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PORTFOLIO OF INVESTMENTS – as of March 31, 2019 (Unaudited)

Mirova Global Green Bond Fund


	Principal Amount (‡)		Description	Value (†)
Bonds and Notes – 92.8% of Net Assets
			Australia – 1.1%
		300,000	Westpac Banking Corp., EMTN, 0.625%, 11/22/2024, (EUR)(a)	$	339,691

			Austria – 0.8%
		200,000	Verbund AG, 1.500%, 11/20/2024, (EUR)(a)		237,933

			Belgium – 3.0%
		600,000	KBC Group NV, EMTN, 0.875%, 6/27/2023, (EUR)(a)		686,803
		200,000	Kingdom of Belgium, Series 86, 1.250%, 4/22/2033, (EUR)(a)		239,675

					926,478

			Brazil – 1.4%
		400,000	Fibria Overseas Finance Ltd., 5.500%, 1/17/2027(a)		419,800

			Canada – 2.5%
		1,000,000	Province of Ontario Canada, 1.950%, 1/27/2023, (CAD)(a)		749,362
		50,000	Province of Quebec Canada, 2.600%, 7/06/2025, (CAD)(a)		38,520

					787,882

			Denmark – 2.3%
		600,000	Orsted AS, 1.500%, 11/26/2029, (EUR)(a)		699,380

			Finland – 0.6%
		200,000	Municipality Finance PLC, 1.375%, 9/21/2021(a)		195,011

			France – 16.1%
		800,000	Electricite de France S.A., 3.625%, 10/13/2025(a)		814,109
		400,000	Electricite de France S.A., EMTN, 1.000%, 10/13/2026, (EUR)(a)		455,964
		100,000	Engie S.A., EMTN, 1.500%, 3/27/2028, (EUR)(a)		120,389
		2,050,000	France Government Bond OAT, 1.750%, 6/25/2039, (EUR)(a)		2,620,413
		300,000	ICADE, 1.500%, 9/13/2027, (EUR)(a)		337,350
		100,000	SNCF Reseau EPIC, EMTN, 1.000%, 11/09/2031, (EUR)(a)		114,706
		400,000	SNCF Reseau EPIC, EMTN, 1.875%, 3/30/2034, (EUR)(a)		501,617

					4,964,548


	Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
			Germany – 3.0%
		600,000	Berlin Hyp AG, 0.500%, 9/26/2023, (EUR)(a)	$	670,840
		370,000	Kreditanstalt fuer Wiederaufbau, MTN, 2.400%, 7/02/2020, (AUD)(a)		264,932

					935,772

			India – 1.9%
		600,000	Indian Railway Finance Corp. Ltd., 3.835%, 12/13/2027(a)		585,100

			Indonesia – 0.6%
		200,000	Republic of Indonesia, 3.750%, 3/01/2023(a)		201,596

			Italy – 1.8%
		200,000	Ferrovie dello Stato Italiane SpA., EMTN, 0.875%, 12/07/2023, (EUR)(a)		219,491
		300,000	Intesa Sanpaolo SpA, EMTN, 0.875%, 6/27/2022, (EUR)		337,171

					556,662

			Japan – 5.2%
		700,000	Mizuho Financial Group, Inc., EMTN, 0.956%, 10/16/2024, (EUR)(a)		799,789
		700,000	Sumitomo Mitsui Financial Group, Inc., EMTN, 0.934%, 10/11/2024, (EUR)(a)		800,859

					1,600,648

			Korea – 2.0%
		400,000	Hyundai Capital Services, Inc., 2.875%, 3/16/2021(a)		396,881
		200,000	Korea Water Resources Corp., EMTN, 3.875%, 5/15/2023(a)		206,811

					603,692

			Lithuania – 3.3%
		500,000	Lietuvos Energija UAB, EMTN, 1.875%, 7/10/2028, (EUR)(a)		560,146
		400,000	Lietuvos Energija UAB, EMTN, 2.000%, 7/14/2027, (EUR)(a)		459,236

