N-CSR

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: 811-00242

Natixis Funds Trust II

(Exact name of Registrant as specified in charter)

399 Boylston Street, Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Coleen Downs Dinneen, Esq.

NGAM Distribution, L.P.

399 Boylston Street

Boston, Massachusetts 02116

(Name and address of agent for service)

Registrant’s telephone number, including area code: (617) 449-2810

Date of fiscal year end: November 30

Date of reporting period: November 30, 2014

Item 1. Reports to Stockholders.

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

ANNUAL REPORT

November 30, 2014

Gateway International Fund

Loomis Sayles Dividend Income Fund

(formerly Loomis Sayles Capital Income Fund)

Loomis Sayles Emerging Markets Opportunities Fund

Loomis Sayles Senior Floating Rate and Fixed Income Fund

Vaughan Nelson Select Fund

TABLE OF CONTENTS

Portfolio Review page  1

Portfolio of Investments page 20

Financial Statements page  55

Notes to Financial Statements page 79

GATEWAY INTERNATIONAL FUND

Managers:	Symbols:
Daniel M. Ashcraft, CFA®	Class A    GAIAX
Michael T. Buckius, CFA®	Class C    GAICX
Kenneth H. Toft, CFA®	Class Y    GAIYX
Gateway Investment Advisers, LLC

Objective:

Over the long term, the Fund seeks to capture the majority of the returns associated with international developed market equity investments, while exposing investors to less risk than such investments generally.

Market Conditions

Over the 12-month period ended November 30, 2014, the international equity market moved up and down but ended essentially where it began. The key themes were a slowdown in Chinese economic growth, geopolitical uncertainty and the currency impact of strong monetary stimulus sponsored by certain foreign governments. Early in the period, foreign stock markets lost ground, due in part to evidence of slowing Chinese growth and concerns over rising tensions between Russia and the Ukraine. From February through the start of July, the markets advanced nicely as concerns lessened about the economic impact of geopolitical tension and Japan embarked on the third leg of its economic stimulus plan, dubbed “Abe-nomics” after the country’s prime minister. From its July peak through mid-October, stocks suffered a double digit decline, as Japan reported second quarter economic contraction, the European financial sector showed signs of deterioration and concern grew that Russian sanctions on Ukrainian trading partners could stifle already weakening global economic growth. In the final six weeks of the fiscal year, the international markets bounced back on announcements of expanding monetary stimulus programs from both the European Central Bank and the Bank of Japan. Currency losses had a significant impact on index returns in U.S. dollars, as the currency component of the MSCI EAFE Index lost 7.88% over the course of the fiscal year.

The CBOE EFA ETF Volatility Index (“VXEFA”), which measures the expected volatility of the iShares^® MSCI EAFE Index Fund (“EFA”), was below its long-term average for much of the period. The VXEFA began the fiscal year at 14.37, declined to a low of 10.65 in late December, and rose to 22.49 during the first selloff of the year on February 3rd. It hit an ultimate peak of 26.48 at the October market bottom before declining to end the fiscal year at 14.66. The average level for the year was 15.19.

Performance Results

For the 12 months ended November 30, 2014, Class A shares of Gateway International Fund returned -2.24% at net asset value. The MSCI EAFE Index (Net) returned -0.02% in U.S. dollars for the same period.

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Explanation of Fund Performance

Despite a larger loss than the MSCI EAFE Index over the 12-month period, the Fund’s performance was consistent with expectations given its risk profile in each of the advancing and declining periods for the index. Gateway International Fund seeks to generate returns by selling at-the-money index ETF call options, which substitute less variable option premium for market price appreciation, and uses some of the cash flow to mitigate price declines in the portfolio by purchasing out-of-the-money index ETF put options. An option is described as being at-the-money when the price of the underlying instrument is the same as the strike price. Additionally, an option is described as being out-of-the-money when the price of the underlying instrument is above the strike price for a put option (an option to sell). During the most significant market advance from February 4th to July 3rd, the Fund had a return of 4.91%, underperforming the MSCI EAFE Index by 808 basis points. When the MSCI EAFE Index advances, the Fund’s index-tracking equity portfolio generates gains but the Fund’s return is limited to cash flow earned from written EFA call options less losses from purchased EFA put options. It is not unusual for the Fund to underperform during a period of above normal return for the MSCI EAFE Index — particularly when implied volatility is below average for much of the period.

During the most significant decline for the index, -13.60% from July 3rd to October 16th, the Fund lost 7.46% and outperformed the index by 614 basis points, as index call options written on EFA aided performance relative to the index. The Fund also experienced a small gain from index put options purchased on EFA during periods of decline. Over the last three weeks of October, the Fund had put protection on 80-95% of the portfolio. During this period, management made adjustments to the call and put portfolios to achieve a relative risk profile consistent with the Fund’s history. Put protection was restored to 100% by month-end as markets rallied and volatility declined.

Consistent with its objective, the measured risk of the Fund was low relative to the EFA, as its standard deviation for the period was 5.77%, versus 12.31% for the EFA.

The EFA options the Fund uses are U.S. dollar denominated, therefore the currency exposure of the Fund is less than that of the MSCI EAFE Index. As a result, the Fund’s currency losses were less than those of the index for the period.

Outlook

As the European Central Bank and the Bank of Japan expanded monetary stimulus programs, the U.S. Federal Reserve tapered its monetary stimulus. This de-synchronization of global central bank action may be an important factor affecting both international equity market volatility and currency volatility going forward. Coupled with ongoing geopolitical concerns, we believe that the international equity market environment will be one that demonstrates more volatility and one that is much more reactive to changes in market fundamentals as well as central bank actions.

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GATEWAY INTERNATIONAL FUND

Growth of $10,000 Investment in Class A Shares³

March 30, 2012 (inception) through November 30, 2014

Average Annual Total Returns — November 30, 2014³

	1 Year			Life of Fund
Class A (Inception 3/30/2012)
NAV		-2.24	%		-0.10	%
With 5.75% Maximum Sales Charge		-7.86			-2.29
Class C (Inception 3/30/2012)
NAV		-3.03			-0.81
With CDSC1		-3.99			-0.81
Class Y (Inception 3/30/2012)
NAV		-1.86			0.21
Comparative Performance
MSCI EAFE Index (Net)2		-0.02			9.71

Past performance does not guarantee future results. The table(s) do not reflect taxes shareholders might owe on any Fund distributions or when they redeem their shares. 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. Unlike a fund, an index is not managed and does not reflect fees and expenses.

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 MSCI EAFE Index (Net) (Europe, Australasia, Far East) is an unmanaged index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada.

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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LOOMIS SAYLES DIVIDEND INCOME FUND

(formerly Loomis Sayles Capital Income Fund)

Managers:	Symbols:
Arthur J. Barry, CFA®	Class A    LSCAX
Matthew J. Eagan, CFA®*	Class C    LSCCX
Daniel J. Fuss, CFA®, CIC	Class Y    LSCYX
Warren N. Koontz, CFA®, CIC**
Adam C. Liebhoff***
Elaine M. Stokes*
Loomis, Sayles & Company, L.P.

* Matthew J. Eagan and Elaine M. Stokes became co-portfolio managers of the Fund effective October 15, 2014.

** Effective August 25, 2014 Warren Koontz no longer serves as co-portfolio manager of the Fund.

*** Adam C. Liebhoff became a co-portfolio manager of the Fund effective September 12, 2014.

Objective:

The Fund’s investment goal is high total return through a combination of current income and capital appreciation.

Market Conditions

During the 12 months that ended November 30, 2014, the United States remained a bright spot for equity investors from a total return perspective. Most S&P 500^® Index sectors generated strong gains, with energy being the unsurprising laggard due to falling oil prices. The dividend yield on the index remained approximately 2.00%, as dividend increases kept pace with higher equity prices. As of the end of November, more than 80% of S&P 500^® Index companies paid cash dividends, the highest number in several years.

Performance Results

For the 12-month period ended November 30, 2014, Class A shares of Loomis Sayles Dividend Income Fund returned 11.95% at net asset value. The Fund underperformed its primary benchmark, the S&P 500^® Index, which returned 16.86% for the period. The Fund also underperformed its secondary benchmark, the Russell 1000^® Value Index, which returned 15.62%.

Explanation of Fund Performance

Stock selection was particularly strong for the Fund in the energy and information technology sectors. However, a relative overweight position in the weak energy sector and an underweight position in the strong technology sector contributed to the Fund’s lagging results versus the S&P 500^® Index. The Fund’s relative weights in these sectors were driven by the availability of yield-oriented investments. In addition, stock selection in healthcare detracted from performance, primarily due to specific holdings in the pharmaceutical industry. The Fund’s fixed-income positions did not meaningfully contribute to overall performance.

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LOOMIS SAYLES DIVIDEND INCOME FUND

Primary detractors for the 12-month period included Royal Dutch Shell, American Eagle Outfitters and Transocean Partners. Royal Dutch Shell, an integrated energy company, trailed the market primarily due to falling oil prices. An increase in oil supply and a decision by the Organization of the Petroleum Exporting Countries (OPEC) to maintain production quotas led to the decline in oil prices. American Eagle Outfitters, a U.S. clothing retailer, continued to struggle in a highly competitive teen apparel space after announcing a weak second quarter and forward guidance. In addition, the unexplained firing of the company’s highly regarded CEO in January caused substantial pressure on the stock early in the year. We exited the name in June. In addition, Transocean Partners, an offshore driller, underperformed as falling oil prices clouded the long-term demand outlook for the drilling rigs that Transocean operates.

In terms of individual holdings, Eli Lilly, Apple and Microsoft were the largest positive contributors to Fund performance. Eli Lilly, a pharmaceutical company held in the Fund since November 2013, outperformed after a lackluster 2013 calendar year. The stock was a strong performer during 2014 as negative sentiment surrounding the stock dissipated. Apple outperformed due to a combination of several positive news items and data points. In particular, a strong earnings report (driven by iPhone sales), stabilizing gross margins, excitement around the company’s upcoming product launches and mean reversion from prior underperformance led to a strong 12-month gain. In addition, shares of Microsoft rose on a restructuring plan, announced in the third quarter, that was larger than Wall Street analysts anticipated. The plan, which will mainly address headcount and more closely align operations from its recently acquired Nokia Devices & Services business, has the potential to raise earnings per share (EPS) going forward.

Outlook

We believe there is pent up spending demand from the U.S. consumer. The job market is better, household balance sheets are improving and household income is showing slight gains. A stronger U.S. dollar and falling energy prices should contribute to an increase in consumer spending.

Although we are preparing for rising interest rates, we have tempered our yield expectations. Despite U.S. economic momentum, global factors, including sluggish growth outside the United States, low yields and geopolitical risks, are weighing on U.S. rates. At this point, our preference is to find equity investments offering higher yields due to lagging share prices. We believe these investments have the potential to provide ballast to the portfolio should interest rates begin to rise. As always, we will look for individual holdings that offer a risk/reward balance combined with yield.

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LOOMIS SAYLES DIVIDEND INCOME FUND

Growth of $10,000 Investment in Class A Shares⁴

March 30, 2012 (inception) through November 30, 2014

Average Annual Total Returns — November 30, 2014⁴

	1 Year			Life of Fund
Class A (Inception 3/30/2012)
NAV		11.95	%		16.72	%
With 5.75% Maximum Sales Charge		5.48			14.16
Class C (Inception 3/30/2012)
NAV		11.14			15.84
With CDSC1		10.14			15.84
Class Y (Inception 3/30/2012)
NAV		12.22			16.99
Comparative Performance
S&P 500® Index2		16.86			18.02
Russell 1000® Value Index3		15.62			18.74

Past performance does not guarantee future results. The table(s) do not reflect taxes shareholders might owe on any Fund distributions or when they redeem their shares. 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. Unlike a fund, an index is not managed and does not reflect fees and expenses.

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 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.

3 Russell 1000^® Value Index is an unmanaged index that measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000^® companies with lower price-to-book ratios and lower expected growth values.

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 EMERGING MARKETS OPPORTUNITIES FUND

Managers:	Symbols:
Elisabeth Colleran, CFA®	Class A	LEOAX
Peter A. Frick, CFA®	Class C	LEOCX
Peter N. Marber	Class N	LEONX
David W. Rolley, CFA®	Class Y	LEOYX
Edgardo Sternberg
Loomis, Sayles & Company, L.P.

Objective

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

Market Conditions

Global growth concerns continued in 2014, as Europe and Japan struggled with deflationary pressures and anemic growth, while China continued to moderate its growth projections. Although the U.S. economy transitioned from recovery to expansion, other major developed markets sputtered, and geopolitical anxiety from conflicts in Russia/Ukraine and the Middle East intensified the cautious sentiment. Weaker global growth and disinflationary trends led to lower bond yields in developed markets. Central bank activity remained a principal factor influencing markets even as policies started to deviate regionally. The Federal Reserve (the Fed) and the Bank of England contemplated interest rate hikes while the Bank of Japan and European Central Bank (ECB) became increasingly more accommodative.

After a strong run during the first half of 2014, emerging market bonds came under pressure through the end of the period. An increase in market volatility and geopolitical risk led to a mixed and moderate selloff. Performance improved in October before cooling off once again in November. The economies of China, Brazil and Russia faced substantial headwinds during the period, and a quick recovery does not appear imminent. In particular, signs of disinflation emerged in China, and growth remained modestly below the robust figures of previous periods. The recent slide in oil prices significantly influenced emerging market performance. Net oil importers, such as Turkey and Indonesia, benefited from the lower prices, while net exporters, such as Venezuela, struggled.

Performance Results

For the period from the Fund’s inception on February 10, 2014, through its fiscal year end on November 30, 2014, Class A shares of Loomis Sayles Emerging Markets Opportunities Fund returned 6.00% at net asset value. The Fund underperformed its benchmark, the Barclays EM USD Aggregate 10% Country Capped Index, which returned 6.99%.

Explanation of Fund Performance

The Fund’s gains were largely driven by its allocation to hard currency bonds. In addition, issue selection in corporate sectors added value. However, yield curve (a curve that shows

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the relationship among bond yields across the maturity spectrum) positioning weighed on relative results. Small exposures to local emerging market currencies also detracted from relative return, as the U.S. dollar staged a strong rally.

An overall bias toward the short end of the U.S. dollar yield curve detracted from relative results, as rates fell broadly. The greatest downward pressure in yields was concentrated at the longest end of the curve, causing this portion of the curve to be the best-performing maturity bucket. Since the Fund was underweight in longer-maturity bonds in favor of shorter maturities, this positioning detracted from performance.

In addition, small exposures to the Ugandan shilling, Kenyan shilling and Zambian kwacha weighed on results. These out-of-benchmark positions were modest, but they detracted from relative results as the U.S. dollar staged a significant rally. Investors moved into the U.S. dollar in anticipation of further divergence among leading central bank policies and deflationary pressures in other hard currency blocs. Underweight exposure to sovereign issuers also contributed to the Fund’s underperformance, as this sector was one of the better performers during the period. More specifically, underweight exposure to Turkish and Indonesian hard currency issues detracted from results as the bonds performed well.

Holdings in the basic industrials, capital goods, communications, banking and technology sectors performed well versus the Fund’s benchmark. In addition, a cautious stance in bonds with exposure to Brazil, Russia and Ukraine aided return. An overweight position in consumer goods (cyclical and non-cyclical) also enhanced relative results. Furthermore, an underweight position in the government-owned sector added value. This segment underperformed corporates and sovereigns during most of the period. Interest rate futures were used to manage duration and contributed to results.

Outlook

The outlook for global growth remains cautious, as investors await the market’s reaction to activity of the leading central banks in 2015. U.S. growth remains on solid footing and should provide some support for emerging markets, provided the Fed’s rate hike strategy unfolds at a measured pace. We expect slow and gradual rate increases from the Fed, given subdued inflationary pressures, mild wage growth and ongoing concerns about weaker demand abroad.

Stagnant growth in Europe and the potential for enhanced liquidity measures by the ECB could provide support to the higher yielding bonds of emerging markets. However, we believe some idiosyncratic stories will emerge, placing even more importance on credit and security selection. We do not believe the Russia/Ukraine crisis is over and believe it could plausibly spill into the broader markets, depending on the response of the United States and Europe. We suspect world demand for oil may catch up to excess supply in approximately 12 months, but we doubt oil price uncertainties will be resolved in the short term. The effects of lower oil costs should be relatively short lived, but we will closely monitor the potential distress experienced by Organization of the Petroleum Exporting Countries (OPEC) members.

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LOOMIS SAYLES EMERGING MARKETS OPPORTUNITIES FUND

Growth of $10,000 Investment in Class A Shares³

February 10, 2014 (inception) through November 30, 2014

Total Returns — November 30, 2014³

	Life of Fund
Class A (Inception 2/10/2014)
NAV		6.00	%
With 4.50% Maximum Sales Charge		1.24
Class C (Inception 2/10/2014)
NAV		5.20
With CDSC1		4.20
Class N (Inception 2/10/2014)
NAV		6.18
Class Y (Inception 2/10/2014)
NAV		6.18
Comparitive Performance
Barclays EM USD Aggregate 10% Country Capped Index2		6.99

Past performance does not guarantee future results. The table(s) do not reflect taxes shareholders might owe on any Fund distributions or when they redeem their shares. 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. Unlike a fund, an index is not managed and does not reflect fees and expenses.

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

2 The Barclays EM USD Aggregate 10% Country Capped Index includes USD denominated debt from sovereign, quasi-sovereign, and corporate EM issuers. The index is broad-based in its coverage by sector and by country, and includes a 10% Country cap.

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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LOOMIS SAYLES SENIOR FLOATING RATE AND FIXED INCOME FUND

Managers:	Symbols:
Kevin J. Perry	Class A    LSFAX
John R. Bell	Class C    LSFCX
Loomis, Sayles & Company, L.P.	Class Y    LSFYX

Objective:

The Fund seeks to provide a high level of current income.

Market Conditions

Bank loan market activity during the first quarter of 2014 was similar to most of 2013, with loan income constituting the majority of the returns earned and lower-rated loans continuing to drive performance. In April 2014, the 95-week streak of positive bank loan retail fund flows ended, and the long-anticipated default of TXU Energy occurred. The bank loan market quickly adjusted to the retail outflows, as collateralized loan obligations (CLOs) stepped in to fill the demand and exert their influence on the market. Overall, there was little bank loan price movement during the first half of 2014. Challenges emerged during the third quarter with bank loan-focused mutual funds and high yield funds that own bank loans experiencing retail outflows due to redemptions. Bank loan prices dropped slightly in October but regained some ground in November. During the last few months of the period, bank loan supply outpaced demand. The asset level of the S&P/LSTA Leveraged Loan^® Index ended the period at a new high of $823 billion, an increase of 22% from the prior year.

Performance Results

For the 12-month period ended November 30, 2014, Class A shares of Loomis Sayles Senior Floating Rate and Fixed Income Fund returned 4.22% at net asset value. The Fund outperformed its benchmark, the S&P/LSTA Leveraged Loan^® Index, which returned 3.37%.

Explanation of Fund Performance

As part of our general investment strategy, we did not make any significant tactical shifts during the 12-month period. Instead, we focused on credit selection and generating a high level of current income, reserving our tactical flexibility to manage exposures based on significant shifts in our macroeconomic view.

We targeted a yield advantage relative to the index in most market conditions, which helped the Fund’s performance even as retail outflows persisted during most of the period. Overall, the Fund’s bank loan returns were positive across all rating categories. In terms of sectors, the Fund’s allocations to technology and healthcare aided relative performance during the period, while oil-related holdings suffered due to falling oil prices.

After subtracting cash held for the purpose of settling purchases, the Fund ended the period with approximately 86% of its portfolio invested in bank loans, 11% in bonds and 3% in

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LOOMIS SAYLES SENIOR FLOATING RATE AND FIXED INCOME FUND

cash equivalents. The Fund’s allocation to bonds increased only two percentage points over the period, as few high yield bonds met the low duration (price sensitivity to interest rate changes), competitive return profile we seek for the Fund. We added some high yield bonds during periods of market weakness and sold some high yield bonds at yields below our expectations for bank loan benchmark returns.

We began using leverage (borrowing capital at a lower interest rate relative to the interest rates on bank loans) at the end of 2013, slightly increasing exposure during the third quarter of 2014. Overall, though, our use of leverage remained modest. We believe the cost of leverage is attractive given our market outlook, and we do not view this strategy as a significant driver of return.

Outlook

We believe overall market volatility is likely to increase if the Federal Reserve (the Fed) raises interest rates in 2015 to reflect a growing economy. Bank loans would not be immune to the resulting rate hike pressures, but they could benefit fundamentally (from a good economy) and technically (from demand related to rising rates) should the Fed move in that direction.

We expect CLO demand for bank loans to remain relatively strong even without Fed action. Such strength would reflect a history of strong returns with extremely low default rates, as well as a desire to finalize structures before new risk retention rules take effect in late 2016. Bank loan fund managers generally expect the default rate to remain relatively stable during the coming year. This expectation is largely due to the combination of a slow-growth macroeconomic environment, solid company fundamentals and low expected maturities (approximately $22.2 billion total for the remainder of 2014 and all of 2015 and 2016). However, exogenous shocks, such as political events or geopolitical unrest, may disrupt market expectations.

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LOOMIS SAYLES SENIOR FLOATING RATE AND FIXED INCOME FUND

Growth of $10,000 Investment in Class A Shares⁴

September 30, 2011 (inception) through November 30, 2014

Average Annual Total Returns — November 30, 2014⁴

	1 Year			Life of Fund
Class A (Inception 9/30/11)
NAV		4.22	%		8.10	%
With 3.50% Maximum Sales Charge		0.60			6.88
Class C (Inception 9/30/11)
NAV		3.47			7.32
With CDSC2		2.48			7.32
Class Y (Inception 9/30/11)1
NAV		4.49			8.38
Comparative Performance
S&P / LSTA Leveraged Loan® Index3		3.37			6.55

Past performance does not guarantee future results. The table(s) do not reflect taxes shareholders might owe on any Fund distributions or when they redeem their shares. 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. Unlike a fund, an index is not managed and does not reflect fees and expenses.

1 9/30/11 represents the date Class Y shares were first registered for public sale under the Securities Act of 1933. 9/16/11 represents commencement of operations for Class Y shares for accounting and financial reporting purposes only.

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

3 S&P/LSTA Leveraged Loan^® Index reflects the market-weighted performance of institutional leveraged loans based upon real-time market weightings, spreads and interest payments.

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

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VAUGHAN NELSON SELECT FUND

Managers:	Symbols:
Dennis G. Alff, CFA®	Class A    VNSAX
Chad D. Fargason, PhD	Class C    VNSCX
Chris D. Wallis, CFA®	Class Y    VNSYX
Scott J. Weber, CFA®
Vaughan Nelson Investment Management, L.P.

Objective:

The Fund seeks long-term capital appreciation.

Market Conditions

The equity markets continued to advance even as the Federal Reserve (the Fed) ended its monthly bond-buying program known as quantitative easing, which began in 2009. While the Fed ended quantitative easing and planned to raise interest rates in 2015, the European Central Bank committed to easier monetary policy. The current market volatility and deteriorating market breadth may continue as capital markets adjust to global shifts in central bank policy and to escalating geopolitical tensions. We believe the market is discounting continued modest improvement in earnings growth and an inflationary environment where deflationary risks are modestly higher than inflationary risks. We continue to expect U.S. companies to face margin pressures as the Fed raises interest rates, as capital expenditures accelerate, and as rising operating costs challenge modest revenue growth.

Performance Results

For the 12-month period ended November 30, 2014, Class A shares of Vaughan Nelson Select Fund returned 15.31% at net asset value. The Fund underperformed its benchmark, the S&P 500^® Index, which returned 16.86%.

Explanation of Fund Performance

Stock selection detracted modestly from results relative to the benchmark. However, our team’s focus on company specific valuations and fundamentals led to certain overweighted sector positions, which aided relative performance. Healthcare and industrials were the biggest contributors to relative performance by sector, while the information technology and consumer discretionary sectors were the biggest relative detractors.

In the healthcare sector, significant overweights relative to the index in UnitedHealth Group and Mallinckrodt and an out-of-index position in Valeant Pharmaceuticals were the most significant contributors. UnitedHealth benefits from being the industry leader in the managed care industry, which has a meaningful secular tailwind in the form of pricing power and moderating healthcare utilization trends. UnitedHealth’s performance stood out as concerns over headwinds from the Affordable Care Act abated. A new position in Mallinckrodt aided relative results as the company closed its acquisition of Questcor in August 2014. Following up on a strong 2013, Valeant Pharmaceuticals continued to be a strong performer as a result of the company’s consistent execution of mergers and acquisitions and cost cutting.

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In the industrials sector, the Fund had more exposure than the index to General Dynamics and an out-of-index position in Hertz Global Holdings, both of which were standout performers. General Dynamics was added to the portfolio in 2014. The company had a great year as its defense contracting business is near a trough from cuts in government spending, and growth in its private aviation business, Gulfstream, is accelerating with the economic expansion and new product introductions. Hertz Global Holdings contributed nicely to relative results as the company continued to benefit from industry consolidation and the announced spin off of its equipment rental business. We exited Hertz during the year.

Elsewhere in the portfolio, Avago Technologies, Harman International, Microsoft and Walgreen contributed solid gains to Fund performance.

Stock selection in information technology and consumer discretionary detracted from relative performance. An out-of-index position in Cabela’s in Consumer Discretionary was one of the largest detractors for the period. Cabela’s underperformed as same store sales failed to improve after several quarters of negative growth. We exited the position in 2014 as visibility into the company’s ability to execute its growth plan was clouded. An overweight in Symantec Corporation hurt relative performance in the information technology sector as CEO Steve Bennett was abruptly dismissed by the board. We exited the position as much of our investment thesis was predicated on Mr. Bennett’s ability to turn the company around.

During the period, exposure to healthcare increased on the substantial appreciation in UnitedHealth Group and new positions initiated in Mallinckrodt and Medtronic. In consumer staples, a new position in Anheuser-Busch InBev accounted for the entire increase in the Fund’s consumer staples weight. The Fund’s energy weight declined after we exited Oasis Petroleum, which underperformed and Phillips 66, which outperformed. The decrease in the Fund’s energy weight was partially offset by the addition of Cabot Oil & Gas. The Fund’s exposure to information technology declined on the sale of Symantec and a reduction in the portfolio’s weight in eBay. However, we view the change in the Fund’s technology weight as a net addition. We initiated a position in Priceline in 2014, which is included in the consumer discretionary sector but we view it as a technology company.

Outlook

Despite the potential for a correction in equity markets, we expect the credit market to remain supportive of equity values over the medium term and will welcome any correction as an opportunity to make attractive investments. Even without a broader equity market correction, we expect market breadth to continue to narrow. Companies can no longer rely on a recovery in consumption, lower interest rates, share repurchases and delayed capital expenditures to drive earnings growth. Going forward, we believe that companies will be required to increase capital expenditures, research and development and other operating costs in order to sustain or grow earnings. Further, a strengthening U.S. dollar is likely to affect top line sales growth, especially for the multinationals that generate a significant portion of their revenues outside of the United States. While the nature of the current bull market is changing, we believe certain individual stocks will perform well despite the increasing market headwinds. We continue to seek investments in companies that have better pricing power, lower earnings variability, higher profitability and stronger balance sheets than the broader investment universe. We do not favor any single industry or sector and continue to look for companies with the characteristics noted above that trade at attractive valuations.

|  14

VAUGHAN NELSON SELECT FUND

Growth of $10,000 Investment in Class A Shares³

June 29, 2012 (inception) through November 30, 2014

Average Annual Total Returns — November 30, 2014³

	1 Year			Life of Fund
Class A (Inception 6/29/2012)
NAV		15.31	%		23.77	%
With 5.75% Maximum Sales Charge		8.66			20.78
Class C (Inception 6/29/2012)
NAV		14.54			22.89
With CDSC1		13.54			22.89
Class Y (Inception 6/29/2012)
NAV		15.66			24.11
Comparative Performance
S&P 500® Index2		16.86			21.45

Past performance does not guarantee future results. The table(s) do not reflect taxes shareholders might owe on any Fund distributions or when they redeem their shares. 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. Unlike a fund, an index is not managed and does not reflect fees and expenses.

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 S&P 500^® Index is a widely recognized 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.

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

15  |

ADDITIONAL INFORMATION

The views expressed in this report reflect those of the portfolio managers as of the dates indicated. The managers’ views are subject to change at any time without notice based on changes in market or other conditions. References to specific securities or industries should not be regarded as investment advice. Because the funds are actively managed, there is no assurance that they will continue to invest in the securities or industries mentioned.

