 100.0%	$	150,406,399


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(b)	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, 2019 is disclosed.
	(c)	Fair valued by the Fund’s adviser. At June 30, 2019, the value of these securities amounted to $864,421 or 0.6% of net assets. See Note 2 of Notes to Financial Statements.
	(d)	Variable rate security. Rate as of June 30, 2019 is disclosed.
	(e)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(f)	Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional principal. For the period ended June 30, 2019, interest payments were made in cash.
	(g)	Illiquid security.
	(h)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At June 30, 2019, the value of these securities amounted to $1,670,442 or 1.1% of net assets. See Note 2 of Notes to Financial Statements.

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles High Income Fund – (continued)



	(i)			Position is unsettled. Contract rate was not determined at June 30, 2019 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
	(j)			Securities subject to restriction on resale. At June 30, 2019, the restricted securities held by the Fund are as follows:



	Acquisition Date		Acquisition Cost		Value		% of Net Assets
ECAF I Blocker Ltd.		December 20, 2016	$	1,000,000	$	864,000		0.6%


	(k)			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, 2019, the value of Rule 144A holdings amounted to $73,609,278 or 48.9% of net assets.
	ABS			Asset-Backed Securities
	LIBOR			London Interbank Offered Rate
	MTN			Medium Term Note
	PIK			Payment-in-Kind
	REITs			Real Estate Investment Trusts

Industry Summary at June 30, 2019 (Unaudited)


Independent Energy	10.9	%
Cable Satellite	9.4
Technology	6.4
Healthcare	5.0
Finance Companies	5.0
Midstream	4.6
Pharmaceuticals	3.7
Wireless	3.7
Food & Beverage	3.6
Media Entertainment	3.5
Treasuries	3.4
Building Materials	2.8
Oil Field Services	2.7
Metals & Mining	2.6
Retailers	2.5
Wirelines	2.5
Banking	2.5
Other Investments, less than 2% each	22.1
Short-Term Investments	4.4

Total Investments	101.3
Other assets less liabilities	(1.3	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 26

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund


Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 94.2% of Net Assets
	Non-Convertible Bonds — 92.8%
		ABS Car Loan — 8.2%
$	2,537,327	ACC Trust, Series 2019-1, Class A, 3.750%, 5/20/2022, 144A	$	2,562,577
	14,429,391	Ally Auto Receivables Trust, Series 2017-3, Class A3, 1.740%, 9/15/2021		14,382,546
	16,590,000	Ally Auto Receivables Trust, Series 2019-1, Class A3, 2.910%, 9/15/2023		16,896,417
	1,965,000	AmeriCredit Automobile Receivables Trust, Series 2018-2, Class D, 4.010%, 7/18/2024		2,038,228
	10,515,000	AmeriCredit Automobile Receivables Trust, Series 2018-3, Class D, 4.040%, 11/18/2024		10,985,315
	25,880,000	AmeriCredit Automobile Receivables Trust, Series 2019-1, Class D, 3.620%, 3/18/2025		26,584,818
	12,340,000	AmeriCredit Automobile Receivables Trust, Series 2019-2, Class D, 2.990%, 6/18/2025		12,397,392
	2,063,357	BMW Vehicle Owner Trust, Series 2016-A, Class A3, 1.160%, 11/25/2020		2,058,779
	3,650,000	CarMax Auto Owner Trust, Series 2018-3, Class D, 3.910%, 1/15/2025		3,745,568
	13,130,000	CarMax Auto Owner Trust, Series 2019-1, Class D, 4.040%, 8/15/2025(a)(b)		13,533,473
	4,505,000	CarMax Auto Owner Trust, Series 2019-2, Class D, 3.410%, 10/15/2025		4,586,827
	13,965,000	CPS Auto Receivables Trust, Series 2019-A, Class D, 4.350%, 12/16/2024, 144A		14,559,177
	1,800,000	Credit Acceptance Auto Loan Trust, Series 2017-3A, Class C, 3.480%, 10/15/2026, 144A		1,818,897
	23,320,000	Credit Acceptance Auto Loan Trust, Series 2019-1A, Class C, 3.940%, 6/15/2028, 144A		24,033,555
	6,555,000	Drive Auto Receivables Trust, Series 2018-5, Class D, 4.300%, 4/15/2026		6,820,725
	16,395,000	Drive Auto Receivables Trust, Series 2019-1, Class D, 4.090%, 6/15/2026		16,967,130
	3,700,000	Drive Auto Receivables Trust, Series 2019-2, Class D, 3.690%, 8/17/2026		3,782,746
	10,760,000	DT Auto Owner Trust, Series 2019-1A, Class D, 3.870%, 11/15/2024, 144A		11,007,010
	3,950,000	DT Auto Owner Trust, Series 2019-2A, Class D, 3.480%, 2/18/2025, 144A		4,020,399
	3,790,000	First Investors Auto Owner Trust, Series 2019-1A, Class D, 3.550%, 4/15/2025, 144A		3,861,321
	2,722,266	Ford Credit Auto Owner Trust, Series 2017-B, Class A3, 1.690%, 11/15/2021		2,712,176
	15,745,000	Ford Credit Auto Owner Trust, Series 2018-A, Class A3, 3.030%, 11/15/2022		15,918,387
	8,555,000	GLS Auto Receivables Trust, Series 2019-A, Class C, 3.540%, 2/18/2025, 144A		8,692,516
	3,218,000	GM Financial Consumer Automobile Receivables Trust, Series 2018-2, Class A3, 2.810%, 12/16/2022		3,246,376
	2,000,000	GM Financial Consumer Automobile Receivables Trust, Series 2018-3, Class A3, 3.020%, 5/16/2023		2,030,764
	15,645,000	GM Financial Consumer Automobile Receivables Trust, Series 2019-1, Class A3, 2.970%, 11/16/2023		15,886,914
	3,357,041	Honda Auto Receivables Owner Trust, Series 2016-4, Class A3, 1.210%, 12/18/2020		3,344,248
	1,491,291	Honda Auto Receivables Owner Trust, Series 2017-2, Class A3, 1.680%, 8/16/2021		1,487,017
	28,000,000	Honda Auto Receivables Owner Trust, Series 2018-4, Class A3, 3.160%, 1/17/2023		28,532,137

See accompanying notes to financial statements.

27 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Car Loan — continued
$	5,925,000	Honda Auto Receivables Owner Trust, Series 2019-1, Class A3, 2.830%, 3/20/2023	$	6,010,196
	3,925,000	Honda Auto Receivables Owner Trust, Series 2017-2, Class A4, 1.870%, 9/15/2023		3,912,295
	12,949,685	Nissan Auto Receivables Owner Trust, Series 2016-C, Class A3, 1.180%, 1/15/2021		12,904,043
	26,135,000	Nissan Auto Receivables Owner Trust, Series 2018-C, Class A3, 3.220%, 6/15/2023		26,732,898
	27,665,000	Santander Drive Auto Receivables Trust, Series 2019-1, Class D, 3.650%, 4/15/2025		28,474,337
	6,995,000	Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.220%, 7/15/2025		7,092,345
	9,211,639	Toyota Auto Receivables Owner Trust, Series 2017-B, Class A3, 1.760%, 7/15/2021		9,185,629
	15,720,000	Toyota Auto Receivables Owner Trust, Series 2017-D, Class A3, 1.930%, 1/18/2022		15,684,660
	27,000,000	Toyota Auto Receivables Owner Trust, Series 2018-A, Class A3, 2.350%, 5/16/2022		27,049,580
	3,638,697	Toyota Auto Receivables Owner Trust, Series 2018-C, Class A2A, 2.770%, 8/16/2021		3,648,264
	29,995,000	Toyota Auto Receivables Owner Trust, Series 2019-B, Class A3, 2.570%, 8/15/2023		30,349,115
	15,495,000	Westlake Automobile Receivable, Series 2019-1A, Class D, 3.670%, 3/15/2024, 144A		15,798,682

				465,335,479

		ABS Credit Card — 4.8%
	14,559,000	American Express Credit Account Master Trust, Series 2017-1, Class A, 1.930%, 9/15/2022		14,529,227
	10,434,000	American Express Credit Account Master Trust, Series 2017-6, Class A, 2.040%, 5/15/2023		10,428,190
	3,000,000	American Express Credit Account Master Trust, Series 2018-1, Class A, 2.670%, 10/17/2022		3,009,491
	8,000,000	American Express Credit Account Master Trust, Series 2019-1, Class A, 2.870%, 10/15/2024		8,177,142
	9,770,000	BA Credit Card Trust, Series 2017-A2, Class A2, 1.840%, 1/17/2023		9,741,445
	28,630,000	BA Credit Card Trust, Series 2018-A2, Class A2, 3.000%, 9/15/2023		29,122,742
	24,885,000	Capital One Multi-Asset Execution Trust, Series 2015-A2, Class A2, 2.080%, 3/15/2023		24,860,085
	6,170,000	Capital One Multi-Asset Execution Trust, Series 2017-A4, Class A4, 1.990%, 7/17/2023		6,161,680
	11,730,000	Capital One Multi-Asset Execution Trust, Series 2019-A1, Class A1, 2.840%, 12/15/2024		11,956,325
	17,700,000	Chase Issuance Trust, Series 2012-A4, Class A4, 1.580%, 8/15/2021		17,681,790
	7,915,000	Chase Issuance Trust, Series 2015-A4, Class A4, 1.840%, 4/15/2022		7,897,696
	31,257,000	Chase Issuance Trust, Series 2016-A5, Class A5, 1.270%, 7/15/2021		31,244,000
	22,714,000	Citibank Credit Card Issuance Trust, Series 2014-A6, Class A6, 2.150%, 7/15/2021		22,711,574

See accompanying notes to financial statements.

| 28

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Credit Card — continued
$	13,575,000	Citibank Credit Card Issuance Trust, Series 2016-A1, Class A1, 1.750%, 11/19/2021	$	13,547,702
	10,366,000	Citibank Credit Card Issuance Trust, Series 2017-A3, Class A3, 1.920%, 4/07/2022		10,344,188
	13,235,000	Citibank Credit Card Issuance Trust, Series 2017-A8, Class A8, 1.860%, 8/08/2022		13,197,946
	35,306,000	Discover Card Execution Note Trust, Series 2016-A4, Class A4, 1.390%, 3/15/2022		35,230,774

				269,841,997

		ABS Home Equity — 3.2%
	612,041	American Home Mortgage Investment Trust, Series 2004-2, Class 5A, 5.500%, 2/25/2044(d)		625,832
	15,451,000	American Homes 4 Rent, Series 2015-SFR1, Class E, 5.639%, 4/17/2052, 144A		16,950,486
	70,980	Bayview Opportunity Master Fund IIb Trust, Series 2018-RN5, Class A1, 3.820%, 4/28/2033, 144A(d)		71,201
	5,531,611	Bayview Opportunity Master Fund IVa Trust, Series 2019-RN2, Class A1, 3.967%, 3/28/2034, 144A(d)		5,576,063
	1,499,114	Bayview Opportunity Master Fund Trust, Series 2018-RN8, Class A1, 4.066%, 9/28/2033, 144A(d)		1,511,150
	4,254,234	Bayview Opportunity Master Fund Trust, Series 2019-RN1, Class A1, 4.090%, 2/28/2034, 144A(d)		4,324,604
	353,496	CAM Mortgage Trust, Series 2018-1, Class A1, 3.960%, 12/01/2065, 144A(d)		353,302
	5,674,750	Citigroup Mortgage Loan Trust, Series 2019-B, Class A1, 3.258%, 4/25/2066, 144A(d)(e)(f)		5,674,747
	8,495,604	Citigroup Mortgage Loan Trust, Series 2019-RP1, Class A1, 3.500%, 1/25/2066, 144A(d)		8,756,282
	2,434,000	Colony American Finance Ltd., Series 2019-1, Class D, 4.818%, 3/15/2052, 144A		2,500,241
	1,163,955	Gosforth Funding PLC, Series 2018-1A, Class A1, 3-month LIBOR + 0.450%, 2.971%, 8/25/2060, 144A(c)		1,161,641
	1,899,550	Grand Avenue Mortgage Loan Trust, Series 2017-RPL1, Class A1, 3.250%, 8/25/2064, 144A		1,898,460
	2,197,457	Holmes Master Issuer PLC, Series 2018-1A, Class A2, 3-month LIBOR + 0.360%, 2.957%, 10/15/2054, 144A(c)		2,194,811
	3,050,000	Invitation Homes Trust, Series 2018-SFR4, Class D, 1-month LIBOR + 1.650%, 4.044%, 1/17/2038, 144A(c)		3,037,372
	4,625,000	Lanark Master Issuer PLC, Series 2019-1A, Class 1A1, 3-month LIBOR + 0.770%, 3.295%, 12/22/2069(c)		4,635,836
	7,020,000	Lanark Master Issuer PLC, Series 2019-2A, Class 1A, 2.710%, 12/22/2069, 144A(d)		7,041,650
	4,287,940	Legacy Mortgage Asset Trust, Series 2019-GS3, Class A1, 3.750%, 4/25/2059, 144A(d)		4,335,017
	5,430,376	Mill City Mortgage Trust, Series 2019-1, Class A1, 3.250%, 10/25/2069, 144A(d)		5,534,455
	17,482,516	Onslow Bay Financial LLC, Series 2019-EXP1, Class 1A3, 4.000%, 1/25/2059, 144A(d)		17,771,328

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Home Equity — continued
$	3,708,000	Progress Residential Trust, Series 2017-SFR2, Class E, 4.142%, 12/17/2034, 144A	$	3,778,698
	1,332,000	Progress Residential Trust, Series 2018-SFR2, Class E, 4.656%, 8/17/2035, 144A		1,380,711
	2,830,000	Progress Residential Trust, Series 2019-SFR1, Class D, 4.168%, 8/17/2035, 144A		2,931,960
	4,732,000	Progress Residential Trust, Series 2019-SFR2, Class D, 3.794%, 5/17/2036, 144A		4,856,077
	881,370	RCO V Mortgage LLC, Series 2018-1, Class A1, 4.000%, 5/25/2023, 144A(d)		885,003
	6,113,693	RCO V Mortgage LLC, Series 2019-1, Class A1, 3.721%, 5/24/2024, 144A(d)		6,156,766
	1,009,876	RMAT, Series 2018-NPL1, Class A1, 4.090%, 5/25/2048, 144A(d)		1,016,616
	2,392,324	Sequoia Mortgage Trust, Series 2017-CH1, Class A1, 4.000%, 8/25/2047, 144A(d)		2,454,274
	3,895,867	Sequoia Mortgage Trust, Series 2017-CH2, Class A1, 4.000%, 12/25/2047, 144A(d)		4,037,680
	5,024,589	Sequoia Mortgage Trust, Series 2018-CH1, Class A1, 4.000%, 2/25/2048, 144A(d)		5,197,152
	17,281,146	Sequoia Mortgage Trust, Series 2019-CH1, Class A1, 4.500%, 3/25/2049, 144A(d)		17,836,868
	5,465,000	Silverstone Master Issuer, Series 2019-1A, Class 1A, 3-month LIBOR + 0.570%, 3.149%, 1/21/2070(c)		5,466,383
	5,271,458	Towd Point Mortgage Trust, Series 2015-2, Class 1A13, 2.500%, 11/25/2060, 144A(d)		5,270,841
	1,749,509	Towd Point Mortgage Trust, Series 2016-1, Class A1B, 2.750%, 2/25/2055, 144A(d)		1,755,868
	9,514,301	Vericrest Opportunity Loan Trust, Series 2019-NPL3, Class A1, 3.967%, 3/25/2049, 144A(d)		9,583,027
	1,162,339	VOLT LXXI LLC, Series 2018-NPL7, Class A1A, 3.967%, 9/25/2048, 144A(d)		1,171,268
	1,744,104	VOLT LXXII LLC, Series 2018-NPL8, Class A1A, 4.213%, 10/26/2048, 144A(d)		1,755,053
	6,242,664	VOLT LXXV LLC, Series 2019-NPL1, Class A1A, 4.336%, 1/25/2049, 144A(d)		6,326,990
	2,098,518	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR2, Class 3A1, 5.141%, 3/25/2035(d)		2,159,495

				177,975,208

		ABS Other — 3.4%
	43,249,239	FAN Engine Securitization Ltd., Series 2013-1A, Class 1A, 4.625%, 10/15/2043, 144A(a)(e)(f)		41,086,777
	12,926,300	Horizon Aircraft Finance I Ltd., Series 2018-1, Class A, 4.458%, 12/15/2038, 144A		13,401,304
	3,020,000	Horizon Aircraft Finance II Ltd., Series 2019-1, Class A, 3.721%, 7/15/2039, 144A(f)		3,019,056
	8,381,470	Kestrel Aircraft Funding Ltd., Series 2018-1A, Class A, 4.250%, 12/15/2038, 144A		8,524,825
	12,571,243	MAPS Ltd., Series 2018-1A, Class A, 4.212%, 5/15/2043, 144A		12,883,880
	4,271,645	MAPS Ltd., Series 2019-1A, Class A, 4.458%, 3/15/2044, 144A		4,414,809
	13,610,000	Mariner Finance Issuance Trust, Series 2018-AA, Class A, 4.200%, 11/20/2030, 144A		13,981,375
	3,412,030	Marlette Funding Trust, Series 2019-1A, Class A, 3.440%, 4/16/2029, 144A		3,441,093

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Other — continued
$	5,550,000	Marlette Funding Trust, Series 2019-2A, Class A, 3.130%, 7/16/2029, 144A	$	5,582,333
	8,040,000	OneMain Financial Issuance Trust, Series 2019-1A, Class D, 4.220%, 2/14/2031, 144A		8,303,472
	16,867,378	S-Jets Ltd., Series 2017-1, Class A, 3.967%, 8/15/2042, 144A		17,215,139
	1,040,000	SLM Private Credit Student Loan Trust, Series 2003-C, Class A3, 28-day ARS, 5.320%, 9/15/2032(c)(f)		1,039,688
	1,695,000	SLM Private Credit Student Loan Trust, Series 2003-C, Class A4, 28-day ARS, 5.320%, 9/15/2032(c)(f)		1,694,492
	13,765,000	SoFi Consumer Loan Program Trust, Series 2019-1, Class C, 3.730%, 2/25/2028, 144A		14,172,236
	6,720,000	SoFi Consumer Loan Program Trust, Series 2018-4, Class C, 4.170%, 11/26/2027, 144A		6,999,041
	6,805,000	SoFi Consumer Loan Program Trust, Series 2019-2, Class C, 3.460%, 4/25/2028, 144A		6,947,380
	12,755,000	SoFi Consumer Loan Program Trust, Series 2019-3, Class C, 3.350%, 5/25/2028, 144A		12,978,500
	13,428,883	SpringCastle Funding Asset-Backed Notes, Series 2019-AA, Class A, 3.200%, 5/27/2036, 144A		13,582,915

				189,268,315

		ABS Student Loan — 1.2%
	4,020,000	Navient Private Education Refi Loan Trust, Series 2019-CA, Class A2, 3.130%, 2/15/2068, 144A		4,105,567
	6,910,000	Navient Student Loan Trust, Series 2018-EA, Class A2, 4.000%, 12/15/2059, 144A		7,291,597
	13,135,000	Navient Student Loan Trust, Series 2019-2A, Class A2, 1-month LIBOR + 1.000%, 3.404%, 2/27/2068, 144A(c)		13,154,421
	907,000	SLM Private Credit Student Loan Trust, Series 2003-A, Class A3, 28-day ARS, 5.260%, 6/15/2032(c)(f)		906,728
	680,000	SLM Private Credit Student Loan Trust, Series 2003-A, Class A4, 28-day ARS, 5.280%, 6/15/2032(c)(f)		679,796
	1,297,000	SLM Private Credit Student Loan Trust, Series 2003-B, Class A3, 28-day ARS, 5.280%, 3/15/2033(c)(f)		1,296,611
	889,000	SLM Private Credit Student Loan Trust, Series 2003-B, Class A4, 28-day ARS, 5.290%, 3/15/2033(c)(f)		888,733
	10,385,000	SMB Private Education Loan Trust, Series 2019-A, Class A2A, 3.440%, 7/15/2036, 144A		10,771,275
	16,265,000	SMB Private Education Loan Trust, Series 2019-B, Class A2A, 2.840%, 6/15/2037, 144A		16,391,700
	9,075,000	SoFi Professional Loan Program LLC, Series 2019-A, Class A2FX, 3.690%, 6/15/2048, 144A		9,525,066

				65,011,494

		ABS Whole Business — 1.9%
	10,362,730	Adams Outdoor Advertising LP, Series 2018-1, Class A, 4.810%, 11/15/2048, 144A		11,025,590
	3,595,000	Adams Outdoor Advertising LP, Series 2018-1, Class B, 5.653%, 11/15/2048, 144A		3,828,822

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Whole Business — continued
$	27,342,000	Coinstar Funding LLC, Series 2017-1A, Class A2, 5.216%, 4/25/2047, 144A	$	27,994,856
	6,782,000	DB Master Finance LLC, Series 2019-1A, Class A23, 4.352%, 5/20/2049, 144A		7,011,367
	321,278	Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A23, 4.118%, 7/25/2047		333,640
	5,257,890	Domino’s Pizza Master Issuer LLC, Series 2018-1A, Class A2II, 4.328%, 7/25/2048, 144A		5,488,238
	3,187,800	Driven Brands Funding LLC, Series 2018-1A, Class A2, 4.739%, 4/20/2048, 144A		3,343,747
	6,768,038	Driven Brands Funding LLC, Series 2019-1A, Class A2, 4.641%, 4/20/2049		7,056,762
	4,962,500	Five Guys Funding LLC, Series 2017-1A, Class A2, 4.600%, 7/25/2047, 144A		5,155,172
	17,670,900	Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.540%, 2/25/2044, 144A		18,397,579
	13,527,025	Taco Bell Funding LLC, Series 2018-1A, Class A2I, 4.318%, 11/25/2048, 144A		14,031,448
	3,690,750	Wingstop Funding LLC, Series 2018-1, Class A2, 4.970%, 12/05/2048, 144A		3,878,905

				107,546,126

		Aerospace & Defense — 1.5%
	650,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039		698,750
	78,795,000	Textron, Inc., 5.950%, 9/21/2021		83,733,564

				84,432,314

		Airlines — 1.4%
	3,011,456	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		3,109,027
	1,778,221	American Airlines Pass Through Certificates, Series 2016-3, Class B, 3.750%, 4/15/2027		1,790,551
	660,687	American Airlines Pass Through Certificates, Series 2017-2, Class B, 3.700%, 4/15/2027		658,095
	2,147,987	American Airlines Pass Through Trust, Series 2015-2, Class B, 4.400%, 3/22/2025		2,206,413
	1,201,123	Continental Airlines Pass Through Certificates, Series 2012-1, Class B, 6.250%, 10/11/2021		1,225,362
	324,173	Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022(a)(b)		346,871
	1,078,616	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.821%, 2/10/2024		1,187,017
	5,449,716	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		6,012,127
	7,990,435	Delta Air Lines Pass Through Trust, Series 2009-1, Class A, 7.750%, 6/17/2021		8,175,174
	13,632,993	UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024		14,480,965
	26,272,205	United Airlines Pass Through Trust, Series 2016-2, Class B, 3.650%, 4/07/2027		26,330,004
	2,795,474	United Airlines Pass Through Trust, Series 2018-1, Class A, 3.700%, 9/01/2031		2,830,629

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Airlines — continued
$	10,315,000	United Airlines Pass Through Trust, Series 2019-1, Class A, 4.550%, 2/25/2033	$	11,067,686
	649,874	Virgin Australia Pass Through Certificates, Series 2013-1A, 5.000%, 4/23/2025, 144A(a)(b)		668,415

				80,088,336

		Automotive — 2.4%
	23,581,000	Cummins, Inc., 5.650%, 3/01/2098(a)(b)		28,445,289
	5,274,000	Cummins, Inc., 6.750%, 2/15/2027		6,432,566
	255,000	Ford Motor Co., 6.625%, 2/15/2028		285,730
	240,000	Ford Motor Co., 7.500%, 8/01/2026		280,357
	14,000,000	Toyota Motor Credit Corp., 1.950%, 4/17/2020		13,973,120
	26,263,000	Toyota Motor Credit Corp., GMTN, 1.900%, 4/08/2021		26,147,705
	10,000,000	Toyota Motor Credit Corp., MTN, 2.150%, 3/12/2020		9,995,076
	38,060,000	Toyota Motor Credit Corp., MTN, 2.650%, 4/12/2022		38,656,987
	7,565,000	ZF North America Capital, Inc., 4.750%, 4/29/2025, 144A		7,817,934

				132,034,764

		Banking — 7.9%
	39,613,000	Ally Financial, Inc., 4.625%, 3/30/2025		41,791,715
	1,468,000	Ally Financial, Inc., 8.000%, 11/01/2031		1,923,080
	49,304,000	Bank of America Corp., (fixed rate to 12/20/2027, variable rate thereafter), 3.419%, 12/20/2028		50,733,618
	100,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		106,835
	25,627,000	Bank of America Corp., Series L, MTN, 4.183%, 11/25/2027		27,148,772
	22,500,000	BNP Paribas S.A., (fixed rate to 3/01/2028, variable rate thereafter), 4.375%, 3/01/2033, 144A		23,178,750
	460,000	Capital One Financial Corp., 4.200%, 10/29/2025		483,096
	17,000,000	Citigroup, Inc., 3.500%, 5/15/2023		17,541,376
	1,230,000	Citigroup, Inc., 4.125%, 7/25/2028		1,302,724
	1,660,000	Citigroup, Inc., 4.500%, 1/14/2022		1,744,973
	7,155,000	Credit Agricole S.A., (fixed rate to 1/10/2028, variable rate thereafter), 4.000%, 1/10/2033, 144A		7,233,920
	17,940,000	Danske Bank A/S, 5.000%, 1/12/2022, 144A		18,766,090
	14,200,000	Danske Bank A/S, 5.375%, 1/12/2024, 144A		15,348,323
	20,999,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		18,248,341
	6,645,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		6,781,780
	70,245,000	JPMorgan Chase & Co., 4.125%, 12/15/2026		75,131,374
	100,000	KeyBank NA, 6.950%, 2/01/2028		125,374
	1,845,000	Morgan Stanley, 4.350%, 9/08/2026		1,978,442
	5,900,000	Morgan Stanley, 5.750%, 1/25/2021		6,196,936
	20,695,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		21,784,885
	38,206,000	Morgan Stanley, Series F, GMTN, 5.625%, 9/23/2019		38,470,982
	15,160,000	Santander Holdings USA, Inc., 4.450%, 12/03/2021		15,769,061
	20,295,000	Societe Generale S.A., 4.250%, 4/14/2025, 144A		20,817,190
	21,340,000	Standard Chartered PLC, 3-month LIBOR + 1.150%, 3.742%, 1/20/2023, 144A(c)		21,310,978

See accompanying notes to financial statements.

33 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Banking — continued
$	5,900,000	Standard Chartered PLC, (fixed rate to 1/20/2022, variable rate thereafter), 4.247%, 1/20/2023, 144A	$	6,090,452
	3,865,000	Synchrony Financial, 4.375%, 3/19/2024		4,047,195

				444,056,262

		Brokerage — 1.5%
	50,270,000	Jefferies Group LLC, 5.125%, 1/20/2023		53,842,523
	19,498,000	Jefferies Group LLC, 6.250%, 1/15/2036		21,013,406
	8,760,000	Jefferies Group LLC, 6.450%, 6/08/2027		9,919,746

				84,775,675

		Building Materials — 0.6%
	1,365,000	Masco Corp., 6.500%, 8/15/2032		1,610,789
	3,110,000	Masco Corp., 7.125%, 3/15/2020		3,199,346
	2,163,000	Masco Corp., 7.750%, 8/01/2029		2,716,964
	23,975,000	Owens Corning, 7.000%, 12/01/2036		28,447,374

				35,974,473

		Cable Satellite — 1.1%
	6,695,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.750%, 4/01/2048		7,404,814
	10,320,000	Cox Communications, Inc., 4.500%, 6/30/2043, 144A		9,903,530
	5,820,000	Cox Communications, Inc., 4.700%, 12/15/2042, 144A		5,792,087
	13,630,000	Time Warner Cable LLC, 4.125%, 2/15/2021		13,883,453
	9,055,000	Time Warner Cable LLC, 4.500%, 9/15/2042		8,461,055
	15,815,000	Time Warner Cable LLC, 5.500%, 9/01/2041		16,580,844

				62,025,783

		Chemicals — 1.7%
	27,205,000	CF Industries, Inc., 4.500%, 12/01/2026, 144A		28,286,848
	15,145,000	DuPont de Nemours, Inc., 3.766%, 11/15/2020		15,434,866
	50,500,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		50,788,135

				94,509,849

		Construction Machinery — 1.1%
	17,058,000	Caterpillar Financial Services Corp., 1.931%, 10/01/2021		16,925,767
	12,000,000	Caterpillar, Inc., 3.900%, 5/27/2021		12,376,413
	11,005,000	John Deere Capital Corp., MTN, 2.350%, 1/08/2021		11,037,852
	7,485,000	John Deere Capital Corp., MTN, 2.950%, 4/01/2022		7,635,551
	6,105,000	John Deere Capital Corp., MTN, 3.900%, 7/12/2021		6,314,907
	6,787,000	Toro Co. (The), 6.625%, 5/01/2037(a)(b)		8,336,503

				62,626,993

		Consumer Products — 0.7%
	7,458,000	Hasbro, Inc., 6.600%, 7/15/2028		8,977,780
	27,515,000	Unilever Capital Corp., 3.000%, 3/07/2022		28,144,818

				37,122,598

		Diversified Manufacturing — 0.1%
	5,305,000	General Electric Co., Series A, MTN, 3-month LIBOR + 0.300%, 2.897%, 5/13/2024(c)		4,952,021

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Electric — 1.4%
$	21,015,531	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A	$	23,566,996
	30,430,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		30,496,946
	13,025,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		15,445,298
	9,007,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		11,455,530

				80,964,770

		Finance Companies — 1.6%
	12,430,000	Aircastle Ltd., 4.125%, 5/01/2024		12,730,896
	20,595,000	Aircastle Ltd., 4.400%, 9/25/2023		21,389,439
	8,160,000	Aircastle Ltd., 5.000%, 4/01/2023		8,633,205
	6,700,000	Antares Holdings LP, 6.000%, 8/15/2023, 144A		6,810,048
	18,830,000	International Lease Finance Corp., 4.625%, 4/15/2021		19,423,176
	8,565,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.250%, 3/15/2022, 144A		8,736,300
	7,805,000	Quicken Loans, Inc., 5.250%, 1/15/2028, 144A		7,765,975
	6,392,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		6,591,750

				92,080,789

		Food & Beverage — 1.7%
	13,750,000	General Mills, Inc., 2.600%, 10/12/2022		13,804,989
	8,595,000	JBS USA LUX S.A./JBS USA Finance, Inc., 5.750%, 6/15/2025, 144A		8,938,800
	4,910,000	JBS USA LUX S.A./JBS USA Finance, Inc., 6.750%, 2/15/2028, 144A		5,333,488
	10,465,000	NBM U.S Holdings, Inc., 7.000%, 5/14/2026, 144A		11,003,948
	9,535,000	PepsiCo, Inc., 1.700%, 10/06/2021		9,460,348
	45,980,000	PepsiCo, Inc., 2.000%, 4/15/2021		45,967,410

				94,508,983

		Government Guaranteed — 1.0%
	55,000,000	Kreditanstalt fuer Wiederaufbau, 1.500%, 4/20/2020		54,724,020

		Government Owned – No Guarantee — 1.4%
	50,000,000	CPPIB Capital, Inc., 2.375%, 1/29/2021, 144A		50,320,500
	21,545,000	Petrobras Global Finance BV, 5.750%, 2/01/2029		22,458,508
	6,130,000	Petrobras Global Finance BV, 6.900%, 3/19/2049		6,528,450

				79,307,458

		Health Insurance — 0.6%
	27,570,000	Anthem, Inc., 2.500%, 11/21/2020		27,624,900
	3,040,000	Centene Corp., 6.125%, 2/15/2024		3,184,400
	1,261,000	Cigna Holding Co., 7.875%, 5/15/2027		1,642,570

				32,451,870

		Healthcare — 3.3%
	27,455,000	Abbott Laboratories, 2.900%, 11/30/2021		27,909,915
	27,390,000	Cigna Corp., 3.200%, 9/17/2020, 144A		27,642,939
	19,420,000	Cigna Corp., 4.375%, 10/15/2028, 144A		20,951,564
	13,765,000	CVS Health Corp., 4.100%, 3/25/2025		14,517,810
	23,120,000	HCA, Inc., 4.500%, 2/15/2027		24,665,827
	24,240,000	HCA, Inc., 5.250%, 4/15/2025		26,856,892
	4,580,000	HCA, Inc., 5.250%, 6/15/2026		5,071,015

See accompanying notes to financial statements.

35 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Healthcare — continued
$	17,055,000	HCA, Inc., 5.250%, 6/15/2049	$	17,732,254
	6,175,000	HCA, Inc., 5.375%, 9/01/2026		6,653,563
	4,806,000	HCA, Inc., 7.050%, 12/01/2027		5,430,780
	1,592,000	HCA, Inc., 7.500%, 11/06/2033		1,830,800
	1,295,000	HCA, Inc., 7.690%, 6/15/2025		1,521,625
	2,480,000	HCA, Inc., MTN, 7.580%, 9/15/2025		2,852,000
	3,068,000	HCA, Inc., MTN, 7.750%, 7/15/2036		3,497,520

				187,134,504

		Independent Energy — 2.1%
	6,090,000	Anadarko Petroleum Corp., 5.550%, 3/15/2026		6,844,425
	30,195,000	Continental Resources, Inc., 3.800%, 6/01/2024		31,046,158
	10,525,000	Continental Resources, Inc., 4.375%, 1/15/2028		11,066,719
	10,950,000	Diamondback Energy, Inc., 4.750%, 11/01/2024, 144A		11,264,813
	10,475,000	Hess Corp., 4.300%, 4/01/2027		10,865,502
	21,000,000	Newfield Exploration Co., 5.625%, 7/01/2024		23,219,700
	26,185,000	Seven Generations Energy Ltd., 5.375%, 9/30/2025, 144A		25,203,062
	60,000	Whiting Petroleum Corp., 6.250%, 4/01/2023		59,873

				119,570,252

		Integrated Energy — 2.3%
	55,470,000	Chevron Corp., 2.100%, 5/16/2021		55,518,580
	20,430,000	Exxon Mobil Corp., 2.222%, 3/01/2021		20,486,602
	52,303,000	Shell International Finance BV, 1.875%, 5/10/2021		52,071,298

				128,076,480

		Life Insurance — 2.8%
	5,653,000	American International Group, Inc., 4.200%, 4/01/2028		6,041,652
	1,475,000	American International Group, Inc., 4.875%, 6/01/2022		1,581,274
	8,255,000	CNO Financial Group, Inc., 5.250%, 5/30/2029		8,936,037
	15,000,000	Global Atlantic Fin Co., 8.625%, 4/15/2021, 144A		16,333,219
	5,895,000	Metropolitan Life Global Funding I, 3-month LIBOR + 0.230%, 2.819%, 1/08/2021, 144A(c)		5,894,794
	30,030,000	Metropolitan Life Global Funding I, 3.375%, 1/11/2022, 144A		30,868,004
	9,063,000	Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A		11,608,706
	26,914,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A(a)(b)		43,541,096
	6,440,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A(a)(b)		8,482,078
	2,872,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		3,628,791
	14,489,000	Penn Mutual Life Insurance Co. (The), 7.625%, 6/15/2040, 144A		20,034,669

				156,950,320

		Lodging — 0.5%
	26,131,000	Choice Hotels International, Inc., 5.700%, 8/28/2020		26,882,266

		Media Entertainment — 0.2%
	4,482,000	Walt Disney Co. (The), 8.150%, 10/17/2036, 144A		6,992,057
	898,000	Warner Media LLC, 2.950%, 7/15/2026		881,829
	60,000	Warner Media LLC, 3.800%, 2/15/2027		59,960
	1,065,000	Warner Media LLC, 3.875%, 1/15/2026		1,072,188

				9,006,034

See accompanying notes to financial statements.

| 36

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Metals & Mining — 3.4%
$	1,689,997	1839688 Alberta ULC, 14.000% PIK, 14.000% Cash, 2/13/2020(e)(f)(g)(h)	$	—
	34,334,000	Anglo American Capital PLC, 4.500%, 3/15/2028, 144A		35,604,498
	8,785,000	Anglo American Capital PLC, 4.750%, 4/10/2027, 144A		9,305,039
	430,000	ArcelorMittal, 5.500%, 3/01/2021		447,634
	47,920,000	ArcelorMittal, 6.750%, 3/01/2041		55,857,631
	19,365,000	ArcelorMittal, 7.000%, 10/15/2039		22,977,854
	7,688,000	Glencore Funding LLC, 3.875%, 10/27/2027, 144A		7,700,224
	39,092,000	Glencore Funding LLC, 4.000%, 3/27/2027, 144A		39,474,131
	11,700,000	Glencore Funding LLC, 4.125%, 3/12/2024, 144A		12,147,172
	4,893,000	Worthington Industries, Inc., 6.500%, 4/15/2020		5,023,877

				188,538,060

		Midstream — 3.8%
	14,040,000	Andeavor Logistics LP/Tesoro Logistics Finance Corp., 4.250%, 12/01/2027		14,830,618
	650,000	DCP Midstream Operating LP, 6.450%, 11/03/2036, 144A		682,500
	7,000,000	Energy Transfer Operating LP, 4.950%, 6/15/2028		7,653,232
	36,405,000	Energy Transfer Operating LP, 5.250%, 4/15/2029		40,676,947
	880,000	EnLink Midstream Partners LP, 5.050%, 4/01/2045		734,800
	30,850,000	EnLink Midstream Partners LP, 5.450%, 6/01/2047		26,376,750
	1,940,000	EnLink Midstream Partners LP, 5.600%, 4/01/2044		1,779,950
	26,650,000	EQM Midstream Partners LP, Series 10Y, 5.500%, 7/15/2028		28,052,732
	14,300,000	IFM U.S. Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		14,784,449
	14,660,000	Kinder Morgan Energy Partners LP, 3.500%, 9/01/2023		15,084,223
	3,105,000	Kinder Morgan Energy Partners LP, 5.300%, 9/15/2020		3,208,689
	7,461,000	Kinder Morgan Energy Partners LP, 5.800%, 3/01/2021		7,864,624
	85,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		107,950
	225,000	Plains All American Pipeline LP/PAA Finance Corp., 2.850%, 1/31/2023		224,093
	40,610,000	Sunoco Logistics Partners Operations LP, 4.000%, 10/01/2027		41,838,699
	8,405,000	Williams Cos., Inc., 3.350%, 8/15/2022		8,566,368

				212,466,624

		Mortgage Related — 0.0%
	15,048	FHLMC, 5.000%, 12/01/2031		16,023
	1,675	FNMA, 6.000%, 7/01/2029		1,864

				17,887

		Non-Agency Commercial Mortgage-Backed Securities — 0.6%
	3,000,712	Commercial Mortgage Pass Through Certificates, Series 2014-UBS4, Class A2, 2.963%, 8/10/2047		2,999,030
	3,205,000	Credit Suisse Commercial Mortgage Securities Corp., Series 2019-SKLZ, Class D, 1-month LIBOR + 3.600%, 5.994%, 1/15/2034, 144A(c)		3,221,524
	12,790,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class D, 4.373%, 9/15/2037, 144A		12,612,236
	484,146	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class A2, 2.872%, 7/15/2047		483,628
	3,456,000	Morgan Stanley Capital I Trust, Series 2011-C2, Class E, 5.668%, 6/15/2044, 144A(d)		3,412,097
	6,706,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class E, 5.048%, 5/10/2063, 144A(d)		5,387,321

See accompanying notes to financial statements.

37 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	3,557,000	WFRBS Commercial Mortgage Trust, Series 2011-C2, Class D, 5.839%, 2/15/2044, 144A(d)	$	3,635,548
	2,125,000	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class D, 5.856%, 3/15/2044, 144A(d)		1,917,983
	1,296,000	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class C, 4.970%, 6/15/2045(d)		1,325,985
	865,000	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class E, 4.970%, 6/15/2045, 144A(d)		763,359

				35,758,711

		Paper — 1.3%
	6,400,000	International Paper Co., 8.700%, 6/15/2038		9,151,519
	4,600,000	WestRock MWV LLC, 7.550%, 3/01/2047(a)(b)		6,153,648
	4,273,000	WestRock MWV LLC, 8.200%, 1/15/2030		5,759,443
	26,007,000	Weyerhaeuser Co., 6.875%, 12/15/2033		34,693,338
	13,539,000	Weyerhaeuser Co., 7.375%, 3/15/2032		18,929,374

				74,687,322

		Pharmaceuticals — 1.6%
	27,550,000	Gilead Science, Inc., 2.550%, 9/01/2020		27,631,066
	27,080,000	GlaxoSmithKline Capital PLC, 3.125%, 5/14/2021		27,537,435
	4,390,000	Mylan NV, 5.250%, 6/15/2046		4,094,814
	1,602,000	Mylan, Inc., 5.200%, 4/15/2048		1,479,296
	17,010,000	Teva Pharmaceutical Finance Netherlands III BV, 2.800%, 7/21/2023		14,741,376
	8,000,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026		6,200,000
	5,500,000	Teva Pharmaceutical Finance Netherlands III BV, 6.000%, 4/15/2024		5,192,330

				86,876,317

		Property & Casualty Insurance — 0.1%
	2,740,000	Fidelity National Financial, Inc., 5.500%, 9/01/2022		2,965,547

		REITs – Health Care — 0.1%
	5,972,000	Welltower, Inc., 6.500%, 3/15/2041		7,628,297

		REITs – Single Tenant — 0.2%
	8,690,000	Realty Income Corp., 5.750%, 1/15/2021		9,065,665

		Retailers — 1.5%
	11,876,752	CVS Pass Through Trust, 4.704%, 1/10/2036, 144A		12,528,548
	401,261	CVS Pass Through Trust, 5.773%, 1/10/2033, 144A		451,110
	1,245,299	CVS Pass Through Trust, Series 2014, 4.163%, 8/11/2036, 144A		1,273,953
	448,060	CVS Pass Through Trust, 6.036%, 12/10/2028		498,059
	1,255,000	Group 1 Automotive, Inc., 5.000%, 6/01/2022		1,270,688
	8,064,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		9,005,807
	3,755,000	PVH Corp., 7.750%, 11/15/2023		4,243,150
	53,830,000	Walmart, Inc., 3.125%, 6/23/2021		55,004,571

				84,275,886

		Supermarkets — 0.0%
	325,000	Koninklijke Ahold Delhaize NV, 5.700%, 10/01/2040		376,123

See accompanying notes to financial statements.

| 38

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Supranational — 1.3%
$	55,000,000	European Investment Bank, 1.625%, 12/15/2020	$	54,774,444
	20,000,000	International Bank for Reconstruction & Development, Series GDIF, 2.750%, 7/23/2021		20,369,631

				75,144,075

		Technology — 6.3%
	27,480,000	Apple, Inc., 2.850%, 5/06/2021		27,881,965
	27,985,000	Avnet, Inc., 4.625%, 4/15/2026		29,269,843
	26,185,000	Broadcom Corp./Broadcom Cayman Finance Ltd., 3.000%, 1/15/2022		26,253,038
	27,405,000	Broadcom, Inc., 4.750%, 4/15/2029, 144A		28,138,974
	27,558,000	Cisco Systems, Inc., 1.850%, 9/20/2021		27,396,183
	22,066,000	Cisco Systems, Inc., 2.200%, 2/28/2021		22,078,641
	25,760,000	Dell International LLC/EMC Corp., 6.020%, 6/15/2026, 144A		28,417,962
	13,560,000	Equifax, Inc., 3.600%, 8/15/2021		13,820,085
	27,200,000	Intel Corp., 3.300%, 10/01/2021		27,962,864
	27,875,000	International Business Machines Corp., 2.250%, 2/19/2021		27,870,261
	7,440,000	Jabil, Inc., 4.700%, 9/15/2022		7,773,312
	16,735,000	KLA-Tencor Corp., 5.650%, 11/01/2034		19,042,482
	51,515,000	Oracle Corp., 1.900%, 9/15/2021		51,254,252
	5,000,000	Oracle Corp., 2.800%, 7/08/2021		5,067,850
	9,135,000	Verisk Analytics, Inc., 4.125%, 3/15/2029		9,791,771

				352,019,483

		Tobacco — 0.4%
	19,785,000	Altria Group, Inc., 4.800%, 2/14/2029		21,284,532

		Treasuries — 8.2%
	391,985,000	Central Bank of Iceland, 7.250%, 10/26/2022, (ISK)		3,480,886
	210,910,000	U.S. Treasury Bond, 3.000%, 8/15/2048		231,308,952
	113,970,000	U.S. Treasury Bond, 3.000%, 2/15/2049		125,171,114
	50,000,000	U.S. Treasury Note, 1.500%, 4/15/2020		49,792,969
	50,000,000	U.S. Treasury Note, 2.375%, 4/30/2020		50,146,484

				459,900,405

		Wireless — 0.5%
	22,660,000	Crown Castle International Corp., 3.650%, 9/01/2027		23,335,112
	6,615,000	Crown Castle International Corp., 4.000%, 3/01/2027		6,942,874

				30,277,986

		Wirelines — 1.9%
	61,415,000	AT&T, Inc., 4.300%, 2/15/2030		65,733,463
	7,980,000	AT&T, Inc., 4.850%, 3/01/2039		8,564,381
	2,936,000	BellSouth Telecommunications LLC, 5.850%, 11/15/2045		3,126,253
	27,220,000	Telefonica Emisiones S.A., 5.520%, 3/01/2049		31,530,447

				108,954,544

		Total Non-Convertible Bonds (Identified Cost $4,886,053,117)		5,209,472,897

See accompanying notes to financial statements.

39 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
	Convertible Bonds — 1.1%
		Cable Satellite — 0.3%
$	9,050,000	DISH Network Corp., 2.375%, 3/15/2024	$	8,360,077
	6,190,000	DISH Network Corp., 3.375%, 8/15/2026		6,017,820

				14,377,897

		Diversified Manufacturing — 0.1%
	5,165,000	Greenbrier Cos., Inc. (The), 2.875%, 2/01/2024		4,962,962

		Independent Energy — 0.1%
	8,905,000	Chesapeake Energy Corp., 5.500%, 9/15/2026		7,107,779

		Oil Field Services — 0.3%
	22,120,000	Nabors Industries, Inc., 0.750%, 1/15/2024		15,777,975

		Pharmaceuticals — 0.1%
	7,895,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		8,195,997

		Technology — 0.2%
	11,409,000	Finisar Corp., 0.500%, 12/15/2036		11,122,924

		Total Convertible Bonds (Identified Cost $64,009,381)		61,545,534


	Municipals — 0.3%
		Illinois — 0.2%
	9,150,000	State of Illinois, 5.100%, 6/01/2033		9,635,682

		Michigan — 0.0%
	1,575,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		1,578,245

		Virginia — 0.1%
	7,595,000	Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		7,164,667

		Total Municipals (Identified Cost $16,273,783)		18,378,594


		Total Bonds and Notes (Identified Cost $4,966,366,281)		5,289,397,025


	Collateralized Loan Obligations — 2.0%
	15,513,118	CVP Cascade CLO Ltd., Series 2014-2A, Class A1R, 3-month LIBOR + 1.200%, 3.801%, 7/18/2026, 144A(c)		15,525,110
	13,865,000	Elevation CLO Ltd., Series 2015-4A, Class AR, 3-month LIBOR + 0.990%, 3.385%, 4/18/2027, 144A(c)		13,865,008
	18,037,524	Halcyon Loan Advisors Funding Ltd., Series 2014-2A, Class A1BR, 3-month LIBOR + 1.180%, 3.762%, 4/28/2025, 144A(c)		18,060,251
	12,430,000	Jamestown CLO VII Ltd., Series 2015-7A, Class A1R, 3-month LIBOR + 0.830%, 3.410%, 7/25/2027, 144A(c)		12,376,274
	13,685,000	Mountain View CLO X Ltd., Series 2015-10A, Class AR, 3-month LIBOR + 0.820%, 3.417%, 10/13/2027, 144A(c)		13,618,797
	13,210,000	Parallel Ltd., Series 2015-1A, Class AR, 3-month LIBOR + 0.850%, 3.442%, 7/20/2027, 144A(c)		13,194,917

See accompanying notes to financial statements.

| 40

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
	Collateralized Loan Obligations — (continued)
$	14,374,794	Staniford Street CLO Ltd., Series 2014-1A, Class AR, 3-month LIBOR + 1.180%, 3.590%, 6/15/2025, 144A(c)	$	14,384,395
	11,625,000	Venture VII CDO Ltd., Series 2006-7A, Class B, 3-month LIBOR + 0.380%, 2.972%, 1/20/2022, 144A(c)		11,567,341

		Total Collateralized Loan Obligations (Identified Cost $112,767,440)		112,592,093


Shares
	Preferred Stocks — 0.3%
		Food & Beverage — 0.2%
	129,274	Bunge Ltd., 4.875%		12,917,993

		Independent Energy — 0.1%
	43,031	Chesapeake Energy Corp., 5.000%		1,753,513

		Total Preferred Stocks (Identified Cost $16,998,736)		14,671,506


Principal Amount (‡)
	Short-Term Investments — 1.2%
	2,690,358,211	Central Bank of Iceland, 0.000%, 6/02/2020, (ISK)(d)		21,589,361
	45,550,715	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/28/2019 at 1.500% to be repurchased at $45,556,409 on 7/01/2019 collateralized by $44,805,000 U.S. Treasury Note, 2.500% due 5/15/2024 valued at $46,465,563 including accrued interest (Note 2 of Notes to Financial Statements)		45,550,715

		Total Short-Term Investments (Identified Cost $67,274,027)		67,140,076


		Total Investments — 97.7% (Identified Cost $5,163,376,484)		5,483,800,700
		Other assets less liabilities — 2.3%		129,892,086

		Net Assets — 100.0%	$	5,613,692,786


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Illiquid security.
	(b)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At June 30, 2019, the value of these securities amounted to $109,507,373 or 2.0% of net assets. See Note 2 of Notes to Financial Statements.
	(c)	Variable rate security. Rate as of June 30, 2019 is disclosed.
	(d)	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, 2019 is disclosed.

See accompanying notes to financial statements.

41 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)



	(e)			Fair valued by the Fund’s adviser. At June 30, 2019, the value of these securities amounted to $46,761,524 or 0.8% of net assets. See Note 2 of Notes to Financial Statements.
	(f)			Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(g)			The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(h)			Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional principal. No payments were made during the period.

	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, 2019, the value of Rule 144A holdings amounted to $1,580,558,809 or 28.2% of net assets.
	ABS			Asset-Backed Securities
	ARS			Auction Rate Security
	FHLMC			Federal Home Loan Mortgage Corp.
	FNMA			Federal National Mortgage Association
	GMTN			Global Medium Term Note
	LIBOR			London Interbank Offered Rate
	MTN			Medium Term Note
	PIK			Payment-in-Kind
	REITs			Real Estate Investment Trusts
	SLM			Sallie Mae

	ISK			Icelandic Krona

Industry Summary at June 30, 2019 (Unaudited)


ABS Car Loan	8.2	%
Treasuries	8.2
Banking	7.9
Technology	6.5
ABS Credit Card	4.8
Midstream	3.8
ABS Other	3.4
Metals & Mining	3.4
Healthcare	3.3
ABS Home Equity	3.2
Life Insurance	2.8
Automotive	2.4
Independent Energy	2.3
Integrated Energy	2.3
Other Investments, less than 2% each	32.0
Short-Term Investments	1.2
Collateralized Loan Obligations	2.0

Total Investments	97.7
Other assets less liabilities	2.3

Net Assets	100.0	%

See accompanying notes to financial statements.

| 42

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Multi-Asset Income Fund


Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 44.6% of Net Assets
		Banking — 12.4%
$	1,400,000	Banco Bilbao Vizcaya Argentaria S.A., (fixed rate to 11/16/2027, variable rate thereafter), 6.125%(a)	$	1,317,750
	1,520,000	Banco BTG Pactual SA, (fixed rate to 2/15/2024, variable rate thereafter), 7.750%, 2/15/2029, 144A		1,588,020
	685,000	Barclays PLC, (fixed rate to 6/15/2024, variable rate thereafter), 8.000%(a)		718,394
	1,400,000	Credit Agricole S.A., (fixed rate to 1/23/2024, variable rate thereafter), 7.875%, 144A(a)		1,541,288
	1,100,000	Credit Suisse Group AG, (fixed rate to 9/12/2025, variable rate thereafter), 7.250%, 144A(a)		1,182,500
	1,560,000	HSBC Holdings PLC, (fixed rate to 3/23/2023, variable rate thereafter), 6.250%(a)		1,606,800
	850,000	Intesa Sanpaolo SpA, 5.710%, 1/15/2026, 144A		860,235
	1,405,000	Royal Bank of Scotland Group PLC, (fixed rate to 8/10/2025, variable rate thereafter), 8.000%(a)		1,517,498
	1,800,000	Standard Chartered PLC, (fixed rate to 4/02/2023, variable rate thereafter), 7.750%, 144A(a)		1,912,500
	565,000	UniCredit SpA, 6.572%, 1/14/2022, 144A		600,628
	310,000	UniCredit SpA., (fixed rate to 6/03/2023, variable rate thereafter), 6.625%, (EUR)(a)		350,739

				13,196,352

		Chemicals — 1.2%
	650,000	Hercules LLC, 6.500%, 6/30/2029		689,000
	505,000	SASOL Financing USA LLC, 5.875%, 3/27/2024		547,241

				1,236,241

		Consumer Cyclical Services — 0.5%
	495,000	Uber Technologies, Inc., 8.000%, 11/01/2026, 144A		527,234

		Finance Companies — 0.5%
	565,000	Quicken Loans, Inc., 5.250%, 1/15/2028, 144A		562,175

		Food & Beverage — 0.5%
	495,000	JBS Investments II GmbH, 7.000%, 1/15/2026, 144A		536,085

		Government Owned – No Guarantee — 1.4%
	515,000	DP World Crescent Ltd., 4.848%, 9/26/2028, 144A		548,666
	930,000	Saudi Arabian Oil Co., 4.375%, 4/16/2049, 144A		943,117

				1,491,783

		Independent Energy — 2.5%
	1,170,000	Chesapeake Energy Corp., 8.000%, 6/15/2027		1,031,062
	540,000	MEG Energy Corp., 6.375%, 1/30/2023, 144A		514,350
	1,165,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		1,106,750

				2,652,162

		Media Entertainment — 0.5%
	515,000	Prosus NV, 4.850%, 7/06/2027, 144A		552,966

See accompanying notes to financial statements.

43 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Multi-Asset Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Metals & Mining — 2.4%
$	1,035,000	Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., 7.500%, 5/01/2025, 144A	$	1,086,750
	625,000	First Quantum Minerals Ltd., 7.500%, 4/01/2025, 144A		595,313
	820,000	Gold Fields Orogen Holdings BVI Ltd., 6.125%, 5/15/2029, 144A		899,950

				2,582,013

		Midstream — 0.6%
	730,000	Summit Midstream Partners LP, Series A, (fixed rate to 12/15/2022, variable rate thereafter), 9.500%(a)		659,175

		Oil Field Services — 0.6%
	600,000	Transocean Poseidon Ltd., 6.875%, 2/01/2027, 144A		634,125

		Property & Casualty Insurance — 1.3%
	510,000	Ardonagh Midco 3 PLC, 8.375%, 7/15/2023, 144A, (GBP)		593,632
	770,000	Assurant, Inc., (fixed rate to 3/27/2028, variable rate thereafter), 7.000%, 3/27/2048		821,013

				1,414,645

		Refining — 1.0%
	520,000	Parkland Fuel Corp., 6.000%, 4/01/2026, 144A		531,700
	540,000	Ultrapar International S.A, 5.250%, 6/06/2029, 144A		552,150

				1,083,850

		Sovereigns — 3.3%
	31,600,000	Argentina Politica Monetaria, Argentina Central Bank 7-day Repo Reference Rate, 61.779%, 6/21/2020, (ARS)(b)		728,112
	295,000	Egypt Government International Bond, 7.600%, 3/01/2029, 144A		311,033
	320,000	Egypt Government International Bond, 8.700%, 3/01/2049, 144A		344,000
	355,000	Qatar Government International Bond, 4.000%, 3/14/2029, 144A		382,513
	1,065,000	Qatar Government International Bond, 4.817%, 3/14/2049, 144A		1,220,533
	460,000	Republic of Colombia, 4.500%, 3/15/2029		502,320

				3,488,511

		Technology — 1.3%
	875,000	Dell International LLC/EMC Corp., 8.100%, 7/15/2036, 144A		1,078,738
	290,000	Dell International LLC/EMC Corp., 8.350%, 7/15/2046, 144A		366,124

				1,444,862

		Transportation Services — 0.2%
	205,000	Delhi International Airport Ltd., 6.450%, 6/04/2029, 144A		215,886

		Treasuries — 12.4%
	2,635(††)	Brazil Notas do Tesouro Nacional, 10.000%, 1/01/2029, (BRL)		767,557
	1,578,000,000	Colombian TES, 7.750%, 9/18/2030, (COP)		553,227
	210,100(†††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 11/13/2042, (MXN)		1,085,487
	10,520,000	Republic of South Africa Government Bond, 6.250%, 3/31/2036, (ZAR)		549,797
	88,595,000	Russian Federal Bond - OFZ, Series 6224, 6.900%, 5/23/2029, (RUB)		1,363,917
	6,915,000	U.S. Treasury Bond, 5.250%, 2/15/2029		8,881,183

				13,201,168

See accompanying notes to financial statements.

| 44

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Multi-Asset Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Utility Other — 0.4%
$	460,000	Acwa Power Management And Investments One Ltd., 5.950%, 12/15/2039, 144A	$	476,100

		Wireless — 1.6%
	540,000	Millicom International Cellular S.A., 5.125%, 1/15/2028, 144A		546,750
	505,000	Millicom International Cellular S.A., 6.250%, 3/25/2029, 144A		541,613
	565,000	Sprint Corp., 7.625%, 3/01/2026		602,290

				1,690,653

		Total Bonds and Notes (Identified Cost $46,541,249)		47,645,986


Shares
	Common Stocks — 38.9%
		Aerospace & Defense — 0.8%
	820	Boeing Co. (The)		298,488
	3,298	General Dynamics Corp.		599,643

				898,131

		Air Freight & Logistics — 0.1%
	629	United Parcel Service, Inc., Class B		64,957

		Airlines — 0.4%
	3,100	Japan Airlines Co. Ltd.		98,939
	5,753	Southwest Airlines Co.		292,137

				391,076

		Banks — 0.7%
	14,500	BOC Hong Kong Holdings Ltd.		57,089
	1,300	Canadian Imperial Bank of Commerce		102,229
	4,446	Citigroup, Inc.		311,353
	11,213	First Hawaiian, Inc.		290,080

				760,751

		Beverages — 1.5%
	2,300	Asahi Group Holdings Ltd.		103,543
	767	Carlsberg AS, Class B		101,778
	11,238	Coca-Cola Co. (The)		572,239
	4,967	Molson Coors Brewing Co., Class B		278,152
	4,229	PepsiCo, Inc.		554,549

				1,610,261

		Biotechnology — 1.1%
	5,039	AbbVie, Inc.		366,436
	2,204	Amgen, Inc.		406,153
	6,022	Gilead Sciences, Inc.		406,847

				1,179,436

		Capital Markets — 0.8%
	283	Ameriprise Financial, Inc.		41,080
	2,480	LPL Financial Holdings, Inc.		202,294

See accompanying notes to financial statements.

45 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Multi-Asset Income Fund – (continued)


Shares		Description	Value (†)
		Capital Markets — continued
	12,589	Morgan Stanley	$	551,524
	7,400	Singapore Exchange Ltd.		43,353
	2,750	Virtu Financial, Inc., Class A		59,895

				898,146

		Chemicals — 0.3%
	3,523	LyondellBasell Industries NV, Class A		303,436

		Commercial Services & Supplies — 0.2%
	1,197	Republic Services, Inc.		103,708
	911	Waste Management, Inc.		105,102

				208,810

		Communications Equipment — 0.5%
	9,606	Cisco Systems, Inc.		525,736

		Construction & Engineering — 0.2%
	2,530	ACS Actividades de Construccion y Servicios S.A.		101,223
	2,530	ACS Actividades de Construccion y Servicios S.A., Rights(c)		3,970
	700	HOCHTIEF AG		85,245
	1,700	Kajima Corp.		23,383

				213,821

		Containers & Packaging — 0.1%
	1,422	Sonoco Products Co.		92,913

		Diversified Consumer Services — 0.4%
	14,335	H&R Block, Inc.		420,016

		Diversified Telecommunication Services — 0.7%
	27,000	HKT Trust & HKT Ltd.		42,859
	12,918	Verizon Communications, Inc.		738,005

				780,864

		Electric Utilities — 1.7%
	2,500	CLP Holdings Ltd.		27,549
	20,813	Contact Energy Ltd.		111,979
	1,449	Endesa S.A.		37,269
	15,720	Enel SpA		109,659
	16,725	Exelon Corp.		801,797
	4,407	FirstEnergy Corp.		188,664
	15,390	Mercury NZ Ltd.		48,115
	658	Pinnacle West Capital Corp.		61,911
	12,413	PPL Corp.		384,927

				1,771,870

		Electrical Equipment — 0.3%
	3,752	Eaton Corp. PLC		312,467

		Entertainment — 0.5%
	2,765	Cinemark Holdings, Inc.		99,817
	13,420	Viacom, Inc., Class B		400,855

				500,672

See accompanying notes to financial statements.

| 46

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Multi-Asset Income Fund – (continued)


Shares		Description	Value (†)
		Food & Staples Retailing — 0.4%
	1,467	Sysco Corp.	$	103,746
	5,136	Walgreens Boots Alliance, Inc.		280,785

				384,531

		Food Products — 0.7%
	10,528	General Mills, Inc.		552,931
	753	Hershey Co. (The)		100,925
	10,714	Tate & Lyle PLC		100,438

				754,294

		Gas Utilities — 0.3%
	5,414	National Fuel Gas Co.		285,589

		Health Care Equipment & Supplies — 1.2%
	3,580	Abbott Laboratories		301,078
	9,864	Medtronic PLC		960,655

				1,261,733

		Health Care Providers & Services — 1.4%
	4,759	AmerisourceBergen Corp.		405,753
	2,233	McKesson Corp.		300,093
	3,331	UnitedHealth Group, Inc.		812,797

				1,518,643

		Hotels, Restaurants & Leisure — 1.0%
	3,227	Darden Restaurants, Inc.		392,823
	5,263	Las Vegas Sands Corp.		310,990
	4,770	Starbucks Corp.		399,869

				1,103,682

		Household Durables — 0.2%
	5,260	PulteGroup, Inc.		166,321

		Household Products — 0.6%
	6,090	Procter & Gamble Co. (The)		667,768

		Independent Power & Renewable Electricity Producers — 1.2%
	67,525	AES Corp. (The)		1,131,719
	5,500	Northland Power, Inc.		107,098

				1,238,817

		Industrial Conglomerates — 0.1%
	854	Honeywell International, Inc.		149,100

		Insurance — 1.2%
	451	Aflac, Inc.		24,719
	9,735	Fidelity National Financial, Inc.		392,321
	5,919	MetLife, Inc.		293,997
	5,233	Principal Financial Group, Inc.		303,095
	2,971	Prudential Financial, Inc.		300,071

				1,314,203

See accompanying notes to financial statements.