					1,019,382

			Mexico – 0.6%
		200,000	Nacional Financiera SNC, 3.375%, 11/05/2020(a)		200,002

			Netherlands – 14.8%
		300,000	EDP Finance BV, EMTN, 1.875%, 10/13/2025, (EUR)(a)		353,653
		500,000	Iberdrola International BV, (fixed rate to 5/22/2023, variable rate thereafter), 1.875%, (EUR)(a)(b)		552,855
		500,000	Iberdrola International BV, EMTN, 1.125%, 4/21/2026, (EUR)(a)		582,749


	Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
			Netherlands – continued
$		1,200,000	Nederlandse Waterschapsbank NV, 2.375%, 3/24/2026(a)	$	1,183,637
		500,000	Royal Schiphol Group NV, EMTN, 1.500%, 11/05/2030, (EUR)(a)		594,621
		100,000	TenneT Holding BV, (fixed rate to 6/01/2024, variable rate thereafter), 2.995%, (EUR)(a)(b)		114,829
		100,000	TenneT Holding BV, EMTN, 1.250%, 10/24/2033, (EUR)(a)		112,192
		300,000	TenneT Holding BV, EMTN, 1.375%, 6/26/2029, (EUR)(a)		350,659
		400,000	TenneT Holding BV, EMTN, 1.750%, 6/04/2027, (EUR)(a)		483,468
		200,000	TenneT Holding BV, EMTN, 1.875%, 6/13/2036, (EUR)(a)		240,107

					4,568,770

			Norway – 0.6%
		200,000	Kommunalbanken AS, MTN, 1.375%, 10/26/2020(a)		196,663

			Portugal – 0.8%
		200,000	EDP - Energias de Portugal S.A., (fixed rate to 4/30/2024, variable rate thereafter), 4.496%, 4/30/2079, (EUR)(a)		234,165

			Spain – 0.7%
		200,000	ACS Servicios Comunicaciones y Energia, S.L., 1.875%, 4/20/2026, (EUR)(a)		220,788

			Supranationals – 6.3%
		100,000	Asian Development Bank, GMTN, 2.375%, 8/10/2027(a)		98,728
		200,000	European Investment Bank, 1.500%, 11/15/2047, (EUR)(a)		243,855
		100,000	European Investment Bank, 2.125%, 4/13/2026(a)		97,963
		200,000	European Investment Bank, 2.375%, 5/24/2027(a)		198,185
		700,000	European Investment Bank, 2.500%, 10/15/2024(a)		703,612
		200,000	European Investment Bank, EMTN, 0.500%, 11/13/2037, (EUR)(a)		209,368
		200,000	International Bank for Reconstruction & Development, Series GDIF, 2.125%, 3/03/2025(a)		197,395
		100,000	International Finance Corp., GMTN, 2.000%, 10/24/2022(a)		98,843
		100,000	International Finance Corp., GMTN, 2.125%, 4/07/2026(a)		97,901

					1,945,850

			Sweden – 2.9%
		900,000	Svensk Exportkredit AB, GMTN, 1.875%, 6/23/2020(a)		893,763


	Principal Amount (‡)		Description	Value (†)
Bonds and Notes – continued
			United Kingdom – 5.5%
		500,000	Anglian Water Services Financing PLC, EMTN, 1.625%, 8/10/2025, (GBP)(a)	$	640,099
		200,000	SSE PLC, EMTN, 0.875%, 9/06/2025, (EUR)(a)		223,449
		500,000	SSE PLC, EMTN, 1.375%, 9/04/2027, (EUR)(a)		568,832
		200,000	Transport for London, EMTN, 2.125%, 4/24/2025, (GBP)(a)		269,682