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 Global Asset Management or any of its related or affiliated companies (collectively “NGAM”) and does not sponsor, endorse or participate in the provision of any NGAM 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 Funds’ proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the Funds’ website at ngam.natixis.com; and on the Securities and Exchange Commission’s (SEC) website at www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the 12 months ended June 30, 2014 is available from the Funds’ website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q is available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

|  16

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 June 1, 2014 through November 30, 2014. 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 below for your class.

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

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

GATEWAY INTERNATIONAL FUND	BEGINNING ACCOUNT VALUE 6/1/2014		ENDING ACCOUNT VALUE 11/30/2014		EXPENSES PAID DURING PERIOD* 6/1/2014 – 11/30/2014
Class A
Actual		$1,000.00		$969.80		$6.67
Hypothetical (5% return before expenses)		$1,000.00		$1,018.30		$6.83
Class C
Actual		$1,000.00		$965.40		$10.35
Hypothetical (5% return before expenses)		$1,000.00		$1,014.54		$10.61
Class Y
Actual		$1,000.00		$970.00		$5.43
Hypothetical (5% return before expenses)		$1,000.00		$1,019.55		$5.57

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.35%, 2.10% and 1.10% 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 half-year (183), divided by 365 (to reflect the half-year period).

17  |

LOOMIS SAYLES DIVIDEND INCOME FUND (formerly Loomis Sayles Capital Income Fund)	BEGINNING ACCOUNT VALUE 6/1/2014		ENDING ACCOUNT VALUE 11/30/2014		EXPENSES PAID DURING PERIOD* 6/1/2014 – 11/30/2014
Class A
Actual		$1,000.00		$1,037.90		$6.13
Hypothetical (5% return before expenses)		$1,000.00		$1,019.05		$6.07
Class C
Actual		$1,000.00		$1,034.00		$9.94
Hypothetical (5% return before expenses)		$1,000.00		$1,015.29		$9.85
Class Y
Actual		$1,000.00		$1,039.20		$4.86
Hypothetical (5% return before expenses)		$1,000.00		$1,020.31		$4.81

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.20%, 1.95% and 0.95% 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 (183), divided by 365 (to reflect the half-year period).

LOOMIS SAYLES EMERGING MARKETS OPPORTUNITIES FUND	BEGINNING ACCOUNT VALUE 6/1/2014		ENDING ACCOUNT VALUE 11/30/2014		EXPENSES PAID DURING PERIOD* 6/1/2014 – 11/30/2014
Class A
Actual		$1,000.00		$1,004.30		$6.28
Hypothetical (5% return before expenses)		$1,000.00		$1,018.80		$6.33
Class C
Actual		$1,000.00		$1,001.20		$10.03
Hypothetical (5% return before expenses)		$1,000.00		$1,015.04		$10.10
Class N
Actual		$1,000.00		$1,005.50		$4.78
Hypothetical (5% return before expenses)		$1,000.00		$1,020.31		$4.81
Class Y
Actual		$1,000.00		$1,006.50		$5.03
Hypothetical (5% return before expenses)		$1,000.00		$1,020.05		$5.06

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.25%, 2.00%, 0.95% and 1.00% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent half-year (183), divided by 365 (to reflect the half-year period).

|  18

LOOMIS SAYLES SENIOR FLOATING RATE AND FIXED INCOME FUND	BEGINNING ACCOUNT VALUE 6/1/2014		ENDING ACCOUNT VALUE 11/30/2014		EXPENSES PAID DURING PERIOD* 6/1/2014 – 11/30/2014
Class A
Actual		$1,000.00		$1,009.20		$5.54
Hypothetical (5% return before expenses)		$1,000.00		$1,019.55		$5.57
Class C
Actual		$1,000.00		$1,005.50		$9.30
Hypothetical (5% return before expenses)		$1,000.00		$1,015.79		$9.35
Class Y
Actual		$1,000.00		$1,010.50		$4.28
Hypothetical (5% return before expenses)		$1,000.00		$1,020.81		$4.31

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.10%, 1.85% and 0.85% 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 (183), divided by 365 (to reflect the half-year period).

VAUGHAN NELSON SELECT FUND	BEGINNING ACCOUNT VALUE 6/1/2014		ENDING ACCOUNT VALUE 11/30/2014		EXPENSES PAID DURING PERIOD* 6/1/2014 – 11/30/2014
Class A
Actual		$1,000.00		$1,054.20		$7.21
Hypothetical (5% return before expenses)		$1,000.00		$1,018.05		$7.08
Class C
Actual		$1,000.00		$1,050.70		$11.05
Hypothetical (5% return before expenses)		$1,000.00		$1,014.29		$10.86
Class Y
Actual		$1,000.00		$1,055.50		$5.93
Hypothetical (5% return before expenses)		$1,000.00		$1,019.30		$5.82

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.40%, 2.15% and 1.15% 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 (183), divided by 365 (to reflect the half-year period).

19  |

Portfolio of Investments – as of November 30, 2014

Gateway International Fund

Shares		Description	Value (†)
	Common Stocks* — 97.5% of Net Assets
		Australia — 7.6%
	7,734	Amcor Ltd.(b)	$	79,934
	15,074	Aurizon Holdings Ltd.(b)		59,084
	5,846	Australia & New Zealand Banking Group Ltd.(c)(d)		158,644
	4,104	BHP Billiton Ltd.(c)(d)		106,466
	8,286	Brambles Ltd.(b)		68,445
	3,040	Commonwealth Bank of Australia(c)(d)		208,594
	1,109	CSL Ltd.(b)		77,819
	4,913	National Australia Bank Ltd.(c)(d)		136,162
	3,876	Newcrest Mining Ltd.(b)(e)		33,635
	2,348	Orica Ltd.(b)		36,280
	5,088	Origin Energy Ltd.(b)		52,970
	4,042	QBE Insurance Group Ltd.(b)		37,296
	1,225	Rio Tinto Ltd.(b)		61,412
	7,334	Suncorp Group Ltd.(b)		89,430
	2,652	Wesfarmers Ltd.(b)		93,523
	2,168	Woodside Petroleum Ltd.(b)		65,916
	3,366	Woolworths Ltd.(b)		88,984
				1,454,594
		Euro Zone — 31.2%
	1,686	Accor S.A.(b)		79,537
	1,044	Air Liquide S.A.(c)(d)		131,530
	1,382	Airbus Group NV(b)		84,244
	991	Allianz SE, (Registered)(c)(d)		170,744
	801	Alstom S.A.(b)(e)		28,107
	1,652	Anheuser-Busch InBev NV(c)(d)		194,305
	899	ASML Holding NV(b)		95,021
	3,650	AXA S.A.(b)		88,219
	17,001	Banco Bilbao Vizcaya Argentaria S.A.(c)(d)		182,708
	30,471	Banco Santander S.A.(c)(d)		274,409
	1,528	BASF SE(c)(d)		138,571
	1,610	Bayer AG, (Registered)(c)(d)		242,219
	951	Bayerische Motoren Werke AG(b)		108,713
	1,326	Belgacom S.A.(b)		52,386
	2,336	BNP Paribas S.A.(c)(d)		150,024
	951	Bouygues S.A.(b)		35,779
	346	Casino Guichard Perrachon S.A.(b)		33,347
	151	Continental AG(b)		31,775
	2,247	Daimler AG, (Registered)(c)(d)		189,548
	1,322	Danone(b)		93,243
	2,492	Deutsche Bank AG, (Registered)(b)		81,372
	2,554	Deutsche Post AG(b)		84,738
	6,633	Deutsche Telekom AG(b)		112,790
	5,074	E.ON AG(b)		89,900
	991	Electricite de France S.A.(b)		29,684
	19,509	Enel SpA(b)		94,174
	5,568	ENI SpA(c)(d)		110,927

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of November 30, 2014

Gateway International Fund – (continued)

Shares		Description	Value (†)
		Euro Zone — continued
	81,525	Governor & Co. of the Bank of Ireland (The)(b)(e)	$	33,543
	27,627	Governor & Co. of the Bank of Ireland (The)(b)(e)		11,337
	9,153	ING Groep NV(c)(d)(e)		133,903
	39,924	Intesa Sanpaolo SpA(b)		122,960
	1,087	Kone OYJ, Class B(b)		50,066
	977	Koninklijke DSM NV(b)		64,273
	2,994	Koninklijke Philips NV(b)		90,170
	1,468	Legrand S.A.(b)		77,015
	453	Linde AG(b)		85,322
	578	LVMH Moet Hennessy Louis Vuitton S.A.(b)		103,953
	7,369	Nokia OYJ(b)		61,228
	4,652	Orange S.A.(b)		82,035
	722	OSRAM Licht AG(b)(e)		29,990
	534	Pernod-Ricard S.A.(b)		63,316
	1,674	Sampo OYJ, A Shares(b)		82,620
	1,933	Sanofi(c)(d)		186,816
	1,998	SAP SE(c)(d)		140,924
	1,467	Schneider Electric SE(b)		119,771
	1,720	SCOR SE(b)		53,709
	1,948	SES S.A.(b)		72,553
	1,576	Siemens AG, (Registered)(c)(d)		186,406
	13,772	Snam SpA(b)		73,031
	1,945	Societe Generale S.A.(b)		96,597
	861	Sodexo(b)		86,905
	48,700	Telecom Italia SpA(b)		43,173
	10,197	Telefonica S.A.(c)(d)		163,572
	944	Thales S.A.(b)		50,119
	2,212	ThyssenKrupp AG(b)(e)		58,469
	3,157	Total S.A.(c)(d)		176,288
	831	Umicore S.A.(b)		33,786
	8,666	UniCredit SpA(b)		64,052
	3,257	Unilever NV(c)(d)		132,674
	1,439	Vinci S.A.(b)		77,809
	425	Volkswagen AG(b)		96,227
				6,012,626
		Hong Kong — 4.0%
	30,556	AIA Group Ltd.(b)		176,186
	69,205	Bank of China Ltd., Class H(b)		35,630
	14,567	CLP Holdings Ltd.(b)		126,649
	3,584	CNOOC Ltd.(b)		5,179
	8,680	Galaxy Entertainment Group Ltd.(b)		59,152
	4,059	Hang Seng Bank Ltd.(b)		67,594
	4,256	Hong Kong Exchanges & Clearing Ltd.(b)		92,554
	7,747	Hutchison Whampoa Ltd.(b)		96,973
	2,284	Tencent Holdings Ltd.(b)		36,645
	9,346	Wharf Holdings Ltd. (The)(b)		67,265
				763,827

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of November 30, 2014

Gateway International Fund – (continued)

Shares		Description	Value (†)
		Japan — 20.4%
	2,135	Advantest Corp.(b)	$	25,578
	1,407	Asahi Group Holdings Ltd.(b)		43,872
	5,800	Astellas Pharma, Inc.(b)		83,486
	2,109	Bridgestone Corp.(b)		72,550
	1,647	Canon, Inc.(c)(d)		52,612
	2,120	Coca-Cola West Co. Ltd.(b)		29,060
	1,386	Credit Saison Co. Ltd.(b)		25,945
	2,611	Daiichi Sankyo Co. Ltd.(b)		38,542
	836	Daikin Industries Ltd.(b)		55,499
	1,770	Denso Corp.(b)		82,720
	1,505	Dentsu, Inc.(b)		56,444
	1,790	Eisai Co. Ltd.(b)		64,218
	455	FANUC Corp.(c)(d)		76,823
	154	Fast Retailing Co. Ltd.(b)		56,206
	2,265	FUJIFILM Holdings Corp.(b)		74,911
	1,444	Hamamatsu Photonics KK(b)		72,945
	16,781	Hankyu Hanshin Holdings, Inc.(b)		92,198
	2,084	Hitachi Construction Machinery Co. Ltd.(b)		45,021
	11,589	Hitachi Ltd.(b)		89,540
	2,640	Honda Motor Co. Ltd.(c)(d)		79,859
	2,330	Idemitsu Kosan Co. Ltd.(b)		39,787
	2,152	Japan Tobacco, Inc.(b)		69,010
	1,245	JGC Corp.(b)		26,789
	2,342	JTEKT Corp.(b)		38,875
	6,125	Kaneka Corp.(b)		32,466
	1,668	Kao Corp.(b)		61,776
	1,204	KDDI Corp.(c)(d)		77,132
	7,708	Keikyu Corp.(b)		58,907
	2,766	Komatsu Ltd.(b)		65,473
	1,538	Konami Corp.(b)		29,019
	2,397	Kurita Water Industries Ltd.(b)		49,722
	443	Lawson, Inc.(b)		27,297
	4,659	Mitsubishi Corp.(b)		88,080
	4,106	Mitsubishi Estate Co. Ltd.(b)		92,542
	20,835	Mitsubishi UFJ Financial Group, Inc.(b)		120,041
	10,517	Mitsubishi UFJ Lease & Finance Co. Ltd.(b)		49,628
	4,790	Mitsui & Co. Ltd.(b)		66,086
	3,304	Mitsui Fudosan Co. Ltd.(b)		95,621
	12,148	Nomura Holdings, Inc.(b)		73,072
	1,039	NTT Data Corp.(d)		39,650
	4,615	NTT DOCOMO, Inc.(b)		72,046
	5,410	Panasonic Corp.(b)		69,583
	3,592	Ricoh Co. Ltd.(b)		38,963
	1,217	Secom Co. Ltd.(b)		70,434
	1,583	Seven & I Holdings Co. Ltd.(b)		59,009
	1,207	Shin-Etsu Chemical Co. Ltd.(c)(d)		81,320
	2,429	Shionogi & Co. Ltd.(b)		60,444
	1,707	Softbank Corp.(c)(d)		113,763

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of November 30, 2014

Gateway International Fund – (continued)

Shares		Description	Value (†)
		Japan —continued
	3,074	Sony Corp.(b)	$	67,376
	2,242	Sumitomo Corp.(b)		23,927
	1,794	Sumitomo Metal Mining Co. Ltd.(b)		27,471
	1,932	Sumitomo Realty & Development Co. Ltd.(b)		66,837
	1,672	Suzuki Motor Corp.(b)		52,710
	4,182	Taiyo Nippon Sanso Corp.(b)		49,232
	1,697	Takeda Pharmaceutical Co. Ltd.(b)		71,129
	897	TDK Corp.(b)		54,092
	2,200	Terumo Corp.(b)		50,059
	645	Tokyo Electron Ltd.(c)(d)		44,968
	1,375	Toyo Suisan Kaisha Ltd.(b)		46,578
	4,413	Toyota Motor Corp.(c)(d)		271,412
	1,801	Toyota Tsusho Corp.(b)		42,641
	1,158	Trend Micro, Inc.(b)		35,193
	1,826	Yamato Holdings Co. Ltd.(b)		41,336
				3,929,525
		Sweden — 3.6%
	3,554	Atlas Copco AB, Class A(b)		102,504
	1,992	Hennes & Mauritz AB, Series B(b)		85,313
	1,666	Hexagon AB, B Shares(b)		52,939
	7,343	Nordea Bank AB(b)		91,717
	2,596	Svenska Cellulosa AB SCA, B Shares(b)		61,211
	1,842	Svenska Handelsbanken AB, A Shares(b)		89,875
	2,814	Swedbank AB, A Shares(b)		73,769
	6,636	Telefonaktiebolaget LM Ericsson, Class B(b)		83,399
	4,779	Volvo AB, B Shares(b)		52,260
				692,987
		Switzerland — 10.0%
	5,204	ABB Ltd., (Registered)(c)(d)		116,858
	852	Aryzta AG(b)		67,942
	604	Baloise Holding AG, (Registered)(b)		78,812
	2,830	Credit Suisse Group AG, (Registered)(b)		75,549
	458	Kuehne & Nagel International AG, (Registered)(b)		61,833
	4,920	Nestle S.A., (Registered)(c)(d)		369,262
	3,815	Novartis AG, (Registered)(c)(d)		369,111
	1,125	Roche Holding AG(c)(d)		336,820
	425	Schindler Holding AG(b)		60,618
	449	Sonova Holding AG, (Registered)(b)		67,932
	146	Sulzer AG, (Registered)(b)		16,330
	827	Swatch Group AG (The), (Registered)(b)		76,183
	201	Swiss Life Holding AG, (Registered)(b)		46,038
	1,834	Transocean Ltd.(b)		38,465
	7,812	UBS AG, (Registered)(b)		140,520
				1,922,273
		United Kingdom — 20.7%
	3,105	Anglo American PLC(b)		64,047
	871	Associated British Foods PLC(b)		43,564

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of November 30, 2014

Gateway International Fund – (continued)

Shares		Description	Value (†)
		United Kingdom —continued
	2,262	AstraZeneca PLC(c)(d)	$	168,063
	7,033	Aviva PLC(b)		56,007
	3,187	Babcock International Group PLC(b)		56,533
	30,726	Barclays PLC(b)		117,402
	4,998	BG Group PLC(c)(d)		70,286
	4,156	BHP Billiton PLC(c)(d)		98,031
	32,624	BP PLC(c)(d)		213,879
	3,298	British American Tobacco PLC(c)(d)		195,251
	21,198	BT Group PLC(b)		135,885
	3,148	Bunzl PLC(b)		87,804
	15,611	Centrica PLC(b)		69,437
	944	Croda International PLC(b)		36,205
	4,713	Diageo PLC(c)(d)		145,460
	8,377	GlaxoSmithKline PLC(c)(d)		194,589
	19,609	Glencore PLC(b)		98,064
	30,425	HSBC Holdings PLC(c)(d)		303,138
	112,195	Lloyds Banking Group PLC(b)(e)		140,973
	5,747	Meggitt PLC(b)		45,150
	11,619	National Grid PLC(c)(d)		168,927
	728	Next PLC(b)		77,065
	10,341	Old Mutual PLC(b)		32,340
	5,802	Prudential PLC(c)(d)		140,218
	1,390	Reckitt Benckiser Group PLC(c)(d)		114,009
	2,115	Rio Tinto PLC(c)(d)		98,437
	9,266	Royal Dutch Shell PLC, A Shares(c)(d)		308,721
	1,810	SABMiller PLC(b)		100,668
	1,360	Shire PLC(b)		97,064
	3,352	Standard Chartered PLC(b)		49,071
	17,778	Tesco PLC(b)		51,862
	2,798	Unilever PLC(c)(d)		118,097
	46,017	Vodafone Group PLC(b)		168,652
	6,233	WPP PLC(c)(d)		130,495
				3,995,394
		Total Common Stocks (Identified Cost $15,855,722)		18,771,226
	Purchased Options — 0.2%
	49,800	On iShares® MSCI EAFE ETF, Put expiring December 20, 2014 at 53.00		1,245
	54,000	On iShares® MSCI EAFE ETF, Put expiring December 20, 2014 at 54.00		2,970
	50,000	On iShares® MSCI EAFE ETF, Put expiring December 20, 2014 at 57.00		3,000
	36,800	On iShares® MSCI EAFE ETF, Put expiring January 17, 2015 at 55.00		3,680
	45,000	On iShares® MSCI EAFE ETF, Put expiring January 17, 2015 at 57.00		6,975
	51,900	On iShares® MSCI EAFE ETF, Put expiring January 17, 2015 at 58.00		10,120
	49,800	On iShares® MSCI EAFE ETF, Put expiring January 17, 2015 at 59.00		14,193
		Total Purchased Options (Identified Cost $148,925)		42,183

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of November 30, 2014

Gateway International Fund – (continued)

Principal Amount		Description	Value (†)
	Short-Term Investments — 2.5%
$	487,882	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 11/28/2014 at 0.010% to be repurchased at $487,882 on 12/01/2014 collateralized by $490,000 U.S. Treasury Note, 2.125% due 9/30/2021 valued at $497,963 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $487,882)	$	487,882
		Total Investments — 100.2% (Identified Cost $16,492,529)(a)		19,301,291
		Other assets less liabilities — (0.2)%		(42,849	)
		Net Assets — 100.0%	$	19,258,442
Shares
	Written Options — (0.7%)
	41,500	On iShares® MSCI EAFE ETF, OTC Call expiring December 05, 2014 at 64.00(f)	$	(12,018	)
	27,400	On iShares® MSCI EAFE ETF, OTC Call expiring December 05, 2014 at 62.50(f)		(41,715	)
	45,900	On iShares® MSCI EAFE ETF, OTC Call expiring December 12, 2014 at 64.00(f)		(21,876	)
	40,900	On iShares® MSCI EAFE ETF, OTC Call expiring December 12, 2014 at 65.00(f)		(5,115	)
	46,600	On iShares® MSCI EAFE ETF, OTC Call expiring December 20, 2014 at 64.00(f)		(14,294	)
	39,500	On iShares® MSCI EAFE ETF, OTC Call expiring January 17, 2015 at 65.00(f)		(13,810	)
	45,700	On iShares® MSCI EAFE ETF, OTC Call expiring February 20, 2015 at 65.00(f)		(30,679	)
		Total Written Options (Premiums Received $169,256)	$	(139,507	)
	(†)	See Note 2 of Notes to Financial Statements.
	*	Common stocks are grouped by geographical regions that correspond to the markets underlying the iShares MSCI EAFE ETFs on which the Fund writes call options and buys put options.
	(a)	Federal Tax Information:
		At November 30, 2014, the net unrealized appreciation on investments based on a cost of $16,556,312 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	3,279,175
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(534,196	)
		Net unrealized appreciation	$	2,744,979
	(b)	All of this security has been designated to cover the Fund’s obligations under open outstanding call options.
	(c)	A portion of this security has been pledged as collateral for outstanding call options.
	(d)	A portion of this security has been designated to cover the Fund’s obligations under open outstanding call options.
	(e)	Non-income producing security.
	(f)	Counterparty is UBS AG.
	ETF	Exchange Traded Fund
	OTC	Over-the-Counter

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of November 30, 2014

Gateway International Fund – (continued)

Industry Summary at November 30, 2014

Banks	13.8	%
Pharmaceuticals	9.9
Insurance	5.5
Oil, Gas & Consumable Fuels	5.4
Food Products	4.5
Automobiles	4.1
Chemicals	3.6
Metals & Mining	3.4
Diversified Telecommunication Services	3.1
Beverages	3.0
Machinery	2.9
Wireless Telecommunication Services	2.2
Other Investments, less than 2% each	36.3
Short-Term Investments	2.5
Total Investments	100.2
Other assets less liabilities (including open written options)	(0.2	)
Net Assets	100.0	%

Country of Risk Summary at November 30, 2014

Japan	20.4	%
United Kingdom	18.1
Switzerland	10.3
France	10.0
Germany	9.6
Australia	7.6
Netherlands	4.3
Sweden	3.6
Hong Kong	3.6
Spain	3.2
Italy	2.6
Other Investments, less than 2% each	4.4
Short-Term Investments	2.5
Total Investments	100.2
Other assets less liabilities (including open written options)	(0.2	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of November 30, 2014

Gateway International Fund – (continued)

Currency Exposure Summary at November 30, 2014

Euro	31.2	%
British Pound	20.7
Japanese Yen	20.4
Swiss Franc	10.0
Australian Dollar	7.6
Hong Kong Dollar	4.0
Swedish Krona	3.6
United States Dollar	2.7
Total Investments	100.2
Other assets less liabilities (including open written options)	(0.2	)
Net Assets	100.0	%

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of November 30, 2014

Loomis Sayles Dividend Income Fund*

Shares		Description	Value (†)
	Common Stocks — 79.9% of Net Assets
		Aerospace & Defense — 1.2%
	2,781	Northrop Grumman Corp.	$	391,926
		Automobiles — 1.8%
	16,753	General Motors Co.		560,053
		Banks — 7.3%
	27,242	Fifth Third Bancorp		548,109
	13,127	JPMorgan Chase & Co.		789,720
	5,337	PNC Financial Services Group, Inc. (The)		466,827
	9,474	Wells Fargo & Co.		516,144
				2,320,800
		Beverages — 1.8%
	5,614	PepsiCo, Inc.		561,961
		Capital Markets — 1.3%
	12,758	Federated Investors, Inc., Class B		401,112
		Chemicals — 2.9%
	6,686	E.I. du Pont de Nemours & Co.		477,380
	19,324	Tronox Ltd., Class A		435,756
				913,136
		Communications Equipment — 1.7%
	19,332	Cisco Systems, Inc.		534,336
		Diversified Consumer Services — 1.5%
	13,920	H&R Block, Inc.		468,269
		Diversified Telecommunication Services — 1.8%
	11,642	Verizon Communications, Inc.		588,969
		Electric Utilities — 1.6%
	10,187	Northeast Utilities		515,870
		Electrical Equipment — 3.3%
	19,404	ABB Ltd., Sponsored ADR		435,038
	9,241	Eaton Corp. PLC		626,817
				1,061,855
		Energy Equipment & Services — 1.7%
	4,474	National Oilwell Varco, Inc.		299,937
	15,974	Transocean Partners LLC		250,472
				550,409
		Hotels, Restaurants & Leisure — 1.3%
	25,407	SeaWorld Entertainment, Inc.		424,043
		Industrial Conglomerates — 1.6%
	18,707	General Electric Co.		495,548
		Insurance — 3.8%
	19,000	FNF Group		615,600
	10,747	MetLife, Inc.		597,641
				1,213,241

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of November 30, 2014

Loomis Sayles Dividend Income Fund* – (continued)

Shares		Description	Value (†)
		Media — 2.7%
	6,850	Omnicom Group, Inc.	$	529,300
	2,251	Time Warner Cable, Inc.		336,029
				865,329
		Multi-Utilities — 1.4%
	8,602	PG&E Corp.		434,401
		Multiline Retail — 1.2%
	6,275	Kohl’s Corp.(b)		374,116
		Oil, Gas & Consumable Fuels — 7.1%
	5,162	Chevron Corp.(c)		561,987
	4,272	HollyFrontier Corp.		174,383
	15,597	PBF Energy, Inc., Class A		440,771
	11,129	Regency Energy Partners LP(d)		317,065
	7,638	Royal Dutch Shell PLC, ADR		530,383
	14,023	Southcross Energy Partners LP(d)		244,561
				2,269,150
		Pharmaceuticals — 14.1%
	8,864	AbbVie, Inc.		613,389
	8,239	Bristol-Myers Squibb Co.		486,513
	11,097	Eli Lilly & Co.(c)		755,928
	12,094	GlaxoSmithKline PLC, Sponsored ADR		561,766
	10,686	Merck & Co., Inc.		645,434
	25,968	Pfizer, Inc.(c)		808,903
	12,806	Sanofi, ADR		618,402
				4,490,335
		REITs – Diversified — 2.6%
	17,623	Outfront Media, Inc.		476,878
	9,790	Weyerhaeuser Co.(b)		345,685
				822,563
		REITs – Hotels — 1.7%
	10,135	Ryman Hospitality Properties, Inc.		527,831
		REITs – Office Property — 1.5%
	18,800	Columbia Property Trust, Inc.		473,760
		REITs – Shopping Centers — 1.3%
	24,058	Washington Prime Group, Inc.		414,519
		Road & Rail — 1.6%
	4,591	Norfolk Southern Corp.		512,539
		Software — 3.8%
	13,488	Microsoft Corp.		644,861
	21,867	Symantec Corp.		570,510
				1,215,371
		Technology Hardware, Storage & Peripherals — 1.7%
	4,492	Apple, Inc.		534,234

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of November 30, 2014

Loomis Sayles Dividend Income Fund* – (continued)

Shares		Description	Value (†)
		Tobacco — 1.8%
	6,789	Philip Morris International, Inc.	$	590,168
		Transportation Infrastructure — 1.0%
	4,597	Macquarie Infrastructure Co. LLC		323,169
		Wireless Telecommunication Services — 1.8%
	15,895	Vodafone Group PLC, Sponsored ADR		580,962
		Total Common Stocks (Identified Cost $22,154,757)		25,429,975
Principal Amount (‡)
	Bonds and Notes — 13.6%
	Non-Convertible Bonds — 12.7%
		Banking — 2.3%
$	300,000	BNP Paribas S.A., (fixed rate to 6/25/2037, variable rate thereafter), 7.195%, 144A(e)		348,000
	100,000	Morgan Stanley, 8.000%, 5/09/2017, (AUD)		93,449
	280,000	Royal Bank of Scotland Group PLC, 4.700%, 7/03/2018		292,352
				733,801
		Chemicals — 0.6%
	65,000	Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC, 9.000%, 11/15/2020		52,975
	150,000	Momentive Specialty Chemicals, Inc., 9.200%, 3/15/2021(f)		139,500
				192,475
		Consumer Cyclical Services — 0.1%
	45,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		45,225
		Finance Companies — 1.0%
	370,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033		309,875
		Healthcare — 0.9%
	125,000	HCA, Inc., 7.500%, 12/15/2023		135,000
	150,000	HCA, Inc., 7.500%, 11/06/2033		157,500
				292,500
		Home Construction — 1.1%
	215,000	Lennar Corp., 4.750%, 11/15/2022		208,012
	125,000	Pulte Group, Inc., 6.000%, 2/15/2035		121,250
	30,000	Pulte Group, Inc., 6.375%, 5/15/2033		30,525
				359,787
		Independent Energy — 0.4%
	75,000	Halcon Resources Corp., 9.750%, 7/15/2020		57,375
	10,000	Rosetta Resources, Inc., 5.875%, 6/01/2022		9,600
	50,000	Rosetta Resources, Inc., 5.875%, 6/01/2024		47,000
	15,000	SM Energy Co., 5.000%, 1/15/2024		13,763
				127,738