47 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Multi-Asset Income Fund – (continued)


Shares		Description	Value (†)
		IT Services — 3.1%
	2,104	Accenture PLC, Class A	$	388,756
	2,346	Automatic Data Processing, Inc.		387,864
	5,932	Booz Allen Hamilton Holding Corp.		392,758
	2,360	Fidelity National Information Services, Inc.		289,525
	3,933	International Business Machines Corp.		542,361
	4,960	Leidos Holdings, Inc.		396,056
	1,108	MasterCard, Inc., Class A		293,099
	4,506	Paychex, Inc.		370,799
	1,721	Visa, Inc., Class A		298,679

				3,359,897

		Leisure Products — 0.1%
	2,600	Sankyo Co. Ltd.		94,271

		Machinery — 1.5%
	6,647	Allison Transmission Holdings, Inc.		308,088
	2,435	Cummins, Inc.		417,213
	1,943	Illinois Tool Works, Inc.		293,024
	5,637	PACCAR, Inc.		403,947
	1,106	Snap-on, Inc.		183,198

				1,605,470

		Media — 2.4%
	200	Cogeco Communications, Inc.		14,384
	37,579	Comcast Corp., Class A		1,588,840
	24,527	Interpublic Group of Cos., Inc. (The)		554,065
	5,011	Omnicom Group, Inc.		410,651

				2,567,940

		Metals & Mining — 0.2%
	3,427	BHP Group PLC		87,643
	1,957	Evraz PLC		16,571
	1,752	Rio Tinto PLC		108,437

				212,651

		Multi-Utilities — 0.2%
	6,808	AGL Energy Ltd.		95,744
	2,000	Algonquin Power & Utilities Corp.		24,237
	1,187	Dominion Energy, Inc.		91,779

				211,760

		Oil, Gas & Consumable Fuels — 1.1%
	2,110	Chevron Corp.		262,568
	4,257	ConocoPhillips		259,677
	6,950	CVR Energy, Inc.		347,431
	5,850	Occidental Petroleum Corp.		294,138

				1,163,814

		Paper & Forest Products — 0.1%
	1,359	Domtar Corp.		60,516

See accompanying notes to financial statements.

| 48

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Multi-Asset Income Fund – (continued)


Shares		Description	Value (†)
		Personal Products — 0.2%
	1,696	Unilever NV	$	103,046
	1,663	Unilever PLC		103,231

				206,277

		Pharmaceuticals — 3.4%
	1,175	Allergan PLC		196,730
	8,318	Bristol-Myers Squibb Co.		377,221
	2,859	Johnson & Johnson		398,202
	15,030	Merck & Co., Inc.		1,260,266
	28,712	Pfizer, Inc.		1,243,804
	380	Roche Holding AG		106,851

				3,583,074

		Professional Services — 0.3%
	12,561	Nielsen Holdings PLC		283,878
	1,073	Robert Half International, Inc.		61,172

				345,050

		Real Estate Management & Development — 0.2%
	4,298	Aroundtown S.A.		35,459
	420	Castellum AB		8,037
	3,500	CK Asset Holdings Ltd.		27,419
	1,200	Daiwa House Industry Co. Ltd.		35,065
	2,351	Fabege AB		35,399
	95	Grand City Properties S.A.		2,173
	3,439	Hongkong Land Holdings Ltd.		22,167
	283	Hufvudstaden AB		4,816
	5,000	Kerry Properties Ltd.		21,003
	760	TLG Immobilien AG		22,253
	179	Wihlborgs Fastigheter AB		2,597

				216,388

		REITs – Apartments — 0.1%
	59	Camden Property Trust		6,159
	68	Invincible Investment Corp.		35,223
	486	NexPoint Residential Trust, Inc.		20,120

				61,502

		REITs – Diversified — 0.2%
	49	Equinix, Inc.		24,710
	4	Fukuoka REIT Corp.		6,452
	2,300	Mapletree Logistics Trust		2,705
	12	Mirai Corp.		5,811
	2,313	Preferred Apartment Communities, Inc., Class A		34,579
	223	PS Business Parks, Inc.		37,582
	1,804	UMH Properties, Inc.		22,388
	181	Warehouses De Pauw CVA		30,461

				164,688

See accompanying notes to financial statements.

49 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Multi-Asset Income Fund – (continued)


Shares		Description	Value (†)
		REITs – Health Care — 0.0%
	1,492	CareTrust REIT, Inc.	$	35,480
	370	Omega Healthcare Investors, Inc.		13,597

				49,077

		REITs – Hotels — 0.0%
	892	Hersha Hospitality Trust		14,754
	3	Japan Hotel REIT Investment Corp.		2,417
	251	Ryman Hospitality Properties, Inc.		20,353

				37,524

		REITs – Manufactured Homes — 0.0%
	300	Equity LifeStyle Properties, Inc.		36,402

		REITs – Office Property — 0.1%
	2,212	alstria office REIT-AG		35,806
	41,000	Champion REIT		34,163
	8,821	Green REIT PLC		18,156
	14	One REIT, Inc.		37,366
	2,281	VEREIT, Inc.		20,552

				146,043

		REITs – Regional Malls — 0.0%
	550	Washington Prime Group, Inc.		2,101

		REITs – Shopping Centers — 0.1%
	23	AEON REIT Investment Corp.		29,450
	7	Frontier Real Estate Investment Corp.		29,872
	1,500	Link REIT		18,458
	1,078	Retail Value, Inc.		37,515

				115,295

		REITs – Single Tenant — 0.1%
	678	National Retail Properties, Inc.		35,941
	317	Realty Income Corp.		21,863
	1,058	STORE Capital Corp.		35,115

				92,919

		REITs – Storage — 0.1%
	326	Extra Space Storage, Inc.		34,589
	1,148	Iron Mountain, Inc.		35,932
	27	Life Storage, Inc.		2,567
	1,223	National Storage Affiliates Trust		35,394
	150	Public Storage		35,725
	1,285	Safestore Holdings PLC		10,012

				154,219

		REITs – Warehouse/Industrials — 0.1%
	236	EastGroup Properties, Inc.		27,371
	800	Granite Real Estate Investment Trust		36,831
	292	Industrial Logistics Properties Trust		6,079
	950	Rexford Industrial Realty, Inc.		38,352

See accompanying notes to financial statements.

| 50

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Multi-Asset Income Fund – (continued)


Shares		Description	Value (†)
		REITs – Warehouse/Industrials — continued
	454	Terreno Realty Corp.	$	22,264

				130,897

		Road & Rail — 0.0%
	9,500	ComfortDelGro Corp. Ltd.		18,683

		Semiconductors & Semiconductor Equipment — 1.4%
	12,678	Applied Materials, Inc.		569,369
	1,201	Broadcom, Inc.		345,720
	3,545	QUALCOMM, Inc.		269,668
	2,646	Texas Instruments, Inc.		303,655

				1,488,412

		Software — 2.1%
	4,627	j2 Global, Inc.		411,294
	10,302	Microsoft Corp.		1,380,056
	6,925	Oracle Corp.		394,517

				2,185,867

		Specialty Retail — 0.5%
	2,724	Home Depot, Inc. (The)		566,510

		Technology Hardware, Storage & Peripherals — 1.7%
	6,163	Apple, Inc.		1,219,781
	20,664	Hewlett Packard Enterprise Co.		308,927
	14,593	HP, Inc.		303,388

				1,832,096

		Thrifts & Mortgage Finance — 0.1%
	3,300	Genworth MI Canada, Inc.		104,427

		Tobacco — 0.5%
	7,793	Altria Group, Inc.		368,998
	1,126	British American Tobacco PLC		39,315
	3,340	Imperial Brands PLC		78,374

				486,687

		Trading Companies & Distributors — 0.3%
	3,200	ITOCHU Corp.		61,302
	2,800	Mitsubishi Corp.		73,991
	31,300	Sojitz Corp.		100,729
	7,000	Sumitomo Corp.		106,317

				342,339

		Wireless Telecommunication Services — 0.1%
	3,100	KDDI Corp.		78,885
	2,000	NTT DOCOMO, Inc.		46,664

				125,549

		Total Common Stocks (Identified Cost $40,319,319)		41,546,389

See accompanying notes to financial statements.

51 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Multi-Asset Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
	Senior Loans — 3.6%
		Airlines — 2.0%
$	2,063,636	Gol LuxCo S.A., 1st Lien Term Loan, 6.500%, 8/31/2020	$	2,084,272

		Chemicals — 0.5%
	330,688	ASP Chromaflo Dutch I BV, Term Loan B2, 1-month LIBOR + 3.500%, 5.902%, 11/20/2023(d)		321,181
	254,313	ASP Chromaflo Intermediate Holdings, Inc., Term Loan B1, 1-month LIBOR + 3.500%, 5.902%, 11/18/2023(d)		247,001

				568,182

		Independent Energy — 0.5%
	1,100,000	Gavilan Resources LLC, 2nd Lien Term Loan, 1-month LIBOR + 6.000%, 8.402%, 3/01/2024(d)		561,000
	26,468	MEG Energy Corp., 2017 Term Loan B, 1-month LIBOR + 3.500%, 5.910%, 12/31/2023(d)		26,413

				587,413

		Media Entertainment — 0.6%
	615,106	LSC Communications, Inc., 2017 Term Loan B, 1-week LIBOR + 5.500%, 7.869%, 9/30/2022(d)		601,266

		Total Senior Loans (Identified Cost $4,359,985)		3,841,133


Shares
	Exchange-Traded Funds — 10.1%
	493,831	Alerian MLP ETF		4,864,235
	19,808	iShares MSCI Japan ETF		1,081,121
	81,298	iShares MSCI Pacific ex Japan ETF		3,839,704
	7,380	ProShares S&P 500^® Dividend Aristocrats ETF		511,951
	1,752	SPDR^® S&P 500^® ETF Trust		513,336

		Total Exchange-Traded Funds (Identified Cost $10,733,577)		10,810,347


	Preferred Stocks — 0.7%
	Non-Convertible Preferred Stocks — 0.3%
		Midstream — 0.3%
	14,215	Energy Transfer Operating LP, Series C, (fixed rate to 5/15/2023, variable rate thereafter), 7.375% (Identified Cost $355,375)		336,611


	Convertible Preferred Stock — 0.4%
		Midstream — 0.4%
	932	Chesapeake Energy Corp., 5.750% (Identified Cost $631,844)		445,745

		Total Preferred Stocks (Identified Cost $987,219)		782,356

See accompanying notes to financial statements.

| 52

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Multi-Asset Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — 1.2%
$	1,225,999	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/28/2019 at 1.500% to be repurchased at $1,226,152 on 7/01/2019 collateralized by $1,205,000 U.S. Treasury Inflation Indexed Note, 0.625% due 4/15/2023 valued at $1,255,314 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $1,225,999)	$	1,225,999


		Total Investments — 99.1% (Identified Cost $104,167,348)		105,852,210
		Other assets less liabilities — 0.9%		957,964

		Net Assets — 100.0%	$	106,810,174


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 1,000.
	(†††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Perpetual bond with no specified maturity date.
	(b)	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, 2019 is disclosed.
	(c)	Non-income producing security.
	(d)	Variable rate security. Rate as of June 30, 2019 is disclosed.



	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, 2019, the value of Rule 144A holdings amounted to $23,353,424 or 21.9% of net assets.
	ETF			Exchange-Traded Fund
	LIBOR			London Interbank Offered Rate
	REITs			Real Estate Investment Trusts

	ARS			Argentine Peso
	BRL			Brazilian Real
	COP			Colombian Peso
	EUR			Euro
	GBP			British Pound
	MXN			Mexican Peso
	RUB			Russian Ruble
	ZAR			South African Rand

See accompanying notes to financial statements.

53 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Multi-Asset Income Fund – (continued)

Industry Summary at June 30, 2019 (Unaudited)


Treasuries	12.4	%
Banking	12.4
Pharmaceuticals	3.4
Sovereigns	3.3
IT Services	3.1
Independent Energy	3.0
Metals & Mining	2.6
Media	2.4
Airlines	2.4
Software	2.1
Chemicals	2.0
Other Investments, less than 2% each	38.7
Exchange-Traded Funds	10.1
Short-Term Investments	1.2

Total Investments	99.1
Other assets less liabilities	0.9

Net Assets	100.0	%

See accompanying notes to financial statements.

| 54

Statements of Assets and Liabilities

June 30, 2019 (Unaudited)


	High Income Fund			Investment Grade Bond Fund		Loomis Sayles Multi-Asset Income Fund
ASSETS
Investments at cost	$	152,803,917		$	5,163,376,484	$	104,167,348
Net unrealized appreciation (depreciation)		(418,270	)		320,424,216		1,684,862

Investments at value		152,385,647			5,483,800,700		105,852,210
Cash		—			186		15,521
Foreign currency at value (identified cost $0, $34,174 and $5,586, respectively)		—			33,872		5,590
Receivable for Fund shares sold		293,475			14,474,189		14,064
Receivable for securities sold		1,004,027			82,832,000		200,108
Dividends and interest receivable		2,085,910			46,263,876		958,804
Tax reclaims receivable		—			4,151		29,428
Prepaid expenses (Note 8)		17			629		13

TOTAL ASSETS		155,769,076			5,627,409,603		107,075,738

LIABILITIES
Payable for securities purchased		4,978,669			3,124,468		—
Payable for Fund shares redeemed		14,753			7,340,735		92,260
Management fees payable (Note 6)		72,944			1,767,828		40,145
Deferred Trustees’ fees (Note 6)		162,893			819,748		85,406
Administrative fees payable (Note 6)		4,928			198,691		3,667
Payable to distributor (Note 6d)		1,698			44,634		832
Other accounts payable and accrued expenses		126,792			420,713		43,254

TOTAL LIABILITIES		5,362,677			13,716,817		265,564

NET ASSETS	$	150,406,399		$	5,613,692,786	$	106,810,174

NET ASSETS CONSIST OF:
Paid-in capital	$	155,986,698		$	5,303,510,568	$	111,620,825
Accumulated earnings (loss)		(5,580,299	)		310,182,218		(4,810,651	)

NET ASSETS	$	150,406,399		$	5,613,692,786	$	106,810,174

See accompanying notes to financial statements.

55 |

Statements of Assets and Liabilities (continued)

June 30, 2019 (Unaudited)


	High Income Fund		Investment Grade Bond Fund		Loomis Sayles Multi-Asset Income Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	22,749,555	$	757,669,684	$	33,368,936

Shares of beneficial interest		5,345,601		67,280,689		2,650,308

Net asset value and redemption price per share	$	4.26	$	11.26	$	12.59

Offering price per share (100/95.75 of net asset value) (Note 1)	$	4.45	$	11.76	$	13.15

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	4,866,890	$	276,225,503	$	21,230,562

Shares of beneficial interest		1,139,892		24,811,348		1,693,971

Net asset value and offering price per share	$	4.27	$	11.13	$	12.53

Class N shares:
Net assets	$	11,863,104	$	1,324,372,833	$	43,859

Shares of beneficial interest		2,785,934		117,589,311		3,507

Net asset value, offering and redemption price per share	$	4.26	$	11.26	$	12.51

Class Y shares:
Net assets	$	110,926,850	$	3,136,513,151	$	52,166,817

Shares of beneficial interest		26,096,894		278,327,214		4,169,623

Net asset value, offering and redemption price per share	$	4.25	$	11.27	$	12.51

Admin Class shares:
Net assets	$	—	$	118,911,615	$	—

Shares of beneficial interest		—		10,587,083		—

Net asset value, offering and redemption price per share	$	—	$	11.23	$	—

See accompanying notes to financial statements.

| 56

Statements of Operations

For the Six Months Ended June 30, 2019 (Unaudited)


	High Income Fund			Investment Grade Bond Fund			Loomis Sayles Multi-Asset Income Fund
INVESTMENT INCOME
Interest	$	4,358,844		$	107,333,354		$	1,870,742
Dividends		85,765			420,131			850,888
Less net foreign taxes withheld		(811	)		—			(11,140	)

		4,443,798			107,753,485			2,710,490

Expenses
Management fees (Note 6)		433,733			10,898,680			312,166
Service and distribution fees (Note 6)		54,539			2,770,642			172,500
Administrative fees (Note 6)		31,932			1,210,341			25,218
Trustees’ fees and expenses (Note 6)		14,491			110,567			11,703
Transfer agent fees and expenses (Notes 6 and 7)		81,422			1,847,483			40,540
Audit and tax services fees		27,224			32,276			24,305
Custodian fees and expenses		5,457			58,197			17,901
Legal fees (Note 8)		2,674			111,501			1,991
Registration fees		47,026			122,792			25,405
Shareholder reporting expenses		24,298			307,964			3,348
Miscellaneous expenses (Note 8)		17,475			140,814			17,360

Total expenses		740,271			17,611,257			652,437
Less waiver and/or expense reimbursement (Note 6)		(109,513	)		(690,323	)		(81,310	)

Net expenses		630,758			16,920,934			571,127

Net investment income		3,813,040			90,832,551			2,139,363

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		208,631			21,220,172			(2,521,946	)
Forward foreign currency contracts (Note 2d)		(44,094	)		(670,701	)		—
Foreign currency transactions (Note 2c)		—			2,368,069			(74,152	)
Net change in unrealized appreciation (depreciation) on:
Investments		9,110,029			220,800,259			10,941,656
Forward foreign currency contracts (Note 2d)		44,094			670,701			—
Foreign currency translations (Note 2c)		17			(2,229,055	)		293

Net realized and unrealized gain on investments, forward foreign currency contracts and foreign currency transactions		9,318,677			242,159,445			8,345,851

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	13,131,717		$	332,991,996		$	10,485,214

See accompanying notes to financial statements.

57 |

Statements of Changes in Net Assets


	High Income Fund
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018(a)			Year Ended September 30, 2018
FROM OPERATIONS:
Net investment income	$	3,813,040		$	2,214,373		$	8,475,372
Net realized gain (loss) on investments and forward foreign currency contracts		164,537			(6,387,716	)		1,205,344
Net change in unrealized appreciation (depreciation) on investments, forward foreign currency contracts and foreign currency translations		9,154,140			(3,483,546	)		(7,029,759	)

Net increase (decrease) in net assets resulting from operations		13,131,717			(7,656,889	)		2,650,957

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(585,293	)		(410,882	)		(1,227,019	)
Class C		(111,673	)		(81,814	)		(311,547	)
Class N		(307,059	)		(178,711	)		(259,688	)
Class Y		(2,841,136	)		(2,141,392	)		(5,752,686	)

Total distributions		(3,845,161	)		(2,812,799	)		(7,550,940	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		4,641,609			(23,511,576	)		(3,848,432	)

Net increase (decrease) in net assets		13,928,165			(33,981,264	)		(8,748,415	)
NET ASSETS
Beginning of the period		136,478,234			170,459,498			179,207,913

End of the period	$	150,406,399		$	136,478,234		$	170,459,498

(a)	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

See accompanying notes to financial statements.

| 58

Statements of Changes in Net Assets (continued)


	Investment Grade Bond Fund
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018(a)			Year Ended September 30, 2018
FROM OPERATIONS:
Net investment income	$	90,832,551		$	44,450,885		$	171,956,415
Net realized gain (loss) on investments, forward foreign currency contracts and foreign currency transactions		22,917,540			(228,459,921	)		(68,790,141	)
Net change in unrealized appreciation (depreciation) on investments, forward foreign currency contracts and foreign currency translations		219,241,905			150,673,092			(88,370,511	)

Net increase (decrease) in net assets resulting from operations		332,991,996			(33,335,944	)		14,795,763

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(11,541,480	)		(9,439,602	)		(26,935,957	)
Class C		(3,695,277	)		(4,075,458	)		(15,654,049	)
Class N		(21,645,695	)		(16,768,000	)		(41,987,053	)
Class Y		(51,387,476	)		(39,150,105	)		(111,284,265	)
Admin Class		(1,661,967	)		(1,369,684	)		(778,851	)

Total distributions		(89,931,895	)		(70,802,849	)		(196,640,175	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		42,363,946			(126,167,759	)		(534,159,760	)

Net increase (decrease) in net assets		285,424,047			(230,306,552	)		(716,004,172	)
NET ASSETS
Beginning of the period		5,328,268,739			5,558,575,291			6,274,579,463

End of the period	$	5,613,692,786		$	5,328,268,739		$	5,558,575,291

(a)	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

See accompanying notes to financial statements.

59 |

Statements of Changes in Net Assets (continued)


	Loomis Sayles Multi-Asset Income Fund
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income	$	2,139,363		$	5,207,147
Net realized loss on investments and foreign currency transactions		(2,596,098	)		(1,541,137	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		10,941,949			(16,770,929	)

Net increase (decrease) in net assets resulting from operations		10,485,214			(13,104,919	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,026,088	)		(3,689,139	)
Class C		(425,912	)		(1,796,319	)
Class N		(892	)		(2,353	)
Class Y		(1,059,113	)		(3,691,567	)

Total distributions		(2,512,005	)		(9,179,378	)

NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(20,583,477	)		(2,836,090	)

Net decrease in net assets		(12,610,268	)		(25,120,387	)
NET ASSETS
Beginning of the period		119,420,442			144,540,829

End of the period	$	106,810,174		$	119,420,442

See accompanying notes to financial statements.

| 60

Financial Highlights

For a share outstanding throughout each period.


	High Income Fund—Class A
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018*			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	3.99		$	4.25		$	4.37		$	4.23		$	3.99		$	4.49		$	4.59

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.11			0.05			0.20			0.22			0.20			0.19			0.21
Net realized and unrealized gain (loss)		0.27			(0.24	)		(0.14	)		0.12			0.21			(0.39	)		0.17

Total from Investment Operations		0.38			(0.19	)		0.06			0.34			0.41			(0.20	)		0.38

LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.06	)		(0.18	)		(0.20	)		(0.16	)		(0.19	)		(0.22	)
Net realized capital gains		—			(0.01	)		—			—			(0.01	)		(0.11	)		(0.26	)

Total Distributions		(0.11	)		(0.07	)		(0.18	)		(0.20	)		(0.17	)		(0.30	)		(0.48	)

Net asset value, end of the period	$	4.26		$	3.99		$	4.25		$	4.37		$	4.23		$	3.99		$	4.49

Total return^(b)		9.51	%^(c)(d)		(4.54	)%^(c)(d)		1.41	%^(d)		8.17	%^(d)		10.66	%^(d)		(4.78	)%^(d)		8.42	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	22,750		$	23,125		$	26,175		$	34,039		$	34,820		$	37,870		$	42,630
Net expenses		1.05	%^(e)(f)		1.05	%^(e)(f)		1.05	%^(e)		1.09	%^(e)(g)		1.10	%^(e)		1.11	%^(e)(h)		1.14	%
Gross expenses		1.21	%^(f)		1.27	%^(f)		1.16	%		1.15	%		1.14	%		1.13	%		1.14	%
Net investment income		5.11	%^(f)		5.13	%^(f)		4.73	%		5.03	%		5.16	%		4.41	%		4.57	%
Portfolio turnover rate		21	%		17	%		55	%		46	%		38	%		69	%		59	%

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

(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)	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)	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 to 1.05%.

(h)	Effective July 1, 2015, the expense limit decreased to 1.10%.

See accompanying notes to financial statements.

61 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	High Income Fund—Class C
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018*			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	4.00		$	4.27		$	4.38		$	4.24		$	4.00		$	4.50		$	4.61

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.09			0.05			0.17			0.18			0.18			0.16			0.18
Net realized and unrealized gain (loss)		0.27			(0.26	)		(0.13	)		0.12			0.20			(0.39	)		0.16

Total from Investment Operations		0.36			(0.21	)		0.04			0.30			0.38			(0.23	)		0.34

LESS DISTRIBUTIONS FROM:
Net investment income		(0.09	)		(0.05	)		(0.15	)		(0.16	)		(0.13	)		(0.16	)		(0.19	)
Net realized capital gains		—			(0.01	)		—			—			(0.01	)		(0.11	)		(0.26	)

Total Distributions		(0.09	)		(0.06	)		(0.15	)		(0.16	)		(0.14	)		(0.27	)		(0.45	)

Net asset value, end of the period	$	4.27		$	4.00		$	4.27		$	4.38		$	4.24		$	4.00		$	4.50

Total return^(b)		9.09	%^(c)(d)		(4.95	)%^(c)(d)		0.86	%^(d)		7.33	%^(d)		9.81	%^(d)		(5.48	)%^(d)		7.60	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	4,867		$	5,351		$	6,248		$	11,227		$	12,288		$	12,609		$	14,555
Net expenses		1.80	%^(e)(f)		1.80	%^(e)(f)		1.80	%^(f)		1.84	%^(f)(g)		1.85	%^(f)		1.86	%^(f)(h)		1.89	%
Gross expenses		1.96	%^(e)		2.02	%^(e)		1.91	%		1.90	%		1.89	%		1.88	%		1.89	%
Net investment income		4.36	%^(e)		4.38	%^(e)		3.99	%		4.29	%		4.43	%		3.68	%		3.84	%
Portfolio turnover rate		21	%		17	%		55	%		46	%		38	%		69	%		59	%

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

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

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

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

(g)	Effective July 1, 2017, the expense limit decreased to 1.80%.

(h)	Effective July 1, 2015, the expense limit decreased to 1.85%.

See accompanying notes to financial statements.

| 62

Financial Highlights (continued)

For a share outstanding throughout each period.


	High Income Fund—Class N
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018*			Year Ended September 30, 2018			Period Ended September 30, 2017**
Net asset value, beginning of the period	$	3.99		$	4.25		$	4.36		$	4.16

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.06			0.20			0.19
Net realized and unrealized gain (loss)		0.27			(0.25	)		(0.12	)		0.18

Total from Investment Operations		0.38			(0.19	)		0.08			0.37

LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.06	)		(0.19	)		(0.17	)
Net realized capital gains		—			(0.01	)		—			—

Total Distributions		(0.11	)		(0.07	)		(0.19	)		(0.17	)

Net asset value, end of the period	$	4.26		$	3.99		$	4.25		$	4.36

Total return(b)		9.68	%(c)		(4.47	)%(c)		1.96	%		8.99	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	11,863		$	10,417		$	10,338		$	1
Net expenses(d)		0.75	%(e)		0.75	%(e)		0.75	%		0.75	%(e)(f)
Gross expenses		0.84	%(e)		0.89	%(e)		0.79	%		31.73	%(e)
Net investment income		5.41	%(e)		5.45	%(e)		4.65	%		5.19	%(e)
Portfolio turnover rate		21	%		17	%		55	%		46	%(g)

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

**	From commencement of Class operations on November 30, 2016 through September 30, 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)	Effective July 1, 2017, the expense limit decreased to 0.75%.

(g)	Represents the Fund’s portfolio turnover rate for the year ended September 30, 2017.

See accompanying notes to financial statements.

63 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	High Income Fund—Class Y
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018*			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	3.98		$	4.24		$	4.36		$	4.22		$	3.98		$	4.48		$	4.59

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.11			0.06			0.21			0.23			0.21			0.20			0.22
Net realized and unrealized gain (loss)		0.27			(0.25	)		(0.14	)		0.12			0.21			(0.39	)		0.16

Total from Investment Operations		0.38			(0.19	)		0.07			0.35			0.42			(0.19	)		0.38

LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.06	)		(0.19	)		(0.21	)		(0.17	)		(0.20	)		(0.23	)
Net realized capital gains		—			(0.01	)		—			—			(0.01	)		(0.11	)		(0.26	)

Total Distributions		(0.11	)		(0.07	)		(0.19	)		(0.21	)		(0.18	)		(0.31	)		(0.49	)

Net asset value, end of the period	$	4.25		$	3.98		$	4.24		$	4.36		$	4.22		$	3.98		$	4.48

Total return		9.67	%^(b)(c)		(4.49	)%^(b)(c)		1.68	%^(c)		8.47	%^(c)		10.98	%^(c)		(4.54	)%^(c)		8.72	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	110,927		$	97,585		$	127,699		$	133,940		$	129,169		$	116,837		$	125,185
Net expenses		0.80	%^(d)(e)		0.80	%^(d)(e)		0.80	%^(e)		0.84	%^(e)(f)		0.85	%^(e)		0.86	%^(e)(g)		0.89	%
Gross expenses		0.96	%^(d)		1.02	%^(d)		0.91	%		0.90	%		0.89	%		0.88	%		0.89	%
Net investment income		5.34	%^(d)		5.39	%^(d)		4.98	%		5.28	%		5.43	%		4.67	%		4.83	%
Portfolio turnover rate		21	%		17	%		55	%		46	%		38	%		69	%		59	%

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

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

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

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

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

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

(f)	Effective July 1, 2017, the expense limit decreased to 0.80%.

(g)	Effective July 1, 2015, the expense limit decreased to 0.85%.

See accompanying notes to financial statements.

| 64

Financial Highlights (continued)

For a share outstanding throughout each period.


	Investment Grade Bond Fund—Class A
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018*			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	10.77		$	10.98		$	11.30		$	11.59		$	11.10		$	12.11		$	12.22

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.17			0.08			0.30			0.36			0.39			0.40			0.46
Net realized and unrealized gain (loss)		0.49			(0.16	)		(0.28	)		0.05			0.48			(0.95	)		0.26

Total from Investment Operations		0.66			(0.08	)		0.02			0.41			0.87			(0.55	)		0.72

LESS DISTRIBUTIONS FROM:
Net investment income		(0.17	)		(0.08	)		(0.21	)		(0.26	)		(0.23	)		(0.34	)		(0.51	)
Net realized capital gains		—			(0.05	)		(0.13	)		(0.44	)		(0.15	)		(0.12	)		(0.32	)

Total Distributions		(0.17	)		(0.13	)		(0.34	)		(0.70	)		(0.38	)		(0.46	)		(0.83	)

Net asset value, end of the period	$	11.26		$	10.77		$	10.98		$	11.30		$	11.59		$	11.10		$	12.11

Total return^(b)		6.19	%^(c)(d)		(0.66	)%^(c)(d)		0.19	%^(d)		3.88	%		8.06	%		(4.72	)%		6.04	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	757,670		$	721,110		$	777,391		$	902,955		$	1,130,260		$	1,628,216		$	1,932,847
Net expenses		0.78	%^(e)(f)		0.78	%^(e)(f)		0.80	%^(f)(g)		0.82	%^(h)		0.85	%		0.83	%		0.83	%
Gross expenses		0.81	%^(e)		0.82	%^(e)		0.82	%		0.82	%		0.85	%		0.83	%		0.83	%
Net investment income		3.17	%^(e)		3.09	%^(e)		2.73	%		3.23	%		3.49	%		3.38	%		3.75	%
Portfolio turnover rate		16	%		39	%⁽ⁱ⁾		3	%		10	%		11	%		23	%		19	%

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

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

(g)	Effective July 1, 2018, the expense limit decreased to 0.78%.

(h)	Effective July 1, 2017, the expense limit decreased to 0.80%.

(i)	The variation in the Fund’s turnover rate from the year ended September 30, 2018 to the period ended December 31, 2018 was primarily due to a changes in the investment strategy and portfolio management team of the Fund.

See accompanying notes to financial statements.

65 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Investment Grade Bond Fund—Class C
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018*			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	10.65		$	10.86		$	11.19		$	11.48		$	11.00		$	12.00		$	12.11

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.13			0.06			0.22			0.27			0.30			0.31			0.36
Net realized and unrealized gain (loss)		0.48			(0.16	)		(0.28	)		0.06			0.47			(0.94	)		0.27

Total from Investment Operations		0.61			(0.10	)		(0.06	)		0.33			0.77			(0.63	)		0.63

LESS DISTRIBUTIONS FROM:
Net investment income		(0.13	)		(0.06	)		(0.14	)		(0.18	)		(0.14	)		(0.25	)		(0.42	)
Net realized capital gains		—			(0.05	)		(0.13	)		(0.44	)		(0.15	)		(0.12	)		(0.32	)

Total Distributions		(0.13	)		(0.11	)		(0.27	)		(0.62	)		(0.29	)		(0.37	)		(0.74	)

Net asset value, end of the period	$	11.13		$	10.65		$	10.86		$	11.19		$	11.48		$	11.00		$	12.00

Total return^(b)		5.76	%^(c)(d)		(0.86	)%^(c)(d)		(0.53	)%^(d)		3.12	%		7.18	%		(5.40	)%		5.29	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	276,226		$	366,068		$	412,788		$	689,798		$	1,001,522		$	1,219,687		$	1,524,806
Net expenses		1.53	%^(e)(f)		1.53	%^(e)(f)		1.55	%^(f)(g)		1.57	%^(h)		1.60	%		1.58	%		1.58	%
Gross expenses		1.56	%^(e)		1.57	%^(e)		1.57	%		1.57	%		1.60	%		1.58	%		1.58	%
Net investment income		2.41	%^(e)		2.34	%^(e)		1.96	%		2.49	%		2.74	%		2.63	%		3.00	%
Portfolio turnover rate		16	%		39	%⁽ⁱ⁾		3	%		10	%		11	%		23	%		19	%

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

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

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

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

(g)	Effective July 1, 2018, the expense limit decreased to 1.53%.

(h)	Effective July 1, 2017, the expense limit decreased to 1.55%.

(i)	The variation in the Fund’s turnover rate from the year ended September 30, 2018 to the period ended December 31, 2018 was primarily due to a changes in the investment strategy and portfolio management team of the Fund.

See accompanying notes to financial statements.

| 66

Financial Highlights (continued)

For a share outstanding throughout each period.


	Investment Grade Bond Fund—Class N
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018*			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	10.78		$	10.98		$	11.30		$	11.58		$	11.11		$	12.11		$	12.22

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.19			0.09			0.34			0.39			0.43			0.44			0.50
Net realized and unrealized gain (loss)		0.48			(0.15	)		(0.28	)		0.07			0.47			(0.93	)		0.26

Total from Investment Operations		0.67			(0.06	)		0.06			0.46			0.90			(0.49	)		0.76

LESS DISTRIBUTIONS FROM:
Net investment income		(0.19	)		(0.09	)		(0.25	)		(0.30	)		(0.28	)		(0.39	)		(0.55	)
Net realized capital gains		—			(0.05	)		(0.13	)		(0.44	)		(0.15	)		(0.12	)		(0.32	)

Total Distributions		(0.19	)		(0.14	)		(0.38	)		(0.74	)		(0.43	)		(0.51	)		(0.87	)

Net asset value, end of the period	$	11.26		$	10.78		$	10.98		$	11.30		$	11.58		$	11.11		$	12.11

Total return		6.34	%^(b)		(0.58	)%^(b)		0.50	%		4.34	%		8.31	%		(4.28	)%		6.41	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,324,373		$	1,216,690		$	1,251,189		$	1,203,169		$	47,343		$	21,851		$	6,101
Net expenses		0.48	%^(c)		0.48	%^(c)		0.47	%^(d)		0.48	%^(e)		0.47	%		0.47	%		0.47	%^(f)
Gross expenses		0.48	%^(c)		0.48	%^(c)		0.47	%		0.48	%		0.47	%		0.47	%		0.47	%^(f)
Net investment income		3.48	%^(c)		3.40	%^(c)		3.05	%		3.51	%		3.88	%		3.78	%		4.07	%
Portfolio turnover rate		16	%		39	%^(g)		3	%		10	%		11	%		23	%		19	%

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

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

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

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

(d)	Effective July 1, 2018, the expense limit decreased to 0.48%.

(e)	Effective July 1, 2017, the expense limit decreased to 0.50%.

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

(g)	The variation in the Fund’s turnover rate from the year ended September 30, 2018 to the period ended December 31, 2018 was primarily due to a changes in the investment strategy and portfolio management team of the Fund.

See accompanying notes to financial statements.

67 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Investment Grade Bond Fund—Class Y
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018*			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	10.78		$	10.99		$	11.31		$	11.59		$	11.11		$	12.12		$	12.23

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.19			0.09			0.33			0.39			0.42			0.43			0.49
Net realized and unrealized gain (loss)		0.49			(0.16	)		(0.28	)		0.06			0.47			(0.95	)		0.26

Total from Investment Operations		0.68			(0.07	)		0.05			0.45			0.89			(0.52	)		0.75

LESS DISTRIBUTIONS FROM:
Net investment income		(0.19	)		(0.09	)		(0.24	)		(0.29	)		(0.26	)		(0.37	)		(0.54	)
Net realized capital gains		—			(0.05	)		(0.13	)		(0.44	)		(0.15	)		(0.12	)		(0.32	)

Total Distributions		(0.19	)		(0.14	)		(0.37	)		(0.73	)		(0.41	)		(0.49	)		(0.86	)

Net asset value, end of the period	$	11.27		$	10.78		$	10.99		$	11.31		$	11.59		$	11.11		$	12.12

Total return		6.31	%^(b)(c)		(0.59	)%^(b)(c)		0.43	%^(c)		4.24	%		8.25	%		(4.47	)%		6.30	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,136,513		$	2,912,537		$	3,001,906		$	3,453,137		$	4,571,167		$	6,081,536		$	6,911,938
Net expenses		0.53	%^(d)(e)		0.53	%^(d)(e)		0.55	%^(e)(f)		0.57	%^(g)		0.60	%		0.58	%		0.59	%
Gross expenses		0.56	%^(d)		0.57	%^(d)		0.57	%		0.57	%		0.60	%		0.58	%		0.59	%
Net investment income		3.42	%^(d)		3.35	%^(d)		2.98	%		3.48	%		3.74	%		3.63	%		3.99	%
Portfolio turnover rate		16	%		39	%^(h)		3	%		10	%		11	%		23	%		19	%

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

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

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

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

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

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

(f)	Effective July 1, 2018, the expense limit decreased to 0.53%.

(g)	Effective July 1, 2017, the expense limit decreased to 0.55%.

(h)	The variation in the Fund’s turnover rate from the year ended September 30, 2018 to the period ended December 31, 2018 was primarily due to a changes in the investment strategy and portfolio management team of the Fund.

See accompanying notes to financial statements.

| 68

Financial Highlights (continued)

For a share outstanding throughout each period.


	Investment Grade Bond Fund—Admin Class
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018*			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	10.75		$	10.95		$	11.28		$	11.56		$	11.08		$	12.09		$	12.20

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.16			0.08			0.28			0.34			0.37			0.37			0.43
Net realized and unrealized gain (loss)		0.48			(0.15	)		(0.28	)		0.06			0.47			(0.95	)		0.26

Total from Investment Operations		0.64			(0.07	)		0.00	^(b)		0.40			0.84			(0.58	)		0.69

LESS DISTRIBUTIONS FROM:
Net investment income		(0.16	)		(0.08	)		(0.20	)		(0.24	)		(0.21	)		(0.31	)		(0.48	)
Net realized capital gains		—			(0.05	)		(0.13	)		(0.44	)		(0.15	)		(0.12	)		(0.32	)

Total Distributions		(0.16	)		(0.13	)		(0.33	)		(0.68	)		(0.36	)		(0.43	)		(0.80	)

Net asset value, end of the period	$	11.23		$	10.75		$	10.95		$	11.28		$	11.56		$	11.08		$	12.09

Total return		5.98	%^(c)(d)		(0.63	)%^(c)(d)		(0.07	)%^(c)		3.76	%^(c)		7.73	%		(4.95	)%		5.79	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	118,912		$	111,864		$	115,301		$	25,521		$	35,294		$	37,355		$	25,585
Net expenses		1.03	%^(e)(f)		1.03	%^(e)(f)		1.02	%^(e)(g)(h)		1.02	%^(e)(i)(j)		1.07	%^(k)		1.08	%		1.09	%
Gross expenses		1.06	%^(f)		1.07	%^(f)		1.05	%^(g)		1.03	%⁽ⁱ⁾		1.07	%^(k)		1.08	%		1.09	%
Net investment income		2.92	%^(f)		2.85	%^(f)		2.56	%		3.03	%		3.27	%		3.14	%		3.49	%
Portfolio turnover rate		16	%		39	%^(l)		3	%		10	%		11	%		23	%		19	%

*	For the three month period ended December 31, 2018. See Note 1 of Notes to Financial Statements.

(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 refund of prior year service fee of 0.02%. See Note 5b of Notes to Financial Statements.

(h)	Effective July 1, 2018, the expense limit decreased to 1.03%.

(i)	Includes refund of prior year service fee of 0.05%.

(j)	Effective July 1, 2017, the expense limit decreased to 1.05%.

(k)	Includes refund of prior year service fee of 0.03%.

(l)	The variation in the Fund’s turnover rate from the year ended September 30, 2018 to the period ended December 31, 2018 was primarily due to a changes in the investment strategy and portfolio management team of the Fund.

See accompanying notes to financial statements.

69 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Loomis Sayles Multi-Asset Income Fund—Class A
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	11.78		$	13.87		$	13.24		$	12.85		$	13.45		$	12.21

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.23			0.48			0.47			0.49			0.32			0.32
Net realized and unrealized gain (loss)		0.86			(1.71	)		1.15			0.80			(0.58	)		1.26

Total from Investment Operations		1.09			(1.23	)		1.62			1.29			(0.26	)		1.58

LESS DISTRIBUTIONS FROM:
Net investment income		(0.28	)		(0.42	)		(0.45	)		(0.40	)		(0.34	)		(0.34	)
Net realized capital gains		—			(0.44	)		(0.54	)		(0.50	)		—			—

Total Distributions		(0.28	)		(0.86	)		(0.99	)		(0.90	)		(0.34	)		(0.34	)

Net asset value, end of the period	$	12.59		$	11.78		$	13.87		$	13.24		$	12.85		$	13.45

Total return(b)		9.30	%(c)(d)		(9.24	)%(c)		12.41	%(c)		10.14	%(c)		(1.96	)%(c)		13.08	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	33,369		$	51,028		$	54,754		$	57,320		$	63,254		$	110,874
Net expenses		0.95	%(e)(f)		0.95	%(f)		0.95	%(f)		0.95	%(f)		1.04	%(f)(g)		1.06	%
Gross expenses		1.10	%(e)		1.11	%		1.13	%		1.09	%		1.11	%		1.06	%
Net investment income		3.75	%(e)		3.63	%		3.37	%		3.70	%		2.40	%		2.46	%
Portfolio turnover rate		163	%		282	%		221	%		341	%(h)		93	%(i)		41	%

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

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

(g)	Effective September 1, 2015, the expense limit decreased from 1.25% to 0.95%.

(h)	The variation in the Fund’s turnover rate from 2015 to 2016 was primarily due to a repositioning of the portfolio as well as sales of additional securities as a result of a change in investment strategy in 2015.

(i)	The variation in the Fund’s turnover rate from 2014 to 2015 was primarily due to a change in the investment strategy and management structure of the Fund.

See accompanying notes to financial statements.

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Financial Highlights (continued)

For a share outstanding throughout each period.


	Loomis Sayles Multi-Asset Income Fund—Class C
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	11.73		$	13.82		$	13.18		$	12.80		$	13.41		$	12.17

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.19			0.38			0.36			0.39			0.24			0.22
Net realized and unrealized gain (loss)		0.84			(1.71	)		1.16			0.79			(0.60	)		1.27

Total from Investment Operations		1.03			(1.33	)		1.52			1.18			(0.36	)		1.49

LESS DISTRIBUTIONS FROM:
Net investment income		(0.23	)		(0.32	)		(0.34	)		(0.30	)		(0.25	)		(0.25	)
Net realized capital gains		—			(0.44	)		(0.54	)		(0.50	)		—			—

Total Distributions		(0.23	)		(0.76	)		(0.88	)		(0.80	)		(0.25	)		(0.25	)

Net asset value, end of the period	$	12.53		$	11.73		$	13.82		$	13.18		$	12.80		$	13.41

Total return(b)		8.86	%(c)(d)		(9.96	)%(c)		11.70	%(c)		9.27	%(c)		(2.73	)%(c)		12.28	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	21,231		$	24,058		$	36,814		$	46,351		$	47,791		$	53,074
Net expenses		1.70	%(e)(f)		1.70	%(f)		1.70	%(f)		1.70	%(f)		1.80	%(f)(g)		1.81	%
Gross expenses		1.85	%(e)		1.86	%		1.88	%		1.84	%		1.87	%		1.81	%
Net investment income		3.07	%(e)		2.83	%		2.65	%		2.96	%		1.78	%		1.70	%
Portfolio turnover rate		163	%		282	%		221	%		341	%(h)		93	%(i)		41	%

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

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

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

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

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

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

(g)	Effective September 1, 2015, the expense limit decreased from 2.00% to 1.70%.

(h)	The variation in the Fund’s turnover rate from 2015 to 2016 was primarily due to a repositioning of the portfolio as well as sales of additional securities as a result of a change in investment strategy in 2015.

(i)	The variation in the Fund’s turnover rate from 2014 to 2015 was primarily due to a change in the investment strategy and management structure of the Fund.

See accompanying notes to financial statements.

71 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Loomis Sayles Multi-Asset Income Fund—Class N
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Period Ended December 31, 2015*
Net asset value, beginning of the period	$	11.70		$	13.79		$	13.16		$	12.77		$	12.70

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.26			0.52			0.51			0.53			0.14
Net realized and unrealized gain (loss)		0.85			(1.71	)		1.15			0.80			0.10

Total from Investment Operations		1.11			(1.19	)		1.66			1.33			0.24

LESS DISTRIBUTIONS FROM:
Net investment income		(0.30	)		(0.46	)		(0.49	)		(0.44	)		(0.17	)
Net realized capital gains		—			(0.44	)		(0.54	)		(0.50	)		—

Total Distributions		(0.30	)		(0.90	)		(1.03	)		(0.94	)		(0.17	)

Net asset value, end of the period	$	12.51		$	11.70		$	13.79		$	13.16		$	12.77

Total return(b)		9.53	%(c)		(9.02	)%		12.83	%		10.53	%		1.91	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	44		$	32		$	35		$	1		$	1
Net expenses(d)		0.65	%(e)		0.65	%		0.65	%		0.65	%		0.65	%(e)
Gross expenses		1.25	%(e)		1.35	%		1.35	%		13.53	%		13.66	%(e)
Net investment income		4.21	%(e)		3.93	%		3.71	%		4.02	%		3.22	%(e)
Portfolio turnover rate		163	%		282	%		221	%		341	%(f)		93	%

*	From commencement of Class operations on August 31, 2015 through December 31, 2015.

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

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

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

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

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

(f)	The variation in the Fund’s turnover rate from 2015 to 2016 was primarily due to a repositioning of the portfolio as well as sales of additional securities as a result of a change in investment strategy in 2015.

See accompanying notes to financial statements.

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Financial Highlights (continued)

For a share outstanding throughout each period.


	Loomis Sayles Multi-Asset Income Fund—Class Y
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	11.70		$	13.80		$	13.17		$	12.79		$	13.39		$	12.19

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.25			0.52			0.49			0.53			0.36			0.38
Net realized and unrealized gain (loss)		0.85			(1.73	)		1.16			0.78			(0.59	)		1.19

Total from Investment Operations		1.10			(1.21	)		1.65			1.31			(0.23	)		1.57

LESS DISTRIBUTIONS FROM:
Net investment income		(0.29	)		(0.45	)		(0.48	)		(0.43	)		(0.37	)		(0.37	)
Net realized capital gains		—			(0.44	)		(0.54	)		(0.50	)		—			—

Total Distributions		(0.29	)		(0.89	)		(1.02	)		(0.93	)		(0.37	)		(0.37	)

Net asset value, end of the period	$	12.51		$	11.70		$	13.80		$	13.17		$	12.79		$	13.39

Total return		9.51	%(b)(c)		(9.13	)%(b)		12.77	%(b)		10.38	%(b)		(1.72	)%(b)		13.05	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	52,167		$	44,303		$	52,938		$	20,101		$	11,272		$	14,428
Net expenses		0.70	%(d)(e)		0.70	%(e)		0.70	%(e)		0.70	%(e)		0.80	%(e)(f)		0.82	%
Gross expenses		0.84	%(d)		0.86	%		0.88	%		0.84	%		0.86	%		0.82	%
Net investment income		4.15	%(d)		3.88	%		3.53	%		4.00	%		2.73	%		2.92	%
Portfolio turnover rate		163	%		282	%		221	%		341	%(g)		93	%(h)		41	%

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

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

(f)	Effective September 1, 2015, the expense limit decreased from 1.00% to 0.70%.

(g)	The variation in the Fund’s turnover rate from 2015 to 2016 was primarily due to a repositioning of the portfolio as well as sales of additional securities as a result of a change in investment strategy in 2015.

(h)	The variation in the Fund’s turnover rate from 2014 to 2015 was primarily due to a change in the investment strategy and management structure of the Fund.

See accompanying notes to financial statements.

73 |

Notes to Financial Statements

June 30, 2019 (Unaudited)

1. Organization. Natixis Funds Trust I and Loomis Sayles Funds 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:

Loomis Sayles Multi-Asset Income Fund (the “Multi-Asset Income Fund”)

Loomis Sayles Funds II:

Loomis Sayles High Income Fund (the “High Income Fund”)

Loomis Sayles Investment Grade Bond Fund (the “Investment Grade Bond Fund”)

Each Fund is a diversified investment company.

On October 5, 2018, the Board of Trustees approved a change to the fiscal year end of High Income Fund and Investment Grade Bond Fund from September 30 to December 31. Accordingly, the Funds’ financial statements and related notes include information as of and for the three month period ended December 31, 2018, and the year ended September 30, 2018.

Each Fund offers Class A, Class C, Class N and Class Y shares. In addition, Investment Grade Bond Fund also offers Admin Class shares.

Class A shares are sold with a maximum front-end sales charge of 4.25%. Class C shares do not pay a front-end sales charge, pay higher Rule 12b-1 fees than Class A shares for 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. Admin Class shares do not pay a front-end sales charge or a CDSC, but do pay a Rule 12b-1 fee. Admin Class shares are offered exclusively through intermediaries.

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

and Admin Class), and transfer agent fees are borne collectively for Class A, Class C, Class Y, and Admin Class and individually for Class N. In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of the Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

2. Significant Accounting Policies. The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. The Funds’ financial statements follow the accounting and reporting guidelines provided for investment companies and are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has evaluated the events and transactions subsequent to period-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Funds’ financial statements.

a. Valuation. 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:

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. 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. Broker-dealer bid prices may be used to value debt and unlisted equity securities and 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

75 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

foreign currency contracts are valued utilizing 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.

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.

As of June 30, 2019, securities held by the Funds were fair valued as follows:


Fund	Equity securities¹		Percentage of Net Assets			Securities classified as fair valued		Percentage of Net Assets			Securities fair valued by the Fund’s adviser		Percentage of Net Assets
High Income Fund	$	—		—	%	$	1,670,442		1.1	%	$	864,421		0.6	%
Investment Grade Bond Fund		—		—	%		109,507,373		2.0	%		46,761,524		0.8	%
Multi-Asset Income Fund		2,819,630		2.6	%		—		—	%		—		—	%

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

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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. 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. 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,

77 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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, 2019, the amount of income available to be distributed has been reduced by the following amount as a result of losses arising from changes in exchange rates:


Multi-Asset Income Fund		$	120,377

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 Funds’ 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 Funds’ or counterparty’s net obligations under the contracts.

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. Fluctuations in the value of the contracts are recorded in the Statements of Assets and Liabilities as an asset (liability) and in the Statements of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses). Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When a Fund enters

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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.

No futures contracts were held by the Funds during the six months ended June 30, 2019.

f. 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, 2019.

g. Federal and Foreign Income Taxes. The Trusts treat each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has

79 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

performed an analysis of each Fund’s tax positions for the open tax years as of June 30, 2019 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 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.

h. Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as contingent payment debt instruments, convertible bonds, defaulted and/or non-income producing securities, deferred trustees’ fees, distribution re-designations, taxable over-distribution, foreign currency gains and losses, partnership basis adjustments, net operating losses, passive foreign investment company adjustments, paydown gains and losses and premium amortization. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts. Temporary differences between book and tax distributable earnings are primarily due to contingent payment debt instruments, convertible bonds, partnership basis adjustments, defaulted and/or non-income producing securities, deferred Trustees’ fees, forward foreign currency contract mark-to-market, passive foreign investment company adjustments, premium amortization, perpetual bond adjustments and wash

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

sales. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. 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 period ended (year ended for Multi-Asset Income Fund) December 31, 2018 was as follows:


	2018 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
High Income Fund	$	2,342,939	$	469,860	$	2,812,799
Investment Grade Bond Fund		44,211,096		26,591,753		70,802,849
Multi-Asset Income Fund		6,314,655		2,864,723		9,179,378

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, 2018, capital loss carryforwards and late-year ordinary and post-October capital loss deferrals were as follows:


	High Income Fund			Investment Grade Bond Fund			Multi-Asset Income Fund
Capital loss carryforward:
Short-term:
No expiration date	$	(783,495	)	$	—		$	—
Long-term:
No expiration date		(3,978,362	)		—			—

Total capital loss carryforward	$	(4,761,857	)	$	—		$	—

Late-year ordinary and post-October capital loss deferrals*	$	—		$	(27,749,537	)	$	(3,172,650	)

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. Investment Grade Bond Fund and Multi-Asset Income Fund are deferring capital losses.

81 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

As of June 30, 2019, unrealized appreciation (depreciation) on a tax basis was approximately as follows:


	High Income Fund			Investment Grade Bond Fund		Multi-Asset Income Fund
Unrealized appreciation
Investments	$	(624,332	)	$	315,364,350	$	1,645,232
Foreign currency translations		—			952,169		(60,411	)

Total unrealized appreciation	$	(624,332	)	$	316,316,519	$	1,584,821

As of June 30, 2019, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:


	High Income Fund			Investment Grade Bond Fund			Multi-Asset Income Fund
Federal tax cost	$	153,009,979		$	5,167,484,750		$	104,266,374

Gross tax appreciation	$	5,198,386		$	335,269,168		$	4,024,951
Gross tax depreciation		(5,822,718	)		(18,953,218	)		(2,439,115	)

Net tax appreciation (depreciation)	$	(624,332	)	$	316,315,950		$	1,585,836

Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.

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

i. Senior Loans. Each 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. A 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, if any, are listed in each applicable Fund’s Portfolio of Investments.

High Income Fund and Multi-Asset Income Fund held senior loans as of June 30, 2019.

| 82

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

j. Loan Participations. A Fund’s investments in senior loans may be in the form of participations in loans. When investing in a loan participation, a 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. A 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, a Fund may be subject to credit risk from both the party from whom it purchased the loan participation and the borrower. Additionally, a Fund may have minimal control over the terms of any loan modification. Loan participations outstanding at the end of the period, if any, are listed in each applicable Fund’s Portfolio of Investments.

High Income Fund held loan participations as of June 30, 2019.

k. Collateralized Loan Obligations. Certain Funds 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 a 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, if any, are listed in each applicable Fund’s Portfolio of Investments.

Investment Grade Bond Fund held collateralized loan obligations as of June 30, 2019.

l. Repurchase Agreements. Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of June 30, 2019, 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.

m. 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

83 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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, 2019, none of the Funds had loaned securities under this agreement.

n. 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.

o. Change in Accounting Policy. The Funds have adopted Financial Accounting Standards Board Accounting Standards Update 2017-08. Under the new standard, certain debt securities with non-contingent call features purchased at a premium are amortized to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the new standard on a modified retrospective basis beginning with the fiscal period ended June 30, 2019. This change in accounting policy resulted in reclassifications to capital accounts as of the beginning of the period, but had no impact on the net asset value of the Funds.

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

| 84

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

•

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 not provide a reliable price for a security. 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. All security prices, including those obtained from an independent pricing service and broker-dealer bid prices, are reviewed on a daily basis by the adviser, subject to oversight by Fund management and the Board of Trustees. If the adviser, in good faith, believes that the price provided by an independent pricing service is unreliable, broker-dealer bid prices may be used until the price provided by the independent pricing service is considered to be reliable. Reliability of all security prices, including those obtained from an independent pricing service and broker-dealer bid prices, is tested in a variety of ways, including comparison to recent transaction prices and daily fluctuations, amongst other validation procedures in place. 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, 2019, at value:

High Income Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	—	$	585,230	$	409	(b)	$	585,639
Home Construction		—		2,067,400		12	(b)		2,067,412
All Other Non-Convertible Bonds(a)		—		124,454,389		—			124,454,389

Total Non-Convertible Bonds		—		127,107,019		421			127,107,440

Convertible Bonds(a)		—		12,762,914		—			12,762,914

Total Bonds and Notes		—		139,869,933		421			139,870,354

85 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

High Income Fund (continued)

Asset Valuation Inputs (continued)


Description	Level 1		Level 2		Level 3			Total
Senior Loans(a)	$	—	$	2,042,555	$	—		$	2,042,555
Loan Participations(a)		—		—		413,156	(c)		413,156
Preferred Stocks(a)		—		2,087,179		—			2,087,179
Other Investments(a)						864,000	(d)		864,000
Common Stocks(a)		464,047		—		—			464,047
Short-Term Investments		—		6,644,356		—			6,644,356

Total	$	464,047	$	150,644,023	$	1,277,577		$	152,385,647

(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.

(c)	Valued using broker-dealer bid prices.

(d)	Fair valued by the Fund’s adviser using broker-dealer bid prices for which the inputs are unobservable to the Fund.

Investment Grade Bond Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	—	$	172,300,461	$	5,674,747	(b)	$	177,975,208
ABS Other		—		142,428,302		46,840,013	(c)		189,268,315
ABS Student Loan		—		61,239,626		3,771,868	(d)		65,011,494
Metals & Mining		—		188,538,060		—	(e)		188,538,060
All Other Non-Convertible Bonds(a)		—		4,588,679,820		—			4,588,679,820

Total Non-Convertible Bonds		—		5,153,186,269		56,286,628			5,209,472,897

Convertible Bonds(a)		—		61,545,534		—			61,545,534
Municipals(a)		—		18,378,594		—			18,378,594

Total Bonds and Notes		—		5,233,110,397		56,286,628			5,289,397,025

Collateralized Loan Obligations		—		112,592,093		—			112,592,093
Preferred Stocks(a)		—		14,671,506		—			14,671,506
Short-Term Investments		—		67,140,076		—			67,140,076

Total	$	—	$	5,427,514,072	$	56,286,628		$	5,483,800,700

(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.

(c)	Valued using broker-dealer bid prices ($5,753,236) or fair valued by the Fund’s adviser ($41,086,777).

(d)	Valued using broker-dealer bid prices.

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

| 86

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

Multi-Asset Income Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes(a)	$	—	$	47,645,986	$	—	$	47,645,986
Common Stocks
Airlines		292,137		98,939		—		391,076
Banks		703,662		57,089		—		760,751
Beverages		1,404,940		205,321		—		1,610,261
Capital Markets		854,793		43,353		—		898,146
Construction & Engineering		3,970		209,851		—		213,821
Electric Utilities		1,437,299		334,571		—		1,771,870
Food Products		653,856		100,438		—		754,294
Leisure Products		—		94,271		—		94,271
Metals & Mining		—		212,651		—		212,651
Multi-Utilities		116,016		95,744		—		211,760
Personal Products		—		206,277		—		206,277
Pharmaceuticals		3,476,223		106,851		—		3,583,074
Real Estate Management & Development		22,253		194,135		—		216,388
REITs - Apartments		26,279		35,223		—		61,502
REITs - Diversified		149,720		14,968		—		164,688
REITs - Hotels		35,107		2,417		—		37,524
REITs - Office Property		20,552		125,491		—		146,043
REITs - Shopping Centers		37,515		77,780		—		115,295
Road & Rail		—		18,683		—		18,683
Tobacco		368,998		117,689		—		486,687
Trading Companies & Distributors		—		342,339		—		342,339
Wireless Telecommunication Services		—		125,549		—		125,549
All Other Common Stocks(a)		29,123,439		—		—		29,123,439

Total Common Stocks		38,726,759		2,819,630		—		41,546,389

Senior Loans(a)		—		3,841,133		—		3,841,133
Exchange-Traded Funds		10,810,347		—		—		10,810,347
Preferred Stocks
Non-Convertible Preferred Stocks(a)		336,611		—		—		336,611
Convertible Preferred Stocks(a)		—		445,745		—		445,745

Total Preferred Stocks		336,611		445,745		—		782,356

Short-Term Investments		—		1,225,999		—		1,225,999

Total	$	49,873,717	$	55,978,493	$	—	$	105,852,210

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

87 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

A common stock valued at $6,695 was transferred from Level 2 to Level 1 during the period ended June 30, 2019. At December 31, 2018, this security was fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of the security. At June 30, 2019, this security was valued at the market price in the foreign market in accordance with the Fund’s valuation policies.

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

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of December 31, 2018 and/or June 30, 2019:

High Income Fund

Asset Valuation Inputs


Investments in Securities	Balance as of December 31, 2018		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	574	$	—	$	—	$	(151	)	$	—
Home Construction		12		15,427		—		(15,427	)		—
Loan Participations
ABS Other		425,679		17		36		3,396			—
Other Investments
Aircraft ABS		865,625		—		—		(1,625	)		—
Preferred Stocks
Convertible Preferred Stocks
Midstream		58,567		—		—		—			—

Total	$	1,350,457	$	15,444	$	36	$	(13,807	)	$	—

| 88

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

High Income Fund (continued)

Asset Valuation Inputs (continued)


Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of June 30, 2019		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at June 30, 2019
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	(14	)	$	—	$	—		$	409	$	(153	)
Home Construction		—			—		—			12		(15,427	)
Loan Participations
ABS Other		(15,972	)		—		—			413,156		3,446
Other Investments
Aircraft ABS		—			—		—			864,000		(1,625	)
Preferred Stocks
Convertible Preferred Stocks
Midstream		—			—		(58,567	)		—		—

Total	$	(15,986	)	$	—	$	(58,567	)	$	1,277,577	$	(13,759	)

A preferred stock valued at $58,567 was transferred from Level 3 to Level 2 during the period ended June 30, 2019. At December 31, 2018, 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 security. At June 30, 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.

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

89 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

Investment Grade Bond Fund

Asset Valuation Inputs


Investments in Securities	Balance as of December 31, 2018			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	—		$	—	$	—		$	—		$	5,674,747
ABS Other		57,551,934			—		42,645			(1,673,144	)		3,744,533
ABS Student Loan		4,259,110			—		1,010			749			—
Airlines		1,202,015			—		—			—			—
Metals & Mining		845			7,865		—			(8,710	)		—

Total	$	63,013,904		$	7,865	$	43,655		$	(1,681,105	)	$	9,419,280


Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of June 30, 2019			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at June 30, 2019
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	—		$	—	$	—		$	5,674,747		$	—
ABS Other		(4,352,567	)		—		(8,473,388	)		46,840,013			(1,659,154	)
ABS Student Loan		(489,001	)		—		—			3,771,868			1,400
Airlines		—			—		(1,202,015	)		—			—
Metals & Mining		—			—		—			—	(a)		(8,710	)

Total	$	(4,841,568	)	$	—	$	(9,675,403	)	$	56,286,628		$	(1,666,464	)

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

A debt security valued at $8,473,388 was transferred from Level 3 to Level 2 during the period ended June 30, 2019. At December 31, 2018, 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, 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.

| 90

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

A debt security valued at $1,202,015 was transferred from Level 3 to Level 2 during the period ended June 30, 2019. At December 31, 2018, 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 security. At June 30, 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.

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

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 the Funds used during the period include forward foreign currency contracts.

High Income Fund and Investment Grade Bond Fund are 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 Funds may enter into forward foreign currency contracts for hedging purposes to protect the value of the Funds’ holdings of foreign securities. The Funds may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the Funds. During the six months ended June 30, 2019, the Funds engaged in forward foreign currency transactions for hedging purposes.

Transactions in derivative instruments for High Income Fund during the six months ended June 30, 2019, as reflected within the Statements of Operations, were as follows:


Net Realized Gain (Loss) on:	Forward foreign currency contracts
Foreign exchange contracts	$	(44,094	)

Net Change in Unrealized Appreciation (Depreciation) on:	Forward foreign currency contracts
Foreign exchange contracts	$	44,094

Transactions in derivative instruments for Investment Grade Bond Fund during the six months ended June 30, 2019, as reflected within the Statements of Operations, were as follows:


Net Realized Gain (Loss) on:	Forward foreign currency contracts
Foreign exchange contracts	$	(670,701	)

Net Change in Unrealized Appreciation (Depreciation) on:	Forward foreign currency contracts
Foreign exchange contracts	$	670,701

91 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

As the Funds value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting under authoritative guidance for derivative instruments. The Funds’ investments in derivatives may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of these disclosures.

The volume of forward foreign currency contract activity, as a percentage of net assets, 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, 2019:


High Income Fund	Forwards
Average Notional Amount Outstanding		0.89	%
Highest Notional Amount Outstanding		3.29	%
Lowest Notional Amount Outstanding		0.00	%
Notional Amount Outstanding as of June 30, 2019		0.00	%

Investment Grade Bond Fund	Forwards
Average Notional Amount Outstanding		0.30	%
Highest Notional Amount Outstanding		1.09	%
Lowest Notional Amount Outstanding		0.00	%
Notional Amount Outstanding as of June 30, 2019		0.00	%

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

5. Purchases and Sales of Securities. For the six months ended June 30, 2019, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:


	U.S. Government/ Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
High Income Fund	$	3,705,584	$	—	$	30,297,773	$	29,365,615
Investment Grade Bond Fund		166,555,343		149,883,372		1,295,643,239		641,929,694
Multi-Asset Income Fund		25,159,260		17,705,482		152,402,521		176,128,926

6. Management Fees and Other Transactions with Affiliates.

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

| 92

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

Under the terms of the management agreements, each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on each Fund’s average daily net assets:


	Percentage of Average Daily Net Assets
Fund	First $15 billion			Over $15 billion
High Income Fund		0.60	%		0.60	%
Investment Grade Bond Fund		0.40	%		0.38	%

Natixis Advisors, L.P. (“Natixis Advisors”) serves as investment adviser to Multi-Asset Income Fund. Natixis Advisors is a wholly-owned subsidiary of Natixis.