					1,702,062

			United States – 15.0%
		300,000	Apple, Inc., 2.850%, 2/23/2023(a)		302,744
		900,000	Apple, Inc., 3.000%, 6/20/2027(a)		896,024
		600,000	Bank of America Corp., (fixed rate to 5/17/2021, variable rate thereafter), MTN, 3.499%, 5/17/2022(a)		607,025
		700,000	Citigroup, Inc., EMTN, 0.500%, 1/29/2022, (EUR)(a)		793,547
		400,000	Digital Euro Finco LLC, 2.500%, 1/16/2026, (EUR)(a)		469,302
		400,000	Digital Realty Trust LP, 3.950%, 7/01/2022(a)		410,428
		600,000	DTE Electric Co., Series A, 4.050%, 5/15/2048(a)		625,412
		100,000	Southern Power Co., 1.850%, 6/20/2026, (EUR)(a)		119,845
		400,000	Southern Power Co., 4.150%, 12/01/2025(a)		415,329

					4,639,656

			Total Bonds and Notes (Identified Cost $28,258,357)		28,675,294

Short-Term Investments – 3.4%
		1,044,494	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2019 at 1.500% to be repurchased at $1,044,625 on 4/01/2019 collateralized by $1,070,000 U.S. Treasury Note, 2.000% due 11/30/2022 valued at $1,069,682 including accrued interest(c) (Identified Cost $1,044,494)		1,044,494

			Total Investments – 96.2% (Identified Cost $29,302,851)		29,719,788
			Other assets less liabilities – 3.8%		1,159,937

			Net Assets – 100.0%	$	30,879,725


(†)		Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows: Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers.

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

		In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used.

		Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Futures contracts are valued at the most recent settlement price on the exchange on which the adviser believes that, over time, they are traded most extensively.

		Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The 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. 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 the 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.

		The books and records of the Fund 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.

(‡)		Principal Amount stated in U.S. dollars unless otherwise noted.
(a)		Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
(b)		Perpetual bond with no specified maturity date.
(c)		The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the 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 the Fund’s ability to dispose of the underlying securities. As of March 31, 2019, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement.

EMTN		Euro Medium Term Note
GMTN		Global Medium Term Note
MTN		Medium Term Note

AUD		Australian Dollar
CAD		Canadian Dollar
EUR		Euro
GBP		British Pound

Futures Contracts

The Fund 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 the 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 the 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. 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 the Fund enters into a futures contract certain risks may arise, such as illiquidity in the futures market, which may limit the 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 Fund 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.

At March 31, 2019, open long futures contracts were as follows:


Financial Futures	Expiration Date		Contracts	Notional Amount		Value		Unrealized Appreciation (Depreciation)
German Euro Bund		6/06/2019	13	$	2,384,168	$	2,425,695	$	41,527

At March 31, 2019, open short futures contracts were as follows:
Financial Futures	Expiration Date		Contracts	Notional Amount		Value		Unrealized Appreciation (Depreciation)
10 Year U.S. Treasury Note		6/19/2019	19	$	2,322,996	$	2,360,156	$	(37,160	)
30 Year U.S. Treasury Bond		6/19/2019	1		146,161		149,656		(3,495	)
Australian Dollar		6/17/2019	5		352,700		355,450		(2,750	)
British Pound		6/17/2019	12		977,925		979,200		(1,275	)
Canadian Dollar		6/18/2019	11		821,755		825,330		(3,575	)
Euro		6/17/2019	118		16,734,650		16,650,537		84,113
Euro-Buxl^® 30 Year Bond		6/06/2019	1		207,928		214,995		(7,067	)
UK Long Gilt		6/26/2019	1		165,709		168,498		(2,789	)
Ultra Long U.S. Treasury Bond		6/19/2019	1		162,162		168,000		(5,838	)

Total								$	20,164

Fair Value Measurements

In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the 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 the 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 Fund’s investments as of March 31, 2019, at value:

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes*	$	—	$	28,675,294	$	—	$	28,675,294
Short-Term Investments		—		1,044,494		—		1,044,494
Futures Contracts (unrealized appreciation)		125,640		—		—		125,640

Total	$	125,640	$	29,719,788	$	—	$	29,845,428

Liability Valuation Inputs


Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(63,949	)	$	—	$	—	$	(63,949	)

*	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

For the period ended March 31, 2019, there were no transfers among Levels 1, 2 and 3.