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of November 30, 2014

Loomis Sayles Dividend Income Fund* – (continued)

Principal Amount (‡)		Description	Value (†)
		Media Entertainment — 0.7%
$	185,000	R.R. Donnelley & Sons Co., 6.000%, 4/01/2024	$	185,925
	22,000	R.R. Donnelley & Sons Co., 7.250%, 5/15/2018		24,310
				210,235
		Metals & Mining — 1.2%
	50,000	Alcoa, Inc., 5.900%, 2/01/2027		54,426
	45,000	Alcoa, Inc., 6.750%, 1/15/2028		51,837
	155,000	Cliffs Natural Resources, Inc., 6.250%, 10/01/2040		100,556
	200,000	United States Steel Corp., 6.650%, 6/01/2037		190,000
				396,819
		Retailers — 1.0%
	365,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		259,150
	90,000	Nine West Holdings, Inc., 6.125%, 11/15/2034		56,250
				315,400
		Supermarkets — 1.2%
	400,000	New Albertson’s, Inc., 8.000%, 5/01/2031		374,000
		Transportation Services — 0.2%
	75,000	APL Ltd., 8.000%, 1/15/2024(f)		67,500
		Wireless — 0.7%
	2,900,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		207,028
		Wirelines — 1.3%
	400,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		401,000
		Total Non-Convertible Bonds (Identified Cost $3,831,937)		4,033,383
	Convertible Bonds — 0.9%
		Energy — 0.9%
	305,000	Chesapeake Energy Corp., 2.750%, 11/15/2035 (Identified Cost $291,783)		305,000
		Total Bonds and Notes (Identified Cost $4,123,720)		4,338,383
Shares
	Preferred Stocks — 0.9%
		REITs – Diversified — 0.9%
	4,847	Weyerhaeuser Co., Series A, 6.375% (Identified Cost $252,054)		284,519

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of November 30, 2014

Loomis Sayles Dividend Income Fund* – (continued)

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — 5.2%
$	1,650,409	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 11/28/2014 at 0.010% to be repurchased at $1,650,410 on 12/01/2014 collateralized by $1,655,000 U.S. Treasury Note, 1.375% due 11/30/2015 valued at $1,686,031 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $1,650,409)	$	1,650,409
		Total Investments — 99.6% (Identified Cost $28,180,940)(a)		31,703,286
		Other assets less liabilities — 0.4%		126,871
		Net Assets — 100.0%	$	31,830,157
Shares
	Written Options — (0.0%)
		Options on Securities — (0.0%)
	2,000	Bristol-Myers Squibb Co., Call expiring December 20, 2014 at 57.50	$	(4,460	)
	2,500	Gap, Inc. (The), Put expiring December 20, 2014 at 37.00		(513	)
	4,000	Mattel, Inc., Put expiring December 20, 2014 at 29.00		(200	)
	1,000	PepsiCo, Inc., Call expiring December 20, 2014 at 97.50		(2,665	)
		Total Written Options (Premiums Received $4,627)	$	(7,838	)
	*	Formerly Loomis Sayles Capital Income Fund.
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information:
		At November 30, 2014, the net unrealized appreciation on investments based on a cost of $28,219,050 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	4,080,013
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(595,777	)
		Net unrealized appreciation	$	3,484,236
	(b)	All of this security has been designated to cover the Fund’s obligations under open outstanding options.
	(c)	A portion of this security has been pledged as collateral for outstanding options.
	(d)	Non-income producing security.
	(e)	Perpetual bond with no specified maturity date.
	(f)	Illiquid security. At November 30, 2014, the value of these securities amounted to $207,000 or 0.7% of net assets. Illiquid securities are deemed to be fair valued pursuant to the Fund’s pricing policies and procedures.

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of November 30, 2014

Loomis Sayles Dividend Income 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 November 30, 2014, the value of Rule 144A holdings amounted to $348,000 or 1.1% of net assets.
ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
MTN	Medium Term Note
REITs	Real Estate Investment Trusts
AUD	Australian Dollar
MXN	Mexican Peso

Industry Summary at November 30, 2014

Pharmaceuticals	14.1	%
Banks	7.3
Oil, Gas & Consumable Fuels	7.1
Software	3.8
Insurance	3.8
REITs – Diversified	3.5
Chemicals	3.5
Electrical Equipment	3.3
Media	2.7
Banking	2.3
Other Investments, less than 2% each	43.0
Short-Term Investments	5.2
Total Investments	99.6
Other assets less liabilities (including open written options)	0.4
Net Assets	100.0	%

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of November 30, 2014

Loomis Sayles Emerging Markets Opportunities Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 86.7% of Net Assets
	Non-Convertible Bonds — 85.8%
		Argentina — 1.0%
$	150,000	Argentina Bonar Bonds, Series X, 7.000%, 4/17/2017	$	138,546
	200,000	YPF S.A., 8.750%, 4/04/2024, 144A		208,000
				346,546
		Barbados — 0.6%
	200,000	Columbus International, Inc., 7.375%, 3/30/2021, 144A		213,000
		Brazil — 7.4%
	135,000	Banco do Brasil S.A., 6.000%, 1/22/2020, 144A		146,475
	250,000	Banco Nacional de Desenvolvimento Economico e Social, 5.750%, 9/26/2023, 144A(b)		265,625
	235,000	Banco Santander Brasil S.A., 4.625%, 2/13/2017(b)		245,340
	250,000	Braskem Finance Ltd., 6.450%, 2/03/2024(b)		261,250
	250,000	BRF S.A., 5.875%, 6/06/2022(b)		268,438
	340,000	CIMPOR Financial Operations BV, 5.750%, 7/17/2024, 144A		317,475
	445,000	Itau Unibanco Holding S.A., 6.200%, 12/21/2021(b)		472,812
	424,397	Odebrecht Offshore Drilling Finance Ltd., 6.750%, 10/01/2022, 144A(b)		418,031
	200,000	Tupy Overseas S.A., 6.625%, 7/17/2024, 144A		200,000
				2,595,446
		Chile — 3.2%
	270,000	CFR International SpA, 5.125%, 12/06/2022(b)		294,514
	260,000	Corpbanca S.A., 3.125%, 1/15/2018		260,828
	320,000	GeoPark Latin America Ltd. Agencia en Chile, 7.500%, 2/11/2020		321,600
	240,000	VTR Finance BV, 6.875%, 1/15/2024		252,600
				1,129,542
		China — 7.6%
	520,000	Alibaba Group Holding Ltd., 2.500%, 11/28/2019, 144A		519,235
	215,000	Baidu, Inc., 3.500%, 11/28/2022		214,349
	270,000	Bestgain Real Estate Ltd., 2.625%, 3/13/2018(b)		264,181
	250,000	China Resources Gas Group Ltd., 4.500%, 4/05/2022, 144A(b)		264,160
	230,000	China Shanshui Cement Group Ltd., 10.500%, 4/27/2017(b)		246,100
	280,000	CNOOC Finance 2013 Ltd., 3.000%, 5/09/2023(b)		268,387
	255,000	Country Garden Holdings Co. Ltd., 7.250%, 4/04/2021, 144A(b)		251,812
	225,000	ENN Energy Holdings Ltd., 6.000%, 5/13/2021, 144A(b)		252,332
	200,000	Kaisa Group Holdings Ltd., 8.875%, 3/19/2018, 144A		203,000
	200,000	Tencent Holdings Ltd., 3.375%, 5/02/2019, 144A		204,103
				2,687,659
		Colombia — 2.8%
	250,000	Colombia Telecomunicaciones S.A. E.S.P., 5.375%, 9/27/2022(b)		251,375
	230,000	Ecopetrol S.A., 4.125%, 1/16/2025		224,250
	235,000	Empresa de Energia de Bogota S.A. E.S.P., 6.125%, 11/10/2021(b)		251,567
	260,000	Oleoducto Central S.A., 4.000%, 5/07/2021, 144A(b)		258,440
				985,632

See accompanying notes to financial statements.

|  34

Portfolio of Investments – as of November 30, 2014

Loomis Sayles Emerging Markets Opportunities Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Croatia — 0.6%
$	200,000	Agrokor d.d., 8.875%, 2/01/2020	$	216,520
		Guatemala — 0.7%
	225,000	Central American Bottling Corp., 6.750%, 2/09/2022(b)		238,050
		Hong Kong — 1.9%
	175,000	Noble Group Ltd., 6.750%, 1/29/2020		196,000
	265,000	PCCW-HKT Capital No. 5 Ltd., 3.750%, 3/08/2023		261,783
	200,000	Swire Pacific MTN Financing Ltd., EMTN, 4.500%, 10/09/2023		215,120
				672,903
		Hungary — 1.1%
	400,000	Magyar Export-Import Bank Zrt, 4.000%, 1/30/2020, 144A		400,360
		India — 4.4%
	260,000	Bharti Airtel International BV, 5.350%, 5/20/2024, 144A(b)		283,418
	250,000	Greenko Dutch BV, 8.000%, 8/01/2019, 144A		235,000
	325,000	ICICI Bank Ltd., 3.500%, 3/18/2020, 144A		330,951
	440,000	NTPC Ltd., EMTN, 5.625%, 7/14/2021(b)		487,521
	200,000	Rolta Americas LLC, 8.875%, 7/24/2019, 144A		196,000
				1,532,890
		Indonesia — 6.2%
	4,500,000,000	Indonesia Treasury Bond, 7.000%, 5/15/2027, (IDR)		339,233
	200,000	Listrindo Capital BV, 6.950%, 2/21/2019, 144A		213,000
	340,000	Pelabuhan Indonesia III PT, 4.875%, 10/01/2024, 144A		350,200
	435,000	Pertamina Persero PT, EMTN, 4.300%, 5/20/2023(b)		429,563
	385,000	Perusahaan Gas Negara Persero Tbk PT, 5.125%, 5/16/2024, 144A(b)		400,881
	200,000	TBG Global Pte Ltd., 4.625%, 4/03/2018		200,000
	255,000	TBG Global Pte Ltd., 4.625%, 4/03/2018, 144A(b)		255,000
				2,187,877
		Israel — 0.7%
	230,000	Israel Electric Corp. Ltd., 5.625%, 6/21/2018, 144A(b)		246,408
		Jamaica — 0.7%
	250,000	Digicel Ltd., 6.000%, 4/15/2021, 144A(b)		245,000
		Kenya — 1.1%
	345,000	Kenya Government International Bond, 6.875%, 6/24/2024, 144A(b)		368,805
		Korea — 2.9%
	240,000	GS Caltex Corp., 3.250%, 10/01/2018, 144A(b)		246,967
	230,000	Korea Gas Corp., 4.250%, 11/02/2020(b)		250,659
	200,000	Lotte Shopping Co. Ltd., 3.375%, 5/09/2017		206,653
	275,000	Woori Bank, 5.875%, 4/13/2021(b)		315,609
				1,019,888
		Lithuania — 0.7%
	210,000	Lithuania Government International Bond, 6.625%, 2/01/2022(b)		255,570
		Luxembourg — 0.7%
	240,000	Altice S.A., 7.750%, 5/15/2022, 144A(b)		248,100

See accompanying notes to financial statements.

35  |

Portfolio of Investments – as of November 30, 2014

Loomis Sayles Emerging Markets Opportunities Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Malaysia — 1.0%
$	200,000	Malayan Banking Bhd, EMTN, (fixed rate to 9/20/2017, variable rate thereafter), 3.250%, 9/20/2022	$	202,447
	100,000	Petronas Capital Ltd., 7.875%, 5/22/2022, 144A		132,066
				334,513
		Mexico — 9.1%
	250,000	Alfa SAB de CV, 5.250%, 3/25/2024, 144A(b)		265,000
	195,000	Axtel SAB de CV, (Step to 9.000% on 1/31/2015), 8.000%, 1/31/2020, 144A(c)		193,781
	225,000	BBVA Bancomer S.A., 6.750%, 9/30/2022(b)		252,563
	270,000	El Puerto de Liverpool SAB de CV, 3.950%, 10/02/2024, 144A		265,950
	290,000	Elementia SAB de CV, 5.500%, 1/15/2025, 144A		291,160
	200,000	Empresas ICA SAB de CV, 8.875%, 5/29/2024, 144A		190,000
	260,000	Fermaca Enterprises S de RL de CV, 6.375%, 3/30/2038, 144A(b)		272,350
	255,000	Fresnillo PLC, 5.500%, 11/13/2023, 144A(b)		263,287
	245,000	Grupo Idesa S.A. de CV, 7.875%, 12/18/2020, 144A(b)		260,925
	250,000	Grupo KUO SAB de CV, 6.250%, 12/04/2022(b)		252,908
	235,000	Office Depot de Mexico S.A. de CV, 6.875%, 9/20/2020, 144A(b)		247,925
	250,000	Tenedora Nemak S.A. de CV, 5.500%, 2/28/2023, 144A(b)		255,375
	200,000	Unifin Financiera S.A.P.I. de CV SOFOM ENR, 6.250%, 7/22/2019, 144A		192,500
				3,203,724
		Morocco — 0.7%
	225,000	OCP S.A., 5.625%, 4/25/2024, 144A		238,264
		Nigeria — 0.6%
	210,000	FBN Finance Co. BV, (fixed rate to 7/23/2019, variable rate thereafter), 8.000%, 7/23/2021, 144A		199,017
		Panama — 0.6%
	140,000	Panama Government International Bond, 8.875%, 9/30/2027		202,300
		Paraguay — 0.7%
	240,000	Telefonica Celular del Paraguay, S.A., 6.750%, 12/13/2022		254,850
		Peru — 2.6%
	200,000	Corporacion Financiera de Desarrollo S.A., 4.750%, 2/08/2022		209,500
	345,000	InRetail Consumer, 5.250%, 10/10/2021, 144A		346,898
	350,000	Union Andina de Cementos SAA, 5.875%, 10/30/2021, 144A		355,775
				912,173
		Philippines — 1.4%
	240,000	Philippine Government International Bond, 4.200%, 1/21/2024(b)		261,000
	205,000	Power Sector Assets and Liabilities Management Corp., 7.250%, 5/27/2019(b)		245,488
				506,488
		Poland — 0.6%
	200,000	PKO Finance AB, 4.630%, 9/26/2022		211,000
		Qatar — 0.9%
	285,000	Ooredoo International Finance Ltd., 4.750%, 2/16/2021, 144A(b)		309,581

See accompanying notes to financial statements.

|  36

Portfolio of Investments – as of November 30, 2014

Loomis Sayles Emerging Markets Opportunities Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Russia — 5.2%
$	420,000	Gazprom OAO Via Gaz Capital S.A., 4.950%, 2/06/2028(b)	$	352,229
	300,000	Russian Foreign Bond-Eurobond, 5.000%, 4/29/2020, 144A(b)		298,623
	831,850	Russian Foreign Bond-Eurobond, 7.500%, 3/31/2030		910,876
	260,000	VimpelCom Holdings BV, 6.255%, 3/01/2017(b)		254,069
				1,815,797
		South Africa — 3.4%
	235,000	Edcon Pty Ltd., 9.500%, 3/01/2018		192,700
	200,000	Eskom Holdings SOC Ltd., 6.750%, 8/06/2023, 144A		216,114
	320,000	MTN (Mauritius) Investments Ltd., 4.755%, 11/11/2024, 144A		321,200
	175,000	Standard Bank PLC, GMTN, 8.125%, 12/02/2019		200,375
	275,000	Transnet SOC Ltd., 4.000%, 7/26/2022		263,827
				1,194,216
		Sri Lanka — 0.6%
	200,000	Sri Lanka Government International Bond, 5.125%, 4/11/2019, 144A		205,500
		Thailand — 0.6%
	205,000	PTT Global Chemical PCL, 4.250%, 9/19/2022		211,962
		Turkey — 6.1%
	195,000	Akbank TAS, 3.875%, 10/24/2017		198,727
	230,000	Arcelik AS, 5.000%, 4/03/2023, 144A		221,662
	240,000	Coca-Cola Icecek AS, 4.750%, 10/01/2018, 144A(b)		256,560
	400,000	Export Credit Bank of Turkey, 5.000%, 9/23/2021, 144A		413,435
	275,000	TC Ziraat Bankasi AS, 4.250%, 7/03/2019, 144A		276,320
	265,000	Turk Telekomunikasyon AS, 3.750%, 6/19/2019, 144A		268,644
	260,000	Turkiye Is Bankasi, 5.000%, 4/30/2020, 144A		267,852
	240,000	Yasar Holdings, 8.875%, 5/06/2020, 144A		248,400
				2,151,600
		Ukraine — 0.5%
	200,000	Ukraine Government International Bond, 9.250%, 7/24/2017		158,000
		United Arab Emirates — 3.7%
	325,000	Abu Dhabi National Energy Co., 3.625%, 1/12/2023(b)		327,437
	275,000	Dolphin Energy Ltd., 5.500%, 12/15/2021, 144A(b)		313,148
	290,000	DP World Ltd., EMTN, 6.850%, 7/02/2037(b)		333,500
	260,000	Dubai Electricity & Water Authority, 7.375%, 10/21/2020, 144A(b)		318,500
				1,292,585
		United States — 0.7%
	260,000	Kosmos Energy Ltd., 7.875%, 8/01/2021, 144A		244,400
		Venezuela — 1.9%
	395,000	Petroleos de Venezuela S.A., 5.500%, 4/12/2037		169,455
	220,000	Petroleos de Venezuela S.A., 6.000%, 11/15/2026		92,400
	300,000	Petroleos de Venezuela S.A., Series 2015, 5.000%, 10/28/2015(b)		254,700
	240,000	Venezuela Government International Bond, 12.750%, 8/23/2022		162,960
				679,515

See accompanying notes to financial statements.

37  |

Portfolio of Investments – as of November 30, 2014

Loomis Sayles Emerging Markets Opportunities Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Zambia — 0.6%
$	200,000	Zambia Government International Bond, 8.500%, 4/14/2024, 144A	$	225,500
		Total Non-Convertible Bonds (Identified Cost $29,678,141)		30,141,181
	Convertible Bonds — 0.9%
		Argentina — 0.9%
	255,000	MercadoLibre, Inc., 2.250%, 7/01/2019, 144A (Identified Cost $255,000)		324,488
		Total Bonds and Notes (Identified Cost $29,933,141)		30,465,669
	Senior Loans — 0.6%
		Great Britain — 0.6%
	202,000	Sable International Finance Ltd., Senior Unsecured Bridge Loan, 11/06/2016(d) (Identified Cost $198,970)		199,475
Shares
	Common Stocks — 2.3%
		Cambodia — 0.5%
	210,000	NagaCorp Ltd.		167,825
		China — 0.3%
	6,000	Tencent Holdings Ltd., ADR,		95,940
		India — 0.5%
	3,400	HDFC Bank Ltd., ADR		181,186
		Indonesia — 1.0%
	89,100	Indocement Tunggal Prakarsa Tbk PT		180,903
	337,000	Jasa Marga Persero Tbk PT		186,783
				367,686
		Total Common Stocks (Identified Cost $813,070)		812,637
	Exchange Traded Funds — 2.1%
	3,665	iShares® China Large-Cap ETF		148,799
	6,000	iShares® India 50 ETF		190,020
	3,893	iShares® MSCI Frontier 100 ETF		134,795
	2,723	iShares® MSCI South Korea Capped ETF		154,884
	7,984	iShares® MSCI Taiwan ETF		126,227
		Total Exchange Traded Funds (Identified Cost $780,111)		754,725

See accompanying notes to financial statements.

|  38

Portfolio of Investments – as of November 30, 2014

Loomis Sayles Emerging Markets Opportunities Fund – (continued)

Units of Currency		Description	Value (†)
	Purchased Options — 0.0%
		Over-the-Counter Options on Currency — 0.0%
	750,000	BRL Call, expiring December 30, 2014 at 2.40(e) (Identified Cost $9,911)		431
Principal Amount (‡)
	Short-Term Investments — 7.2%
$	2,521,899	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 11/28/2014 at 0.010% to be repurchased at $2,521,901 on 12/01/2014 collateralized by $2,525,000 U.S. Treasury Note, 1.375% due 11/30/2015 valued at $2,572,344 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $2,521,899)	$	2,521,899
		Total Investments — 98.9% (Identified Cost $34,257,102)(a)		34,754,836
		Other assets less liabilities — 1.1%		383,435
		Net Assets — 100.0%	$	35,138,271
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information:
		At November 30, 2014, the net unrealized appreciation on investments based on a cost of $34,332,250 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	441,966
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(19,380	)
		Net unrealized appreciation	$	422,586
	(b)	All of this security has been designated to cover the Fund’s obligations under open forward foreign currency contracts, futures contracts or swap agreements.
	(c)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
	(d)	Position is unsettled. Contract rate was not determined at November 30, 2014 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
	(e)	Counterparty is Bank of America, N.A.
	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 November 30, 2014, the value of Rule 144A holdings amounted to $16,441,978 or 46.8% 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.
	EMTN	Euro Medium Term Note
	ETF	Exchange Traded Fund
	GMTN	Global Medium Term Note
	BRL	Brazilian Real
	IDR	Indonesian Rupiah

See accompanying notes to financial statements.

39  |

Portfolio of Investments – as of November 30, 2014

Loomis Sayles Emerging Markets Opportunities Fund – (continued)

At November 30, 2014, the Fund had the following open bilateral credit default swap agreements:

Counterparty	Reference Obligation	(Pay)/ Receive Fixed Rate	Expiration Date		Implied Credit Spread^			Notional Value(‡)		Unamortized Up Front Premium Paid/ (Received)			Market Value			Unrealized Appreciation (Depreciation)			Fees Receivable/ (Payable)
Sell Protection
Citibank N.A.	CDX.EM* Series 22, 5-Year	1.00%		12/20/2019		2.07	%	$	3,700,000	$	(270,607	)	$	(286,719	)	$	(16,112	)	$	7,194
Citibank N.A.	CDX.EM* Series 22, 5-Year	1.00%		12/20/2019		2.07	%		600,000		(45,476	)		(46,494	)		(1,018	)		1,167
Citibank N.A.	Republic of Russia	1.00%		12/20/2019		3.18	%		350,000		(29,735	)		(34,237	)		(4,502	)		632
Total													$	(367,450	)	$	(21,632	)	$	8,993

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

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

* CDX.EM is an index composed of emerging market credit default swaps.

At November 30, 2014, the Fund had the following open forward foreign currency contracts:

Contract to Buy/Sell	Delivery Date		Currency	Units of Currency		Notional Value		Unrealized Appreciation (Depreciation)
Buy1		12/22/2014	Brazilian Real		900,000	$	348,958	$	(761	)
Sell1		12/22/2014	Brazilian Real		900,000		348,958		(1,333	)
Buy2		12/17/2014	Euro		290,000		360,875		(1,210	)
Sell2		12/17/2014	Euro		290,000		360,875		14,553
Buy3		1/07/2015	Indonesian Rupiah		2,000,000,000		162,911		902
Buy2		1/12/2015	South African Rand		5,600,000		501,845		5,510
Sell2		1/12/2015	South African Rand		5,600,000		501,845		(4,386	)
Buy2		12/29/2014	Yuan Renminbi		3,100,000		502,889		1,194
Total								$	14,469

¹ Counterparty is Credit Suisse International.

² Counterparty is Barclays Bank PLC.

³ Counterparty is Citibank N.A.

See accompanying notes to financial statements.

|  40

Portfolio of Investments – as of November 30, 2014

Loomis Sayles Emerging Markets Opportunities Fund – (continued)

At November 30, 2014, open long futures contracts were as follows:

Financial Futures	Expiration Date		Contracts	Notional Value		Unrealized Appreciation (Depreciation)
E-mini MSCI Emerging Markets Index		12/19/2014	9	$	449,235	$	(4,289	)
5 Year U.S. Treasury Note		3/31/2015	8		955,938		4,048
30 Year U.S. Treasury Bond		3/20/2015	9		1,283,625		17,851
Total						$	17,610

Industry Summary at November 30, 2014

Banking	12.0	%
Foreign Sovereign	8.3
Integrated Energy	5.3
Oil Field Equipment & Services	4.3
Gas Distribution	4.0
Telecom – Wireless	3.7
Chemicals	3.5
Telecom – Integrated & Services	3.4
Telecom – Wireline Integrated & Services	2.9
Electric – Integrated	2.9
Food – Wholesale	2.8
Building Materials	2.6
Specialty Retail	2.6
Agency	2.6
Exchange Traded Funds	2.1
Diversified Capital Goods	2.1
Sovereign	2.1
Support – Services	2.1
Electric – Generation	2.0
Other Investments, less than 2% each	20.4
Short-Term Investments	7.2
Total Investments	98.9
Other assets less liabilities (including swap agreements, forward foreign currency contracts and futures contracts)	1.1
Net Assets	100.0	%

See accompanying notes to financial statements.

