Exhibit (h)(4)

May 31, 2011

Natixis Funds Trust I

399 Boylston Street

Boston, MA 02116

Re:   Fee Waiver/Expense Reimbursement

Ladies and Gentlemen:

Natixis Asset Management Advisors, L.P. (“Natixis Advisors”) notifies you that it will waive its management fee (and, to the extent necessary, bear other expenses of the Natixis U.S. Multi-Cap Equity Fund (the “Fund”) through April 30, 2012 to the extent that the total annual fund operating expenses of each class of the Fund, exclusive of acquired fund fees and expenses, brokerage, interest, taxes and organizational and extraordinary expenses, such as litigation and indemnification expenses, would exceed the following annual rates:

Name of Fund	Expense Cap
June 1, 2011 through April 30, 2012:
Natixis U.S. Multi-Cap Equity Fund*	1.30% for Class A shares
	2.05% for Class B shares
	2.05% for Class C shares
	1.05% for Class Y shares

* The expense caps account for management fees payable to Natixis Advisors. Natixis Advisors and each subadviser to the Fund have agreed to proportionately bear the waiver.

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

During the period covered by this letter agreement, the expense cap arrangement set forth above may only be modified by a majority vote of the “non-interested” Trustees of the Fund’s Trust.

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

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

Natixis Asset Management Advisors, L.P.
By Natixis Distribution Corporation,
	its general partner
	By:	/s/Coleen Downs Dinneen
		Coleen Downs Dinneen
	Title:	Executive Vice President, General
		Counsel, Secretary & Clerk