Exhibit (h)(5)(ii)

January 31, 2008

Natixis Funds Trust I
Natixis Funds Trust II
399 Boylston Street
Boston, MA 02116

Re:Fee Waiver/Expense Reimbursement

Ladies and Gentlemen:

   Natixis Asset Management Advisors, L.P. ("Natixis Advisors") notifies you
that it will waive its management fee (and, to the extent necessary, bear other
expenses of the Funds listed below) through January 31, 2008 to the extent that
the total annual fund operating expenses of each class of a Fund, exclusive of
acquired fund fees and expenses, brokerage, interest, taxes, and organizational
and extraordinary expenses, would exceed the following annual rates:

      Name of Fund                                     Expense Cap
      ------------                               ------------------------
      February 1, 2008 through January 31, 2009:
         Loomis Sayles Massachusetts Tax Free    0.90% for Class A shares
         Income Fund*                            1.65% for Class B shares
         Loomis Sayles Core Plus Bond Fund*      1.00% for Class A shares

                                                 1.75% for Class B shares

                                                 1.75% for Class C shares

                                                 0.75% for Class Y shares

* The expense caps above account for management fees payable to Loomis,
  Sayles & Company, L.P. Loomis, Sayles & Company, L.P. and Natixis Advisors
  have agreed to equally bear the waiver.



   With respect to each Fund, Natixis Advisors shall be permitted to recover
operating expenses, except operating expenses that have been waived by Natixis
Advisors under the Administrative Services Fee Waiver, it has borne subsequent
to the effective date of this agreement (whether through reduction of its
management fee or otherwise) in later periods to the extent that a Fund's total
annual fund operating expenses fall below the annual rates set forth above.
Provided, however, that a Fund is not obligated to pay any such deferred fees
more than one year after the end of the fiscal year in which the fee was
deferred.

   During the periods covered by this letter agreement, the expense cap
arrangement set forth above for each of the Funds may only be modified by a
majority vote of the "non-interested" Trustees of the Trusts affected.

   For purposes of determining any such waiver or expense reimbursement,
expenses of the class of the Funds shall not reflect the application of balance
credits made available by the Funds' custodian or arrangements under which
broker-dealers that execute portfolio transactions for the Funds' agree to bear
some portion of Fund expenses.

   We understand and intend that you will rely on this undertaking in preparing
and filing the Registration Statements on Form N-1A for the above referenced
Funds with the Securities and Exchange Commission, in accruing each Fund's
expenses for purposes of calculating its net asset value per share and for
other purposes permitted under Form N-1A and/or the Investment Company Act of
1940, as amended, and expressly permit you to do so.

                                         Natixis Asset Management Advisors, L.P.

                                         By:    /s/ Coleen Downs Dinneen
                                                --------------------------------
                                                Coleen Downs Dinneen

                                         Title: Senior Vice President,
                                                General Counsel, Secretary &
                                                Clerk