41  |

Portfolio of Investments – as of November 30, 2014

Loomis Sayles Senior Floating Rate and Fixed Income Fund

Principal Amount		Description	Value (†)
	Senior Loans — 89.9% of Net Assets
		Aerospace & Defense — 0.6%
$	4,884,306	LM U.S. Corp. Acquisition, Inc., 1st Lien Term Loan, 4.750%, 10/25/2019(b)	$	4,870,874
	193,861	LM U.S. Corp. Acquisition, Inc., Term Loan Canadian, 4.750%, 10/25/2019(b)		193,328
	595,542	PRV Aerospace LLC, Term Loan B, 6.500%, 5/09/2018(b)		588,347
	4,560,029	Sequa Corp., New Term Loan B, 5.250%, 6/19/2017(b)		4,446,028
				10,098,577
		Automotive — 3.2%
	1,700,000	ABRA, Inc., 1st Lien Term Loan, 4.750%, 9/17/2021(b)		1,706,375
	1,700,000	ABRA, Inc., 2nd Lien Term Loan, 8.250%, 9/19/2022(b)		1,695,750
	11,582,057	American Tire Distributors Holdings, Inc., Term Loan B, 5.750%, 6/01/2018(b)		11,596,535
	9,406,000	Crowne Group LLC, 1st Lien Term Loan, 6.000%, 9/29/2020(b)		9,264,910
	5,994,625	Dayco Products LLC, New Term Loan B, 5.250%, 12/12/2019(b)		5,969,867
	7,197,960	Henniges Automotive Holdings, Inc., Term Loan B, 6.000%, 6/12/2021(b)		7,233,950
	8,451,000	IBC Capital Ltd., 2nd Lien Term Loan, 8.000%, 9/09/2022(b)		8,435,196
	3,485,000	Key Safety Systems, Inc., New 1st Lien Term Loan, 4.750%, 8/29/2021(b)		3,490,820
				49,393,403
		Banking — 0.9%
	1,195,377	Harland Clarke Holdings Corp., Extended Term Loan B2, 5.483%, 6/30/2017(b)		1,193,883
	11,451,356	Harland Clarke Holdings Corp., Term Loan B3, 7.000%, 5/22/2018(b)		11,555,678
	2,113,612	Harland Clarke Holdings Corp., Term Loan B4, 6.000%, 8/04/2019(b)		2,118,241
				14,867,802
		Building Materials — 3.9%
	6,413,151	C.H.I. Overhead Doors, Inc., Term Loan B, 5.503%, 3/18/2019(c)		6,365,052
	6,048,438	Contech Construction Products, Inc., New Term Loan, 6.250%, 4/29/2019(b)		6,025,756
	8,351,035	GYP Holdings III Corp., 1st Lien Term Loan, 4.750%, 4/01/2021(b)		8,210,153
	8,136,934	Jeld-Wen, Inc., Term Loan B, 5.250%, 10/15/2021(b)		8,111,547
	4,317,000	Mannington Mills, Inc., Term Loan B, 4.750%, 10/01/2021(b)		4,314,324
	8,416,905	Munters Corp., Term Loan, 6.250%, 5/05/2021(b)		8,301,173
	5,710,516	PGT, Inc., Term Loan B, 5.250%, 9/22/2021(b)		5,724,792
	6,104,100	Quikrete Holdings, Inc., 2nd Lien Term Loan, 7.000%, 3/26/2021(b)		6,126,990
	7,940,492	Roofing Supply Group LLC, Term Loan, 5.000%, 5/31/2019(b)		7,841,236
				61,021,023
		Cable Satellite — 0.6%
	9,552,583	TWCC Holding Corp., 2nd Lien Term Loan, 7.000%, 6/26/2020(b)		9,277,946
		Chemicals — 3.1%
	11,000,000	Arysta LifeScience SPC LLC, 2nd Lien Term Loan, 8.250%, 11/30/2020(b)		11,041,250
	4,881,000	AZ Chem U.S., Inc., 2nd Lien Term Loan, 7.500%, 6/12/2022(b)		4,846,833
	4,524,000	Citadel Plastics Holdings, Inc., 1st Lien Term Loan, 5.250%, 11/05/2020(b)		4,524,000
	6,738,000	ECO Services Operations LLC, Term Loan B, 10/08/2021(d)		6,738,000
	3,691,757	Gemini HDPE LLC, Term Loan B, 4.750%, 8/07/2021(b)		3,691,757
	2,433,956	Nexeo Solutions LLC, Incremental Term Loan, 5.000%, 9/08/2017(b)		2,413,681
	2,104,788	Nexeo Solutions LLC, Term Loan B, 5.000%, 9/08/2017(b)		2,087,255
	3,295,100	Nexeo Solutions LLC, Term Loan B3, 5.000%, 9/08/2017(b)		3,262,149
	9,410,001	Styrolution U.S. Holding LLC, USD Term Loan B, 6.500%, 11/07/2019(b)		9,398,238
				48,003,163

See accompanying notes to financial statements.

|  42

Portfolio of Investments – as of November 30, 2014

Loomis Sayles Senior Floating Rate and Fixed Income Fund – (continued)

Principal Amount		Description	Value (†)
		Construction Machinery — 1.2%
$	7,795,621	Neff Rental LLC, 2nd Lien Term Loan, 7.250%, 6/09/2021(b)	$	7,824,854
	10,768,000	Onsite U.S. Finco LLC, Term Loan, 5.500%, 7/30/2021(b)		10,673,780
				18,498,634
		Consumer Cyclical Services — 6.7%
	1,717,000	Access CIG LLC, 1st Lien Term Loan, 10/18/2021(d)		1,701,255
	6,727,000	Access CIG LLC, 1st Lien Term Loan, 6.000%, 10/18/2021(b)		6,665,313
	7,025,640	Active Network, Inc. (The), 1st Lien Term Loan, 5.500%, 11/13/2020(b)		6,969,997
	10,325,000	AlixPartners LLP, New 2nd Lien Term Loan, 9.000%, 7/10/2021(b)		10,479,875
	6,263,000	DTZ U.S. Borrower LLC, 2nd Lien Term Loan, 9.250%, 11/04/2022(b)		6,282,603
	6,639,360	Inmar Holdings, Inc., 1st Lien Term Loan, 4.250%, 1/27/2021(b)		6,484,464
	7,522,000	Mergermarket USA, Inc., 2nd Lien Term Loan, 7.500%, 2/04/2022(b)		7,070,680
	8,818,829	Miller Heiman, Inc., Term Loan B, 6.750%, 9/30/2019(c)		8,565,288
	1,270,782	SGS Cayman LP, 2014 Term Loan B, 6.000%, 4/23/2021(b)		1,270,782
	12,050,000	SourceHov LLC, 2014 1st Lien Term Loan, 7.750%, 10/31/2019(b)		11,693,561
	6,223,403	Sterling Infosystems, Inc., Term Loan B, 5.500%, 5/13/2021(c)		6,211,765
	11,057,579	STG-Fairway Acquisitions, Inc., Term Loan B, 6.253%, 2/28/2019(c)		11,029,935
	5,459,218	Sutherland Global Services, Inc., Term Loan B, 6.000%, 4/23/2021(b)		5,459,218
	5,168,048	William Morris Endeavor Entertainment LLC, 1st Lien Term Loan, 5.250%, 5/06/2021(b)		5,037,244
	10,072,000	William Morris Endeavor Entertainment LLC, 2nd Lien Term Loan, 8.250%, 5/01/2022(b)		9,769,840
				104,691,820
		Consumer Products — 2.6%
	8,003,000	Advantage Sales & Marketing, Inc., 2014 2nd Lien Term Loan, 7.500%, 7/25/2022(b)		7,942,978
	6,732,538	Affinion Group, Inc., Term Loan B, 6.750%, 4/30/2018(b)		6,447,482
	3,179,771	FGI Operating Co. LLC, Term Loan, 5.500%, 4/19/2019(b)		3,150,613
	9,445,490	NYDJ Apparel LLC, Term Loan, 7.000%, 1/06/2020(b)		8,406,486
	5,581,874	Polyconcept Investments BV, USD 1st Lien Term Loan, 6.000%, 6/27/2019(b)		5,540,010
	8,633,000	Visant Corp., New Term Loan, 7.000%, 9/23/2021(b)		8,487,361
				39,974,930
		Diversified Manufacturing — 1.1%
	11,866,000	Ameriforge Group, Inc., 2nd Lien Term Loan, 8.750%, 12/19/2020(b)		11,739,983
	5,107,200	Electrical Components International, Inc., 2014 Term Loan B, 5.750%, 5/28/2021(b)		5,158,272
				16,898,255
		Electric — 0.9%
	2,925,366	Mirion Technologies, Inc., Term Loan, 5.750%, 3/30/2018(b)		2,925,366
	10,624,000	TPF II Power LLC, Term Loan B, 5.500%, 10/02/2021(b)		10,697,093
				13,622,459
		Environmental — 1.4%
	9,489,000	Allflex Holdings III, Inc., New 2nd Lien Term Loan, 8.000%, 7/19/2021(b)		9,473,153
	8,396,955	EnergySolutions LLC, New Term Loan, 6.750%, 5/29/2020(b)		8,428,444
	3,369,000	WTG Holdings III Corp., 2nd Lien Term Loan, 8.500%, 1/15/2022(b)		3,312,839
				21,214,436

See accompanying notes to financial statements.

43  |

Portfolio of Investments – as of November 30, 2014

Loomis Sayles Senior Floating Rate and Fixed Income Fund – (continued)

Principal Amount		Description	Value (†)
		Financial Other — 0.9%
$	7,965,803	Eze Castle Software, Inc., New 2nd Lien Term Loan, 7.250%, 4/04/2021(b)	$	7,813,099
	6,721,155	Institutional Shareholder Services, Inc., Term Loan, 5.000%, 4/30/2021(b)		6,653,943
				14,467,042
		Food & Beverage — 2.3%
	550,000	CPM Acquisition Corp., 2nd Lien Term Loan, 10.250%, 3/01/2018(b)		550,000
	7,412,000	Del Monte Foods, Inc., 2nd Lien Term Loan, 8.250%, 8/18/2021(b)		6,399,002
	3,343,591	Lineage Logistics Holdings LLC, 2014 Term Loan, 4.500%, 4/07/2021(b)		3,296,213
	12,724,779	New HB Acquisition LLC, Term Loan, 6.750%, 4/09/2020(b)		12,987,291
	8,427,000	Packers Holdings LLC, Term Loan B, 12/02/2021(d)		8,448,067
	4,621,158	Reddy Ice Corp., 1st Lien Term Loan, 6.751%, 5/01/2019(c)		4,159,042
				35,839,615
		Gaming — 1.4%
	6,488,000	Amaya Holdings BV, 1st Lien Term Loan, 5.000%, 8/01/2021(b)		6,477,879
	6,818,467	Amaya Holdings BV, 2nd Lien Term Loan, 8.000%, 8/01/2022(b)		6,937,790
	1,600,000	SGMS Escrow Corp., Incremental Term Loan B2, 10/01/2021(d)		1,574,400
	6,625,000	SGMS Escrow Corp., Incremental Term Loan B2, 6.000%, 10/01/2021(b)		6,519,000
				21,509,069
		Health Insurance — 0.7%
	11,057,000	Sedgwick Claims Management Services, Inc., Incremental 2nd Lien Term Loan, 6.750%, 2/28/2022(b)		10,799,040
		Healthcare — 9.8%
	2,457,359	BioScrip, Inc., Delayed Draw Term Loan, 6.500%, 7/31/2020(b)		2,446,620
	4,095,598	BioScrip, Inc., Term Loan B, 6.500%, 7/31/2020(b)		4,077,701
	5,138,000	CareCore National LLC, Term Loan B, 3/05/2021(d)		5,147,659
	6,242,630	CareCore National LLC, Term Loan B, 5.500%, 3/05/2021(b)		6,254,366
	7,771,000	CDRH Parent, Inc., New 1st Lien Term Loan, 5.250%, 7/01/2021(b)		7,703,004
	5,570,652	CHG Healthcare Services, Inc., 2nd Lien Term Loan, 9.000%, 11/19/2020(b)		5,584,579
	5,707,868	CT Technologies Intermediate Holdings, Inc., 1st Lien Term Loan, 5.250%, 10/04/2019(b)		5,700,733
	5,063,000	CT Technologies Intermediate Holdings, Inc., 2014 Term Loan, 12/01/2021(d)		5,037,685
	4,406,119	Edmentum, Inc., 2013 Term Loan, 5.500%, 5/17/2018(b)		4,273,935
	11,225,570	Envision Acquisition Co. LLC, Term Loan, 5.750%, 11/04/2020(b)		11,225,570
	6,052,000	FHC Health Systems, Inc., 2014 Term Loan, 9/30/2021(d)		6,059,565
	4,587,856	Herff Jones, Inc., Term Loan B, 5.500%, 6/25/2019(b)		4,570,651
	7,506,280	Knowledge Universe Education LLC, Term Loan, 5.250%, 3/18/2021(b)		7,565,730
	6,717,165	Learning Care Group (U.S.) No. 2, Inc., New Term Loan, 5.500%, 5/05/2021(b)		6,759,147
	8,725,068	McGraw-Hill School Education Holdings LLC, Term Loan B, 6.250%, 12/18/2019(b)		8,703,255
	6,069,375	MedSolutions Holdings, Inc., Term Loan B, 7.500%, 7/08/2019(b)		6,039,028
	8,495,708	Millennium Laboratories, Inc., Term Loan B, 5.250%, 4/16/2021(b)		8,522,299
	4,199,000	NVA Holdings, Inc., 2nd Lien Term Loan, 8.000%, 8/14/2022(b)		4,188,503
	2,025,393	PLATO, Inc., 2nd Lien Term Loan, 11.250%, 5/17/2019(b)		1,979,822
	850,000	Renaissance Learning, Inc., New 2nd Lien Term Loan, 8.000%, 4/11/2022(b)		824,500
	9,373,000	SkillSoft Corp., 2nd Lien Term Loan, 9.250%, 4/28/2022(b)		8,927,782
	2,848,000	St. Georges University, New Term Loan, 5.750%, 8/07/2021(b)		2,833,760

See accompanying notes to financial statements.

|  44

Portfolio of Investments – as of November 30, 2014

Loomis Sayles Senior Floating Rate and Fixed Income Fund – (continued)

Principal Amount		Description	Value (†)
		Healthcare — continued
$	9,956,283	Steward Health Care System LLC, Term Loan B, 6.750%, 4/12/2020(b)	$	9,931,393
	8,526,000	Surgery Center Holdings, Inc., New 1st Lien Term Loan, 5.250%, 11/03/2020(b)		8,515,342
	9,270,000	Tecomet, Inc., 1st Lien Term Loan, 12/05/2021(d)		8,991,900
				151,864,529
		Independent Energy — 0.9%
	5,894,000	Callon Petroleum Co., 2nd Lien Term Loan, 8.500%, 10/08/2021(b)		5,746,650
	8,413,000	Magnum Hunter Resources, Inc., 2nd Lien Term Loan, 8.500%, 10/17/2019(b)		8,391,968
				14,138,618
		Industrial Other — 8.2%
	1,480,946	API Heat Transfer ThermaSys Corp., Term Loan, 5.257%, 5/03/2019(c)		1,471,690
	8,458,354	Aquilex Holdings LLC, New Term Loan, 5.000%, 12/31/2020(c)		8,352,624
	10,251,000	Brickman Group Ltd. LLC, 2nd Lien Term Loan, 7.500%, 12/17/2021(b)		10,145,312
	7,944,069	Capital Safety North America Holdings, Inc., 2nd Lien Term Loan, 6.500%, 3/28/2022(b)		7,785,187
	6,869,000	Crosby U.S. Acquisition Corp., 2nd Lien Term Loan, 7.000%, 11/22/2021(b)		6,662,930
	9,928,325	Eastman Kodak Co., Exit Term Loan, 7.250%, 9/03/2019(b)		9,971,811
	5,321,000	Element Materials Technology Group Holding CC1 Ltd., Term Loan B, 5.250%, 8/06/2021(b)		5,281,093
	5,200,000	Filtration Group Corp., 2nd Lien Term Loan, 8.250%, 11/21/2021(b)		5,192,200
	1,994,987	Hampton Rubber Co., 1st Lien Term Loan, 3/27/2021(d)		1,947,606
	3,685,959	Hampton Rubber Co., 1st Lien Term Loan, 5.000%, 3/27/2021(b)		3,598,417
	7,481,598	McJunkin Red Man Corp., New Term Loan, 11/08/2019(d)		7,423,167
	9,157,734	NES Global Talent Ltd., 1st Lien Term Loan, 6.500%, 10/03/2019(b)		9,066,157
	2,801,029	North American Lifting Holdings, Inc., 1st Lien Term Loan, 11/27/2020(d)		2,776,520
	6,265,973	North American Lifting Holdings, Inc., 1st Lien Term Loan, 5.500%, 11/27/2020(b)		6,211,146
	10,605,544	Nusil Technology LLC, New Term Loan, 5.250%, 4/07/2017(b)		10,502,776
	7,680,000	Oxbow Carbon LLC, 2nd Lien Term Loan, 8.000%, 1/17/2020(b)		7,372,800
	5,757,493	Redtop Acquisitions Ltd., USD 2nd Lien Term Loan, 8.250%, 6/03/2021(b)		5,764,689
	3,861,040	Syncreon Global Finance (U.S.), Inc., Term Loan B, 5.250%, 10/28/2020(b)		3,793,472
	6,998,460	Trojan Battery Co. LLC, 2013 Term Loan, 5.750%, 6/11/2021(b)		6,928,475
	6,737,000	Zebra Technologies Corp., Term Loan B, 4.750%, 10/27/2021(b)		6,787,527
				127,035,599
		Leisure — 1.4%
	8,322,000	AMF Bowling Centers, Inc., Term Loan B, 7.250%, 9/18/2021(b)		8,238,780
	5,063,000	Great Wolf Resorts, Inc., Term Loan B, 8/06/2020(d)		5,044,014
	7,975,978	World Triathlon Corp., Term Loan, 5.250%, 6/26/2021(b)		7,906,188
				21,188,982
		Lodging — 1.1%
	8,485,000	ESH Hospitality, Inc., Term Loan, 5.000%, 6/24/2019(b)		8,538,031
	8,709,556	Four Seasons Holdings, Inc., 2nd Lien Term Loan, 6.250%, 12/27/2020(b)		8,753,104
				17,291,135
		Media Entertainment — 5.2%
	5,033,386	Advanstar Communications, Inc., New 1st Lien Term Loan, 5.500%, 4/29/2019(b)		5,020,802
	5,795,000	Advanstar Communications, Inc., New 2nd Lien Term Loan, 9.500%, 6/06/2020(b)		5,823,975

See accompanying notes to financial statements.

45  |

Portfolio of Investments – as of November 30, 2014

Loomis Sayles Senior Floating Rate and Fixed Income Fund – (continued)

Principal Amount		Description	Value (†)
		Media Entertainment —continued
$	10,244,000	ALM Media Holdings, Inc., 1st Lien Term Loan, 5.500%, 7/31/2020(b)	$	10,039,120
	10,093,616	Clear Channel Communications, Inc., Term Loan D, 6.904%, 1/30/2019(b)		9,483,760
	5,795,638	Deluxe Entertainment Services Group, Inc., Term Loan 2014, 6.500%, 2/28/2020(b)		5,317,497
	1,370,960	Dex Media West LLC, New Term Loan, 8.000%, 12/30/2016(b)		1,221,018
	7,588,000	Extreme Reach, Inc., 2nd Lien Term Loan, 10.500%, 1/24/2021(b)		7,606,970
	3,392,000	Metro-Goldwyn-Mayer, Inc., 2nd Lien Term Loan, 5.125%, 6/26/2020(b)		3,385,657
	5,563,800	Penton Media, Inc., New 1st Lien Term Loan, 5.500%, 10/03/2019(b)		5,553,396
	5,456,000	Penton Media, Inc., New 2nd Lien Term Loan, 9.000%, 10/02/2020(b)		5,401,440
	7,082,000	ProQuest LLC, New Term Loan B, 10/24/2021(d)		7,105,583
	7,623,144	Springer Science+Business Media Deutschland GmbH, USD Term Loan B3, 4.750%, 8/14/2020(b)		7,599,360
	7,139,138	YP LLC, USD Term Loan B, 8.000%, 6/04/2018(b)		7,161,484
				80,720,062
		Metals & Mining — 1.1%
	10,761,471	Arch Coal, Inc., Term Loan B, 6.250%, 5/16/2018(b)		9,470,094
	6,639,550	Bowie Resource Holdings LLC, 1st Lien Term Loan, 6.750%, 8/14/2020(b)		6,639,550
	1,175,120	Metal Services LLC, Term Loan B, 6.000%, 6/30/2017(b)		1,168,269
				17,277,913
		Natural Gas — 0.5%
	8,602,453	Southcross Holdings Borrower LP, Term Loan B, 6.000%, 8/04/2021(b)		8,403,564
		Oil Field Services — 2.0%
	4,200,000	FTS International, Inc., New Term Loan B, 5.750%, 4/16/2021(b)		3,986,514
	10,106,670	KCA Deutag U.S. Finance LLC, Term Loan, 6.250%, 5/13/2020(b)		8,994,936
	316,667	Pinnacle Holdco S.a.r.l., 2nd Lien Term Loan, 10.500%, 7/24/2020(b)		306,904
	2,605,387	Pinnacle Holdco S.a.r.l., Term Loan, 4.750%, 7/30/2019(b)		2,540,253
	8,344,159	Stallion Oilfield Services Ltd., Term Loan B, 8.000%, 6/19/2018(b)		7,780,928
	4,574,584	UTEX Industries, Inc., 1st Lien Term Loan 2014, 5.000%, 5/22/2021(b)		4,505,965
	3,501,031	UTEX Industries, Inc., 2nd Lien Term Loan 2014, 8.250%, 5/22/2022(b)		3,445,610
				31,561,110
		Other Utility — 0.7%
	11,973,000	PowerTeam Services LLC, 2nd Lien Term Loan, 8.250%, 11/06/2020(b)		11,613,810
		Packaging — 1.2%
	7,112,000	Hilex Poly Co. LLC, Term Loan, 5.000%, 6/30/2021(b)		7,065,772
	7,655,000	Husky Injection Molding Systems Ltd., 2nd Lien Term Loan, 7.250%, 6/30/2022(b)		7,492,331
	3,918,000	Pro Mach Group, Inc., 2014 1st Lien Term Loan B, 5.500%, 10/22/2021(b)		3,927,795
				18,485,898
		Pharmaceuticals — 1.1%
	6,566,555	eResearchTechnology, Inc., New Term Loan, 6.000%, 5/02/2018(b)		6,558,347
	6,074,750	JLL/Delta Dutch Newco BV, USD Term Loan, 4.250%, 3/11/2021(b)		5,932,661
	4,252,000	QoL meds LLC, Term Loan B, 5.500%, 7/15/2020(b)		4,230,740
				16,721,748

See accompanying notes to financial statements.

|  46

Portfolio of Investments – as of November 30, 2014

Loomis Sayles Senior Floating Rate and Fixed Income Fund – (continued)

Principal Amount		Description	Value (†)
		Property & Casualty Insurance — 2.3%
$	1,535,924	AmWINS Group LLC, New Term Loan, 5.000%, 9/06/2019(b)	$	1,537,198
	12,559,969	Applied Systems, Inc., New 2nd Lien Term Loan, 7.500%, 1/23/2022(b)		12,544,269
	9,625,000	CGSC of Delaware Holding Corp., 2nd Lien Term Loan C, 8.250%, 10/16/2020(b)		8,470,000
	2,954,887	Cunningham Lindsey U.S., Inc., 1st Lien Term Loan, 5.000%, 12/10/2019(b)		2,879,183
	701,591	Cunningham Lindsey U.S., Inc., 2nd Lien Term Loan, 9.250%, 6/10/2020(b)		684,051
	9,375,000	Mitchell International, Inc., New 2nd Lien Term Loan, 8.500%, 10/11/2021(b)		9,360,938
				35,475,639
		Restaurants — 2.3%
	589,286	Brasa Holdings, Inc., 2nd Lien Term Loan, 11.000%, 1/20/2020(b)		585,603
	5,972,000	Portillo’s Holdings LLC, 1st Lien Term Loan, 4.750%, 8/02/2021(b)		5,945,902
	7,679,000	Portillo’s Holdings LLC, 2nd Lien Term Loan, 8.000%, 8/01/2022(b)		7,650,204
	8,509,000	Red Lobster Management LLC, Term Loan B, 6.250%, 7/28/2021(b)		8,519,636
	7,703,055	Sagittarius Restaurants LLC, New Term Loan, 5.536%, 10/01/2018(c)		7,616,396
	5,103,000	TMK Hawk Parent Corp., 1st Lien Term Loan, 5.250%, 10/01/2021(b)		5,093,457
				35,411,198
		Retailers — 3.6%
	10,503,675	BDF Acquisition Corp., 1st Lien Term Loan, 5.250%, 2/12/2021(b)		10,206,106
	7,874,000	BJ’s Wholesale Club, Inc., New 2nd Lien Term Loan, 8.500%, 3/26/2020(b)		7,879,591
	4,361,697	David’s Bridal, Inc., New Term Loan B, 5.000%, 10/11/2019(b)		4,205,417
	3,042,000	Mattress Holdings Corp., 2014 Term Loan, 5.250%, 10/20/2021(b)		3,043,916
	2,500,000	Neiman Marcus Group, Inc. (The), 2020 Term Loan, 10/25/2020(d)		2,482,950
	6,700,000	Neiman Marcus Group, Inc. (The), 2020 Term Loan, 4.250%, 10/25/2020(b)		6,654,306
	5,076,884	PFS Holding Corp., 1st Lien Term Loan, 4.500%, 1/31/2021(b)		4,274,736
	7,382,183	Sportsman’s Warehouse Holdings, Inc., First Out Term Loan, 7.250%, 8/20/2019(b)		7,382,183
	5,009,445	Stuart Weitzman Acquisition Co. LLC, Term Loan, 4.500%, 4/08/2020(b)		4,890,471
	997,494	Talbots, Inc. (The), 1st Lien Term Loan, 4.750%, 3/19/2020(b)		968,816
	3,407,000	Talbots, Inc. (The), 2nd Lien Term Loan, 8.250%, 3/19/2021(b)		3,338,860
				55,327,352
		Supermarkets — 1.4%
	8,400,000	Acosta Holdco, Inc., 2014 Term Loan, 5.000%, 9/26/2021(b)		8,430,156
	12,900,000	Albertson’s Holdings LLC, Term Loan B4, 4.500%, 8/25/2021(b)		12,932,250
				21,362,406
		Technology — 8.9%
	8,249,545	Aptean, Inc., 1st Lien Term Loan, 5.250%, 2/26/2020(b)		8,043,306
	3,561,000	Aptean, Inc., 2nd Lien Term Loan, 8.500%, 2/26/2021(b)		3,412,613
	9,975,000	Aricent Technologies, 1st Lien Term Loan, 5.500%, 4/14/2021(b)		10,004,127
	4,450,000	Blue Coat Systems, Inc., 2nd Lien Term Loan, 9.500%, 6/28/2020(b)		4,444,437
	3,979,925	BMC Foreign Holding Co., USD Term Loan, 5.000%, 9/10/2020(b)		3,916,684
	6,754,000	BMC Software Finance, Inc., USD Term Loan, 5.000%, 9/10/2020(b)		6,645,463
	7,204,840	DataPipe, Inc., 1st Lien Term Loan, 5.250%, 3/15/2019(b)		7,138,772
	6,348,627	DataPipe, Inc., 2nd Lien Term Loan, 8.500%, 9/16/2019(b)		6,122,489
	6,395,000	Deltek, Inc., 2nd Lien Term Loan, 10.000%, 10/10/2019(b)		6,442,962
	3,789,720	Help/Systems LLC, USD Term Loan B, 5.500%, 6/28/2019(b)		3,747,086

See accompanying notes to financial statements.