Under the terms of the management agreement, Multi-Asset Income Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on the Fund’s average daily net assets:


	Percentage of Average Daily Net Assets
Fund	First $1 billion			Over $1 billion
Multi-Asset Income Fund		0.55	%		0.50	%

Natixis Advisors has entered into a subadvisory agreement for the Fund with Loomis Sayles. Under the terms of the subadvisory agreement, the Fund has agreed to pay Loomis Sayles a subadvisory fee at the following annual rates, calculated daily and payable monthly, based on the Fund’s average daily net assets:

Percentage of Average
Daily Net Assets

Fund

Subadviser

First

$1 billion

Over

$1 billion

Multi-Asset Income Fund

Loomis Sayles

0.325

0.30

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

93 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until April 30, 2020, 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, 2019 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			Admin Class
High Income Fund		1.05	%		1.80	%		0.75	%		0.80	%		—
Investment Grade Bond Fund		0.78	%		1.53	%		0.48	%		0.53	%		1.03	%
Multi-Asset Income Fund		0.95	%		1.70	%		0.65	%		0.70	%		—

Effective July 1, 2019, the expense limits as a percentage of average daily net assets under the expense limitation agreements are as follows:


	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Class A			Class C			Class N			Class Y			Admin Class
High Income Fund		1.00	%		1.75	%		0.70	%		0.75	%		—
Investment Grade Bond Fund		0.76	%		1.51	%		0.46	%		0.51	%		1.01	%

These new undertakings are in effect until April 30, 2021, 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 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.

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

For the six months ended June 30, 2019, 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
Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Gross			Net
High Income Fund	$	433,733	$	108,658	$	325,075		0.60	%		0.45	%
Investment Grade Bond Fund		10,898,680		661,556		10,237,124		0.40	%		0.38	%
Multi-Asset Income Fund		312,166		80,623		231,543		0.55	%		0.41	%

¹	Waiver/expense reimbursements are subject to possible recovery until December 31, 2020.

No expenses were recovered for any of the Funds during the six months ended June 30, 2019 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 has adopted a Service Plan relating to each Fund’s Class A shares (the “Class A Plans”), a Distribution and Service Plan relating to each Fund’s Class C shares (the “Class C Plans”), and Investment Grade Bond Fund has adopted a Distribution Plan relating to its Admin Class shares (the “Admin Class Plan”).

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 an 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.

95 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

Under the Admin Class Plan, Investment Grade Bond Fund pays Natixis Distribution a monthly distribution fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Admin Class shares, as compensation for services provided by Natixis Distribution in connection with the marketing or sale of Admin Class shares or for payments made by Natixis Distribution to securities dealers or other financial intermediaries as commissions, asset-based sales charges or other compensation with respect to the sale of Admin Class shares, or for providing personal services to investors and/or the maintenance of shareholder accounts.

In addition, the Admin Class shares of Investment Grade Bond Fund may pay Natixis Distribution an administrative service fee, at an annual rate not to exceed 0.25% of the average daily net assets attributable to Admin Class shares. These fees are subsequently paid to securities dealers or financial intermediaries for providing personal services and/or account maintenance for their customers who hold such shares.

For the six months ended June 30, 2019, the service and distribution fees for each Fund were as follows:


	Service Fees						Distribution Fees
Fund	Class A		Class C		Admin Class		Class C		Admin Class
High Income Fund	$	28,712	$	6,457	$	—	$	19,370	$	—
Investment Grade Bond Fund		917,555		391,992		142,560		1,175,975		142,560
Multi-Asset Income Fund		58,944		28,389		—		85,167		—

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 0.0575% 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.

Effective October 1, 2018, State Street Bank agreed to reduce the fees it receives from Natixis Advisors for serving as sub-administrator to the Funds. Also, effective October 1, 2018, Natixis Advisors agreed to voluntarily waive fees paid by the Funds in an amount equal to the reduction in sub-administrative fees discussed above. The waiver is in effect through June 30, 2019.

| 96

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

For the six months ended June 30, 2019, the administrative fees for each Fund were as follows:


Fund	Gross Administrative Fees		Waiver of Administrative Fees		Net Administrative Fees
High Income Fund	$	31,932	$	763	$	31,169
Investment Grade Bond Fund		1,210,341		28,767		1,181,574
Multi-Asset Income Fund		25,218		600		24,618

Effective July 1, 2019, 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.

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, 2019, 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
High Income Fund	$	70,738
Investment Grade Bond Fund		1,732,684
Multi-Asset Income Fund		32,533

97 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

As of June 30, 2019, 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
High Income Fund	$	1,698
Investment Grade Bond Fund		44,634
Multi-Asset Income Fund		832

Sub-transfer agent fees attributable to Class A, Class C, Class Y and Admin Class 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, 2019 were as follows:


Fund	Commissions
High Income Fund	$	1,580
Investment Grade Bond Fund		16,877
Multi-Asset Income Fund		1,929

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 $360,000. 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 $190,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee and the chairperson of the Audit Committee each receive an additional retainer fee at the annual rate of $20,000. The chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $15,000. 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.

| 98

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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 Trustee of the Trusts.

g. Affiliated Ownership. As of June 30, 2019, Loomis Sayles Employees’ Profit Sharing Retirement Plan held shares of Investment Grade Bond Fund and Multi-Asset Income Fund representing 0.11% and 0.85%, respectively, of the Funds’ net assets.

Investment activities of affiliated shareholders could have material impacts on the Fund.

h. Reimbursement of Transfer Agent Fees and Expenses. Natixis Advisors has given a binding contractual undertaking to the High Income Fund and Multi-Asset Income Fund to reimburse any and all transfer agency expenses for the Funds’ Class N shares. This undertaking is in effect through April 30, 2020 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended June 30, 2019, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:


	Reimbursement of Transfer Agent Fees and Expenses
Fund	Class N
High Income Fund	$	92
Multi-Asset Income Fund		87

7. Class-Specific Transfer Agent Fees and Expenses. Transfer agent fees and expenses attributable to Class A, Class C, Class Y and Admin Class 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.

99 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

For the six months ended June 30, 2019, 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		Admin Class
High Income Fund	$	14,176	$	3,199	$	92	$	63,955	$	—
Investment Grade Bond Fund		323,013		138,120		3,168		1,333,000		50,182
Multi-Asset Income Fund		17,346		8,107		87		15,000		—

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 as 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, 2019, none of the Funds had borrowings under this agreement.

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

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, 2019, 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

| 100

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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
High Income Fund		2		12.93	%
Investment Grade Bond Fund		1		19.19	%

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, 2019					Period Ended December 31, 2018(a)
High Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	287,961		$	1,210,428		318,942		$	1,321,333
Issued in connection with the reinvestment of distributions	115,582			485,691		84,926			349,137
Redeemed	(851,636	)		(3,579,256	)	(764,361	)		(3,151,340	)

Net change	(448,093	)	$	(1,883,137	)	(360,493	)	$	(1,480,870	)

Class C
Issued from the sale of shares	27,779		$	117,607		42,068		$	171,916
Issued in connection with the reinvestment of distributions	22,715			95,755		16,483			68,043
Redeemed	(246,818	)		(1,039,500	)	(186,823	)		(777,538	)

Net change	(196,324	)	$	(826,138	)	(128,272	)	$	(537,579	)

Class N
Issued from the sale of shares	252,994		$	1,068,014		169,687		$	691,887
Issued in connection with the reinvestment of distributions	73,040			307,059		43,495			178,710
Redeemed	(153,750	)		(647,280	)	(33,788	)		(139,949	)

Net change	172,284		$	727,793		179,394		$	730,648

Class Y
Issued from the sale of shares	3,390,776		$	14,211,496		2,504,282		$	10,312,064
Issued in connection with the reinvestment of distributions	524,422			2,200,935		433,237			1,776,880
Redeemed	(2,335,271	)		(9,789,340	)	(8,528,009	)		(34,312,719	)

Net change	1,579,927		$	6,623,091		(5,590,490	)	$	(22,223,775	)

Increase (decrease) from capital share transactions	1,107,794		$	4,641,609		(5,899,861	)	$	(23,511,576	)

(a)	For the period October 1, 2018 through December 31, 2018.

101 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

11. Capital Shares (continued).


	Year Ended September 30, 2018
High Income Fund	Shares			Amount
Class A
Issued from the sale of shares	1,898,245		$	8,166,854
Issued in connection with the reinvestment of distributions	243,140			1,040,786
Redeemed	(3,771,177	)		(16,210,208	)

Net change	(1,629,792	)	$	(7,002,568	)

Class C
Issued from the sale of shares	122,450		$	527,966
Issued in connection with the reinvestment of distributions	61,116			262,711
Redeemed	(1,279,539	)		(5,486,771	)

Net change	(1,095,973	)	$	(4,696,094	)

Class N
Issued from the sale of shares	2,698,050		$	11,518,120
Issued in connection with the reinvestment of distributions	61,394			259,688
Redeemed	(325,438	)		(1,383,775	)

Net change	2,434,006		$	10,394,033

Class Y
Issued from the sale of shares	9,865,696		$	42,237,402
Issued in connection with the reinvestment of distributions	1,120,509			4,782,844
Redeemed	(11,587,593	)		(49,564,049	)

Net change	(601,388	)	$	(2,543,803	)

Increase (decrease) from capital share transactions	(893,147	)	$	(3,848,432	)

| 102

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

11. Capital Shares (continued).


	Six Months Ended June 30, 2019					Period Ended December 31, 2018(a)
Investment Grade Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	12,469,512		$	137,005,518		6,491,737		$	70,239,572
Issued in connection with the reinvestment of distributions	813,949			8,979,149		692,485			7,466,489
Redeemed	(12,930,016	)		(142,151,973	)	(11,048,598	)		(119,531,449	)

Net change	353,445		$	3,832,694		(3,864,376	)	$	(41,825,388	)

Class C
Issued from the sale of shares	786,697		$	8,539,109		945,273		$	10,091,858
Issued in connection with the reinvestment of distributions	252,745			2,753,866		284,418			3,032,080
Redeemed	(10,589,209	)		(114,948,072	)	(4,883,774	)		(52,357,128	)

Net change	(9,549,767	)	$	(103,655,097	)	(3,654,083	)	$	(39,233,190	)

Class N
Issued from the sale of shares	17,390,989		$	191,294,727		7,202,004		$	78,146,326
Issued in connection with the reinvestment of distributions	1,924,065			21,232,971		1,542,978			16,637,378
Redeemed	(14,641,506	)		(161,103,742	)	(9,753,310	)		(105,566,599	)

Net change	4,673,548		$	51,423,956		(1,008,328	)	$	(10,782,895	)

Class Y
Issued from the sale of shares	45,241,111		$	496,817,718		26,286,587		$	284,802,649
Issued in connection with the reinvestment of distributions	4,030,993			44,505,205		3,150,471			33,984,081
Redeemed	(41,084,746	)		(452,530,727	)	(32,471,159	)		(351,840,854	)

Net change	8,187,358		$	88,792,196		(3,034,101	)	$	(33,054,124	)

Admin Class
Issued from the sale of shares	995,600		$	10,923,284		286,732		$	3,102,815
Issued in connection with the reinvestment of distributions	139,932			1,539,955		117,845			1,266,981
Redeemed	(957,445	)		(10,493,042	)	(521,944	)		(5,641,958	)

Net change	178,087		$	1,970,197		(117,367	)	$	(1,272,162	)

Increase (decrease) from capital share transactions	3,842,671		$	42,363,946		(11,678,255	)	$	(126,167,759	)

(a)	For the period October 1, 2018 through December 31, 2018.

103 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

11. Capital Shares (continued).


	Year Ended September 30, 2018
Investment Grade Bond Fund	Shares			Amount
Class A
Issued from the sale of shares	26,350,729		$	290,166,021
Issued in connection with the reinvestment of distributions	1,939,385			21,405,938
Redeemed	(37,379,900	)		(411,498,034	)

Net change	(9,089,786	)	$	(99,926,075	)

Class C
Issued from the sale of shares	2,011,124		$	22,000,351
Issued in connection with the reinvestment of distributions	1,080,461			11,807,321
Redeemed	(26,695,866	)		(290,792,159	)

Net change	(23,604,281	)	$	(256,984,487	)

Class N
Issued from the sale of shares	47,337,549		$	520,862,751
Issued in connection with the reinvestment of distributions	3,799,061			41,897,623
Redeemed	(43,651,422	)		(478,691,782	)

Net change	7,485,188		$	84,068,592

Class Y
Issued from the sale of shares	83,609,222		$	923,226,055
Issued in connection with the reinvestment of distributions	8,916,183			98,436,771
Redeemed	(124,671,025	)		(1,373,103,002	)

Net change	(32,145,620	)	$	(351,440,176	)

Admin Class
Issued from the sale of shares	9,244,822		$	100,929,159
Issued in connection with the reinvestment of distributions	37,178			408,621
Redeemed	(1,018,175	)		(11,215,394	)

Net change	8,263,825		$	90,122,386

Increase (decrease) from capital share transactions	(49,090,674	)	$	(534,159,760	)

| 104

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

11. Capital Shares (continued).


	Six Months Ended June 30, 2019					Year Ended December 31, 2018
Multi-Asset Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	216,546		$	2,695,484		1,636,199		$	21,887,217
Issued in connection with the reinvestment of distributions	70,158			869,906		246,032			3,167,673
Redeemed	(1,969,598	)		(24,412,282	)	(1,495,395	)		(19,584,653	)

Net change	(1,682,894	)	$	(20,846,892	)	386,836		$	5,470,237

Class C
Issued from the sale of shares	61,203		$	755,167		610,774		$	8,033,966
Issued in connection with the reinvestment of distributions	23,942			295,493		102,629			1,321,750
Redeemed	(442,973	)		(5,462,413	)	(1,326,399	)		(17,492,118	)

Net change	(357,828	)	$	(4,411,753	)	(612,996	)	$	(8,136,402	)

Class N
Issued from the sale of shares	717		$	8,981		—		$	—
Issued in connection with the reinvestment of distributions	66			819		184			2,352

Net change	783		$	9,800		184		$	2,352

Class Y
Issued from the sale of shares	1,597,595		$	19,687,554		1,950,280		$	25,895,828
Issued in connection with the reinvestment of distributions	60,874			749,739		213,365			2,746,556
Redeemed	(1,274,319	)		(15,771,925	)	(2,215,349	)		(28,814,661	)

Net change	384,150		$	4,665,368		(51,704	)	$	(172,277	)

Decrease from capital share transactions	(1,655,789	)	$	(20,583,477	)	(277,680	)	$	(2,836,090	)

105 |

NATIXIS FUNDS

LOOMIS SAYLES FUNDS

Supplement dated February 12, 2019 to the Loomis Sayles Funds Statutory Prospectus, dated February 1, 2019, the Natixis Funds Statutory Prospectus dated February 1, 2019, April 1, 2018, May 1, 2018, June 1, 2018 and December 28, 2018, as may be revised or supplemented from time to time, for the following funds:


AEW Real Estate Fund		Mirova International Sustainable Equity Fund
ASG Global Alternatives Fund		Natixis Oakmark Fund
ASG Managed Futures Strategy Fund		Natixis Oakmark International Fund
Gateway Fund		Natixis Sustainable Future 2015 Fund^SM
Gateway Equity Call Premium Fund		Natixis Sustainable Future 2020 Fund^SM
Loomis Sayles Global Allocation Fund		Natixis Sustainable Future 2025 Fund^SM
Loomis Sayles Global Growth Fund		Natixis Sustainable Future 2030 Fund^SM
Loomis Sayles Growth Fund		Natixis Sustainable Future 2035 Fund^SM
Loomis Sayles High Income Fund		Natixis Sustainable Future 2040 Fund^SM
Loomis Sayles Intermediate Duration Bond Fund		Natixis Sustainable Future 2045 Fund^SM
Loomis Sayles Investment Grade Bond Fund		Natixis Sustainable Future 2050 Fund^SM
Loomis Sayles Limited Term Government and Agency Fund		Natixis Sustainable Future 2055 Fund^SM
Loomis Sayles Multi-Asset Income Fund		Natixis Sustainable Future 2060 Fund^SM
Loomis Sayles Senior Floating Rate and Fixed Income Fund		Natixis U.S. Equity Opportunities Fund
Loomis Sayles Strategic Alpha Fund		Vaughan Nelson Select Fund
Loomis Sayles Strategic Income Fund		Vaughan Nelson Small Cap Value Fund
Mirova Global Green Bond Fund		Vaughan Nelson Value Opportunity Fund
Mirova Global Sustainable Equity Fund

Effective immediately, the information under the sub-section “Class N Shares” in the section “Purchase and Sale of Fund Shares” of the Fund Summary for each Fund is hereby amended and restated as follows:

Class N shares of the Fund are subject to a $1,000,000 initial investment minimum. There is no initial investment minimum for Certain Retirement Plans and funds of funds that are distributed by Natixis Distribution, L.P. (the “Distributor”). Sub accounts held


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within an omnibus account, where the omnibus account has at least $1,000,000, are not required to meet the investment minimum. There is no subsequent investment minimum for these shares. In its sole discretion, the Distributor may waive the investment minimum requirement for accounts as to which the Distributor reasonably believes will have enough assets to exceed the investment minimum requirement within a relatively short period of time following the establishment date of such accounts in Class N. If, after two years, an account’s value does not exceed the investment minimum requirement, the Distributor and the Fund reserve the right to redeem such account.

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Loomis Sayles Multi-Asset Income Fund

Mirova Global Sustainable Equity Fund

Natixis Oakmark Fund

Natixis Oakmark International Fund

Natixis U.S. Equity Opportunities Fund

(each a “Fund”)

Supplement dated May 23, 2019 to the Natixis Funds Prospectus and Summary Prospectuses, each dated May 1, 2019, as may be revised and supplemented from time to time.

Effective immediately, the text of the last footnote to the “Annual Fund Operating Expenses” table in the “Fund Fees & Expenses” sub-section of the Fund Summary section of each Fund’s prospectus is hereby amended and restated as follows:

Natixis Advisors, L.P. (“Natixis Advisors”) has given a binding contractual undertaking to the Fund to reimburse any and all transfer agency expenses for Class N shares. This undertaking is in effect through April 30, 2020 and may be terminated before then only with the consent of the Fund’s Board of Trustees.

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NATIXIS FUNDS

Supplement dated June 28, 2019 to the Natixis Funds Prospectuses and Summary Prospectuses, each dated May 1, 2019, as may be revised or supplemented from time to time, for the following funds:

LOOMIS SAYLES HIGH INCOME FUND

(the “Fund”)

Effective July 1, 2019, Loomis, Sayles & Company, L.P. has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 1.00%, 1.75%, 0.70%, 1.00% and 0.75% of the Fund’s average daily net assets for Class A, C, N, T and Y shares, respectively, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, and organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through April 30, 2021.

Accordingly, the Annual Fund Operating Expenses table and the Example table within the section “Fund Fees & Expenses” are amended and restated as follows with respect to the Fund:

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)


	Class A			Class C			Class N			Class T			Class Y
Management fees		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Distribution and/or service (12b-1) fees		0.25	%		1.00	%		0.00	%		0.25	%		0.00	%
Other expenses		0.42	%		0.42	%		0.29	%		0.42	%¹		0.42	%
Total annual fund operating expenses		1.27	%		2.02	%		0.89	%		1.27	%		1.02	%
Fee waiver and/or expense reimbursement^2,3		0.27	%		0.27	%		0.19	%		0.27	%		0.27	%
Total annual fund operating expenses after fee waiver and/or expense reimbursement		1.00	%		1.75	%		0.70	%		1.00	%		0.75	%

1	Other expenses are estimated for the current fiscal year.

Loomis, Sayles & Company, L.P. (“Loomis Sayles” or the “Adviser”) has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 1.00%, 1.75%, 0.70%, 1.00% and 0.75% of the Fund’s average daily net assets for Class A, C, N, T and Y shares, respectively, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, and organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking

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is in effect through April 30, 2021 and may be terminated before then only with the consent of the Fund’s Board of Trustees. The Adviser will be permitted to recover, on a class by class basis, management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below the applicable expense limitations for Class A, C, N, T and Y shares. The Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

3	Natixis Advisors, L.P. has given a binding contractual undertaking to the Fund to reimburse any and all transfer agency expenses for Class N shares. This undertaking is in effect through April 30, 2020 and may be terminated before then only with the consent of the Fund’s Board of Trustees.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods (except where indicated). The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the example is based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement assuming that such waivers and/or reimbursements will only be in place through the dates noted above and on the Total Annual Fund Operating Expenses for the remaining periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


If shares are redeemed:
	1 year		3 years		5 years		10 years
Class A	$	523	$	763	$	1,046	$	1,851
Class C	$	278	$	585	$	1,041	$	2,307
Class N	$	72	$	248	$	458	$	1,063
Class T	$	349	$	594	$	882	$	1,702
Class Y	$	77	$	274	$	514	$	1,202

If shares are not redeemed:
	1 year		3 years		5 years		10 years
Class C	$	178	$	585	$	1,041	$	2,307

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LOOMIS SAYLES INVESTMENT GRADE BOND FUND

(the “Fund”)

Effective July 1, 2019, Loomis, Sayles & Company, L.P. has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 0.76%, 1.51%, 0.46%, 0.76%, 0.51% and 1.01% of the Fund’s average daily net assets for Class A, C, N, T, Y and Admin Class shares, respectively, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, and organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through April 30, 2021.

Accordingly, the Annual Fund Operating Expenses table and the Example table within the section “Fund Fees & Expenses” are amended and restated as follows with respect to the Fund:

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)


	Class A			Class C			Class N			Class T			Class Y			Admin Class
Management fees		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Distribution and/or service (12b-1) fees		0.25	%		1.00	%		0.00	%		0.25	%		0.00	%		0.25	%
Other expenses		0.17	%		0.17	%		0.08	%		0.17	%¹		0.17	%		0.42	²
Total annual fund operating expenses		0.82	%		1.57	%		0.48	%		0.82	%		0.57	%		1.07	%
Fee waiver and/or expense reimbursement³		0.06	%		0.06	%		0.02	%		0.06	%		0.06	%		0.06	%
Total annual fund operating expenses after fee waiver and/or expense reimbursement		0.76	%		1.51	%		0.46	%		0.76	%		0.51	%		1.01	%

1	Other expenses are estimated for the current fiscal year.

2	Other expenses include an administrative services fee of 0.25% for Admin Class shares.

Loomis, Sayles & Company, L.P. (“Loomis Sayles” or the “Adviser”) has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 0.76%, 1.51%, 0.46%, 0.76%, 0.51% and 1.01% of the Fund’s average daily net assets for Class A, C, N, T, Y and Admin Class shares, respectively, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense,

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taxes, and organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through April 30, 2021 and may be terminated before then only with the consent of the Fund’s Board of Trustees. The Adviser will be permitted to recover, on a class by class basis, management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below the applicable expense limitations for Class A, C, N, T, Y and Admin Class shares. The Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods (except where indicated). The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the example is based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement assuming that such waiver and/or reimbursement will only be in place through the date noted above and on the Total Annual Fund Operating Expenses for the remaining periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


If shares are redeemed:
	1 year		3 years		5 years		10 years
Class A	$	499	$	665	$	850	$	1,385
Class C	$	254	$	485	$	845	$	1,858
Class N	$	47	$	150	$	265	$	600
Class T	$	326	$	494	$	683	$	1,228
Class Y	$	52	$	171	$	307	$	703
Admin Class	$	103	$	329	$	579	$	1,295

If shares are not redeemed:
	1 year		3 years		5 years		10 years
Class C	$	154	$	485	$	845	$	1,858

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LOOMIS SAYLES HIGH INCOME FUND

LOOMIS SAYLES INVESTMENT GRADE BOND FUND

LOOMIS SAYLES STRATEGIC ALPHA FUND

The biographical information for Matthew J. Eagan, under “Loomis Sayles” in the subsection “Meet the Funds’ Portfolio Managers” under the section “Management Team” in the Prospectus is amended to include the following:

Matthew J. Eagan is an Executive Vice President and a member of the Board of Directors of Loomis Sayles.

LOOMIS SAYLES HIGH INCOME FUND

LOOMIS SAYLES INVESTMENT GRADE BOND FUND

The biographical information for Elaine M. Stokes under “Loomis Sayles” in the subsection “Meet the Funds’ Portfolio Managers” under the section “Management Team” in the Prospectus is amended to include the following:

Elaine M. Stokes is an Executive Vice President and a member of the Board of Directors of Loomis Sayles.


ASG Dynamic Allocation Fund		McDonnell Intermediate Municipal Bond Fund
ASG Global Alternatives Fund		Mirova Global Green Bond Fund
ASG Managed Futures Strategy Fund		Mirova Global Sustainable Equity Fund
ASG Tactical U.S. Market Fund		Mirova International Sustainable Equity Fund
Gateway Equity Call Premium Fund		Natixis Oakmark Fund
Gateway Fund		Natixis Oakmark International Fund
Loomis Sayles High Income Fund		Natixis U.S. Equity Opportunities Fund
Loomis Sayles Investment Grade Bond Fund		Vaughan Nelson Small Cap Value Fund
Loomis Sayles Multi-Asset Income Fund		Vaughan Nelson Value Opportunity Fund
Loomis Sayles Strategic Alpha Fund

(each a “Fund”)

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Effective July 1, 2019, the following is added to the Prospectus as “APPENDIX B — Financial Intermediary Specific Commissions & Investment Minimum Waivers”.

APPENDIX B — Financial Intermediary Specific Commissions & Investment Minimum Waivers

UBS Financial Services, Inc. (“UBS-FS”)

Pursuant to an agreement with the Funds, Class Y shares may be available on certain brokerage platforms at UBS-FS. For such platforms, UBS-FS may charge commissions on brokerage transactions in each Fund’s Class Y shares. A shareholder should contact UBS-FS for information about the commissions charged by UBS-FS for such transactions. Shares of each Fund are available in other share classes that have different fees and expenses.

The initial and subsequent investment minimums for Class Y shares are waived for transactions through such brokerage platforms at UBS-FS.

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LOGO

Semiannual Report

June 30, 2019

Mirova Global Green Bond Fund

Mirova Global Sustainable Equity Fund

Mirova International Sustainable Equity Fund

Table of Contents



Portfolio Review			1

Portfolio of Investments			15

Financial Statements			27

Notes to Financial Statements			43

Shareholder Supplement (previously posted to the Fund’s website)			enclosed

IMPORTANT NOTICE TO SHAREHOLDERS

MIROVA GLOBAL GREEN BOND FUND



Managers		Symbols

Marc Briand		Class A MGGAX

Charles Portier		Class N MGGNX

Mirova US LLC		Class Y MGGYX
(formerly, a division within Ostrum Asset Management U.S., LLC)

Investment Goal

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

1 |

Average Annual Total Returns — June 30, 2019²



										Expense Ratio³
	6 Months			1 Year			Life of Fund			Gross			Net

Class Y (Inception 2/28/17)
NAV		7.65	%		8.56	%		4.34	%		1.39	%		0.71	%

Class A (Inception 2/28/17)
NAV		7.53			8.29			4.09			1.75			0.96
With 4.25% Maximum Sales Charge		2.97			3.65			2.18

Class N (Inception 2/28/17)
NAV		7.67			8.59			4.41			1.12			0.66

Comparative Performance
Bloomberg Barclays MSCI Green Bond Index¹		7.72			9.32			5.49

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.

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.

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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
(formerly, a division within Ostrum Asset Management U.S., LLC)

Investment Goal

The Fund seeks long-term capital appreciation.

3 |

Average Annual Total Returns — June 30, 2019³



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

Class Y (Inception 3/31/16)								Class Y/A/C		Class N
NAV		21.66	%		11.71	%		12.82	%	—	%		1.14	%		0.95	%

Class A (Inception 3/31/16)
NAV		21.47			11.43			12.55		—			1.38			1.20
With 5.75% Maximum Sales Charge		14.47			5.02			10.51		—

Class C (Inception 3/31/16)
NAV		20.98			10.61			11.70		—			2.13			1.95
With CDSC¹		19.98			9.61			11.70		—

Class N (Inception 5/1/17)
NAV		21.66			11.78			—		13.26			1.07			0.92

Comparative Performance
MSCI World Index (Net)²		16.98			6.33			11.17		9.13

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.

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.

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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 (formerly, a division within Ostrum Asset Management U.S., LLC)

Investment Goal

The Fund seeks long-term capital appreciation.

5 |

Total Returns — June 30, 2019²



	6 Months⁴			Life of Fund			Expense Ratios³
	6 Months⁴			Life of Fund			Gross			Net

Class Y (Inception 12/28/18)
NAV		15.03	%		15.14	%		1.74	%		0.95	%

Class A (Inception 12/28/18)
NAV		14.82			14.94			1.99			1.20
With 5.75% Maximum Sales Charge		8.23			8.33

Class N (Inception 12/28/18)
NAV		15.03			15.14			1.64			0.90

Comparative Performance
MSCI EAFE Index (Net)¹		14.03			14.53

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.

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 reflected above are different from the total returns reported in the financial highlights. The returns presented in the table above are what an investor would have actually experienced.

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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

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.

7 |

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, 2019 through June 30, 2019. 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 1/1/2019		ENDING ACCOUNT VALUE 6/30/2019		EXPENSES PAID DURING PERIOD* 1/1/2019 – 6/30/2019
Class A
Actual		$1,000.00		$1,075.30		$4.94
Hypothetical (5% return before expenses)		$1,000.00		$1,020.03		$4.81
Class N
Actual		$1,000.00		$1,076.70		$3.40
Hypothetical (5% return before expenses)		$1,000.00		$1,021.52		$3.31
Class Y
Actual		$1,000.00		$1,076.50		$3.66
Hypothetical (5% return before expenses)		$1,000.00		$1,021.27		$3.56

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.96%, 0.66% and 0.71% for Class A, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), divided by 365 (to reflect the half-year period).

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MIROVA GLOBAL SUSTAINABLE EQUITY FUND	BEGINNING ACCOUNT VALUE 1/1/2019		ENDING ACCOUNT VALUE 6/30/2019		EXPENSES PAID DURING PERIOD* 1/1/2019 – 6/30/2019
Class A
Actual		$1,000.00		$1,214.70		$6.64
Hypothetical (5% return before expenses)		$1,000.00		$1,018.79		$6.06
Class C
Actual		$1,000.00		$1,209.80		$10.74
Hypothetical (5% return before expenses)		$1,000.00		$1,015.08		$9.79
Class N
Actual		$1,000.00		$1,216.60		$5.00
Hypothetical (5% return before expenses)		$1,000.00		$1,020.28		$4.56
Class Y
Actual		$1,000.00		$1,216.60		$5.28
Hypothetical (5% return before expenses)		$1,000.00		$1,020.03		$4.81

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.21%, 1.96%, 0.91% 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 (181), divided by 365 (to reflect the half-year period).


MIROVA INTERNATIONAL SUSTAINABLE EQUITY FUND	BEGINNING ACCOUNT VALUE 1/1/2019		ENDING ACCOUNT VALUE 6/30/2019**		EXPENSES PAID DURING PERIOD* 1/1/2019 – 6/30/2019**
Class A
Actual		$1,000.00		$1,145.90		$6.44
Hypothetical (5% return before expenses)		$1,000.00		$1,018.79		$6.06
Class N
Actual		$1,000.00		$1,148.00		$4.90
Hypothetical (5% return before expenses)		$1,000.00		$1,020.23		$4.61
Class Y
Actual		$1,000.00		$1,148.00		$5.17
Hypothetical (5% return before expenses)		$1,000.00		$1,019.98		$4.86

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.21%, 0.92% and 0.97% for Class A, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), divided by 365 (to reflect the half-year period).

**	Generally accepted accounting principles require certain adjustments to be made to the net assets of the Fund for financial reporting purposes only. Amounts expressed in the table include the effect of such adjustments.

9 |

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. Mirova International Sustainable Equity Fund was not included in the most recent annual review as the Fund’s initial board-approved investment advisory agreement is effective until December 28, 2020.

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 caps 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.

| 10

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 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.

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.

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.

11 |

The Board noted that, through December 31, 2018, each Fund’s one-year performance, stated as percentile rankings within categories selected by the independent third-party data provider, was as follows (where the best performance would be in the first percentile of its category):


	One-Year			Three-Year	Five-Year
Mirova Global Sustainable Equity Fund		29	%	N/A	N/A
Mirova Global Green Bond Fund		33	%	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.

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 and the greater regulatory costs associated with the management of such assets. 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 caps for various funds in the fund family. They noted that the Funds have expense caps in place, and they considered the amounts waived or reimbursed by the Adviser for the Funds under their caps.

The Trustees noted that the Mirova Global Sustainable Equity Fund had a contractual 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 relatively higher advisory fee rate, including that management believes the fee rate is reasonable considering that the profitability from the advisory and administrative relationships with the Fund was still negative and therefore the effective advisory fee rate is less than the contractual fee rate.

| 12

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 the allocation of expenses used to calculate profitability. 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 caps 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 caps. 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 caps. The Trustees noted that each Fund was subject to an expense cap. 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.

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

The effect of recent market and economic events 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 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

13 |

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.

| 14

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Mirova Global Green Bond Fund


Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 89.7% of Net Assets
		Australia — 1.2%
	300,000	Westpac Banking Corp., EMTN, 0.625%, 11/22/2024, (EUR)(a)	$	350,101

		Austria — 0.8%
	200,000	Verbund AG, 1.500%, 11/20/2024, (EUR)(a)		244,372

		Belgium — 2.4%
	400,000	KBC Group NV, EMTN, 0.875%, 6/27/2023, (EUR)(a)		468,258
	200,000	Kingdom of Belgium, Series 86, 1.250%, 4/22/2033, (EUR)(a)		254,933

				723,191

		Brazil — 1.4%
	400,000	Fibria Overseas Finance Ltd., 5.500%, 1/17/2027(a)		428,604

		Canada — 2.7%
	1,000,000	Province of Ontario Canada, 1.950%, 1/27/2023, (CAD)(a)		769,761
	50,000	Province of Quebec Canada, 2.600%, 7/06/2025, (CAD)(a)		39,761

				809,522

		Denmark — 2.5%
	600,000	Orsted AS, 1.500%, 11/26/2029, (EUR)(a)		736,893

		Finland — 0.7%
	200,000	Municipality Finance PLC, 1.375%, 9/21/2021(a)		197,704

		France — 16.5%
	800,000	Electricite de France S.A., 3.625%, 10/13/2025(a)		845,576
	200,000	Electricite de France S.A., EMTN, 1.000%, 10/13/2026, (EUR)(a)		239,014
	2,050,000	France Government Bond OAT, 1.750%, 6/25/2039, 144A, (EUR)(a)		2,839,855
	300,000	ICADE, 1.500%, 9/13/2027, (EUR)(a)		361,555
	100,000	SNCF Reseau, EMTN, 1.000%, 11/09/2031, (EUR)(a)		120,862
	400,000	SNCF Reseau, EMTN, 1.875%, 3/30/2034, (EUR)(a)		531,499

				4,938,361

		Germany — 2.8%
	500,000	Berlin Hyp AG, 0.500%, 9/26/2023, (EUR)(a)		575,385
	370,000	Kreditanstalt fuer Wiederaufbau, MTN, 2.400%, 7/02/2020, (AUD)(a)		262,835

				838,220

		India — 2.0%
	600,000	Indian Railway Finance Corp. Ltd., 3.835%, 12/13/2027(a)		610,270

		Indonesia — 0.7%
	200,000	Republic of Indonesia, 3.750%, 3/01/2023(a)		205,660

		Italy — 2.3%
	300,000	Ferrovie dello Stato Italiane SpA., EMTN, 0.875%, 12/07/2023, (EUR)		342,703
	300,000	Intesa Sanpaolo SpA, EMTN, 0.875%, 6/27/2022, (EUR)(a)		345,430

				688,133

		Japan — 4.3%
	700,000	Mizuho Financial Group, Inc., EMTN, 0.956%, 10/16/2024, (EUR)(a)		820,732
	400,000	Sumitomo Mitsui Financial Group, Inc., EMTN, 0.934%, 10/11/2024, (EUR)(a)		468,090

				1,288,822

See accompanying notes to financial statements.

15 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Mirova Global Green Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Korea — 2.0%
	400,000	Hyundai Capital Services, Inc., 2.875%, 3/16/2021(a)	$	400,407
	200,000	Korea Water Resources Corp., EMTN, 3.875%, 5/15/2023(a)		209,484

				609,891

		Lithuania — 3.5%
	500,000	Lietuvos Energija UAB, EMTN, 1.875%, 7/10/2028, (EUR)(a)		586,459
	400,000	Lietuvos Energija UAB, EMTN, 2.000%, 7/14/2027, (EUR)(a)		478,765

				1,065,224

		Mexico — 0.7%
	200,000	Nacional Financiera SNC, 3.375%, 11/05/2020(a)		200,452

		Netherlands — 6.8%
	200,000	Nederlandse Waterschapsbank NV, 2.375%, 3/24/2026(a)		203,775
	500,000	Royal Schiphol Group NV, EMTN, 1.500%, 11/05/2030, (EUR)(a)		615,349
	200,000	TenneT Holding BV, (fixed rate to 6/01/2024, variable rate thereafter), 2.995%, (EUR)(a)(b)		239,677
	100,000	TenneT Holding BV, EMTN, 1.250%, 10/24/2033, (EUR)(a)		118,695
	300,000	TenneT Holding BV, EMTN, 1.375%, 6/26/2029, (EUR)(a)		367,527
	200,000	TenneT Holding BV, EMTN, 1.750%, 6/04/2027, (EUR)(a)		251,194
	200,000	TenneT Holding BV, EMTN, 1.875%, 6/13/2036, (EUR)(a)		256,907

				2,053,124

		Norway — 0.7%
	200,000	Kommunalbanken AS, MTN, 1.375%, 10/26/2020(a)		198,317

		Portugal — 2.1%
	200,000	EDP - Energias de Portugal S.A., (fixed rate to 4/30/2024, variable rate thereafter), 4.496%, 4/30/2079, (EUR)(a)		248,456
	300,000	EDP Finance BV, EMTN, 1.875%, 10/13/2025, (EUR)(a)		369,012

				617,468

		Spain — 5.1%
	300,000	ACS Servicios Comunicaciones y Energia, S.L., 1.875%, 4/20/2026, (EUR)		348,999
	500,000	Iberdrola International BV, (fixed rate to 5/22/2023, variable rate thereafter), 1.875%, (EUR)(a)(b)		576,368
	500,000	Iberdrola International BV, EMTN, 1.125%, 4/21/2026, (EUR)(a)		601,988

				1,527,355

		Supranationals — 4.4%
	100,000	Asian Development Bank, GMTN, 2.375%, 8/10/2027(a)		102,205
	200,000	European Investment Bank, 2.375%, 5/24/2027(a)		205,873
	700,000	European Investment Bank, 2.500%, 10/15/2024(a)		722,050
	200,000	International Bank for Reconstruction & Development, Series GDIF, 2.125%, 3/03/2025(a)		202,582
	100,000	International Finance Corp., GMTN, 2.125%, 4/07/2026(a)		101,023

				1,333,733

		Sweden — 2.0%
	600,000	Svensk Exportkredit AB, GMTN, 1.875%, 6/23/2020(a)		598,687

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Mirova Global Green Bond Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		United Kingdom — 4.5%
	500,000	Anglian Water Services Financing PLC, EMTN, 1.625%, 8/10/2025, (GBP)(a)	$	631,803
	200,000	SSE PLC, EMTN, 0.875%, 9/06/2025, (EUR)(a)		231,979
	200,000	SSE PLC, EMTN, 1.375%, 9/04/2027, (EUR)(a)		236,744
	200,000	Transport for London, EMTN, 2.125%, 4/24/2025, (GBP)(a)		265,186

				1,365,712

		United States — 17.6%
	300,000	Apple, Inc., 2.850%, 2/23/2023(a)		307,196
	900,000	Apple, Inc., 3.000%, 6/20/2027(a)		922,326
	600,000	Bank of America Corp., (fixed rate to 5/17/2021, variable rate thereafter), MTN, 3.499%, 5/17/2022(a)		611,563
	500,000	Citigroup, Inc., EMTN, 0.500%, 1/29/2022, (EUR)(a)		576,730
	400,000	Digital Euro Finco LLC, 2.500%, 1/16/2026, (EUR)(a)		495,987
	600,000	Digital Realty Trust LP, 3.950%, 7/01/2022(a)		625,318
	600,000	DTE Electric Co., Series A, 4.050%, 5/15/2048(a)		663,741
	100,000	Southern Power Co., 1.850%, 6/20/2026, (EUR)(a)		123,319
	400,000	Southern Power Co., 4.150%, 12/01/2025(a)		426,312
	500,000	Verizon Communications, Inc., 3.875%, 2/08/2029(a)		536,312

				5,288,804

		Total Bonds and Notes (Identified Cost $25,602,977)		26,918,620


	Short-Term Investments — 6.2%
	1,848,737	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/28/2019 at 1.500% to be repurchased at $1,848,968 on 7/01/2019 collateralized by $1,820,000 U.S. Treasury Note, 2.500% due 5/15/2024 valued at $1,887,453 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $1,848,737)		1,848,737


		Total Investments — 95.9% (Identified Cost $27,451,714)		28,767,357
		Other assets less liabilities — 4.1%		1,240,673

		Net Assets — 100.0%	$	30,008,030


	(‡)	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.

	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, 2019, the value of Rule 144A holdings amounted to $2,839,855 or 9.5% of net assets.

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Mirova Global Green Bond Fund – (continued)



	EMTN			Euro Medium Term Note
	GMTN			Global Medium Term Note
	MTN			Medium Term Note

	AUD			Australian Dollar
	CAD			Canadian Dollar
	EUR			Euro
	GBP			British Pound

At June 30, 2019, open long futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Euro-Buxl^® 30 Year Bond		9/06/2019		2	$	447,608	$	461,435	$	13,827
German Euro Bund		9/06/2019		15		2,904,794		2,946,340		41,546
Ultra Long U.S. Treasury Bond		9/19/2019		2		351,375		355,125		3,750

Total									$	59,123

At June 30, 2019, open short futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
30 Year U.S. Treasury Bond		9/19/2019		1	$	150,335	$	155,594	$	(5,259	)
Australian Dollar		9/16/2019		5		348,392		351,800		(3,408	)
British Pound		9/16/2019		12		959,831		956,175		3,656
Canadian Dollar		9/17/2019		11		828,832		842,105		(13,273	)
Euro		9/16/2019		110		15,691,796		15,738,938		(47,142	)
UK Long Gilt		9/26/2019		1		164,216		165,474		(1,258	)

Total									$	(66,684	)

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Mirova Global Green Bond Fund – (continued)

Industry Summary at June 30, 2019 (Unaudited)


Utility - Electric	19.4	%
Bank	13.8
Industrial	11.4
Government National	11.0
Financial	10.5
Special Purpose	5.2
Supra-National	4.4
Government Agency	4.3
Government Regional	3.4
Gas Transmission	2.5
Transportation - Rail	2.0
Telephone	1.8
Short - Term Investments	6.2

Total Investments	95.9
Other assets less liabilities (including futures contracts)	4.1

Net Assets	100.0	%

Currency Exposure Summary at June 30, 2019 (Unaudited)


Euro	51.4	%
United States Dollar	37.9
British Pound	3.0
Canadian Dollar	2.7
Australian Dollar	0.9

Total Investments	95.9
Other assets less liabilities (including futures contracts)	4.1

Net Assets	100.0	%

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Mirova Global Sustainable Equity Fund


Shares		Description	Value (†)
	Common Stocks — 98.3% of Net Assets
		Belgium — 2.2%
	37,012	KBC Group NV	$	2,428,923

		China — 1.0%
	177,901	BYD Co. Ltd.		1,075,674

		Denmark — 11.1%
	14,221	Chr. Hansen Holding AS		1,338,268
	9,129	Coloplast AS, Series B		1,031,931
	73,408	Novo Nordisk AS, Class B		3,749,475
	32,600	Orsted AS, 144A		2,820,191
	34,518	Vestas Wind Systems AS		2,990,422

				11,930,287

		France — 5.8%
	24,991	Danone S.A.		2,116,043
	23,193	EssilorLuxottica S.A.		3,022,555
	34,036	Valeo S.A.		1,108,074

				6,246,672

		Germany — 5.8%
	4,902	Allianz SE, (Registered)		1,182,245
	24,060	Fresenius SE & Co. KGaA, Sponsored ADR		1,306,458
	39,532	Symrise AG		3,806,543

				6,295,246

		Hong Kong — 2.5%
	252,858	AIA Group Ltd.		2,730,588

		Japan — 4.4%
	96,900	Sekisui House Ltd.		1,596,583
	30,000	Takeda Pharmaceutical Co. Ltd.		1,067,185
	71,000	Terumo Corp.		2,121,014

				4,784,782

		Netherlands — 1.4%
	7,075	ASML Holding NV		1,472,236

		Singapore — 0.8%
	1,155,300	Raffles Medical Group Ltd.		888,322

		Switzerland — 0.8%
	1,813	Geberit AG, (Registered)		847,444

		Taiwan — 1.9%
	52,800	Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR		2,068,176

		United Kingdom — 5.1%
	467,239	Legal & General Group PLC		1,600,766
	85,685	Prudential PLC		1,870,587
	32,715	Unilever NV		1,987,702

				5,459,055

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Mirova Global Sustainable Equity Fund – (continued)


Shares		Description	Value (†)
		United States — 55.5%
	4,000	Adobe, Inc.(a)	$	1,178,600
	3,795	Alphabet, Inc., Class A(a)		4,109,226
	1,299	Amazon.com, Inc.(a)		2,459,826
	23,668	American Water Works Co., Inc.		2,745,488
	22,700	Aptiv PLC		1,834,841
	33,071	Danaher Corp.		4,726,507
	46,557	Eaton Corp. PLC		3,877,267
	60,013	eBay, Inc.		2,370,514
	22,588	Ecolab, Inc.		4,459,775
	6,396	Estee Lauder Cos., Inc. (The), Class A		1,171,172
	21,797	Gilead Sciences, Inc.		1,472,605
	2,199	Illumina, Inc.(a)		809,562
	5,697	International Flavors & Fragrances, Inc.		826,578
	19,823	MasterCard, Inc., Class A		5,243,778
	39,441	Microsoft Corp.		5,283,516
	7,792	NextEra Energy, Inc.		1,596,269
	17,893	Oracle Corp.		1,019,364
	9,474	Roper Technologies, Inc.		3,469,947
	11,494	Signature Bank		1,388,935
	17,624	Thermo Fisher Scientific, Inc.		5,175,816
	20,946	Visa, Inc., Class A		3,635,178
	10,900	Watts Water Technologies, Inc., Series A		1,015,662

				59,870,426

		Total Common Stocks (Identified Cost $86,308,733)		106,097,831


Principal Amount
	Short-Term Investments — 1.2%
$	1,276,222	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/28/2019 at 1.500% to be repurchased at $1,276,382 on 7/01/2019 collateralized by $1,260,000 U.S. Treasury Note, 2.500% due 5/15/2024 valued at $1,306,698 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $1,276,222)		1,276,222

		Total Investments — 99.5% (Identified Cost $87,584,955)		107,374,053
		Other assets less liabilities — 0.5%		491,360

		Net Assets — 100.0%	$	107,865,413


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

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Mirova Global 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, 2019, the value of Rule 144A holdings amounted to $2,820,191 or 2.6% 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, 2019 (Unaudited)


Chemicals	9.6	%
IT Services	8.3
Health Care Equipment & Supplies	7.3
Software	6.9
Insurance	6.8
Electrical Equipment	6.4
Life Sciences Tools & Services	5.5
Internet & Direct Marketing Retail	4.5
Pharmaceuticals	4.5
Electric Utilities	4.1
Interactive Media & Services	3.8
Banks	3.5
Semiconductors & Semiconductor Equipment	3.3
Industrial Conglomerates	3.2
Personal Products	3.0
Textiles, Apparel & Luxury Goods	2.8
Auto Components	2.7
Water Utilities	2.5
Health Care Providers & Services	2.0
Food Products	2.0
Other Investments, less than 2% each	5.6
Short-Term Investments	1.2

Total Investments	99.5
Other assets less liabilities	0.5

Net Assets	100.0	%

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Mirova Global Sustainable Equity Fund – (continued)

Currency Exposure Summary at June 30, 2019 (Unaudited)


United States Dollar	58.6	%
Euro	17.1
Danish Krone	11.1
Japanese Yen	4.4
Hong Kong Dollar	3.5
British Pound	3.2
Other, less than 2% each	1.6

Total Investments	99.5
Other assets less liabilities	0.5

Net Assets	100.0	%

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Mirova International Sustainable Equity Fund


Shares		Description	Value (†)
	Common Stocks — 92.2% of Net Assets
		Australia — 3.1%
	25,353	Brambles Ltd.	$	229,612
	69,752	Stockland		204,516

				434,128

		Belgium — 4.6%
	7,742	KBC Group NV		508,071
	4,633	Umicore S.A.		148,681

				656,752

		China — 1.2%
	29,000	BYD Co. Ltd.		175,348

		Denmark — 11.0%
	4,159	Chr. Hansen Holding AS		391,383
	8,190	Novo Nordisk AS, Class B		418,322
	3,707	Orsted AS, 144A		320,689
	4,910	Vestas Wind Systems AS		425,371

				1,555,765

		France — 15.8%
	1,531	Air Liquide S.A.		214,139
	17,517	Credit Agricole S.A.		209,025
	2,665	Danone S.A.		225,651
	1,596	Dassault Systemes SE		254,571
	3,445	EssilorLuxottica S.A.		448,959
	821	L’Oreal S.A.		233,433
	1,843	Orpea		222,306
	14,195	Suez		204,825
	6,732	Valeo S.A.		219,167

				2,232,076

		Germany — 7.2%
	933	Allianz SE, (Registered)		225,017
	3,857	Fresenius SE & Co. KGaA, Sponsored ADR		209,435
	2,480	SAP SE		339,988
	2,485	Symrise AG		239,281

				1,013,721

		Hong Kong — 4.0%
	52,200	AIA Group Ltd.		563,703

		Ireland — 3.8%
	5,942	Kingspan Group PLC		322,698
	7,074	Smurfit Kappa Group PLC		214,359

				537,057

		Japan — 16.0%
	3,300	Kao Corp.		251,804
	26,000	Kubota Corp.		434,369
	16,900	Sekisui House Ltd.		278,455
	800	Shimano, Inc.		119,208

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Mirova International Sustainable Equity Fund – (continued)


Shares		Description	Value (†)
		Japan — continued
	8,700	Takeda Pharmaceutical Co. Ltd.	$	309,484
	11,000	Terumo Corp.		328,608
	4,300	Toyota Motor Corp.		266,874
	3,500	West Japan Railway Co.		283,274

				2,272,076

		Netherlands — 2.4%
	1,614	ASML Holding NV		335,857

		Norway — 1.0%
	6,478	Telenor ASA		137,633

		Singapore — 0.8%
	151,700	Raffles Medical Group Ltd.		116,644

		Switzerland — 1.6%
	491	Geberit AG, (Registered)		229,506

		Taiwan — 3.7%
	13,497	Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR		528,677

		United Kingdom — 16.0%
	4,092	Croda International PLC		266,170
	14,618	Halma PLC		375,428
	5,265	Johnson Matthey PLC		222,591
	24,313	Land Securities Group PLC		257,541
	129,079	Legal & General Group PLC		442,226
	14,325	Prudential PLC		312,729
	1,592	Spirax-Sarco Engineering PLC		185,850
	3,457	Unilever NV		210,041

				2,272,576

		Total Common Stocks (Identified Cost $11,692,324)		13,061,519


		Total Investments — 92.2% (Identified Cost $11,692,324)		13,061,519
		Other assets less liabilities — 7.8%		1,099,892

		Net Assets — 100.0%	$	14,161,411


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

	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, 2019, the value of Rule 144A holdings amounted to $320,689 or 2.3% 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.

25 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Mirova International Sustainable Equity Fund – (continued)

Industry Summary at June 30, 2019 (Unaudited)


Insurance	10.9	%
Chemicals	10.5
Semiconductors & Semiconductor Equipment	6.1
Pharmaceuticals	5.1
Banks	5.1
Personal Products	5.0
Machinery	4.4
Software	4.2
Building Products	3.9
Health Care Providers & Services	3.9
REITs - Diversified	3.3
Textiles, Apparel & Luxury Goods	3.2
Automobiles	3.1
Electrical Equipment	3.0
Electronic Equipment, Instruments & Components	2.6
Health Care Equipment & Supplies	2.3
Electric Utilities	2.3
Road & Rail	2.0
Other Investments, less than 2% each	11.3

Total Investments	92.2
Other assets less liabilities	7.8

Net Assets	100.0	%

Currency Exposure Summary at June 30, 2019 (Unaudited)


Euro	35.3	%
Japanese Yen	16.0
British Pound	14.5
Danish Krone	11.0
Hong Kong Dollar	5.2
United States Dollar	3.7
Australian Dollar	3.1
Other, less than 2% each	3.4

Total Investments	92.2
Other assets less liabilities	7.8

Net Assets	100.0	%

See accompanying notes to financial statements.

| 26

Statements of Assets and Liabilities

June 30, 2019 (Unaudited)


	Mirova Global Green Bond Fund		Mirova Global Sustainable Equity Fund		Mirova International Sustainable Equity Fund
ASSETS
Investments at cost	$	27,451,714	$	87,584,955	$	11,692,324
Net unrealized appreciation		1,315,643		19,789,098		1,369,195

Investments at value		28,767,357		107,374,053		13,061,519
Cash		—		—		334,877
Due from brokers (including variation margin on futures contracts) (Note 2)		530,442		—		—
Foreign currency at value (identified cost $548,201, $1,208,859 and $735,313, respectively)		536,338		1,212,295		748,452
Receivable for Fund shares sold		67,499		235,359		—
Receivable from investment adviser (Note 6)		—		—		6,282
Receivable for securities sold		—		39,395		—
Dividends and interest receivable		164,081		83,358		31,754
Tax reclaims receivable		433		98,919		18,815
Unrealized appreciation on futures contracts (Note 2)		62,779		—		—
Prepaid expenses (Note 8)		3		11		1

TOTAL ASSETS		30,128,932		109,043,390		14,201,700

LIABILITIES
Payable for Fund shares redeemed		—		1,063,193		—
Unrealized depreciation on futures contracts (Note 2)		70,340		—		—
Management fees payable (Note 6)		3,721		60,014		—
Deferred Trustees’ fees (Note 6)		7,952		13,598		2,258
Administrative fees payable (Note 6)		1,044		3,771		495
Payable to distributor (Note 6d)		79		750		—
Other accounts payable and accrued expenses		37,766		36,651		37,536

TOTAL LIABILITIES		120,902		1,177,977		40,289

NET ASSETS	$	30,008,030	$	107,865,413	$	14,161,411

NET ASSETS CONSIST OF:
Paid-in capital	$	28,752,842	$	87,338,860	$	12,628,389
Accumulated earnings		1,255,188		20,526,553		1,533,022

NET ASSETS	$	30,008,030	$	107,865,413	$	14,161,411

See accompanying notes to financial statements.

27 |

Statements of Assets and Liabilities (continued)

June 30, 2019 (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	$	898,133	$	8,511,829	$	1,151

Shares of beneficial interest		86,432		617,296		100

Net asset value and redemption price per share	$	10.39	$	13.79	$	11.48	*

Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	10.85	$	14.63	$	12.18

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	—	$	3,636,577	$	—

Shares of beneficial interest		—		269,760		—

Net asset value and offering price per share	$	—	$	13.48	$	—

Class N shares:
Net assets	$	26,247,741	$	3,466,099	$	14,159,107

Shares of beneficial interest		2,520,695		250,163		1,231,080

Net asset value, offering and redemption price per share	$	10.41	$	13.86	$	11.50

Class Y shares:
Net assets	$	2,862,156	$	92,250,908	$	1,153

Shares of beneficial interest		275,206		6,656,901		100

Net asset value, offering and redemption price per share	$	10.40	$	13.86	$	11.50	*

*	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, 2019 (Unaudited)


	Mirova Global Green Bond Fund			Mirova Global Sustainable Equity Fund			Mirova International Sustainable Equity Fund
INVESTMENT INCOME
Dividends	$	—		$	1,116,413		$	235,990
Interest		283,716			17,827			—
Less net foreign taxes withheld		(216	)		(97,526	)		(31,127	)

		283,500			1,036,714			204,863

Expenses
Management fees (Note 6)		80,879			382,852			47,112
Service and distribution fees (Note 6)		1,080			24,828			2
Administrative fees (Note 6)		6,532			21,253			2,615
Trustees’ fees and expenses (Note 6)		9,663			10,826			8,922
Transfer agent fees and expenses (Notes 6 and 7)		4,992			34,744			1,113
Audit and tax services fees		21,346			21,153			18,625
Custodian fees and expenses		5,563			7,284			3,494
Interest expense (Note 10)		1,836			3,474			1,175
Legal fees (Note 8)		520			1,654			187
Registration fees		42,225			61,641			26,487
Shareholder reporting expenses		2,998			8,210			1,940
Miscellaneous expenses (Note 8)		12,945			14,926			9,963

Total expenses		190,579			592,845			121,635
Less waiver and/or expense reimbursement (Note 6)		(91,418	)		(110,707	)		(67,457	)

Net expenses		99,161			482,138			54,178

Net investment income		184,339			554,576			150,685

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		33,038			233,441			8,464
Futures contracts		333,494			—			—
Foreign currency transactions (Note 2c)		(20,102	)		(4,823	)		5,794
Net change in unrealized appreciation (depreciation) on:
Investments		1,610,066			17,402,984			1,338,824
Futures contracts		47,400			—			—
Foreign currency translations (Note 2c)		4,486			3,719			8,307

Net realized and unrealized gain on investments, futures contracts and foreign currency transactions		2,008,382			17,635,321			1,361,389

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,192,721		$	18,189,897		$	1,512,074

See accompanying notes to financial statements.

29 |

Statements of Changes in Net Assets


	Mirova Global Green Bond Fund
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income	$	184,339		$	310,130
Net realized gain on investments, futures contracts and foreign currency transactions		346,430			1,457,603
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		1,661,952			(1,486,601	)

Net increase in net assets resulting from operations		2,192,721			281,132

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(4,396	)		(25,878	)
Class N		(172,586	)		(914,209	)
Class Y		(12,891	)		(25,543	)

Total distributions		(189,873	)		(965,630	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		(1,063,291	)		3,764,971

Net increase in net assets		939,557			3,080,473
NET ASSETS
Beginning of the period		29,068,473			25,988,000

End of the period	$	30,008,030		$	29,068,473

See accompanying notes to financial statements.

| 30

Statements of Changes in Net Assets (continued)


	Mirova Global Sustainable Equity Fund
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income	$	554,576		$	216,571
Net realized gain on investments and foreign currency transactions		228,618			3,491,955
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		17,406,703			(10,610,033	)

Net increase (decrease) in net assets resulting from operations		18,189,897			(6,901,507	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(64,139	)		(230,293	)
Class C		(28,254	)		(99,367	)
Class N		(28,357	)		(102,891	)
Class Y		(696,276	)		(2,994,214	)

Total distributions		(817,026	)		(3,426,765	)

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		8,879,755			24,155,904

Net increase in net assets		26,252,626			13,827,632
NET ASSETS
Beginning of the period		81,612,787			67,785,155

End of the period	$	107,865,413		$	81,612,787

See accompanying notes to financial statements.

31 |

Statements of Changes in Net Assets (continued)


	Mirova International Sustainable Equity Fund
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018(a)
FROM OPERATIONS:
Net investment income (loss)	$	150,685		$	(740	)
Net realized gain on investments and foreign currency transactions		14,258			—
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		1,347,131			35,530

Net increase in net assets resulting from operations		1,512,074			34,790

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1	)		—
Class N		(13,840	)		—
Class Y		(1	)		—

Total distributions		(13,842	)		—

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		2,626,389			10,002,000

Net increase in net assets		4,124,621			10,036,790
NET ASSETS
Beginning of the period		10,036,790			—

End of the period	$	14,161,411		$	10,036,790

(a)	From commencement of operations on December 28, 2018 through December 31, 2018.

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, 2019 (Unaudited)			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	9.71		$	9.96		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.08			0.04
Net realized and unrealized gain (loss)		0.68			(0.02	)		0.11

Total from Investment Operations		0.73			0.06			0.15

LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.31	)		(0.19	)

Net asset value, end of the period	$	10.39		$	9.71		$	9.96

Total return(b)(c)		7.53	%(d)		0.64	%		1.46	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	898		$	814		$	139
Net expenses(e)		0.96	%(f)(g)		0.96	%(h)		0.96	%(f)(i)
Gross expenses		1.89	%(f)(g)		1.75	%(h)		5.23	%(f)(i)
Net investment income		0.97	%(f)		0.85	%		0.49	%(f)
Portfolio turnover rate		21	%		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 1.88%.

(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 1.74%.

(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 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, 2019 (Unaudited)			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	9.73		$	9.98		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.11			0.06
Net realized and unrealized gain (loss)		0.68			(0.02	)		0.12

Total from Investment Operations		0.74			0.09			0.18

LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.34	)		(0.20	)

Net asset value, end of the period	$	10.41		$	9.73		$	9.98

Total return(b)		7.67	%(c)		0.93	%		1.77	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	26,248		$	27,050		$	25,805
Net expenses(d)		0.66	%(e)(f)		0.66	%(g)		0.67	%(e)(h)
Gross expenses		1.26	%(e)(f)		1.12	%(g)		1.11	%(e)(h)
Net investment income		1.26	%(e)		1.13	%		0.75	%(e)
Portfolio turnover rate		21	%		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 1.24%.

(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 1.11%.

(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 1.10%.

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, 2019 (Unaudited)			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	9.72		$	9.97		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.12			0.06
Net realized and unrealized gain (loss)		0.68			(0.03	)		0.11

Total from Investment Operations		0.74			0.09			0.17

LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.34	)		(0.20	)

Net asset value, end of the period	$	10.40		$	9.72		$	9.97

Total return(b)		7.65	%(c)		0.89	%		1.66	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,862		$	1,205		$	43
Net expenses(d)		0.71	%(e)(f)		0.71	%(g)		0.71	%(e)(h)
Gross expenses		1.61	%(e)(f)		1.39	%(g)		3.62	%(e)(h)
Net investment income		1.23	%(e)		1.19	%		0.71	%(e)
Portfolio turnover rate		21	%		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 1.60%.

(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 1.39%.

(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 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, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Period Ended December 31, 2016*
Net asset value, beginning of the period	$	11.45		$	12.77		$	9.90		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.06			0.00	(b)		(0.04	)		0.02
Net realized and unrealized gain (loss)		2.39			(0.84	)		3.06			(0.11	)

Total from Investment Operations		2.45			(0.84	)		3.02			(0.09	)

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.00	)(b)		(0.03	)		(0.00	)(b)
Net realized capital gains		(0.11	)		(0.48	)		(0.12	)		(0.01	)

Total Distributions		(0.11	)		(0.48	)		(0.15	)		(0.01	)

Net asset value, end of the period	$	13.79		$	11.45		$	12.77		$	9.90

Total return(c)(d)		21.47	%(e)		(6.54	)%		30.44	%		(0.85	)%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	8,512		$	6,360		$	3,260		$	71
Net expenses(f)		1.21	%(g)(h)		1.30	%(i)(j)		1.29	%		1.30	%(g)
Gross expenses		1.44	%(g)(h)		1.39	%(j)		1.43	%		1.72	%(g)
Net investment income (loss)		0.97	%(g)		0.03	%		(0.36	)%		0.23	%(g)
Portfolio turnover rate		16	%		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. Without this expense the ratio of net expenses would have been 1.20% and the ratio of gross expenses would have been 1.43%.

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

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

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, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Period Ended December 31, 2016*
Net asset value, beginning of the period	$	11.24		$	12.63		$	9.85		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.01			(0.09	)		(0.12	)		(0.06	)
Net realized and unrealized gain (loss)		2.34			(0.82	)		3.02			(0.08	)

Total from Investment Operations		2.35			(0.91	)		2.90			(0.14	)

LESS DISTRIBUTIONS FROM:
Net realized capital gains		(0.11	)		(0.48	)		(0.12	)		(0.01	)

Net asset value, end of the period	$	13.48		$	11.24		$	12.63		$	9.85

Total return(b)(c)		20.98	%(d)		(7.20	)%		29.40	%		(1.39	)%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,637		$	2,706		$	1,164		$	52
Net expenses(e)		1.96	%(f)(g)		2.05	%(h)(i)		2.04	%		2.05	%(f)
Gross expenses		2.19	%(f)(g)		2.14	%(h)		2.18	%		2.20	%(f)
Net investment income (loss)		0.23	%(f)		(0.72	)%		(1.02	)%		(0.77	)%(f)
Portfolio turnover rate		16	%		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)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

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

(d)	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 1.95% and the ratio of gross expenses would have been 2.18%.

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

(i)	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, 2019 (Unaudited)			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	11.49		$	12.81		$	11.29

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.08			(0.01	)		0.02
Net realized and unrealized gain (loss)		2.40			(0.79	)		1.66

Total from Investment Operations		2.48			(0.80	)		1.68

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.04	)		(0.04	)
Net realized capital gains		(0.11	)		(0.48	)		(0.12	)

Total Distributions		(0.11	)		(0.52	)		(0.16	)

Net asset value, end of the period	$	13.86		$	11.49		$	12.81

Total return(b)		21.66	%(c)		(6.26	)%		14.81	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,466		$	2,842		$	1
Net expenses(d)		0.91	%(e)(f)		1.01	%(g)(h)		1.00	%(e)
Gross expenses		1.12	%(e)(f)		1.08	%(h)		14.30	%(e)
Net investment income (loss)		1.25	%(e)		(0.08	)%		0.29	%(e)
Portfolio turnover rate		16	%		19	%		20	%(i)

*	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)	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 0.90% and the ratio of gross expenses would have been 1.11%.