Derivatives

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

The Fund seeks to provide total return, through a combination of capital appreciation and current income, by investing in green bonds. The Fund pursues its objective by primarily investing in fixed-income securities. In connection with its principal investment strategies, the Fund may also invest in futures, forwards and foreign currency transactions for hedging and investment purposes. During the period ended March 31, 2019, the Fund used futures contracts to gain yield curve exposure in accordance with its objective.

The following is a summary of derivative instruments for the Fund, as of March 31, 2019:


Assets	Unrealized appreciation on futures contracts
Exchange-traded asset derivatives
Interest rate contracts	$	41,527
Foreign exchange contracts		84,113

Total exchange-traded asset derivatives	$	125,640


Liabilities	Unrealized depreciation on futures contracts
Exchange-traded liability derivatives
Interest rate contracts	$	(56,349	)
Foreign exchange contracts		(7,600	)

Total exchange-traded liability derivatives	$	(63,949	)

The Fund’s derivatives do not qualify for hedge accounting under authoritative guidance for derivative instruments. The Fund’s investments in derivatives may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of this disclosure.

Counterparty risk is managed based on policies and procedures established by the Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s 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 margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. The following table shows the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund, as of March 31, 2019:

Maximum Amount

of Loss - Gross

Maximum Amount
of Loss – Net

$ 709,183

709,183

Industry Summary at March 31, 2019 (Unaudited)


Utility – Electric	20.4	%
Bank	18.4
Financial	11.1
Industrial	10.8
Government National	9.9
Supra-National	6.3
Special Purpose	5.0
Government Agency	3.9
Government Regional	3.1
Gas Transmission	2.3
Transportation- Rail	1.6
Short-Term Investments	3.4

Total Investments	96.2
Other assets less liabilities (including futures contracts)	3.8

Net Assets	100.0	%

Currency Exposure Summary at March 31, 2019 (Unaudited)


Euro	54.2	%
United States Dollar	35.7
British Pound	3.0
Canadian Dollar	2.5
Australian Dollar	0.8

Total Investments	96.2
Other assets less liabilities (including futures contracts)	3.8

Net Assets	100.0	%

PORTFOLIO OF INVESTMENTS – as of March 31, 2019 (Unaudited)

Mirova International Sustainable Equity Fund


Shares		Description	Value (†)
	Common Stocks – 93.2% of Net Assets
		Australia – 3.0%
	20,850	Brambles Ltd.	$	174,304
	57,365	Stockland		156,909

				331,213

		Belgium – 5.5%
	6,367	KBC Group NV		445,122
	3,809	Umicore S.A.		169,529

				614,651

		China – 1.3%
	24,000	BYD Co. Ltd.		145,110

		Denmark – 11.4%
	3,421	Chr. Hansen Holding AS		347,245
	6,735	Novo Nordisk AS, Class B		352,007
	3,049	Orsted AS		231,267
	4,039	Vestas Wind Systems AS		340,432

				1,270,951

		France – 15.1%
	1,260	Air Liquide S.A.		160,349
	14,405	Credit Agricole S.A.		173,925
	2,192	Danone		168,786
	1,313	Dassault Systemes SE		195,701
	2,834	EssilorLuxottica S.A.		309,586
	676	L’Oreal S.A.		182,041
	1,516	Orpea		182,030
	11,673	Suez		154,642
	5,536	Valeo S.A.		160,725

				1,687,785

		Germany – 6.9%
	768	Allianz SE, (Registered)		171,147
	3,171	Fresenius SE & Co. KGaA, Sponsored ADR		177,233
	2,040	SAP SE		235,833
	2,044	Symrise AG		184,263