47  |

Portfolio of Investments – as of November 30, 2014

Loomis Sayles Senior Floating Rate and Fixed Income Fund – (continued)

Principal Amount		Description	Value (†)
		Technology — continued
$	8,739,955	Internap Network Services Corp., Term Loan, 6.000%, 11/26/2019(b)	$	8,761,805
	4,191,000	IQOR U.S., Inc., 2nd Lien Term Loan, 9.750%, 4/01/2022(b)		3,824,288
	7,622,095	IQOR U.S., Inc., Term Loan B, 6.000%, 4/01/2021(b)		7,221,935
	8,400,000	MA FinanceCo. LLC, Term Loan B, 10/07/2021(d)		8,196,300
	5,381,374	MH Sub I LLC, 1st Lien Term Loan, 5.000%, 7/08/2021(b)		5,352,798
	4,243,000	MH Sub I LLC, 2nd Lien Term Loan, 8.500%, 7/08/2022(b)		4,136,925
	375,616	MH Sub I LLC, Delayed Draw Term Loan, 7/08/2021(d)(e)		373,621
	4,223,000	Oberthur Technologies of America Corp., USD Term Loan B2, 4.500%, 10/18/2019(b)		4,153,658
	8,119,939	Openlink International Intermediate, Inc., 2017 Term Loan, 6.250%, 10/28/2017(b)		8,079,339
	4,100,000	Rocket Software, Inc., 2nd Lien Term Loan, 10.250%, 2/08/2019(b)		4,100,000
	28,354	Rocket Software, Inc., New Term Loan, 5.750%, 2/08/2018(b)		28,354
	7,029,675	SafeNet, Inc., New 1st Lien Term Loan, 6.750%, 3/05/2020(b)		6,994,527
	418,069	Sirius Computer Solutions, Inc., Term Loan B, 7.000%, 11/30/2018(b)		421,205
	4,040,000	Telx Group, Inc. (The), 2nd Lien Term Loan, 7.500%, 4/09/2021(b)		3,965,947
	3,328,582	Triple Point Technology, Inc., 1st Lien Term Loan, 5.250%, 7/10/2020(b)		3,029,010
	10,350,000	Websense, Inc., 2nd Lien Term Loan, 8.250%, 12/24/2020(b)		10,220,625
				138,778,276
		Transportation Services — 2.9%
	4,205,460	Alfred Fueling Systems, Inc., 1st Lien Term Loan, 4.750%, 6/20/2021(b)		4,163,405
	9,502,078	FPC Holdings, Inc., 1st Lien Term Loan, 5.250%, 11/19/2019(b)		9,335,792
	9,762,364	OSG Bulk Ships, Inc., Exit Term Loan, 5.250%, 8/05/2019(b)		9,756,311
	9,183,260	OSG International, Inc., Exit Term Loan B, 5.750%, 8/05/2019(b)		9,137,344
	5,356,575	WP Mustang Holdings LLC, 1st Lien Term Loan B, 5.500%, 5/29/2021(b)		5,373,341
	7,467,570	YRC Worldwide, Inc., Term Loan, 8.250%, 2/13/2019(b)		7,396,031
				45,162,224
		Wireless — 1.1%
	14,192,000	Asurion LLC, New 2nd Lien Term Loan, 8.500%, 3/03/2021(b)		14,289,641
	3,100,000	Asurion LLC, New Term Loan B1, 5/24/2019(d)		3,085,058
				17,374,699
		Wirelines — 2.7%
	3,635,830	Fairpoint Communications, Inc., Refi Term Loan, 7.500%, 2/14/2019(b)		3,651,755
	4,733,000	Integra Telecom, Inc., 2nd Lien Term Loan, 9.750%, 2/21/2020(b)		4,694,568
	4,057,542	Level 3 Financing, Inc., Incremental Term Loan B5, 4.500%, 1/31/2022(b)		4,068,944
	7,990,473	LTS Buyer LLC, 2nd Lien Term Loan, 8.000%, 4/12/2021(b)		8,070,377
	418,969	MegaPath Group, Inc., Term Loan B, 10.500%, 12/20/2017(b)		398,020
	10,570,508	Nextgen Networks Pty Ltd., USD Term Loan B, 5.000%, 5/31/2021(b)		10,187,327
	3,289,000	Sable International Finance Ltd., Senior Secured Bridge Loan, 11/06/2016(d)		3,280,778
	7,295,966	U.S. Telepacific Corp., Term Loan, 11/25/2020(d)		7,241,246
				41,593,015
		Total Senior Loans (Identified Cost $1,412,026,838)		1,396,964,991

See accompanying notes to financial statements.

|  48

Portfolio of Investments – as of November 30, 2014

Loomis Sayles Senior Floating Rate and Fixed Income Fund – (continued)

Principal Amount		Description	Value (†)
	Bonds and Notes — 11.8%
		Building Materials — 0.4%
$	7,340,000	Atrium Windows & Doors, Inc., 7.750%, 5/01/2019, 144A	$	7,009,700
		Cable Satellite — 0.4%
	4,292,000	Intelsat Luxembourg S.A., 7.750%, 6/01/2021		4,447,585
	2,000,000	WideOpenWest Finance LLC/WideOpenWest Capital Corp., 10.250%, 7/15/2019		2,170,000
				6,617,585
		Chemicals — 2.6%
	8,430,000	Consolidated Energy Finance S.A., 6.750%, 10/15/2019, 144A		8,451,075
	11,660,000	Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC, 8.875%, 2/01/2018		11,018,700
	310,000	INEOS Group Holdings S.A., 5.875%, 2/15/2019, 144A		301,475
	7,510,000	INEOS Group Holdings S.A., 6.125%, 8/15/2018, 144A		7,388,713
	2,297,000	Nexeo Solutions LLC/Nexeo Solutions Finance Corp., 8.375%, 3/01/2018		2,251,060
	11,075,000	Perstorp Holding AB, 11.000%, 8/15/2017, 144A		10,964,250
				40,375,273
		Consumer Cyclical Services — 0.2%
	2,454,000	ServiceMaster Co. LLC (The), 7.100%, 3/01/2018		2,515,350
		Consumer Products — 0.7%
	8,100,000	Serta Simmons Holdings LLC, 8.125%, 10/01/2020, 144A		8,626,500
	3,100,000	Visant Corp., 10.000%, 10/01/2017		2,774,500
				11,401,000
		Electric — 0.6%
	8,250,000	Dynegy Finance I, Inc./Dynegy Finance II, Inc., 6.750%, 11/01/2019, 144A		8,580,000
		Finance Companies — 0.5%
	7,100,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		7,437,250
		Financial Other — 0.2%
	3,335,000	Rialto Holdings LLC/Rialto Corp., 7.000%, 12/01/2018, 144A		3,410,038
		Food & Beverage — 0.5%
	4,160,000	Big Heart Pet Brands, Inc., 7.625%, 2/15/2019		4,074,200
	3,235,000	Crestview DS Merger Sub II, Inc., 10.000%, 9/01/2021		3,817,300
				7,891,500
		Healthcare — 0.2%
	2,700,000	Emdeon, Inc., 11.000%, 12/31/2019		2,976,750
		Home Construction — 0.8%
	8,795,000	K. Hovnanian Enterprises, Inc., 7.000%, 1/15/2019, 144A		8,597,113
	3,424,000	K. Hovnanian Enterprises, Inc., 8.000%, 11/01/2019, 144A		3,424,000
				12,021,113
		Independent Energy — 0.7%
	2,225,000	Rex Energy Corp., 8.875%, 12/01/2020		2,202,750
	8,380,000	Sanchez Energy Corp., 7.750%, 6/15/2021		8,254,300
				10,457,050

See accompanying notes to financial statements.

49  |

Portfolio of Investments – as of November 30, 2014

Loomis Sayles Senior Floating Rate and Fixed Income Fund – (continued)

Principal Amount		Description	Value (†)
		Industrial Other — 0.5%
$	8,205,000	Permian Holdings, Inc., 10.500%, 1/15/2018, 144A	$	7,794,750
		Metals & Mining — 1.1%
	10,025,000	Barminco Finance Pty Ltd., 9.000%, 6/01/2018, 144A		8,621,500
	880,000	Emeco Pty Ltd., 9.875%, 3/15/2019, 144A		805,200
	5,100,000	Rain CII Carbon LLC/CII Carbon Corp., 8.000%, 12/01/2018, 144A		5,253,000
	3,000,000	Ryerson, Inc./Joseph T. Ryerson & Son, Inc., 9.000%, 10/15/2017		3,060,000
				17,739,700
		Oil Field Services — 0.7%
	7,535,000	FTS International, Inc., 6.250%, 5/01/2022, 144A		6,178,700
	7,490,000	Hercules Offshore, Inc., 10.250%, 4/01/2019, 144A		4,568,900
				10,747,600
		Packaging — 0.3%
	4,600,000	Beverage Packaging Holdings Luxembourg II S.A./Beverage Packaging Holdings II Issuer, Inc., 6.000%, 6/15/2017, 144A		4,588,500
		Retailers — 0.3%
	4,165,000	Petco Animal Supplies, Inc., 9.250%, 12/01/2018, 144A		4,352,425
		Technology — 0.3%
	4,347,000	Rolta Americas LLC, 8.875%, 7/24/2019, 144A		4,260,060
		Wirelines — 0.8%
	12,300,000	FairPoint Communications, Inc., 8.750%, 8/15/2019, 144A		12,730,500
		Total Bonds and Notes (Identified Cost $189,218,283)		182,906,144
	Short-Term Investments — 9.2%
	289,700	Repurchase Agreement with State Street Bank and Trust Company, dated 11/28/2014 at 0.000% to be repurchased at $289,700 on 12/01/2014 collateralized by $291,100 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $295,539 including accrued interest (Note 2 of Notes to Financial Statements)		289,700
	143,515,253	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 11/28/2014 at 0.010% to be repurchased at $143,515,373 on 12/01/2014 collateralized by $143,695,000 U.S. Treasury Note, 1.375% due 11/30/2015 valued at $146,389,281 including accrued interest (Note 2 of Notes to Financial Statements)		143,515,253
		Total Short-Term Investments (Identified Cost $143,804,953)		143,804,953
		Total Investments — 110.9% (Identified Cost $1,745,050,074)(a)		1,723,676,088
		Other assets less liabilities — (10.9)%		(169,001,069	)
		Net Assets — 100.0%	$	1,554,675,019
	(†)	See Note 2 of Notes to Financial Statements.

See accompanying notes to financial statements.

|  50

Portfolio of Investments – as of November 30, 2014

Loomis Sayles Senior Floating Rate and Fixed Income Fund – (continued)

(a)	Federal Tax Information:
	At November 30, 2014, the net unrealized depreciation on investments based on a cost of $1,746,812,269 for federal income tax purposes was as follows:
	Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	5,314,204
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(28,450,385	)
	Net unrealized depreciation	$	(23,136,181	)
(b)	Variable rate security. Rate as of November 30, 2014 is disclosed.
(c)	Variable rate security. Rate shown represents the weighted average rate of underlying contracts at November 30, 2014.
(d)	Position is unsettled. Contract rate was not determined at November 30, 2014 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
(e)	Unfunded loan commitment. Represents a contractual obligation for future funding at the option of the Borrower. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement.
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 November 30, 2014, the value of Rule 144A holdings amounted to $125,906,399 or 8.1% of net assets.
USD	United States Dollar

Industry Summary at November 30, 2014

Healthcare	10.0	%
Technology	9.2
Industrial Other	8.7
Consumer Cyclical Services	6.9
Chemicals	5.7
Media Entertainment	5.2
Building Materials	4.3
Retailers	3.9
Wirelines	3.5
Consumer Products	3.3
Automotive	3.2
Transportation Services	2.9
Food & Beverage	2.8
Oil Field Services	2.7
Property & Casualty Insurance	2.3
Restaurants	2.3
Metals & Mining	2.2
Other Investments, less than 2% each	22.6
Short-Term Investments	9.2
Total Investments	110.9
Other assets less liabilities	(10.9	)
Net Assets	100.0	%

See accompanying notes to financial statements.

51  |

Portfolio of Investments – as of November 30, 2014

Vaughan Nelson Select Fund

Shares		Description	Value (†)
	Common Stocks — 94.6% of Net Assets
		Aerospace & Defense — 12.2%
	23,075	General Dynamics Corp.	$	3,354,182
	26,400	Honeywell International, Inc.		2,615,448
	9,750	Precision Castparts Corp.		2,319,525
				8,289,155
		Banks — 4.5%
	56,675	Wells Fargo & Co.		3,087,654
		Beverages — 3.6%
	20,700	Anheuser-Busch InBev, Sponsored ADR		2,421,693
		Consumer Finance — 5.9%
	36,475	American Express Co.		3,371,019
	8,000	Capital One Financial Corp.		665,600
				4,036,619
		Diversified Financial Services — 3.9%
	11,375	CME Group, Inc.		962,780
	16,700	Moody’s Corp.		1,686,867
				2,649,647
		Energy Equipment & Services — 3.4%
	26,950	Schlumberger Ltd.		2,316,353
		Food & Staples Retailing — 5.0%
	50,150	Walgreen Co.		3,440,792
		Health Care Equipment & Supplies — 5.3%
	48,725	Medtronic, Inc.		3,599,316
		Health Care Providers & Services — 6.2%
	42,850	UnitedHealth Group, Inc.		4,226,295
		Insurance — 4.4%
	55,075	American International Group, Inc.		3,018,110
		Internet & Catalog Retail — 4.7%
	2,775	Priceline Group, Inc. (The)(b)		3,219,527
		Internet Software & Services — 7.2%
	24,000	eBay, Inc.(b)		1,317,120
	2,450	Google, Inc., Class A(b)		1,345,246
	4,100	Google, Inc., Class C(b)		2,221,503
				4,883,869
		IT Services — 3.9%
	30,275	MasterCard, Inc., Class A		2,642,705
		Machinery — 4.3%
	20,150	Cummins, Inc.		2,934,243
		Oil, Gas & Consumable Fuels — 2.8%
	58,825	Cabot Oil & Gas Corp.		1,943,578
		Pharmaceuticals — 3.7%
	27,500	Mallinckrodt PLC(b)		2,536,050

See accompanying notes to financial statements.

|  52

Portfolio of Investments – as of November 30, 2014

Vaughan Nelson Select Fund – (continued)

Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — 3.5%
	25,350	Avago Technologies Ltd.	$	2,367,690
		Software — 5.6%
	80,025	Microsoft Corp.		3,825,995
		Textiles, Apparel & Luxury Goods — 4.5%
	27,600	Fossil Group, Inc.(b)		3,083,472
		Total Common Stocks (Identified Cost $57,619,120)		64,522,763
Principal Amount
	Short-Term Investments — 4.3%
$	2,955,237	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 11/28/2014 at 0.010% to be repurchased at $2,955,239 on 12/01/2014 collateralized by $2,970,000 U.S. Treasury Note, 2.125% due 9/30/2021 valued at $3,018,263 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $2,955,237)		2,955,237
		Total Investments — 98.9% (Identified Cost $60,574,357)(a)		67,478,000
		Other assets less liabilities — 1.1%		754,031
		Net Assets — 100.0%	$	68,232,031
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information:
		At November 30, 2014, the net unrealized appreciation on investments based on a cost of $60,646,598 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	7,186,341
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(354,939	)
		Net unrealized appreciation	$	6,831,402
	(b)	Non-income producing security.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

See accompanying notes to financial statements.

53  |

Portfolio of Investments – as of November 30, 2014

Vaughan Nelson Select Fund – (continued)

Industry Summary at November 30, 2014

Aerospace & Defense	12.2	%
Internet Software & Services	7.2
Health Care Providers & Services	6.2
Consumer Finance	5.9
Software	5.6
Health Care Equipment & Supplies	5.3
Food & Staples Retailing	5.0
Internet & Catalog Retail	4.7
Banks	4.5
Textiles, Apparel & Luxury Goods	4.5
Insurance	4.4
Machinery	4.3
Diversified Financial Services	3.9
IT Services	3.9
Pharmaceuticals	3.7
Beverages	3.6
Semiconductors & Semiconductor Equipment	3.5
Energy Equipment & Services	3.4
Oil, Gas & Consumable Fuels	2.8
Short-Term Investments	4.3
Total Investments	98.9
Other assets less liabilities	1.1
Net Assets	100.0	%

See accompanying notes to financial statements.

|  54

Statements of Assets and Liabilities

November 30, 2014

	Gateway International Fund			Loomis Sayles Dividend Income Fund*		Loomis Sayles Emerging Markets Opportunities Fund
ASSETS
Investments at cost	$	16,492,529		$	28,180,940	$	34,257,102
Net unrealized appreciation		2,808,762			3,522,346		497,734
Investments at value		19,301,291			31,703,286		34,754,836
Cash		—			4,503		—
Due from brokers (Note 2)		—			—		530,000
Foreign currency at value (identified cost $50,568, $0 and $35,770, respectively)		50,169			—		35,712
Receivable for Fund shares sold		50,110			27,902		8,064
Receivable from investment adviser (Note 6)		4,271			—		18,617
Receivable for securities sold		69,677			43,193		352,794
Dividends and interest receivable		51,653			242,135		400,740
Unrealized appreciation on forward foreign currency contracts (Note 2)		—			—		22,159
Tax reclaims receivable		30,701			1,766		—
Fees receivable on swap agreements (Note 2)		—			—		8,993
TOTAL ASSETS		19,557,872			32,022,785		36,131,915
LIABILITIES
Options written, at value (premiums received $169,256, $4,627 and $0, respectively) (Note 2)		139,507			7,838		—
Payable for securities purchased		12,031			95,606		519,867
Unrealized depreciation on bilateral swap agreements (Note 2)		—			—		21,632
Payable for Fund shares redeemed		51,915			250		—
Unrealized depreciation on forward foreign currency contracts (Note 2)		—			—		7,690
Unamortized upfront premiums received on bilateral swap agreements (Note 2)		—			—		345,818
Payable for variation margin on futures contracts (Note 2)		—			—		1,525
Management fees payable (Note 6)		—			6,224		—
Deferred Trustees’ fees (Note 6)		24,426			26,060		9,067
Administrative fees payable (Note 6)		674			1,106		1,231
Payable to distributor (Note 6d)		73			957		587
Other accounts payable and accrued expenses		70,804			54,587		86,227
TOTAL LIABILITIES		299,430			192,628		993,644
NET ASSETS	$	19,258,442		$	31,830,157	$	35,138,271
NET ASSETS CONSIST OF:
Paid-in capital	$	19,854,411		$	25,496,199	$	34,441,446
Undistributed net investment income		533,347			118,390		4,977
Accumulated net realized gain (loss) on investments, futures contracts, options written, swap agreements and foreign currency transactions		(3,963,836	)		2,696,658		174,734
Net unrealized appreciation on investments, futures contracts, options written, swap agreements and foreign currency translations		2,834,520			3,518,910		517,114
NET ASSETS	$	19,258,442		$	31,830,157	$	35,138,271

See accompanying notes to financial statements.

55  |

Statements of Assets and Liabilities (continued)

November 30, 2014

	Gateway International Fund		Loomis Sayles Dividend Income Fund*		Loomis Sayles Emerging Markets Opportunities Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	7,716,829	$	7,569,401	$	6,891,987
Shares of beneficial interest		800,414		581,377		668,901
Net asset value and redemption price per share	$	9.64	$	13.02	$	10.30
Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	10.23	$	13.81	$	10.79
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	6,541,889	$	1,716,222	$	32,692
Shares of beneficial interest		688,977		132,252		3,181
Net asset value and offering price per share	$	9.50	$	12.98	$	10.28
Class N shares:
Net assets	$	—	$	—	$	1,063
Shares of beneficial interest		—		—		103
Net asset value, offering and redemption price per share	$	—	$	—	$	10.30	**
Class Y shares:
Net assets	$	4,999,724	$	22,544,534	$	28,212,529
Shares of beneficial interest		515,564		1,730,395		2,739,322
Net asset value, offering and redemption price per share	$	9.70	$	13.03	$	10.30

* Formerly Loomis Sayles Capital Income Fund.

** Net asset value calculations reflect fractional share and dollar amounts.

See accompanying notes to financial statements.

|  56

Statements of Assets and Liabilities (continued)

November 30, 2014

	Loomis Sayles Senior Floating Rate and Fixed Income  Fund			Vaughan Nelson Select Fund
ASSETS
Investments at cost	$	1,745,050,074		$	60,574,357
Net unrealized appreciation (depreciation)		(21,373,986	)		6,903,643
Investments at value		1,723,676,088			67,478,000
Cash		—			16,358
Receivable for Fund shares sold		3,839,969			759,828
Receivable for securities sold		8,482,898			—
Dividends and interest receivable		14,454,266			86,917
Tax reclaims receivable		—			4,707
TOTAL ASSETS		1,750,453,221			68,345,810
LIABILITIES
Payable for securities purchased		92,495,050			—
Loan payable (Note 8)		100,000,000			—
Payable for Fund shares redeemed		1,338,761			—
Management fees payable (Note 6)		681,274			38,343
Deferred Trustees’ fees (Note 6)		48,464			22,572
Administrative fees payable (Note 6)		53,814			2,185
Payable to distributor (Note 6d)		8,323			345
Other accounts payable and accrued expenses		1,152,516			50,334
TOTAL LIABILITIES		195,778,202			113,779
NET ASSETS	$	1,554,675,019		$	68,232,031
NET ASSETS CONSIST OF:
Paid-in capital	$	1,579,719,394		$	59,321,603
Undistributed (Distributions in excess of) net investment income		2,301,153			(2,012	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(5,971,542	)		2,008,797
Net unrealized appreciation (depreciation) on investments		(21,373,986	)		6,903,643
NET ASSETS	$	1,554,675,019		$	68,232,031
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	317,293,352		$	11,182,112
Shares of beneficial interest		30,501,085			756,463
Net asset value and redemption price per share	$	10.40		$	14.78
Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	10.78		$	15.68
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	215,188,782		$	2,954,941
Shares of beneficial interest		20,740,212			203,546
Net asset value and offering price per share	$	10.38		$	14.52
Class Y shares:
Net assets	$	1,022,192,885		$	54,094,978
Shares of beneficial interest		98,216,458			3,647,065
Net asset value, offering and redemption price per share	$	10.41		$	14.83

See accompanying notes to financial statements.

57  |

Statements of Operations

For the Year Ended November 30, 2014

	Gateway International Fund			Loomis Sayles Dividend Income Fund*			Loomis Sayles Emerging Markets Opportunities Fund(a)
INVESTMENT INCOME
Interest	$	9		$	247,896		$	1,204,513
Dividends		989,491	(b)		969,180	(b)		17,596
Less net foreign taxes withheld		(57,572	)		(4,486	)		(7,601	)
		931,928			1,212,590			1,214,508
Expenses
Management fees (Note 6)		178,175			135,460			187,488
Service and distribution fees (Note 6)		88,253			39,422			8,293
Administrative fees (Note 6)		10,313			9,782			10,785
Trustees’ fees and expenses (Note 6)		18,150			18,190			15,597
Transfer agent fees and expenses (Notes 6 and 7)		15,481			13,223			6,363
Audit and tax services fees		45,024			51,361			53,766
Custodian fees and expenses		74,113			18,791			24,933
Interest expense (Note 9)		1,588			—			—
Legal fees		191			188			226
Registration fees		63,503			51,847			54,387
Shareholder reporting expenses		13,276			5,739			2,672
Miscellaneous expenses		24,025			15,223			10,252
Total expenses		532,092			359,226			374,762
Less waiver and/or expense reimbursement (Note 6)		(181,951	)		(105,069	)		(116,385	)
Net expenses		350,141			254,157			258,377
Net investment income		581,787			958,433			956,131
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS WRITTEN, SWAP AGREEMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		696,511			2,612,796			(15,298	)
Futures contracts		—			—			127,301
Options written		214,924			19,065			1,203
Swap agreements		—			—			25,966
Foreign currency transactions		(22,518	)		(355	)		7,955
Increase from payments by affiliates (Note 6)		10,567			—			—
Net change in unrealized appreciation (depreciation) on:
Investments		(2,429,423	)		(507,584	)		497,734
Futures contracts		—			—			17,610
Options written		44,325			(3,282	)		—
Swap agreements		—			—			(12,639	)
Foreign currency translations		(3,715	)		(217	)		14,409
Net realized and unrealized gain (loss) on investments, futures contracts, options written, swap agreements and foreign currency transactions		(1,489,329	)		2,120,423			664,241
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(907,542	)	$	3,078,856		$	1,620,372

* Formerly Loomis Sayles Capital Income Fund.

(a) From commencement of operations on February 10, 2014 through November 30, 2014.

(b) Includes non-recurring dividends of $226,122 and $348,055 for Gateway International Fund and Loomis Sayles Dividend Income Fund, respectively.

See accompanying notes to financial statements.

|  58

Statements of Operations (continued)

For the Year Ended November 30, 2014

	Loomis Sayles Senior Floating Rate and Fixed Income Fund			Vaughan Nelson Select Fund
INVESTMENT INCOME
Interest	$	101,396,209		$	37
Dividends		41,201			554,163
Less net foreign taxes withheld		—			(7,794	)
		101,437,410			546,406
Expenses
Management fees (Note 6)		9,551,870			353,995
Service and distribution fees (Note 6)		3,098,662			55,799
Administrative fees (Note 6)		664,824			18,004
Trustees’ fees and expenses (Note 6)		41,536			18,273
Transfer agent fees and expenses (Notes 6 and 7)		952,175			23,216
Audit and tax services fees		87,483			41,187
Custodian fees and expenses		399,857			16,048
Interest expense (Note 9)		734,557			—
Legal fees		49,334			352
Registration fees		301,486			70,578
Shareholder reporting expenses		109,670			5,443
Miscellaneous expenses		439,818			13,798
Total expenses		16,431,272			616,693
Less waiver and/or expense reimbursement (Note 6)		(240,976	)		(81,811	)
Net expenses		16,190,296			534,882
Net investment income		85,247,114			11,524
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		1,394,499			2,046,942
Foreign currency transactions		(614	)		—
Net change in unrealized appreciation (depreciation) on:
Investments		(23,608,611	)		3,930,789
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(22,214,726	)		5,977,731
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	63,032,388		$	5,989,255

See accompanying notes to financial statements.

59  |

This Page Intentionally Left Blank

|  60

Statements of Changes in Net Assets

	Gateway International Fund						Loomis Sayles Dividend Income Fund*
	Year Ended November 30, 2014			Year Ended November 30, 2013			Year Ended November 30, 2014			Year Ended November 30, 2013
FROM OPERATIONS:
Net investment income	$	581,787		$	551,088		$	958,433		$	640,577
Net realized gain (loss) on investments, futures contracts, options written, swap agreements, foreign currency transactions and increase from payments by affiliates		899,484			(3,931,470	)		2,631,506			1,497,188
Net change in unrealized appreciation (depreciation) on investments, futures contracts, options written, swap agreements and foreign currency translations		(2,388,813	)		4,399,596			(511,083	)		3,189,039
Net increase (decrease) in net assets resulting from operations		(907,542	)		1,019,214			3,078,856			5,326,804
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(135,604	)		(108,375	)		(247,108	)		(113,164	)
Class C		(64,479	)		(7,312	)		(76,058	)		(21,251	)
Class N		—			—			—			—
Class Y		(289,639	)		(434,389	)		(548,134	)		(534,440	)
Net realized capital gains
Class A		—			—			(353,619	)		(5,207	)
Class C		—			—			(321,318	)		(154	)
Class Y		—			—			(836,248	)		(33,113	)
Total distributions		(489,722	)		(550,076	)		(2,382,485	)		(707,329	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 13)		(12,053,310	)		5,079,814			5,978,520			838,563
Net increase (decrease) in net assets		(13,450,574	)		5,548,952			6,674,891			5,458,038
NET ASSETS
Beginning of the year		32,709,016			27,160,064			25,155,266			19,697,228
End of the year	$	19,258,442		$	32,709,016		$	31,830,157		$	25,155,266
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	533,347		$	463,056		$	118,390		$	93,450

* Formerly Loomis Sayles Capital Income Fund.

(a) From commencement of operations on February 10, 2014 through November 30, 2014.

See accompanying notes to financial statements.

61  |

Statements of Changes in Net Assets (continued)

Loomis Sayles Emerging Markets Opportunities Fund			Loomis Sayles Senior Floating Rate and Fixed Income Fund						Vaughan Nelson Select Fund
Period Ended November 30, 2014(a)			Year Ended November 30, 2014			Year Ended November 30, 2013			Year Ended November 30, 2014			Year Ended November 30, 2013
$	956,131		$	85,247,114		$	38,680,385		$	11,524		$	41,412
	147,127			1,393,885			(668,614	)		2,046,942			2,579,520
	517,114			(23,608,611	)		1,120,957			3,930,789			2,884,801
	1,620,372			63,032,388			39,132,728			5,989,255			5,505,733
	(113,919	)		(22,500,486	)		(13,740,965	)		(6,348	)		—
	(331	)		(10,332,889	)		(4,935,510	)		—			—
	(32	)		—			—			—			—
	(825,391	)		(55,152,730	)		(22,397,382	)		(27,302	)		(22,881	)
	—			—			(526,071	)		(964,875	)		(23,743	)
	—			—			(134,855	)		(118,489	)		(3,873	)
	—			—			(272,651	)		(1,439,450	)		(236,379	)
	(939,673	)		(87,986,105	)		(42,007,434	)		(2,556,464	)		(286,876	)
	34,457,572			206,911,045			1,225,901,010			40,001,524			11,883,129
	35,138,271			181,957,328			1,223,026,304			43,434,315			17,101,986
	—			1,372,717,691			149,691,387			24,797,716			7,695,730
$	35,138,271		$	1,554,675,019		$	1,372,717,691		$	68,232,031		$	24,797,716
$	4,977		$	2,301,153		$	674,221		$	(2,012	)	$	21,434

See accompanying notes to financial statements.

|  62

Financial Highlights

For a share outstanding throughout each period.

	Gateway International Fund—Class A
	Year Ended November 30, 2014			Year Ended November 30, 2013			Period Ended November 30, 2012*
Net asset value, beginning of the period	$	10.01		$	9.92		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.25	(b)		0.17			0.09
Net realized and unrealized gain (loss)		(0.48	)		0.11			(0.17	)
Total from Investment Operations		(0.23	)		0.28			(0.08	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.19	)		—
Net realized capital gains		—			—			—
Total Distributions		(0.14	)		(0.19	)		—
Net asset value, end of the period	$	9.64		$	10.01		$	9.92
Total return(c)(d)		(2.24	)%(b)		2.85	%		(0.80	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	7,717		$	9,276		$	5,632
Net expenses(f)		1.35	%(h)		1.35	%		1.35	%(g)
Gross expenses		2.16	%(e)		2.17	%		2.36	%(g)
Net investment income		2.56	%(b)		1.72	%		1.37	%(g)
Portfolio turnover rate		35	%		29	%		20	%

* From commencement of operations on March 30, 2012 through November 30, 2012.

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

(b) Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.18, total return would have been (2.95)% and the ratio of net investment income to average net assets would have been 1.84%.

(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) Includes interest expense of 0.01%. Without this expense the ratio of gross expenses would have been 2.15%.

(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) The investment adviser voluntarily agreed to reimburse a portion of the Fund’s interest expense during the period. Without this reimbursement, expense would have been higher.

See accompanying notes to financial statements.