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

(h)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.99% and the ratio of gross expenses would have been 1.07%.

(i)	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, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Period Ended December 31, 2016*
Net asset value, beginning of the period	$	11.49		$	12.81		$	9.91		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.04			0.03			0.03
Net realized and unrealized gain (loss)		2.40			(0.85	)		3.02			(0.10	)

Total from Investment Operations		2.48			(0.81	)		3.05			(0.07	)

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.03	)		(0.03	)		(0.01	)
Net realized capital gains		(0.11	)		(0.48	)		(0.12	)		(0.01	)

Total Distributions		(0.11	)		(0.51	)		(0.15	)		(0.02	)

Net asset value, end of the period	$	13.86		$	11.49		$	12.81		$	9.91

Total return(b)		21.66	%(c)		(6.32	)%		30.75	%		(0.70	)%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	92,251		$	69,705		$	63,359		$	49,593
Net expenses(d)		0.96	%(e)(f)		1.05	%(g)(h)		1.04	%		1.05	%(e)
Gross expenses		1.19	%(e)(f)		1.15	%(g)		1.16	%		1.21	%(e)
Net investment income		1.21	%(e)		0.29	%		0.26	%		0.35	%(e)
Portfolio turnover rate		16	%		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)	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 0.95% and the ratio of gross expenses would have been 1.18%.

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

(h)	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, 2019 (Unaudited)			Period Ended December 31, 2018*
Net asset value, beginning of the period	$	10.03		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.11			(0.00	)(b)
Net realized and unrealized gain (loss)		1.35			0.03

Total from Investment Operations		1.46			0.03

LESS DISTRIBUTIONS FROM:
Net investment income		(0.01	)		—

Net asset value, end of the period	$	11.48		$	10.03

Total return(c)(d)		14.59	%(e)		0.30	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1		$	1
Net expenses(f)(g)		1.21	%(h)		1.20	%
Gross expenses(g)		92.71	%(h)		22.87	%
Net investment income (loss)(g)		2.10	%		(1.20	)%
Portfolio turnover rate		2	%		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. 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 1.20% and the ratio of gross expenses would have been 92.70%.

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, 2019 (Unaudited)			Period Ended December 31, 2018*
Net asset value, beginning of the period	$	10.03		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.14			(0.00	)(b)
Net realized and unrealized gain (loss)		1.34			0.03

Total from Investment Operations		1.48			0.03

LESS DISTRIBUTIONS FROM:
Net investment income		(0.01	)		—

Net asset value, end of the period	$	11.50		$	10.03

Total return(c)		14.80	%(d)		0.30	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	14,159		$	10,035
Net expenses(e)(f)		0.92	%(g)		0.90	%
Gross expenses(f)		2.05	%(g)		22.55	%
Net investment income (loss)(f)		2.56	%		(0.90	)%
Portfolio turnover rate		2	%		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. Periods less than one year are not annualized.

(d)

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.

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

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

(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.90% and the ratio of gross expenses would have been 2.03%.

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, 2019 (Unaudited)			Period Ended December 31, 2018*
Net asset value, beginning of the period	$	10.03		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.13			(0.00	)(b)
Net realized and unrealized gain (loss)		1.35			0.03

Total from Investment Operations		1.48			0.03

LESS DISTRIBUTIONS FROM:
Net investment income		(0.01	)		—

Net asset value, end of the period	$	11.50		$	10.03

Total return(c)		14.80	%(d)		0.30	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1		$	1
Net expenses(e)(f)		0.97	%(g)		0.95	%
Gross expenses(f)		92.39	%(g)		22.51	%
Net investment income (loss)(f)		2.35	%		(0.95	)%
Portfolio turnover rate		2	%		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. Periods less than one year are not annualized.

(d)

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.

(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 92.38%.

See accompanying notes to financial statements.

| 42

Notes to Financial Statements

June 30, 2019 (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, 2019 (Unaudited)

Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. 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, 2019 (Unaudited)

As of June 30, 2019 securities held by the Funds were fair valued as follows:


Fund	Equity securities¹		Percentage of Net Assets
Global Sustainable Equity Fund	$	44,159,229		40.9	%
International Sustainable Equity Fund		12,210,144		86.2	%

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

45 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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.

During the six months ended June 30, 2019, the amount of income available to be distributed by the Global Green Bond Fund has been reduced by $46,704 as a result of losses arising from changes in exchange rates.

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

| 46

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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

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, 2019 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.

47 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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 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 wash sales, premium amortization, futures contract mark-to-market, return of capital distributions received, deferred Trustee’s fees 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.

| 48

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended December 31, 2018 was as follows:


	2018 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Global Green Bond Fund	$	965,630	$	—	$	965,630
Global Sustainable Equity Fund		188,601		3,238,164		3,426,765
International Sustainable Equity Fund		—		—		—

As of December 31, 2018, capital loss carryforwards and late-year ordinary and post-October capital loss deferrals were as follows:


	Global Green Bond Fund			Global Sustainable Equity Fund			International Sustainable Equity Fund
Capital loss carryforward:
Short-term:
No expiration date	$	(158,702	)	$	—		$	—
Long-term:
No expiration date		(278,232	)		—			—

Total capital loss carryforward	$	(436,934	)	$	—		$	—

Late-year ordinary and post-October capital loss deferrals*	$	—		$	(13,077	)	$	—

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

49 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

As of June 30, 2019, unrealized appreciation (depreciation) on a tax basis was approximately as follows:


	Global Green Bond Fund		Global Sustainable Equity Fund		International Sustainable Equity Fund
Unrealized appreciation (depreciation)
Investments	$	1,141,015	$	19,789,098	$	1,369,195
Foreign currency translations		114,370		3,390		13,466

Total unrealized appreciation	$	1,255,385	$	19,792,488	$	1,382,661

As of June 30, 2019, 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	$	27,494,316		$	87,584,955		$	11,692,324

Gross tax appreciation	$	1,493,978		$	21,284,681		$	1,432,630
Gross tax depreciation		(228,498	)		(1,495,583	)		(63,435	)

Net tax appreciation	$	1,265,480		$	19,789,098		$	1,369,195

Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales and derivative mark-to-market.

The difference between these amounts and those reported in the preceding table are primarily attributable to foreign currency 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 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, 2019, 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.

| 50

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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.

•

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

•

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

The following is a summary of the inputs used to value the Funds’ investments as of June 30, 2019, at value:

Global Green Bond Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes(a)	$	—	$	26,918,620	$	—	$	26,918,620
Short-Term Investments		—		1,848,737		—		1,848,737
Futures Contracts (unrealized appreciation)		62,779		—		—		62,779

Total	$	62,779	$	28,767,357	$	—	$	28,830,136

51 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

Global Green Bond Fund (continued)

Liability Valuation Inputs


Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(70,340	)	$	—	$	—	$	(70,340	)

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

For the six months ended June 30, 2019, there were no transfers among Levels 1, 2 and 3.

Global Sustainable Equity Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Belgium	$	—	$	2,428,923	$	—	$	2,428,923
China		—		1,075,674		—		1,075,674
Denmark		—		11,930,287		—		11,930,287
France		—		6,246,672		—		6,246,672
Germany		—		6,295,246		—		6,295,246
Hong Kong		—		2,730,588		—		2,730,588
Japan		—		4,784,782		—		4,784,782
Netherlands		—		1,472,236		—		1,472,236
Singapore		—		888,322		—		888,322
Switzerland		—		847,444		—		847,444
United Kingdom		—		5,459,055		—		5,459,055
All Other Common Stocks(a)		61,938,602		—		—		61,938,602

Total Common Stocks		61,938,602		44,159,229		—		106,097,831

Short-Term Investments		—		1,276,222		—		1,276,222

Total Investments	$	61,938,602	$	45,435,451	$	—	$	107,374,053

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

For the six months ended June 30, 2019, there were no transfers among Levels 1, 2 and 3.

| 52

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

International Sustainable Equity Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	434,128	$	—	$	434,128
Belgium		—		656,752		—		656,752
China		—		175,348		—		175,348
Denmark		—		1,555,765		—		1,555,765
France		—		2,232,076		—		2,232,076
Germany		—		1,013,721		—		1,013,721
Hong Kong		—		563,703		—		563,703
Ireland		322,698		214,359		—		537,057
Japan		—		2,272,076		—		2,272,076
Netherlands		—		335,857		—		335,857
Norway		—		137,633		—		137,633
Singapore		—		116,644		—		116,644
Switzerland		—		229,506		—		229,506
Taiwan		528,677		—		—		528,677
United Kingdom		—		2,272,576		—		2,272,576

Total	$	851,375	$	12,210,144	$	—	$	13,061,519

A common stock valued at $209,450 was transferred from Level 2 to Level 1 during the period ended June 30, 2019. At December 31, 2018, this security was fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of the security. At June 30, 2019, this security was valued at the market price in the foreign market in accordance with the Fund’s valuation policies.

A common stock valued at $154,206 was transferred from Level 1 to Level 2 during the period ended June 30, 2019. At December 31, 2018, this security was valued at the market price in the foreign market in accordance with the Fund’s valuation policies. At June 30, 2019, this security was fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of the security.

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

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 the Global Green Bond Fund used during the period include futures contracts.

53 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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 hedging, investment purposes and to manage duration.

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 the interest rates and to manage duration without having to buy or sell portfolio securities. During the six months ended June 30, 2019, the Fund used U.S. and foreign Treasury bond futures to manage duration and gain yield curve exposure.

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, 2019, 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, 2019, as reflected within the Statements of Assets and Liabilities:


Assets	Unrealized appreciation on futures contracts
Exchange-traded asset derivatives
Interest rate contracts	$	59,123
Foreign exchange contracts		3,656

Total exchange-traded asset derivatives	$	62,779


Liabilities	Unrealized depreciation on futures contracts
Exchange-traded liability derivatives
Interest rate contracts	$	(6,517	)
Foreign exchange contracts		(63,823	)

Total exchange-traded liability derivatives	$	(70,340	)

| 54

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

Transactions in derivative instruments for Global Green Bond Fund during the six months ended June 30, 2019, as reflected within the Statements of Operations were as follows:


Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	(29,617	)
Foreign exchange contracts		363,111

Total	$	333,494


Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	84,914
Foreign exchange contracts		(37,514	)

Total	$	47,400

As the Fund values its derivatives at fair value and recognizes changes in fair value through the Statements 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, 2019:


Global Green Bond Fund	Futures
Average Notional Amount Outstanding		77.38	%
Highest Notional Amount Outstanding		79.32	%
Lowest Notional Amount Outstanding		73.22	%
Notional Amount Outstanding as of June 30, 2019		73.22	%

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

55 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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, 2019:

Fund

Maximum Amount

of Loss - Gross

Maximum Amount

of Loss - Net

Global Green Bond Fund

603,469

5. Purchases and Sales of Securities. For the six months ended June 30, 2019, purchases and sales of securities (excluding short-term investments and U.S. Government/Agency securities and including paydowns) were as follows:


Fund	Purchases		Sales
Global Green Bond Fund	$	5,550,315	$	6,483,964
Global Sustainable Equity Fund		21,513,005		14,573,882
International Sustainable Equity Fund		2,552,906		209,152

6. Management Fees and Other Transactions with Affiliates.

a. Management Fees. Mirova US LLC (“Mirova US”) (formerly a division within Ostrum Asset Management U.S., LLC (“Ostrum 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	%

Prior to March 29, 2019, Ostrum US served as investment advisor to the Fund, and was paid a management fee at the same annual rates.

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 April 30, 2020, may be terminated before then only with the

| 56

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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, 2019, 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	%

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, 2019, the management fees and waiver of management fees for each Fund were as follows:


Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Percentage of Average Daily Net Assets
Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Gross			Net
Global Green Bond Fund	$	80,879	$	80,879	$	—		0.55	%		—	%
Global Sustainable Equity Fund		382,852		110,112		272,740		0.80	%		0.57	%
International Sustainable Equity Fund		47,112		47,112		—		0.80	%		—	%

¹	Management fee waiver is subject to possible recovery until December 31, 2020.

For the six months ended June 30, 2019, class-specific expenses have been reimbursed as follows:


Fund	Reimbursement
International Sustainable Equity Fund	$	965

In addition, Mirova US reimbursed non-class-specific expenses of Global Green Bond Fund and International Sustainable Equity Fund in the amount of $10,384 and $19,318, respectively for the six months ended June 30, 2019.

57 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

No expenses were recovered for any of the Funds during the six months ended June 30, 2019 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 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 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, 2019, 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	$	1,080	$	—	$	—
Global Sustainable Equity Fund		9,120		3,927		11,781
International Sustainable Equity Fund		2		—		—

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. 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 0.0575% 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

| 58

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

$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, 2019, the administrative fees for each Fund were as follows:


Fund	Gross Administrative Fees		Waiver of Administrative Fees		Net Administrative Fees
Global Green Bond Fund	$	6,532	$	155	$	6,377
Global Sustainable Equity Fund		21,253		505		20,748
International Sustainable Equity Fund		2,615		62		2,553

59 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

For the six months ended June 30, 2019, 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	$	3,311
Global Sustainable Equity Fund		30,589


Fund	Reimbursements of Sub-Transfer Agent Fees
Global Green Bond Fund	$	79
Global Sustainable Equity Fund		750

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, 2019 was as follows:


Fund	Commissions
Global Sustainable Equity Fund	$	1,852

f. Trustees Fees and Expenses. The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $360,000. 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 $190,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee and the chairperson of the Audit Committee each receive an additional retainer fee at the annual rate of $20,000. The chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $15,000. 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

| 60

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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.

g. Affiliated Ownership. As of June 30, 2019, 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		1.67	%
Natixis Sustainable Future 2020 Fund		1.63	%
Natixis Sustainable Future 2025 Fund		1.19	%
Natixis Sustainable Future 2030 Fund		0.68	%
Natixis Sustainable Future 2035 Fund		0.65	%
Natixis Sustainable Future 2040 Fund		0.47	%
Natixis Sustainable Future 2045 Fund		0.15	%
Natixis Sustainable Future 2050 Fund		0.17	%
Natixis Sustainable Future 2055 Fund		0.15	%
Natixis Sustainable Future 2060 Fund		0.14	%
Natixis and affiliates		78.18	%

		85.08	%


Global Sustainable Equity Fund	Percentage of Net Assets
Natixis and affiliates		14.54	%

61 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)


International Sustainable Equity Fund	Percentage of Net Assets
Natixis Sustainable Future 2015 Fund		2.62	%
Natixis Sustainable Future 2020 Fund		3.23	%
Natixis Sustainable Future 2025 Fund		3.18	%
Natixis Sustainable Future 2030 Fund		3.05	%
Natixis Sustainable Future 2035 Fund		4.36	%
Natixis Sustainable Future 2040 Fund		4.16	%
Natixis Sustainable Future 2045 Fund		3.25	%
Natixis Sustainable Future 2050 Fund		3.92	%
Natixis Sustainable Future 2055 Fund		3.41	%
Natixis Sustainable Future 2060 Fund		3.27	%
Natixis and affiliates		65.55	%

		100.00	%

Investment activities of affiliated shareholders could have material impacts on the Funds.

h. Reimbursement of Transfer Agent Fees and Expenses. Natixis Advisors has given a binding contractual undertaking to Global 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, 2020 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended June 30, 2019, Natixis Advisors reimbursed the Fund for transfer agency expenses as follows:


	Reimbursement of Transfer Agency Expenses
Fund	Class N
Global Sustainable Equity Fund	$	90

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.

| 62

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

For the six months ended June 30, 2019, 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	$	1,673	$	—	$	144	$	3,175
Global Sustainable Equity Fund		2,729		1,175		90		30,750
International Sustainable Equity Fund		491		—		131		491

For the six months ended June 30, 2019, none of the Funds had borrowings under this agreement.

10. Interest Expense. The Funds incur interest expense on cash overdrafts and foreign currency debit balances held at the custodian bank and, for Global Green Bond, accounts held at brokers. Interest expense incurred for the six months ended June 30, 2019 is reflected on the Statements of Operations.

11. Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of June 30, 2019, 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

63 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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		—		—			85.08	%		85.08	%
Global Sustainable Equity Fund		1		5.76	%		14.54	%		20.30	%
International Sustainable Equity Fund		—		—			100.00	%		100.00	%

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.

| 64

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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


	Six Months Ended June 30, 2019					Year Ended December 31, 2018
Global Green Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	21,825		$	216,482		96,583		$	954,782
Issued in connection with the reinvestment of distributions	406			4,120		2,659			25,878
Redeemed	(19,602	)		(195,286	)	(29,439	)		(289,444	)

Net change	2,629		$	25,316		69,803		$	691,216

Class N
Issued from the sale of shares	70,512		$	707,786		165,547		$	1,638,046
Issued in connection with the reinvestment of distributions	16,964			172,586		93,723			914,209
Redeemed	(346,755	)		(3,498,426	)	(66,105	)		(651,384	)

Net change	(259,279	)	$	(2,618,054	)	193,165		$	1,900,871

Class Y
Issued from the sale of shares	155,378		$	1,571,254		119,626		$	1,172,690
Issued in connection with the reinvestment of distributions	1,214			12,384		2,517			24,445
Redeemed	(5,385	)		(54,191	)	(2,471	)		(24,251	)

Net change	151,207		$	1,529,447		119,672		$	1,172,884

Increase (decrease) from capital share transactions	(105,443	)	$	(1,063,291	)	382,640		$	3,764,971

65 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

12. Capital Shares (continued).


	Six Months Ended June 30, 2019					Year Ended December 31, 2018
Global Sustainable Equity Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	139,349		$	1,801,803		348,428		$	4,451,380
Issued in connection with the reinvestment of distributions	4,123			55,005		17,523			198,567
Redeemed	(81,720	)		(1,025,906	)	(65,761	)		(832,079	)

Net change	61,752		$	830,902		300,190		$	3,817,868

Class C
Issued from the sale of shares	37,004		$	482,054		160,246		$	2,031,467
Issued in connection with the reinvestment of distributions	726			9,486		3,196			35,492
Redeemed	(8,842	)		(113,084	)	(14,749	)		(176,377	)

Net change	28,888		$	378,456		148,693		$	1,890,582

Class N
Issued from the sale of shares	608		$	8,284		238,121		$	3,000,333
Issued in connection with the reinvestment of distributions	2,116			28,357		9,228			102,891

Net change	2,724		$	36,641		247,349		$	3,103,224

Class Y
Issued from the sale of shares	2,066,152		$	26,676,874		3,242,405		$	42,546,284
Issued in connection with the reinvestment of distributions	40,122			537,634		207,621			2,371,303
Redeemed	(1,515,476	)		(19,580,752	)	(2,329,061	)		(29,573,357	)

Net change	590,798		$	7,633,756		1,120,965		$	15,344,230

Increase from capital share transactions	684,162		$	8,879,755		1,817,197		$	24,155,904

| 66

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

12. Capital Shares (continued).


	Six Months Ended June 30, 2019					Period Ended December 31, 2018(a)
International Sustainable Equity Fund	Shares			Amount		Shares		Amount
Class A
Issued from the sale of shares	—	(b)	$	2		100	$	1,000
Issued in connection with the reinvestment of distributions	—	(b)		1		—		—

Net change	—		$	3		100	$	1,000

Class N
Issued from the sale of shares	479,959		$	5,249,784		1,000,000	$	10,000,000
Issued in connection with the reinvestment of distributions	1,230			13,840		—		—
Redeemed	(250,109	)		(2,637,241	)	—		—

Net change	231,080		$	2,626,383		1,000,000	$	10,000,000

Class Y
Issued from the sale of shares	—	(b)	$	2		100	$	1,000
Issued in connection with the reinvestment of distributions	—	(b)		1		—		—

Net change	—		$	3		100	$	1,000

Increase from capital share transactions	231,080		$	2,626,389		1,000,200	$	10,002,000

(a)	From commencement of operations on December 28, 2018 through December 31, 2018.

(b)	Amount rounds to less than one share.

67 |

NATIXIS FUNDS

LOOMIS SAYLES FUNDS


AEW Real Estate Fund		Mirova International Sustainable Equity Fund
ASG Global Alternatives Fund		Natixis Oakmark Fund
ASG Managed Futures Strategy Fund		Natixis Oakmark International Fund
Gateway Fund		Natixis Sustainable Future 2015 Fund^SM
Gateway Equity Call Premium Fund		Natixis Sustainable Future 2020 Fund^SM
Loomis Sayles Global Allocation Fund		Natixis Sustainable Future 2025 Fund^SM
Loomis Sayles Global Growth Fund		Natixis Sustainable Future 2030 Fund^SM
Loomis Sayles Growth Fund		Natixis Sustainable Future 2035 Fund^SM
Loomis Sayles High Income Fund		Natixis Sustainable Future 2040 Fund^SM
Loomis Sayles Intermediate Duration Bond Fund		Natixis Sustainable Future 2045 Fund^SM
Loomis Sayles Investment Grade Bond Fund		Natixis Sustainable Future 2050 Fund^SM
Loomis Sayles Limited Term Government and Agency Fund		Natixis Sustainable Future 2055 Fund^SM
Loomis Sayles Multi-Asset Income Fund		Natixis Sustainable Future 2060 Fund^SM
Loomis Sayles Senior Floating Rate and Fixed Income Fund		Natixis U.S. Equity Opportunities Fund
Loomis Sayles Strategic Alpha Fund		Vaughan Nelson Select Fund
Loomis Sayles Strategic Income Fund		Vaughan Nelson Small Cap Value Fund
Mirova Global Green Bond Fund		Vaughan Nelson Value Opportunity Fund
Mirova Global Sustainable Equity Fund


This page not part of shareholder report			SP2019-32

This page not part of shareholder report

Loomis Sayles Multi-Asset Income Fund

Mirova Global Sustainable Equity Fund

Natixis Oakmark Fund

Natixis Oakmark International Fund

Natixis U.S. Equity Opportunities Fund

(each a “Fund”)

Supplement dated May 23, 2019 to the Natixis Funds Prospectus and Summary Prospectuses, each dated May 1, 2019, as may be revised and supplemented from time to time.

This page not part of shareholder report

NATIXIS FUNDS

Supplement dated June 28, 2019 to the Natixis Funds Prospectuses and Summary Prospectuses, each dated May 1, 2019, as may be revised or supplemented from time to time, for the following funds:


ASG Dynamic Allocation Fund		McDonnell Intermediate Municipal Bond Fund
ASG Global Alternatives Fund		Mirova Global Green Bond Fund
ASG Managed Futures Strategy Fund		Mirova Global Sustainable Equity Fund
ASG Tactical U.S. Market Fund		Mirova International Sustainable Equity Fund
Gateway Equity Call Premium Fund		Natixis Oakmark Fund
Gateway Fund		Natixis Oakmark International Fund
Loomis Sayles High Income Fund		Natixis U.S. Equity Opportunities Fund
Loomis Sayles Investment Grade Bond Fund		Vaughan Nelson Small Cap Value Fund
Loomis Sayles Multi-Asset Income Fund		Vaughan Nelson Value Opportunity Fund
Loomis Sayles Strategic Alpha Fund

(each a “Fund”)

Effective July 1, 2019, the following is added to the Prospectus as “APPENDIX B — Financial Intermediary Specific Commissions & Investment Minimum Waivers”.

APPENDIX B — Financial Intermediary Specific Commissions & Investment Minimum Waivers

UBS Financial Services, Inc. (“UBS-FS”)

The initial and subsequent investment minimums for Class Y shares are waived for transactions through such brokerage platforms at UBS-FS.

This page not part of shareholder report

LOGO

Semiannual Report

June 30, 2019

Loomis Sayles Intermediate Municipal Bond Fund

(formerly McDonnell Intermediate Municipal Bond Fund)

Natixis Oakmark Fund

Natixis Oakmark International Fund

Vaughan Nelson Small Cap Value Fund

Vaughan Nelson Value Opportunity Fund

Table of Contents



Portfolio Review			1

Portfolio of Investments			20

Financial Statements			41

Notes to Financial Statements			71

Shareholder Supplement (previously posted to the Fund’s website)			enclosed

IMPORTANT NOTICE TO SHAREHOLDERS

LOOMIS SAYLES INTERMEDIATE MUNICIPAL BOND FUND

(formerly McDonnell Intermediate Municipal Bond Fund)



Managers		Symbols

Dawn Mangerson		Class A MIMAX

James Grabovac, CFA^®		Class C MIMCX

Lawrence Jones		Class Y MIMYX

Steve Wlodarski, CFA^®*

Loomis, Sayles & Company, L.P.

*	Effective May 1, 2019 Steve Wlodarski no longer serves as portfolio manager.

Investment Goal

The Fund seeks a high level of federal tax-exempt current income, consistent with the preservation of capital.

1 |

Average Annual Total Returns — June 30, 2019⁴



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

Class Y (Inception 12/31/12)¹
NAV		4.64	%		6.21	%		2.90	%		2.49	%		1.05	%		0.46	%

Class A (Inception 12/31/12)¹
NAV		4.62			5.95			2.62			2.21			1.31			0.71
With 3.00% Maximum Sales Charge		1.47			2.75			2.01			1.72

Class C (Inception 12/31/12)¹
NAV		4.13			5.16			1.88			1.45			2.06			1.46
With CDSC²		3.13			4.16			1.88			1.45

Comparative Performance
Bloomberg Barclays Municipal Bond Index³		5.09			6.71			3.64			3.31

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	December 31, 2012 represents the date shares were first registered for public sale under the Securities Act of 1933. November 16, 2012 represents commencement of operations for accounting and financial reporting purposes only.

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

3	Bloomberg Barclays Municipal Bond Index is a market value-weighted index of investment-grade municipal bonds with maturities of one year or more.

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

| 2

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

Harris Associates L.P.

Investment Goal

The Fund seeks long-term capital appreciation.

3 |

Average Annual Total Returns — June 30, 2019³



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

Class Y (Inception 11/18/98)
NAV		16.61	%		0.74	%		7.77	%		13.70	%		—	%		0.88	%		0.88	%

Class A (Inception 5/6/31)
NAV		16.50			0.48			7.49			13.42			—			1.13			1.13
With 5.75% Maximum Sales Charge		9.78			-5.31			6.23			12.75			—

Class C (Inception 5/1/95)
NAV		16.07			-0.28			6.70			12.57			—			1.88			1.88
With CDSC¹		15.07			-1.14			6.70			12.57			—

Class N (Inception 5/1/17)
NAV		16.69			0.84			—			—			7.84			3.79			0.75

Comparative Performance
S&P 500^® Index²		18.54			10.42			10.71			14.70			12.35

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.

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.

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 4/30/20. 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.

| 4

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.

5 |

Average Annual Total Returns — June 30, 2019⁴



										Life of Class A/C			Life of Class Y/N			Expense Ratios⁵
	6 Months			1 Year			5 Years			Life of Class A/C			Life of Class Y/N			Gross			Net

Class Y (Inception 5/1/17)
NAV¹		12.89	%		-7.01	%		1.04	%		—	%		-1.46	%		1.06	%		1.06	%

Class A (Inception 12/15/10)
NAV		12.75			-7.21			0.92			5.08			—			1.30			1.30
With 5.75% Maximum Sales Charge		6.26			-12.57			-0.27			4.36			—

Class C (Inception 12/15/10)
NAV		12.42			-7.93			0.17			4.31			—			2.06			2.06
With CDSC²		11.42			-8.82			0.17			4.31			—

Class N (Inception 5/1/17)
NAV		12.98			-6.97			—			—			-1.37			1.01			0.98

Comparative Performance
MSCI World ex USA Index (Net)³		14.64			1.29			2.04			4.55			5.31

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 USA Index (Net) is an unmanaged index that is designed to measure the equity market performance of developed markets, excluding the United States.

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

Expense ratios are as shown in the 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 4/30/20. 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.

| 6

VAUGHAN NELSON SMALL CAP VALUE FUND



Managers		Symbols

Chris D. Wallis, CFA^®		Class A NEFJX

Stephan 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, 2019³



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

Class Y (Inception 8/31/06)
NAV		18.36	%		-0.31	%		5.84	%		12.99	%		—	%		1.24	%		1.24	%

Class A (Inception 12/31/96)
NAV		18.28			-0.53			5.58			12.71			—			1.50			1.50
With 5.75% Maximum Sales Charge		11.49			-6.24			4.33			12.05			—

Class C (Inception 12/31/96)
NAV		17.81			-1.35			4.77			11.86			—			2.24			2.24
With CDSC¹		16.81			-2.03			4.77			11.86			—

Class N (Inception 5/1/17)
NAV		18.51			-0.12			—			—			3.90			15.29			1.08

Comparative Performance
Russell 2000^® Value Index²		13.47			-6.24			5.39			12.40			2.68

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.

| 8

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.

9 |

Average Annual Total Returns — June 30, 2019³



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

Class Y (Inception 10/31/08)
NAV		20.04	%		1.54	%		3.81	%		12.02	%		—	%		1.20	%		1.20	%

Class A (Inception 10/31/08)
NAV		19.93			1.28			3.55			11.75			—			1.45			1.45
With 5.75% Maximum Sales Charge		13.03			-4.52			2.33			11.09			—

Class C (Inception 10/31/08)
NAV		19.49			0.55			2.78			10.91			—			2.19			2.19
With CDSC¹		18.49			-0.39			2.78			10.91			—

Class N (Inception 5/1/13)
NAV		20.14			1.66			3.91			—			8.28			1.09			1.09

Comparative Performance
Russell Midcap^® Value Index²		18.02			3.68			6.72			13.31			10.01

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.

| 10

ADDITIONAL INFORMATION

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

ADDITIONAL INDEX INFORMATION

PROXY VOTING INFORMATION

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.

11 |

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, 2019 through June 30, 2019. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.60) and multiply the result by the number in the Expenses Paid During Period column as shown for your class.

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

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


LOOMIS SAYLES INTERMEDIATE MUNICIPAL BOND FUND	BEGINNING ACCOUNT VALUE 1/1/2019		ENDING ACCOUNT VALUE 6/30/2019		EXPENSES PAID DURING PERIOD* 1/1/2019 – 6/30/2019
Class A
Actual		$1,000.00		$1,046.20		$3.55
Hypothetical (5% return before expenses)		$1,000.00		$1,021.32		$3.51
Class C
Actual		$1,000.00		$1,041.30		$7.34
Hypothetical (5% return before expenses)		$1,000.00		$1,017.60		$7.25
Class Y
Actual		$1,000.00		$1,046.40		$2.28
Hypothetical (5% return before expenses)		$1,000.00		$1,022.56		$2.26

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.70%, 1.45% and 0.45% for Class A, C and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), divided by 365 (to reflect the half-year period).

| 12


NATIXIS OAKMARK FUND	BEGINNING ACCOUNT VALUE 1/1/2019		ENDING ACCOUNT VALUE 6/30/2019		EXPENSES PAID DURING PERIOD* 1/1/2019 – 6/30/2019
Class A
Actual		$1,000.00		$1,165.00		$6.23
Hypothetical (5% return before expenses)		$1,000.00		$1,019.04		$5.81
Class C
Actual		$1,000.00		$1,160.70		$10.23
Hypothetical (5% return before expenses)		$1,000.00		$1,015.32		$9.54
Class N
Actual		$1,000.00		$1,166.90		$4.41
Hypothetical (5% return before expenses)		$1,000.00		$1,020.73		$4.11
Class Y
Actual		$1,000.00		$1,166.10		$4.89
Hypothetical (5% return before expenses)		$1,000.00		$1,020.28		$4.56

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.16%, 1.91%, 0.82% and 0.91% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), divided by 365 (to reflect the half-year period).


NATIXIS OAKMARK INTERNATIONAL FUND	BEGINNING ACCOUNT VALUE 1/1/2019		ENDING ACCOUNT VALUE 6/30/2019		EXPENSES PAID DURING PERIOD* 1/1/2019 – 6/30/2019
Class A
Actual		$1,000.00		$1,127.50		$6.91
Hypothetical (5% return before expenses)		$1,000.00		$1,018.30		$6.56
Class C
Actual		$1,000.00		$1,124.20		$10.85
Hypothetical (5% return before expenses)		$1,000.00		$1,014.58		$10.29
Class N
Actual		$1,000.00		$1,129.80		$5.07
Hypothetical (5% return before expenses)		$1,000.00		$1,020.03		$4.81
Class Y
Actual		$1,000.00		$1,128.90		$5.60
Hypothetical (5% return before expenses)		$1,000.00		$1,019.54		$5.31

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.31%, 2.06%, 0.96% and 1.06% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), divided by 365 (to reflect the half-year period).

13 |


VAUGHAN NELSON SMALL CAP VALUE FUND	BEGINNING ACCOUNT VALUE 1/1/2019		ENDING ACCOUNT VALUE 6/30/2019		EXPENSES PAID DURING PERIOD* 1/1/2019 – 6/30/2019
Class A
Actual		$1,000.00		$1,182.80		$7.85
Hypothetical (5% return before expenses)		$1,000.00		$1,017.60		$7.25
Class C
Actual		$1,000.00		$1,178.10		$11.88
Hypothetical (5% return before expenses)		$1,000.00		$1,013.89		$10.99
Class N
Actual		$1,000.00		$1,185.10		$5.96
Hypothetical (5% return before expenses)		$1,000.00		$1,019.34		$5.51
Class Y
Actual		$1,000.00		$1,183.60		$6.50
Hypothetical (5% return before expenses)		$1,000.00		$1,018.84		$6.01

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.45%, 2.20%, 1.10% and 1.20% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), divided by 365 (to reflect the half-year period).


VAUGHAN NELSON VALUE OPPORTUNITY FUND	BEGINNING ACCOUNT VALUE 1/1/2019		ENDING ACCOUNT VALUE 6/30/2019		EXPENSES PAID DURING PERIOD* 1/1/2019 – 6/30/2019
Class A
Actual		$1,000.00		$1,199.30		$7.03
Hypothetical (5% return before expenses)		$1,000.00		$1,018.40		$6.46
Class C
Actual		$1,000.00		$1,194.90		$11.05
Hypothetical (5% return before expenses)		$1,000.00		$1,014.73		$10.14
Class N
Actual		$1,000.00		$1,201.40		$5.08
Hypothetical (5% return before expenses)		$1,000.00		$1,020.18		$4.66
Class Y
Actual		$1,000.00		$1,200.40		$5.62
Hypothetical (5% return before expenses)		$1,000.00		$1,019.69		$5.16

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.29%, 2.03%, 0.93% and 1.03% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), divided by 365 (to reflect the half-year period).

| 14

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 caps 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.

15 |

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.

The Board most recently approved the continuation of the Agreements for a one-year period at its meeting held in June 2019. For the McDonnell Intermediate Municipal Bond Fund, the Trustees also considered that shareholders were being asked to approve a new sub-advisory agreement with Loomis, Sayles & Company, L.P. (“Loomis Sayles”) in connection with the integration of ownership of McDonnell Investment Management, LLC into Loomis Sayles, and that the Fund’s investment team and strategy were expected to remain largely the same. 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.

| 16

The Board noted that, through December 31, 2018, each Fund’s one-, three- and five-year performance, as applicable, stated as percentile rankings within categories selected by the independent third-party data provider, was as follows (where the best performance would be in the first percentile of its category):


	One-Year			Three-Year			Five-Year
Natixis Oakmark Fund		94	%		47	%		75	%
Natixis Oakmark International Fund		100	%		62	%		88	%
Vaughan Nelson Small Cap Value Fund		60	%		86	%		44	%
Vaughan Nelson Value Opportunity Fund		90	%		91	%		86	%
Loomis Sayles Intermediate Municipal Bond Fund (formally known as McDonnell Intermediate Municipal Bond Fund)		86	%		57	%		64	%

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 long-term performance was strong when compared to relevant performance benchmarks; and (3) that the Fund’s more recent performance has been stronger relative to its category.

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 and the greater regulatory costs associated with the management of such assets. 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

17 |

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 caps for various funds in the fund family. They noted that all of the Funds included have expense caps in place, and they considered the amounts waived or reimbursed by the Adviser for certain Funds under the cap. The Trustees also considered that the current expenses for Vaughan Nelson Value Opportunity Fund were below the expense cap.

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; and (2) that management had proposed to further reduce the expense cap of the Fund.

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 caps. 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 caps. With respect to economies of scale, the Trustees noted that Natixis Oakmark Fund and Vaughan Nelson Value Opportunity Fund had breakpoints in their advisory fees and that each of the Funds was subject to an expense cap. 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.

| 18

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

The effect of recent market and economic events on the performance, asset levels and expense ratios of each Fund.

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.

19 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Intermediate Municipal Bond Fund*


Principal Amount		Description	Value (†)
	Bonds and Notes — 93.1% of Net Assets
	Municipals — 93.1%
		Alabama — 2.6%
$	500,000	UAB Medicine Finance Authority Revenue, UAB Medicine Obligated Group, Series B-2, 3.500%, 9/01/2035	$	519,690

		California — 4.3%
	500,000	California Municipal Finance Authority Revenue, California Lutheran University, 5.000%, 10/01/2034		603,535
	250,000	California Statewide Communities Development Authority Revenue, Beverly Community Hospital Association, 4.000%, 11/01/2032		267,725

				871,260

		Colorado — 10.5%
	260,000	Colorado Springs Utilities System Revenue, Series B-2, 5.000%, 11/15/2033		295,422
	400,000	Colorado State Health Facilities Authority Revenue, Craig Hospital Project, 5.000%, 12/01/2028		437,880
	400,000	Denver City & County School District No. 1, GO, Prerefunded 12/01/2022@100, Series B, (State Aid Withholding), 5.000%, 12/01/2026		449,688
	250,000	Denver City & County, Airport System Revenue, Series A, AMT, 5.000%, 11/15/2030		303,138
	500,000	Regional Transportation District Sales Tax Revenue, Fastracks Project, Refunding, Series A, 5.000%, 11/01/2028		643,285

				2,129,413

		Connecticut — 4.6%
	800,000	Connecticut State Health & Educational Facilities Authority, University of New Haven, Series K-1, 5.000%, 7/01/2033		938,784

		Florida — 13.3%
	240,000	City of Cape Coral FL Utility Improvement Assessment, Various Areas, Water & Sewer Revenue, (AGM Insured), 3.000%, 9/01/2027		254,791
	95,000	City of Cape Coral FL Utility Improvement Assessment, Various Areas, Water & Sewer Revenue, (AGM Insured), 3.000%, 9/01/2028		101,220
	700,000	City of Cape Coral FL Water & Sewer Revenue, 5.000%, 10/01/2039		828,828
	500,000	Fernandina Beach Utility System Revenue, Refunding, Series A, 5.000%, 9/01/2027		565,360
	400,000	Sarasota County Utility System Revenue, 5.000%, 10/01/2023		459,632
	400,000	Volusia County Educational Facility Authority Revenue, Embry-Riddle Aeronautical University, Inc., Series B, 5.000%, 10/15/2025		470,648

				2,680,479

		Georgia — 1.4%
	250,000	Savannah Hospital Authority Revenue, St. Joseph’s/Candler Health System Obligated Group, Series A, 5.500%, 7/01/2027		287,845

		Illinois — 3.5%
	540,000	Chicago Midway International Airport Revenue, Second Lien, Refunding, Series A, AMT, 5.000%, 1/01/2031		604,633
	100,000	Illinois Finance Authority Revenue, Loyola University Chicago, Series B, 5.000%, 7/01/2021		106,841

				711,474

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Intermediate Municipal Bond Fund* – (continued)


Principal Amount		Description	Value (†)
		Louisiana — 2.6%
$	200,000	New Orleans Aviation Board, General Airport Revenue, North Terminal Project, Series B, AMT, 5.000%, 1/01/2035	$	231,890
	250,000	New Orleans Aviation Board, General Airport Revenue, North Terminal Project, Series B, AMT, 5.000%, 1/01/2036		289,222

				521,112

		Missouri — 4.0%
	700,000	Missouri Joint Municipal Electric Utility Commission Power Project Revenue, Refunding, 5.000%, 1/01/2024		804,825

		Nevada — 2.9%
	500,000	City of Henderson, GO, Various Purpose, Refunding, 5.000%, 6/01/2026		581,545

		New Jersey — 7.1%
	265,000	New Jersey Health Care Facilities Financing Authority Revenue, Refunding, Virtua Health, Inc., 5.000%, 7/01/2023		301,104
	500,000	New Jersey State Turnpike Authority Revenue, Series A, 5.000%, 1/01/2032		576,130
	500,000	Rutgers The State University of New Jersey, Refunding, Series J, 5.000%, 5/01/2024		566,050

				1,443,284

		New Mexico — 2.9%
	500,000	New Mexico Hospital Equipment Loan Council Revenue, Presbyterian Healthcare Services Obligated Group, Refunding, 5.000%, 8/01/2031		585,775

		Ohio — 5.7%
	500,000	Columbus, GO, Various Purpose, Series A, 5.000%, 8/15/2023		573,730
	500,000	Hamilton County Hospital Facilities Revenue, UC Health Obligated Group, 5.000%, 2/01/2024		573,050

				1,146,780

		Pennsylvania — 1.5%
	285,000	Delaware River Joint Toll Bridge Commission Revenue, Refunding, Series A, 4.000%, 7/01/2027		302,499

		Rhode Island — 2.9%
	500,000	Rhode Island Clean Water Finance Agency Pollution Control Agency Revolving Fund-Pooled Loan, Series A, 5.000%, 10/01/2024		575,210

		Tennessee — 2.9%
	500,000	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue, Vanderbilt University Medical Center Obligated Group, Series A, 5.000%, 7/01/2030		591,635

		Texas — 10.6%
	700,000	Houston TX Airport System Revenue, Refunding, Series C, AMT, 5.000%, 7/01/2026		841,337
	400,000	Tarrant County Cultural Education Facilities Finance Corp. Revenue, Methodist Hospitals of Dallas, 5.000%, 10/01/2024		455,724
	250,000	Texas City Independent School District, GO, (PSF-GTD), 4.000%, 8/15/2034		282,715
	500,000	Texas Public Finance Authority, Refunding, 4.000%, 2/01/2034		568,285

				2,148,061

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Intermediate Municipal Bond Fund* – (continued)


Principal Amount		Description	Value (†)
		Washington — 8.5%
$	500,000	King County Public Hospital District No. 2, GO, Evergreen Healthcare, Series B, 5.000%, 12/01/2032	$	575,180
	500,000	Port of Seattle Revenue, AMT, 5.000%, 7/01/2029		555,980
	500,000	Snohomish County School District No. 15 Edmonds, GO, 5.000%, 12/01/2031		577,045

				1,708,205

		Wisconsin — 1.3%
	225,000	Wisconsin Health & Educational Facilities Authority Revenue, Aspirus, Inc. Obligated Group, Refunding, Series A, 5.000%, 8/15/2031		257,969

		Total Bonds and Notes (Identified Cost $17,667,354)		18,805,845


Shares
	Exchange-Traded Funds — 4.1%
	10,000	SPDR^® Nuveen S&P High Yield Municipal Bond ETF		584,500
	10,000	VanEck Vectors^® Short High-Yield Municipal Index ETF		250,400

		Total Exchange-Traded Funds (Identified Cost $811,628)		834,900


		Total Investments — 97.2% (Identified Cost $18,478,982)		19,640,745
		Other assets less liabilities — 2.8%		572,284

		Net Assets — 100.0%	$	20,213,029


	*	Formerly McDonnell Intermediate Municipal Bond Fund.
	(†)	See Note 2 of Notes to Financial Statements.

	AGM	Assured Guaranty Municipal Corporation
	AMT	Alternative Minimum Tax
	ETF	Exchange-Traded Fund
	GO	General Obligation
	SPDR	Standard & Poor’s Depositary Receipt

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Intermediate Municipal Bond Fund* – (continued)

Industry Summary at June 30, 2019 (Unaudited)


Hospitals	21.1	%
Higher Education	13.2
General Purpose Public Improvement	11.4
Airports	11.3
Water and Sewer	11.0
Primary Secondary Education	6.5
Electric Public Power	4.0
Mass Rapid Transportation	3.2
Pollution Control	2.9
Toll Roads, Streets & Highways	2.8
Seaports Marine Terminals	2.8
Other Investments, less than 2% each	2.9
Exchange-Traded Funds	4.1

Total Investments	97.2
Other assets less liabilities	2.8

Net Assets	100.0	%

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Natixis Oakmark Fund


Shares		Description	Value (†)
	Common Stocks — 95.4% of Net Assets
		Air Freight & Logistics — 1.0%
	19,325	FedEx Corp.	$	3,172,972

		Airlines — 1.5%
	142,200	American Airlines Group, Inc.		4,637,142

		Auto Components — 1.4%
	37,800	Aptiv PLC		3,055,374
	64,266	Delphi Technologies PLC		1,285,320

				4,340,694

		Automobiles — 4.3%
	489,900	Fiat Chrysler Automobiles NV		6,770,418
	168,100	General Motors Co.		6,476,893

				13,247,311

		Banks — 8.5%
	336,400	Bank of America Corp.		9,755,600
	151,400	Citigroup, Inc.		10,602,542
	124,545	Wells Fargo & Co.		5,893,469

				26,251,611

		Beverages — 1.8%
	28,700	Constellation Brands, Inc., Class A		5,652,178

		Biotechnology — 2.4%
	23,245	Regeneron Pharmaceuticals, Inc.(a)		7,275,685

		Capital Markets — 9.9%
	120,600	Bank of New York Mellon Corp. (The)		5,324,490
	166,900	Charles Schwab Corp. (The)		6,707,711
	18,965	Goldman Sachs Group, Inc. (The)		3,880,239
	25,985	Moody’s Corp.		5,075,131
	14,785	S&P Global, Inc.		3,367,875
	108,000	State Street Corp.		6,054,480

				30,409,926

		Consumer Finance — 5.8%
	278,500	Ally Financial, Inc.		8,630,715
	100,465	Capital One Financial Corp.		9,116,194

				17,746,909

		Electronic Equipment, Instruments & Components — 2.6%
	84,200	TE Connectivity Ltd.		8,064,676

		Energy Equipment & Services — 1.5%
	99,500	Halliburton Co.		2,262,630
	101,900	National Oilwell Varco, Inc.		2,265,237

				4,527,867

		Entertainment — 3.4%
	28,335	Netflix, Inc.(a)		10,408,012

		Health Care Equipment & Supplies — 0.5%
	19,670	Baxter International, Inc.		1,610,973

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Natixis Oakmark Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — 3.1%
	109,185	CVS Health Corp.	$	5,949,491
	25,707	HCA Healthcare, Inc.		3,474,815

				9,424,306

		Hotels, Restaurants & Leisure — 3.0%
	47,845	Hilton Worldwide Holdings, Inc.		4,676,370
	161,700	MGM Resorts International		4,619,769

				9,296,139

		Industrial Conglomerates — 2.5%
	740,800	General Electric Co.		7,778,400

		Insurance — 2.3%
	133,345	American International Group, Inc.		7,104,622

		Interactive Media & Services — 5.6%
	9,665	Alphabet, Inc., Class A(a)		10,465,262
	34,990	Facebook, Inc., Class A(a)		6,753,070

				17,218,332

		Internet & Direct Marketing Retail — 4.3%
	3,400	Booking Holdings, Inc.(a)		6,374,014
	111,900	eBay, Inc.		4,420,050
	199,200	Qurate Retail, Inc., Class A(a)		2,468,088

				13,262,152

		IT Services — 7.7%
	28,820	Automatic Data Processing, Inc.		4,764,810
	66,700	DXC Technology Co.		3,678,505
	30,865	Gartner, Inc.(a)		4,967,413
	20,245	MasterCard, Inc., Class A		5,355,410
	28,705	Visa, Inc., Class A		4,981,753

				23,747,891

		Machinery — 5.2%
	29,981	Caterpillar, Inc.		4,086,110
	30,060	Cummins, Inc.		5,150,480
	39,455	Parker Hannifin Corp.		6,707,745

				15,944,335

		Media — 5.7%
	20,895	Charter Communications, Inc., Class A(a)		8,257,286
	185,500	Comcast Corp., Class A		7,842,940
	112,140	News Corp., Class A		1,512,769

				17,612,995

		Oil, Gas & Consumable Fuels — 5.3%
	182,900	Apache Corp.		5,298,613
	1,036,000	Chesapeake Energy Corp.(a)		2,020,200
	29,500	Concho Resources, Inc.		3,043,810
	29,500	Diamondback Energy, Inc.		3,214,615
	30,900	EOG Resources, Inc.		2,878,644

				16,455,882

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Natixis Oakmark Fund – (continued)


Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — 3.5%
	118,000	Intel Corp.	$	5,648,660
	45,200	Texas Instruments, Inc.		5,187,152

				10,835,812

		Technology Hardware, Storage & Peripherals — 2.6%
	40,430	Apple, Inc.		8,001,906

		Total Common Stocks (Identified Cost $258,835,484)		294,028,728


Principal Amount
	Short-Term Investments — 4.5%
$	13,986,586	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/28/2019 at 1.500% to be repurchased at $13,988,334 on 7/01/2019 collateralized by $13,760,000 U.S. Treasury Note, 2.500% due 5/15/2024 valued at $14,269,973 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $13,986,586)		13,986,586


		Total Investments — 99.9% (Identified Cost $272,822,070)		308,015,314
		Other assets less liabilities — 0.1%		381,813

		Net Assets — 100.0%	$	308,397,127


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

See accompanying notes to financial statements.

| 26

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Natixis Oakmark Fund – (continued)

Industry Summary at June 30, 2019 (Unaudited)


Capital Markets	9.9	%
Banks	8.5
IT Services	7.7
Consumer Finance	5.8
Media	5.7
Interactive Media & Services	5.6
Oil, Gas & Consumable Fuels	5.3
Machinery	5.2
Internet & Direct Marketing Retail	4.3
Automobiles	4.3
Semiconductors & Semiconductor Equipment	3.5
Entertainment	3.4
Health Care Providers & Services	3.1
Hotels, Restaurants & Leisure	3.0
Electronic Equipment, Instruments & Components	2.6
Technology Hardware, Storage & Peripherals	2.6
Industrial Conglomerates	2.5
Biotechnology	2.4
Insurance	2.3
Other Investments, less than 2% each	7.7
Short-Term Investments	4.5

Total Investments	99.9
Other assets less liabilities	0.1

Net Assets	100.0	%

See accompanying notes to financial statements.

27 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Natixis Oakmark International Fund


Shares		Description	Value (†)
	Common Stocks — 97.8% of Net Assets
		Australia — 2.4%
	3,865,150	AMP Ltd.	$	5,765,578
	190,600	Brambles Ltd.		1,726,188
	579,558	Orica Ltd.		8,257,583

				15,749,349

		Canada — 1.3%
	8,100	Alimentation Couche-Tard, Inc., Class B		509,733
	943,367	Cenovus Energy, Inc.		8,320,331

				8,830,064

		China — 1.2%
	69,830	Baidu, Inc., Sponsored ADR(a)		8,195,249

		France — 12.0%
	305,200	Accor S.A.		13,099,929
	561,300	BNP Paribas S.A.(b)		26,608,577
	238,822	Bureau Veritas S.A.		5,894,801
	32,051	Danone S.A.		2,713,829
	42,700	EssilorLuxottica S.A.		5,564,744
	214,045	Publicis Groupe S.A.		11,297,473
	404,800	Valeo S.A.		13,178,639

				78,357,992

		Germany — 17.2%
	61,810	Allianz SE, (Registered)		14,907,096
	355,230	Bayer AG, (Registered)		24,638,859
	258,600	Bayerische Motoren Werke AG		19,115,042
	145,530	Continental AG		21,191,922
	389,814	Daimler AG, (Registered)		21,740,635
	776,700	thyssenkrupp AG		11,340,403

				112,933,957

		India — 0.3%
	162,075	Axis Bank Ltd.(a)		1,897,889

		Indonesia — 1.0%
	11,244,400	Bank Mandiri Persero Tbk PT		6,383,991

		Ireland — 2.4%
	245,502	Ryanair Holdings PLC, Sponsored ADR(a)		15,746,498

		Italy — 3.7%
	11,181,300	Intesa Sanpaolo SpA		23,936,943

		Japan — 4.6%
	548,100	Komatsu Ltd.		13,306,662
	372,000	Olympus Corp.		4,139,945
	14,800	Omron Corp.		776,202
	187,200	Toyota Motor Corp.		11,618,347

				29,841,156

See accompanying notes to financial statements.

| 28

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Natixis Oakmark International Fund – (continued)


Shares		Description	Value (†)
		Korea — 3.5%
	121,400	NAVER Corp.	$	11,998,064
	266,400	Samsung Electronics Co. Ltd.		10,847,893

				22,845,957

		Mexico — 0.9%
	681,400	Grupo Televisa SAB, Sponsored ADR		5,751,016

		Netherlands — 4.2%
	25,204	Akzo Nobel NV		2,368,426
	47,730	ASML Holding NV		9,932,128
	215,982	EXOR NV		15,131,368

				27,431,922

		South Africa — 1.9%
	52,535	Naspers Ltd., N Shares		12,716,100

		Sweden — 6.4%
	1,021,955	Hennes & Mauritz AB, B Shares		18,156,174
	666,200	SKF AB, B Shares		12,264,298
	733,100	Volvo AB, B Shares		11,648,723

				42,069,195

		Switzerland — 11.3%
	99,500	Cie Financiere Richemont S.A., (Registered)		8,455,163
	1,915,536	Credit Suisse Group AG, (Registered)(b)		22,927,379
	6,141,800	Glencore PLC(b)		21,256,289
	42,930	Kuehne & Nagel International AG		6,376,689
	193,121	LafargeHolcim Ltd., (Registered)		9,442,945
	20,800	Nestle S.A., (Registered)		2,153,262
	11,485	Swatch Group AG (The)		3,292,321

				73,904,048

		Taiwan — 1.1%
	908,000	Taiwan Semiconductor Manufacturing Co. Ltd.		6,944,726

		United Kingdom — 20.4%
	442,239	Ashtead Group PLC		12,670,738
	2,092,200	CNH Industrial NV		21,493,667
	23,600	Diageo PLC		1,015,749
	2,645,400	G4S PLC		6,998,758
	380,300	Liberty Global PLC, Class A(a)		10,264,297
	142,426	Liberty Global PLC, Series C(a)		3,778,562
	24,844,600	Lloyds Banking Group PLC		17,843,853
	299,404	Meggitt PLC		1,994,751
	65,800	Reckitt Benckiser Group PLC		5,195,216
	889,500	Rolls-Royce Holdings PLC		9,502,468
	4,203,400	Royal Bank of Scotland Group PLC		11,723,733
	381,389	Schroders PLC		14,795,352
	100	Schroders PLC, (Non Voting)		3,117
	305,800	Smiths Group PLC		6,084,231
	823,100	WPP PLC		10,368,141

				133,732,633

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Natixis Oakmark International Fund – (continued)


Shares		Description	Value (†)
		United States — 2.0%
	118,950	Ferguson PLC(a)	$	8,468,040
	23,677	Willis Towers Watson PLC		4,535,093

				13,003,133

		Total Common Stocks (Identified Cost $745,738,266)		640,271,818


Principal Amount
	Short-Term Investments — 1.9%
$	12,586,683	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/28/2019 at 1.500% to be repurchased at $12,588,257 on 7/01/2019 collateralized by $12,805,000 U.S. Treasury Note, 1.625% due 8/15/2022 valued at $12,839,317 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $12,586,683)		12,586,683


		Total Investments — 99.7% (Identified Cost $758,324,949)		652,858,501
		Other assets less liabilities — 0.3%		2,242,506

		Net Assets — 100.0%	$	655,101,007


	(†)	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, 2019, 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		12/18/2019	CHF	S		6,445,000	$	6,588,699	$	6,701,276	$	(112,577	)

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Natixis Oakmark International Fund – (continued)

Industry Summary at June 30, 2019 (Unaudited)


Banks	13.6	%
Machinery	9.0
Automobiles	8.0
Media	6.4
Capital Markets	5.8
Auto Components	5.2
Metals & Mining	5.0
Pharmaceuticals	3.8
Trading Companies & Distributors	3.2
Diversified Financial Services	3.2
Interactive Media & Services	3.0
Insurance	3.0
Specialty Retail	2.7
Textiles, Apparel & Luxury Goods	2.7
Semiconductors & Semiconductor Equipment	2.6
Airlines	2.4
Hotels, Restaurants & Leisure	2.0
Other Investments, less than 2% each	16.2
Short-Term Investments	1.9

Total Investments	99.7
Other assets less liabilities (including forward foreign currency contracts)	0.3

Net Assets	100.0	%

Currency Exposure Summary at June 30, 2019 (Unaudited)


Euro	40.4	%
British Pound	19.5
United States Dollar	9.3
Swiss Franc	8.0
Swedish Krona	6.4
Japanese Yen	4.6
South Korean Won	3.5
Australian Dollar	2.4
Other, less than 2% each	5.6

Total Investments	99.7
Other assets less liabilities (including forward foreign currency contracts)	0.3

Net Assets	100.0	%

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Vaughan Nelson Small Cap Value Fund


Shares		Description	Value (†)
	Common Stocks — 94.6% of Net Assets
		Aerospace & Defense — 1.5%
	19,896	Moog, Inc., Class A	$	1,862,465

		Banks — 11.7%
	59,275	Atlantic Union Bankshares Corp.		2,094,186
	37,775	Enterprise Financial Services Corp.		1,571,440
	46,275	First Bancorp		1,685,336
	87,425	First Financial Bancorp		2,117,433
	53,150	First Merchants Corp.		2,014,385
	28,525	Lakeland Financial Corp.		1,335,826
	80,525	United Community Banks, Inc.		2,299,794
	31,125	Webster Financial Corp.		1,486,841

				14,605,241

		Biotechnology — 0.8%
	21,388	Emergent BioSolutions, Inc.(a)		1,033,254

		Building Products — 1.2%
	17,425	American Woodmark Corp.(a)		1,474,503

		Capital Markets — 4.9%
	21,150	Blucora, Inc.(a)		642,326
	40,425	LPL Financial Holdings, Inc.		3,297,467
	101,650	Virtu Financial, Inc., Class A		2,213,937

				6,153,730

		Chemicals — 1.7%
	206,050	Element Solutions, Inc.(a)		2,130,557

		Commercial Services & Supplies — 5.4%
	48,975	Brady Corp., Class A		2,415,447
	41,550	Brink’s Co. (The)		3,373,029
	24,100	Casella Waste Systems, Inc., Class A(a)		955,083

				6,743,559

		Communications Equipment — 0.3%
	64,575	Casa Systems, Inc.(a)		415,217

		Consumer Finance — 2.3%
	19,775	FirstCash, Inc.		1,977,895
	17,200	Green Dot Corp., Class A(a)		841,080

				2,818,975

		Containers & Packaging — 0.7%
	64,600	Graphic Packaging Holding Co.		903,108

		Diversified Consumer Services — 1.7%
	47,993	Adtalem Global Education, Inc.(a)		2,162,085

		Electrical Equipment — 1.1%
	122,150	GrafTech International Ltd.		1,404,725

		Electronic Equipment, Instruments & Components — 2.5%
	26,455	Fabrinet(a)		1,314,020
	10,135	Littelfuse, Inc.		1,792,983

				3,107,003

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Vaughan Nelson Small Cap Value Fund – (continued)


Shares		Description	Value (†)
		Energy Equipment & Services — 1.6%
	117,250	Newpark Resources, Inc.(a)	$	869,995
	23,325	Oil States International, Inc.(a)		426,848
	33,625	ProPetro Holding Corp.(a)		696,037

				1,992,880

		Food & Staples Retailing — 1.8%
	54,675	Performance Food Group Co.(a)		2,188,640

		Gas Utilities — 4.4%
	33,300	Southwest Gas Holdings, Inc.		2,984,346
	30,050	Spire, Inc.		2,521,796

				5,506,142

		Health Care Equipment & Supplies — 3.6%
	31,825	Integra LifeSciences Holdings Corp.(a)		1,777,426
	56,328	Lantheus Holdings, Inc.(a)		1,594,083
	14,825	LivaNova PLC(a)		1,066,807

				4,438,316

		Health Care Providers & Services — 1.4%
	31,225	AMN Healthcare Services, Inc.(a)		1,693,956

		Hotels, Restaurants & Leisure — 1.0%
	15,250	Dunkin’ Brands Group, Inc.		1,214,815

		Insurance — 5.9%
	83,400	Brown & Brown, Inc.		2,793,900
	31,375	Mercury General Corp.		1,960,937
	34,975	Selective Insurance Group, Inc.		2,619,278

				7,374,115

		IT Services — 6.5%
	47,950	Booz Allen Hamilton Holding Corp.		3,174,769
	17,735	CACI International, Inc., Class A(a)		3,628,404
	56,750	Perspecta, Inc.		1,328,518

				8,131,691

		Life Sciences Tools & Services — 1.0%
	13,075	PRA Health Sciences, Inc.(a)		1,296,386

		Machinery — 3.1%
	21,500	Albany International Corp., Class A		1,782,565
	29,075	Franklin Electric Co., Inc.		1,381,063
	18,425	Hillenbrand, Inc.		729,077

				3,892,705

		Media — 4.2%
	26,675	Nexstar Media Group, Inc., Class A		2,694,175
	167,625	TEGNA, Inc.		2,539,519

				5,233,694

		Oil, Gas & Consumable Fuels — 2.1%
	93,075	Callon Petroleum Co.(a)		613,364
	280,200	Kosmos Energy Ltd.		1,756,854

See accompanying notes to financial statements.

33 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Vaughan Nelson Small Cap Value Fund – (continued)


Shares		Description	Value (†)
		Oil, Gas & Consumable Fuels — continued
	25,850	Unit Corp.(a)	$	229,807

				2,600,025

		Real Estate Management & Development — 1.2%
	84,225	Cushman & Wakefield PLC(a)		1,505,943

		REITs – Diversified — 0.7%
	44,325	CoreCivic, Inc.		920,187

		REITs – Health Care — 2.2%
	30,368	Community Healthcare Trust, Inc.		1,196,803
	84,790	Physicians Realty Trust		1,478,737

				2,675,540

		REITs – Mortgage — 1.6%
	157,250	Two Harbors Investment Corp.		1,992,357

		REITs – Office Property — 0.5%
	47,250	Brandywine Realty Trust		676,620

		REITs – Storage — 1.0%
	44,275	National Storage Affiliates Trust		1,281,319

		Road & Rail — 1.6%
	18,925	Landstar System, Inc.		2,043,711

		Semiconductors & Semiconductor Equipment — 8.5%
	25,050	Cabot Microelectronics Corp.		2,757,504
	36,575	Entegris, Inc.		1,364,979
	117,650	Lattice Semiconductor Corp.(a)		1,716,513
	48,100	MaxLinear, Inc., Class A(a)		1,127,464
	10,625	Nova Measuring Instruments Ltd.(a)		271,894
	9,250	Power Integrations, Inc.		741,665
	77,200	Rambus, Inc.(a)		929,488
	6,350	Silicon Laboratories, Inc.(a)		656,590
	20,550	Versum Materials, Inc.		1,059,969

				10,626,066

		Software — 0.7%
	6,775	CyberArk Software Ltd.(a)		866,116

		Specialty Retail — 1.8%
	35,475	Aaron’s, Inc.		2,178,520

		Textiles, Apparel & Luxury Goods — 0.6%
	7,600	Carter’s, Inc.		741,304

		Thrifts & Mortgage Finance — 1.8%
	174,800	MGIC Investment Corp.(a)		2,296,872

		Total Common Stocks (Identified Cost $108,176,196)		118,182,342


	Exchange-Traded Funds — 4.0%
	41,600	iShares^® Russell 2000 Value Index ETF (Identified Cost $4,926,754)		5,012,800

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Vaughan Nelson Small Cap Value Fund – (continued)


Shares		Description	Value (†)
	Closed-End Investment Companies — 0.4%
	37,925	BlackRock TCP Capital Corp. (Identified Cost $641,051)	$	540,431


Principal Amount
	Short-Term Investments — 0.8%
$	918,723	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/28/2019 at 1.500% to be repurchased at $918,838 on 7/01/2019 collateralized by $905,000 U.S. Treasury Note, 2.500% due 5/15/2024 valued at $938,541 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $918,723)		918,723


		Total Investments — 99.8% (Identified Cost $114,662,724)		124,654,296
		Other assets less liabilities — 0.2%		266,529

		Net Assets — 100.0%	$	124,920,825


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

	ETF	Exchange-Traded Fund
	REITs	Real Estate Investment Trusts

Industry Summary at June 30, 2019 (Unaudited)


Banks	11.7	%
Semiconductors & Semiconductor Equipment	8.5
IT Services	6.5
Insurance	5.9
Commercial Services & Supplies	5.4
Capital Markets	4.9
Gas Utilities	4.4
Media	4.2
Health Care Equipment & Supplies	3.6
Machinery	3.1
Electronic Equipment, Instruments & Components	2.5
Consumer Finance	2.3
REITs - Health Care	2.2
Oil, Gas & Consumable Fuels	2.1
Other Investments, less than 2% each	27.3
Exchange-Traded Funds	4.0
Short-Term Investments	0.8
Closed-End Investment Companies	0.4

Total Investments	99.8
Other assets less liabilities	0.2

Net Assets	100.0	%

See accompanying notes to financial statements.