				768,476

		Hong Kong – 3.9%
	43,000	AIA Group Ltd.		429,990

		Ireland – 3.5%
	4,886	Kingspan Group PLC		226,402
	5,816	Smurfit Kappa Group PLC		162,551

				388,953

		Japan – 16.7%
	2,700	Kao Corp.		213,102
	21,300	Kubota Corp.		309,601


	Shares		Description	Value (†)
Common Stocks – continued
			Japan – continued
		13,800	Sekisui House Ltd.	$	228,686
		700	Shimano, Inc.		113,972
		7,200	Takeda Pharmaceutical Co. Ltd.		294,856
		9,000	Terumo Corp.		275,451
		3,500	Toyota Motor Corp.		206,188
		2,900	West Japan Railway Co.		218,502

					1,860,358

			Netherlands – 3.7%
		1,328	ASML Holding NV		249,597
		2,842	Unilever NV		165,693

					415,290

			Norway – 1.0%
		5,326	Telenor ASA		106,647

			Singapore – 0.9%
		124,600	Raffles Medical Group Ltd.		98,465

			Switzerland – 1.5%
		404	Geberit AG, (Registered)		165,232

			Taiwan – 4.1%
		11,100	Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR		454,656

			United Kingdom – 14.7%
		3,447	Croda International PLC		226,460
		12,021	Halma PLC		262,081
		4,329	Johnson Matthey PLC		177,528
		19,995	Land Securities Group PLC		238,060
		106,160	Legal & General Group PLC		380,968
		11,780	Prudential PLC		236,136
		1,310	Spirax-Sarco Engineering PLC		122,771

					1,644,004

			Total Common Stocks (Identified Cost $9,364,833)		10,381,781

			Total Investments – 93.2% (Identified Cost $9,364,833)		10,381,781
			Other assets less liabilities – 6.8%		759,126

			Net Assets – 100.0%	$	11,140,907

(†)

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

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

In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used.

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers.

Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security.

Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The 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. 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 the 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 March 31, 2019, securities held by the Fund were fair valued as follows:


Equity securities¹		Percentage of Net Assets
$	9,772,483		87.7	%

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

The books and records of the Fund 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.

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.

Fair Value Measurements

•

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

•

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

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2019, at value:

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	331,213	$	—	$	331,213
Belgium		—		614,651		—		614,651
China		—		145,110		—		145,110
Denmark		—		1,270,951		—		1,270,951
France		154,642		1,533,143		—		1,687,785
Germany		—		768,476		—		768,476
Hong Kong		—		429,990		—		429,990
Ireland		—		388,953		—		388,953
Japan		—		1,860,358		—		1,860,358
Netherlands		—		415,290		—		415,290
Norway		—		106,647		—		106,647
Singapore		—		98,465		—		98,465
Switzerland		—		165,232		—		165,232
Taiwan		454,656		—		—		454,656
United Kingdom		—		1,644,004		—		1,644,004

Total	$	609,298	$	9,772,483	$	—	$	10,381,781

For the period ended March 31, 2019, there were no transfers among Levels 1, 2 and 3.

Industry Summary at March 31, 2019 (Unaudited)


Chemicals	11.3	%
Insurance	10.9
Semiconductors & Semiconductor Equipment	6.3
Pharmaceuticals	5.8
Banks	5.6
Personal Products	5.0
Health Care Providers & Services	4.1
Machinery	3.9
Software	3.9
Equity Real Estate Investment Trusts	3.5
Building Products	3.5
Automobiles	3.1
Electrical Equipment	3.0
Textiles, Apparel & Luxury Goods	2.8
Health Care Equipment & Supplies	2.5
Electronic Equipment, Instruments & Components	2.4
Electric Utilities	2.1
Household Durables	2.1
Road & Rail	2.0
Other Investments, less than 2% each	9.4

Total Investments	93.2
Other assets less liabilities	6.8

Net Assets	100.0	%

Currency Exposure Summary at March 31, 2019 (Unaudited)