63  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Gateway International Fund—Class C
	Year Ended November 30, 2014			Year Ended November 30, 2013			Period Ended November 30, 2012*
Net asset value, beginning of the period	$	9.91		$	9.88		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.16	(b)		0.08			0.05
Net realized and unrealized gain (loss)		(0.46	)		0.13			(0.17	)
Total from Investment Operations		(0.30	)		0.21			(0.12	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.18	)		—
Net realized capital gains		—			—			—
Total Distributions		(0.11	)		(0.18	)		—
Net asset value, end of the period	$	9.50		$	9.91		$	9.88
Total return(c)(d)		(3.03	)%(b)		2.13	%		(1.20	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	6,542		$	4,935		$	241
Net expenses(e)		2.10	%(h)		2.10	%		2.10	%(g)
Gross expenses		2.91	%(f)		2.78	%		3.13	%(g)
Net investment income		1.64	%(b)		0.85	%		0.73	%(g)
Portfolio turnover rate		35	%		29	%		20	%

* From commencement of operations on March 30, 2012 through November 30, 2012.

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

(b) Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.10, total return would have been (3.75)% and the ratio of net investment income to average net assets would have been 1.01%.

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

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

(f) Includes interest expense of 0.01%. Without this expense the ratio of gross expenses would have been 2.90%.

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

(h) The investment adviser voluntarily agreed to reimburse a portion of the Fund’s interest expense during the period. Without this reimbursement, expenses would have been higher.

See accompanying notes to financial statements.

|  64

Financial Highlights (continued)

For a share outstanding throughout each period.

	Gateway International Fund—Class Y
	Year Ended November 30, 2014			Year Ended November 30, 2013			Period Ended November 30, 2012*
Net asset value, beginning of the period	$	10.04		$	9.94		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.29	(b)		0.19			0.18
Net realized and unrealized gain (loss)		(0.47	)		0.11			(0.24	)
Total from Investment Operations		(0.18	)		0.30			(0.06	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.16	)		(0.20	)		—
Net realized capital gains		—			—			—
Total Distributions		(0.16	)		(0.20	)		—
Net asset value, end of the period	$	9.70		$	10.04		$	9.94
Total return(c)		(1.86	)%(b)		3.08	%		(0.60	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	5,000		$	18,497		$	21,287
Net expenses(d)		1.10	%(g)		1.10	%		1.10	%(f)
Gross expenses		1.78	%(e)		1.93	%		2.36	%(f)
Net investment income		2.98	%(b)		1.96	%		2.76	%(f)
Portfolio turnover rate		35	%		29	%		20	%

* From commencement of operations on March 30, 2012 through November 30, 2012.

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

(b) Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.15, total return would have been (2.46)% and the ratio of net investment income to average net assets would have been 1.49%.

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

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

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

(g) The investment adviser voluntarily agreed to reimburse a portion of the Fund’s interest expense during the period. Without this reimbursement, expenses would have been higher.

See accompanying notes to financial statements.

65  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Loomis Sayles Dividend Income Fund*—Class A
	Year Ended November 30, 2014			Year Ended November 30, 2013			Period Ended November 30, 2012**
Net asset value, beginning of the period	$	12.87		$	10.43		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.51	(b)		0.32			0.25	(c)
Net realized and unrealized gain (loss)		0.91			2.47			0.34
Total from Investment Operations		1.42			2.79			0.59
LESS DISTRIBUTIONS FROM:
Net investment income		(0.50	)		(0.33	)		(0.16	)
Net realized capital gains		(0.77	)		(0.02	)		—
Total Distributions		(1.27	)		(0.35	)		(0.16	)
Net asset value, end of the period	$	13.02		$	12.87		$	10.43
Total return(d)(e)		11.95	%(b)		27.35	%		6.01	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	7,569		$	5,978		$	2,691
Net expenses(f)		1.20	%		1.20	%		1.20	%(g)
Gross expenses		1.67	%		1.55	%		1.74	%(g)
Net investment income		4.03	%(b)		2.70	%		3.67	%(c)(g)
Portfolio turnover rate		65	%		45	%		14	%

* Formerly Loomis Sayles Capital Income Fund.

** From commencement of operations on March 30, 2012 through November 30, 2012.

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

(b) Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.33, total return would have been 10.53% and the ratio of net investment income to average net assets would have been 2.63%.

(c) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.23, total return would have been 5.71% and the ratio of net investment income to average net assets would have been 3.31%.

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

(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.

	Loomis Sayles Dividend Income Fund*—Class C
	Year Ended November 30, 2014			Year Ended November 30, 2013			Period Ended November 30, 2012**
Net asset value, beginning of the period	$	12.81		$	10.42		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.44	(b)		0.25			0.20	(c)
Net realized and unrealized gain (loss)		0.89			2.45			0.34
Total from Investment Operations		1.33			2.70			0.54
LESS DISTRIBUTIONS FROM:
Net investment income		(0.39	)		(0.29	)		(0.12	)
Net realized capital gains		(0.77	)		(0.02	)		—
Total Distributions		(1.16	)		(0.31	)		(0.12	)
Net asset value, end of the period	$	12.98		$	12.81		$	10.42
Total return(d)(e)		11.14	%(b)		26.40	%		5.44	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,716		$	5,260		$	61
Net expenses(f)		1.95	%		1.95	%		1.95	%(g)
Gross expenses		2.42	%		2.21	%		2.53	%(g)
Net investment income		3.54	%(b)		2.03	%		3.01	%(c)(g)
Portfolio turnover rate		65	%		45	%		14	%

* Formerly Loomis Sayles Capital Income Fund.

** From commencement of operations on March 30, 2012 through November 30, 2012.

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

(b) Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.21, total return would have been 9.71% and the ratio of net investment income to average net assets would have been 1.70%.

(c) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.17, total return would have been 5.14% and the ratio of net investment income to average net assets would have been 2.53%.

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

(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.

67  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Loomis Sayles Dividend Income Fund*—Class Y
	Year Ended November 30, 2014			Year Ended November 30, 2013			Period Ended November 30, 2012**
Net asset value, beginning of the period	$	12.88		$	10.44		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.56	(b)		0.35			0.26	(c)
Net realized and unrealized gain (loss)		0.90			2.47			0.35
Total from Investment Operations		1.46			2.82			0.61
LESS DISTRIBUTIONS FROM:
Net investment income		(0.54	)		(0.36	)		(0.17	)
Net realized capital gains		(0.77	)		(0.02	)		—
Total Distributions		(1.31	)		(0.38	)		(0.17	)
Net asset value, end of the period	$	13.03		$	12.88		$	10.44
Total return(d)		12.22	%(b)		27.63	%		6.19	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	22,545		$	13,917		$	16,945
Net expenses(e)		0.95	%		0.95	%		0.95	%(f)
Gross expenses		1.41	%		1.34	%		1.53	%(f)
Net investment income		4.46	%(b)		2.97	%		3.88	%(c)(f)
Portfolio turnover rate		65	%		45	%		14	%

* Formerly Loomis Sayles Capital Income Fund.

** From commencement of operations on March 30, 2012 through November 30, 2012.

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

(b) Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.37, total return would have been 10.80% and the ratio of net investment income to average net assets would have been 2.91%.

(c) Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.23, total return would have been 5.89%, and the ratio of net investment income to average net assets would have been 3.45%.

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

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

See accompanying notes to financial statements.

|  68

Financial Highlights (continued)

For a share outstanding throughout each period.

	Loomis Sayles Emerging Markets Opportunities Fund—Class A
	Period Ended November 30, 2014*
Net asset value, beginning of the period	$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.29
Net realized and unrealized gain (loss)		0.31
Total from Investment Operations		0.60
LESS DISTRIBUTIONS FROM:
Net investment income		(0.30	)
Net realized capital gains		—
Total Distributions		(0.30	)
Net asset value, end of the period	$	10.30
Total return(b)(c)		6.00	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	6,892
Net expenses(d)(e)		1.25	%
Gross expenses(e)		1.72	%
Net investment income(e)		3.52	%
Portfolio turnover rate		58	%

* From commencement of operations on February 10, 2014 through November 30, 2014.

(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. Periods less than one year are not annualized.

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

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

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

See accompanying notes to financial statements.

69  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Loomis Sayles Emerging Markets Opportunities Fund—Class C
	Period Ended November 30, 2014*
Net asset value, beginning of the period	$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.23
Net realized and unrealized gain (loss)		0.29
Total from Investment Operations		0.52
LESS DISTRIBUTIONS FROM:
Net investment income		(0.24	)
Net realized capital gains		—
Total Distributions		(0.24	)
Net asset value, end of the period	$	10.28
Total return(b)(c)		5.20	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	33
Net expenses(d)(e)		2.00	%
Gross expenses(e)		2.46	%
Net investment income(e)		2.82	%
Portfolio turnover rate		58	%

* From commencement of operations on February 10, 2014 through November 30, 2014.

(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. Periods less than one year are not annualized.

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

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

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

See accompanying notes to financial statements.

|  70

Financial Highlights (continued)

For a share outstanding throughout each period.

	Loomis Sayles Emerging Markets Opportunities Fund—Class N
	Period Ended November 30, 2014*
Net asset value, beginning of the period	$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.33
Net realized and unrealized gain (loss)		0.28
Total from Investment Operations		0.61
LESS DISTRIBUTIONS FROM:
Net investment income		(0.31	)
Net realized capital gains		—
Total Distributions		(0.31	)
Net asset value, end of the period	$	10.30
Total return(b)		6.18	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1
Net expenses(c)(d)		0.95	%
Gross expenses(d)		8.10	%
Net investment income(d)		3.97	%
Portfolio turnover rate		58	%

* From commencement of operations on February 10, 2014 through November 30, 2014.

(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. Periods less than one year are not annualized.

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

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

See accompanying notes to financial statements.

71  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Loomis Sayles Emerging Markets Opportunities Fund—Class Y
	Period Ended November 30, 2014*
Net asset value, beginning of the period	$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.32
Net realized and unrealized gain (loss)		0.29
Total from Investment Operations		0.61
LESS DISTRIBUTIONS FROM:
Net investment income		(0.31	)
Net realized capital gains		—
Total Distributions		(0.31	)
Net asset value, end of the period	$	10.30
Total return(b)		6.18	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	28,213
Net expenses(c)(d)		1.00	%
Gross expenses(d)		1.47	%
Net investment income(d)		3.87	%
Portfolio turnover rate		58	%

* From commencement of operations on February 10, 2014 through November 30, 2014.

(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. Periods less than one year are not annualized.

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

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

See accompanying notes to financial statements.

|  72

Financial Highlights (continued)

For a share outstanding throughout each period.

	Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class  A
	Year Ended November 30, 2014			Year Ended November 30, 2013			Year Ended November 30, 2012			Period Ended November 30, 2011*
Net asset value, beginning of the period	$	10.56		$	10.56		$	10.02		$	9.83
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.58			0.56			0.68			0.12
Net realized and unrealized gain (loss)		(0.14	)		0.10			0.49			0.17
Total from Investment Operations		0.44			0.66			1.17			0.29
LESS DISTRIBUTIONS FROM:
Net investment income		(0.60	)		(0.60	)		(0.61	)		(0.10	)
Net realized capital gains		—			(0.06	)		(0.02	)		—
Total Distributions		(0.60	)		(0.66	)		(0.63	)		(0.10	)
Net asset value, end of the period	$	10.40		$	10.56		$	10.56		$	10.02
Total return(b)		4.22	%(c)		6.43	%		12.02	%(c)		3.00	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	317,293		$	421,127		$	80,141		$	252
Net expenses		1.10	%(d)(f)		1.10	%(e)		1.10	%(f)		1.10	%(f)(g)
Gross expenses		1.11	%(d)		1.10	%(e)		1.48	%		7.66	%(g)
Net investment income		5.48	%		5.30	%		6.46	%		7.00	%(g)
Portfolio turnover rate		107	%		82	%		90	%		17	%

* From commencement of Class operations on September 30, 2011 through November 30, 2011.

(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. Periods less than one year are not annualized.

(d) Includes interest expense of 0.05%. Without this expense the ratio of net expenses would have been 1.05% and the ratio of gross expenses would have been 1.06%.

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

See accompanying notes to financial statements.

73  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class  C
	Year Ended November 30, 2014			Year Ended November 30, 2013			Year Ended November 30, 2012			Period Ended November 30, 2011*
Net asset value, beginning of the period	$	10.53		$	10.54		$	10.02		$	9.83
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.50			0.48			0.60			0.09
Net realized and unrealized gain (loss)		(0.13	)		0.10			0.49			0.19
Total from Investment Operations		0.37			0.58			1.09			0.28
LESS DISTRIBUTIONS FROM:
Net investment income		(0.52	)		(0.53	)		(0.55	)		(0.09	)
Net realized capital gains		—			(0.06	)		(0.02	)		—
Total Distributions		(0.52	)		(0.59	)		(0.57	)		(0.09	)
Net asset value, end of the period	$	10.38		$	10.53		$	10.54		$	10.02
Total return(c)		3.47	%(b)		5.70	%		11.18	%(b)		2.87	%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	215,189		$	190,618		$	22,655		$	1
Net expenses		1.85	%(d)(f)		1.85	%(e)		1.85	%(f)		1.85	%(f)(g)
Gross expenses		1.87	%(d)		1.85	%(e)		2.26	%		5.00	%(g)
Net investment income		4.77	%		4.56	%		5.75	%		5.50	%(g)
Portfolio turnover rate		107	%		82	%		90	%		17	%

* From commencement of Class operations on September 30, 2011 through November 30, 2011.

(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. Periods less than one year are not annualized.

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

(d) Includes interest expense of 0.05%. Without this expense the ratio of net expenses would have been 1.80% and the ratio of gross expenses would have been 1.82%.

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

See accompanying notes to financial statements.

|  74

Financial Highlights (continued)

For a share outstanding throughout each period.

	Loomis Sayles Senior Floating Rate and Fixed Income Fund—Class  Y
	Year Ended November 30, 2014			Year Ended November 30, 2013			Year Ended November 30, 2012			Period Ended November 30, 2011*
Net asset value, beginning of the period	$	10.56		$	10.57		$	10.02		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.61			0.59			0.79			0.11
Net realized and unrealized gain (loss)		(0.13	)		0.09			0.41			0.02
Total from Investment Operations		0.48			0.68			1.20			0.13
LESS DISTRIBUTIONS FROM:
Net investment income		(0.63	)		(0.63	)		(0.63	)		(0.11	)
Net realized capital gains		—			(0.06	)		(0.02	)		—
Total Distributions		(0.63	)		(0.69	)		(0.65	)		(0.11	)
Net asset value, end of the period	$	10.41		$	10.56		$	10.57		$	10.02
Total return		4.49	%(b)		6.68	%		12.33	%(b)		1.29	%(b)(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,022,193		$	760,972		$	46,895		$	40,636
Net expenses		0.85	%(d)(f)		0.85	%(e)		0.85	%(d)		1.01	%(d)(g)(h)
Gross expenses		0.87	%(f)		0.85	%(e)		1.37	%		3.60	%(h)
Net investment income		5.76	%		5.55	%		7.57	%		5.17	%(h)
Portfolio turnover rate		107	%		82	%		90	%		17	%

* From commencement of operations on September 16, 2011 through November 30, 2011.

(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. Periods less than one year are not annualized.

(c) For the period September 30, 2011 (the date Class Y shares were first registered under the Securities Act of 1933) through November 30, 2011, the total return for Class Y shares was 3.04%.

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

(e) Includes fee/expense recovery of 0.02%.

(f) Includes interest expense of 0.05%. Without this expense the ratio of net expenses would have been 0.80% and the ratio of gross expenses would have been 0.82%.

(g) Prior to September 30, 2011, there was no expense limitation agreement in place for Class Y.

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

See accompanying notes to financial statements.

75  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Vaughan Nelson Select Fund—Class A
	Year Ended November 30, 2014			Year Ended November 30, 2013			Period Ended November 30, 2012*
Net asset value, beginning of the period	$	14.22		$	10.50		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.01	)		0.01	(b)		(0.00	)(c)
Net realized and unrealized gain (loss)		2.01			3.94			0.50
Total from Investment Operations		2.00			3.95			0.50
LESS DISTRIBUTIONS FROM:
Net investment income		(0.01	)		—			—
Net realized capital gains		(1.43	)		(0.23	)		—
Total Distributions		(1.44	)		(0.23	)		—
Net asset value, end of the period	$	14.78		$	14.22		$	10.50
Total return(d)(e)		15.31	%		38.44	%(b)		5.00	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	11,182		$	9,468		$	777
Net expenses(f)		1.40	%		1.40	%		1.40	%(g)
Gross expenses		1.62	%		1.96	%		3.36	%(g)
Net investment income (loss)		(0.08	)%		0.05	%(b)		(0.11	)%(g)
Portfolio turnover rate		64	%		112	%		72	%

* From commencement of operations on June 29, 2012 through November 30, 2012.

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

(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.01), total return would have been 38.24%, and the ratio of net investment loss 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. Periods less than one year are not annualized.

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

(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.

|  76

Financial Highlights (continued)

For a share outstanding throughout each period.

	Vaughan Nelson Select Fund—Class C
	Year Ended November 30, 2014			Year Ended November 30, 2013			Period Ended November 30, 2012*
Net asset value, beginning of the period	$	14.07		$	10.47		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.11	)		(0.08	)(b)		(0.03	)
Net realized and unrealized gain (loss)		1.99			3.91			0.50
Total from Investment Operations		1.88			3.83			0.47
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—
Net realized capital gains		(1.43	)		(0.23	)		—
Total Distributions		(1.43	)		(0.23	)		—
Net asset value, end of the period	$	14.52		$	14.07		$	10.47
Total return(c)(d)		14.54	%		37.38	%(b)		4.70	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,955		$	1,118		$	159
Net expenses(e)		2.15	%		2.15	%		2.15	%(f)
Gross expenses		2.35	%		2.76	%		4.48	%(f)
Net investment loss		(0.84	)%		(0.62	)%(b)		(0.78	)%(f)
Portfolio turnover rate		64	%		112	%		72	%

* From commencement of operations on June 29, 2012 through November 30, 2012.

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

(b) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.09), total return would have been 37.28%, and the ratio of net investment loss to average net assets would have been (0.75)%.

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

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

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

See accompanying notes to financial statements.

77  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Vaughan Nelson Select Fund—Class Y
	Year Ended November 30, 2014			Year Ended November 30, 2013			Period Ended November 30, 2012*
Net asset value, beginning of the period	$	14.24		$	10.51		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.02			0.04	(b)		(0.00	)(c)
Net realized and unrealized gain (loss)		2.03			3.94			0.51
Total from Investment Operations		2.05			3.98			0.51
LESS DISTRIBUTIONS FROM:
Net investment income		(0.03	)		(0.02	)		—
Net realized capital gains		(1.43	)		(0.23	)		—
Total Distributions		(1.46	)		(0.25	)		—
Net asset value, end of the period	$	14.83		$	14.24		$	10.51
Total return(d)		15.66	%		38.80	%(b)		5.10	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	54,095		$	14,211		$	6,759
Net expenses(e)		1.15	%		1.15	%		1.15	%(f)
Gross expenses		1.33	%		1.80	%		3.46	%(f)
Net investment income (loss)		0.16	%		0.33	%(b)		(0.10	)%(f)
Portfolio turnover rate		64	%		112	%		72	%

* From commencement of operations on June 29, 2012 through November 30, 2012.

(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 $0.02, total return would have been 38.61%, and the ratio of net investment income to average net assets would have been 0.15%.

(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. Periods less than one year are not annualized.

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

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

See accompanying notes to financial statements.

|  78

Notes to Financial Statements

November 30, 2014

1.  Organization.  Gateway Trust 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:

Gateway Trust:

Gateway International Fund

Natixis Funds Trust II:

Loomis Sayles Dividend Income Fund (formerly Loomis Sayles Capital Income Fund) (the “Dividend Income Fund”)

Loomis Sayles Emerging Markets Opportunities Fund (the “Emerging Markets Opportunities Fund”)

Loomis Sayles Senior Floating Rate and Fixed Income Fund (the “Senior Floating Rate and Fixed Income Fund”)

Vaughan Nelson Select Fund (the “Select Fund”)

The Emerging Markets Opportunities Fund commenced operations on February 10, 2014 via contribution to the Fund by Natixis Global Asset Management, L.P. (“Natixis US”) of $25,003,000.

Dividend Income Fund and Gateway International Fund are each a diversified investment company, while Emerging Markets Opportunities Fund, Senior Floating Rate and Fixed Income Fund and Select Fund are each a non-diversified investment company.

Each Fund offers Class A, Class C and Class Y shares. In addition, Emerging Markets Opportunities Fund offers Class N shares. Class A shares are sold with a maximum front-end sales charge of 5.75% for Gateway International Fund, Dividend Income Fund and Select Fund, 4.50% for Emerging Markets Opportunities Fund and 3.50% for Senior Floating Rate and Fixed Income Fund. Class C shares do not pay a front-end sales charge, do not convert to any other class of shares, pay higher Rule 12b-1 fees than 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 exclusively through intermediaries and are primarily intended for employer-sponsored retirement plans. Class Y shares are intended for institutional investors with a minimum initial investment of $100,000, though some categories of investors are exempted from the minimum investment amount as outlined in the Funds’ prospectus.

79  |

Notes to Financial Statements (continued)

November 30, 2014

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

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

a.  Valuation.  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 subadviser 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 subadviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows:

Equity securities (including closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange or market where 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. 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 equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service using market information, transactions for comparable securities and various relationships between securities, if available, or bid prices obtained from

|  80

Notes to Financial Statements (continued)

November 30, 2014

broker-dealers. Senior loans are valued at bid prices supplied by an independent pricing service, if available. Broker-dealer bid prices may be used to value debt and equity securities and senior loans 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. Domestic exchange-traded single equity option contracts (including options on exchange-traded funds) are valued at the mean of the National Best Bid and Offer quotations. Over-the-counter (“OTC”) options on exchange-traded funds (“ETFs”) are valued at the mid price (between the bid price and the ask price) supplied by an independent pricing service, if available. Options on ETFs not priced through an independent pricing service are valued based on quotations obtained from broker-dealers. Forward foreign currency contracts are valued utilizing interpolated rates determined based on information provided by an independent pricing service. Futures contracts are valued at the current settlement price on the exchange on which the adviser believes that, over time, they are traded most extensively. Centrally cleared credit default swap agreements are valued at settlement prices of the clearinghouse 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.

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 subadviser pursuant to procedures approved by the Board of Trustees. The Fund 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 (“NYSE”). 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 Fund 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 the Fund.

As of November 30, 2014, approximately 97% of the market value of Gateway International Fund’s investments and approximately 2% of the market value of Emerging Markets Opportunities Fund’s investments 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.

81  |

Notes to Financial Statements (continued)

November 30, 2014

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 is recorded on 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. 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 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 on the respective dates of such transactions.

Since the values of investment securities are presented at the foreign exchange rates prevailing at the end of the period, it is not practical to isolate that portion of the results of operations arising from changes in exchange rates from fluctuations which arise due to changes in market prices of investment securities. Such changes are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currency, currency gains or losses realized 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 and losses arise from changes in the value of assets and liabilities, other than investment securities, at the end of the fiscal period, resulting from changes in exchange rates.

Each Fund 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.  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 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 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

|  82

Notes to Financial Statements (continued)

November 30, 2014

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.  Certain 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 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, the Fund’s claim against initial/variation margin on deposit with the counterparty may be subject to terms of a final settlement in bankruptcy court.

f.   Option Contracts.  Certain 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.

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When a Fund writes an option, an amount equal to the net premium received (the premium less commission) is recorded as a liability and is subsequently adjusted to the current value. Net premiums received for written options which expire are treated as realized gains. Net premiums received for written options which are exercised are deducted from the cost or added to the proceeds on the underlying instrument to 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 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.  Swap Agreements.  Certain Funds may enter into credit default 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

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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.

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 Fund faces the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is 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 Fund based on the daily change in the value of the centrally cleared swap agreement. For centrally cleared swaps, the Fund’s counterparty credit risk is reduced as the CCP stands between the Fund and the counterparty. The Funds cover their net obligations under outstanding swap agreements by segregating or earmarking cash or securities.

h.  Due 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. Due from brokers’ balance in the Statements of Assets and Liabilities for Emerging Markets Opportunities Fund represents cash pledged as collateral for options, forward foreign currency contracts and bilateral swap agreements and as initial margin for futures contracts. In certain circumstances the Fund’s use of cash held at brokers is restricted by regulation or broker mandated limits.

i.  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

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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 November 30, 2014 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years, where applicable, remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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

j.  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined annually 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, paydown gains and losses, return of capital and capital gain distributions received, deferred Trustees’ fees, contingent payment debt instruments, non-deductible expenses, passive foreign investment company 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. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, wash sales,

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premium amortization, contingent payment debt instruments, futures and forward foreign currency contracts mark-to-market, return of capital distributions received and partnership basis adjustments. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the years ended November 30, 2014 and 2013 were as follows:

	2014 Distributions Paid From:						2013 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Gateway International Fund	$	489,722	$	—	$	489,722	$	550,076	$	—	$	550,076
Dividend Income Fund		1,601,456		781,029		2,382,485		698,276		9,053		707,329
Emerging Markets Opportunities Fund		939,673		—		939,673		—		—		—
Senior Floating Rate and Fixed Income Fund		87,986,105		—		87,986,105		42,007,434		—		42,007,434
Select Fund		2,243,055		313,409		2,556,464		286,876		—		286,876

Differences between these amounts and those reported in the Statements of Changes in Net Assets are primarily attributable to different book and tax treatment for short-term capital gains.

As of November 30, 2014, the components of distributable earnings on a tax basis were as follows:

	Gateway International Fund		Dividend Income Fund		Emerging Markets Opportunities Fund		Senior Floating Rate and Fixed Income Fund		Select Fund
Undistributed ordinary income	$	557,773	$	796,462	$	217,150	$	2,351,692	$	689,013
Undistributed long-term capital gains		—		2,082,756		86,947		—		1,412,586
Total undistributed earnings		557,773		2,879,218		304,097		2,351,692		2,101,599

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	Gateway International Fund			Dividend Income Fund		Emerging Markets Opportunities Fund		Senior Floating Rate and Fixed Income Fund			Select Fund
Capital loss carryforward:	$	—		$	—	$	—	$	—		$	—
Short-term:
No expiration date		(3,900,053	)*		—		—		(2,266,544	)		—
Long-term:
No expiration date		—			—		—		(1,942,803	)		—
Total capital loss carryforward		(3,900,053	)		—		—		(4,209,347	)		—
Unrealized appreciation (depreciation)		2,770,737			3,480,800		401,795		(23,136,181	)		6,831,402
Total accumulated earnings (losses)	$	(571,543	)	$	6,360,018	$	705,892	$	(24,993,836	)	$	8,933,001
Capital loss carryforward utilized in the current year	$	946,017		$	—	$	—	$	—		$	—

* Of the $3,900,053 capital loss carry forward (“CLCO”) for the Gateway International Fund, $1,137,699 is unrestricted and can be utilized to offset net realized capital gains in future fiscal years. Utilization of the remaining portion of the CLCO ($2,762,354) is subject to an annual limitation of $1,187,217, pursuant to Section 382 of the Internal Revenue Code.

k.  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 November 30, 2014, 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.

l.  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

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Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

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

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

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

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

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

The following is a summary of the inputs used to value the Funds’ investments as of November 30, 2014, at value:

Gateway International Fund

Asset Valuation Inputs

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	93,523	$	1,361,071		$	—	$	1,454,594
All Other Common Stocks(a)		—		17,316,632			—		17,316,632
Total Common Stocks		93,523		18,677,703			—		18,771,226
Purchased Options		42,183		—			—		42,183
Short-Term Investments		—		487,882			—		487,882
Total	$	135,706	$	19,165,585		$	—	$	19,301,291
Liability Valuation Inputs
Description	Level 1		Level 2			Level 3		Total
Written Options	$	—	$	(139,507	)	$	—	$	(139,507	)

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

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A common stock valued at $84,562 was transferred from Level 1 to Level 2 during the period ended November 30, 2014. At November 30, 2013, this security was valued at the market price in the foreign market in accordance with the Fund’s valuation policies. At November 30, 2014, 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.

A common stock valued at $129,661 was transferred from Level 2 to Level 1 during the period ended November 30, 2014. At November 30, 2013, 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 November 30, 2014, 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.

Dividend Income Fund

Asset Valuation Inputs

Description	Level 1			Level 2		Level 3		Total
Common Stocks(a)	$	25,429,975		$	—	$	—	$	25,429,975
Bonds and Notes(a)		—			4,338,383		—		4,338,383
Preferred Stocks(a)		284,519			—		—		284,519
Short-Term Investments		—			1,650,409		—		1,650,409
Total	$	25,714,494		$	5,988,792	$	—	$	31,703,286
Liability Valuation Inputs
Description	Level 1			Level 2		Level 3		Total
Written Options(a)	$	(7,838	)	$	—	$	—	$	(7,838	)

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

For the year ended November 30, 2014, there were no transfers among Levels 1, 2 and 3.