35 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Vaughan Nelson Value Opportunity Fund


Shares		Description	Value (†)
	Common Stocks — 94.6% of Net Assets
		Banks — 4.3%
	172,600	Bank of NT Butterfield & Son Ltd. (The)	$	5,861,496
	209,000	Chemical Financial Corp.		8,591,990
	79,275	PacWest Bancorp		3,078,248

				17,531,734

		Beverages — 1.6%
	32,940	Constellation Brands, Inc., Class A		6,487,204

		Building Products — 1.5%
	53,450	Allegion PLC		5,908,897

		Capital Markets — 5.0%
	186,000	Ares Management Corp., Class A		4,867,620
	83,100	Nasdaq, Inc.		7,991,727
	332,450	Virtu Financial, Inc., Class A		7,240,761

				20,100,108

		Chemicals — 1.6%
	76,300	FMC Corp.		6,329,085

		Commercial Services & Supplies — 1.8%
	90,300	Brink’s Co. (The)		7,330,554

		Construction & Engineering — 1.3%
	339,475	WillScot Corp.(a)		5,105,704

		Consumer Finance — 0.8%
	88,450	Synchrony Financial		3,066,562

		Containers & Packaging — 3.9%
	35,025	AptarGroup, Inc.		4,355,009
	35,025	Avery Dennison Corp.		4,051,692
	123,475	Crown Holdings, Inc.(a)		7,544,322

				15,951,023

		Distributors — 0.7%
	15,850	POOL CORP.		3,027,350

		Diversified Consumer Services — 2.3%
	15,125	Bright Horizons Family Solutions, Inc.(a)		2,281,909
	333,025	Laureate Education, Inc., Class A(a)		5,231,823
	37,225	ServiceMaster Global Holdings, Inc.(a)		1,939,050

				9,452,782

		Electric Utilities — 4.6%
	154,800	Evergy, Inc.		9,311,220
	123,125	Eversource Energy		9,327,950

				18,639,170

		Electrical Equipment — 2.6%
	53,100	AMETEK, Inc.		4,823,604
	28,025	Hubbell, Inc.		3,654,460

See accompanying notes to financial statements.

| 36

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Vaughan Nelson Value Opportunity Fund – (continued)


Shares		Description	Value (†)
		Electrical Equipment — continued
	84,400	nVent Electric PLC	$	2,092,276

				10,570,340

		Electronic Equipment, Instruments & Components — 2.3%
	28,375	CDW Corp.		3,149,625
	69,150	Keysight Technologies, Inc.(a)		6,210,361

				9,359,986

		Energy Equipment & Services — 0.6%
	92,150	Baker Hughes, a GE Co.		2,269,655

		Entertainment — 1.2%
	48,275	Electronic Arts, Inc.(a)		4,888,327

		Health Care Equipment & Supplies — 3.3%
	13,860	Cooper Cos., Inc. (The)		4,669,295
	110,200	Hologic, Inc.(a)		5,291,804
	25,425	West Pharmaceutical Services, Inc.		3,181,939

				13,143,038

		Health Care Providers & Services — 1.4%
	106,525	Centene Corp.(a)		5,586,171

		Hotels, Restaurants & Leisure — 1.4%
	162,175	Aramark		5,848,031

		Independent Power & Renewable Electricity Producers — 3.6%
	289,725	Atlantica Yield PLC		6,568,066
	357,375	Vistra Energy Corp.		8,090,970

				14,659,036

		Insurance — 6.6%
	83,300	Allstate Corp. (The)		8,470,777
	98,775	Arthur J. Gallagher & Co.		8,651,702
	69,300	Athene Holding Ltd., Class A(a)		2,984,058
	43,125	Reinsurance Group of America, Inc.		6,728,794

				26,835,331

		IT Services — 13.1%
	22,485	Alliance Data Systems Corp.		3,150,823
	102,850	Booz Allen Hamilton Holding Corp.		6,809,698
	51,240	CACI International, Inc., Class A(a)		10,483,192
	83,675	Fidelity National Information Services, Inc.		10,265,249
	90,675	Fiserv, Inc.(a)		8,265,933
	50,875	Global Payments, Inc.		8,146,614
	82,125	MAXIMUS, Inc.		5,957,347

				53,078,856

		Life Sciences Tools & Services — 2.2%
	55,737	IQVIA Holdings, Inc.(a)		8,968,083

		Machinery — 1.7%
	39,450	Oshkosh Corp.		3,293,680

See accompanying notes to financial statements.

37 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Vaughan Nelson Value Opportunity Fund – (continued)


Shares		Description	Value (†)
		Machinery — continued
	68,550	Timken Co. (The)	$	3,519,357

				6,813,037

		Media — 2.9%
	117,225	Nexstar Media Group, Inc., Class A		11,839,725

		Metals & Mining — 0.8%
	310,725	Constellium NV, Class A(a)		3,119,679

		Multi-Utilities — 6.7%
	117,950	Ameren Corp.		8,859,225
	152,225	CMS Energy Corp.		8,815,350
	110,950	WEC Energy Group, Inc.		9,249,901

				26,924,476

		Multiline Retail — 1.4%
	41,275	Dollar General Corp.		5,578,729

		Oil, Gas & Consumable Fuels — 3.0%
	92,525	Continental Resources, Inc.(a)		3,894,377
	608,925	QEP Resources, Inc.(a)		4,396,438
	322,150	WPX Energy, Inc.(a)		3,707,947

				11,998,762

		REITs – Diversified — 1.0%
	255,550	New Residential Investment Corp.		3,932,915

		REITs – Warehouse/Industrials — 1.1%
	78,100	CyrusOne, Inc.		4,507,932

		Semiconductors & Semiconductor Equipment — 1.6%
	40,925	Analog Devices, Inc.		4,619,205
	35,225	Versum Materials, Inc.		1,816,905

				6,436,110

		Software — 4.0%
	52,350	Check Point Software Technologies Ltd.(a)		6,052,183
	19,525	RingCentral, Inc., Class A(a)		2,243,813
	439,300	SolarWinds Corp.(a)		8,056,762

				16,352,758

		Textiles, Apparel & Luxury Goods — 1.0%
	108,000	Gildan Activewear, Inc.		4,177,440

		Thrifts & Mortgage Finance — 1.7%
	47,550	Essent Group Ltd.(a)		2,234,375
	150,400	MGIC Investment Corp.(a)		1,976,256
	109,850	Radian Group, Inc.		2,510,072

				6,720,703

		Total Common Stocks (Identified Cost $324,820,177)		382,539,293

See accompanying notes to financial statements.

| 38

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Vaughan Nelson Value Opportunity Fund – (continued)


Principal Amount		Description	Value (†)
	Short-Term Investments — 5.5%
$	21,956,265	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/28/2019 at 1.500% to be repurchased at $21,959,010 on 7/01/2019 collateralized by $21,500,000 U.S. Treasury Inflation Indexed Note, 0.625% due 4/15/2023 valued at $22,397,711 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $21,956,265)	$	21,956,265


		Total Investments — 100.1% (Identified Cost $346,776,442)		404,495,558
		Other assets less liabilities — (0.1)%		(237,894	)

		Net Assets — 100.0%	$	404,257,664


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

	REITs	Real Estate Investment Trusts

Industry Summary at June 30, 2019 (Unaudited)


IT Services	13.1	%
Multi-Utilities	6.7
Insurance	6.6
Capital Markets	5.0
Electric Utilities	4.6
Banks	4.3
Software	4.0
Containers & Packaging	3.9
Independent Power & Renewable Electricity Producers	3.6
Health Care Equipment & Supplies	3.3
Oil, Gas & Consumable Fuels	3.0
Media	2.9
Electrical Equipment	2.6
Diversified Consumer Services	2.3
Electronic Equipment, Instruments & Components	2.3
Life Sciences Tools & Services	2.2
Other Investments, less than 2% each	24.2
Short-Term Investments	5.5

Total Investments	100.1
Other assets less liabilities	(0.1	)

Net Assets	100.0	%

See accompanying notes to financial statements.

39 |

This Page Intentionally Left Blank

| 40

Statements of Assets and Liabilities

June 30, 2019 (Unaudited)


	Loomis Sayles Intermediate Municipal Bond Fund*		Natixis Oakmark Fund		Natixis Oakmark International Fund
ASSETS
Investments at cost	$	18,478,982	$	272,822,070	$	758,324,949
Net unrealized appreciation (depreciation)		1,161,763		35,193,244		(105,466,448	)

Investments at value		19,640,745		308,015,314		652,858,501
Cash		458,089		—		—
Foreign currency at value (identified cost $0, $0 and $30,747, respectively)		—		—		30,762
Receivable for Fund shares sold		23,929		160,350		334,613
Receivable from investment adviser (Note 6)		53,357		—		—
Receivable for securities sold		—		1,065,075		1,597,187
Dividends and interest receivable		250,864		115,948		1,154,613
Tax reclaims receivable		—		95,492		2,418,569
Prepaid expenses (Note 8)		2		36		82

TOTAL ASSETS		20,426,986		309,452,215		658,394,327

LIABILITIES
Payable for securities purchased		—		—		1,303,803
Payable for Fund shares redeemed		105,361		314,960		1,093,533
Unrealized depreciation on forward foreign currency contracts (Note 2)		—		—		112,577
Foreign taxes payable (Note 2)		—		—		82,919
Distributions payable		19,208		—		—
Management fees payable (Note 6)		—		169,604		448,619
Deferred Trustees’ fees (Note 6)		49,713		504,228		80,358
Administrative fees payable (Note 6)		726		10,732		22,809
Payable to distributor (Note 6d)		55		1,710		8,366
Other accounts payable and accrued expenses		38,894		53,854		140,336

TOTAL LIABILITIES		213,957		1,055,088		3,293,320

NET ASSETS	$	20,213,029	$	308,397,127	$	655,101,007

NET ASSETS CONSIST OF:
Paid-in capital	$	19,761,831	$	268,112,522	$	788,642,322
Accumulated earnings (loss)		451,198		40,284,605		(133,541,315	)

NET ASSETS	$	20,213,029	$	308,397,127	$	655,101,007

See accompanying notes to financial statements.

41 |

Statements of Assets and Liabilities (continued)

June 30, 2019 (Unaudited)


	Loomis Sayles Intermediate Municipal Bond Fund*		Natixis Oakmark Fund			Natixis Oakmark International Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	6,882,901	$	182,130,117		$	234,658,022

Shares of beneficial interest		667,694		8,431,699			18,432,195

Net asset value and redemption price per share	$	10.31	$	21.60		$	12.73

Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	10.63	$	22.92		$	13.51

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	1,505,728	$	57,472,048		$	206,980,736

Shares of beneficial interest		146,024		3,142,582			16,573,253

Net asset value and offering price per share	$	10.31	$	18.29		$	12.49

Class N shares:
Net assets	$	—	$	11,205		$	363,352

Shares of beneficial interest		—		490			28,593

Net asset value, offering and redemption price per share	$	—	$	22.86	**	$	12.71

Class Y shares:
Net assets	$	11,824,400	$	68,783,757		$	213,098,897

Shares of beneficial interest		1,145,380		3,014,939			16,778,766

Net asset value, offering and redemption price per share	$	10.32	$	22.81		$	12.70

*	Formerly McDonnell Intermediate Municipal Bond Fund.

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

See accompanying notes to financial statements.

| 42

Statements of Assets and Liabilities (continued)

June 30, 2019 (Unaudited)


	Vaughan Nelson Small Cap Value Fund		Vaughan Nelson Value Opportunity Fund
ASSETS
Investments at cost	$	114,662,724	$	346,776,442
Net unrealized appreciation		9,991,572		57,719,116

Investments at value		124,654,296		404,495,558
Receivable for Fund shares sold		24,321		276,152
Receivable for securities sold		913,232		950,866
Dividends and interest receivable		156,881		239,940
Prepaid expenses (Note 8)		16		54

TOTAL ASSETS		125,748,746		405,962,570

LIABILITIES
Payable for securities purchased		283,715		760,622
Payable for Fund shares redeemed		222,575		427,029
Management fees payable (Note 6)		99,497		264,535
Deferred Trustees’ fees (Note 6)		165,222		139,188
Administrative fees payable (Note 6)		4,240		13,538
Payable to distributor (Note 6d)		1,183		4,329
Other accounts payable and accrued expenses		51,489		95,665

TOTAL LIABILITIES		827,921		1,704,906

NET ASSETS	$	124,920,825	$	404,257,664

NET ASSETS CONSIST OF:
Paid-in capital	$	118,883,843	$	361,237,380
Accumulated earnings		6,036,982		43,020,284

NET ASSETS	$	124,920,825	$	404,257,664

See accompanying notes to financial statements.

43 |

Statements of Assets and Liabilities (continued)

June 30, 2019 (Unaudited)


	Vaughan Nelson Small Cap Value Fund			Vaughan Nelson Value Opportunity Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	70,378,708		$	23,022,371

Shares of beneficial interest		4,770,654			1,105,442

Net asset value and redemption price per share	$	14.75		$	20.83

Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	15.65		$	22.10

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	2,217,592		$	24,268,777

Shares of beneficial interest		294,013			1,236,542

Net asset value and offering price per share	$	7.54		$	19.63

Class N shares:
Net assets	$	1,087		$	66,583,602

Shares of beneficial interest		70			3,159,769

Net asset value, offering and redemption price per share	$	15.48	**	$	21.07

Class Y shares:
Net assets	$	52,323,438		$	290,382,914

Shares of beneficial interest		3,381,377			13,766,880

Net asset value, offering and redemption price per share	$	15.47		$	21.09

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

See accompanying notes to financial statements.

| 44

Statements of Operations

For the Six Months Ended June 30, 2019 (Unaudited)


	Loomis Sayles Intermediate Municipal Bond Fund*			Natixis Oakmark Fund			Natixis Oakmark International Fund
INVESTMENT INCOME
Dividends	$	13,205		$	3,319,321	(a)	$	20,403,806
Non-cash dividends (Note 2b)		—			352,443			—
Interest		304,938			119,001			70,566
Less net foreign taxes withheld		—			(1,493	)		(2,290,242	)

		318,143			3,789,272			18,184,130

Expenses
Management fees (Note 6)		41,571			1,039,863			2,943,166
Service and distribution fees (Note 6)		15,490			516,843			1,403,464
Administrative fees (Note 6)		4,618			67,668			153,825
Trustees’ fees and expenses (Note 6)		10,511			24,770			20,593
Transfer agent fees and expenses (Notes 6 and 7)		5,914			132,616			347,425
Audit and tax services fees		26,388			20,547			21,248
Custodian fees and expenses		2,645			6,261			59,054
Legal fees (Note 8)		47,390			5,377			11,553
Registration fees		22,911			54,011			49,687
Shareholder reporting expenses		6,153			14,831			35,468
Miscellaneous expenses (Note 8)		11,245			19,369			43,655

Total expenses		194,836			1,902,156			5,089,138
Less waiver and/or expense reimbursement (Note 6)		(132,579	)		(1,684	)		(3,765	)

Net expenses		62,257			1,900,472			5,085,373

Net investment income		255,886			1,888,800			13,098,757

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		20,676			8,115,491			(7,920,860	)
Forward foreign currency contracts (Note 2d)		—			—			810,835
Foreign currency transactions (Note 2c)		—			—			(18,793	)
Net change in unrealized appreciation (depreciation) on:
Investments		672,755			34,491,820			78,550,104
Forward foreign currency contracts (Note 2d)		—			—			(603,777	)
Foreign currency translations (Note 2c)		—			—			(4,516	)

Net realized and unrealized gain on investments, forward foreign currency contracts and foreign currency transactions		693,431			42,607,311			70,812,993

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	949,317		$	44,496,111		$	83,911,750

*	Formerly McDonnell Intermediate Municipal Bond Fund.

(a)	Includes a non-recurring dividend of $712,261.

See accompanying notes to financial statements.

45 |

Statements of Operations (continued)

For the Six Months Ended June 30, 2019 (Unaudited)


	Vaughan Nelson Small Cap Value Fund			Vaughan Nelson Value Opportunity Fund
INVESTMENT INCOME
Dividends	$	1,064,779		$	3,533,751
Interest		40,030			132,982
Less net foreign taxes withheld		—			(5,020	)

		1,104,809			3,661,713

Expenses
Management fees (Note 6)		601,258			1,810,743
Service and distribution fees (Note 6)		104,697			160,361
Administrative fees (Note 6)		29,679			100,595
Trustees’ fees and expenses (Note 6)		12,994			19,021
Transfer agent fees and expenses (Notes 6 and 7)		76,866			201,299
Audit and tax services fees		20,555			21,030
Custodian fees and expenses		7,965			12,679
Interest expense (Note 9)		—			44,414
Legal fees (Note 8)		2,069			8,206
Registration fees		30,212			46,963
Shareholder reporting expenses		13,739			24,124
Miscellaneous expenses (Note 8)		15,801			17,369

Total expenses		915,835			2,466,804
Less waiver and/or expense reimbursement (Note 6)		(7,277	)		(2,398	)

Net expenses		908,558			2,464,406

Net investment income		196,251			1,197,307

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on:
Investments		538,558			5,280,973
Net change in unrealized appreciation (depreciation) on:
Investments		21,997,964			87,154,568

Net realized and unrealized gain on investments		22,536,522			92,435,541

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	22,732,773		$	93,632,848

See accompanying notes to financial statements.

| 46

Statements of Changes in Net Assets


	Loomis Sayles Intermediate Municipal Bond Fund*
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income	$	255,886		$	646,589
Net realized gain (loss) on investments		20,676			(22,955	)
Net change in unrealized appreciation (depreciation) on investments		672,755			(735,309	)

Net increase (decrease) in net assets resulting from operations		949,317			(111,675	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(74,026	)		(153,865	)
Class C		(12,375	)		(30,521	)
Class Y		(169,485	)		(484,050	)

Total distributions		(255,886	)		(668,436	)

NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		(2,684,906	)		(14,374,067	)

Net decrease in net assets		(1,991,475	)		(15,154,178	)
NET ASSETS
Beginning of the period		22,204,504			37,358,682

End of the period	$	20,213,029		$	22,204,504

*	Formerly McDonnell Intermediate Municipal Bond Fund.

See accompanying notes to financial statements.

47 |

Statements of Changes in Net Assets (continued)


	Natixis Oakmark Fund
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income	$	1,888,800		$	1,069,674
Net realized gain on investments		8,115,491			32,340,899
Net change in unrealized appreciation (depreciation) on investments		34,491,820			(79,134,938	)

Net increase (decrease) in net assets resulting from operations		44,496,111			(45,724,365	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(8,678,601	)		(16,729,106	)
Class C		(3,308,005	)		(5,776,265	)
Class N		(492	)		(783	)
Class Y		(3,170,424	)		(5,137,882	)

Total distributions		(15,157,522	)		(27,644,036	)

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		6,865,751			29,541,538

Net increase (decrease) in net assets		36,204,340			(43,826,863	)
NET ASSETS
Beginning of the period		272,192,787			316,019,650

End of the period	$	308,397,127		$	272,192,787

See accompanying notes to financial statements.

| 48

Statements of Changes in Net Assets (continued)


	Natixis Oakmark International Fund
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income	$	13,098,757		$	16,259,770
Net realized gain (loss) on investments, forward foreign currency contracts and foreign currency transactions		(7,128,818	)		50,075,433
Net change in unrealized appreciation (depreciation) on investments, forward foreign currency contracts and foreign currency translations		77,941,811			(341,618,930	)

Net increase (decrease) in net assets resulting from operations		83,911,750			(275,283,727	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		—			(12,193,845	)
Class C		—			(7,685,820	)
Class N		—			(36,370	)
Class Y		—			(10,861,877	)

Total distributions		—			(30,777,912	)

NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		(114,860,575	)		(147,874,002	)

Net decrease in net assets		(30,948,825	)		(453,935,641	)
NET ASSETS
Beginning of the period		686,049,832			1,139,985,473

End of the period	$	655,101,007		$	686,049,832

See accompanying notes to financial statements.

49 |

Statements of Changes in Net Assets (continued)


	Vaughan Nelson Small Cap Value Fund
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income	$	196,251		$	247,839
Net realized gain on investments		538,558			23,578,542
Net change in unrealized appreciation (depreciation) on investments		21,997,964			(48,703,398	)

Net increase (decrease) in net assets resulting from operations		22,732,773			(24,877,017	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(57,436	)		(15,434,632	)
Class C		(4,870	)		(1,814,602	)
Class N		(1	)		(200	)
Class Y		(46,447	)		(16,863,125	)

Total distributions		(108,754	)		(34,112,559	)

NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		(26,097,578	)		(99,064,102	)

Net decrease in net assets		(3,473,559	)		(158,053,678	)
NET ASSETS
Beginning of the period		128,394,384			286,448,062

End of the period	$	124,920,825		$	128,394,384

See accompanying notes to financial statements.

| 50

Statements of Changes in Net Assets (continued)


	Vaughan Nelson Value Opportunity Fund
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income	$	1,197,307		$	5,677,254
Net realized gain on investments		5,280,973			30,646,121
Net change in unrealized appreciation (depreciation) on investments		87,154,568			(163,168,095	)

Net increase (decrease) in net assets resulting from operations		93,632,848			(126,844,720	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(2,020	)		(4,208,463	)
Class C		(2,248	)		(2,370,741	)
Class N		(6,349	)		(6,683,144	)
Class Y		(26,345	)		(47,408,833	)

Total distributions		(36,962	)		(60,671,181	)

NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		(281,061,158	)		(244,014,953	)

Net decrease in net assets		(187,465,272	)		(431,530,854	)
NET ASSETS
Beginning of the period		591,722,936			1,023,253,790

End of the period	$	404,257,664		$	591,722,936

See accompanying notes to financial statements.

51 |

Financial Highlights

For a share outstanding throughout each period.



	*Loomis Sayles Intermediate Municipal Bond Fund—Class A**
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	9.97		$	10.17		$	9.89		$	10.09		$	10.00		$	9.54

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.12			0.22			0.19			0.12			0.13			0.11
Net realized and unrealized gain (loss)		0.34			(0.19	)		0.28			(0.20	)		0.10			0.47

Total from Investment Operations		0.46			0.03			0.47			(0.08	)		0.23			0.58

LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.23	)		(0.19	)		(0.12	)		(0.14	)		(0.12	)

Net asset value, end of the period	$	10.31		$	9.97		$	10.17		$	9.89		$	10.09		$	10.00

Total return(b)(c)		4.62	%(d)		0.33	%		4.77	%		(0.79	)%		2.28	%		6.08	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	6,883		$	6,019		$	6,004		$	5,474		$	6,427		$	2,399
Net expenses(e)		0.70	%(f)		0.70	%		0.70	%		0.70	%		0.74	%(g)		0.80	%
Gross expenses		1.97	%(f)		1.30	%		1.10	%		0.88	%		1.12	%		1.26	%
Net investment income		2.36	%(f)		2.24	%		1.87	%		1.19	%		1.27	%		1.15	%
Portfolio turnover rate		4	%		65	%		34	%		48	%		20	%		10	%

*	Formerly McDonnell Intermediate Municipal Bond Fund.

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

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

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

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

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

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

(g)	Effective July 1, 2015, the expense limit decreased from 0.80% to 0.70%.

See accompanying notes to financial statements.

| 52

Financial Highlights (continued)

For a share outstanding throughout each period.



	*Loomis Sayles Intermediate Municipal Bond Fund—Class C**
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	9.98		$	10.18		$	9.90		$	10.09		$	9.99		$	9.54

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.15			0.11			0.04			0.05			0.04
Net realized and unrealized gain (loss)		0.33			(0.19	)		0.28			(0.18	)		0.11			0.45

Total from Investment Operations		0.41			(0.04	)		0.39			(0.14	)		0.16			0.49

LESS DISTRIBUTIONS FROM:
Net investment income		(0.08	)		(0.16	)		(0.11	)		(0.05	)		(0.06	)		(0.04	)

Net asset value, end of the period	$	10.31		$	9.98		$	10.18		$	9.90		$	10.09		$	9.99

Total return(b)(c)		4.13	%(d)		(0.42	)%		3.98	%		(1.44	)%		1.63	%		5.18	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,506		$	1,675		$	2,395		$	4,015		$	6,355		$	2,223
Net expenses(e)		1.45	%(f)		1.45	%		1.45	%		1.45	%		1.49	%(g)		1.55	%
Gross expenses		2.73	%(f)		2.05	%		1.83	%		1.63	%		1.88	%		2.04	%
Net investment income		1.62	%(f)		1.49	%		1.10	%		0.44	%		0.52	%		0.41	%
Portfolio turnover rate		4	%		65	%		34	%		48	%		20	%		10	%

*	Formerly McDonnell Intermediate Municipal Bond Fund.

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

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

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

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

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

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

(g)	Effective July 1, 2015, the expense limit decreased from 1.55% to 1.45%.

See accompanying notes to financial statements.

53 |

Financial Highlights (continued)

For a share outstanding throughout each period.



	*Loomis Sayles Intermediate Municipal Bond Fund—Class Y**
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	9.99		$	10.19		$	9.90		$	10.10		$	10.00		$	9.54

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.13			0.25			0.21			0.15			0.15			0.14
Net realized and unrealized gain (loss)		0.33			(0.20	)		0.29			(0.20	)		0.11			0.46

Total from Investment Operations		0.46			0.05			0.50			(0.05	)		0.26			0.60

LESS DISTRIBUTIONS FROM:
Net investment income		(0.13	)		(0.25	)		(0.21	)		(0.15	)		(0.16	)		(0.14	)

Net asset value, end of the period	$	10.32		$	9.99		$	10.19		$	9.90		$	10.10		$	10.00

Total return(b)		4.64	%(c)		0.58	%		5.13	%		(0.55	)%		2.63	%		6.36	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	11,824		$	14,510		$	28,960		$	49,179		$	66,713		$	28,314
Net expenses(d)		0.45	%(e)		0.45	%		0.45	%		0.45	%		0.49	%(f)		0.55	%
Gross expenses		1.73	%(e)		1.04	%		0.83	%		0.63	%		0.85	%		1.02	%
Net investment income		2.61	%(e)		2.47	%		2.09	%		1.44	%		1.48	%		1.46	%
Portfolio turnover rate		4	%		65	%		34	%		48	%		20	%		10	%

*	Formerly McDonnell Intermediate Municipal Bond Fund.

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

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

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

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

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

(f)	Effective July 1, 2015, the expense limit decreased from 0.55% to 0.45%.

See accompanying notes to financial statements.

| 54

Financial Highlights (continued)

For a share outstanding throughout each period.



	Natixis Oakmark Fund—Class A
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	19.44		$	24.72		$	21.37		$	18.79		$	20.43		$	21.40

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.14	(b)		0.10			0.11			0.16			0.14			0.10
Net realized and unrealized gain (loss)		3.07			(3.28	)		4.28			3.20			(1.02	)		2.11

Total from Investment Operations		3.21			(3.18	)		4.39			3.36			(0.88	)		2.21

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(c)		(0.08	)		(0.10	)		(0.16	)		(0.13	)		(0.07	)
Net realized capital gains		(1.05	)		(2.02	)		(0.94	)		(0.62	)		(0.63	)		(3.11	)

Total Distributions		(1.05	)		(2.10	)		(1.04	)		(0.78	)		(0.76	)		(3.18	)

Net asset value, end of the period	$	21.60		$	19.44		$	24.72		$	21.37		$	18.79		$	20.43

Total return(d)		16.50	%(b)(e)		(13.01	)%		20.75	%		18.37	%		(4.41	)%		10.43	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	182,130		$	164,748		$	203,792		$	173,036		$	173,925		$	195,061
Net expenses		1.16	%(f)		1.13	%		1.18	%		1.18	%		1.14	%		1.22	%
Gross expenses		1.16	%(f)		1.13	%		1.18	%		1.18	%		1.14	%		1.22	%
Net investment income		1.32	%(b)(f)		0.41	%		0.48	%		0.82	%		0.68	%		0.44	%
Portfolio turnover rate		12	%		39	%		16	%		16	%		23	%		64	%

(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 16.25% and the ratio of net investment income to average net assets would have been 0.86%.

(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)	Periods less than one year are not annualized.

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

See accompanying notes to financial statements.

55 |

Financial Highlights (continued)

For a share outstanding throughout each period.



	Natixis Oakmark Fund—Class C
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	16.66		$	21.58		$	18.83		$	16.65		$	18.19		$	19.48

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.05	(b)		(0.07	)		(0.05	)		0.01			(0.01	)		(0.06	)
Net realized and unrealized gain (loss)		2.63			(2.83	)		3.74			2.80			(0.90	)		1.90

Total from Investment Operations		2.68			(2.90	)		3.69			2.81			(0.91	)		1.84

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(c)		—			(0.00	)(c)		(0.01	)		(0.00	)(c)		(0.02	)
Net realized capital gains		(1.05	)		(2.02	)		(0.94	)		(0.62	)		(0.63	)		(3.11	)

Total Distributions		(1.05	)		(2.02	)		(0.94	)		(0.63	)		(0.63	)		(3.13	)

Net asset value, end of the period	$	18.29		$	16.66		$	21.58		$	18.83		$	16.65		$	18.19

Total return(d)		16.07	%(b)(e)		(13.63	)%		19.85	%		17.45	%		(5.07	)%		9.55	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	57,472		$	53,606		$	62,272		$	55,910		$	70,616		$	62,941
Net expenses		1.91	%(f)		1.88	%		1.93	%		1.93	%		1.89	%		1.97	%
Gross expenses		1.91	%(f)		1.88	%		1.93	%		1.93	%		1.89	%		1.97	%
Net investment income (loss)		0.58	%(b)(f)		(0.33	)%		(0.27	)%		0.09	%		(0.07	)%		(0.30	)%
Portfolio turnover rate		12	%		39	%		16	%		16	%		23	%		64	%

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

(b)	Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.01, total return would have been 15.83% and the ratio of net investment income to average net assets would have been 0.11%.

(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.

See accompanying notes to financial statements.

| 56

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis Oakmark Fund—Class N
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	20.49		$	25.91		$	23.13

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.19	(b)		0.22			0.14
Net realized and unrealized gain (loss)		3.23			(3.45	)		3.44

Total from Investment Operations		3.42			(3.23	)		3.58

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(c)		(0.17	)		(0.17	)
Net realized capital gains		(1.05	)		(2.02	)		(0.63	)

Total Distributions		(1.05	)		(2.19	)		(0.80	)

Net asset value, end of the period	$	22.86		$	20.49		$	25.91

Total return(d)		16.69	%(b)(e)		(12.60	)%		15.46	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	11		$	10		$	1
Net expenses(f)		0.82	%(g)		0.75	%		0.75	%(g)
Gross expenses		2.23	%(g)		3.79	%		13.79	%(g)
Net investment income		1.66	%(b)(g)		0.88	%		0.84	%(g)
Portfolio turnover rate		12	%		39	%		16	%(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 a non-recurring dividend. Without this dividend, net investment income per share would have been $0.13 , total return would have been 16.45% and the ratio of net investment income to average net assets would have been 1.19%.

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

See accompanying notes to financial statements.

57 |

Financial Highlights (continued)

For a share outstanding throughout each period.



	Natixis Oakmark Fund—Class Y
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	20.46		$	25.90		$	22.34		$	19.60		$	21.28		$	22.16

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.18	(b)		0.17			0.17			0.21			0.19			0.15
Net realized and unrealized gain (loss)		3.22			(3.44	)		4.48			3.36			(1.06	)		2.20

Total from Investment Operations		3.40			(3.27	)		4.65			3.57			(0.87	)		2.35

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(c)		(0.15	)		(0.15	)		(0.21	)		(0.18	)		(0.12	)
Net realized capital gains		(1.05	)		(2.02	)		(0.94	)		(0.62	)		(0.63	)		(3.11	)

Total Distributions		(1.05	)		(2.17	)		(1.09	)		(0.83	)		(0.81	)		(3.23	)

Net asset value, end of the period	$	22.81		$	20.46		$	25.90		$	22.34		$	19.60		$	21.28

Total return		16.61	%(b)(d)		(12.76	)%		21.05	%		18.69	%		(4.18	)%		10.70	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	68,784		$	53,829		$	49,955		$	26,252		$	21,696		$	26,694
Net expenses		0.91	%(e)		0.88	%		0.93	%		0.92	%		0.89	%		0.97	%
Gross expenses		0.91	%(e)		0.88	%		0.93	%		0.92	%		0.89	%		0.97	%
Net investment income		1.61	%(b)(e)		0.68	%		0.71	%		1.05	%		0.92	%		0.67	%
Portfolio turnover rate		12	%		39	%		16	%		16	%		23	%		64	%

(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 16.37% and the ratio of net investment income to average net assets would have been 1.13%.

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

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

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

See accompanying notes to financial statements.

| 58

Financial Highlights (continued)

For a share outstanding throughout each period.



	Natixis Oakmark International Fund—Class A
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	11.29		$	15.58		$	12.15		$	11.47		$	12.44		$	13.74

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.24			0.25			0.18			0.17			0.15			0.18
Net realized and unrealized gain (loss)		1.20			(4.02	)		3.41			0.76			(0.80	)		(1.01	)

Total from Investment Operations		1.44			(3.77	)		3.59			0.93			(0.65	)		(0.83	)

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.29	)		(0.16	)		(0.21	)		(0.20	)		(0.25	)
Net realized capital gains		—			(0.23	)		—			(0.04	)		(0.12	)		(0.22	)

Total Distributions		—			(0.52	)		(0.16	)		(0.25	)		(0.32	)		(0.47	)

Net asset value, end of the period	$	12.73		$	11.29		$	15.58		$	12.15		$	11.47		$	12.44

Total return(b)		12.75	%(c)		(24.15	)%		29.56	%		8.19	%		(5.35	)%		(6.05	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	234,658		$	257,551		$	603,988		$	533,112		$	722,805		$	617,383
Net expenses		1.31	%(d)		1.31	%		1.32	%		1.34	%		1.31	%		1.31	%
Gross expenses		1.31	%(d)		1.31	%		1.32	%		1.34	%		1.31	%		1.31	%
Net investment income		3.93	%(d)		1.72	%		1.28	%		1.54	%		1.17	%		1.34	%
Portfolio turnover rate		14	%		50	%		40	%		41	%		51	%		31	%

(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)	Periods less than one year are not annualized.

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

See accompanying notes to financial statements.

59 |

Financial Highlights (continued)

For a share outstanding throughout each period.



	Natixis Oakmark International Fund—Class C
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	11.11		$	15.30		$	11.96		$	11.29		$	12.25		$	13.53

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.19			0.13			0.06			0.08			0.05			0.08
Net realized and unrealized gain (loss)		1.19			(3.92	)		3.35			0.74			(0.78	)		(0.98	)

Total from Investment Operations		1.38			(3.79	)		3.41			0.82			(0.73	)		(0.90	)

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.17	)		(0.07	)		(0.11	)		(0.11	)		(0.16	)
Net realized capital gains		—			(0.23	)		—			(0.04	)		(0.12	)		(0.22	)

Total Distributions		—			(0.40	)		(0.07	)		(0.15	)		(0.23	)		(0.38	)

Net asset value, end of the period	$	12.49		$	11.11		$	15.30		$	11.96		$	11.29		$	12.25

Total return(b)		12.42	%(c)		(24.74	)%		28.55	%		7.36	%		(6.08	)%		(6.67	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	206,981		$	212,618		$	363,018		$	255,249		$	341,959		$	327,319
Net expenses		2.06	%(d)		2.07	%		2.07	%		2.09	%		2.06	%		2.05	%
Gross expenses		2.06	%(d)		2.07	%		2.07	%		2.09	%		2.06	%		2.05	%
Net investment income		3.20	%(d)		0.94	%		0.42	%		0.73	%		0.39	%		0.61	%
Portfolio turnover rate		14	%		50	%		40	%		41	%		51	%		31	%

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

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

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

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

See accompanying notes to financial statements.

| 60

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis Oakmark International Fund—Class N
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	11.25		$	15.58		$	13.98

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.23			0.28			0.15
Net realized and unrealized gain (loss)		1.23			(4.02	)		1.66

Total from Investment Operations		1.46			(3.74	)		1.81

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.36	)		(0.21	)
Net realized capital gains		—			(0.23	)		—

Total Distributions		—			(0.59	)		(0.21	)

Net asset value, end of the period	$	12.71		$	11.25		$	15.58

Total return(b)		12.98	%(c)		(23.94	)%		12.96	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	363		$	758		$	1
Net expenses(d)		0.96	%(e)		0.99	%		0.92	%(e)
Gross expenses		0.99	%(e)		1.02	%		25.21	%(e)
Net investment income		3.65	%(e)		2.04	%		1.54	%(e)
Portfolio turnover rate		14	%		50	%		40	%(f)

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

See accompanying notes to financial statements.

61 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis Oakmark International Fund—Class Y
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	11.25		$	15.56		$	13.98

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.26			0.26			0.00	(b)
Net realized and unrealized gain (loss)		1.19			(3.99	)		1.79

Total from Investment Operations		1.45			(3.73	)		1.79

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.35	)		(0.21	)
Net realized capital gains		—			(0.23	)		—

Total Distributions		—			(0.58	)		(0.21	)

Net asset value, end of the period	$	12.70		$	11.25		$	15.56

Total return		12.89	%(c)		(23.93	)%		12.79	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	213,099		$	215,123		$	172,978
Net expenses		1.06	%(d)		1.07	%		1.07	%(d)
Gross expenses		1.06	%(d)		1.07	%		1.07	%(d)
Net investment income		4.19	%(d)		1.85	%		0.03	%(d)
Portfolio turnover rate		14	%		50	%		40	%(e)

*	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)	Periods less than one year are not annualized.

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

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

See accompanying notes to financial statements.

| 62

Financial Highlights (continued)

For a share outstanding throughout each period.



	Vaughan Nelson Small Cap Value Fund—Class A
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	12.48		$	18.71		$	19.79		$	17.74		$	20.65		$	22.34

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.02			0.01			(0.01	)		0.02			0.06	(b)		(0.06	)
Net realized and unrealized gain (loss)		2.26			(2.76	)		1.21			3.49			(0.07	)		1.95

Total from Investment Operations		2.28			(2.75	)		1.20			3.51			(0.01	)		1.89

LESS DISTRIBUTIONS FROM:
Net investment income		(0.01	)		(0.00	)(c)		(0.00	)(c)		(0.01	)		(0.04	)		—
Net realized capital gains		—			(3.48	)		(2.28	)		(1.45	)		(2.86	)		(3.58	)

Total Distributions		(0.01	)		(3.48	)		(2.28	)		(1.46	)		(2.90	)		(3.58	)

Net asset value, end of the period	$	14.75		$	12.48		$	18.71		$	19.79		$	17.74		$	20.65

Total return(d)		18.28	%(e)(f)		(14.84	)%		6.28	%		20.24	%		(0.29	)%(b)		8.79	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	70,379		$	66,376		$	93,751		$	106,447		$	103,092		$	125,201
Net expenses		1.45	%(g)(h)		1.38	%		1.36	%		1.35	%		1.35	%		1.37	%
Gross expenses		1.46	%(g)		1.38	%		1.36	%		1.35	%		1.35	%		1.37	%
Net investment income (loss)		0.21	%(g)		0.03	%		(0.03	)%		0.11	%		0.26	%(b)		(0.27	)%
Portfolio turnover rate		33	%		70	%		92	%		74	%		62	%		58	%

(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.

See accompanying notes to financial statements.

63 |

Financial Highlights (continued)

For a share outstanding throughout each period.



	Vaughan Nelson Small Cap Value Fund—Class C
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	6.41		$	11.67		$	13.26		$	12.39		$	15.36		$	17.61

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.02	)		(0.09	)		(0.10	)		(0.08	)		(0.08	)(b)		(0.18	)
Net realized and unrealized gain (loss)		1.16			(1.69	)		0.79			2.40			(0.03	)		1.51

Total from Investment Operations		1.14			(1.78	)		0.69			2.32			(0.11	)		1.33

LESS DISTRIBUTIONS FROM:
Net investment income		(0.01	)		(0.00	)(c)		(0.00	)(c)		—			—			—
Net realized capital gains		—			(3.48	)		(2.28	)		(1.45	)		(2.86	)		(3.58	)

Total Distributions		(0.01	)		(3.48	)		(2.28	)		(1.45	)		(2.86	)		(3.58	)

Net asset value, end of the period	$	7.54		$	6.41		$	11.67		$	13.26		$	12.39		$	15.36

Total return(d)		17.81	%(e)(f)		(15.51	)%		5.50	%		19.32	%		(1.02	)%(b)		7.94	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,218		$	3,480		$	15,756		$	20,379		$	21,188		$	27,292
Net expenses		2.20	%(g)(h)		2.12	%		2.11	%		2.10	%		2.10	%		2.12	%
Gross expenses		2.21	%(g)		2.12	%		2.11	%		2.10	%		2.10	%		2.12	%
Net investment loss		(0.61	)%(g)		(0.83	)%		(0.79	)%		(0.64	)%		(0.48	)%(b)		(1.02	)%
Portfolio turnover rate		33	%		70	%		92	%		74	%		62	%		58	%

(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.

See accompanying notes to financial statements.

| 64

Financial Highlights (continued)

For a share outstanding throughout each period.


	Vaughan Nelson Small Cap Value Fund—Class N
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	13.08		$	19.37		$	19.55

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04			0.08			0.07
Net realized and unrealized gain (loss)		2.37			(2.86	)		1.35

Total from Investment Operations		2.41			(2.78	)		1.42

LESS DISTRIBUTIONS FROM:
Net investment income		(0.01	)		(0.03	)		(0.02	)
Net realized capital gains		—			(3.48	)		(1.58	)

Total Distributions		(0.01	)		(3.51	)		(1.60	)

Net asset value, end of the period	$	15.48		$	13.08		$	19.37

Total return(b)		18.51	%(c)		(14.48	)%		7.17	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1		$	1		$	1
Net expenses(d)		1.10	%(e)		0.96	%		0.96	%(e)
Gross expenses		14.85	%(e)		15.17	%		14.68	%(e)
Net investment income		0.55	%(e)		0.43	%		0.56	%(e)
Portfolio turnover rate		33	%		70	%		92	%(f)

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

See accompanying notes to financial statements.

65 |

Financial Highlights (continued)

For a share outstanding throughout each period.



	Vaughan Nelson Small Cap Value Fund—Class Y
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	13.08		$	19.37		$	20.36		$	18.21		$	21.13		$	22.73

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.03			0.04			0.05			0.07			0.11	(b)		(0.00	)(c)
Net realized and unrealized gain (loss)		2.37			(2.84	)		1.25			3.59			(0.07	)		1.98

Total from Investment Operations		2.40			(2.80	)		1.30			3.66			0.04			1.98

LESS DISTRIBUTIONS FROM:
Net investment income		(0.01	)		(0.01	)		(0.01	)		(0.06	)		(0.10	)		—
Net realized capital gains		—			(3.48	)		(2.28	)		(1.45	)		(2.86	)		(3.58	)

Total Distributions		(0.01	)		(3.49	)		(2.29	)		(1.51	)		(2.96	)		(3.58	)

Net asset value, end of the period	$	15.47		$	13.08		$	19.37		$	20.36		$	18.21		$	21.13

Total return		18.36	%(d)(e)		(14.61	)%		6.60	%		20.53	%		(0.05	)%(b)		9.04	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	52,323		$	58,538		$	176,940		$	183,145		$	179,322		$	176,905
Net expenses		1.20	%(f)(g)		1.12	%		1.11	%		1.10	%		1.10	%		1.12	%
Gross expenses		1.21	%(g)		1.12	%		1.11	%		1.10	%		1.10	%		1.12	%
Net investment income (loss)		0.44	%(g)		0.22	%		0.23	%		0.36	%		0.50	%(b)		(0.01	)%
Portfolio turnover rate		33	%		70	%		92	%		74	%		62	%		58	%

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

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

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

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

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

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

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

See accompanying notes to financial statements.

| 66

Financial Highlights (continued)

For a share outstanding throughout each period.



	Vaughan Nelson Value Opportunity Fund—Class A
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	17.37		$	22.65		$	20.55		$	20.04		$	21.29		$	20.63

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.02			0.09			0.17	(b)		0.07			0.03	(c)		(0.08	)
Net realized and unrealized gain (loss)		3.44			(3.71	)		2.48			1.05			(0.79	)		2.31

Total from Investment Operations		3.46			(3.62	)		2.65			1.12			(0.76	)		2.23

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(d)		(0.15	)		(0.18	)		(0.05	)		(0.02	)		—
Net realized capital gains		—			(1.51	)		(0.37	)		(0.56	)		(0.47	)		(1.57	)

Total Distributions		(0.00	)		(1.66	)		(0.55	)		(0.61	)		(0.49	)		(1.57	)

Net asset value, end of the period	$	20.83		$	17.37		$	22.65		$	20.55		$	20.04		$	21.29

Total return(e)		19.93	%(f)(g)		(16.10	)%		12.93	%(b)		5.85	%		(3.66	)%(c)		10.92	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	23,022		$	43,769		$	67,186		$	87,536		$	142,833		$	73,237
Net expenses		1.29	%(h)(i)(j)		1.24	%		1.22	%		1.23	%		1.23	%		1.25	%
Gross expenses		1.30	%(i)(j)		1.24	%		1.22	%		1.23	%		1.23	%		1.25	%
Net investment income (loss)		0.18	%(i)		0.42	%		0.77	%(b)		0.35	%		0.16	%(c)		(0.37	)%
Portfolio turnover rate		25	%		44	%		42	%		57	%		32	%		58	%

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

(b)	Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.09, 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)	Amount rounds to less than $0.01 per share.

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

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

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

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

(j)	Includes interest expense of 0.03%. Without this expense the ratio of net expenses would have been 1.26% and the ratio of gross expenses would have been 1.27%.

See accompanying notes to financial statements.

67 |

Financial Highlights (continued)

For a share outstanding throughout each period.



	Vaughan Nelson Value Opportunity Fund—Class C
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	16.43		$	21.50		$	19.51		$	19.16		$	20.51		$	20.07

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.03	)		(0.08	)		0.00	(b)(c)		(0.07	)		(0.13	)(d)		(0.23	)
Net realized and unrealized gain (loss)		3.23			(3.48	)		2.36			0.98			(0.75	)		2.24

Total from Investment Operations		3.20			(3.56	)		2.36			0.91			(0.88	)		2.01

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(b)		—			—			(0.00	)(b)		—			—
Net realized capital gains		—			(1.51	)		(0.37	)		(0.56	)		(0.47	)		(1.57	)

Total Distributions		(0.00	)		(1.51	)		(0.37	)		(0.56	)		(0.47	)		(1.57	)

Net asset value, end of the period	$	19.63		$	16.43		$	21.50		$	19.51		$	19.16		$	20.51

Total return(e)		19.49	%(f)		(16.71	)%		12.11	%(c)		5.03	%		(4.39	)%(d)		10.12	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	24,269		$	23,967		$	47,559		$	68,923		$	89,284		$	35,894
Net expenses		2.03	%(g)(h)		1.98	%		1.97	%		1.98	%		1.98	%		2.00	%
Gross expenses		2.03	%(g)(h)		1.98	%		1.97	%		1.98	%		1.98	%		2.00	%
Net investment income (loss)		(0.36	)%(g)		(0.36	)%		0.00	%(c)(i)		(0.38	)%		(0.61	)%(d)		(1.10	)%
Portfolio turnover rate		25	%		44	%		42	%		57	%		32	%		58	%

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

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

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

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

(h)	Includes interest expense of 0.01%. Without this expense the ratio of net expenses would have been 2.02% and the ratio of gross expenses would have been 2.02%.

(i)	Amount rounds to less than 0.01%.

See accompanying notes to financial statements.

| 68

Financial Highlights (continued)

For a share outstanding throughout each period.



	Vaughan Nelson Value Opportunity Fund—Class N
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	17.54		$	22.87		$	20.75		$	20.26		$	21.50		$	20.76

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.07			0.17			0.25	(b)		0.16			0.11	(c)		(0.00	)(d)
Net realized and unrealized gain (loss)		3.46			(3.75	)		2.51			1.04			(0.81	)		2.31

Total from Investment Operations		3.53			(3.58	)		2.76			1.20			(0.70	)		2.31

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(d)		(0.24	)		(0.27	)		(0.15	)		(0.07	)		—
Net realized capital gains		—			(1.51	)		(0.37	)		(0.56	)		(0.47	)		(1.57	)

Total Distributions		(0.00	)		(1.75	)		(0.64	)		(0.71	)		(0.54	)		(1.57	)

Net asset value, end of the period	$	21.07		$	17.54		$	22.87		$	20.75		$	20.26		$	21.50

Total return		20.14	%(e)		(15.78	)%		13.31	%(b)		6.21	%		(3.35	)%(c)		11.24	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	66,584		$	70,902		$	134,205		$	148,365		$	65,010		$	12,024
Net expenses		0.93	%(f)(g)		0.88	%		0.88	%		0.88	%		0.89	%		0.91	%(h)
Gross expenses		0.93	%(f)(g)		0.88	%		0.88	%		0.88	%		0.89	%		0.91	%(h)
Net investment income (loss)		0.72	%(f)		0.76	%		1.16	%(b)		0.78	%		0.50	%(c)		(0.00	)%(i)
Portfolio turnover rate		25	%		44	%		42	%		57	%		32	%		58	%

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

(b)	Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.17, 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)	Amount rounds to less than $0.01 per share.

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

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

(g)	Includes interest expense of 0.02%. Without this expense the ratio of net expenses would have been 0.91% and the ratio of gross expenses would have been 0.91%.

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

(i)	Amount rounds to less than 0.01%.

See accompanying notes to financial statements.

69 |

Financial Highlights (continued)

For a share outstanding throughout each period.



	Vaughan Nelson Value Opportunity Fund—Class Y
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	17.57		$	22.89		$	20.77		$	20.27		$	21.52		$	20.78

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.06			0.15			0.23	(b)		0.12			0.09	(c)		(0.02	)
Net realized and unrealized gain (loss)		3.46			(3.75	)		2.51			1.07			(0.82	)		2.33

Total from Investment Operations		3.52			(3.60	)		2.74			1.19			(0.73	)		2.31

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(d)		(0.21	)		(0.25	)		(0.13	)		(0.05	)		—
Net realized capital gains		—			(1.51	)		(0.37	)		(0.56	)		(0.47	)		(1.57	)

Total Distributions		(0.00	)		(1.72	)		(0.62	)		(0.69	)		(0.52	)		(1.57	)

Net asset value, end of the period	$	21.09		$	17.57		$	22.89		$	20.77		$	20.27		$	21.52

Total return		20.04	%(e)		(15.85	)%		13.19	%(b)		6.14	%		(3.47	)%(c)		11.23	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	290,383		$	453,085		$	774,304		$	903,545		$	1,133,634		$	656,071
Net expenses		1.03	%(f)(g)		0.99	%		0.97	%		0.98	%		0.98	%		1.00	%
Gross expenses		1.03	%(f)(g)		0.99	%		0.97	%		0.98	%		0.98	%		1.00	%
Net investment income (loss)		0.59	%(f)		0.66	%		1.04	%(b)		0.62	%		0.39	%(c)		(0.10	)%
Portfolio turnover rate		25	%		44	%		42	%		57	%		32	%		58	%

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

(b)	Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.15, 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)	Amount rounds to less than $0.01 per share.

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

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

(g)	Includes interest expense of 0.02%. Without this expense the ratio of net expenses would have been 1.01% and the ratio of gross expenses would have been 1.02%.

See accompanying notes to financial statements.

| 70

Notes to Financial Statements

June 30, 2019 (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:

Loomis Sayles Intermediate Municipal Bond Fund (formerly McDonnell Intermediate Municipal Bond Fund) (the “Intermediate Municipal Bond Fund”)

Natixis Oakmark Fund

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

Each Fund is a diversified investment company.

Each Fund offers Class A shares, Class C shares and Class Y shares. Natixis Oakmark Fund, Natixis Oakmark International Fund, Small Cap Value Fund and Value Opportunity Fund also offer Class N shares.

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

Class A shares are sold with a maximum front-end sales charge of 3.00% for Intermediate Municipal Bond Fund and 5.75% for Natixis Oakmark Fund, Natixis Oakmark International Fund, Small Cap Value Fund and Value Opportunity 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 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

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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 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.

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:

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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

As of June 30, 2019, securities held by Natixis Oakmark International Fund were fair valued as follows:


Equity securities¹	Percentage of Net Assets
$583,171,039		89.0	%

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,

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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. 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.

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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, 2019 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.

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

f. Dividends and Distributions to Shareholders. Dividends and distributions are recorded on 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 taxable over-distribution, capital gains taxes, deferred Trustees’ fees, distribution redesignations and foreign currency gains and losses. Permanent book and tax basis differences relating to shareholder distributions, net investment income and net realized gains will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, wash sales, forward foreign currency contract mark-to-market and return of capital distributions received. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

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, 2018 was as follows:


	2018 Distributions Paid From:
Fund	Ordinary Income		Tax Exempt Income		Long-Term Capital Gains		Total
Intermediate Municipal Bond Fund	$	5,716	$	662,720	$	—	$	668,436
Natixis Oakmark Fund		2,211,730		—		25,432,306		27,644,036
Natixis Oakmark International Fund		16,730,811		—		14,047,101		30,777,912
Small Cap Value Fund		6,205,741		—		27,906,818		34,112,559
Value Opportunity Fund		6,805,023		—		53,866,158		60,671,181

Distributions paid to shareholders from net investment income and net realized capital gains, based on accounting principles generally accepted in the United States of

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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, 2018, capital loss carryforwards and late-year ordinary and post-October capital loss deferrals were as follows:


	Intermediate Municipal Bond Fund			Natixis Oakmark Fund			Natixis Oakmark International Fund			Small Cap Value Fund			Value Opportunity Fund
Capital loss carryforward:
Short-term:
No expiration date	$	(684,217	)	$	—		$	—		$	—		$	—

Late-year ordinary and post-October capital loss deferrals*	$	—		$	(3,155,958	)	$	(18,604,946	)	$	(1,651,386	)	$	(9,183,228	)

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

As of June 30, 2019, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:


	Intermediate Municipal Bond Fund		Natixis Oakmark Fund			Natixis Oakmark International Fund			Small Cap Value Fund			Value Opportunity Fund
Federal tax cost	$	18,478,982	$	272,822,070		$	758,324,949		$	114,662,724		$	346,776,442

Gross tax appreciation	$	1,161,763	$	60,144,747		$	23,085,595		$	15,847,169		$	67,591,152
Gross tax depreciation		—		(24,951,503	)		(128,664,620	)		(5,855,597	)		(9,872,036	)

Net tax appreciation (depreciation)	$	1,161,763	$	35,193,244		$	(105,579,025	)	$	9,991,572		$	57,719,116

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.

g. Repurchase Agreements. Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of June 30, 2019, 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, 2019, 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

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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;

•

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, 2019, at value:

Intermediate Municipal Bond Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes(a)	$	—	$	18,805,845	$	—	$	18,805,845
Exchange-Traded Funds		834,900		—		—		834,900

Total	$	834,900	$	18,805,845	$	—	$	19,640,745

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

For the six months ended June 30, 2019, there were no transfers among Levels 1, 2 and 3.

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

Natixis Oakmark Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	294,028,728	$	—	$	—	$	294,028,728
Short-Term Investments		—		13,986,586		—		13,986,586

Total	$	294,028,728	$	13,986,586	$	—	$	308,015,314

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

For the six months ended June 30, 2019, there were no transfers among Levels 1, 2 and 3.

Natixis Oakmark International Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	15,749,349	$	—	$	15,749,349
France		—		78,357,992		—		78,357,992
Germany		—		112,933,957		—		112,933,957
India		—		1,897,889		—		1,897,889
Indonesia		—		6,383,991		—		6,383,991
Italy		—		23,936,943		—		23,936,943
Japan		—		29,841,156		—		29,841,156
Korea		—		22,845,957		—		22,845,957
Netherlands		—		27,431,922		—		27,431,922
South Africa		—		12,716,100		—		12,716,100
Sweden		—		42,069,195		—		42,069,195
Switzerland		—		73,904,048		—		73,904,048
Taiwan		—		6,944,726		—		6,944,726
United Kingdom		14,042,859		119,689,774		—		133,732,633
United States		4,535,093		8,468,040		—		13,003,133
All Other Common Stocks(a)		38,522,827		—		—		38,522,827

Total Common Stocks		57,100,779		583,171,039		—		640,271,818

Short-Term Investments		—		12,586,683		—		12,586,683

Total	$	57,100,779	$	595,757,722	$	—	$	652,858,501

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

Natixis Oakmark International Fund (continued)

Liability Valuation Inputs


Description	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(112,577	)	$	—	$	(112,577	)

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

For the six months ended June 30, 2019, there were no transfers among Levels 1, 2 and 3.

Small Cap Value Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	118,182,342	$	—	$	—	$	118,182,342
Exchange-Traded Funds		5,012,800		—		—		5,012,800
Closed-End Investment Companies		540,431		—		—		540,431
Short-Term Investments		—		918,723		—		918,723

Total	$	123,735,573	$	918,723	$	—	$	124,654,296

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

For the six months ended June 30, 2019, there were no transfers among Levels 1, 2 and 3.

Value Opportunity Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	382,539,293	$	—	$	—	$	382,539,293
Short-Term Investments		—		21,956,265		—		21,956,265

Total	$	382,539,293	$	21,956,265	$	—	$	404,495,558

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

For the six months ended June 30, 2019, there were no transfers among Levels 1, 2 and 3.

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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, 2019, 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, 2019, as reflected within the Statements of Assets and Liabilities:


Liabilities	Unrealized depreciation on forward foreign currency contracts
Over-the-counter asset derivatives
Foreign exchange contracts	$	(112,577	)

Transactions in derivative instruments for Natixis Oakmark International Fund during the six months ended June 30, 2019, as reflected within the Statements of Operations were as follows:


Net Realized Gain (Loss) on:		Forward foreign currency contracts
Foreign exchange contracts		$810,835

Net Change in Unrealized Appreciation (Depreciation) on:		Forward foreign currency contracts
Foreign exchange contracts		$(603,777)

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

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Notes to Financial Statements (continued)

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amounts outstanding during the period, including long and short positions at absolute value, was as follows for the six months ended June 30, 2019:


Natixis Oakmark International Fund		Forwards
Average Notional Amount Outstanding		3.39%
Highest Notional Amount Outstanding		4.16%
Lowest Notional Amount Outstanding		1.02%
Notional Amount Outstanding as of June 30, 2019		1.02%

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 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, 2019, 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	$	(112,577	)	$	—	$	(112,577	)

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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, 2019:


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, 2019, purchases and sales of securities (excluding short-term investments and U.S. Government/Agency securities and including paydowns) were as follows:


Fund	Purchases		Sales
Intermediate Municipal Bond Fund	$	845,780	$	2,656,431
Natixis Oakmark Fund		34,084,192		41,419,149
Natixis Oakmark International Fund		98,539,343		221,348,751
Small Cap Value Fund		42,675,538		67,662,115
Value Opportunity Fund		113,552,239		401,726,159

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 a management fee at the following annual rates, calculated daily and payable monthly, based on each Fund’s average daily net assets:


	Percentage of Average Daily Net Assets
Fund	First $200 million			Next $300 million			Next $500 million			Next $500 million			Next $500 million			Over $2 billion
Intermediate Municipal Bond Fund		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Natixis Oakmark Fund		0.70	%		0.65	%		0.60	%		0.60	%		0.60	%		0.60	%
Natixis Oakmark International Fund		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Small Cap Value Fund		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Value Opportunity Fund		0.80	%		0.80	%		0.80	%		0.80	%		0.75	%		0.75	%

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

Effective July 1, 2019, Natixis Oakmark International Fund pays a management fee at the annual rates of 0.85% of the first $150 million, 0.75% of the next $850 million and 0.70% in excess of $1 billion of the Fund’s average daily net assets, calculated daily and payable monthly.

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


Intermediate Municipal Bond Fund		Loomis, Sayles & Company, L.P. (“Loomis Sayles”)
Natixis Oakmark Fund		Harris Associates L.P. (“Harris”)
Natixis Oakmark International Fund		Harris
Small Cap Value Fund		Vaughan Nelson Investment Management, L.P. (“Vaughan Nelson”)
Value Opportunity Fund		Vaughan Nelson

Natixis Advisors, Harris and Vaughan Nelson are subsidiaries of Natixis Investment Managers, L.P. (“Natixis”), which is part of Natixis Investment Managers, an international asset management group based in Paris, France. Loomis Sayles is a limited partnership whose sole general partner, Loomis, Sayles & Company, Inc. is indirectly owned by Natixis.

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


		Percentage of Average Daily Net Assets
Fund	Subadviser	First $200 million			Next $1.3 billion			Over $1.5 billion
Intermediate Municipal Bond Fund	Loomis Sayles		0.20	%		0.20	%		0.20	%
Natixis Oakmark Fund	Harris		0.52	%		0.50	%		0.50	%
Natixis Oakmark International Fund	Harris		0.60	%		0.60	%		0.60	%
Small Cap Value Fund	Vaughan Nelson		0.55	%		0.55	%		0.55	%
Value Opportunity Fund	Vaughan Nelson		0.50	%		0.50	%		0.47	%

Prior to June 30, 2019, McDonnell Investment Management, LLC (“McDonnell”), which was owned by Loomis, Sayles & Company, Inc, was the sub-adviser to the Intermediate Municipal Bond Fund and was paid a subadvisory fee at the same rates.

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

Effective July 1, 2019, Natixis Oakmark International Fund has agreed to pay its subadviser a subadvisory fee at the following annual rates, calculated daily and payable monthly, based on the Fund’s average daily net assets:


		Percentage of Average Daily Net Assets
Fund	Subadviser	First $150 million			Next $850 million			Over $1 billion
Natixis Oakmark International Fund	Harris		0.60	%		0.50	%		0.45	%

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, 2020, 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, 2019 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
Intermediate Municipal Bond Fund		0.70	%		1.45	%		—			0.45	%
Natixis Oakmark Fund		1.30	%		2.05	%		1.00	%		1.05	%
Natixis Oakmark International Fund		1.45	%		2.20	%		1.15	%		1.20	%
Small Cap Value Fund		1.45	%		2.20	%		1.15	%		1.20	%
Value Opportunity Fund		1.40	%		2.15	%		1.10	%		1.15	%

Effective July 1, 2019, the expense limits as a percentage of average daily net assets under the expense limitation agreements for Natixis Oakmark International Fund, Small Cap Value Fund and Value Opportunity 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		1.37	%		2.12	%		1.07	%		1.12	%
Small Cap Value Fund		1.34	%		2.09	%		1.04	%		1.09	%
Value Opportunity Fund		1.20	%		1.95	%		0.90	%		0.95	%

| 86

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

These new undertakings are in effect until April 30, 2021, 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, 2019, 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
Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Gross			Net
Intermediate Municipal Bond Fund	$	41,571	$	41,571	$	—		0.40	%		—	%
Natixis Oakmark Fund		1,039,863		—		1,039,863		0.68	%		0.68	%
Natixis Oakmark International Fund		2,943,166		—		2,943,166		0.85	%		0.85	%
Small Cap Value Fund		601,258		6,499		594,759		0.90	%		0.89	%
Value Opportunity Fund		1,810,743		—		1,810,743		0.80	%		0.80	%

¹	Management fee waivers are subject to possible recovery until December 31, 2020.

For the six months ended June 30, 2019, expenses have been reimbursed as follows:


Fund	Reimbursement
Intermediate Municipal Bond Fund	$	90,898

No expenses were recovered during the six months ended June 30, 2019 under the terms of the expense limitation agreement.

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

87 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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.

For the six months ended June 30, 2019, the service and distribution fees for each Fund were as follows:


	Service Fees				Distribution Fees
Fund	Class A		Class C		Class C
Intermediate Municipal Bond Fund	$	7,847	$	1,911	$	5,732
Natixis Oakmark Fund		224,806		73,009		219,028
Natixis Oakmark International Fund		318,081		271,346		814,037
Small Cap Value Fund		89,434		3,816		11,447
Value Opportunity Fund		36,069		31,073		93,219

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 0.0575% 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.

| 88

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

For the six months ended June 30, 2019, the administrative fees for each Fund were as follows:


Fund	Administrative Fees		Waiver of Administrative Fees		Net Administrative Fees
Intermediate Municipal Bond Fund	$	4,618	$	110	$	4,508
Natixis Oakmark Fund		67,668		1,608		66,060
Natixis Oakmark International Fund		153,825		3,659		150,166
Small Cap Value Fund		29,679		706		28,973
Value Opportunity Fund		100,595		2,398		98,197

89 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

For the six months ended June 30, 2019, 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
Intermediate Municipal Bond Fund	$	2,175
Natixis Oakmark Fund		67,827
Natixis Oakmark International Fund		316,963
Small Cap Value Fund		46,463
Value Opportunity Fund		174,889


Fund	Reimbursements of Sub-Transfer Agent Fees
Intermediate Municipal Bond Fund	$	55
Natixis Oakmark Fund		1,710
Natixis Oakmark International Fund		8,366
Small Cap Value Fund		1,183
Value Opportunity Fund		4,329

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, 2019, were as follows:


Fund	Commissions
Intermediate Municipal Bond Fund	$	178
Natixis Oakmark Fund		29,996
Natixis Oakmark International Fund		45,056
Small Cap Value Fund		587
Value Opportunity Fund		1,277

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 $360,000. 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

| 90

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

aggregate, a retainer fee at the annual rate of $190,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee and the chairperson of the Audit Committee each receive an additional retainer fee at the annual rate of $20,000. The chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $15,000. 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.