Euro	34.7	%
Japanese Yen	16.7
British Pound	14.7
Danish Krone	11.4
Hong Kong Dollar	5.2
United States Dollar	4.1
Australian Dollar	3.0
Other, less than 2% each	3.4

Total Investments	93.2
Other assets less liabilities	6.8

Net Assets	100.0	%

PORTFOLIO OF INVESTMENTS – as of March 31, 2019 (Unaudited)

Mirova Global Sustainable Equity Fund


Shares		Description	Value (†)
	Common Stocks – 96.8% of Net Assets
		Belgium – 2.6%
	35,512	KBC Group NV	$	2,482,673

		China – 1.0%
	152,901	BYD Co. Ltd.		924,476

		Denmark – 10.0%
	13,761	Chr. Hansen Holding AS		1,396,797
	7,929	Coloplast AS, Series B		870,371
	67,208	Novo Nordisk AS, Class B		3,512,649
	12,100	Orsted AS		917,788
	31,318	Vestas Wind Systems AS		2,639,674

				9,337,279

		France – 4.8%
	17,491	Danone		1,346,823
	19,793	EssilorLuxottica S.A.		2,162,185
	34,036	Valeo S.A.		988,157

				4,497,165

		Germany – 5.2%
	4,652	Allianz SE, (Registered)		1,036,686
	11,560	Fresenius SE & Co. KGaA, Sponsored ADR		646,111
	35,732	Symrise AG		3,221,168

				4,903,965

		Hong Kong – 2.4%
	223,258	AIA Group Ltd.		2,232,528

		Ireland – 3.6%
	41,457	Eaton Corp. PLC		3,339,776

		Japan – 3.2%
	86,900	Sekisui House Ltd.		1,440,060
	26,500	Toyota Motor Corp.		1,561,135

				3,001,195

		Netherlands – 2.9%
	6,375	ASML Holding NV		1,198,180
	26,715	Unilever NV		1,557,522

				2,755,702

		Singapore – 1.4%
	1,658,400	Raffles Medical Group Ltd.		1,310,547

		Switzerland – 0.8%
	1,813	Geberit AG, (Registered)		741,499

		Taiwan – 1.7%
	38,000	Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR		1,556,480


Shares		Description	Value (†)
	Common Stocks – continued
		United Kingdom – 5.1%
	21,700	Aptiv PLC	$	1,724,933
	408,239	Legal & General Group PLC		1,465,016
	78,685	Prudential PLC		1,577,277

				4,767,226

		United States – 52.1%
	34,151	A.O. Smith Corp.		1,820,931
	3,545	Alphabet, Inc., Class A(a)		4,172,075
	1,299	Amazon.com, Inc.(a)		2,313,194
	22,668	American Water Works Co., Inc.		2,363,366
	29,471	Danaher Corp.		3,890,761
	55,013	eBay, Inc.		2,043,183
	20,088	Ecolab, Inc.		3,546,336
	5,796	Estee Lauder Cos., Inc. (The), Class A		959,528
	21,797	Gilead Sciences, Inc.		1,417,023
	2,199	Illumina, Inc.(a)		683,207
	5,697	International Flavors & Fragrances, Inc.		733,717
	19,623	MasterCard, Inc., Class A		4,620,235
	38,441	Microsoft Corp.		4,533,732
	7,792	NextEra Energy, Inc.		1,506,349
	17,893	Oracle Corp.		961,033
	8,874	Roper Technologies, Inc.		3,034,642
	11,494	Signature Bank		1,472,037
	16,824	Thermo Fisher Scientific, Inc.		4,605,065
	19,946	Visa, Inc., Class A		3,115,366
	10,900	Watts Water Technologies, Inc., Series A		880,938

				48,672,718

		Total Common Stocks (Identified Cost $75,899,387)		90,523,229

Principal Amount
	Short-Term Investments – 1.2%
	$1,091,275	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2019 at 1.500% to be repurchased at $1,091,412 on 4/01/2019 collateralized by $1,115,000 U.S. Treasury Note, 2.125% due 12/31/2022 valued at $1,117,967 including accrued interest(b) (Identified Cost $1,091,275)		1,091,275

		Total Investments – 98.0% (Identified Cost $76,990,662)		91,614,504
		Other assets less liabilities – 2.0%		1,843,607

		Net Assets – 100.0%	$	93,458,111

(†)

In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used.