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Emerging Markets Opportunities Fund

Asset Valuation Inputs

Description	Level 1			Level 2			Level 3		Total
Bonds and Notes(a)	$	—		$	30,465,669		$	—	$	30,465,669
Senior Loans(a)		—			199,475			—		199,475
Common Stocks
Cambodia		—			167,825			—		167,825
Indonesia		—			367,686			—		367,686
All Other Common Stocks(a)		277,126			—			—		277,126
Total Common Stocks		277,126			535,511			—		812,637
Exchange Traded Funds(a)		754,725			—			—		754,725
Purchased Options(a)		—			431			—		431
Short-Term Investments		—			2,521,899			—		2,521,899
Total Investments		1,031,851			33,722,985			—		34,754,836
Forward Foreign Currency Contracts (unrealized appreciation)		—			22,159			—		22,159
Futures Contracts (unrealized appreciation)		21,899			—			—		21,899
Total	$	1,053,750		$	33,745,144		$	—	$	34,798,894
Liability Valuation Inputs
Description	Level 1			Level 2			Level 3		Total
Bilateral Credit Default Swap Agreements (unrealized depreciation)	$	—		$	(21,632	)	$	—	$	(21,632	)
Forward Foreign Currency Contracts (unrealized depreciation)		—			(7,690	)		—		(7,690	)
Futures Contracts (unrealized depreciation)		(4,289	)		—			—		(4,289	)
Total	$	(4,289	)	$	(29,322	)	$	—	$	(33,611	)

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

For the period ended November 30, 2014, there were no transfers among Levels 1, 2 and 3.

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Senior Floating Rate and Fixed Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Senior Loans(a)	$	—	$	1,396,964,991	$	—	$	1,396,964,991
Bonds and Notes(a)		—		182,906,144		—		182,906,144
Short-Term Investments		—		143,804,953		—		143,804,953
Total	$	—	$	1,723,676,088	$	—	$	1,723,676,088

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

For the year ended November 30, 2014, there were no transfers among Levels 1, 2 and 3.

Select Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	64,522,763	$	—	$	—	$	64,522,763
Short-Term Investments		—		2,955,237		—		2,955,237
Total	$	64,522,763	$	2,955,237	$	—	$	67,478,000

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

For the year ended November 30, 2014, 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 values as of November 30, 2013 and/or November 30, 2014:

Senior Floating Rate and Fixed Income Fund

Asset Valuation Inputs

Investments in Securities	Balance as of November 30, 2013		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases
Senior Loans Restaurants	$	6,580,930	$	—	$	—		$	15,548	$	—
Investments in Securities	Sales		Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2014		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at November 30, 2014
Senior Loans Restaurants	$	—	$	—	$	(6,596,478	)	$	—	$	—

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4.  Derivatives.  Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that Gateway International Fund, Dividend Income Fund and Emerging Markets Opportunities Fund used during the period include forward foreign currency contracts, futures contracts, option contracts and swap agreements.

Gateway International Fund seeks to capture the majority of the returns associated with international developed market equity investments, while exposing investors to less risk than such investments generally. To meet this investment goal, the Fund invests in a broadly diversified portfolio of common stocks of non-U.S. companies, including, but not limited to, Australia, the United Kingdom, the Euro Zone, Hong Kong, Japan and Switzerland, while also writing call options and buying put options on one or more non-U.S. equity indices, including options on ETFs that seek to replicate the performance of such indices. Writing call options can reduce the Fund’s volatility, provide a steady cash flow and be an important source of the Fund’s return, although it also may reduce the Fund’s ability to profit from increases in the value of its equity portfolio. Buying put options can protect the Fund from a significant market decline that may occur over a short period of time. The value of a put option generally increases as stock prices (and the value of the index or ETF) decrease and decreases as those stocks (and the index or ETF) increase in price. The Fund typically sells call options and buys put options on market indices or index-tracking ETFs that represent a significant portion of the capitalization in each of the markets in international developed equity markets. The combination of the diversified stock portfolio, the steady cash flow from writing call options and the downside protection from purchased put options is intended to provide the Fund with the majority of the returns associated with international developed equity market investments while exposing investors to less risk than other such investments. During the year ended November 30, 2014, the Fund used written call options and purchased put options in accordance with this objective.

Dividend Income 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 purchased put options and written call options to hedge against a decline in value of an equity security that it owns and may use written put options to offset the cost of options used for hedging purposes. The Fund may also use purchased call options, written call options and written put options for investment purposes. During the year ended November 30, 2014, the Fund engaged in written call option transactions for hedging purposes and written put and purchased call option transactions for investment purposes.

Emerging Markets Opportunities Fund seeks to provide high total investment return through a combination of high current income and capital appreciation. The Fund pursues its objective by generally obtaining its long investment exposures through direct cash investments and derivatives and short investment exposures substantially through derivatives, including forward foreign currency contracts, futures contracts,

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option contracts and swap agreements. During the period ended November 30, 2014, the Fund used forward foreign currency contracts, futures contracts, option contracts and credit default swap agreements (as a protection seller) to gain investment exposures in accordance with its objective.

Emerging Markets Opportunities 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 they hold without having to sell the bonds. During the period ended November 30, 2014, the Fund engaged in credit default swap transactions as a protection buyer to hedge its credit exposure.

Emerging Markets Opportunities Fund is subject to the risk that changes in interest rates will affect the value of the Fund’s investments in fixed income securities. The Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Fund may use futures contracts to hedge against changes in interest rates and to manage duration without having to buy or sell portfolio securities. During the period ended November 30, 2014, the Fund engaged in futures contracts to manage duration.

The following is a summary of derivative instruments for Gateway International Fund as of November 30, 2014, as reflected within the Statement of Assets and Liabilities:

Assets	Investments at value1
Exchange traded/cleared asset derivatives
Equity contracts	$	42,183
Liabilities	Options written at value
Over-the-counter liability derivatives
Equity contracts	$	(139,507	)

¹ Represents purchased options, at value.

Transactions in derivative instruments for Gateway International Fund during the year ended November 30, 2014, as reflected within the Statement of Operations, were as follows:

Net Realized Gain (Loss) on:	Investments2			Options written
Equity contracts	$	(479,823	)	$	214,924
Net Change in Unrealized Appreciation (Depreciation) on:	Investments2			Options written
Equity contracts	$	23,470		$	44,325

² Represents realized loss and change in unrealized appreciation (depreciation), respectively, for purchased options during the period.

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The following is a summary of derivative instruments for Dividend Income Fund as of November 30, 2014, as reflected within the Statement of Assets and Liabilities:

Liabilities	Options written at value
Exchange traded/cleared liability derivatives
Equity contracts	$	(7,838	)

Transactions in derivative instruments for Dividend Income Fund during the year ended November 30, 2014, as reflected within the Statement of Operations, were as follows:

Net Realized Gain (Loss) on:	Investments2		Options written
Equity contracts	$	1,507	$	19,065
Net Change in Unrealized Appreciation (Depreciation) on:	Investments2		Options written
Equity contracts	$	—	$	(3,282	)

² Represents realized gain and change in unrealized appreciation (depreciation), respectively, for purchased options during the period.

The following is a summary of derivative instruments for Emerging Markets Opportunities Fund as of November 30, 2014, as reflected within the Statement of Assets and Liabilities:

	Investments at value1		Unrealized appreciation on forward foreign currency contracts		Unrealized appreciation on futures contracts2		Swap Agreements at value3		Total
Assets
Over-the-counter asset derivatives
Foreign exchange contracts	$	431	$	22,159	$	—	$	—	$	22,590
Exchange traded/cleared asset derivatives
Interest rate contracts		—		—		21,899		—		21,899
Total asset derivatives	$	431	$	22,159	$	21,899	$	—	$	44,489

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	Unrealized depreciation on forward foreign currency contracts			Unrealized depreciation on futures contracts2			Swap agreements at value3			Total
Liabilities
Over-the-counter liability derivatives
Credit contracts	$	—		$	—		$	(367,450	)	$	(367,450	)
Foreign exchange contracts		(7,690	)		—			—			(7,690	)
Exchange traded/cleared liability derivatives
Equity contracts		—			(4,289	)		—			(4,289	)
Total liability derivatives	$	(7,690	)	$	(4,289	)	$	(367,450	)	$	(379,429	)

¹ Represents purchased options, at value.

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

³ 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) are reported within the Statement of Assets and Liabilities.

Transactions in derivative instruments for Emerging Markets Opportunities Fund during the period ended November 30, 2014, as reflected within the Statement of Operations were as follows:

Net Realized Gain (Loss) on:	Investments4			Futures contracts			Options written		Swap agreements		Foreign currency transactions5
Equity contracts	$	(68,642	)	$	(45,087	)	$	—	$	—	$	—
Interest rate contracts		—			172,388			—		—		—
Foreign exchange contracts		1,758			—			1,203		—		15,995
Credit contracts		—			—			—		25,966		—
Total	$	(66,884	)	$	127,301		$	1,203	$	25,966	$	15,995

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Notes to Financial Statements (continued)

November 30, 2014

Net Change in Unrealized Appreciation (Depreciation) on:	Investments4			Futures contracts			Options written		Swap agreements			Foreign currency translations5
Equity contracts	$	—		$	(4,289	)	$	—	$	—		$	—
Interest rate contracts		—			21,899			—		—			—
Foreign exchange contracts		(9,480	)		—			—		—			14,469
Credit contracts		—			—			—		(12,639	)		—
Total	$	(9,480	)	$	17,610		$	—	$	(12,639	)	$	14,469

⁴  Represents realized loss and change in unrealized appreciation (depreciation), respectively, for purchased options during the period.

⁵  Represents realized gain and change in unrealized appreciation (depreciation), respectively, for forward foreign currency contracts during the period. Does not include other foreign currency gains or losses included in the Statement of Operations.

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

The volume of option contract activity, as a percentage of investments in common stocks, for Gateway International Fund, based on month-end market values of underlying securities, at absolute value, was as follows for the year ended November 30, 2014:

Gateway International Fund*	Call Options Written			Put Options Purchased
Average Market Value of Underlying Securities		98.14	%		99.19	%
Highest Market Value of Underlying Securities		98.97	%		114.98	%
Lowest Market Value of Underlying Securities		96.28	%		96.28	%
Market Value of Underlying Securities as of November 30, 2014		98.01	%		114.98	%

* Market value of underlying securities is determined by multiplying option shares by the price of the option’s underlying security, as determined by the Fund’s Pricing Policies and Procedures.

The volume of option contract activity, as a percentage of net assets, for Dividend Income Fund, based on month-end market values of underlying securities, at absolute value, was as follows for the year ended November 30, 2014:

Dividend Income Fund**	Call Options Purchased			Call Options Written			Put Options Written
Average Market Value of Underlying Securities		0.04	%		0.65	%		0.82	%
Highest Market Value of Underlying Securities		0.31	%		1.53	%		1.36	%
Lowest Market Value of Underlying Securities		0.00	%		0.00	%		0.00	%
Market Value of Underlying Securities as of November 30, 2014		0.00	%		0.69	%		0.71	%

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The volume of option contract activity, as a percentage of net assets, for Emerging Markets Opportunities Fund, based on month-end market values of underlying securities, at absolute value, was as follows for the period ended November 30, 2014:

Emerging Markets Opportunities Fund**	Call Options Purchased			Put Options Purchased			Call Options Written
Average Market Value of Underlying Securities		3.85	%		0.43	%		0.44	%
Highest Market Value of Underlying Securities		13.22	%		3.83	%		4.00	%
Lowest Market Value of Underlying Securities		0.00	%		0.00	%		0.00	%
Market Value of Underlying Securities as of November 30, 2014		2.00	%		0.00	%		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, as determined by the Fund’s Pricing Policies and Procedures and for currencies by multiplying par value by the strike price and dividing by the foreign currency exchange rate.

The volume of forward foreign currency contract, futures contract and swap agreement activity, as a percentage of net assets, for Emerging Markets Opportunities Fund, based on gross month-end notional amounts outstanding during the period, including long and short positions, at absolute value, was as follows for the period ended November 30, 2014:

Emerging Markets Opportunities Fund	Forwards			Futures			Swaps
Average Notional Amount Outstanding		6.10	%		10.45	%		10.40	%
Highest Notional Amount Outstanding		11.79	%		16.83	%		16.72	%
Lowest Notional Amount Outstanding		0.55	%		4.53	%		6.96	%
Notional Amount Outstanding as of November 30, 2014		8.79	%		7.65	%		13.23	%

The following is a summary of Gateway International Fund’s written option activity:

Gateway International Fund	Number of Contracts			Premiums
Outstanding at November 30, 2013		4,760		$	572,067
Options written		41,600			3,572,226
Options terminated in closing purchase transactions		(40,325	)		(3,740,095	)
Options expired		(3,160	)		(234,942	)
Outstanding at November 30, 2014		2,875		$	169,256

The following is a summary of Dividend Income Fund’s written option activity:

Dividend Income Fund	Number of Contracts			Premiums
Outstanding at November 30, 2013		50		$	2,916
Options written		692			36,959
Options terminated in closing purchase transactions		(434	)		(23,612	)
Options exercised		(45	)		(2,867	)
Options expired		(168	)		(8,769	)
Outstanding at November 30, 2014		95		$	4,627

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Notes to Financial Statements (continued)

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The following is a summary of Emerging Markets Opportunities Fund’s foreign currency written option activity:

Emerging Markets Opportunities Fund	Units of Currency			Premiums
Outstanding at November 30, 2013		—		$	—
Options written		1,500,000			3,894
Options terminated in closing purchase transactions		(1,500,000	)		(3,894	)
Outstanding at November 30, 2014		—		$	—

OTC derivatives, including forward foreign currency contracts, options 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 net asset value 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 November 30, 2014, gross amounts of OTC 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:

Gateway International Fund

Counterparty	Gross Amounts of Liabilities			Offset Amount		Net Liability Balance			Collateral (Received)/ Pledged		Net Amount
UBS AG	$	(139,507	)	$	—	$	(139,507	)	$	139,507	$	—

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November 30, 2014

Emerging Markets Opportunities Fund

Counterparty	Gross Amounts of Assets			Offset Amount			Net Asset Balance			Collateral (Received)/ Pledged		Net Amount
Bank of America, N.A.	$	431		$	—		$	431		$	—	$	431
Barclays Bank PLC		21,257			(5,596	)		15,661			—		15,661
Citibank N.A.		902			(902	)		—			—		—
	$	22,590		$	(6,498	)	$	16,092		$	—	$	16,092
Counterparty	Gross Amounts of Liabilities			Offset Amount			Net Liability Balance			Collateral (Received)/ Pledged		Net Amount
Barclays Bank PLC	$	(5,596	)	$	5,596		$	—		$	—	$	—
Citibank N.A.		(367,450	)		902			(366,548	)		330,000		(36,548	)
Credit Suisse International		(2,094	)		—			(2,094	)		—		(2,094	)
	$	(375,140	)	$	6,498		$	(368,642	)	$	330,000	$	(38,642	)

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 OTC 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 clearinghouse, 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

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Notes to Financial Statements (continued)

November 30, 2014

margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. Based on balances reflected on each Fund’s Statement of Assets and Liabilities, the following table shows (i) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the applicable 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, and (ii) the amount of loss that the applicable Fund would incur after taking into account master netting provisions pursuant to ISDA agreements, as of November 30, 2014:

Fund	Maximum Amount of Loss – Gross		Maximum Amount of Loss – Net
Gateway International Fund	$	5,613,259	$	5,473,752
Emerging Markets Opportunities Fund		552,590		216,092

5.  Purchases and Sales of Securities.  For the year ended November 30, 2014, purchases and sales of securities (excluding short-term investments and U.S. Government/Agency securities and including paydowns) were as follows:

Fund	Purchases		Sales
Gateway International Fund	$	8,037,862	$	20,099,287
Dividend Income Fund		18,013,569		14,497,325
Emerging Markets Opportunities Fund		47,917,634		16,203,172
Senior Floating Rate and Fixed Income Fund		1,919,734,552		1,625,525,103
Select Fund		60,671,469		26,088,766

6.  Management Fees and Other Transactions with Affiliates.

a.  Management Fees.  Gateway Investment Advisers, LLC (“Gateway Advisers”) serves as investment adviser to Gateway International Fund. Gateway Advisers is a subsidiary of Natixis US, which is part of Natixis Global Asset Management, 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%, calculated daily and payable monthly, based on the Fund’s average daily net assets.

Loomis Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to Dividend Income Fund, Emerging Markets Opportunities Fund and Senior Floating Rate and Fixed Income Fund. Under the terms of the management agreements, Dividend Income Fund and Senior Floating Rate and Fixed Income Fund pay a management fee at the annual rate of 0.60%, calculated daily and payable monthly, based on Dividend Income Funds’ average daily net assets and Senior Floating Rate and Fixed Income Fund’s average daily managed assets, which include borrowings used for leverage. Emerging Markets Opportunities Fund pays a management fee at the annual rate of 0.75%, calculated daily and payable monthly, based on average daily net assets.

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NGAM Advisors, L.P. (“NGAM Advisors”), serves as investment adviser to the Select Fund. Under the terms of the management agreement, the Fund pays a management fee at the annual rate of 0.85%, calculated daily and payable monthly, based on the Fund’s average daily net assets.

NGAM Advisors has entered into a subadvisory agreement with Vaughan Nelson Investment Management, L.P. (“Vaughan Nelson”). Under the terms of the subadvisory agreement, the Fund pays a subadvisory fee at the annual rate of 0.53%, calculated daily and payable monthly, based on the Fund’s average daily net assets. Payments to NGAM Advisors are reduced by the amount of payments to Vaughan Nelson.

Gateway Advisers, Loomis Sayles and NGAM Advisors have given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expenses. These undertakings are in effect until March 31, 2015, except for Senior Floating Rate and Fixed Income Fund which is until March 31, 2016 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.

For the year ended November 30, 2014, the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:

	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Class A			Class C			Class N			Class Y
Gateway International Fund		1.35	%		2.10	%		—			1.10	%
Dividend Income Fund		1.20	%		1.95	%		—			0.95	%
Emerging Markets Opportunities Fund		1.25	%		2.00	%		0.95	%		1.00	%
Select Fund		1.40	%		2.15	%		—			1.15	%

Effective July 1, 2014, the expense limits as a percentage of average daily net assets under the expense limitation agreement for Senior Floating Rate and Fixed Income Fund were as follows:

Expense Limit as a Percentage of Average Daily Net Assets
Class A	Class C		Class N		Class Y
1.05%		1.80%		—		0.80%

Prior to July 1, 2014, the expense limits as a percentage of average daily net assets under the expense limitation agreement for Senior Floating Rate and Fixed Income Fund were as follows:

Expense Limit as a Percentage of Average Daily Net Assets
Class A	Class C		Class N		Class Y
1.10%		1.85%		—		0.85%

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Notes to Financial Statements (continued)

November 30, 2014

Gateway Advisers, Loomis Sayles and NGAM Advisors shall be permitted to recover expenses they have borne under the expense limitation agreements (whether through waiver of its 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 year ended November 30, 2014, the management fees and waivers of management fees for each Fund were as follows:

	Gross Management Fees		Contractual Waivers of Management Fees1		Net Management Fees		Percentage of Average Daily Net Assets
Fund							Gross			Net
Gateway International Fund	$	178,175	$	178,175	$	—		0.75	%		—
Dividend Income Fund		135,460		105,069		30,391		0.60	%		0.13	%
Emerging Markets Opportunities Fund		187,488		110,022		77,466		0.75	%		0.31	%
Senior Floating Rate and Fixed Income Fund		9,551,870		240,976		9,310,894		0.62	%		0.61	%
Select Fund		353,995		81,811		272,184		0.85	%		0.65	%

¹  Contractual management fee waivers are subject to possible recovery until November 30, 2015.

For the year ended November 30, 2014, expenses have been reimbursed as follows:

Fund	Contractual Reimbursement2		Voluntary Reimbursement (Note 6h)
Gateway International Fund	$	2,753	$	1,023
Emerging Markets Opportunities Fund		6,363		—

²  Contractual expense reimbursements are subject to possible recovery until November 30, 2015.

No expenses were recovered for any of the Funds during the year ended November 30, 2014 under the terms of the expense agreements.

Certain officers and employees of Loomis Sayles are also officers or Trustees of the Trusts. Loomis Sayles’ general partner is indirectly owned by Natixis US.

b.  Service and Distribution Fees.  NGAM Distribution, L.P. (“NGAM Distribution”) has entered into a distribution agreement with the Trusts. Pursuant to this agreement, NGAM Distribution serves as principal underwriter of the Funds of the Trusts.

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November 30, 2014

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 NGAM 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 NGAM 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 NGAM 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 NGAM 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 NGAM Distribution a monthly distribution fee at the annual rate of 0.75% of the average daily net assets attributable to the Funds’ Class C shares, as compensation for services provided by NGAM Distribution in connection with the marketing or sale of Class C shares.

For the year ended November 30, 2014, the service and distribution fees for each Fund were as follows:

	Service Fees				Distribution Fees
Fund	Class A		Class C		Class C
Gateway International Fund	$	23,444	$	16,202	$	48,607
Dividend Income Fund		15,934		5,872		17,616
Emerging Markets Opportunities Fund		8,183		28		82
Senior Floating Rate and Fixed Income Fund		1,009,211		522,363		1,567,088
Select Fund		35,991		4,952		14,856

c.  Administrative Fees.  NGAM 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 Trust and NGAM Advisors, each Fund pays NGAM 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 and Loomis Sayles Funds Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0350% of the next $30 billion and 0.0325% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts and Loomis Sayles Funds Trusts of $10 million, which is reevaluated on an annual basis.

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Notes to Financial Statements (continued)

November 30, 2014

For the year ended November 30, 2014, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Gateway International Fund	$	10,313
Dividend Income Fund		9,782
Emerging Markets Opportunities Fund		10,785
Senior Floating Rate and Fixed Income Fund		664,824
Select Fund		18,004

Prior to July 1, 2014, each Fund paid NGAM 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 Hansberger International Series, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion and 0.0350% of such assets in excess of $60 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series of $10 million.

d.  Sub-Transfer Agent Fees.  NGAM 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 NGAM Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to NGAM Distribution are subject to a current per-account equivalent fee limit approved by the Funds’ Board, which is based on fees for similar services paid to the Funds’ transfer agent and other service providers. Class N shares do not bear such expenses.

For the year ended November 30, 2014, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:

Fund	Sub-Transfer Agent Fees
Gateway International Fund	$	10,743
Dividend Income Fund		11,157
Emerging Markets Opportunities Fund		5,790
Senior Floating Rate and Fixed Income Fund		849,571
Select Fund		19,343

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As of November 30, 2014, the Funds owe NGAM 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
Gateway International Fund	$	73
Dividend Income Fund		957
Emerging Markets Opportunities Fund		587
Senior Floating Rate and Fixed Income Fund		8,323
Select Fund		345

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 NGAM Distribution during the year ended November 30, 2014 were as follows:

Fund	Commissions
Gateway International Fund	$	19,255
Dividend Income Fund		19,913
Emerging Markets Opportunities Fund		1,904
Senior Floating Rate and Fixed Income Fund		470,342
Select Fund		28,880

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 NGAM Advisors, NGAM Distribution, Natixis US or their affiliates. Effective January 1, 2014, the Chairperson of the Board receives a retainer fee at the annual rate of $300,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $130,000. 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, each committee chairperson (except for the Chairperson of the Governance Committee) receives an additional retainer fee at the annual rate of $17,500. 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

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Notes to Financial Statements (continued)

November 30, 2014

Funds Trusts and Loomis Sayles Funds Trusts based on a formula that takes into account, among other factors, the relative net assets of each Fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2014, the Chairperson of the Board received a retainer fee at the annual rate of $285,000 and each Independent Trustee (other than the Chairperson) received, in aggregate, a retainer fee at the annual rate of $115,000. All other Trustee fees remained unchanged.

Effective January 1, 2015, the chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $5,000.

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 and Loomis Sayles Funds Trusts as designated by the participating Trustees. Changes in the value of participants’ deferral accounts are allocated pro rata among the funds in the Natixis Funds Trusts and Loomis Sayles Funds Trusts, 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.

g.  Affiliated Ownership.  As of November 30, 2014, Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”) and Natixis US held shares of the Funds representing the following percentages of net assets:

Fund	Retirement Plan			Natixis US			Percentage of Affiliated Ownership
Dividend Income Fund		6.03	%		—			6.03	%
Emerging Markets Opportunities Fund		—			75.55	%		75.55	%
Senior Floating Rate and Fixed Income Fund		0.43	%		—			0.43	%
Select Fund		—			15.34	%		15.34	%

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

h.  Payment by Affiliates.  For the year ended November 30, 2014, Gateway Advisers and Natixis US reimbursed the Gateway International Fund $1,023 for overdraft charges and $10,567 for transaction costs, respectively, incurred in conjunction with redemptions by affiliates.

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7.  Class-Specific Transfer Agent Fees and Expenses.  For the period ended November 30, 2014, Emerging Markets Opportunities Fund incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):

	Class A		Class C		Class N		Class Y
Transfer Agent Fees and Expenses	$	826	$	3	$	56	$	5,478

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.

8.  Line of Credit.  Each Fund, except the Senior Floating Rate and Fixed Income Fund, together with certain other funds of Natixis Funds Trusts and Loomis Sayles Funds Trusts, participates in a $200,000,000 committed unsecured line of credit provided by State Street Bank, with an individual limit of $125,000,000 for each Fund that participates in the line of credit. Interest is charged to each participating Fund based on its borrowings at a rate per annum equal to the greater of the Federal Funds rate or overnight LIBOR, plus 1.25%. In addition, a commitment fee of 0.10% 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.

For the year ended November 30, 2014, none of the Funds had borrowings under this agreement.

Senior Floating Rate and Fixed Income Fund has entered into a committed, secured line of credit with the Bank of Nova Scotia (the “Bank”), under which it may borrow for investment or liquidity purposes. The commitment of the Bank to make loans to the Fund shall not exceed $400,000,000 at any one time. Under the terms of the agreement, the Bank is entitled to a security interest in the assets of the Fund as collateral. Interest is charged to the Fund based upon the terms set forth in the agreement. In addition, a commitment fee of 0.175% per annum (0.125% per annum for dates upon which the loan balance exceeds 50% of the commitment), payable at the end of each calendar quarter, is accrued by the Fund based on the unused portion of the line of credit. Prior to July 30, 2014, the commitment to the Bank to make loans to the Fund was not to exceed $200,000,000 and the commitment fee was 0.20% per annum.

During the year ended November 30, 2014, Senior Floating Rate and Fixed Income Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $61,204,986 at a weighted average interest rate of 1.21%.

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 year ended November 30, 2014 is reflected on the Statements of Operations.

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Notes to Financial Statements (continued)

November 30, 2014

10.  Brokerage Commission Recapture.  Certain Funds have entered into agreements with certain brokers whereby the brokers will rebate a portion of brokerage commissions. All amounts rebated by the brokers are returned to the Funds under such agreements and are included in realized gains on investments on the Statements of Operations. For the year ended November 30, 2014, amounts rebated under these agreements were as follows:

Fund	Rebates
Dividend Income Fund	$	999

11.  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.

The Senior Floating Rate and Fixed Income Fund, Emerging Markets Opportunities Fund and Select Fund are non-diversified, which means that they are not limited under the 1940 Act to a percentage of assets that they may invest in any one issuer. Because the Funds may invest in the securities of a limited number of issuers, an investment in the Funds may involve a higher degree of risk than would be present in a diversified portfolio.

Emerging markets investments are subject to greater risks arising from political or economic instability, nationalization or confiscatory taxation, currency exchange restrictions and an issuer’s unwillingness or inability to make principal or interest payments on its obligations. Emerging Markets Opportunities Fund’s investments in emerging markets companies, which may be smaller and have shorter operating histories than companies in developed markets, involves risks in addition to, and greater than, those generally associated with investing in companies in developed foreign markets.

The senior loans in which Senior Floating Rate and Fixed Income Fund expects to invest will generally not be rated investment grade by the rating agencies. Economic downturns generally increase non-payment rates and a senior loan could lose a substantial part of its value prior to default. Senior loans are subject to credit risk, and secured loans may not be adequately collateralized. The interest rates of senior loans reset frequently, and thus senior loans are subject to interest rate risk. Senior loans typically have less liquidity than investment grade bonds and there may be less public information available about them as compared to investment grade bonds.