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, 2019, Natixis and affiliates held shares of Natixis Oakmark Fund and Small Cap Value Fund representing less than 0.01% of each Funds’ net assets and Intermediate Municipal Bond Fund representing 2.01% of the Fund’s net assets. Investment activities of affiliated shareholders could have material impacts on the Funds.

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, 2020 and is not subject to recovery under the expense limitation agreement described above.

91 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

For the six months ended June 30, 2019, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:


	Reimbursement of Transfer Agency Expenses
Fund	Class N
Natixis Oakmark Fund	$	76
Natixis Oakmark International Fund		106
Small Cap Value Fund		72

7. Class-Specific Transfer Agent Fees and Expenses. Transfer agent fees and expenses for Natixis Oakmark Fund, Natixis Oakmark International Fund, Small Cap Value Fund and Value Opportunity Fund 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.

Intermediate Municipal Bond Fund allocates transfer agent fees and expenses on a pro rata basis based on the relative net assets of each class to the total net assets of those classes.

For the six months ended June 30, 2019, Natixis Oakmark Fund, Natixis Oakmark International Fund, Small Cap Value Fund and Value Opportunity Fund 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	$	78,330	$	25,442	$	76	$	28,768
Natixis Oakmark International Fund		128,205		108,859		106		110,255
Small Cap Value Fund		41,068		1,755		72		33,971
Value Opportunity Fund		15,810		12,902		220		172,367

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

| 92

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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 as 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, 2019, Value Opportunity Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $108,471,250 at a weighted average interest rate of 3.51%. Interest expense incurred was $42,294.

9. Interest Expense. The Funds may incur interest expense on cash overdrafts at the custodian or from use of the line of credit. Interest expense incurred for the six months ended June 30, 2019 is reflected on the Statement of Operations.

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

11. Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of June 30, 2019, 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
Intermediate Municipal Bond Fund		4		34.55	%
Value Opportunity Fund		1		17.47	%

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.

93 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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


	Six Months Ended June 30, 2019					Year Ended December 31, 2018
Intermediate Municipal Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	109,907		$	1,116,143		275,455		$	2,764,015
Issued in connection with the reinvestment of distributions	6,087			61,928		12,617			125,269
Redeemed	(51,876	)		(526,677	)	(274,616	)		(2,717,698	)

Net change	64,118		$	651,394		13,456		$	171,586

Class C
Issued from the sale of shares	17,912		$	183,711		10,557		$	105,987
Issued in connection with the reinvestment of distributions	514			5,230		1,243			12,351
Redeemed	(40,282	)		(407,933	)	(79,290	)		(790,619	)

Net change	(21,856	)	$	(218,992	)	(67,490	)	$	(672,281	)

Class Y
Issued from the sale of shares	62,409		$	633,467		422,343		$	4,210,756
Issued in connection with the reinvestment of distributions	8,263			84,122		14,182			141,017
Redeemed	(378,184	)		(3,834,897	)	(1,826,504	)		(18,225,145	)

Net change	(307,512	)	$	(3,117,308	)	(1,389,979	)	$	(13,873,372	)

Decrease from capital share transactions	(265,250	)	$	(2,684,906	)	(1,444,013	)	$	(14,374,067	)

| 94

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

12. Capital Shares (continued).


	Six Months Ended June 30, 2019					Year Ended December 31, 2018
Natixis Oakmark Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	203,406		$	4,390,768		1,710,227		$	42,259,538
Issued in connection with the reinvestment of distributions	368,563			7,968,348		759,153			15,279,946
Redeemed	(612,822	)		(13,142,247	)	(2,242,255	)		(53,142,329	)

Net change	(40,853	)	$	(783,131	)	227,125		$	4,397,155

Class C
Issued from the sale of shares	301,651		$	5,541,988		1,327,534		$	27,139,192
Issued in connection with the reinvestment of distributions	148,285			2,718,062		277,335			4,799,814
Redeemed	(524,770	)		(9,571,242	)	(1,273,226	)		(26,235,921	)

Net change	(74,834	)	$	(1,311,192	)	331,643		$	5,703,085

Class N
Issued from the sale of shares	—		$	—		386		$	10,194
Issued in connection with the reinvestment of distributions	21			492		38			783

Net change	21		$	492		424		$	10,977

Class Y
Issued from the sale of shares	882,451		$	20,258,361		2,241,985		$	58,092,396
Issued in connection with the reinvestment of distributions	113,410			2,588,016		190,395			4,001,696
Redeemed	(611,675	)		(13,886,795	)	(1,730,567	)		(42,663,771	)

Net change	384,186		$	8,959,582		701,813		$	19,430,321

Increase from capital share transactions	268,520		$	6,865,751		1,261,005		$	29,541,538

95 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

12. Capital Shares (continued).


	Six Months Ended June 30, 2019					Year Ended December 31, 2018
Natixis Oakmark International Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	1,864,854		$	23,048,746		8,614,434		$	129,879,929
Issued in connection with the reinvestment of distributions	—			—		995,963			10,965,551
Redeemed	(6,250,666	)		(77,024,582	)	(25,557,109	)		(364,431,088	)

Net change	(4,385,812	)	$	(53,975,836	)	(15,946,712	)	$	(223,585,608	)

Class C
Issued from the sale of shares	836,053		$	10,140,860		4,347,532		$	64,671,210
Issued in connection with the reinvestment of distributions	—			—		567,617			6,152,971
Redeemed	(3,394,153	)		(41,351,489	)	(9,503,667	)		(126,163,655	)

Net change	(2,558,100	)	$	(31,210,629	)	(4,588,518	)	$	(55,339,474	)

Class N
Issued from the sale of shares	3,178		$	39,783		92,040		$	1,342,548
Issued in connection with the reinvestment of distributions	—			—		3,315			36,370
Redeemed	(41,916	)		(523,125	)	(28,097	)		(387,970	)

Net change	(38,738	)	$	(483,342	)	67,258		$	990,948

Class Y
Issued from the sale of shares	2,538,866		$	31,329,114		18,731,471		$	276,949,870
Issued in connection with the reinvestment of distributions	—			—		965,209			10,588,341
Redeemed	(4,888,962	)		(60,519,882	)	(11,681,703	)		(157,478,079	)

Net change	(2,350,096	)	$	(29,190,768	)	8,014,977		$	130,060,132

Decrease from capital share transactions	(9,332,746	)	$	(114,860,575	)	(12,452,995	)	$	(147,874,002	)

| 96

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

12. Capital Shares (continued).


	Six Months Ended June 30, 2019					Year Ended December 31, 2018
Small Cap Value Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	182,740		$	2,629,439		712,683		$	12,873,039
Issued in connection with the reinvestment of distributions	3,541			52,222		1,087,949			14,101,401
Redeemed	(732,796	)		(10,486,719	)	(1,494,118	)		(27,125,775	)

Net change	(546,515	)	$	(7,805,058	)	306,514		$	(151,335	)

Class C
Issued from the sale of shares	9,046		$	64,711		67,032		$	586,716
Issued in connection with the reinvestment of distributions	481			3,624		201,322			1,524,443
Redeemed	(258,287	)		(1,894,914	)	(1,075,636	)		(12,147,004	)

Net change	(248,760	)	$	(1,826,579	)	(807,282	)	$	(10,035,845	)

Class N
Issued from the sale of shares	—		$	—		—		$	—
Issued in connection with the reinvestment of distributions	—	(a)		1		15			200

Net change	—		$	1		15		$	200

Class Y
Issued from the sale of shares	173,759		$	2,571,666		441,361		$	8,044,129
Issued in connection with the reinvestment of distributions	2,781			42,942		1,132,316			15,826,362
Redeemed	(1,271,362	)		(19,080,550	)	(6,233,772	)		(112,747,613	)

Net change	(1,094,822	)	$	(16,465,942	)	(4,660,095	)	$	(88,877,122	)

Decrease from capital share transactions	(1,890,097	)	$	(26,097,578	)	(5,160,848	)	$	(99,064,102	)

(a)	Amount rounds to less than one share.

97 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

12. Capital Shares (continued).


	Six Months Ended June 30, 2019					Year Ended December 31, 2018
Value Opportunity Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	228,770		$	4,129,655		495,715		$	10,630,321
Issued in connection with the reinvestment of distributions	94			1,895		171,431			3,074,190
Redeemed	(1,642,973	)		(31,832,503	)	(1,114,049	)		(23,838,889	)

Net change	(1,414,109	)	$	(27,700,953	)	(446,903	)	$	(10,134,378	)

Class C
Issued from the sale of shares	22,450		$	417,992		74,034		$	1,500,519
Issued in connection with the reinvestment of distributions	103			1,967		121,282			2,078,925
Redeemed	(244,920	)		(4,583,054	)	(948,504	)		(19,327,431	)

Net change	(222,367	)	$	(4,163,095	)	(753,188	)	$	(15,747,987	)

Class N
Issued from the sale of shares	196,980		$	3,950,336		1,690,373		$	38,824,913
Issued in connection with the reinvestment of distributions	310			6,349		369,511			6,683,144
Redeemed	(1,079,794	)		(21,980,922	)	(3,884,820	)		(89,963,901	)

Net change	(882,504	)	$	(18,024,237	)	(1,824,936	)	$	(44,455,844	)

Class Y
Issued from the sale of shares	1,017,203		$	20,066,952		7,576,178		$	168,906,227
Issued in connection with the reinvestment of distributions	1,163			23,799		2,423,432			44,084,799
Redeemed	(13,043,795	)		(251,263,624	)	(18,028,194	)		(386,667,770	)

Net change	(12,025,429	)	$	(231,172,873	)	(8,028,584	)	$	(173,676,744	)

Decrease from capital share transactions	(14,544,409	)	$	(281,061,158	)	(11,053,611	)	$	(244,014,953	)

| 98

Special Meeting of Shareholders. (Unaudited)

A special meeting of shareholders of the Intermediate Municipal Bond Fund was held on June 19, 2019 to approve a new subadvisory agreement between Natixis Funds Trust II on behalf of the Fund, Natixis Advisors and Loomis Sayles. The proposal was approved by shareholders of the Fund. The results of the shareholder vote were as follows:

Loomis Sayles Intermediate Municipal Bond Fund


Voted “FOR”	Withheld
1,289,184.986		3,931.000

This page not part of shareholder report

NATIXIS FUNDS

LOOMIS SAYLES FUNDS


AEW Real Estate Fund		Mirova International Sustainable Equity Fund
ASG Global Alternatives Fund		Natixis Oakmark Fund
ASG Managed Futures Strategy Fund		Natixis Oakmark International Fund
Gateway Fund		Natixis Sustainable Future 2015 Fund^SM
Gateway Equity Call Premium Fund		Natixis Sustainable Future 2020 Fund^SM
Loomis Sayles Global Allocation Fund		Natixis Sustainable Future 2025 Fund^SM
Loomis Sayles Global Growth Fund		Natixis Sustainable Future 2030 Fund^SM
Loomis Sayles Growth Fund		Natixis Sustainable Future 2035 Fund^SM
Loomis Sayles High Income Fund		Natixis Sustainable Future 2040 Fund^SM
Loomis Sayles Intermediate Duration Bond Fund		Natixis Sustainable Future 2045 Fund^SM
Loomis Sayles Investment Grade Bond Fund		Natixis Sustainable Future 2050 Fund^SM
Loomis Sayles Limited Term Government and Agency Fund		Natixis Sustainable Future 2055 Fund^SM
Loomis Sayles Multi-Asset Income Fund		Natixis Sustainable Future 2060 Fund^SM
Loomis Sayles Senior Floating Rate and Fixed Income Fund		Natixis U.S. Equity Opportunities Fund
Loomis Sayles Strategic Alpha Fund		Vaughan Nelson Select Fund
Loomis Sayles Strategic Income Fund		Vaughan Nelson Small Cap Value Fund
Mirova Global Green Bond Fund		Vaughan Nelson Value Opportunity Fund
Mirova Global Sustainable Equity Fund

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Loomis Sayles Multi-Asset Income Fund

Mirova Global Sustainable Equity Fund

Natixis Oakmark Fund

Natixis Oakmark International Fund

Natixis U.S. Equity Opportunities Fund

(each a “Fund”)

Supplement dated May 23, 2019 to the Natixis Funds Prospectus and Summary Prospectuses, each dated May 1, 2019, as may be revised and supplemented from time to time.

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MCDONNELL INTERMEDIATE MUNICIPAL BOND FUND

Supplement dated June 21, 2019 to the Prospectus, Summary Prospectus and Statement of Additional Information of the McDonnell Intermediate Municipal Bond Fund (the “Fund”), each dated May 1, 2019, as may be revised and supplemented from time to time.

On June 19, 2019, the Shareholders of the Fund approved a new sub-advisory agreement with Loomis, Sayles & Company, L.P. (“Loomis Sayles”).

Effective June 30, 2019, Loomis Sayles is the new Sub-Adviser to the Fund. Therefore, all references to McDonnell Investment Management, LLC (“McDonnell”) are hereby replaced with Loomis Sayles.

Additionally, effective June 30, 2019, the Fund’s name is changed to Loomis Sayles Intermediate Municipal Bond Fund.

The Fund’s principal investment strategies, portfolio managers and advisory fee rate will remain the same.

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NATIXIS FUNDS

Supplement dated June 28, 2019 to the Natixis Funds Prospectuses and Summary Prospectuses, each dated May 1, 2019, as may be revised or supplemented from time to time, for the following funds:

NATIXIS OAKMARK INTERNATIONAL FUND

(the “Fund”)

Effective July 1, 2019, the Fund’s Board of Trustees approved a proposal to revise the advisory fee rate from 0.85% on all assets to 0.85% on the first $150 million in assets, 0.75% on the next $850 million in assets and 0.70% on assets thereafter. Additionally, the Fund’s Board of Trustees approved a proposal to revise the sub-advisory fee rate from 0.60% on all assets to 0.60% on the first $150 million in assets, 0.50% on the next $850 million in assets and 0.45% on assets thereafter. In addition, effective July 1, 2019, Natixis Advisors, L.P. has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 1.37%, 2.12%, 1.07%, 1.37% and 1.12% of the Fund’s average daily net assets for Class A, C, N, T and Y shares, respectively, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, substitute dividend expenses on securities sold short, taxes, and organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through April 30, 2021.

Accordingly, the Annual Fund Operating Expenses table and the Example table within the section “Fund Fees & Expenses” are amended and restated as follows with respect to the Fund:

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)


	Class A			Class C			Class N			Class T			Class Y
Management fees¹		0.76	%		0.76	%		0.76	%		0.76	%		0.76	%
Distribution and/or service (12b-1) fees		0.25	%		1.00	%		0.00	%		0.25	%		0.00	%
Other expenses²		0.20	%		0.21	%		0.16	%		0.20	%³		0.21	%
Total annual fund operating expenses		1.21	%		1.97	%		0.92	%		1.21	%		0.97	%
Fee waiver and/or expense reimbursement^4,5		0.00	%		0.00	%		0.03	%		0.00	%		0.00	%
Total annual fund operating expenses after fee waiver and/or expense reimbursement		1.21	%		1.97	%		0.89	%		1.21	%		0.97	%

1	The Fund’s operating expenses have been restated to reflect a reduction in management fees, effective July 1, 2019.

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2	Other expenses have been restated to reflect current custodian fees for the Fund effective October 1, 2018.

3	Other expenses are estimated for the current fiscal year.

The Fund’s investment adviser has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 1.37%, 2.12%, 1.07%, 1.37% and 1.12% of the Fund’s average daily net assets for Class A, C, N, T and Y shares, respectively, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, substitute dividend expenses on securities sold short, taxes, and organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through April 30, 2021 and may be terminated before then only with the consent of the Fund’s Board of Trustees. The Fund’s investment adviser will be permitted to recover, on a class by class basis, management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below the applicable expense limitations for Class A, C, N, T and Y shares. The Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods (except where indicated). The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the example for Class N is based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement assuming that such waivers and/or reimbursements will only be in place through the dates noted above and on the Total Annual Fund Operating Expenses for the remaining periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


If shares are redeemed:
	1 year		3 years		5 years		10 years
Class A	$	691	$	937	$	1,202	$	1,957
Class C	$	300	$	618	$	1,062	$	2,296
Class N	$	91	$	290	$	506	$	1,128
Class T	$	370	$	624	$	898	$	1,679
Class Y	$	99	$	309	$	536	$	1,190

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If shares are not redeemed:
	1 year		3 years		5 years		10 years
Class C	$	200	$	618	$	1,062	$	2,296

VAUGHAN NELSON SMALL CAP VALUE FUND

(the “Fund”)

Effective July 1, 2019, Natixis Advisors, L.P. has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 1.34%, 2.09%, 1.04%, 1.34% and 1.09% of the Fund’s average daily net assets for Class A, C, N, T and Y shares, respectively, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, substitute dividend expenses on securities sold short, taxes, and organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through April 30, 2021.

Accordingly, the Annual Fund Operating Expenses table and the Example table within the section “Fund Fees & Expenses” are amended and restated as follows with respect to the Fund:

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)


	Class A			Class C			Class N			Class T			Class Y
Management fees		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Distribution and/or service (12b-1) fees		0.25	%		1.00	%		0.00	%		0.25	%		0.00	%
Other expenses		0.23	%		0.22	%		14.27	%		0.23	%¹		0.22	%
Acquired Fund Fees and Expenses²		0.12	%		0.12	%		0.12	%		0.12	%		0.12	%
Total annual fund operating expenses		1.50	%		2.24	%		15.29	%		1.50	%		1.24	%
Fee waiver and/or expense reimbursement^3,4		0.04	%		0.03	%		14.21	%		0.04	%		0.03	%
Total annual fund operating expenses after fee waiver and/or expense reimbursement		1.46	%		2.21	%		1.08	%		1.46	%		1.21	%

1	Other expenses are estimated for the current fiscal year.

2	The expense information shown in the table above differs from the expense information disclosed in the Fund’s financial highlights table because the financial highlights table reflects the operating expenses of the Fund and does not include acquired fund fees and expenses.

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The Fund’s investment adviser has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 1.34%, 2.09%, 1.04%, 1.34% and 1.09% of the Fund’s average daily net assets for Class A, C, N, T, and Y shares, respectively, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, substitute dividend expenses on securities sold short, taxes, and organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through April 30, 2021 and may be terminated before then only with the consent of the Fund’s Board of Trustees. The Fund’s investment adviser will be permitted to recover, on a class by class basis, management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below the applicable expense limitations for Class A, C, N, T, and Y shares. The Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

Example


If shares are redeemed:
	1 year		3 years		5 years		10 years
Class A	$	715	$	1,015	$	1,340	$	2,256
Class C	$	324	$	695	$	1,195	$	2,570
Class N	$	111	$	2,007	$	4,613	$	9,113
Class T	$	395	$	705	$	1,041	$	1,989
Class Y	$	123	$	388	$	676	$	1,495

If shares are not redeemed:
	1 year		3 years		5 years		10 years
Class C	$	224	$	695	$	1,195	$	2,570

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VAUGHAN NELSON VALUE OPPORTUNITY FUND

(the “Fund”)

Effective July 1, 2019, Natixis Advisors, L.P. has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 1.20%, 1.95%, 0.90%, 1.20% and 0.95% of the Fund’s average daily net assets for Class A, C, N, T and Y shares, respectively, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, substitute dividend expenses on securities sold short, taxes, and organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through April 30, 2021.

Accordingly, the Annual Fund Operating Expenses table and the Example table within the section “Fund Fees & Expenses” are amended and restated as follows with respect to the Fund:

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)


	Class A			Class C			Class N			Class T			Class Y
Management fees		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Distribution and/or service (12b-1) fees		0.25	%		1.00	%		0.00	%		0.25	%		0.00	%
Other expenses		0.19	%		0.18	%		0.08	%		0.19	%¹		0.19	%
Acquired Fund Fees and Expenses²		0.21	%		0.21	%		0.21	%		0.21	%		0.21	%
Total annual fund operating expenses		1.45	%		2.19	%		1.09	%		1.45	%		1.20	%
Fee waiver and/or expense reimbursement³		0.04	%		0.03	%		0.00	%		0.04	%		0.04	%
Total annual fund operating expenses after fee waiver and/or expense reimbursement		1.41	%		2.16	%		1.09	%		1.41	%		1.16	%

1	Other expenses are estimated for the current fiscal year.

2	The expense information shown in the table above differs from the expense information disclosed in the Fund’s financial highlights table because the financial highlights table reflects the operating expenses of the Fund and does not include acquired fund fees and expenses.

The Fund’s investment adviser has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 1.20%, 1.95%, 0.90%, 1.20% and 0.95% of the Fund’s average daily net assets for Class A, C, N, T and Y shares, respectively, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, substitute dividend expenses on securities sold short, taxes, and organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through April 30, 2021 and may be terminated

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before then only with the consent of the Fund’s Board of Trustees. The Fund’s investment adviser will be permitted to recover, on a class by class basis, management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below the applicable expense limitations for Class A, C, N, T and Y shares. The Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods (except where indicated). The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the example for Class A, C, T and Y shares is based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement assuming that such waivers and/or reimbursements will only be in place through the date noted above and on the Total Annual Fund Operating Expenses for the remaining periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


If shares are redeemed:
	1 year		3 years		5 years		10 years
Class A	$	710	$	1,000	$	1,315	$	2,204
Class C	$	319	$	680	$	1,169	$	2,519
Class N	$	111	$	347	$	601	$	1,329
Class T	$	390	$	690	$	1,015	$	1,936
Class Y	$	118	$	374	$	652	$	1,448

If shares are not redeemed:
	1 year		3 years		5 years		10 years
Class C	$	219	$	680	$	1,169	$	2,519

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ASG Dynamic Allocation Fund		McDonnell Intermediate Municipal Bond Fund
ASG Global Alternatives Fund		Mirova Global Green Bond Fund
ASG Managed Futures Strategy Fund		Mirova Global Sustainable Equity Fund
ASG Tactical U.S. Market Fund		Mirova International Sustainable Equity Fund
Gateway Equity Call Premium Fund		Natixis Oakmark Fund
Gateway Fund		Natixis Oakmark International Fund
Loomis Sayles High Income Fund		Natixis U.S. Equity Opportunities Fund
Loomis Sayles Investment Grade Bond Fund		Vaughan Nelson Small Cap Value Fund
Loomis Sayles Multi-Asset Income Fund		Vaughan Nelson Value Opportunity Fund
Loomis Sayles Strategic Alpha Fund

(each a “Fund”)

Effective July 1, 2019, the following is added to the Prospectus as “APPENDIX B — Financial Intermediary Specific Commissions & Investment Minimum Waivers”.

APPENDIX B — Financial Intermediary Specific Commissions & Investment Minimum Waivers

UBS Financial Services, Inc. (“UBS-FS”)

The initial and subsequent investment minimums for Class Y shares are waived for transactions through such brokerage platforms at UBS-FS.

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LOGO

Semiannual Report

June 30, 2019

Loomis Sayles Strategic Alpha Fund

Natixis U.S. Equity Opportunities Fund

Table of Contents



Portfolio Review			1

Portfolio of Investments			13

Financial Statements			51

Notes to Financial Statements			64

Shareholder Supplement (previously posted to the Fund’s website)			enclosed

IMPORTANT NOTICE TO SHAREHOLDERS

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, 2019⁴



															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		3.27	%		2.66	%		2.53	%		2.89	%	—	%		0.75	%		0.75	%

Class A (Inception 12/15/10)
NAV		3.04			2.41			2.27			2.64		—			1.00			1.00
With 4.25% Maximum Sales Charge		-1.37			-1.96			1.38			2.12		—

Class C (Inception 12/15/10)
NAV		2.75			1.70			1.50			1.86		—			1.75			1.75
With CDSC¹		1.75			0.71			1.50			1.86		—

Class N (Inception 5/1/17)
NAV		3.30			2.82			—			—		2.77			0.70			0.70

Comparative Performance
3-Month LIBOR²		1.42			2.59			1.12			0.79		1.98
3-Month LIBOR + 300 basis points³		2.93			5.71			4.19			3.86		5.08

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.

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NATIXIS U.S. EQUITY OPPORTUNITIES FUND



Managers		Symbols

Large Cap Value Segment		Class A NEFSX

Harris Associates L.P.		Class C NECCX

All Cap Growth Segment		Class 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, 2019⁴



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

Class Y (Inception 11/15/94)
NAV		20.47	%		8.46	%		12.31	%		16.58	%		—	%		0.91	%		0.91	%

Class A (Inception 7/7/94)
NAV		20.32			8.18			12.03			16.29			—			1.16			1.16
With 5.75% Maximum Sales Charge		13.41			1.97			10.71			15.61			—

Class C (Inception 7/7/94)
NAV		19.86			7.37			11.19			15.42			—			1.91			1.91
With CDSC¹		18.86			6.46			11.19			15.42			—

Class N (Inception 5/1/17)
NAV		20.54			8.57			—			—			13.75			13.35			0.76

Comparative Performance
S&P 500^® Index²		18.54			10.42			10.71			14.70			12.35
Russell 1000^® Index³		18.84			10.02			10.45			14.77			12.20

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.

Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000^® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000^® Index represents approximately 92% of the U.S. market and is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.

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

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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’ 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, 2019 through June 30, 2019. 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.

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LOOMIS SAYLES STRATEGIC ALPHA FUND	BEGINNING ACCOUNT VALUE 1/1/2019		ENDING ACCOUNT VALUE 6/30/2019		EXPENSES PAID DURING PERIOD* 1/1/2019 – 6/30/2019
Class A
Actual		$1,000.00		$1,030.40		$4.93
Hypothetical (5% return before expenses)		$1,000.00		$1,019.94		$4.91
Class C
Actual		$1,000.00		$1,027.50		$8.70
Hypothetical (5% return before expenses)		$1,000.00		$1,016.22		$8.65
Class N
Actual		$1,000.00		$1,033.00		$3.38
Hypothetical (5% return before expenses)		$1,000.00		$1,021.47		$3.36
Class Y
Actual		$1,000.00		$1,032.70		$3.68
Hypothetical (5% return before expenses)		$1,000.00		$1,021.18		$3.66

Expenses are equal to the Fund’s annualized expense ratio: 0.98%, 1.73%, 0.67% and 0.73% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), divided by 365 (to reflect the half-year period).


NATIXIS U.S. EQUITY OPPORTUNITIES FUND	BEGINNING ACCOUNT VALUE 1/1/2019		ENDING ACCOUNT VALUE 6/30/2019		EXPENSES PAID DURING PERIOD* 1/1/2019 – 6/30/2019
Class A
Actual		$1,000.00		$1,203.20		$6.39
Hypothetical (5% return before expenses)		$1,000.00		$1,018.99		$5.86
Class C
Actual		$1,000.00		$1,198.60		$10.47
Hypothetical (5% return before expenses)		$1,000.00		$1,015.27		$9.59
Class N
Actual		$1,000.00		$1,205.40		$4.59
Hypothetical (5% return before expenses)		$1,000.00		$1,020.63		$4.21
Class Y
Actual		$1,000.00		$1,204.70		$5.03
Hypothetical (5% return before expenses)		$1,000.00		$1,020.23		$4.61

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.17%, 1.92%, 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 (181), divided by 365 (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.

| 8

various periods, and third-party performance rankings for various periods comparing a Fund against similarly categorized funds. The portfolio management team for each Fund or other representatives of the Advisers make periodic presentations to the Contract Review Committee and/or the full Board, and Funds identified as presenting possible performance concerns may be subject to more frequent Board 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.

9 |


	One-Year			Three-Year			Five-Year
Loomis Sayles Strategic Alpha Fund		36	%		42	%		50	%
Natixis U.S. Equity Opportunities Fund		91	%		37	%		25	%

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 the Fund’s more recent performance had shown improvement relative to its category; and (3) that the Fund’s performance was strong over the long term relative to its category.

| 10

Adviser for Natixis U.S. Equity Opportunities Fund under its cap. The Trustees also considered that the expenses for Loomis Sayles Strategic Alpha Fund were below its cap.

The Trustees noted that Natixis U.S. Equity Opportunities Fund had a total advisory fee rates 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.

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 caps. 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 caps. 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 cap. 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.

11 |

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

The effect of recent market and economic events on the performance, asset levels and expense ratios of each Fund.

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.

| 12

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund


Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 77.1% of Net Assets
	Non-Convertible Bonds — 76.1%
		ABS Car Loan — 11.6%
$	213,125	ACC Trust, Series 2018-1, Class A, 3.700%, 12/21/2020, 144A	$	213,443
	7,250,000	Ally Auto Receivables Trust, Series 2019-1, Class A3, 2.910%, 9/15/2023(a)		7,383,907
	2,805,000	AmeriCredit Automobile Receivables Trust, Series 2018-2, Class D, 4.010%, 7/18/2024		2,909,532
	3,498,374	AmeriCredit Automobile Receivables Trust, Series 2018-3, Class A2B, 1-month LIBOR + 0.250%, 2.632%, 1/18/2022(a)(b)		3,497,304
	3,845,000	AmeriCredit Automobile Receivables Trust, Series 2018-3, Class D, 4.040%, 11/18/2024		4,016,979
	531,617	BMW Vehicle Owner Trust, Series 2018-A, Class A2B, 1-month LIBOR + 0.007%, 2.474%, 11/25/2020(a)(b)		531,534
	1,785,000	California Republic Auto Receivables Trust, Series 2018-1, Class D, 4.330%, 4/15/2025		1,856,216
	479,560	CarMax Auto Owner Trust, Series 2018-1, Class A2B, 1-month LIBOR + 0.150%, 2.544%, 5/17/2021(a)(b)		479,450
	135,000	CarMax Auto Owner Trust, Series 2018-1, Class D, 3.370%, 7/15/2024		136,851
	1,435,000	CarMax Auto Owner Trust, Series 2018-2, Class D, 3.990%, 4/15/2025		1,479,616
	4,953,827	CarMax Auto Owner Trust, Series 2018-3, Class A2B, 1-month LIBOR + 0.200%, 2.594%, 10/15/2021(a)(b)		4,950,973
	4,820,678	CarMax Auto Owner Trust, Series 2018-4, Class A2B, 1-month LIBOR + 0.200%, 2.594%, 2/15/2022(a)(b)		4,819,764
	1,125,000	CarMax Auto Owner Trust, Series 2018-4, Class D, 4.150%, 4/15/2025		1,172,067
	7,285,000	CarMax Auto Owner Trust, Series 2019-1, Class A3, 3.050%, 3/15/2024(a)		7,433,849
	2,350,000	CarMax Auto Owner Trust, Series 2019-1, Class D, 4.040%, 8/15/2025		2,422,213
	172,334	CIG Auto Receivables Trust, Series 2017-1A, Class A, 2.710%, 5/15/2023, 144A(a)		172,218
	815,000	CPS Auto Receivables Trust, Series 2017-D, Class D, 3.730%, 9/15/2023, 144A(a)		826,652
	230,000	CPS Auto Receivables Trust, Series 2018-A, Class C, 3.050%, 12/15/2023, 144A(a)		231,010
	1,795,000	CPS Auto Receivables Trust, Series 2018-D, Class C, 3.830%, 9/15/2023, 144A		1,836,979
	830,000	CPS Auto Receivables Trust, Series 2019-A, Class D, 4.350%, 12/16/2024, 144A		865,314
	525,000	Credit Acceptance Auto Loan Trust, Series 2017-3A, Class C, 3.480%, 10/15/2026, 144A		530,512
	1,205,000	Credit Acceptance Auto Loan Trust, Series 2018-2A, Class C, 4.160%, 9/15/2027, 144A(a)		1,251,519
	4,745,000	Credit Acceptance Auto Loan Trust, Series 2019-1A, Class C, 3.940%, 6/15/2028, 144A		4,890,189
	676,894	Drive Auto Receivables Trust, Series 2016-CA, Class C, 3.020%, 11/15/2021, 144A(a)		677,403
	2,955,000	Drive Auto Receivables Trust, Series 2018-1, Class D, 3.810%, 5/15/2024(a)		3,007,187

See accompanying notes to financial statements.

13 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Car Loan — continued
$	2,149,465	Drive Auto Receivables Trust, Series 2018-5, Class A2B, 1-month LIBOR + 0.320%, 2.714%, 7/15/2021(a)(b)	$	2,149,620
	2,395,000	Drive Auto Receivables Trust, Series 2018-5, Class D, 4.300%, 4/15/2026		2,492,088
	1,330,000	Drive Auto Receivables Trust, Series 2019-1, Class D, 4.090%, 6/15/2026		1,376,412
	2,365,000	Drive Auto Receivables Trust, Series 2019-3, Class A3, 2.490%, 6/15/2023		2,370,308
	2,155,000	DT Auto Owner Trust, Series 2018-3A, Class C, 3.790%, 7/15/2024, 144A		2,198,292
	2,827,176	DT Auto Owner Trust, Series 2016-1A, Class D, 4.660%, 12/15/2022, 144A(a)		2,849,676
	2,448,087	DT Auto Owner Trust, Series 2016-2A, Class D, 5.430%, 11/15/2022, 144A(a)		2,473,551
	1,390,000	DT Auto Owner Trust, Series 2018-2A, Class D, 4.150%, 3/15/2024, 144A		1,428,725
	1,655,000	DT Auto Owner Trust, Series 2019-2A, Class D, 3.480%, 2/18/2025, 144A		1,684,496
	345,000	First Investors Auto Owner Trust, Series 2015-1A, Class D, 3.590%, 1/18/2022, 144A(a)		345,518
	1,710,000	First Investors Auto Owner Trust, Series 2015-2A, Class D, 4.220%, 12/15/2021, 144A(a)		1,727,889
	220,000	First Investors Auto Owner Trust, Series 2016-2A, Class D, 3.350%, 11/15/2022(a)		221,735
	493,253	Flagship Credit Auto Trust, Series 2015-1, Class C, 3.760%, 6/15/2021, 144A(a)		494,739
	650,000	Flagship Credit Auto Trust, Series 2016-3, Class D, 3.890%, 11/15/2022, 144A(a)		659,740
	3,305,000	Flagship Credit Auto Trust, Series 2019-2, Class D, 3.530%, 5/15/2025, 144A		3,351,364
	3,676,369	Ford Credit Auto Lease Trust, Series 2018-B, Class A2B, 1-month LIBOR + 0.160%, 2.554%, 4/15/2021(a)(b)		3,675,360
	1,260,000	GLS Auto Receivables Trust, Series 2018-3A, Class B, 3.780%, 8/15/2023, 144A(a)		1,283,759
	5,030,000	GLS Auto Receivables Trust, Series 2019-A, Class C, 3.540%, 2/18/2025, 144A		5,110,854
	3,846,547	GM Financial Automobile Leasing Trust, Series 2018-3, Class A2B, 1-month LIBOR + 0.170%, 2.553%, 9/21/2020(a)(b)		3,847,301
	3,553,455	GM Financial Consumer Automobile Receivables Trust, Series 2018-3, Class A2B, 1-month LIBOR + 0.110%, 2.504%, 7/16/2021(a)(b)		3,552,666
	1,362,000	Hertz Vehicle Financing II LP, Series 2017-2A, Class A, 3.290%, 10/25/2023, 144A(a)		1,386,541
	8,031	Honda Auto Receivables Owner Trust, Series 2016-2, Class A3, 1.390%, 4/15/2020(a)		8,026
	3,135,000	Honda Auto Receivables Owner Trust, Series 2019-1, Class A3, 2.830%, 3/20/2023(a)		3,180,078
	3,045,000	NextGear Floorplan Master Owner Trust, Series 2017-1A, Class A1, 1-month LIBOR + 0.850%, 3.244%, 4/18/2022, 144A(a)(b)		3,056,987
	4,355,000	NextGear Floorplan Master Owner Trust, Series 2017-2A, Class A1, 1-month LIBOR + 0.680%, 3.074%, 10/17/2022, 144A(a)(b)		4,370,146
	2,590,000	NextGear Floorplan Master Owner Trust, Series 2018-1A, Class A1, 1-month LIBOR + 0.640%, 3.034%, 2/15/2023, 144A(a)(b)		2,597,357
	2,820,000	NextGear Floorplan Master Owner Trust, Series 2018-2A, Class A1, 1-month LIBOR + 0.600%, 2.994%, 10/15/2023, 144A(a)(b)		2,824,392

See accompanying notes to financial statements.

| 14

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Car Loan — continued
$	8,095,000	Nissan Auto Receivables Owner Trust, Series 2019-A, Class A3, 2.900%, 10/16/2023(a)	$	8,238,585
	1,043,793	Nissan Auto Receivables Owner Trust, Series 2017-A, Class A3, 1.740%, 8/16/2021(a)		1,039,819
	3,220,000	Nissan Auto Receivables Owner Trust, Series 2018-A, Class A3, 2.650%, 5/16/2022(a)		3,236,819
	2,618,093	Nissan Auto Receivables Owner Trust, Series 2018-B, Class A2B, 1-month LIBOR + 0.100%, 2.494%, 7/15/2021(a)(b)		2,618,532
	3,045,000	Prestige Auto Receivables Trust, Series 2016-1A, Class D, 5.150%, 11/15/2021, 144A(a)		3,123,270
	3,585,000	Santander Drive Auto Receivables Trust, Series 2018-2, Class D, 3.880%, 2/15/2024		3,673,101
	3,028,143	Santander Drive Auto Receivables Trust, Series 2018-5, Class A2B, 1-month LIBOR + 0.230%, 2.624%, 7/15/2021(a)(b)		3,027,882
	2,720,000	Santander Drive Auto Receivables Trust, Series 2018-5, Class C, 3.810%, 12/16/2024		2,776,477
	4,140,000	Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.220%, 7/15/2025		4,197,614
	353,000	Tidewater Auto Receivables Trust, Series 2018-AA, Class D, 4.300%, 11/15/2024, 144A		361,132
	4,018,738	Toyota Auto Receivables Owner Trust, Series 2018-C, Class A2B, 1-month LIBOR + 0.120%, 2.514%, 8/16/2021(a)(b)		4,017,695
	9,550,000	Toyota Auto Receivables Owner Trust, Series 2019-A, Class A3, 2.910%, 7/17/2023(a)		9,692,716
	3,025,000	United Auto Credit Securitization Trust, Series 2019-1, Class C, 3.160%, 8/12/2024, 144A		3,042,360
	164,852	Veros Automobile Receivables Trust, Series 2017-1, Class A, 2.840%, 4/17/2023, 144A(a)		164,750
	2,379,638	Volkswagen Auto Loan Enhanced Trust, Series 2018-1, Class A2B, 1-month LIBOR + 0.180%, 2.563%, 7/20/2021(a)(b)		2,380,005
	4,605,000	Volvo Financial Equipment Master Owner Trust, Series 2018-A, Class A, 1-month LIBOR + 0.520%, 2.914%, 7/17/2023, 144A(a)(b)		4,621,151
	595,000	Westlake Automobile Receivables Trust, Series 2017-1A, Class D, 3.460%, 10/17/2022, 144A(a)		598,473
	740,000	Westlake Automobile Receivables Trust, Series 2018-1A, Class D, 3.410%, 5/15/2023, 144A(a)		745,509
	4,474,971	Westlake Automobile Receivables Trust, Series 2018-3A, Class A2B, 1-month LIBOR + 0.350%, 2.744%, 1/18/2022, 144A(a)(b)		4,473,536
	1,140,000	Westlake Automobile Receivables Trust, Series 2018-3A, Class D, 4.000%, 10/16/2023, 144A		1,168,120
	3,877,099	World Omni Automobile Lease Securitization Trust, Series 18-B, Class A2B, 1-month LIBOR + 0.180%, 2.574%, 6/15/2021(a)(b)		3,876,358

				185,384,205

		ABS Credit Card — 3.4%
	3,790,000	American Express Credit Account Master Trust, Series 2018-8, Class A, 3.180%, 4/15/2024(a)		3,881,584

See accompanying notes to financial statements.

15 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Credit Card — continued
$	2,385,000	American Express Credit Account Master Trust, Series 2019-1, Class A, 2.870%, 10/15/2024(a)	$	2,437,810
	4,385,000	Bank of America Credit Card Trust, Series 2017-A1, Class A1, 1.950%, 8/15/2022(a)		4,376,141
	5,875,000	Bank of America Credit Card Trust, Series 2018-A1, Class A1, 2.700%, 7/17/2023(a)		5,935,379
	2,585,000	Capital One Multi-Asset Execution Trust, Series 2017-A1, Class A1, 2.000%, 1/17/2023(a)		2,580,703
	3,440,000	Capital One Multi-Asset Execution Trust, Series 2019-A1, Class A1, 2.840%, 12/15/2024(a)		3,506,373
	3,500,000	Chase Issuance Trust, Series 2015-A4, Class A4, 1.840%, 4/15/2022(a)		3,492,348
	5,800,000	Citibank Credit Card Issuance Trust, Series 2016-A1, Class A1, 1.750%, 11/19/2021(a)		5,788,337
	6,025,000	Citibank Credit Card Issuance Trust, Series 2018-A1, Class A1, 2.490%, 1/20/2023(a)		6,066,180
	6,880,000	Discover Card Execution Note Trust, Series 2018-A5, Class A5, 3.320%, 3/15/2024(a)		7,064,088
	5,425,000	Discover Card Execution Note Trust, Series 2018-A3, Class A3, 1-month LIBOR + 0.230%, 2.624%, 12/15/2023(a)(b)		5,429,883
	3,190,000	Discover Card Execution Note Trust, Series 2019-A1, Class A1, 3.040%, 7/15/2024(a)		3,267,423
	640,000	Genesis Sales Finance Master Trust, Series 2019-AA, Class A, 4.680%, 8/20/2023, 144A		653,081

				54,479,330

		ABS Home Equity — 8.8%
	461,349	Adjustable Rate Mortgage Trust, Series 2004-4, Class 3A1, 4.254%, 3/25/2035(a)(c)		467,470
	905,501	Adjustable Rate Mortgage Trust, Series 2005-1, Class 3A1, 4.411%, 5/25/2035(a)(c)		928,974
	300,400	Ajax Mortgage Loan Trust, Series 2017-A, Class A, 3.470%, 4/25/2057, 144A(a)(c)		300,828
	1,310,154	Ajax Mortgage Loan Trust, Series 2017-B, Class A, 3.163%, 9/25/2056, 144A(a)(c)		1,319,173
	369,054	Alternative Loan Trust, Series 2004-16CB, Class 1A1, 5.500%, 7/25/2034(a)		385,489
	434,805	Alternative Loan Trust, Series 2004-16CB, Class 3A1, 5.500%, 8/25/2034(a)		454,252
	261,084	Alternative Loan Trust, Series 2004-28CB, Class 5A1, 5.750%, 1/25/2035(d)(e)		264,356
	662,589	Alternative Loan Trust, Series 2005-J1, Class 2A1, 5.500%, 2/25/2025		680,077
	175,011	American Home Mortgage Investment Trust, Series 2004-2, Class 5A, 5.500%, 2/25/2044(c)		178,955
	300,000	American Homes 4 Rent, Series 2014-SFR2, Class D, 5.149%, 10/17/2036, 144A(a)		324,937
	2,170,000	American Homes 4 Rent, Series 2014-SFR2, Class E, 6.231%, 10/17/2036, 144A(a)		2,432,197
	1,200,000	American Homes 4 Rent, Series 2014-SFR3, Class E, 6.418%, 12/17/2036, 144A(a)		1,359,867

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Home Equity — continued
$	3,138,000	American Homes 4 Rent, Series 2015-SFR1, Class E, 5.639%, 4/17/2052, 144A	$	3,442,536
	568,280	Banc of America Alternative Loan Trust, Series 2003-8, Class 1CB1, 5.500%, 10/25/2033		594,958
	303,400	Banc of America Funding Trust, Series 2005-5, Class 1A1, 5.500%, 9/25/2035		333,066
	616,739	Banc of America Funding Trust, Series 2005-7, Class 3A1, 5.750%, 11/25/2035		667,803
	454,347	Banc of America Funding Trust, Series 2007-4, Class 5A1, 5.500%, 11/25/2034		457,532
	973,982	Banc of America Mortgage Trust, Series 2005-I, Class 4A1, 3.846%, 10/25/2035(c)		941,443
	179,336	Bayview Opportunity Master Fund IIb Trust, Series 2018-RN5, Class A1, 3.820%, 4/28/2033, 144A(c)		179,894
	3,261,629	Bayview Opportunity Master Fund IVa Trust, Series 2019-RN2, Class A1, 3.967%, 3/28/2034, 144A(c)		3,287,840
	1,497,576	Bayview Opportunity Master Fund IVb Trust, Series 2018-RN9, Class A1, 4.213%, 10/29/2033, 144A(c)		1,510,276
	564,426	Bayview Opportunity Master Fund Trust, Series 2018-RN8, Class A1, 4.066%, 9/28/2033, 144A(c)		568,957
	2,287,616	Bayview Opportunity Master Fund Trust, Series 2019-RN1, Class A1, 4.090%, 2/28/2034, 144A(c)		2,325,456
	348,690	BCAP LLC Trust, Series 2007-AA2, Class 22A1, 6.000%, 3/25/2022(d)(e)		343,538
	93,174	CAM Mortgage Trust, Series 2018-1, Class A1, 3.960%, 12/01/2065, 144A(c)		93,123
	329,428	CHL Mortgage Pass-Through Trust, Series 2004-12, Class 8A1, 4.607%, 8/25/2034(c)(d)(e)		325,158
	1,042,773	Citigroup Mortgage Loan Trust, Series 2005-3, Class 2A3, 4.644%, 8/25/2035(c)		1,040,101
	1,199,982	Citigroup Mortgage Loan Trust, Series 2018-A, Class A1, 4.000%, 1/25/2068, 144A(c)		1,215,833
	2,908,448	Citigroup Mortgage Loan Trust, Series 2018-C, Class A1, 4.125%, 3/25/2059, 144A(c)		2,941,682
	2,285,000	Citigroup Mortgage Loan Trust, Series 2019-B, Class A1, 3.258%, 4/25/2066, 144A(c)(d)(e)		2,284,999
	2,200,000	Colony American Finance Ltd., Series 2015-1, Class D, 5.649%, 10/15/2047, 144A		2,257,668
	1,065,000	Colony American Finance Ltd., Series 2016-1, Class C, 4.638%, 6/15/2048, 144A(a)(c)		1,077,856
	536,771	Countrywide Alternative Loan Trust, Series 2003-22CB, Class 1A1, 5.750%, 12/25/2033(a)		557,827
	486,579	Countrywide Alternative Loan Trust, Series 2004-14T2, Class A11, 5.500%, 8/25/2034		501,075
	972,328	Countrywide Alternative Loan Trust, Series 2004-J10, Class 2CB1, 6.000%, 9/25/2034		1,037,184
	421,279	Countrywide Alternative Loan Trust, Series 2004-J3, Class 1A1, 5.500%, 4/25/2034(a)		433,862

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Home Equity — continued
$	67,118	Countrywide Home Loan Mortgage Pass Through Trust, Series 2004-HYB4, Class 2A1, 4.230%, 9/20/2034(a)(c)(d)(e)	$	65,489
	500,774	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-AR26, Class 7A1, 4.395%, 11/25/2033(a)(c)		510,814
	248,174	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-AR28, Class 4A1, 4.650%, 12/25/2033(a)(c)(d)(e)		251,386
	2,717,148	Credit Suisse Mortgage Trust, Series 2018-RPL2, Class A1, 4.030%, 8/25/2062, 144A(c)		2,723,554
	1,154,762	Credit Suisse Mortgage Trust, Series 2018-RPL7, Class A1, 4.000%, 8/26/2058, 144A		1,170,528
	190,314	CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-27, Class 4A4, 5.750%, 11/25/2033(a)		198,782
	705,374	Deutsche Mortgage Securities, Inc., Series 2004-4, Class 7AR1, 1-month LIBOR + 0.350%, 2.754%, 6/25/2034(b)		696,311
	549,709	DSLA Mortgage Loan Trust, Series 2005-AR5, Class 2A1A, 1-month LIBOR + 0.330%, 2.720%, 9/19/2045(b)		448,922
	1,495,014	Dukinfield II PLC, Series 2, Class A, GBP 3-month LIBOR + 1.250%, 2.034%, 12/20/2052, (GBP)(a)(b)		1,915,713
	525,579	Eurosail PLC, Series 2007-2X, Class A3C, GBP 3-month LIBOR + 0.150%, 0.939%, 3/13/2045, (GBP)(a)(b)		652,410
	1,505,000	Federal National Mortgage Association Connecticut Avenue Securities, Series 2017-C05, Class 1M2, 1-month LIBOR + 2.200%, 4.604%, 1/25/2030(b)		1,519,319
	320,000	Federal National Mortgage Association Connecticut Avenue Securities, Series 2017-C07, Class 1M2, 1-month LIBOR + 2.400%, 4.804%, 5/28/2030(b)		325,206
	1,070,494	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2014-DN1, Class M2, 1-month LIBOR + 2.200%, 4.604%, 2/25/2024(a)(b)		1,088,664
	506,628	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2014-DN2, Class M2, 1-month LIBOR + 1.650%, 4.054%, 4/25/2024(a)(b)		509,172
	1,695,079	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M2, 1-month LIBOR + 1.850%, 4.254%, 10/25/2027(a)(b)		1,712,822
	130,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2018-DNA1, Class M2, 1-month LIBOR + 1.800%, 4.204%, 7/25/2030(b)		129,318
	293,172	GCAT LLC, Series 2017-2, Class A1, 3.500%, 4/25/2047, 144A(a)(c)		293,463
	796,977	GCAT LLC, Series 2018-1, Class A1, 3.844%, 6/25/2048, 144A(c)		801,490
	969,510	GMACM Mortgage Loan Trust, Series 2005-AR1, Class 3A, 4.718%, 3/18/2035(c)		1,001,250
	1,626,292	Gosforth Funding PLC, Series 2018-1A, Class A1, 3-month LIBOR + 0.450%, 2.971%, 8/25/2060, 144A(a)(b)		1,623,059
	746,065	Grand Avenue Mortgage Loan Trust, Series 2017-RPL1, Class A1, 3.250%, 8/25/2064, 144A		745,637
	195,320	GSR Mortgage Loan Trust, Series 2005-AR4, Class 4A1, 4.633%, 7/25/2035(c)(d)(e)		193,466
	1,115,000	Home Partners of America Trust, Series 2016-2, Class E, 1-month LIBOR + 3.780%, 6.174%, 10/17/2033, 144A(b)		1,116,013

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Home Equity — continued
$	1,123,000	Home Partners of America Trust, Series 2016-2, Class F, 1-month LIBOR + 4.700%, 7.094%, 10/17/2033, 144A(b)	$	1,123,666
	2,254,221	IndyMac Index Mortgage Loan Trust, Series 2004-AR6, Class 4A, 4.759%, 10/25/2034(c)		2,293,654
	662,263	IndyMac Index Mortgage Loan Trust, Series 2004-AR7, Class A5, 1-month LIBOR + 1.220%, 3.624%, 9/25/2034(b)		620,162
	2,857,096	IndyMac Index Mortgage Loan Trust, Series 2006-AR2, Class 2A1, 1-month LIBOR + 0.210%, 2.614%, 2/25/2046(b)		2,426,284
	2,614,643	Invitation Homes Trust, Series 2018-SFR1, Class E, 1-month LIBOR + 2.000%, 4.394%, 3/17/2037, 144A(b)		2,618,735
	4,475,000	Invitation Homes Trust, Series 2018-SFR2, Class E, 1-month LIBOR + 2.000%, 4.394%, 6/17/2037, 144A(b)		4,474,986
	398,536	JPMorgan Mortgage Trust, Series 2003-A2, Class 3A1, 4.323%, 11/25/2033(a)(c)		410,001
	1,303,621	JPMorgan Mortgage Trust, Series 2004-S1, Class 2A1, 6.000%, 9/25/2034		1,386,335
	889,263	JPMorgan Mortgage Trust, Series 2005-A2, Class 3A2, 4.557%, 4/25/2035(a)(c)		908,172
	135,132	JPMorgan Mortgage Trust, Series 2005-A3, Class 4A1, 4.863%, 6/25/2035(a)(c)(d)(e)		137,915
	1,730,000	Lanark Master Issuer PLC, Series 2019-1A, Class 1A1, 3-month LIBOR + 0.770%, 3.295%, 12/22/2069(a)(b)		1,734,053
	2,525,491	Legacy Mortgage Asset Trust, Series 2019-GS3, Class A1, 3.750%, 4/25/2059, 144A(c)		2,553,218
	22	Lehman XS Trust, Series 2006-12N, Class A2A1, 1-month LIBOR + 0.150%, 2.554%, 8/25/2046(b)(d)(e)		21
	526,240	Lehman XS Trust, Series 2006-2N, Class 1A1, 1-month LIBOR + 0.260%, 2.664%, 2/25/2046(b)		481,524
	463,265	Ludgate Funding PLC, Series 2007-1, Class A2B, 0.000%, 1/01/2061, (EUR)(a)(c)		497,531
	1,691,730	Ludgate Funding PLC, Series 2008-W1X, Class A1, GBP 3-month LIBOR + 0.600%, 1.441%, 1/01/2061, (GBP)(a)(b)		2,085,374
	341,136	MASTR Adjustable Rate Mortgages Trust, Series 2004-4, Class 5A1, 5.137%, 5/25/2034(a)(c)(d)(e)		338,284
	1,102,056	MASTR Adjustable Rate Mortgages Trust, Series 2004-7, Class 3A1, 4.253%, 7/25/2034(a)(c)		1,098,255
	205,378	MASTR Adjustable Rate Mortgages Trust, Series 2006-2, Class 1A1, 4.796%, 4/25/2036(c)		208,519
	336,145	MASTR Alternative Loan Trust, Series 2003-9, Class 4A1, 5.250%, 11/25/2033(a)		353,909
	326,075	MASTR Alternative Loan Trust, Series 2004-5, Class 1A1, 5.500%, 6/25/2034(a)		340,389
	420,454	MASTR Alternative Loan Trust, Series 2004-5, Class 2A1, 6.000%, 6/25/2034(a)		442,779
	1,186,666	MASTR Alternative Loan Trust, Series 2004-8, Class 2A1, 6.000%, 9/25/2034		1,280,254
	104,581	Merrill Lynch Mortgage Investors Trust, Series 2006-2, Class 2A, 4.435%, 5/25/2036(a)(c)(d)(e)		105,814

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Home Equity — continued
$	493,173	Morgan Stanley Mortgage Loan Trust, Series 2005-7, Class 4A2, 5.500%, 11/25/2035(d)(e)	$	456,819
	989,714	Morgan Stanley Mortgage Loan Trust, Series 2005-7, Class 7A5, 5.500%, 11/25/2035		1,037,366
	670,025	Newgate Funding PLC, Series 2007-3X, Class A2B, 3-month EURIBOR + 0.600%, 0.282%, 12/15/2050, (EUR)(a)(b)		738,920
	671,757	Oak Hill Advisors Residential Loan Trust, Series 2017-NPL1, Class A1, 3.000%, 6/25/2057, 144A(a)(c)		670,511
	1,503,161	Oak Hill Advisors Residential Loan Trust, Series 2017-NPL2, Class A1, 3.000%, 7/25/2057, 144A(a)(c)		1,503,927
	2,085,284	Preston Ridge Partners Mortgage LLC, Series 2017-2A, Class A1, 3.470%, 9/25/2022, 144A(a)(c)		2,092,022
	1,165,000	Preston Ridge Partners Mortgage LLC, Series 2017-2A, Class A2, 5.000%, 9/25/2022, 144A(c)		1,171,159
	918,896	Preston Ridge Partners Mortgage LLC, Series 2017-3A, Class A1, 3.470%, 11/25/2022, 144A(a)(c)		920,935
	405,000	Preston Ridge Partners Mortgage LLC, Series 2017-3A, Class A2, 5.000%, 11/25/2022, 144A(c)		402,648
	895,000	Preston Ridge Partners Mortgage LLC, Series 2018-1A, Class A2, 5.000%, 4/25/2023, 144A(c)		893,390
	2,621,435	Prime Mortgage Trust, 6.000%, 8/25/2022		2,663,422
	681,000	Progress Residential Trust, Series 2017-SFR2, Class E, 4.142%, 12/17/2034, 144A		693,984
	564,000	Progress Residential Trust, Series 2018-SFR2, Class E, 4.656%, 8/17/2035, 144A		584,625
	2,398,000	Progress Residential Trust, Series 2019-SFR1, Class E, 4.466%, 8/17/2035, 144A		2,486,827
	527,810	RCO V Mortgage LLC, Series 2018-1, Class A1, 4.000%, 5/25/2023, 144A(c)		529,985
	3,626,599	RCO V Mortgage LLC, Series 2019-1, Class A1, 3.721%, 5/24/2024, 144A(c)		3,652,150
	1,268,294	Residential Asset Securitization Trust, Series 2005-A8CB, Class A9, 5.375%, 7/25/2035		1,108,975
	355,755	Residential Funding Mortgage Securities, Series 2006-S1, Class 1A3, 5.750%, 1/25/2036(d)(e)		340,816
	1,397,741	Residential Funding Mortgage Securities, Series 2006-SA2, Class 3A1, 5.257%, 8/25/2036(c)		1,310,057
	378,754	RMAC Securities No. 1 PLC, Series 2006-NS1X, Class A2C, 0.000%, 6/12/2044, (EUR)(a)(c)		412,430
	286,375	RMAC Securities No. 1 PLC, Series 2007-NS1X, Class A2A, GBP 3-month LIBOR + 0.150%, 0.943%, 6/12/2044, (GBP)(a)(b)		341,815
	1,425,014	RMAT, Series 2018-NPL1, Class A1, 4.090%, 5/25/2048, 144A(c)		1,434,526
	1,503,219	Stanwich Mortgage Loan Trust, Series 2018-NPB1, Class A1, 4.016%, 5/16/2023, 144A(c)		1,509,746
	3,191,085	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-14, Class A1, 1-month LIBOR + 0.310%, 2.714%, 7/25/2035(b)		2,536,052
	251,497	Structured Asset Securities Corp. Trust, Series 2005-1, Class 7A7, 5.500%, 2/25/2035(d)(e)		254,412
	2,112,048	Towd Point Mortgage Trust, Series 2015-2, Class 1A13, 2.500%, 11/25/2060, 144A(c)		2,111,801

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Home Equity — continued
$	2,492,424	Vericrest Opportunity Loan Trust, Series 2019-NPL3, Class A1, 3.967%, 3/25/2049, 144A(c)	$	2,510,428
	1,550,957	VOLT LXVIII LLC, Series 2018-NPL4, Class A1A, 4.336%, 7/27/2048, 144A(c)		1,563,389
	1,696,991	VOLT LXX LLC, Series 2018-NPL6, Class A1A, 4.115%, 9/25/2048, 144A(c)		1,713,120
	1,271,406	VOLT LXXI LLC, Series 2018-NPL7, Class A1A, 3.967%, 9/25/2048, 144A(c)		1,281,173
	8,742,235	VOLT LXXII LLC, Series 2018-NPL8, Class A1A, 4.213%, 10/26/2048, 144A(c)		8,797,114
	3,567,888	VOLT LXXV LLC, Series 2019-NPL1, Class A1A, 4.336%, 1/25/2049, 144A(c)		3,616,083
	1,162,266	Wells Fargo Mortgage Backed Securities Trust, Series 2004-I, Class 2A1, 5.074%, 7/25/2034(a)(c)		1,207,115
	203,527	Wells Fargo Mortgage Backed Securities Trust, Series 2004-O, Class A1, 4.711%, 8/25/2034(a)(c)(d)(e)		207,342
	112,108	Wells Fargo Mortgage Backed Securities Trust, Series 2005-11, Class 2A3, 5.500%, 11/25/2035(d)(e)		113,040
	566,492	Wells Fargo Mortgage Backed Securities Trust, Series 2005-16, Class A18, 6.000%, 12/25/2035(d)(e)		571,960
	260,674	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR10, Class 2A4, 4.947%, 5/01/2035(a)(c)		271,031
	334,505	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR12, Class 2A5, 4.988%, 6/25/2035(a)(c)		346,633
	579,732	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR2, Class 3A1, 5.141%, 3/25/2035(c)		596,578
	1,720,103	Wells Fargo Mortgage Backed Securities Trust, Series 2006-3, Class A11, 5.500%, 3/25/2036		1,748,366

				141,531,556

		ABS Other — 4.7%
	893,748	Accelerated Assets LLC, Series 18-1, Class B, 4.510%, 12/02/2033, 144A		916,668
	2,786,061	AIM Aviation Finance Ltd., Series 2015-1A, Class B1, 5.072%, 2/15/2040, 144A(a)(c)		2,817,628
	350,000	Ascentium Equipment Receivables Trust, Series 2017-2A, Class C, 2.870%, 8/10/2022, 144A(a)		353,345
	1,052,708	Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class A, 4.213%, 12/16/2041, 144A(a)(c)		1,084,559
	1,413,516	Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class B, 5.682%, 12/16/2041, 144A(a)(c)		1,480,979
	1,252,864	Castlelake Aircraft Securitization Trust, Series 18-1, Class B, 5.300%, 6/15/2043, 144A		1,270,495
	250,000	CCG Receivables Trust, Series 2018-1, Class C, 3.420%, 6/16/2025, 144A(a)		253,582
	580,000	Chesapeake Funding II LLC, Series 2017-2A, Class D, 3.710%, 5/15/2029, 144A		588,196
	775,000	Chesapeake Funding II LLC, Series 2017-4A, Class D, 3.260%, 11/15/2029, 144A		778,899
	790,000	Chesapeake Funding II LLC, Series 2018-1A, Class C, 3.570%, 4/15/2030, 144A		806,482

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Other — continued
$	2,125,000	Chesapeake Funding II LLC, Series 2018-1A, Class D, 3.920%, 4/15/2030, 144A	$	2,175,259
	485,570	Diamond Resorts Owner Trust, Series 2017-1A, Class C, 6.070%, 10/22/2029, 144A		499,102
	2,023,069	Diamond Resorts Owner Trust, Series 2018-1, Class C, 4.530%, 1/21/2031, 144A		2,048,341
	3,100,000	Fairstone Financial Issuance Trust, Series 2019-1A, Class A, 3.948%, 3/21/2033, 144A, (CAD)		2,391,726
	2,190,580	GCA2014 Holdings Ltd., Series 2014-1, Class C, 6.000%, 1/05/2030, 144A(d)(e)(f)(g)		1,748,083
	912,920	GCA2014 Holdings Ltd., Series 2014-1, Class D, 7.500%, 1/05/2030, 144A(d)(e)(f)(g)		456,551
	3,410,000	GCA2014 Holdings Ltd., Series 2014-1, Class E, Zero Coupon, 1/05/2030, 144A(d)(e)(f)(g)(h)		—
	989,059	Global Container Assets Ltd., Series 2015-1A, Class B, 4.500%, 2/05/2030, 144A(g)(i)		975,037
	4,777,834	Horizon Aircraft Finance I Ltd., Series 2018-1, Class A, 4.458%, 12/15/2038, 144A		4,953,406
	2,340,468	Kestrel Aircraft Funding Ltd., Series 2018-1A, Class A, 4.250%, 12/15/2038, 144A		2,380,499
	1,424,620	MAPS Ltd., Series 2018-1A, Class A, 4.212%, 5/15/2043, 144A		1,460,049
	1,857,012	MAPS Ltd., Series 2018-1A, Class B, 5.193%, 5/15/2043, 144A		1,892,040
	1,362,297	Marlette Funding Trust, Series 2019-1A, Class A, 3.440%, 4/16/2029, 144A		1,373,901
	3,515,000	Marlette Funding Trust, Series 2019-3A, Class A, 2.690%, 9/17/2029, 144A(e)		3,514,714
	765,000	MVW Owner Trust, Series 2019-1A, Class C, 3.330%, 11/20/2036, 144A		774,109
	1,100,000	Navistar Financial Dealer Note Master Owner Trust II, Series 2018-1, Class A, 1-month LIBOR + 0.630%, 3.034%, 9/25/2023, 144A(a)(b)		1,102,169
	3,120,000	OneMain Financial Issuance Trust, Series 2015-3A, Class B, 4.160%, 11/20/2028, 144A(a)		3,205,736
	3,100,000	OneMain Financial Issuance Trust, Series 2016-1A, Class C, 6.000%, 2/20/2029, 144A(a)		3,190,654
	2,067,412	OneMain Financial Issuance Trust, Series 2016-2A, Class B, 5.940%, 3/20/2028, 144A(a)		2,075,400
	3,230,000	OneMain Financial Issuance Trust, Series 2019-1A, Class D, 4.220%, 2/14/2031, 144A		3,335,848
	810,000	Oxford Finance Funding Trust, Series 2019-1A, Class A2, 4.459%, 2/15/2027, 144A		831,752
	4,590,778	S-Jets Ltd., Series 2017-1, Class A, 3.967%, 8/15/2042, 144A(a)		4,685,428
	3,718,000	SCF Equipment Trust LLC, Series 2018-1A, Class C, 4.210%, 4/20/2027, 144A		3,913,084
	1,264,768	Shenton Aircraft Investment I Ltd., Series 2015-1A, Class A, 4.750%, 10/15/2042, 144A(a)		1,296,688
	580,000	SoFi Consumer Loan Program Trust, Series 2018-1, Class B, 3.650%, 2/25/2027, 144A		593,731
	1,410,000	SoFi Consumer Loan Program Trust, Series 2018-2, Class A2, 3.350%, 4/26/2027, 144A		1,424,125