12.  Concentration of Ownership.  From time to time, a fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the funds. As of November 30, 2014, 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

109  |

Notes to Financial Statements (continued)

November 30, 2014

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 6)			Total Percentage of Ownership
Dividend Income Fund		2		29.56	%		6.03	%		35.59	%
Emerging Markets Opportunities Fund		—		—			75.55	%		75.55	%
Senior Floating Rate and Fixed Income Fund		1		7.96	%		0.43	%		8.39	%
Select Fund		—		—			15.34	%		15.34	%

Omnibus shareholder accounts for which NGAM 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 omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above

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

	Year Ended November 30, 2014					Year Ended November 30, 2013
Gateway International Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	313,476		$	3,078,812		564,298		$	5,537,956
Issued in connection with the reinvestment of distributions	13,407			132,324		11,093			108,375
Redeemed	(452,959	)		(4,468,973	)	(216,840	)		(2,112,858	)
Net change	(126,076	)	$	(1,257,837	)	358,551		$	3,533,473
Class C
Issued from the sale of shares	294,150		$	2,871,442		479,543		$	4,617,656
Issued in connection with the reinvestment of distributions	6,306			61,738		732			7,131
Redeemed	(109,495	)		(1,049,068	)	(6,669	)		(63,028	)
Net change	190,961		$	1,884,112		473,606		$	4,561,759
Class Y
Issued from the sale of shares	394,235		$	3,915,985		128,900		$	1,249,083
Issued in connection with the reinvestment of distributions	29,200			288,495		44,266			432,920
Redeemed	(1,749,667	)		(16,884,065	)	(472,557	)		(4,697,421	)
Net change	(1,326,232	)	$	(12,679,585	)	(299,391	)	$	(3,015,418	)
Increase (decrease) from capital share transactions	(1,261,347	)	$	(12,053,310	)	532,766		$	5,079,814

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Notes to Financial Statements (continued)

November 30, 2014

13.  Capital Shares (continued).

	Year Ended November 30, 2014					Year Ended November 30, 2013
Dividend Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	179,861		$	2,266,267		272,682		$	3,248,411
Issued in connection with the reinvestment of distributions	48,376			591,237		10,402			118,067
Redeemed	(111,299	)		(1,388,398	)	(76,573	)		(911,223	)
Net change	116,938		$	1,469,106		206,511		$	2,455,255
Class C
Issued from the sale of shares	124,652		$	1,563,458		451,134		$	5,495,013
Issued in connection with the reinvestment of distributions	32,680			394,551		1,731			20,499
Redeemed	(435,659	)		(5,233,591	)	(48,187	)		(579,149	)
Net change	(278,327	)	$	(3,275,582	)	404,678		$	4,936,363
Class Y
Issued from the sale of shares	1,127,135		$	13,806,132		232,354		$	2,795,946
Issued in connection with the reinvestment of distributions	113,030			1,380,936		50,897			567,193
Redeemed	(590,262	)		(7,402,072	)	(825,924	)		(9,916,194	)
Net change	649,903		$	7,784,996		(542,673	)	$	(6,553,055	)
Increase (decrease) from capital share transactions	488,514		$	5,978,520		68,516		$	838,563

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Notes to Financial Statements (continued)

November 30, 2014

13.  Capital Shares (continued).

	Period Ended November 30, 2014(a)
Emerging Markets Opportunities Fund	Shares			Amount
Class A
Issued from the sale of shares	711,823		$	7,411,470
Issued in connection with the reinvestment of distributions	10,837			112,651
Redeemed	(53,759	)		(556,078	)
Net change	668,901		$	6,968,043
Class C
Issued from the sale of shares	4,275		$	43,749
Issued in connection with the reinvestment of distributions	32			331
Redeemed	(1,126	)		(11,469	)
Net change	3,181		$	32,611
Class N
Issued from the sale of shares	100		$	1,001
Issued in connection with the reinvestment of distributions	3			32
Redeemed	—			—
Net change	103		$	1,033
Class Y
Issued from the sale of shares	2,671,508		$	26,759,165
Issued in connection with the reinvestment of distributions	78,820			812,043
Redeemed	(11,006	)		(115,323	)
Net change	2,739,322		$	27,455,885
Increase (decrease) from capital share transactions	3,411,507		$	34,457,572

(a) From commencement of operations on February 10, 2014 through November 30, 2014.

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Notes to Financial Statements (continued)

November 30, 2014

13.  Capital Shares (continued).

	Year Ended November 30, 2014					Year Ended November 30, 2013
Senior Floating Rate and Fixed Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	22,625,002		$	239,436,444		40,971,441		$	433,135,367
Issued in connection with the reinvestment of distributions	1,698,487			17,933,853		1,193,068			12,581,894
Redeemed	(33,702,577	)		(357,095,191	)	(9,870,128	)		(104,227,061	)
Net change	(9,379,088	)	$	(99,724,894	)	32,294,381		$	341,490,200
Class C
Issued from the sale of shares	8,372,101		$	88,336,125		17,056,300		$	179,991,127
Issued in connection with the reinvestment of distributions	580,059			6,102,364		322,929			3,397,992
Redeemed	(6,307,621	)		(66,612,203	)	(1,432,233	)		(15,097,113	)
Net change	2,644,539		$	27,826,286		15,946,996		$	168,292,006
Class Y
Issued from the sale of shares	83,778,480		$	887,036,447		82,968,718		$	878,417,765
Issued in connection with the reinvestment of distributions	3,190,392			33,621,437		1,274,487			13,445,497
Redeemed	(60,786,625	)		(641,848,231	)	(16,646,969	)		(175,744,458	)
Net change	26,182,247		$	278,809,653		67,596,236		$	716,118,804
Increase (decrease) from capital share transactions	19,447,698		$	206,911,045		115,837,613		$	1,225,901,010

113  |

Notes to Financial Statements (continued)

November 30, 2014

13.  Capital Shares (continued).

	Year Ended November 30, 2014					Year Ended November 30, 2013
Select Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	1,080,164		$	14,760,927		615,495		$	7,736,403
Issued in connection with the reinvestment of distributions	73,027			960,306		2,007			21,581
Redeemed	(1,062,633	)		(14,965,696	)	(25,578	)		(320,636	)
Net change	90,558		$	755,537		591,924		$	7,437,348
Class C
Issued from the sale of shares	124,505		$	1,698,959		64,468		$	854,310
Issued in connection with the reinvestment of distributions	9,036			117,470		359			3,784
Redeemed	(9,427	)		(129,599	)	(626	)		(8,484	)
Net change	124,114		$	1,686,830		64,201		$	849,610
Class Y
Issued from the sale of shares	2,863,064		$	40,671,827		891,911		$	10,500,893
Issued in connection with the reinvestment of distributions	108,470			1,427,464		23,832			250,361
Redeemed	(322,200	)		(4,540,134	)	(560,996	)		(7,155,083	)
Net change	2,649,334		$	37,559,157		354,747		$	3,596,171
Increase (decrease) from capital share transactions	2,864,006		$	40,001,524		1,010,872		$	11,883,129

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Report of Independent Registered Public Accounting Firm

To the Trustees of Gateway Trust and Natixis Funds Trust II and Shareholders of Gateway International Fund, Loomis Sayles Dividend Income Fund (formerly known as Loomis Sayles Capital Income Fund), Loomis Sayles Emerging Markets Opportunities Fund, Loomis Sayles Senior Floating Rate and Fixed Income Fund and Vaughan Nelson Select Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Gateway International Fund, a series of Gateway Trust; and Loomis Sayles Dividend Income Fund (formerly known as Loomis Sayles Capital Income Fund), Loomis Sayles Emerging Markets Opportunities Fund, Loomis Sayles Senior Floating Rate and Fixed Income Fund and Vaughan Nelson Select Fund, each a series of Natixis Funds Trust II (collectively, the “Funds”), at November 30, 2014, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at November 30, 2014 by correspondence with the custodian and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for the opinion expressed above.

PricewaterhouseCoopers LLP

Boston, Massachusetts

January 22, 2015

115  |

2014 U.S. Tax Distribution Information to

Shareholders (Unaudited)

Corporate Dividends Received Deduction.  For the fiscal year ended November 30, 2014, a percentage of dividends distributed by the Funds listed below qualify for the dividends received deduction for corporate shareholders. These percentages are as follows:

Fund	Qualifying Percentage
Dividend Income		30.01	%
Select		8.67	%

Capital Gains Distributions.  Pursuant to Internal Revenue Section 852(b), the following Funds paid distributions, which have been designated as capital gains distributions for the fiscal year ended November 30, 2014, unless subsequently determined to be different.

Fund	Amount
Dividend Income	$	781,029
Select		313,409

Qualified Dividend Income.  For the fiscal year ended November 30, 2014, the Funds below will designate up to the maximum amount allowable pursuant to the Internal Revenue Code as qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. If the Funds pay a distribution during calendar year 2014, complete information will be reported in conjunction with Form 1099-DIV.

Fund

Gateway International

Dividend Income

Select

Foreign Tax Credit.  For the year ended November 30, 2014, the Fund intends to pass through foreign tax credits and have derived gross income from sources within foreign countries amounting to:

Fund	Foreign Tax Credit Pass-Through		Foreign Source Income
Gateway International	$	54,512	$	788,644

|  116

Trustee and Officer Information

The tables below provide certain information regarding the trustees and officers of Natixis Funds Trust II and Gateway Trust (the “Trusts”). Unless otherwise indicated, the address of all persons below is 399 Boylston Street, Boston, MA 02116. The Funds’ Statements of Additional Information include additional information about the trustees of the Trusts and are available by calling Natixis Funds at 800-225-5478.

Name and Year of Birth	Position(s) Held with the Trust(s), Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES
Kenneth A. Drucker (1945)	Trustee since 2008 for Natixis Funds Trust II and Gateway Trust Chairman of the Audit Committee and Governance Committee Member	Retired	42 None	Significant experience on the Board and on the board of other business organizations (including at investment companies); executive experience (including as treasurer of an aerospace, automotive, and metal manufacturing corporation)
Edmond J. English (1953)	Trustee since 2013 for Natixis Funds Trust II and Gateway Trust Contract Review Committee Member	Chief Executive Officer of Bob’s Discount Furniture (retail)	42 Formerly, Director, BJ’s Wholesale Club (retail); formerly, Director, Citizens Financial Group (bank)	Experience on the Board and significant experience on the board of other business organizations (including at a retail company and a bank); executive experience (including at a retail company)

117  |

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust(s), Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES continued
Richard A. Goglia (1951)	Trustee since 2015 for Natixis Funds Trust II and Gateway Trust Audit Committee Member	Vice President and Treasurer of Raytheon Company (defense)	42 None	Experience on the Board and executive experience (including his role as vice president and treasurer of a defense company and experience at a financial services company)
Wendell J. Knox (1948)	Trustee since 2009 for Natixis Funds Trust II and Gateway Trust Audit Committee Member and Governance Committee Member	Director of Abt Associates Inc. (research and consulting)	42 Director, Eastern Bank (bank); Director, The Hanover Insurance Group (property and casualty insurance)	Significant experience on the Board and on the board of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)

|  118

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust(s), Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES continued
Martin T. Meehan (1956)	Trustee since 2012 for Natixis Funds Trust II and Gateway Trust Contract Review Committee Member	Chancellor and faculty member, University of Massachusetts Lowell	42 None	Experience on the Board and on the board of other business organizations; experience as Chancellor of the University of Massachusetts Lowell; government experience (including as a member of the U.S. House of Representatives); academic experience
Sandra O. Moose (1942)	Chairperson of the Board of Trustees since November 2005 Trustee since 1993 for Natixis Funds Trust II and since 2007 for Gateway Trust Ex Officio member of the Audit Committee, the Contract Review Committee and the Governance Committee	President, Strategic Advisory Services (management consulting)	42 Director, AES Corporation (international power company); formerly, Director, Verizon Communications (telecommunications company)	Significant experience on the Board and on the board of other business organizations (including at a telecommunications company, an international power company and a specialty chemicals corporation); executive experience (including at a management consulting company)

119  |

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust(s), Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES continued
Erik R. Sirri (1958)	Trustee since 2009 for Natixis Funds Trust II and Gateway Trust Audit Committee Member	Professor of Finance at Babson College	42 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist
Peter J. Smail (1952)	Trustee since 2009 for Natixis Funds Trust II and Gateway Trust Chairman of the Contract Review Committee and Governance Committee Member	Retired	42 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)
Cynthia L. Walker (1956)	Trustee since 2005 for Natixis Funds Trust II and since 2007 for Gateway Trust Chairperson of the Governance Committee and Contract Review Committee Member	Deputy Dean for Finance and Administration, Yale University School of Medicine	42 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)

|  120

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust(s), Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INTERESTED TRUSTEES
Robert J. Blanding3 (1947) 555 California Street San Francisco, CA 94104	Trustee since 2003 for Natixis Funds Trust II and since 2007 for Gateway Trust	Chairman and Chief Executive Officer (formerly, President), Loomis, Sayles & Company, L.P.	42 None	Significant experience on the Board; continuing service as Chairman and Chief Executive Officer of Loomis, Sayles & Company, L.P.
David L. Giunta4 (1965)	Trustee since 2011 for Natixis Funds Trust II and Gateway Trust President and Chief Executive Officer of Natixis Funds Trust II and Gateway Trust	President and Chief Executive Officer, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.	42 None	Experience on the Board; continuing experience as President and Chief Executive Officer of NGAM Advisors, L.P.
John T. Hailer5 (1960)	Trustee since 2000 for Natixis Funds Trust II and since 2007 for Gateway Trust	President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.	42 None	Significant experience on the Board; continuing experience as President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.

¹  Each trustee serves until retirement, resignation or removal from the Board. The current retirement age is 75. The position of Chairperson of the Board is appointed for a three-year term. Ms. Moose was appointed to serve an additional three-year term as the Chairperson of the Board on December 13, 2013.

²  The trustees of the Trusts serve as trustees of a fund complex that includes all series of the Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (collectively, the “Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (collectively, the “Loomis Sayles Funds Trusts”).

121  |

Trustee and Officer Information

³  Mr. Blanding is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: Chairman and Chief Executive Officer of Loomis, Sayles & Company, L.P. and Director of Loomis Sayles Investment Asia Pte., Ltd.

⁴  Mr. Giunta is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President and Chief Executive Officer of NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.

⁵ Mr. Hailer is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.

|  122

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust(s)	Term of Office1 and Length of Time Served	Principal Occupation(s) During Past 5 Years2
OFFICERS OF THE TRUST
Coleen Downs Dinneen (1960)	Secretary, Clerk and Chief Legal Officer	Since September 2004	Executive Vice President, General Counsel, Secretary and Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.
Russell L. Kane (1969)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer	Chief Compliance Officer since May 2006; Assistant Secretary since June 2004; and Anti-Money Laundering Officer since April 2007	Chief Compliance Officer for Mutual Funds, Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.
Michael C. Kardok (1959)	Treasurer, Principal Financial and Accounting Officer	Since October 2004	Senior Vice President, NGAM Advisors, L.P. and NGAM Distribution, L.P.

¹  Each officer of the Trusts serves for an indefinite term in accordance with the Trusts’ current by-laws until the date his or her successor is elected and qualified, or until he or she sooner dies, retires, is removed or becomes disqualified.

²  Each person listed above, except as noted, holds the same position(s) with the Fund Complex. Previous positions during the past five years with NGAM Distribution, L.P., NGAM Advisors, L.P. or Loomis, Sayles & Company, L.P. are omitted, if not materially different from a trustee’s or officer’s current position with such entity.

123  |

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer and persons performing similar functions. There have been no amendments or waivers of the Registrant’s code of ethics during the period.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the Registrant has established an audit committee. Mr. Kenneth A. Drucker, Richard A. Goglia , Mr. Wendell J. Knox and Mr. Erik R. Sirri are members of the audit committee and have been designated as “audit committee financial experts” by the Board of Trustees. Each of these individuals is also an Independent Trustee of the Registrant.

Item 4. Principal Accountant Fees and Services.

Fees billed by the Principal Accountant for services rendered to the Registrant.

The table below sets forth fees billed by the principal accountant, PricewaterhouseCoopers LLP, for the past two fiscal years for professional services rendered in connection with a) the audit of the Registrant’s annual financial statements and services provided in connection with regulatory filings; b) audit-related services (including services that are reasonably related to the performance of the audit of the Registrant’s financial statements but not reported under “Audit Fees”); c) tax compliance, tax advice and tax planning; and d) all other fees billed for professional services rendered by the principal accountant to the Registrant, other than the services provided reported as a part of (a) through (c) of this Item.

	Audit fees		Audit-related fees1		Tax fees2		All other fees
	12/1/12- 11/30/13	12/1/13- 11/30/14	12/1/12- 11/30/13	12/1/13- 11/30/14	12/1/12- 11/30/13	12/1/13- 11/30/14	12/1/12- 11/30/13	12/1/13- 11/30/14
Natixis Funds Trust II-Loomis Sayles Dividend Income Fund, Loomis Sayles Emerging Markets Opportunities Fund, Loomis Sayles Senior Floating Rate and Fixed Income Fund and Vaughan Nelson Select Fund	$146,601	$194,700	$39	$225	$45,688	$30,909	$—	$—

ASG Growth Markets Fund was liquidated on July 31, 2013.

*Loomis Sayles Emerging Markets Opportunities Fund commenced operations on February 10, 2014.

1. Audit-related fees consist of:

2013 & 2014 – performance of agreed-upon procedures related to the Registrant’s deferred compensation plan.

2. Tax fees consist of:

2013 & 2014 – review of the Registrant’s tax returns.

Aggregate fees billed to the Registrant for non-audit services during 2013 and 2014 were $45,727 and

$31,134 respectively.

The following table sets forth the fees billed by the Registrant’s principal accountant for non-audit services rendered to Loomis, Sayles & Company, L.P. (“Loomis”), NGAM Advisors, L.P. (“NGAM”) and entities

controlling, controlled by or under common control with Loomis and NGAM (“Control Affiliates”) that provide ongoing services to the Registrant, for engagements that related directly to the operations and financial reporting of the Registrant for the last two fiscal years.

Audit-related fees

Tax fees

All other fees

12/1/12- 11/30/13

12/1/13- 11/30/14

12/1/12- 11/30/13

12/1/13- 11/30/14

12/1/12- 11/30/13

12/1/13- 11/30/14

Control Affiliates

$

—

$

—

$

—

$

—

$

—

$

—

The following table sets forth the aggregate fees billed by the Registrant’s principal accountant for non-audit services rendered to ASG, Loomis, NGAM and Control Affiliates that provide ongoing services to the Registrant, for the last two fiscal years, including the fees disclosed in the table above.

	Aggregate Non-Audit Fees
	12/1/12- 11/30/13		12/1/13- 11/30/14
Control Affiliates	$	69,976	$	226,486

None of the services described above were approved pursuant to (c)(7)(i)(C) of Regulation S-X.

Audit Committee Pre-Approval Policies.

Annually, the Registrant’s Audit Committee reviews the audit, audit-related, tax and other non-audit services together with the projected fees, for services proposed to be rendered to the Trust and/or other entities for which pre-approval is required during the upcoming year. Any subsequent revisions to already pre-approved services or fees (including fee increases) and requests for pre-approval of new services would be presented for consideration quarterly as needed.

If, in the opinion of management, a proposed engagement by the Registrant’s independent accountants needs to commence before the next regularly scheduled Audit Committee meeting, any member of the Audit Committee who is an independent Board member is authorized to pre-approve the engagement, but only for engagements to provide audit, audit-related and tax services. This approval is subject to review of the full Audit Committee at its next quarterly meeting. All other engagements require the approval of all the members of the audit committee.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included as part of the Report to Shareholders filed as Item 1 herewith.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Securities Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)	(1)	Code of Ethics required by Item 2 hereof, filed herewith as Exhibit (a)(1).
(a)	(2)	Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith as Exhibits (a)(2)(1) and (a)(2)(2), respectively.
(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 II
By:	/s/ David L. Giunta
Name:	David L. Giunta
Title:	President and Chief Executive Officer
Date:	January 21, 2015

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:	January 21, 2015

By:	/s/ Michael C. Kardok
Name:	Michael C. Kardok
Title:	Treasurer
Date:	January 21, 2015

EX-99.(A)(1)

Exhibit (a)(1)

NATIXIS FUNDS TRUST I

NATIXIS FUNDS TRUST II

NATIXIS FUNDS TRUST IV

LOOMIS SAYLES FUNDS I

LOOMIS SAYLES FUNDS II

GATEWAY TRUST

CODE OF ETHICS PURSUANT TO SECTION 406 OF THE SARBANES-OXLEY

ACT OF 2002 FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL

OFFICERS

I. Covered Persons/Purpose of the Code

This Code of Ethics (this “Code”) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 has been adopted by the registered investment companies (each a “Fund” and, collectively, the “Funds”) listed on Exhibit A and applies to each Fund’s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the “Covered Persons,” all covered persons are set forth in Exhibit B) for the purpose of promoting:

• Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission (the “SEC”) and in other public communications made by the registrant

• Compliance with applicable governmental laws, rules and regulations;

• The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code of violations of the Code; and

• Accountability for adherence to the Code.

Each Covered Person should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts of interest.

II. Covered Persons Should Handle Ethically Actual and Apparent Conflicts of Interest

Overview. A “conflict of interest” occurs when a Covered Person’s private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Person’s, or a member of the Covered Person’s family or household, receives improper personal benefits as a result of the Covered Person’s position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Persons and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (including the regulations thereunder, the “1940 Act”) and the Investment Advisers Act of 1940 (including the regulations thereunder, the “Investment Advisers Act”). For example, Covered Persons may not engage in certain transactions with the Fund because of their status as “affiliated persons” of the Fund. The Funds and their investment advisers; subadvisers; distributors and administrators (each a “Service Provider” and, collectively, the “Service Providers”) compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. See also Section V of this code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and their Service Providers of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether for the Funds or for a Service Provider, or for each), be involved in establishing policies and implementing decisions that will have different effects on the Service Providers and the Funds. The participation of the Covered Persons in such activities is inherent in the contractual relationships between the Funds and their Service Providers and is consistent with the performance by the Covered Persons of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the 1940 Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds’ Boards of Trustees (“Boards”) that the Covered Persons may also be officers or employees of one or more other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Persons should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of a Fund.

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Each Covered Person must not:

• use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Covered Person would benefit personally to the detriment of the Fund;

• cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Person rather than the benefit the Fund; or

• retaliate against any other Covered Person or any employee of the Funds or their Service Providers for reports of potential violations that are made in good faith.

There are some conflict of interest situations that should always be approved by the Chief Legal Officer (“CLO”) of the Fund (or, with respect to activities of the CLO if he/she is a Covered Person, by the President ). These conflict of interest situations are listed below:

• service on the board of directors or governing board of a publicly traded entity;

• acceptance of any investment opportunity, gift, gratuity or other thing of more than nominal value from any person or entity that does business, or desires to do business, with the Fund. This restriction shall not apply to (i) gifts from a single giver so long as their aggregate annual value does not exceed the equivalent of $100 or (ii) attending business meals, business related conferences, sporting events and other entertainment events at the expense of a giver, so long as the expense is reasonable;

• any ownership interest in, or any consulting relationship with, any entities doing business with a Fund, other than a Service Provider or an affiliate of a Service Provider. This restriction shall not apply to or otherwise limit the ownership of publicly traded securities so long as the Covered Person’s ownership does not exceed more than 2% of the outstanding securities of the relevant class; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Person’s employment with a Service Provider or its affiliate. This restriction shall not apply to or otherwise limit (i) the ownership of publicly traded securities so long as the Covered Person’s ownership does not exceed more than 2% of the particular class of security outstanding or (ii) the receipt by the Service Provider of research or other benefits in exchange for “soft dollars”.

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III. Disclosure and Compliance

• Each Covered Person should familiarize himself with the disclosure requirements generally applicable to a Fund;

• Each Covered Person should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within or outside the Fund, including to the Fund’s Board and auditors, and to governmental regulators and self-regulatory organizations;

• Each Covered Person should, to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

• It is the responsibility of each Covered Person to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. Reporting and Accountability

Each Covered Person must:

• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Person), affirm in writing to the Funds that he/she has received, read, and understands the Code;

• annually thereafter affirm to the Funds that he/she has complied with the requirements of the Code; and

• notify the CLO of the Funds promptly if he/she knows of any violation of this Code (with respect to violations by the CLO if he/she is a Covered Person, the Covered Person shall report to the President). Failure to do so is itself a violation of this Code.

The CLO of a Fund is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers other than those this Code states can be granted by the CLO, sought by the CLO or Covered Person will be considered by the relevant Fund’s Audit Committee (the “Committee”).

The Funds will follow these procedures in investigating and enforcing this Code:

• the CLO will take all appropriate action to investigate any potential violations reported, which may include the use of internal or external counsel, accountants or other personnel;

-4-

• if, after such investigation, the CLO believes that no violation has occurred, the CLO is not required to take any further action;

• any matter that the CLO believes is a violation will be reported to the Committee;

• if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Person;

• the Committee will be authorized to grant waivers, as it deems appropriate; and

• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds or the Funds’ Service Providers govern or purport to govern the behavior or activities of the Covered Persons who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Funds and their Service Providers’ codes of ethics under Rule 17j-1 under the 1940 Act and the Service Providers’ more detailed compliance policies and procedures are separate requirements applying to the Covered Persons and others, and are not part of this Code.

VI. Amendments

Any amendments to this Code with respect to a Fund, other than administrative amendments to Exhibits A and B, must be approved or ratified by a majority vote of the Fund’s Board, including a majority of independent trustees.

VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone except as permitted by the Board.

-5-

VIII. Internal Use

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

-6-

Exhibit A

Registered Investment Companies

Natixis Funds Trust I

Natixis Funds Trust II

Natixis Funds Trust IV

Loomis Sayles Funds I

Loomis Sayles Funds II

Gateway Trust

-7-

Exhibit B

Persons Covered by this Code of Ethics

Trust	Principal Executive Officer	Principal Financial Officer	Principal Accounting Officer
Natixis Funds Trust I	David L. Giunta, Trustee, President and Chief Executive Officer	Michael C. Kardok, Treasurer	Michael C. Kardok, Treasurer
Natixis Funds Trust II	David L. Giunta, Trustee, President and Chief Executive Officer	Michael C. Kardok, Treasurer	Michael C. Kardok, Treasurer
Natixis Funds Trust IV	David L. Giunta, Trustee, President and Chief Executive Officer	Michael C. Kardok, Treasurer	Michael C. Kardok, Treasurer
Loomis Sayles Funds I	Robert J. Blanding, Trustee, President and Chief Executive Officer	Michael C. Kardok, Treasurer	Michael C. Kardok, Treasurer
Loomis Sayles Funds II	Robert J. Blanding, Trustee, Chief Executive Officer; David L. Giunta, Trustee, President	Michael C. Kardok, Treasurer	Michael C. Kardok, Treasurer
Gateway Trust	David L. Giunta, Trustee, President and Chief Executive Officer	Michael C. Kardok, Treasurer	Michael C. Kardok, Treasurer

-8-

EX-99.(A)(2)

Exhibit (a)(2)(1)

Natixis Funds Trust II

Exhibit to SEC Form N-CSR

Section 302 Certification

I, David L. Giunta, certify that:

1. I have reviewed this report on Form N-CSR of Natixis Funds Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all materials respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 21, 2015

/s/ David L. Giunta

David L. Giunta

President and Chief Executive Officer

Exhibit (a)(2)(2)

Natixis Funds Trust II

Exhibit to SEC Form N-CSR

Section 302 Certification

I, Michael C. Kardok, certify that:

1. I have reviewed this report on Form N-CSR of Natixis Funds Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all materials respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 21, 2015

/s/ Michael C. Kardok

Michael C. Kardok

Treasurer

EX-99.(B)

Exhibit (b)

Natixis Funds Trust II

Section 906 Certification

In connection with the report on Form N-CSR for the period ended November 30, 2014 for the Registrant (the “Report”), the undersigned each hereby certifies to the best of his knowledge, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. the Report complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

By:	By:
President and Chief Executive Officer	Treasurer
Natixis Funds Trust II	Natixis Funds Trust II
/s/ David L. Giunta	/s/ Michael C. Kardok
David L. Giunta	Michael C. Kardok
Date: January 21, 2015	Date: January 21, 2015

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Natixis Funds Trust II, and will be retained by the Natixis Funds Trust II and furnished to the Securities and Exchange Commission or its staff upon request.