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Other — continued
$	1,690,000	SoFi Consumer Loan Program Trust, Series 2018-2, Class B, 3.790%, 4/26/2027, 144A	$	1,730,904
	1,010,000	SoFi Consumer Loan Program Trust, Series 2018-4, Class C, 4.170%, 11/26/2027, 144A		1,051,939
	1,122,323	Sprite Ltd., Series 2017-1, Class B, 5.750%, 12/15/2037, 144A(a)		1,152,844
	1,638,583	TAL Advantage V LLC, Series 2013-2A, Class A, 3.550%, 11/20/2038, 144A(a)		1,659,109
	237,832	Thunderbolt Aircraft Lease Ltd., Series 2017-A, Class B, 5.750%, 5/17/2032, 144A(c)		245,627
	5,770,000	Verizon Owner Trust, Series 2017-3A, Class A1B, 1-month LIBOR + 0.270%, 2.653%, 4/20/2022, 144A(a)(b)		5,769,994
	1,110,623	Wave LLC, Series 2017-1A, Class B, 5.682%, 11/15/2042, 144A(a)		1,146,881

				75,405,563

		ABS Student Loan — 0.5%
	1,065,968	Navient Student Loan Trust, Series 18-4A, Class A1, 1-month LIBOR + 0.250%, 2.654%, 6/27/2067, 144A(a)(b)		1,065,334
	944,000	SLM Private Credit Student Loan Trust, Series 2003-A, Class A3, 28-day ARS, 5.260%, 6/15/2032(a)(b)(e)		943,717
	2,602,000	SLM Private Credit Student Loan Trust, Series 2003-B, Class A3, 28-day ARS, 5.280%, 3/15/2033(a)(b)(e)		2,601,219
	282,000	SLM Private Credit Student Loan Trust, Series 2003-B, Class A4, 28-day ARS, 5.290%, 3/15/2033(b)(e)		281,915
	997,568	SMB Private Education Loan Trust, Series 18-C, Class A1, 1-month LIBOR + 0.300%, 2.694%, 9/15/2025, 144A(a)(b)		997,474
	1,350,000	SMB Private Education Loan Trust, Series 2017-B, Class A2B, 1-month LIBOR + 0.750%, 3.144%, 10/15/2035, 144A(a)(b)		1,349,469
	82,106	SoFi Professional Loan Program LLC, Series 2014-B, Class A1, 1-month LIBOR + 1.250%, 3.654%, 8/25/2032, 144A(a)(b)		82,326
	367,185	SoFi Professional Loan Program LLC, Series 2015-A, Class A1, 1-month LIBOR + 1.200%, 3.604%, 3/25/2033, 144A(a)(b)		368,002
	1,115,533	SoFi Professional Loan Program LLC, Series 2016-A, Class B, 3.570%, 1/26/2038, 144A(a)		1,106,809

				8,796,265

		ABS Whole Business — 1.5%
	4,318,631	Adams Outdoor Advertising LP, Series 2018-1, Class A, 4.810%, 11/15/2048, 144A		4,594,875
	3,444,700	Coinstar Funding LLC, Series 2017-1A, Class A2, 5.216%, 4/25/2047, 144A(a)		3,526,951
	318,330	Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A23, 4.118%, 7/25/2047		330,579
	1,494,900	Driven Brands Funding LLC, Series 2018-1A, Class A2, 4.739%, 4/20/2048, 144A		1,568,031
	2,168,613	Five Guys Funding LLC, Series 2017-1A, Class A2, 4.600%, 7/25/2047, 144A		2,252,810
	3,002,313	Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2I, 4.262%, 9/05/2048, 144A		3,092,952
	2,601,300	Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.540%, 2/25/2044, 144A		2,708,273

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		ABS Whole Business — continued
$	5,572,000	Taco Bell Funding LLC, Series 2018-1A, Class A2I, 4.318%, 11/25/2048, 144A	$	5,779,780
	897,750	Wingstop Funding LLC, Series 2018-1, Class A2, 4.970%, 12/05/2048, 144A		943,517

				24,797,768

		Aerospace & Defense — 1.6%
	7,380,000	Boeing Co.(The), 2.700%, 5/01/2022		7,486,212
	3,425,000	General Dynamics Corp., 3-month LIBOR + 0.290%, 2.825%, 5/11/2020(a)(b)		3,432,825
	3,425,000	General Dynamics Corp., 3-month LIBOR + 0.380%, 2.915%, 5/11/2021(a)(b)		3,437,858
	2,550,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		2,486,250
	8,700,000	Rolls-Royce PLC, 2.375%, 10/14/2020, 144A		8,685,036

				25,528,181

		Agency Commercial Mortgage-Backed Securities — 0.1%
	49,454,220	Government National Mortgage Association, Series 2012-135, Class IO, 0.580%, 1/16/2053(a)(c)(j)		1,780,426

		Airlines — 0.3%
	4,037,938	Latam Airlines Pass Through Trust, Series 2015-1, Class B, 4.500%, 8/15/2025		3,997,559

		Automotive — 4.6%
	5,785,000	BMW U.S. Capital LLC, 3-month LIBOR + 0.410%, 2.820%, 9/13/2019, 144A(a)(b)		5,789,327
	5,985,000	BMW U.S. Capital LLC, 3-month LIBOR + 0.410%, 3.014%, 4/12/2021, 144A(a)(b)		5,990,159
	3,135,000	Daimler Finance North America LLC, 3.100%, 5/04/2020, 144A		3,151,687
	4,780,000	Daimler Finance North America LLC, 3.400%, 2/22/2022, 144A		4,877,201
	3,585,000	General Motors Financial Co., Inc., 3-month LIBOR + 0.850%, 3.442%, 4/09/2021(b)		3,583,364
	4,765,000	General Motors Financial Co., Inc., 3.700%, 11/24/2020		4,826,574
	7,750,000	Hyundai Capital America, 3.950%, 2/01/2022, 144A		7,955,587
	5,955,000	Nissan Motor Acceptance Corp., 3-month LIBOR + 0.580%, 3.177%, 1/13/2020, 144A(a)(b)		5,963,032
	6,865,000	Nissan Motor Acceptance Corp., 3.650%, 9/21/2021, 144A		7,028,251
	7,925,000	Toyota Industries Corp., 3.110%, 3/12/2022, 144A(a)		8,065,573
	3,310,000	Toyota Motor Credit Corp., MTN, 3-month LIBOR + 1.500%, 2.754%, 10/09/2020(b)		3,310,431
	12,395,000	Toyota Motor Credit Corp., MTN, 3-month LIBOR + 0.280%, 2.877%, 4/13/2021(a)(b)		12,433,534

				72,974,720

		Banking — 7.0%
	3,375,000	American Express Co., 3.000%, 2/22/2021		3,411,961
	4,910,000	American Express Co., 3-month LIBOR + 0.600%, 3.165%, 11/05/2021(b)		4,935,242
	44,895,000	Banco Hipotecario S.A., Argentina Deposit Rates Badlar Pvt Banks + 2.500%, 50.417%, 1/12/2020, 144A, (ARS)(b)		923,164

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Banking — continued
	44,570,000	Banco Hipotecario S.A., Argentina Deposit Rates Badlar Pvt Banks + 4.000%, 51.250%, 11/07/2022, 144A, (ARS)(b)	$	885,026
	21,970,000	Banco Macro S.A., 17.500%, 5/08/2022, 144A, (ARS)		312,902
	46,000,000	Banco Supervielle S.A., Argentina Deposit Rates Badlar Pvt Banks + 4.500%, 47.667%, 8/09/2020, 144A, (ARS)(b)		992,117
	2,425,000	Bank of America Corp., MTN, 3-month LIBOR + 0.650%, 2.999%, 6/25/2022(b)		2,431,995
	7,325,000	Bank of New York Mellon Corp. (The), 3-month EURIBOR + 0.300%, 2.803%, 12/04/2020(a)(b)		7,332,421
	2,415,000	Barclays Bank PLC, 2.650%, 1/11/2021		2,421,754
	5,895,000	Citibank NA, 3-month LIBOR + 0.350%, 2.885%, 2/12/2021(a)(b)		5,893,577
	5,245,000	Citibank NA, (fixed rate to 2/19/2021, variable rate thereafter), 3.165%, 2/19/2022		5,310,658
	4,885,000	Citigroup, Inc., 2.350%, 8/02/2021		4,881,860
	7,975,000	Citizens Bank NA, 3.250%, 2/14/2022(a)		8,129,772
	6,860,000	HSBC Holdings PLC, 3-month LIBOR + 0.650%, 3.086%, 9/11/2021(a)(b)		6,866,343
	2,550,000	JPMorgan Chase & Co., 3-month LIBOR + 0.680%, 3.200%, 6/01/2021(a)(b)		2,558,033
	3,755,000	JPMorgan Chase Bank NA, 3-month LIBOR + 0.230%, 2.750%, 9/01/2020(a)(b)		3,755,853
	3,960,000	JPMorgan Chase Bank NA, (fixed rate to 4/26/2020, variable rate thereafter), 3.086%, 4/26/2021(a)		3,982,255
	6,280,000	KeyBank NA, 3.300%, 2/01/2022		6,445,130
	2,430,000	Mitsubishi UFJ Financial Group, Inc., 3.218%, 3/07/2022		2,481,278
	6,720,000	Mitsubishi UFJ Financial Group, Inc., 3-month LIBOR + 0.650%, 3.236%, 7/26/2021(a)(b)		6,746,711
	8,035,000	PNC Bank NA, 3-month LIBOR + 0.350%, 2.786%, 3/12/2021(b)		8,042,633
	3,460,000	Standard Chartered PLC, 3-month LIBOR + 1.150%, 3.742%, 1/20/2023, 144A(b)		3,455,294
	3,460,000	Standard Chartered PLC, (fixed rate to 1/20/2022, variable rate thereafter), 4.247%, 1/20/2023, 144A		3,571,689
	8,070,000	Sumitomo Mitsui Financial Group, Inc., 2.846%, 1/11/2022(a)		8,158,961
	4,475,000	Synchrony Financial, 5.150%, 3/19/2029		4,822,126
	3,510,000	Wells Fargo Bank NA, 3.625%, 10/22/2021(a)		3,609,158

				112,357,913

		Brokerage — 0.2%
	3,140,000	Ameriprise Financial, Inc., 3.000%, 3/22/2022		3,197,626

		Chemicals — 0.5%
	10,180,000	Hexion, Inc., 6.625%, 4/15/2020(k)		7,889,500

		Commercial Mortgage-Backed Securities — 0.2%
	3,542,569	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 6A3, 4.905%, 10/25/2035(c)		3,626,023

		Construction Machinery — 1.2%
	3,050,000	Caterpillar Financial Services Corp., GMTN, 3-month LIBOR + 0.290%, 2.793%, 9/04/2020(a)(b)		3,055,173
	2,400,000	Caterpillar Financial Services Corp., MTN, 3.150%, 9/07/2021		2,447,733

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Construction Machinery — continued
$	6,350,000	John Deere Capital Corp., MTN, 3-month LIBOR + 0.240%, 2.676%, 3/12/2021(a)(b)	$	6,349,175
	6,875,000	John Deere Capital Corp., MTN, 3.125%, 9/10/2021(a)		7,014,509

				18,866,590

		Consumer Cyclical Services — 0.9%
	8,135,000	Uber Technologies, Inc., 7.500%, 11/01/2023, 144A		8,623,100
	4,810,000	Uber Technologies, Inc., 8.000%, 11/01/2026, 144A		5,123,227

				13,746,327

		Consumer Products — 0.5%
	7,040,000	Unilever Capital Corp., 3.000%, 3/07/2022(a)		7,201,146

		Diversified Manufacturing — 0.5%
	7,945,000	3M Co., MTN, 2.750%, 3/01/2022(a)		8,075,797

		Electric — 1.0%
	6,455,000	Enel SpA, (fixed rate to 9/24/2023, variable rate thereafter), 8.750%, 9/24/2073, 144A(a)		7,439,387
	8,230,000	Florida Power & Light Co., 3-month LIBOR + 0.400%, 2.965%, 5/06/2022(b)		8,233,732

				15,673,119

		Finance Companies — 1.0%
	6,000,000	Aircastle Ltd., 4.250%, 6/15/2026		6,069,290
	6,500,000	USAA Capital Corp., 3.000%, 7/01/2020, 144A(a)		6,547,237
	3,535,000	USSA Capital Corp., MTN, 2.625%, 6/01/2021, 144A		3,564,619

				16,181,146

		Financial Other — 0.4%
	6,550,000	Mitsubishi UFJ Lease & Finance Co. Ltd., 3.406%, 2/28/2022, 144A		6,686,895
	370,000	Yanlord Land (HK) Co. Ltd., 5.875%, 1/23/2022		374,468

				7,061,363

		Food & Beverage — 1.0%
	3,065,000	Campbell Soup Co., 3-month LIBOR + 0.500%, 2.910%, 3/16/2020(a)(b)		3,066,991
	1,935,000	Diageo Capital PLC, 3.000%, 5/18/2020		1,945,844
	3,925,000	General Mills, Inc., 3.200%, 4/16/2021		3,984,552
	6,390,000	NBM U.S Holdings, Inc., 7.000%, 5/14/2026, 144A		6,719,085

				15,716,472

		Gaming — 0.2%
	2,945,000	MGM China Holdings Ltd., 5.375%, 5/15/2024, 144A		3,021,570

		Government Owned – No Guarantee — 1.3%
	4,120,000	Export-Import Bank of Korea, 3-month LIBOR + 0.525%, 2.874%, 6/25/2022(b)		4,126,461
	18,670,000,000	Financiera de Desarrollo Territorial S.A., 7.875%, 8/12/2024, 144A, (COP)(a)		6,201,868
	4,935,000	Petrobras Global Finance BV, 5.750%, 2/01/2029		5,144,244
	950,000	Petrobras Global Finance BV, 7.250%, 3/17/2044		1,062,584
	3,525,000	YPF S.A., 6.950%, 7/21/2027, 144A		3,197,880

See accompanying notes to financial statements.

| 26

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Government Owned – No Guarantee — continued
$	1,930,000	YPF S.A., Argentina Deposit Rates Badlar Pvt Banks + 4.000%, 48.750%, 7/07/2020, 144A(b)	$	680,182

				20,413,219

		Health Insurance — 0.6%
	6,900,000	Cigna Corp., 3-month LIBOR + 0.650%, 3.060%, 9/17/2021, 144A(a)(b)		6,902,911
	3,125,000	Humana, Inc., 2.500%, 12/15/2020		3,126,655

				10,029,566

		Healthcare — 1.6%
	8,095,000	Cigna Corp., 3.200%, 9/17/2020, 144A		8,169,755
	4,010,000	CVS Health Corp., 2.800%, 7/20/2020		4,020,245
	6,065,000	CVS Health Corp., 3-month LIBOR + 0.630%, 3.083%, 3/09/2020(a)(b)		6,079,717
	6,065,000	CVS Health Corp., 3-month LIBOR + 0.720%, 3.173%, 3/09/2021(a)(b)		6,091,742
	2,300,000	Polaris Intermediate Corp., 8.500% PIK, 8.500% Cash, 12/01/2022, 144A(l)		2,029,750

				26,391,209

		Home Construction — 0.2%
	370,000	CIFI Holdings Group Co. Ltd., 5.500%, 1/23/2022		366,883
	740,000	New Metro Global Ltd., 6.500%, 4/23/2021		747,452
	740,000	Shimao Property Holdings Ltd., 4.750%, 7/03/2022		745,264
	370,000	Sunac China Holdings Ltd., 7.350%, 7/19/2021		378,359
	760,000	Sunac China Holdings Ltd., 8.625%, 7/27/2020		781,829

				3,019,787

		Independent Energy — 1.6%
	3,570,000	Aker BP ASA, 4.750%, 6/15/2024, 144A		3,679,599
	950,000	Bellatrix Exploration Ltd., 9.500% PIK, 3.000% Cash, 12/15/2023(d)(e)(f)(g)(l)		627,000
	4,155,000	Bruin E&P Partners LLC, 8.875%, 8/01/2023, 144A		3,490,200
	9,230,000	California Resources Corp., 8.000%, 12/15/2022, 144A		6,957,112
	2,075,000	Gulfport Energy Corp., 6.000%, 10/15/2024		1,602,938
	3,080,000	Gulfport Energy Corp., 6.375%, 5/15/2025		2,383,150
	2,315,000	Jagged Peak Energy LLC, 5.875%, 5/01/2026		2,280,275
	7,460,000	OGX Austria GmbH, 8.375%, 4/01/2022, 144A(d)(e)(k)		—
	4,420,000	OGX Austria GmbH, 8.500%, 6/01/2018, 144A(d)(e)(k)		—
	3,620,000	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 8.750%, 4/15/2023, 144A		2,353,000
	3,465,000	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 9.750%, 4/15/2023, 144A		2,243,587

				25,616,861

		Industrial Other — 0.0%
	740,000	CFLD Cayman Investment Ltd., 6.500%, 12/21/2020		743,739

		Integrated Energy — 0.6%
	3,335,000	Gran Tierra Energy International Holdings Ltd., 6.250%, 2/15/2025, 144A		3,105,719
	5,795,000	Shell International Finance BV, 3-month LIBOR + 0.350%, 2.786%, 9/12/2019(a)(b)		5,799,611

				8,905,330

See accompanying notes to financial statements.

27 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Life Insurance — 2.3%
$	4,545,000	AEGON Funding Co. LLC, 5.750%, 12/15/2020	$	4,757,638
	2,770,000	AIA Group Ltd., 3-month LIBOR + 0.520%, 2.907%, 9/20/2021, 144A(b)		2,767,313
	7,735,000	Jackson National Life Global Funding, 3.300%, 2/01/2022, 144A(a)		7,914,029
	2,420,000	MassMutual Global Funding II, 2.500%, 4/13/2022, 144A(a)		2,440,323
	4,270,000	Metropolitan Life Global Funding I, 3.375%, 1/11/2022, 144A		4,389,157
	6,940,000	New York Life Global Funding, 3-month LIBOR + 0.160%, 2.479%, 10/01/2020, 144A(a)(b)		6,942,053
	6,780,000	New York Life Global Funding, 3-month LIBOR + 0.320%, 2.885%, 8/06/2021, 144A(a)(b)		6,793,210
	945,000	New York Life Global Funding, 2.950%, 1/28/2021, 144A(a)		955,717

				36,959,440

		Local Authorities — 0.5%
	2,280,000	Provincia de Buenos Aires, 6.500%, 2/15/2023, 144A		1,896,390
	216,360,000	Provincia de Buenos Aires, Argentina Deposit Rates Badlar Pvt Banks + 3.830%, 53.821%, 5/31/2022, (ARS)(b)		4,193,184
	67,000,000	Provincia de Buenos Aires, 3-month EURIBOR + 3.75%, 54.501%, 4/12/2025, 144A, (ARS)(b)		1,248,829

				7,338,403

		Lodging — 0.3%
	5,145,000	Marriott International, Inc., 3-month LIBOR + 0.650%, 3.103%, 3/08/2021(b)		5,159,081

		Media Entertainment — 1.0%
	4,710,000	Fox Corp., 3.666%, 1/25/2022, 144A		4,867,391
	1,700,000	iHeartCommunications, Inc., 8.375%, 5/01/2027		1,780,784
	8,685,000	Netflix, Inc., 5.375%, 11/15/2029, 144A		9,225,120

				15,873,295

		Midstream — 0.5%
	4,960,000	Midwest Connector Capital Co. LLC, 3.625%, 4/01/2022, 144A		5,082,123
	800,000	Tennessee Gas Pipeline Co. LLC, 7.000%, 3/15/2027		971,150
	2,160,000	Transportadora de Gas del Sur S.A., 6.750%, 5/02/2025, 144A		2,087,640

				8,140,913

		Non-Agency Commercial Mortgage-Backed Securities — 2.1%
	4,565,000	CFCRE Commercial Mortgage Trust, Series 2011-C1, Class D, 6.272%, 4/15/2044, 144A(a)(c)		4,775,542
	790,000	Credit Suisse Commercial Mortgage Securities Corp., Series 2019-SKLZ, Class D, 1-month LIBOR + 3.600%, 5.994%, 1/15/2034, 144A(b)		794,073
	5,680,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class E, 4.373%, 9/15/2037, 144A		5,336,897
	2,552,340	DBUBS Mortgage Trust, Series 2011-LC1A, Class E, 5.885%, 11/10/2046, 144A(a)(c)		2,650,944
	132,980	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class AM, 5.464%, 1/15/2049(c)		132,909
	1,570,000	Morgan Stanley Capital I Trust, Series 2011-C2, Class D, 5.668%, 6/15/2044, 144A(a)(c)		1,598,771
	2,515,000	Morgan Stanley Capital I Trust, Series 2011-C2, Class E, 5.668%, 6/15/2044, 144A(c)		2,483,051

See accompanying notes to financial statements.

| 28

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	5,335,283	Motel 6 Trust, Series 2017-M6MZ, Class M, 1-month LIBOR + 6.927%, 9.321%, 8/15/2019, 144A(b)	$	5,380,520
	3,575,000	Starwood Retail Property Trust, Series 2014-STAR, Class E, 1-month LIBOR + 4.150%, 6.544%, 11/15/2027, 144A(b)		2,932,140
	1,370,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class E, 5.048%, 5/10/2063, 144A(c)(g)(i)		1,100,601
	2,987,500	WFRBS Commercial Mortgage Trust, Series 2011-C2, Class D, 5.839%, 2/15/2044, 144A(a)(c)		3,053,472
	1,809,189	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class D, 5.856%, 3/15/2044, 144A(c)		1,632,938
	450,000	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class C, 4.970%, 6/15/2045(c)		460,411
	950,000	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class E, 4.970%, 6/15/2045, 144A(c)		838,371

				33,170,640

		Oil Field Services — 0.2%
	872,000	Bellatrix Exploration Ltd., 8.500%, 9/11/2023(d)(e)(f)(g)		767,360
	2,370,000	Transocean Sentry Ltd., 5.375%, 5/15/2023, 144A		2,372,962

				3,140,322

		Pharmaceuticals — 1.9%
	8,040,000	Bristol-Myers Squibb Co., 2.600%, 5/16/2022, 144A		8,142,043
	4,020,000	Celgene Corp., 2.250%, 8/15/2021		4,006,783
	4,010,000	Celgene Corp., 2.875%, 8/15/2020		4,031,276
	2,605,000	Mylan NV, 5.250%, 6/15/2046		2,429,838
	940,000	Mylan, Inc., 5.200%, 4/15/2048		868,001
	6,860,000	Pfizer, Inc., 3.000%, 9/15/2021(a)		6,997,269
	6,170,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		4,195,292

				30,670,502

		Property & Casualty Insurance — 0.7%
	6,000,000	Berkshire Hathaway Finance Corp., 3-month LIBOR + 0.320%, 2.904%, 1/10/2020(a)(b)		6,010,470
	5,520,000	Marsh & McLennan Cos., Inc., 3.500%, 12/29/2020		5,612,064

				11,622,534

		Railroads — 0.3%
	4,675,000	Union Pacific Corp., 2.950%, 3/01/2022		4,760,729

		Real Estate Operations/Development — 0.1%
	600,000	Easy Tactic Ltd., 7.000%, 4/25/2021		611,285
	370,000	Logan Property Holdings Co. Ltd., 5.250%, 2/23/2023		353,024

				964,309

		Retailers — 0.9%
	1,463,000	Alimentation Couche-Tard, Inc., 3-month LIBOR + 0.500%, 2.950%, 12/13/2019, 144A(a)(b)		1,463,315
	5,955,000	Home Depot, Inc. (The), 3-month LIBOR + 0.310%, 2.830%, 3/01/2022(b)		5,965,353
	6,635,000	Walmart, Inc., 3-month LIBOR + 0.230%, 2.573%, 6/23/2021(a)(b)		6,650,043

				14,078,711

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Sovereigns — 0.0%
	29,460,000	Argentina Politica Monetaria, Argentina Central Bank 7-day Repo Reference Rate, 61.779%, 6/21/2020, (ARS)(c)	$	678,804

		Student Loans — 0.2%
	3,340,371	Massachusetts Educational Financing Authority, Series 2018-A, Class A, 3.850%, 5/25/2033(a)		3,573,229

		Technology — 3.0%
	6,045,000	Apple, Inc., 3-month LIBOR + 0.070%, 2.605%, 5/11/2020(a)(b)		6,048,103
	6,325,000	Apple, Inc., 3-month LIBOR + 0.250%, 2.812%, 2/07/2020(a)(b)		6,334,052
	11,695,000	Broadcom, Inc., 4.750%, 4/15/2029, 144A		12,008,221
	1,990,000	CalAmp Corp., 2.000%, 8/01/2025, 144A		1,609,623
	530,000	CommScope Technologies LLC, 5.000%, 3/15/2027, 144A		461,100
	230,000	CommScope Technologies LLC, 6.000%, 6/15/2025, 144A		215,558
	3,015,000	Flex Ltd., 4.875%, 6/15/2029		3,072,172
	3,250,000	Hewlett Packard Enterprise Co., 3.600%, 10/15/2020		3,292,763
	6,000,000	International Business Machines Corp., 3-month LIBOR + 0.230%, 2.812%, 1/27/2020(a)(b)		6,006,330
	8,280,000	International Business Machines Corp., 2.850%, 5/13/2022		8,421,131

				47,469,053

		Tobacco — 1.0%
	7,945,000	Altria Group, Inc., 3.490%, 2/14/2022(a)		8,170,699
	8,210,000	BAT Capital Corp., 2.297%, 8/14/2020		8,192,923

				16,363,622

		Transportation Services — 0.7%
	5,050,000	FedEx Corp., 3.400%, 1/14/2022		5,177,387
	5,805,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 3.650%, 7/29/2021, 144A		5,936,091

				11,113,478

		Treasuries — 1.8%
	54,864,000,000	Indonesia Treasury Bond, Series FR77, 8.125%, 5/15/2024, (IDR)		4,085,431
	380,700,000	Republic of South Africa Government Bond, 8.500%, 1/31/2037, (ZAR)(a)		24,668,122

				28,753,553

		Wireless — 0.3%
	1,130,000	Millicom International Cellular S.A., 5.125%, 1/15/2028, 144A		1,144,125
	2,900,000	Millicom International Cellular S.A., 6.250%, 3/25/2029, 144A		3,110,250

				4,254,375

		Wirelines — 0.7%
	4,070,000	AT&T, Inc., 3.000%, 2/15/2022		4,135,112
	1,200,000	AT&T, Inc., 3.000%, 6/30/2022		1,221,014
	1,245,000	AT&T, Inc., 3.200%, 3/01/2022		1,271,501
	4,670,000	AT&T, Inc., 3.800%, 3/15/2022		4,844,831

				11,472,458

		Total Non-Convertible Bonds (Identified Cost $1,245,491,620)		1,217,967,327

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Principal Amount (‡)		Description	Value (†)
	Convertible Bonds — 1.0%
		Cable Satellite — 0.5%
$	4,280,000	DISH Network Corp., 2.375%, 3/15/2024	$	3,953,716
	3,625,000	DISH Network Corp., 3.375%, 8/15/2026		3,524,167

				7,477,883

		Diversified Manufacturing — 0.0%
	600,000	Greenbrier Cos., Inc. (The), 2.875%, 2/01/2024		576,530

		Diversified Operations — 0.0%
	775,000	RWT Holdings, Inc., 5.625%, 11/15/2019		779,716

		Independent Energy — 0.2%
	1,280,000	Chesapeake Energy Corp., 5.500%, 9/15/2026		1,021,668
	385,000	SM Energy Co., 1.500%, 7/01/2021		354,257
	1,075,000	Whiting Petroleum Corp., 1.250%, 4/01/2020		1,040,063

				2,415,988

		Media Entertainment — 0.0%
	575,000	Liberty Media Corp., 2.250%, 9/30/2046		307,299

		Oil Field Services — 0.1%
	1,760,000	Nabors Industries, Inc., 0.750%, 1/15/2024		1,255,390

		Pharmaceuticals — 0.2%
	2,865,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		2,974,228
	710,000	Flexion Therapeutics, Inc., 3.375%, 5/01/2024		616,369

				3,590,597

		Total Convertible Bonds (Identified Cost $17,686,356)		16,403,403


		Total Bonds and Notes (Identified Cost $1,263,177,976)		1,234,370,730


	Senior Loans — 5.3%
		Aerospace & Defense — 0.1%
	2,281,405	Science Applications International Corp., 2018 Term Loan B, 1-month LIBOR + 1.750%, 4.152%, 10/31/2025(b)		2,265,002

		Automotive — 0.1%
	2,289,395	Truck Hero, Inc., 1st Lien Term Loan, 1-month LIBOR + 3.750%, 6.152%, 4/21/2024(b)		2,147,750

		Building Materials — 0.7%
	2,336,294	American Builders & Contractors Supply Co., Inc., 2018 Term Loan B, 1-month LIBOR + 2.000%, 4.402%, 10/31/2023(b)		2,300,268
	3,278,502	Hamilton Holdco LLC, 2018 Term Loan B, 3-month LIBOR + 2.000%, 4.330%, 7/02/2025(b)		3,253,914
	5,140,788	Jeld-Wen, Inc., 2017 1st Lien Term Loan, 3-month LIBOR + 2.000%, 4.330%, 12/14/2024(b)		5,109,943

				10,664,125

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Cable Satellite — 0.6%
$	2,840,000	Unitymedia Finance LLC, 2018 Term Loan E, 1-month LIBOR + 2.000%, 4.394%, 6/01/2023(b)	$	2,831,934
	4,350,409	Unitymedia Finance LLC, Term Loan B, 1-month LIBOR + 2.250%, 4.644%, 9/30/2025(b)		4,335,922
	2,979,034	Ziggo Secured Finance Partnership, USD Term Loan E, 1-month LIBOR + 2.500%, 4.894%, 4/15/2025(b)		2,916,058

				10,083,914

		Chemicals — 0.2%
	3,364,285	Axalta Coating Systems US Holdings, Inc., USD Term Loan B3, 3-month LIBOR + 1.750%, 4.080%, 6/01/2024(b)		3,321,188

		Construction Machinery — 0.3%
	4,521,830	United Rentals, Inc., Term Loan B, 1-month LIBOR + 1.750%, 4.152%, 10/31/2025(b)		4,517,580

		Electric — 0.4%
	3,982,912	AES Corp., 2018 Term Loan B, 3-month LIBOR + 1.750%, 4.272%, 5/31/2022(b)		3,973,950
	2,752,337	Vistra Operations Co. LLC, 1st Lien Term Loan B3, LIBOR + 2.000%, 4.397%, 12/31/2025(m)		2,747,878

				6,721,828

		Food & Beverage — 0.4%
	4,474,701	Aramark Services, Inc., 2018 Term Loan B3, 3-month LIBOR + 1.750%, 4.080%, 3/11/2025(b)		4,455,684
	2,320,160	Post Holdings, Inc., 2017 Series A Incremental Term Loan, 1-month LIBOR + 2.000%, 4.404%, 5/24/2024(b)		2,307,260

				6,762,944

		Healthcare — 0.4%
	1,120,050	IQVIA, Inc., 2017 USD Term Loan B2, 3-month LIBOR + 2.000%, 4.330%, 1/17/2025(b)		1,117,250
	4,696,322	IQVIA, Inc., 2018 USD Term Loan B3, 1-month LIBOR + 1.750%, 4.152%, 6/11/2025(b)		4,665,983

				5,783,233

		Independent Energy — 0.2%
	811,000	California Resources Corp., 2017 1st Lien Term Loan, 1-month LIBOR + 4.750%, 7.152%, 12/31/2022(b)		773,929
	3,740,000	Gavilan Resources LLC, 2nd Lien Term Loan, 1-month LIBOR + 6.000%, 8.402%, 3/01/2024(b)		1,907,400

				2,681,329

		Lodging — 0.1%
	848,588	Wyndham Hotels & Resorts, Inc., Term Loan B, 1-month LIBOR + 1.750%, 4.152%, 5/30/2025(b)		845,541

		Packaging — 0.1%
	1,686,250	Berry Global, Inc., USD Term Loan U, 5/15/2026(n)		1,673,789

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Pharmaceuticals — 0.3%
$	1,187,025	Catalent Pharma Solutions, Inc., Term Loan B2, 1-month LIBOR + 2.250%, 4.652%, 5/18/2026(b)	$	1,186,040
	3,880,228	Grifols Worldwide Operations USA, Inc., 2017 Acquisition Term Loan, 1-week LIBOR + 2.250%, 4.635%, 1/31/2025(b)		3,867,423

				5,053,463

		Restaurants — 0.3%
	5,121,666	1011778 B.C. Unlimited Liability Co., Term Loan B3, 1-month LIBOR + 2.250%, 4.652%, 2/16/2024(b)		5,079,002

		Technology — 0.6%
	3,808,808	First Data Corp., 2017 USD Term Loan, 1-month LIBOR + 2.000%, 4.404%, 7/08/2022(b)		3,804,086
	4,604,256	Iron Mountain, Inc., 2018 Term Loan B, 1-month LIBOR + 1.750%, 4.152%, 1/02/2026(b)		4,466,128
	925,576	Microchip Technology, Inc., 2018 Term Loan B, 1-month LIBOR + 2.000%, 4.410%, 5/29/2025(b)		919,504

				9,189,718

		Transportation Services — 0.3%
	4,171,707	Uber Technologies, Inc., 2018 Incremental Term Loan, 1-month LIBOR + 3.500%, 5.904%, 7/13/2023(b)		4,165,616

		Wireless — 0.2%
	3,908,961	UPC Financing Partnership, USD Term Loan AR, 1-month LIBOR + 2.500%, 4.894%, 1/15/2026(b)		3,903,293

		Total Senior Loans (Identified Cost $86,692,826)		84,859,315


	Collateralized Loan Obligations — 2.0%
	4,569,933	CVP Cascade CLO Ltd., Series 2014-2A, Class A1R, 3-month LIBOR + 1.200%, 3.801%, 7/18/2026, 144A(b)		4,573,465
	8,040,000	Elevation CLO Ltd., Series 2015-4A, Class AR, 3-month LIBOR + 0.990%, 3.385%, 4/18/2027, 144A(b)		8,040,005
	824,327	Halcyon Loan Advisors Funding Ltd., Series 2013-1A, Class A1, 3-month LIBOR + 1.150%, 3.747%, 4/15/2025, 144A(b)		824,454
	5,313,783	Halcyon Loan Advisors Funding Ltd., Series 2014-2A, Class A1BR, 3-month LIBOR + 1.180%, 3.762%, 4/28/2025, 144A(b)		5,320,478
	3,685,000	Jamestown CLO VII Ltd., Series 2015-7A, Class A1R, 3-month LIBOR + 0.830%, 3.410%, 7/25/2027, 144A(b)		3,669,072
	1,175,000	Madison Park Funding Ltd., Series 2014-12A, Class B1R, 3-month LIBOR + 1.650%, 4.242%, 7/20/2026, 144A(b)		1,177,286
	4,085,000	Mountain View CLO X Ltd., Series 2015-10A, Class AR, 3-month LIBOR + 0.820%, 3.417%, 10/13/2027, 144A(b)		4,065,239
	3,965,000	Parallel Ltd., Series 2015-1A, Class AR, 3-month LIBOR + 0.850%, 3.442%, 7/20/2027, 144A(b)		3,960,473

		Total Collateralized Loan Obligations (Identified Cost $31,674,840)		31,630,472

See accompanying notes to financial statements.

33 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Principal Amount (‡)		Description	Value (†)
	Loan Participations — 0.3%
		ABS Other — 0.3%
$	5,146,606	Harbour Aircraft Investments Ltd., Series 2017-1, Class C, 8.000%, 11/15/2037(e) (Identified Cost $5,135,046)	$	5,189,236


Shares
	Preferred Stocks — 0.6%
	Convertible Preferred Stocks — 0.3%
		Food & Beverage — 0.2%
	42,272	Bunge Ltd., 4.875%		4,224,124

		Midstream — 0.1%
	1,714	Chesapeake Energy Corp., 5.750%		819,749
	2,329	El Paso Energy Capital Trust I, 4.750%		123,437

				943,186

		Total Convertible Preferred Stocks (Identified Cost $5,225,333)		5,167,310


	Non-Convertible Preferred Stocks — 0.3%
		Cable Satellite — 0.3%
	4,040,000	NBCUniversal Enterprise, Inc., 5.250%, 144A(a) (Identified Cost $4,040,000)		4,136,960

		Total Preferred Stocks (Identified Cost $9,265,333)		9,304,270


	Common Stocks — 3.3%
		Aerospace & Defense — 0.1%
	1,968	Boeing Co. (The)		716,372

		Air Freight & Logistics — 0.0%
	3,223	United Parcel Service, Inc., Class B		332,839

		Airlines — 0.0%
	13,754	Southwest Airlines Co.		698,428

		Banks — 0.1%
	10,765	Citigroup, Inc.		753,873
	6,499	JPMorgan Chase & Co.		726,588

				1,480,461

		Beverages — 0.0%
	11,893	Molson Coors Brewing Co., Class B		666,008

		Biotechnology — 0.1%
	9,301	AbbVie, Inc.		676,369
	3,966	Amgen, Inc.		730,854
	10,705	Gilead Sciences, Inc.		723,230

				2,130,453

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Shares		Description	Value (†)
		Capital Markets — 0.1%
	8,846	LPL Financial Holdings, Inc.	$	721,568
	2,278	Morgan Stanley		99,799

				821,367

		Chemicals — 0.1%
	8,460	LyondellBasell Industries NV, Class A		728,660

		Commercial Services & Supplies — 0.0%
	4,090	Waste Management, Inc.		471,863

		Communications Equipment — 0.0%
	9,380	Cisco Systems, Inc.		513,367

		Construction Materials — 0.2%
	673,076	Cemex SAB de CV, Sponsored ADR		2,853,842

		Diversified Consumer Services — 0.1%
	26,245	H&R Block, Inc.		768,978

		Diversified Telecommunication Services — 0.0%
	8,235	Verizon Communications, Inc.		470,466

		Electric Utilities — 0.1%
	17,029	FirstEnergy Corp.		729,011
	23,456	PPL Corp.		727,371
	4,971	Southern Co. (The)		274,797

				1,731,179

		Electrical Equipment — 0.1%
	8,847	Eaton Corp. PLC		736,778

		Electronic Equipment, Instruments & Components — 0.1%
	6,653	CDW Corp.		738,483

		Food & Staples Retailing — 0.1%
	13,680	Walgreens Boots Alliance, Inc.		747,886

		Health Care Providers & Services — 0.1%
	8,621	AmerisourceBergen Corp.		735,027
	4,826	McKesson Corp.		648,566
	2,904	UnitedHealth Group, Inc.		708,605

				2,092,198

		Hotels, Restaurants & Leisure — 0.1%
	6,259	Darden Restaurants, Inc.		761,908
	12,287	Las Vegas Sands Corp.		726,039
	8,680	Starbucks Corp.		727,644

				2,215,591

		Household Durables — 0.1%
	22,479	PulteGroup, Inc.		710,786

		Industrial Conglomerates — 0.0%
	1,203	Honeywell International, Inc.		210,032

		Insurance — 0.2%
	12,595	Aflac, Inc.		690,332

See accompanying notes to financial statements.

35 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Shares		Description	Value (†)
		Insurance — continued
	17,882	Fidelity National Financial, Inc.	$	720,645
	14,936	MetLife, Inc.		741,871
	7,277	Principal Financial Group, Inc.		421,484
	6,943	Prudential Financial, Inc.		701,243

				3,275,575

		IT Services — 0.3%
	3,930	Accenture PLC, Class A		726,146
	4,325	Automatic Data Processing, Inc.		715,052
	6,879	Booz Allen Hamilton Holding Corp.		455,459
	5,580	Broadridge Financial Solutions, Inc.		712,455
	9,238	Leidos Holdings, Inc.		737,654
	2,738	MasterCard, Inc., Class A		724,283
	8,359	Paychex, Inc.		687,862
	4,226	Visa, Inc., Class A		733,422

				5,492,333

		Life Sciences Tools & Services — 0.1%
	2,480	Thermo Fisher Scientific, Inc.		728,326

		Machinery — 0.1%
	4,302	Cummins, Inc.		737,105
	4,580	Illinois Tool Works, Inc.		690,710
	10,235	PACCAR, Inc.		733,440

				2,161,255

		Media — 0.2%
	1,943	CBS Corp., Class B		96,956
	16,774	Comcast Corp., Class A		709,205
	7,128	Nexstar Media Group, Inc., Class A		719,928
	9,187	Omnicom Group, Inc.		752,875
	13,750	Sinclair Broadcast Group, Inc., Class A		737,412

				3,016,376

		Oil, Gas & Consumable Fuels — 0.2%
	349,549	Bellatrix Exploration Ltd.(d)(e)(f)(g)(h)		42,708
	11,212	ConocoPhillips		683,932
	1,884	Dommo Energia S.A., Sponsored ADR(h)		11,304
	99,386	Encana Corp.		509,850
	9,696	Occidental Petroleum Corp.		487,515
	29,900	Plains GP Holdings LP, Class A(h)		746,603
	73,856	Whiting Petroleum Corp.(h)		1,379,630

				3,861,542

		Pharmaceuticals — 0.2%
	4,330	Allergan PLC		724,972
	14,983	Bristol-Myers Squibb Co.		679,479
	5,158	Johnson & Johnson		718,406
	8,594	Merck & Co., Inc.		720,607
	14,842	Pfizer, Inc.		642,956

				3,486,420

See accompanying notes to financial statements.

| 36

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Shares		Description	Value (†)
		REITs – Diversified — 0.1%
	30,549	CoreCivic, Inc.	$	634,197
	18,081	Gaming and Leisure Properties, Inc.		704,797
	30,677	GEO Group, Inc. (The)		644,524
	3,717	Outfront Media, Inc.		95,862

				2,079,380

		REITs – Storage — 0.0%
	21,451	Iron Mountain, Inc.		671,416

		Semiconductors & Semiconductor Equipment — 0.1%
	2,375	Broadcom, Inc.		683,667
	4,727	QUALCOMM, Inc.		359,583
	2,546	Texas Instruments, Inc.		292,179

				1,335,429

		Software — 0.1%
	2,722	Intuit, Inc.		711,340
	5,351	Microsoft Corp.		716,820
	12,736	Oracle Corp.		725,570

				2,153,730

		Specialty Retail — 0.1%
	2,192	Best Buy Co., Inc.		152,848
	3,465	Home Depot, Inc. (The)		720,616

				873,464

		Technology Hardware, Storage & Peripherals — 0.1%
	844	Apple, Inc.		167,044
	49,216	Hewlett Packard Enterprise Co.		735,779
	35,331	HP, Inc.		734,532

				1,637,355

		Tobacco — 0.0%
	14,570	Altria Group, Inc.		689,890

		Total Common Stocks (Identified Cost $54,533,533)		53,298,528


	Exchange-Traded Funds — 0.5%
	22,686	Invesco QQQ Trust, Series 1		4,236,384
	82,282	iShares^® China Large-Cap ETF		3,519,201

		Total Exchange-Traded Funds (Identified Cost $6,980,839)		7,755,585


Principal Amount (‡)
	Other Investments — 0.5%
		Aircraft ABS — 0.5%
$	900	ECAF I Blocker Ltd.(d)(e)(f)(g) (Identified Cost $9,000,000)		7,776,000

See accompanying notes to financial statements.

37 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — 14.0%
$	134,895,122	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/28/2019 at 1.500% to be repurchased at $134,911,984 on 7/01/2019 collateralized by $1,105,000 U.S. Treasury Note, 2.250% due 4/30/2021 valued at $1,118,043; $25,485,000 U.S. Treasury Note, 1.625% due 8/31/2022 valued at $25,531,459; $23,335,000 U.S. Treasury Note, 1.625% due 8/15/2022 valued at $23,397,538; $75,000,000 U.S. Treasury Note, 2.125% due 12/31/2022 valued at $76,798,275; $10,320,000 U.S. Treasury Inflation Indexed Note, 0.625% due 4/15/2023 valued at $10,750,901 including accrued interest (Note 2 of Notes to Financial Statements)	$	134,895,122
	40,755,000	U.S. Treasury Bills, 1.875%, 6/18/2020(o)		40,004,703
	40,705,000	U.S. Treasury Bills, 1.900%, 5/21/2020(o)		40,002,111
	5,020,000	U.S. Treasury Bills, 2.438%, 12/05/2019(a)(o)		4,975,941
	4,100,000	U.S. Treasury Bills, 2.540%, 8/15/2019(o)(p)		4,089,276

		Total Short-Term Investments (Identified Cost $223,961,239)		223,967,153


		Total Investments — 103.6% (Identified Cost $1,690,421,632)		1,658,151,289
		Other assets less liabilities — (3.6)%		(57,560,062	)

		Net Assets — 100.0%	$	1,600,591,227


Written Options — (0.0%)

Description	Expiration Date	Exercise Price		Shares (†††)			Notional Amount			Premiums (Received)			Value (†)
Options on Securities — (0.0%)
Accenture PLC, Call	7/19/2019		195.00		(1,200	)	$	(221,724	)	$	(1,184	)	$	(180	)
Accenture PLC, Call	8/16/2019		190.00		(1,200	)		(221,724	)		(3,260	)		(2,550	)
Accenture PLC, Call	9/20/2019		200.00		(1,200	)		(221,724	)		(1,928	)		(1,170	)
Aflac, Inc., Call	8/16/2019		55.00		(8,300	)		(454,923	)		(4,707	)		(10,998	)
Aflac, Inc., Call	8/16/2019		52.50		(4,100	)		(224,721	)		(1,792	)		(12,382	)
Allergan PLC, Call	8/16/2019		150.00		(2,800	)		(468,804	)		(9,650	)		(53,270	)
Altria Group, Inc., Call	9/20/2019		55.00		(7,200	)		(340,920	)		(2,499	)		(1,764	)
AmerisourceBergen Corp., Call	7/19/2019		82.50		(2,800	)		(238,728	)		(5,536	)		(10,500	)
AmerisourceBergen Corp., Call	8/16/2019		85.00		(2,800	)		(238,728	)		(5,937	)		(10,780	)
AmerisourceBergen Corp., Call	8/16/2019		92.50		(2,800	)		(238,728	)		(2,680	)		(2,800	)
Amgen, Inc., Call	7/19/2019		185.00		(1,300	)		(239,564	)		(2,154	)		(4,875	)
Amgen, Inc., Call	8/16/2019		195.00		(1,300	)		(239,564	)		(3,837	)		(3,263	)
Amgen, Inc., Call	9/20/2019		200.00		(1,300	)		(239,564	)		(3,168	)		(2,750	)
Apple, Inc., Call	7/19/2019		205.00		(200	)		(39,584	)		(311	)		(445	)
Apple, Inc., Call	8/16/2019		210.00		(200	)		(39,584	)		(447	)		(675	)
Apple, Inc., Call	9/20/2019		215.00		(200	)		(39,584	)		(693	)		(745	)
Automatic Data Processing, Inc., Call	8/16/2019		170.00		(2,100	)		(347,193	)		(6,651	)		(7,245	)
Automatic Data Processing, Inc., Call	8/16/2019		180.00		(2,100	)		(347,193	)		(2,577	)		(1,837	)

See accompanying notes to financial statements.

| 38

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Description	Expiration Date		Exercise Price		Shares (†††)			Notional Amount			Premiums (Received)			Value (†)
Best Buy Co., Inc., Call		7/19/2019		75.00		(700	)	$	(48,811	)	$	(1,034	)	$	(157	)
Best Buy Co., Inc., Call		7/19/2019		72.50		(700	)		(48,811	)		(201	)		(483	)
Best Buy Co., Inc., Call		8/16/2019		75.00		(700	)		(48,811	)		(313	)		(602	)
Boeing Co. (The), Call		7/19/2019		380.00		(600	)		(218,406	)		(3,520	)		(1,692	)
Boeing Co. (The), Call		7/19/2019		400.00		(600	)		(218,406	)		(736	)		(273	)
Boeing Co. (The), Call		8/16/2019		405.00		(600	)		(218,406	)		(2,170	)		(1,344	)
Booz Allen Hamilton Holding Corp., Call		9/20/2019		70.00		(3,400	)		(225,114	)		(4,010	)		(4,250	)
Bristol-Myers Squibb Co., Call		9/20/2019		52.50		(9,700	)		(439,895	)		(5,037	)		(2,134	)
Broadcom, Inc., Call		7/19/2019		300.00		(700	)		(201,502	)		(1,713	)		(2,590	)
Broadcom, Inc., Call		9/20/2019		310.00		(700	)		(201,502	)		(4,709	)		(5,985	)
Broadcom, Inc., Call		9/20/2019		300.00		(700	)		(201,502	)		(6,874	)		(8,610	)
Broadridge Financial Solutions, Inc., Call		9/20/2019		135.00		(1,800	)		(229,824	)		(4,963	)		(4,545	)
CBS Corp., Call		7/19/2019		52.50		(600	)		(29,940	)		(190	)		(129	)
CBS Corp., Call		9/20/2019		55.00		(1,200	)		(59,880	)		(824	)		(774	)
CDW Corp., Call		9/20/2019		120.00		(3,200	)		(355,200	)		(3,447	)		(6,160	)
CDW Corp., Call		9/20/2019		115.00		(3,300	)		(366,300	)		(7,481	)		(11,880	)
Cisco Systems, Inc., Call		8/16/2019		60.00		(4,600	)		(251,758	)		(3,483	)		(1,587	)
Cisco Systems, Inc., Call		9/20/2019		62.50		(4,600	)		(251,758	)		(2,517	)		(1,242	)
Citigroup, Inc., Call		7/19/2019		72.50		(3,500	)		(245,105	)		(620	)		(2,450	)
Citigroup, Inc., Call		9/20/2019		70.00		(3,500	)		(245,105	)		(6,150	)		(10,763	)
Citigroup, Inc., Call		9/20/2019		72.50		(3,500	)		(245,105	)		(3,735	)		(6,790	)
Comcast Corp., Call		7/19/2019		45.00		(8,300	)		(350,924	)		(1,055	)		(373	)
Comcast Corp., Call		9/20/2019		47.50		(8,300	)		(350,924	)		(2,217	)		(1,411	)
ConocoPhillips, Call		8/16/2019		67.50		(5,600	)		(341,600	)		(1,608	)		(1,960	)
ConocoPhillips, Call		8/16/2019		65.00		(5,600	)		(341,600	)		(3,863	)		(4,368	)
Cummins, Inc., Call		9/20/2019		175.00		(1,400	)		(239,876	)		(3,734	)		(7,490	)
Cummins, Inc., Call		9/20/2019		185.00		(1,400	)		(239,876	)		(2,712	)		(2,975	)
Darden Restaurants, Inc., Call		10/18/2019		130.00		(3,000	)		(365,190	)		(9,051	)		(7,575	)
Eaton Corp. PLC, Call		8/16/2019		87.50		(2,900	)		(241,512	)		(1,906	)		(2,175	)
Eaton Corp. PLC, Call		10/18/2019		90.00		(2,900	)		(241,512	)		(2,588	)		(3,335	)
Eaton Corp. PLC, Call		10/18/2019		87.50		(2,900	)		(241,512	)		(4,344	)		(5,510	)
Fidelity National Financial, Inc., Call		7/19/2019		42.00		(5,900	)		(237,770	)		(1,578	)		(1,180	)
Fidelity National Financial, Inc., Call		9/20/2019		44.00		(5,900	)		(237,770	)		(1,874	)		(2,065	)
Fidelity National Information Services, Inc., Call		9/20/2019		43.00		(3,900	)		(157,170	)		(1,978	)		(1,852	)
FirstEnergy Corp., Call		7/19/2019		44.00		(5,600	)		(239,736	)		(3,288	)		(1,400	)
FirstEnergy Corp., Call		7/19/2019		43.00		(5,600	)		(239,736	)		(1,944	)		(3,500	)
FirstEnergy Corp., Call		7/19/2019		45.00		(5,600	)		(239,736	)		(936	)		(560	)
Gilead Sciences, Inc., Call		7/19/2019		72.50		(5,300	)		(358,068	)		(2,052	)		(901	)
Gilead Sciences, Inc., Call		8/16/2019		75.00		(5,300	)		(358,068	)		(4,351	)		(2,465	)
H+R Block, Inc., Call		10/18/2019		30.00		(25,900	)		(758,870	)		(19,091	)		(36,260	)
Hewlett Packard Enterprise Co., Call		8/16/2019		18.00		(14,200	)		(212,290	)		(5,355	)		(426	)
Honeywell International, Inc., Call		7/19/2019		180.00		(600	)		(104,754	)		(790	)		(717	)
Honeywell International, Inc., Call		9/20/2019		180.00		(500	)		(87,295	)		(1,179	)		(1,650	)
HP, Inc., Call		8/16/2019		22.00		(11,600	)		(241,164	)		(2,750	)		(2,900	)
Illinois Tool Works, Inc., Call		9/20/2019		170.00		(1,500	)		(226,215	)		(1,781	)		(1,125	)
Illinois Tool Works, Inc., Call		9/20/2019		165.00		(1,500	)		(226,215	)		(2,366	)		(2,175	)
Illinois Tool Works, Inc., Call		9/20/2019		160.00		(1,500	)		(226,215	)		(4,301	)		(4,013	)

See accompanying notes to financial statements.

39 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Description	Expiration Date		Exercise Price		Shares (†††)			Notional Amount			Premiums (Received)			Value (†)
Intuit, Inc., Call		7/19/2019		280.00		(800	)	$	(209,064	)	$	(3,974	)	$	(400	)
Intuit, Inc., Call		8/16/2019		280.00		(800	)		(209,064	)		(1,654	)		(1,840	)
Intuit, Inc., Call		9/20/2019		290.00		(800	)		(209,064	)		(2,214	)		(2,560	)
Iron Mountain, Inc., Call		10/18/2019		35.00		(14,100	)		(441,330	)		(3,343	)		(3,173	)
Johnson & Johnson, Call		7/19/2019		145.00		(1,700	)		(236,776	)		(1,848	)		(909	)
Johnson & Johnson, Call		8/16/2019		150.00		(1,700	)		(236,776	)		(1,950	)		(748	)
Johnson & Johnson, Call		9/20/2019		150.00		(1,700	)		(236,776	)		(2,923	)		(1,190	)
JPMorgan Chase & Co., Call		7/19/2019		120.00		(2,100	)		(234,780	)		(1,275	)		(178	)
Las Vegas Sands Corp., Call		7/19/2019		62.50		(4,000	)		(236,360	)		(1,788	)		(2,420	)
Las Vegas Sands Corp., Call		8/16/2019		65.00		(4,000	)		(236,360	)		(2,828	)		(3,000	)
Leidos Holdings, Inc., Call		8/16/2019		85.00		(4,600	)		(367,310	)		(3,943	)		(4,025	)
LPL Financial Holdings, Inc., Call		7/19/2019		90.00		(4,300	)		(350,751	)		(2,911	)		(537	)
LyondellBasell Industries NV, Call		7/19/2019		90.00		(2,700	)		(232,551	)		(2,713	)		(2,160	)
LyondellBasell Industries NV, Call		9/20/2019		90.00		(5,500	)		(473,715	)		(6,379	)		(14,300	)
MasterCard, Inc., Call		7/19/2019		265.00		(900	)		(238,077	)		(3,363	)		(4,410	)
MasterCard, Inc., Call		7/19/2019		280.00		(900	)		(238,077	)		(537	)		(495	)
MasterCard, Inc., Call		9/20/2019		290.00		(900	)		(238,077	)		(2,076	)		(2,475	)
McKesson Corp., Call		7/19/2019		140.00		(1,500	)		(201,585	)		(734	)		(1,200	)
McKesson Corp., Call		8/16/2019		140.00		(1,500	)		(201,585	)		(2,591	)		(4,575	)
McKesson Corp., Call		8/16/2019		145.00		(1,500	)		(201,585	)		(1,710	)		(2,362	)
Merck & Co., Inc., Call		7/19/2019		85.00		(2,800	)		(234,780	)		(832	)		(2,380	)
Merck & Co., Inc., Call		8/16/2019		87.50		(5,600	)		(469,560	)		(8,608	)		(5,124	)
MetLife, Inc., Call		7/19/2019		50.00		(4,900	)		(243,383	)		(3,563	)		(3,896	)
MetLife, Inc., Call		8/16/2019		52.50		(9,800	)		(486,766	)		(3,304	)		(4,459	)
Microsoft Corp., Call		7/19/2019		135.00		(1,700	)		(227,732	)		(2,001	)		(4,208	)
Microsoft Corp., Call		8/16/2019		145.00		(1,700	)		(227,732	)		(1,814	)		(1,445	)
Microsoft Corp., Call		9/20/2019		150.00		(1,700	)		(227,732	)		(1,610	)		(1,317	)
Morgan Stanley, Call		8/16/2019		47.00		(700	)		(30,667	)		(173	)		(304	)
Morgan Stanley, Call		10/18/2019		48.00		(700	)		(30,667	)		(397	)		(605	)
Nexstar Media Group, Inc., Call		8/16/2019		130.00		(3,000	)		(303,000	)		(6,750	)		(7,200	)
Occidental Petroleum Corp., Call		8/16/2019		60.00		(4,800	)		(241,344	)		(3,346	)		(720	)
Omnicom Group, Inc., Call		7/19/2019		87.50		(2,800	)		(229,460	)		(3,016	)		(700	)
Omnicom Group, Inc., Call		7/19/2019		90.00		(2,800	)		(229,460	)		(1,607	)		(630	)
Omnicom Group, Inc., Call		8/16/2019		87.50		(3,000	)		(245,850	)		(1,611	)		(2,100	)
Oracle Corp., Call		8/16/2019		60.00		(6,300	)		(358,911	)		(1,998	)		(2,173	)
Oracle Corp., Call		9/20/2019		62.50		(6,300	)		(358,911	)		(2,439	)		(2,930	)
Outfront Media, Inc., Call		9/20/2019		30.00		(3,700	)		(95,423	)		(951	)		(832	)
PACCAR, Inc., Call		8/16/2019		75.00		(5,000	)		(358,300	)		(5,885	)		(6,000	)
PACCAR, Inc., Call		8/16/2019		77.50		(5,000	)		(358,300	)		(3,285	)		(2,875	)
Paychex, Inc., Call		9/20/2019		92.50		(2,700	)		(222,183	)		(1,401	)		(405	)
Paychex, Inc., Call		9/20/2019		90.00		(2,700	)		(222,183	)		(2,884	)		(810	)
Pfizer, Inc., Call		9/20/2019		47.00		(4,800	)		(207,936	)		(1,570	)		(1,224	)
Pfizer, Inc., Call		9/20/2019		46.00		(9,700	)		(420,204	)		(5,501	)		(4,268	)
Plains GP Holdings LP, Call		8/16/2019		27.00		(13,400	)		(334,598	)		(5,455	)		(2,680	)
PPL Corp., Call		7/19/2019		33.00		(7,700	)		(238,777	)		(1,120	)		(385	)
PPL Corp., Call		10/18/2019		34.00		(11,700	)		(362,817	)		(2,891	)		(2,340	)
Principal Financial Group, Inc., Call		7/19/2019		60.00		(4,800	)		(278,016	)		(1,330	)		(2,160	)
Principal Financial Group, Inc., Call		10/18/2019		65.00		(2,400	)		(139,008	)		(1,169	)		(1,500	)

See accompanying notes to financial statements.

| 40

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Description	Expiration Date		Exercise Price		Shares (†††)			Notional Amount			Premiums (Received)			Value (†)
Prudential Financial, Inc., Call		9/20/2019		110.00		(4,500	)	$	(454,500	)	$	(2,822	)	$	(4,365	)
PulteGroup, Inc., Call		7/19/2019		34.00		(7,400	)		(233,988	)		(1,755	)		(592	)
PulteGroup, Inc., Call		10/18/2019		35.00		(14,800	)		(467,976	)		(14,165	)		(10,286	)
QUALCOMM, Inc., Call		7/19/2019		77.50		(1,500	)		(114,105	)		(1,631	)		(2,498	)
QUALCOMM, Inc., Call		8/16/2019		80.00		(1,500	)		(114,105	)		(2,381	)		(3,293	)
QUALCOMM, Inc., Call		10/18/2019		80.00		(1,500	)		(114,105	)		(4,181	)		(5,363	)
Sinclair Broadcast Group, Inc., Call		9/20/2019		60.00		(6,800	)		(364,684	)		(13,852	)		(13,770	)
Southern Co. (The), Call		8/16/2019		55.00		(3,700	)		(204,536	)		(1,358	)		(5,421	)
Southwest Airlines Co., Call		9/20/2019		57.50		(6,800	)		(345,304	)		(4,060	)		(3,400	)
Southwest Airlines Co., Call		9/20/2019		55.00		(6,800	)		(345,304	)		(7,664	)		(6,800	)
Starbucks Corp., Call		7/19/2019		85.00		(2,800	)		(234,724	)		(468	)		(2,464	)
Starbucks Corp., Call		7/19/2019		87.50		(2,800	)		(234,724	)		(1,196	)		(770	)
Starbucks Corp., Call		8/16/2019		90.00		(2,800	)		(234,724	)		(2,204	)		(1,820	)
Texas Instruments, Inc., Call		7/19/2019		120.00		(800	)		(91,808	)		(454	)		(796	)
Texas Instruments, Inc., Call		10/18/2019		125.00		(800	)		(91,808	)		(1,582	)		(1,928	)
Texas Instruments, Inc., Call		10/18/2019		120.00		(800	)		(91,808	)		(2,734	)		(3,260	)
Thermo Fisher Scientific, Inc., Call		7/19/2019		300.00		(1,200	)		(352,416	)		(5,120	)		(3,360	)
Thermo Fisher Scientific, Inc., Call		9/20/2019		320.00		(500	)		(146,840	)		(1,833	)		(1,537	)
Thermo Fisher Scientific, Inc., Call		9/20/2019		310.00		(600	)		(176,208	)		(4,000	)		(3,390	)
United Parcel Service, Inc., Call		8/16/2019		110.00		(1,600	)		(165,232	)		(763	)		(1,904	)
United Parcel Service, Inc., Call		9/20/2019		115.00		(1,600	)		(165,232	)		(459	)		(1,192	)
UnitedHealth Group, Inc., Call		7/19/2019		260.00		(1,900	)		(463,619	)		(4,706	)		(2,128	)
UnitedHealth Group, Inc., Call		9/20/2019		260.00		(900	)		(219,609	)		(6,364	)		(3,758	)
Verizon Communications, Inc., Call		9/20/2019		62.50		(5,400	)		(308,502	)		(5,924	)		(1,485	)
Verizon Communications, Inc., Call		9/20/2019		60.00		(2,700	)		(154,251	)		(2,935	)		(1,890	)
Visa, Inc., Call		7/19/2019		180.00		(1,300	)		(225,615	)		(880	)		(572	)
Visa, Inc., Call		9/20/2019		185.00		(1,300	)		(225,615	)		(2,557	)		(2,366	)
Walgreens Boots Alliance, Inc., Call		7/19/2019		57.50		(13,500	)		(738,045	)		(7,026	)		(3,038	)
Waste Management, Inc., Call		10/18/2019		125.00		(1,300	)		(149,981	)		(1,790	)		(1,397	)

Total											$	(445,559	)	$	(516,500	)



	(‡)			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, 2019 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, 2019 is disclosed.
	(d)			Fair valued by the Fund’s adviser. At June 30, 2019, the value of these securities amounted to $17,672,517 or 1.1% 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.

See accompanying notes to financial statements.

41 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)



	(f)			Securities subject to restriction on resale. At June 30, 2019, the restricted securities held by the Fund are as follows:



	Acquisition Date	Acquisition Cost		Value		% of Net Assets
Bellatrix Exploration Ltd., 9.500% PIK, 3.000% Cash	6/04/2019	$	627,000	$	627,000		Less than 0.1%
Bellatrix Exploration Ltd., 8.500%	6/04/2019		854,560		767,360		Less than 0.1%
Bellatrix Exploration Ltd.	6/04/2019		439,289		42,708		Less than 0.1%
ECAF I Blocker Ltd.	6/18/2015		9,000,000		7,776,000		0.5%
GCA2014 Holdings Ltd., Series 2014-1, Class C	12/18/2014		2,190,580		1,748,083		0.1%
GCA2014 Holdings Ltd., Series 2014-1, Class D	12/18/2014		912,920		456,551		Less than 0.1%
GCA2014 Holdings Ltd., Series 2014-1, Class E	12/18/2014		2,657,606		—		—



	(g)			Illiquid security.
	(h)			Non-income producing security.
	(i)			Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At June 30, 2019, the value of these securities amounted to $2,075,638 or 0.1% of net assets. See Note 2 of Notes to Financial Statements.
	(j)			Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the outstanding par amount of the pool held as of the end of the period.
	(k)			The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(l)			Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional principal. For the period ended June 30, 2019, interest payments were made in cash.
	(m)			Variable rate security. Rate shown represents the weighted average rate of underlying contracts at June 30, 2019. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.
	(n)			Position is unsettled. Contract rate was not determined at June 30, 2019 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
	(o)			Interest rate represents discount rate at time of purchase; not a coupon rate.
	(p)			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, 2019, the value of Rule 144A holdings amounted to $587,726,140 or 36.7% 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
	ETF			Exchange-Traded Fund
	EURIBOR			Euro Interbank Offered Rate
	GMTN			Global Medium Term Note
	LIBOR			London Interbank Offered Rate
	MTN			Medium Term Note

See accompanying notes to financial statements.

| 42

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)



	PIK			Payment-in-Kind
	REITs			Real Estate Investment Trusts
	SLM			Sallie Mae

	ARS			Argentine Peso
	BRL			Brazilian Real
	CAD			Canadian Dollar
	CHF			Swiss Franc
	CLP			Chilean Peso
	CNY			Chinese Yuan Renminbi
	COP			Colombian Peso
	CZK			Czech Koruna
	EUR			Euro
	GBP			British Pound
	HUF			Hungarian Forint
	IDR			Indonesian Rupiah
	INR			Indian Rupee
	JPY			Japanese Yen
	KRW			South Korean Won
	MXN			Mexican Peso
	MYR			Malaysian Ringgit
	NOK			Norwegian Krone
	PEN			Peruvian Sol
	PHP			Philippine Peso
	PLN			Polish Zloty
	SEK			Swedish Krona
	SGD			Singapore Dollar
	TRY			Turkish Lira
	USD			U.S. Dollar
	ZAR			South African Rand

At June 30, 2019, 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		6,100,000 EUR	$	(2,783	)	$	(125,652	)	$	(122,869	)
Morgan Stanley Capital Services, Inc.	Enel SpA	(1.00%)		12/20/2023		6,115,000 EUR		36,395			(109,478	)		(145,873	)

Total										$	(235,130	)	$	(268,742	)

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

¹	Payments are made quarterly.

See accompanying notes to financial statements.

43 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

At June 30, 2019, 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.		7/10/2019	ARS	B		36,440,000	$	784,123	$	847,074	$	62,951
Bank of America, N.A.		7/10/2019	ARS	S		36,440,000		828,558		847,074		(18,516	)
Bank of America, N.A.		7/17/2019	BRL	B		1,255,000		327,334		326,378		(956	)
Bank of America, N.A.		7/17/2019	BRL	S		1,255,000		326,381		326,378		3
Bank of America, N.A.		7/18/2019	CAD	S		3,020,000		2,262,353		2,307,023		(44,670	)
Bank of America, N.A.		7/08/2019	COP	B		1,065,915,000		321,475		331,630		10,155
Bank of America, N.A.		7/15/2019	COP	B		527,775,000		161,498		164,122		2,624
Bank of America, N.A.		7/22/2019	COP	B		1,058,865,000		323,861		329,087		5,226
Bank of America, N.A.		7/08/2019	COP	S		1,065,915,000		327,359		331,630		(4,271	)
Bank of America, N.A.		7/15/2019	COP	S		527,775,000		162,018		164,122		(2,104	)
Bank of America, N.A.		7/22/2019	COP	S		1,058,865,000		329,998		329,087		911
Bank of America, N.A.		7/08/2019	CZK	B		18,905,000		839,018		845,540		6,522
Bank of America, N.A.		7/08/2019	CZK	S		18,905,000		826,710		845,540		(18,830	)
Bank of America, N.A.		7/10/2019	IDR	B		30,015,240,000		2,086,576		2,122,781		36,205
Bank of America, N.A.		7/10/2019	IDR	S		30,015,240,000		2,121,518		2,122,781		(1,263	)
Bank of America, N.A.		7/08/2019	INR	B		149,055,000		2,125,107		2,157,615		32,508
Bank of America, N.A.		7/08/2019	INR	S		149,055,000		2,139,342		2,157,615		(18,273	)
Bank of America, N.A.		7/08/2019	KRW	B		962,390,000		826,512		833,645		7,133
Bank of America, N.A.		7/08/2019	KRW	S		962,390,000		814,997		833,645		(18,648	)
Bank of America, N.A.		7/15/2019	NOK	B		98,105,000		11,552,148		11,505,603		(46,545	)
Bank of America, N.A.		7/08/2019	PEN	B		4,900,000		1,449,147		1,487,766		38,619
Bank of America, N.A.		7/08/2019	PEN	S		4,900,000		1,460,942		1,487,766		(26,824	)
Bank of America, N.A.		7/03/2019	PHP	B		67,420,000		1,292,686		1,315,857		23,171
Bank of America, N.A.		7/03/2019	PHP	S		67,420,000		1,309,330		1,315,857		(6,527	)
Barclays Bank PLC		7/15/2019	CAD	B		645,000		481,972		492,691		10,719
Barclays Bank PLC		7/15/2019	CAD	S		645,000		485,787		492,691		(6,904	)
Barclays Bank PLC		7/08/2019	EUR	B		2,795,000		3,148,947		3,179,824		30,877
Barclays Bank PLC		7/08/2019	EUR	S		2,795,000		3,170,089		3,179,824		(9,735	)
Barclays Bank PLC		7/08/2019	GBP	B		2,175,000		2,767,986		2,762,997		(4,989	)
Barclays Bank PLC		7/08/2019	GBP	S		2,050,000		2,607,538		2,604,204		3,334
Barclays Bank PLC		7/08/2019	GBP	S		125,000		156,934		158,793		(1,859	)
Barclays Bank PLC		7/10/2019	JPY	B		158,420,000		1,466,886		1,470,327		3,441
Barclays Bank PLC		7/10/2019	JPY	S		158,420,000		1,475,569		1,470,327		5,242
Barclays Bank PLC		8/23/2019	PLN	B		28,780,000		7,470,063		7,718,023		247,960
Barclays Bank PLC		7/03/2019	TRY	B		8,455,000		1,422,704		1,458,550		35,846
Barclays Bank PLC		7/03/2019	TRY	S		8,455,000		1,442,508		1,458,550		(16,042	)
Citibank N.A.		7/08/2019	SEK	B		6,160,000		657,664		663,659		5,995
Citibank N.A.		7/08/2019	SEK	S		6,160,000		653,421		663,658		(10,237	)
Citibank N.A.		8/15/2019	SGD	S		45,150,000		32,988,712		33,395,202		(406,490	)
Credit Suisse International		7/02/2019	COP	B		18,400,000,000		5,791,627		5,725,844		(65,783	)
Credit Suisse International		7/02/2019	COP	S		18,400,000,000		5,447,978		5,725,844		(277,866	)
Credit Suisse International		10/02/2019	COP	S		18,400,000,000		5,758,818		5,694,714		64,104
Deutsche Bank AG		7/31/2019	EUR	S		2,000,000		2,246,510		2,279,666		(33,156	)
Deutsche Bank AG		7/31/2019	GBP	S		5,095,000		6,609,896		6,479,833		130,063

See accompanying notes to financial statements.

| 44

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)


Counterparty	Delivery Date		Currency Bought/ Sold (B/S)		Units of Currency		In Exchange for		Notional Value		Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services, Inc.		7/10/2019	ARS	B		13,740,000	$	292,589	$	319,396	$	26,807
Morgan Stanley Capital Services, Inc.		7/10/2019	ARS	S		13,740,000		314,416		319,396		(4,980	)
Morgan Stanley Capital Services, Inc.		7/08/2019	CLP	B		908,130,000		1,321,300		1,340,259		18,959
Morgan Stanley Capital Services, Inc.		7/08/2019	CLP	S		908,130,000		1,290,395		1,340,259		(49,864	)
Morgan Stanley Capital Services, Inc.		7/10/2019	CNY	B		3,350,000		485,994		487,763		1,769
Morgan Stanley Capital Services, Inc.		7/22/2019	CNY	B		1,110,000		161,279		161,619		340
Morgan Stanley Capital Services, Inc.		7/10/2019	CNY	S		3,350,000		485,331		487,762		(2,431	)
Morgan Stanley Capital Services, Inc.		7/22/2019	CNY	S		1,110,000		161,674		161,618		56
Morgan Stanley Capital Services, Inc.		9/30/2019	GBP	S		1,225,000		1,559,829		1,561,824		(1,995	)
Morgan Stanley Capital Services, Inc.		7/08/2019	MXN	B		6,400,000		333,446		333,117		(329	)
Morgan Stanley Capital Services, Inc.		7/08/2019	MXN	S		6,400,000		324,807		333,117		(8,310	)
Morgan Stanley Capital Services, Inc.		7/08/2019	MYR	B		2,045,000		492,761		494,822		2,061
Morgan Stanley Capital Services, Inc.		7/15/2019	MYR	B		47,200,000		11,473,019		11,419,689		(53,330	)
Morgan Stanley Capital Services, Inc.		7/22/2019	MYR	B		1,345,000		323,511		325,379		1,868
Morgan Stanley Capital Services, Inc.		7/08/2019	MYR	S		2,045,000		487,305		494,822		(7,517	)
Morgan Stanley Capital Services, Inc.		7/22/2019	MYR	S		1,345,000		324,562		325,379		(817	)
Morgan Stanley Capital Services, Inc.		7/31/2019	ZAR	S		361,810,000		24,956,544		25,595,813		(639,269	)
UBS AG		7/08/2019	CHF	B		3,705,000		3,792,551		3,797,529		4,978
UBS AG		7/08/2019	CHF	S		3,705,000		3,737,227		3,797,530		(60,303	)
UBS AG		7/15/2019	HUF	B		2,146,330,000		7,563,599		7,560,867		(2,732	)
UBS AG		7/15/2019	HUF	S		233,230,000		824,668		821,598		3,070
UBS AG		7/15/2019	HUF	S		233,230,000		816,468		821,598		(5,130	)
UBS AG		7/08/2019	NOK	B		17,815,000		2,049,999		2,088,823		38,824
UBS AG		7/08/2019	NOK	B		38,320,000		4,495,146		4,493,050		(2,096	)
UBS AG		7/08/2019	NOK	S		56,135,000		6,453,159		6,581,873		(128,714	)

Total											$	(1,145,964	)

See accompanying notes to financial statements.

45 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Loomis Sayles Strategic Alpha Fund – (continued)

At June 30, 2019, open short futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-mini S&P 500^®		9/20/2019		217	$	31,748,747	$	31,944,570	$	(195,823	)
Ultra 10 Year U.S. Treasury Note		9/19/2019		337		46,552,720		46,548,125		4,595
Ultra Long U.S. Treasury Bond		9/19/2019		121		21,493,803		21,485,063		8,740

Total									$	(182,488	)

Industry Summary at June 30, 2019 (Unaudited)


ABS Car Loan	11.6	%
ABS Home Equity	8.8
Banking	7.0
ABS Other	5.0
Automotive	4.7
Technology	3.6
ABS Credit Card	3.4
Pharmaceuticals	2.6
Life Insurance	2.3
Non-Agency Commercial Mortgage-Backed Securities	2.1
Healthcare	2.0
Independent Energy	2.0
Other Investments, less than 2% each	32.0
Short-Term Investments	14.0
Collateralized Loan Obligations	2.0
Exchange-Traded Funds	0.5

Total Investments	103.6
Other assets less liabilities (including open written options, swap agreements, forward foreign currency and futures contracts)	(3.6	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 46

Portfolio of Investments – as of June 30, 2019 (Unaudited)

Natixis U.S. Equity Opportunities Fund


Shares		Description	Value (†)
	Common Stocks — 97.6% of Net Assets
		Air Freight & Logistics — 2.1%
	274,631	Expeditors International of Washington, Inc.	$	20,833,508

		Airlines — 1.0%
	298,100	American Airlines Group, Inc.		9,721,041

		Automobiles — 2.8%
	1,015,200	Fiat Chrysler Automobiles NV		14,030,064
	348,600	General Motors Co.		13,431,558

				27,461,622

		Banks — 5.4%
	665,470	Bank of America Corp.		19,298,630
	314,000	Citigroup, Inc.		21,989,420
	255,800	Wells Fargo & Co.		12,104,456

				53,392,506

		Beverages — 3.5%
	172,146	Coca-Cola Co. (The)		8,765,674
	403,108	Monster Beverage Corp.(a)		25,730,384

				34,496,058

		Biotechnology — 4.4%
	30,151	Amgen, Inc.		5,556,226
	109,667	BioMarin Pharmaceutical, Inc.(a)		9,392,979
	92,865	Regeneron Pharmaceuticals, Inc.(a)		29,066,745

				44,015,950

		Capital Markets — 6.5%
	345,000	Charles Schwab Corp. (The)		13,865,550
	38,311	FactSet Research Systems, Inc.		10,978,400
	58,291	MSCI, Inc.		13,919,308
	235,705	SEI Investments Co.		13,223,051
	223,200	State Street Corp.		12,512,592

				64,498,901

		Communications Equipment — 1.5%
	273,605	Cisco Systems, Inc.		14,974,402

		Consumer Finance — 2.6%
	58,328	American Express Co.		7,200,008
	206,800	Capital One Financial Corp.		18,765,032

				25,965,040

		Electronic Equipment, Instruments & Components — 1.7%
	174,200	TE Connectivity Ltd.		16,684,876

		Energy Equipment & Services — 0.8%
	209,998	Schlumberger Ltd.		8,345,321

		Entertainment — 2.1%
	58,390	Netflix, Inc.(a)		21,447,815

		Food Products — 1.1%
	653,239	Danone S.A., Sponsored ADR		11,059,336

See accompanying notes to financial statements.

47 |

Portfolio of Investments – as of June 30, 2019 (Unaudited)

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


Shares		Description	Value (†)
		Health Care Equipment & Supplies — 1.1%
	14,503	Alcon, Inc.(a)	$	899,911
	70,995	Varian Medical Systems, Inc.(a)		9,664,549

				10,564,460

		Health Care Providers & Services — 1.2%
	219,500	CVS Health Corp.		11,960,555

		Health Care Technology — 1.5%
	203,011	Cerner Corp.		14,880,706

		Hotels, Restaurants & Leisure — 5.5%
	100,200	Hilton Worldwide Holdings, Inc.		9,793,548
	209,460	Starbucks Corp.		17,559,032
	397,219	Yum China Holdings, Inc.		18,351,518
	84,028	Yum! Brands, Inc.		9,299,378

				55,003,476

		Household Products — 1.8%
	115,523	Colgate-Palmolive Co.		8,279,534
	88,182	Procter & Gamble Co. (The)		9,669,156

				17,948,690

		Industrial Conglomerates — 1.6%
	1,532,750	General Electric Co.		16,093,875

		Insurance — 1.5%
	275,655	American International Group, Inc.		14,686,898

		Interactive Media & Services — 9.0%
	30,504	Alphabet, Inc., Class A(a)		33,029,731
	10,449	Alphabet, Inc., Class C(a)		11,294,429
	235,903	Facebook, Inc., Class A(a)		45,529,279

				89,853,439

		Internet & Direct Marketing Retail — 8.6%
	170,955	Alibaba Group Holding Ltd., Sponsored ADR(a)		28,968,325
	20,207	Amazon.com, Inc.(a)		38,264,581
	7,100	Booking Holdings, Inc.(a)		13,310,441
	436,600	Qurate Retail, Inc., Class A(a)		5,409,474

				85,952,821

		IT Services — 5.6%
	35,056	Automatic Data Processing, Inc.		5,795,808
	41,800	MasterCard, Inc., Class A		11,057,354
	226,183	Visa, Inc., Class A		39,254,060

				56,107,222

		Machinery — 2.1%
	63,100	Caterpillar, Inc.		8,599,899
	77,604	Deere & Co.		12,859,759

				21,459,658

		Media — 3.3%
	43,145	Charter Communications, Inc., Class A(a)		17,050,041

See accompanying notes to financial statements.

| 48

Portfolio of Investments – as of June 30, 2019 (Unaudited)

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


Shares		Description	Value (†)
		Media — continued
	383,800	Comcast Corp., Class A	$	16,227,064

				33,277,105

		Oil, Gas & Consumable Fuels — 1.7%
	384,300	Apache Corp.		11,133,171
	61,300	Concho Resources, Inc.		6,324,934

				17,458,105

		Pharmaceuticals — 2.4%
	48,809	Merck & Co., Inc.		4,092,635
	72,530	Novartis AG, Sponsored ADR		6,622,714
	261,394	Novo Nordisk AS, Sponsored ADR		13,341,550

				24,056,899

		Semiconductors & Semiconductor Equipment — 5.2%
	240,830	Intel Corp.		11,528,532
	81,130	NVIDIA Corp.		13,323,980
	211,122	QUALCOMM, Inc.		16,060,051
	94,165	Texas Instruments, Inc.		10,806,375

				51,718,938

		Software — 6.7%
	150,871	Autodesk, Inc.(a)		24,576,886
	102,536	Microsoft Corp.		13,735,722
	506,277	Oracle Corp.		28,842,601

				67,155,209

		Technology Hardware, Storage & Peripherals — 1.7%
	84,490	Apple, Inc.		16,722,261

		Textiles, Apparel & Luxury Goods — 1.6%
	633,561	Under Armour, Inc., Class A(a)		16,060,771

		Total Common Stocks (Identified Cost $724,065,912)		973,857,464


Principal Amount
	Short-Term Investments — 2.2%
$	21,561,436	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/28/2019 at 1.500% to be repurchased at $21,564,131 on 7/01/2019 collateralized by $21,210,000 U.S. Treasury Note, 2.500% due 5/15/2024 valued at $21,996,085 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $21,561,436)		21,561,436


		Total Investments — 99.8% (Identified Cost $745,627,348)		995,418,900
		Other assets less liabilities — 0.2%		2,002,995

		Net Assets — 100.0%	$	997,421,895

See accompanying notes to financial statements.

49 |

Portfolio of Investments – as of June 30, 2019 (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, 2019 (Unaudited)


Interactive Media & Services	9.0	%
Internet & Direct Marketing Retail	8.6
Software	6.7
Capital Markets	6.5
IT Services	5.6
Hotels, Restaurants & Leisure	5.5
Banks	5.4
Semiconductors & Semiconductor Equipment	5.2
Biotechnology	4.4
Beverages	3.5
Media	3.3
Automobiles	2.8
Consumer Finance	2.6
Pharmaceuticals	2.4
Machinery	2.1
Entertainment	2.1
Air Freight & Logistics	2.1
Other Investments, less than 2% each	19.8
Short-Term Investments	2.2

Total Investments	99.8
Other assets less liabilities	0.2

Net Assets	100.0	%

See accompanying notes to financial statements.

| 50

Statements of Assets and Liabilities

June 30, 2019 (Unaudited)


	Loomis Sayles Strategic Alpha Fund			Natixis U.S. Equity Opportunities Fund
ASSETS
Investments at cost	$	1,690,421,632		$	745,627,348
Net unrealized appreciation (depreciation)		(32,270,343	)		249,791,552

Investments at value		1,658,151,289			995,418,900
Cash		417,491			143
Due from brokers (Note 2)		14,361,080			—
Foreign currency at value (identified cost $840,354 and $0, respectively)		874,738			—
Receivable for Fund shares sold		2,478,536			381,905
Receivable for securities sold		282,270,300			4,189,858
Collateral received for open forward foreign currency contracts (Notes 2 and 4)		850,000			—
Dividends and interest receivable		9,429,896			451,808
Unrealized appreciation on forward foreign currency contracts (Note 2)		862,341			—
Tax reclaims receivable		21,253			297,119
Unamortized upfront premiums paid on bilateral swap agreements (Note 2)		36,395			—
Prepaid expenses (Note 8)		185			116

TOTAL ASSETS		1,969,753,504			1,000,739,849

LIABILITIES
Options written, at value (premiums received $445,559 and $0, respectively) (Note 2)		516,500			—
Payable for securities purchased		362,510,376			466,073
Unrealized depreciation on bilateral swap agreements (Note 2)		268,742			—
Payable for Fund shares redeemed		1,740,006			1,676,378
Unrealized depreciation on forward foreign currency contracts (Note 2)		2,008,305			—
Unamortized upfront premiums received on bilateral swap agreements (Note 2)		2,783			—
Foreign taxes payable (Note 2)		2,910			—
Due to brokers (Note 2)		850,000			—
Payable for variation margin on futures contracts (Note 2)		132,149			—
Fees payable on swap agreements (Note 2)		6,047			—
Management fees payable (Note 6)		781,055			608,501
Deferred Trustees’ fees (Note 6)		142,086			372,316
Administrative fees payable (Note 6)		55,650			34,942
Payable to distributor (Note 6d)		9,820			5,858
Other accounts payable and accrued expenses		135,848			153,886

TOTAL LIABILITIES		369,162,277			3,317,954

NET ASSETS	$	1,600,591,227		$	997,421,895

NET ASSETS CONSIST OF:
Paid-in capital	$	1,691,609,803		$	707,315,285
Accumulated earnings (loss)		(91,018,576	)		290,106,610

NET ASSETS	$	1,600,591,227		$	997,421,895

See accompanying notes to financial statements.

51 |

Statements of Assets and Liabilities (continued)

June 30, 2019 (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	$	64,993,261	$	608,253,042

Shares of beneficial interest		6,649,323		16,772,499

Net asset value and redemption price per share	$	9.77	$	36.26

Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	10.20	$	38.47

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	21,718,431	$	84,601,747

Shares of beneficial interest		2,229,482		3,607,079

Net asset value and offering price per share	$	9.74	$	23.45

Class N shares:
Net assets	$	283,634,195	$	1,594

Shares of beneficial interest		29,070,600		37

Net asset value, offering and redemption price per share	$	9.76	$	42.80	*

Class Y shares:
Net assets	$	1,230,245,340	$	304,565,512

Shares of beneficial interest		126,146,309		7,125,493

Net asset value, offering and redemption price per share	$	9.75	$	42.74

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

See accompanying notes to financial statements.

| 52

Statements of Operations

For the Six Months Ended June 30, 2019 (Unaudited)


	Loomis Sayles Strategic Alpha Fund			Natixis U.S. Equity Opportunities Fund
INVESTMENT INCOME
Dividends	$	1,020,853		$	8,941,638	(a)
Non-cash dividends (Note 2b)		—			816,007
Interest		32,646,823			136,541
Less net foreign taxes withheld		(19,713	)		(109,910	)

		33,647,963			9,784,276

Expenses
Management fees (Note 6)		4,687,670			3,720,218
Service and distribution fees (Note 6)		193,095			1,162,323
Administrative fees (Note 6)		353,557			220,326
Trustees’ fees and expenses (Note 6)		37,070			28,608
Transfer agent fees and expenses (Notes 6 and 7)		428,861			406,194
Audit and tax services fees		42,483			21,043
Custodian fees and expenses		42,465			16,630
Legal fees (Note 8)		27,753			17,246
Registration fees		58,255			71,464
Shareholder reporting expenses		22,644			42,202
Miscellaneous expenses (Note 8)		33,333			30,062

Total expenses		5,927,186			5,736,316
Less waiver and/or expense reimbursement (Note 6)		(8,607	)		(5,314	)

Net expenses		5,918,579			5,731,002

Net investment income		27,729,384			4,053,274

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		(4,935,754	)		37,483,676
Futures contracts		(8,227,420	)		—
Options written		(210,911	)		—
Swap agreements		4,729,955			—
Forward foreign currency contracts (Note 2d)		(724,784	)		—
Foreign currency transactions (Note 2c)		(314,754	)		—
Net change in unrealized appreciation (depreciation) on:
Investments		39,952,769			139,255,868
Futures contracts		(539,434	)		—
Options written		(172,796	)		—
Swap agreements		(6,090,100	)		—
Forward foreign currency contracts (Note 2d)		(1,020,229	)		—
Foreign currency translations (Note 2c)		191,869			—

Net realized and unrealized gain on investments, futures contracts, options written, swap agreements, forward foreign currency contracts and foreign currency transactions		22,638,411			176,739,544

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	50,367,795		$	180,792,818

(a)	Includes a non-recurring dividend of $1,569,910.

See accompanying notes to financial statements.

53 |

Statements of Changes in Net Assets


	Loomis Sayles Strategic Alpha Fund
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income	$	27,729,384		$	45,919,105
Net realized gain (loss) on investments, futures contracts, options written, swap agreements, forward foreign currency contracts and foreign currency transactions		(9,683,668	)		10,761,528
Net change in unrealized appreciation (depreciation) on investments, futures contracts, options written, swap agreements, forward foreign currency contracts and foreign currency translations		32,322,079			(53,347,336	)

Net increase in net assets resulting from operations		50,367,795			3,333,297

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(918,352	)		(974,914	)
Class C		(239,890	)		(700,709	)
Class N		(4,402,042	)		(9,315,262	)
Class Y		(19,550,723	)		(38,722,335	)

Total distributions		(25,111,007	)		(49,713,220	)

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		70,375,222			398,742,039

Net increase in net assets		95,632,010			352,362,116
NET ASSETS
Beginning of the period		1,504,959,217			1,152,597,101

End of the period	$	1,600,591,227		$	1,504,959,217

See accompanying notes to financial statements.

| 54

Statements of Changes in Net Assets (continued)


	Natixis U.S. Equity Opportunities Fund
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
FROM OPERATIONS:
Net investment income	$	4,053,274		$	2,195,963
Net realized gain on investments		37,483,676			99,574,323
Net change in unrealized appreciation (depreciation) on investments		139,255,868			(167,182,286	)

Net increase (decrease) in net assets resulting from operations		180,792,818			(65,412,000	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(16,926,769	)		(55,296,627	)
Class C		(3,698,685	)		(12,571,844	)
Class N		(35	)		(100	)
Class Y		(7,824,961	)		(27,216,994	)

Total distributions		(28,450,450	)		(95,085,565	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		(53,624,303	)		57,246,243

Net increase (decrease) in net assets		98,718,065			(103,251,322	)
NET ASSETS
Beginning of the period		898,703,830			1,001,955,152

End of the period	$	997,421,895		$	898,703,830

See accompanying notes to financial statements.

55 |

Financial Highlights

For a share outstanding throughout each period.


	Loomis Sayles Strategic Alpha Fund—Class A
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	9.62		$	9.92		$	9.86		$	9.45		$	9.96		$	10.06

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.16			0.33			0.32			0.30			0.26			0.29	(b)
Net realized and unrealized gain (loss)		0.13			(0.30	)		(0.01	)		0.31			(0.42	)		(0.07	)

Total from Investment Operations		0.29			0.03			0.31			0.61			(0.16	)		0.22

LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.33	)		(0.25	)		(0.20	)		(0.35	)		(0.32	)

Net asset value, end of the period	$	9.77		$	9.62		$	9.92		$	9.86		$	9.45		$	9.96

Total return(c)		3.04	%(d)		0.39	%		3.22	%(e)		6.57	%		(1.68	)%		2.24	%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	64,993		$	36,528		$	28,020		$	67,746		$	116,055		$	104,056
Net expenses		0.98	%(f)		1.00	%(g)		1.05	%(h)(i)		1.10	%		1.10	%		1.10	%
Gross expenses		0.98	%(f)		1.00	%(g)		1.06	%		1.10	%		1.10	%		1.10	%
Net investment income		3.27	%(f)		3.29	%		3.26	%		3.14	%		2.66	%		2.90	%(b)
Portfolio turnover rate		219	%		379	%(j)		178	%(k)		72	%		72	%		87	%

(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 $0.28, total return would have been 2.14% and the ratio of net investment income to average net assets would have been 2.81%.

(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.

(k)	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.


	Loomis Sayles Strategic Alpha Fund—Class C
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	9.58		$	9.88		$	9.82		$	9.42		$	9.93		$	10.03

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.12			0.26			0.25			0.23			0.19			0.21	(b)
Net realized and unrealized gain (loss)		0.14			(0.31	)		0.00	(c)(d)		0.30			(0.43	)		(0.06	)

Total from Investment Operations		0.26			(0.05	)		0.25			0.53			(0.24	)		0.15

LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.25	)		(0.19	)		(0.13	)		(0.27	)		(0.25	)

Net asset value, end of the period	$	9.74		$	9.58		$	9.88		$	9.82		$	9.42		$	9.93

Total return(e)		2.75	%(f)		(0.42	)%		2.53	%		5.70	%		(2.44	)%		1.47	%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	21,718		$	26,883		$	33,759		$	45,674		$	62,453		$	71,215
Net expenses		1.73	%(g)		1.75	%(h)		1.81	%(i)		1.85	%		1.85	%		1.85	%
Gross expenses		1.73	%(g)		1.75	%(h)		1.81	%		1.85	%		1.85	%		1.85	%
Net investment income		2.48	%(g)		2.61	%		2.52	%		2.40	%		1.91	%		2.13	%(b)
Portfolio turnover rate		219	%		379	%(j)		178	%(k)		72	%		72	%		87	%

(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 $0.21, total return would have been 1.37% and the ratio of net investment income to average net assets would have been 2.05%.

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

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

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

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

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

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

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

(j)	The variation in the Fund’s turnover rate from 2017 to 2018 was primarily due to a repositioning of the portfolio.

(k)	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.

57 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Loomis Sayles Strategic Alpha Fund—Class N
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	9.60		$	9.90		$	9.90

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.17			0.34			0.25
Net realized and unrealized gain (loss)		0.15			(0.28	)		(0.04	)

Total from Investment Operations		0.32			0.06			0.21

LESS DISTRIBUTIONS FROM:
Net investment income		(0.16	)		(0.36	)		(0.21	)

Net asset value, end of the period	$	9.76		$	9.60		$	9.90

Total return		3.30	%(b)		0.68	%		2.11	%(b)(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	283,634		$	255,226		$	59,282
Net expenses		0.67	%(d)		0.70	%(e)		0.70	%(d)(f)(g)
Gross expenses		0.67	%(d)		0.70	%(e)		0.72	%(d)
Net investment income		3.56	%(d)		3.44	%		3.83	%(d)
Portfolio turnover rate		219	%		379	%(h)		178	%(i)

*	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)	Periods less than one year are not annualized.

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

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

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

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

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

(h)	The variation in the Fund’s turnover rate from 2017 to 2018 was primarily due to a repositioning of the portfolio.

(i)	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.


	Loomis Sayles Strategic Alpha Fund—Class Y
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	9.59		$	9.90		$	9.85		$	9.44		$	9.95		$	10.05

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.17			0.35			0.35			0.32			0.29			0.31	(b)
Net realized and unrealized gain (loss)		0.14			(0.31	)		(0.01	)		0.32			(0.43	)		(0.06	)

Total from Investment Operations		0.31			0.04			0.34			0.64			(0.14	)		0.25

LESS DISTRIBUTIONS FROM:
Net investment income		(0.15	)		(0.35	)		(0.29	)		(0.23	)		(0.37	)		(0.35	)

Net asset value, end of the period	$	9.75		$	9.59		$	9.90		$	9.85		$	9.44		$	9.95

Total return		3.27	%(c)		0.53	%		3.48	%(d)		6.86	%		(1.43	)%		2.52	%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,230,245		$	1,186,322		$	1,031,537		$	1,083,527		$	1,183,723		$	1,188,605
Net expenses		0.73	%(e)		0.75	%(f)		0.80	%(g)(h)		0.85	%		0.85	%		0.85	%
Gross expenses		0.73	%(e)		0.75	%(f)		0.81	%		0.85	%		0.85	%		0.85	%
Net investment income		3.50	%(e)		3.51	%		3.53	%		3.39	%		2.91	%		3.10	%(b)
Portfolio turnover rate		219	%		379	%(i)		178	%(j)		72	%		72	%		87	%

(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 $0.31, total return would have been 2.42% and the ratio of net investment income to average net assets would have been 3.03%.

(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.

(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.

59 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis U.S. Equity Opportunities Fund—Class A
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	31.00		$	36.90		$	30.27		$	27.60		$	27.40		$	33.07

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.14	(b)		0.08			0.06			0.12			0.06			0.02
Net realized and unrealized gain (loss)		6.12			(2.51	)		7.88			3.12			1.55			4.31

Total from Investment Operations		6.26			(2.43	)		7.94			3.24			1.61			4.33

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(c)		(0.05	)		(0.06	)		(0.12	)		—			—
Net realized capital gains		(1.00	)		(3.42	)		(1.25	)		(0.45	)		(1.41	)		(10.00	)

Total Distributions		(1.00	)		(3.47	)		(1.31	)		(0.57	)		(1.41	)		(10.00	)

Net asset value, end of the period	$	36.26		$	31.00		$	36.90		$	30.27		$	27.60		$	27.40

Total return(d)		20.32	%(b)(e)		(6.48	)%		26.28	%		11.86	%		5.86	%		12.94	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	608,253		$	523,665		$	604,330		$	472,436		$	422,069		$	400,678
Net expenses		1.17	%(f)		1.16	%		1.21	%(g)		1.23	%(h)		1.25	%(i)		1.29	%(j)
Gross expenses		1.17	%(f)		1.16	%		1.21	%		1.23	%(h)		1.25	%		1.29	%(j)
Net investment income		0.80	%(b)(f)		0.20	%		0.16	%		0.42	%		0.21	%		0.07	%
Portfolio turnover rate		7	%		23	%		17	%		17	%		20	%		93	%(k)

(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 $0.08, total return would have been 20.16% and the ratio of net investment income to average net assets would have been 0.48%.

(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)	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 1.25% to 1.20%.

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

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

(j)	Includes fee/expense recovery of 0.02%.

(k)	The variation in the Fund’s turnover rate from 2013 to 2014 was primarily due to the change in the structure of the Fund from four segments to two segments.

See accompanying notes to financial statements.

| 60

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis U.S. Equity Opportunities Fund—Class C
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	20.42		$	25.73		$	21.54		$	19.86		$	20.24		$	26.92

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.01	(b)		(0.14	)		(0.14	)		(0.07	)		(0.11	)		(0.19	)
Net realized and unrealized gain (loss)		4.02			(1.75	)		5.58			2.22			1.14			3.51

Total from Investment Operations		4.03			(1.89	)		5.44			2.15			1.03			3.32

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(c)		—			(0.00	)(c)		(0.02	)		—			—
Net realized capital gains		(1.00	)		(3.42	)		(1.25	)		(0.45	)		(1.41	)		(10.00	)

Total Distributions		(1.00	)		(3.42	)		(1.25	)		(0.47	)		(1.41	)		(10.00	)

Net asset value, end of the period	$	23.45		$	20.42		$	25.73		$	21.54		$	19.86		$	20.24

Total return(d)		19.86	%(b)(e)		(7.18	)%		25.35	%		11.02	%		5.06	%		12.12	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	84,602		$	78,783		$	112,615		$	72,768		$	61,864		$	53,925
Net expenses		1.92	%(f)		1.91	%		1.96	%(g)		1.98	%(h)		2.00	%(i)		2.04	%(j)
Gross expenses		1.92	%(f)		1.91	%		1.96	%		1.98	%(h)		2.00	%		2.04	%(j)
Net investment income (loss)		0.05	%(b)(f)		(0.54	)%		(0.59	)%		(0.33	)%		(0.54	)%		(0.68	)%
Portfolio turnover rate		7	%		23	%		17	%		17	%		20	%		93	%(k)

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

(b)	Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $(0.03), total return would have been 19.72% and the ratio of net investment income to average net assets would have been (0.27)%.

(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%.

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

(k)	The variation in the Fund’s turnover rate from 2013 to 2014 was primarily due to the change in the structure of the Fund from four segments to two segments.

See accompanying notes to financial statements.

61 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis U.S. Equity Opportunities Fund—Class N
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Period Ended December 31, 2017*
Net asset value, beginning of the period	$	36.37		$	42.63		$	37.62

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.23	(b)		0.25			0.12
Net realized and unrealized gain (loss)		7.20			(2.91	)		6.20

Total from Investment Operations		7.43			(2.66	)		6.32

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(c)		(0.18	)		(0.16	)
Net realized capital gains		(1.00	)		(3.42	)		(1.15	)

Total Distributions		(1.00	)		(3.60	)		(1.31	)

Net asset value, end of the period	$	42.80		$	36.37		$	42.63

Total return(d)		20.54	%(b)(e)		(6.11	)%		16.78	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2		$	1		$	1
Net expenses(f)		0.84	%(g)		0.76	%		0.78	%(g)(h)
Gross expenses		12.17	%(g)		13.35	%		13.41	%(g)
Net investment income		1.14	%(b)(g)		0.56	%		0.44	%(g)
Portfolio turnover rate		7	%		23	%		17	%(i)

*	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 $0.17, total return would have been 20.34% and the ratio of net investment income to average net assets would have been 0.84%.

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

(d)	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, 2017, the expense limit decreased from 0.95% to 0.90%.

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

See accompanying notes to financial statements.

| 62

Financial Highlights (continued)

For a share outstanding throughout each period.


	Natixis U.S. Equity Opportunities Fund—Class Y
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Net asset value, beginning of the period	$	36.33		$	42.61		$	34.77		$	31.61		$	31.18		$	36.32

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.21	(b)		0.20			0.16			0.21			0.15			0.12
Net realized and unrealized gain (loss)		7.20			(2.92	)		9.07			3.59			1.76			4.74

Total from Investment Operations		7.41			(2.72	)		9.23			3.80			1.91			4.86

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(c)		(0.14	)		(0.14	)		(0.19	)		(0.07	)		—
Net realized capital gains		(1.00	)		(3.42	)		(1.25	)		(0.45	)		(1.41	)		(10.00	)

Total Distributions		(1.00	)		(3.56	)		(1.39	)		(0.64	)		(1.48	)		(10.00	)

Net asset value, end of the period	$	42.74		$	36.33		$	42.61		$	34.77		$	31.61		$	31.18

Total return		20.47	%(b)(d)		(6.24	)%		26.60	%		12.13	%		6.11	%		13.25	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	304,566		$	296,255		$	285,008		$	143,231		$	70,643		$	37,636
Net expenses		0.92	%(e)		0.91	%		0.95	%(f)		0.98	%(g)		1.00	%(h)		1.05	%(i)
Gross expenses		0.92	%(e)		0.91	%		0.95	%		0.98	%(g)		1.00	%		1.05	%(i)
Net investment income		1.05	%(b)(e)		0.45	%		0.40	%		0.63	%		0.46	%		0.32	%
Portfolio turnover rate		7	%		23	%		17	%		17	%		20	%		93	%(j)

(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 20.31% and the ratio of net investment income to average net assets would have been 0.74%.

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

(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 1.00% to 0.95%.

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

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

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

(j)	The variation in the Fund’s turnover rate from 2013 to 2014 was primarily due to the change in the structure of the Fund from four segments to two segments.

See accompanying notes to financial statements.

63 |

Notes to Financial Statements

June 30, 2019 (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.

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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. 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 interpolated rates determined based on information provided by an independent pricing service. Futures contracts are valued

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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 single name equity option contracts are valued at the mean of the National Best Bid and Offer quotations. 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 domestic indices are valued at the average of the closing bid and ask quotations as of the close of trading on the Chicago Board Options Exchange (“CBOE”). 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.

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

As of June 30, 2019, 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	$	2,075,638		0.1	%	$	17,672,517		1.1	%

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.

67 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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.

For the six months ended June 30, 2019, 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		$	1,927,458

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 gain or loss reflected in the Funds’ Statements of Assets and Liabilities. The U.S. dollar value of the currencies a Fund has committed to buy or sell represents the aggregate exposure to each currency a Fund has acquired or hedged through currency contracts outstanding at period end. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Contracts are traded over-the-counter directly with a counterparty. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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.

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

69 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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 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.

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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

There were no swaptions held by the Funds as of June 30, 2019.

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.

71 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

The notional amounts of swap agreements are not recorded in the financial statements. Swap agreements are valued daily, and fluctuations in value are recorded 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 in the Statements of Assets and Liabilities as fees receivable or payable. 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 recorded on the Statements of Assets and Liabilities as an asset or liability, respectively, and 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 and as initial margin for futures contracts. 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 Funds’ 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,

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

2019 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.

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, controlled foreign corporations, defaulted and/or non-income producing securities, deferred Trustees’ fees, swap adjustments, foreign currency gains and losses, convertible bond adjustments 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, 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 futures contracts mark-to-market. Amounts of income and capital gain available to be distributed on a tax basis are determined

73 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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, 2018 was as follows:


	2018 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Strategic Alpha Fund	$	49,713,220	$	—	$	49,713,220
U.S. Equity Opportunities Fund		7,917,360		87,168,205		95,085,565

As of December 31, 2018 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	$	(36,014,163	)	$	—
Long-term:
No expiration date		(4,070,186	)		—

Total capital loss carryforward	$	(40,084,349	)	$	—

Late-year ordinary and post-October capital loss deferrals*	$	(578,810	)	$	—

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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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

As of June 30, 2019, unrealized appreciation (depreciation) on a tax basis was approximately as follows:


	Strategic Alpha Fund			U.S. Equity Opportunities Fund
Unrealized appreciation (depreciation)
Investments	$	(7,149,983	)	$	249,791,552
Foreign currency translations		(27,213,988	)		—

Total unrealized appreciation (depreciation)	$	(34,363,971	)	$	249,791,552

As of June 30, 2019, 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	$	1,690,877,283		$	745,627,348

Gross tax appreciation	$	33,606,344		$	301,112,993
Gross tax depreciation		(68,000,473	)		(51,321,441	)

Net tax appreciation (depreciation)	$	(34,394,129	)	$	249,791,552

Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.

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

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

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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. Repurchase Agreements. Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of June 30, 2019, 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.

p. 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

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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.

There were no when-issued or delayed delivery securities held by the Funds as of June 30, 2019.

q. 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.

r. 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

77 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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, 2019, the Funds did not loan securities under this agreement.

s. 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, 2019, the Funds did not have any unfunded loan commitments.

t. 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.

•

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

•

| 78

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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

79 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of June 30, 2019, at value:

Strategic Alpha Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Non-Convertible Bonds
ABS Home Equity	$	—	$	135,276,741	$	6,254,815	(b)	$	141,531,556
ABS Other		—		69,686,215		5,719,348	(c)(d)		75,405,563
ABS Student Loan		—		4,969,414		3,826,851	(e)		8,796,265
Independent Energy		—		24,989,861		627,000	(b)(d)		25,616,861
Oil Field Services		—		2,372,962		767,360	(b)		3,140,322
All Other Non-Convertible Bonds(a)		—		963,476,760		—			963,476,760

Total Non-Convertible Bonds		—		1,200,771,953		17,195,374			1,217,967,327

Convertible Bonds(a)		—		16,403,403		—			16,403,403

Total Bonds and Notes		—		1,217,175,356		17,195,374			1,234,370,730

Senior Loans(a)		—		84,859,315		—			84,859,315
Collateralized Loan Obligations		—		31,630,472		—			31,630,472
Loan Participations(a)		—		—		5,189,236	(e)		5,189,236
Preferred Stocks
Convertible Preferred Stocks
Food & Beverage		—		4,224,124		—			4,224,124
Midstream		123,437		819,749		—			943,186
Non-Convertible Preferred Stocks(a)		—		4,136,960		—			4,136,960

Total Preferred Stocks		123,437		9,180,833		—			9,304,270

Common Stocks
Oil, Gas & Consumable Fuels		3,818,834		—		42,708	(b)		3,861,542
All Other Common Stocks(a)		49,436,986		—		—			49,436,986

Total Common Stocks		53,255,820		—		42,708			53,298,528

Exchange-Traded Funds		7,755,585		—		—			7,755,585
Other Investments(a)		—		—		7,776,000	(f)		7,776,000
Short-Term Investments		—		223,967,153		—			223,967,153

Total Investments	$	61,134,842	$	1,566,813,129	$	30,203,318		$	1,658,151,289

| 80

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

Strategic Alpha Fund (continued)

Asset Valuation Inputs (continued)


Description	Level 1			Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized appreciation)	$	—		$	862,341		$	—	$	862,341
Futures Contracts (unrealized appreciation)		13,335			—			—		13,335

Total	$	61,148,177		$	1,567,675,470		$	30,203,318	$	1,659,026,965


Liability Valuation Inputs

Description	Level 1			Level 2			Level 3		Total
Written Options(a)	$	(516,500	)	$	—		$	—	$	(516,500	)
Bilateral Credit Default Swap Agreements (unrealized depreciation)		—			(268,742	)		—		(268,742	)
Forward Foreign Currency Contracts (unrealized depreciation)		—			(2,008,305	)		—		(2,008,305	)
Futures Contracts (unrealized depreciation)		(195,823	)		—			—		(195,823	)

Total	$	(712,323	)	$	(2,277,047	)	$	—	$	(2,989,370	)

(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.

(c)	Fair valued by the Fund’s adviser using broker dealer bid prices for which inputs are unobservable to the Fund ($1,748,083) or fair valued by the Fund’s adviser ($456,551) or valued using broker-dealer bid prices ($3,514,714).

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

(e)	Valued using broker-dealer bid prices.

(f)	Fair valued by the Fund’s adviser using broker dealer bid prices for which inputs are unobservable to the Fund.

81 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

U.S. Equity Opportunities Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	973,857,464	$	—	$	—	$	973,857,464
Short-Term Investments		—		21,561,436		—		21,561,436

Total	$	973,857,464	$	21,561,436	$	—	$	995,418,900

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

For the six months ended June 30, 2019, there were no transfers among Levels 1, 2 and 3.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of December 31, 2018 and/or June 30, 2019:

Strategic Alpha Fund

Asset Valuation Inputs


Investments in Securities	Balance as of December 31, 2018			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	1		$	—	$	21,722		$	10,233		$	2,284,999
ABS Other		4,468,825			—		—			72,661			3,572,373
ABS Student Loan		4,307,138			—		559			(846	)		—
Independent Energy		—	(a)		100,378		—			(100,378	)		627,000
Oil Field Services		—			252		—			(87,452	)		854,560
Loan Participations		6,733,310			215		(10,268	)		96,255			—
Common Stocks
Oil, Gas & Consumable Fuels		—			—		—			(396,581	)		439,289
Other Investments
Aircraft ABS		7,790,625			—		—			(14,625	)		—

Total	$	23,299,899		$	100,845	$	12,013		$	(420,733	)	$	7,778,221

| 82

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

Strategic Alpha Fund (continued)

Asset Valuation Inputs (continued)


Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of June 30, 2019			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at June 30, 2019
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	(634,924	)	$	4,572,784	$	—		$	6,254,815		$	10,233
ABS Other		(28,376	)		—		(2,366,135	)		5,719,348			72,920
ABS Student Loan		(480,000	)		—		—			3,826,851			(383	)
Independent Energy		—			—		—			627,000	(a)		(100,378	)
Oil Field Services		—			—		—			767,360			(87,452	)
Loan Participations		(1,630,276	)		—		—			5,189,236			43,285
Common Stocks
Oil, Gas & Consumable Fuels		—			—		—			42,708			(396,581	)
Other Investments
Aircraft ABS		—			—		—			7,776,000			(14,625	)

Total		$(2,773,576)		$	4,572,784	$	(2,366,135	)	$	30,203,318		$	(472,981	)

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

Debt securities valued at $4,572,784 were transferred from Level 2 to Level 3 during the period ended June 30, 2019. At December 31, 2018, these securities were 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, 2019 these securities were 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 securities.

A debt security valued at $2,366,135 was transferred from Level 3 to Level 2 during the period ended June 30, 2019. At December 31, 2018, 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, 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.

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

83 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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, 2019, 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 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, interest rate swap agreements and interest rate swaptions 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, 2019, the Fund engaged in interest rate swaps for hedging purposes.

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, 2019, the Fund engaged in forward foreign currency and option 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 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, 2019, the Fund engaged in credit default swap transactions (as a protection buyer) to hedge its credit exposure.

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, 2019, the Fund engaged in futures and option contracts for hedging purposes.

| 84

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

The following is a summary of derivative instruments for Strategic Alpha Fund as of June 30, 2019, as reflected within the Statements of Assets and Liabilities:


Assets				Unrealized appreciation on forward foreign currency contracts			Unrealized appreciation on futures contracts¹			Swap agreements at value²			Total
Over-the-counter asset derivatives
Foreign exchange contracts				$	862,341		$	—		$	—		$	862,341

Total over-the counter asset derivatives				$	862,341		$	—		$	—		$	862,341

Exchange-traded/cleared asset derivatives
Interest rate contracts				$	—		$	13,335		$	—		$	13,335

Total exchange-traded/cleared asset derivatives				$	—		$	13,335		$	—		$	13,335

Total asset derivatives				$	862,341		$	13,335		$	—		$	875,676


Liabilities	Options written at value			Unrealized depreciation on forward foreign currency contracts			Unrealized depreciation on futures contracts¹			Swap agreements at value²			Total
Over-the-counter liability derivatives
Foreign exchange contracts	$	—		$	(2,008,305	)	$	—		$	—		$	(2,008,305	)
Credit contracts		—			—			—			(235,130	)		(235,130	)

Total over-the counter liability derivatives	$	—		$	(2,008,305	)	$	—		$	(235,130	)	$	(2,243,435	)

Exchange-traded/cleared liability derivatives
Equity contracts	$	(516,500	)	$	—		$	(195,823	)	$	—		$	(712,323	)

Total exchange-traded/cleared liability derivatives	$	(516,500	)	$	—		$	(195,823	)	$	—		$	(712,323	)

Total liability derivatives	$	(516,500	)	$	(2,008,305	)	$	(195,823	)	$	(235,130	)	$	(2,955,758	)

85 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

¹	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.

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.

Transactions in derivative instruments for Strategic Alpha Fund during the six months ended June 30, 2019, 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	$	—		$	(4,725,759	)	$	—		$	4,795,769		$	—
Foreign exchange contracts		(346,401	)		—			—			—			(724,784	)
Credit contracts		—			—			—			(65,814	)		—
Equity contracts		(821,890	)		(3,501,661	)		(210,911	)		—			—

Total	$	(1,168,291	)	$	(8,227,420	)	$	(210,911	)	$	4,729,955		$	(724,784	)


Net Change in Unrealized Appreciation (Depreciation) on:	Investments³			Futures contracts			Options written			Swap agreements			Forward foreign currency contracts
Interest rate contracts	$	—		$	(15,909	)	$	—		$	(5,824,977	)	$	—
Foreign exchange contracts		276,968			—			—			—			(1,020,229	)
Credit contracts		—			—			—			(265,123	)		—
Equity contracts		—			(523,525	)		(172,796	)		—			—

Total	$	276,968		$	(539,434	)	$	(172,796	)	$	(6,090,100	)	$	(1,020,229	)

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.

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

| 86

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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, 2019:


Strategic Alpha Fund	Forwards			Futures			Credit Default Swaps			Interest Rate Swaps
Average Notional Amount Outstanding		8.52	%		11.86	%		2.27	%		43.47	%
Highest Notional Amount Outstanding		12.36	%		17.92	%		3.83	%		113.28	%
Lowest Notional Amount Outstanding		6.61	%		6.25	%		0.87	%		0.00	%
Notional Amount Outstanding as of June 30, 2019		12.36	%		6.25	%		0.87	%		0.00	%

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, 2019:


Strategic Alpha Fund	Call Options Purchased*			Put Options Purchased*			Call Options Written*			Put Options Written*
Average Market Value of Underlying Instruments		0.10	%		1.23	%		2.09	%		1.23	%
Highest Market Value of Underlying Instruments		0.00	%		2.69	%		2.41	%		2.69	%
Lowest Market Value of Underlying Instruments		0.00	%		0.00	%		1.73	%		0.00	%
Market Value of Underlying Instruments as of June 30, 2019		0.00	%		0.00	%		2.23	%		0.00	%

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.

87 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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 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, 2019, 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.	$	226,028	$	(226,028	)	$	—	$	—		$	—
Barclays Bank PLC		337,419		(39,529	)		297,890		(297,890	)		—
Citibank N.A.		5,995		(5,995	)		—		—			—
Credit Suisse International		64,104		(64,104	)		—		—			—
Deutsche Bank AG		130,063		(33,156	)		96,907		—			96,907
Morgan Stanley Capital Services, Inc.		51,860		(51,860	)		—		—			—
UBS AG		46,872		(46,872	)		—		—			—

	$	862,341	$	(467,544	)	$	394,797	$	(297,890	)	$	96,907

| 88

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

Strategic Alpha Fund (continued)


Counterparty	Gross Amounts of Liabilities			Offset Amount		Net Liability Balance			Collateral (Received)/ Pledged		Net Amount
Bank of America, N.A.	$	(333,079	)	$	226,028	$	(107,051	)	$	—	$	(107,051	)
Barclays Bank PLC		(39,529	)		39,529		—			—		—
Citibank N.A.		(416,727	)		5,995		(410,732	)		410,732		—
Credit Suisse International		(343,649	)		64,104		(279,545	)		279,545		—
Deutsche Bank AG		(33,156	)		33,156		—			—		—
Morgan Stanley Capital Services, Inc.		(878,320	)		51,860		(826,460	)		751,080		(75,380	)
UBS AG		(198,975	)		46,872		(152,103	)		152,103		—

	$	(2,243,435	)	$	467,544	$	(1,775,891	)	$	1,593,460	$	(182,431	)

The actual collateral received or pledged, if any, may exceed the amounts shown in the table due to overcollateralization. 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

89 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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, 2019:

Fund

Maximum Amount

of Loss - Gross

Maximum Amount

of Loss - Net

Strategic Alpha Fund

18,614,528

16,255,634

Net loss amount reflects cash received as collateral of $850,000, which is recorded on the Statements of Assets and Liabilities.

5. Purchases and Sales of Securities. For the six months ended June 30, 2019, 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	$	2,386,917,476	$	2,387,482,969	$	840,604,294	$	697,101,700
U.S. Equity Opportunities Fund		—		—		70,083,135		160,735,521

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, L.P. (“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”)

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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 agreement, 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	%

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, 2020, 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, 2019, 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

91 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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, 2019, the management fees for each Fund were as follows:


Fund	Gross Management Fees		Percentage of Average Daily Net Assets
Strategic Alpha Fund	$	4,687,670		0.59	%
U.S. Equity Opportunities Fund		3,720,218		0.75	%

No expenses were recovered for any of the Funds during the six months ended June 30, 2019 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.

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.

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

For the six months ended June 30, 2019, 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	$	73,744	$	29,838	$	89,513
U.S. Equity Opportunities Fund		737,283		106,260		318,780

For the six months ended June 30, 2019, the administrative fees for each Fund were as follows:


Fund	Administrative Fees		Waiver of Administrative Fees		Net Administrative Fees
Strategic Alpha Fund	$	353,557	$	8,402	$	345,155
U.S. Equity Opportunities Fund		220,326		5,238		215,088

93 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

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, 2019, 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	$	412,896
U.S. Equity Opportunities Fund		244,314


Fund	Reimbursements of Sub-Transfer Agent Fees
Strategic Alpha Fund	$	9,820
U.S. Equity Opportunities Fund		5,858

e. Commissions. Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the six months ended June 30, 2019 were as follows:


Fund	Commissions
Strategic Alpha Fund	$	1,261
U.S. Equity Opportunities Fund		18,376

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Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

receives a retainer fee at the annual rate of $360,000. 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 $190,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee and the chairperson of the Audit Committee each receive an additional retainer fee at the annual rate of $20,000. The chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $15,000. 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.

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

g. Reimbursement of Transfer Agent Fees and Expenses. Natixis Advisors has given a binding contractual undertaking to the 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, 2020 and is not subject to recovery under the expense limitation agreement described above. Natixis Advisors had given a binding contractual undertaking to the Strategic Alpha Fund to reimburse any and all transfer agency expenses for the Fund’s Class N shares. This undertaking was in effect through April 30, 2019 and is not subject to recovery under the expense limitation agreement described above.

95 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

For the six months ended June 30, 2019, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:


	Reimbursement of Transfer Agency Expenses
Fund	Class N
Strategic Alpha Fund		205
U.S. Equity Opportunities Fund		76

h. Affiliated Ownership. As of June 30, 2019, the Loomis Sayles Employees’ Profit Sharing Retirement Plan held shares of Strategic Alpha Fund representing 0.16% of the Fund’s net assets. Natixis and affiliates held shares of U.S. Equity Opportunities Fund representing less than 0.01% of the Fund’s net assets.

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, 2019, 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	$	19,290	$	7,662	$	318	$	401,591
U.S. Equity Opportunities Fund		241,595		34,842		76		129,681

| 96

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

For the six months ended June 30, 2019, neither Fund had borrowings under this agreement.

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.

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


	Six Months Ended June 30, 2019					Year Ended December 31, 2018
Strategic Alpha Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	3,506,495		$	34,083,805		1,902,859		$	18,643,184
Issued in connection with the reinvestment of distributions	89,388			870,814		87,934			860,102
Redeemed	(744,176	)		(7,256,417	)	(1,018,074	)		(10,074,904	)

Net change	2,851,707		$	27,698,202		972,719		$	9,428,382

Class C
Issued from the sale of shares	62,881		$	609,063		632,600		$	6,161,447
Issued in connection with the reinvestment of distributions	15,708			152,310		51,094			498,519
Redeemed	(655,433	)		(6,352,277	)	(1,295,865	)		(12,777,946	)

Net change	(576,844	)	$	(5,590,904	)	(612,171	)	$	(6,117,980	)

Class N
Issued from the sale of shares	2,305,331		$	22,419,868		22,029,860		$	218,736,227
Issued in connection with the reinvestment of distributions	452,543			4,402,042		952,881			9,315,262
Redeemed	(275,868	)		(2,684,563	)	(2,385,120	)		(23,546,282	)

Net change	2,482,006		$	24,137,347		20,597,621		$	204,505,207

Class Y
Issued from the sale of shares	23,484,544		$	228,418,771		60,785,713		$	599,944,907
Issued in connection with the reinvestment of distributions	1,299,718			12,641,633		2,375,280			23,181,067
Redeemed	(22,282,042	)		(216,929,827	)	(43,762,727	)		(432,199,544	)

Net change	2,502,220		$	24,130,577		19,398,266		$	190,926,430

Increase from capital share transactions	7,259,089		$	70,375,222		40,356,435		$	398,742,039

97 |

Notes to Financial Statements (continued)

June 30, 2019 (Unaudited)

10. Capital Shares (continued).


	Six Months Ended June 30, 2019					Year Ended December 31, 2018
U.S. Equity Opportunities Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	752,423		$	25,370,120		2,296,546		$	86,556,990
Issued in connection with the reinvestment of distributions	451,049			16,007,700		1,653,093			51,341,261
Redeemed	(1,326,064	)		(46,562,952	)	(3,432,504	)		(126,242,869	)

Net change	(122,592	)	$	(5,185,132	)	517,135		$	11,655,382

Class C
Issued from the sale of shares	260,586		$	5,926,569		1,030,778		$	25,786,943
Issued in connection with the reinvestment of distributions	134,573			3,093,849		503,353			10,537,724
Redeemed	(645,783	)		(14,749,326	)	(2,053,605	)		(52,913,322	)

Net change	(250,624	)	$	(5,728,908	)	(519,474	)	$	(16,588,655	)

Class N
Issued from the sale of shares	6		$	264		—		$	—
Issued in connection with the reinvestment of distributions	1			35		3			100

Net change	7		$	299		3		$	100

Class Y
Issued from the sale of shares	1,198,307		$	48,906,914		3,676,417		$	160,325,492
Issued in connection with the reinvestment of distributions	156,754			6,553,873		628,147			22,760,558
Redeemed	(2,382,999	)		(98,171,349	)	(2,840,359	)		(120,906,634	)

Net change	(1,027,938	)	$	(42,710,562	)	1,464,205		$	62,179,416

Increase (decrease) from capital share transactions	(1,401,147	)	$	(53,624,303	)	1,461,869		$	57,246,243

| 98

NATIXIS FUNDS

LOOMIS SAYLES FUNDS


AEW Real Estate Fund		Mirova International Sustainable Equity Fund
ASG Global Alternatives Fund		Natixis Oakmark Fund
ASG Managed Futures Strategy Fund		Natixis Oakmark International Fund
Gateway Fund		Natixis Sustainable Future 2015 Fund^SM
Gateway Equity Call Premium Fund		Natixis Sustainable Future 2020 Fund^SM
Loomis Sayles Global Allocation Fund		Natixis Sustainable Future 2025 Fund^SM
Loomis Sayles Global Growth Fund		Natixis Sustainable Future 2030 Fund^SM
Loomis Sayles Growth Fund		Natixis Sustainable Future 2035 Fund^SM
Loomis Sayles High Income Fund		Natixis Sustainable Future 2040 Fund^SM
Loomis Sayles Intermediate Duration Bond Fund		Natixis Sustainable Future 2045 Fund^SM
Loomis Sayles Investment Grade Bond Fund		Natixis Sustainable Future 2050 Fund^SM
Loomis Sayles Limited Term Government and Agency Fund		Natixis Sustainable Future 2055 Fund^SM
Loomis Sayles Multi-Asset Income Fund		Natixis Sustainable Future 2060 Fund^SM
Loomis Sayles Senior Floating Rate and Fixed Income Fund		Natixis U.S. Equity Opportunities Fund
Loomis Sayles Strategic Alpha Fund		Vaughan Nelson Select Fund
Loomis Sayles Strategic Income Fund		Vaughan Nelson Small Cap Value Fund
Mirova Global Green Bond Fund		Vaughan Nelson Value Opportunity Fund
Mirova Global Sustainable Equity Fund


This page not part of shareholder report			SP2019-32

This page not part of shareholder report

Loomis Sayles Multi-Asset Income Fund

Mirova Global Sustainable Equity Fund

Natixis Oakmark Fund

Natixis Oakmark International Fund

Natixis U.S. Equity Opportunities Fund

(each a “Fund”)

Supplement dated May 23, 2019 to the Natixis Funds Prospectus and Summary Prospectuses, each dated May 1, 2019, as may be revised and supplemented from time to time.

This page not part of shareholder report

NATIXIS FUNDS

Supplement dated June 28, 2019 to the Natixis Funds Prospectuses and Summary Prospectuses, each dated May 1, 2019, as may be revised or supplemented from time to time, for the following funds:

LOOMIS SAYLES HIGH INCOME FUND

LOOMIS SAYLES INVESTMENT GRADE BOND FUND

LOOMIS SAYLES STRATEGIC ALPHA FUND

Matthew J. Eagan is an Executive Vice President and a member of the Board of Directors of Loomis Sayles.


ASG Dynamic Allocation Fund		McDonnell Intermediate Municipal Bond Fund
ASG Global Alternatives Fund		Mirova Global Green Bond Fund
ASG Managed Futures Strategy Fund		Mirova Global Sustainable Equity Fund
ASG Tactical U.S. Market Fund		Mirova International Sustainable Equity Fund
Gateway Equity Call Premium Fund		Natixis Oakmark Fund
Gateway Fund		Natixis Oakmark International Fund
Loomis Sayles High Income Fund		Natixis U.S. Equity Opportunities Fund
Loomis Sayles Investment Grade Bond Fund		Vaughan Nelson Small Cap Value Fund
Loomis Sayles Multi-Asset Income Fund		Vaughan Nelson Value Opportunity Fund
Loomis Sayles Strategic Alpha Fund

(each a “Fund”)

Effective July 1, 2019, the following is added to the Prospectus as “APPENDIX B — Financial Intermediary Specific Commissions & Investment Minimum Waivers”.

APPENDIX B — Financial Intermediary Specific Commissions & Investment Minimum Waivers

UBS Financial Services, Inc. (“UBS-FS”)

Pursuant to an agreement with the Funds, Class Y shares may be available on certain brokerage platforms at UBS-FS. For such platforms, UBS-FS may charge commissions

This page not part of shareholder report

on brokerage transactions in each Fund’s Class Y shares. A shareholder should contact UBS-FS for information about the commissions charged by UBS-FS for such transactions. Shares of each Fund are available in other share classes that have different fees and expenses.

The initial and subsequent investment minimums for Class Y shares are waived for transactions through such brokerage platforms at UBS-FS.

This page not part of shareholder report

Item 2.

Code of Ethics.

Not applicable.

Item 3.

Audit Committee Financial Expert.

Not applicable.

Item 4.

Principal Accountant Fees and Services.

Not applicable.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Schedule of Investments.

Included as part of the Report to Shareholders filed as Item 1 herewith.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Securities Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11.

Controls and Procedures.

The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by the report that have materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.

Exhibits.


(a)	(1)	Not applicable.

(a)	(2)	Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith as Exhibits (a)(2)(1) and (a)(2)(2), respectively.

(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 21, 2019

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 21, 2019

By:		/s/ Michael C. Kardok
Name:		Michael C. Kardok
Title:		Treasurer
Date:		August 21, 2019