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers.

As of March 31, 2019, securities held by the Fund were fair valued as follows:


Equity securities¹	Percentage of Net Assets
$ 35,229,322		37.7	%

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

(a)	Non-income producing security.

(b)

The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the 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 the Fund’s ability to dispose of the underlying securities. As of March 31, 2019, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement.

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.

Fair Value Measurements

•

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

•

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

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2019, at value:

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Belgium	$	—	$	2,482,673	$	—	$	2,482,673
China		—		924,476		—		924,476
Denmark		—		9,337,279		—		9,337,279
France		—		4,497,165		—		4,497,165
Germany		—		4,903,965		—		4,903,965
Hong Kong		—		2,232,528		—		2,232,528
Japan		—		3,001,195		—		3,001,195
Netherlands		—		2,755,702		—		2,755,702
Singapore		—		1,310,547		—		1,310,547
Switzerland		—		741,499		—		741,499
United Kingdom		1,724,933		3,042,293		—		4,767,226
All Other Common Stocks*		53,568,974		—		—		53,568,974

Total Common Stocks		55,293,907		35,229,322		—		90,523,229

Short-Term Investments		—		1,091,275		—		1,091,275

Total	$	55,293,907	$	36,320,597	$	—	$	91,614,504

* Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

For the period ended March 31, 2019, there were no transfers among Levels 1, 2 and 3.

Industry Summary at March 31, 2019 (Unaudited)


Chemicals	9.5	%
IT Services	8.2
Insurance	6.8
Electrical Equipment	6.4
Software	5.9
Life Sciences Tools & Services	5.6
Health Care Equipment & Supplies	5.1
Internet & Direct Marketing Retail	4.7
Interactive Media & Services	4.5
Banks	4.2
Pharmaceuticals	3.8
Industrial Conglomerates	3.3
Semiconductors & Semiconductor Equipment	3.0
Auto Components	2.9
Building Products	2.8
Automobiles	2.7
Personal Products	2.6
Electric Utilities	2.6
Water Utilities	2.5
Textiles, Apparel & Luxury Goods	2.3
Health Care Providers & Services	2.1
Other Investments, less than 2% each	5.3
Short-Term Investments	1.2

Total Investments	98.0
Other assets less liabilities	2.0

Net Assets	100.0	%

Currency Exposure Summary at March 31, 2019 (Unaudited)


United States Dollar	60.4	%
Euro	15.5
Danish Krone	10.0
Hong Kong Dollar	3.4
British Pound	3.3
Japanese Yen	3.2
Other, less than 2% each	2.2

Total Investments	98.0
Other assets less liabilities	2.0

Net Assets	100.0	%

PORTFOLIO OF INVESTMENTS – as of March 31, 2019 (Unaudited)

Natixis Oakmark International Fund


Shares		Description	Value (†)
	Common Stocks – 98.1% of Net Assets
		Australia – 2.5%
	4,318,350	AMP Ltd.	$	6,449,334
	190,600	Brambles Ltd.		1,593,396
	725,758	Orica Ltd.		9,090,246

				17,132,976

		Canada – 1.6%
	20,500	Alimentation Couche-Tard, Inc., Class B		1,207,588
	1,098,367	Cenovus Energy, Inc.		9,534,222

				10,741,810

		China – 1.1%
	47,830	Baidu, Inc., Sponsored ADR(a)		7,884,775

		France – 11.0%
	310,000	Accor S.A.		12,557,864
	618,600	BNP Paribas S.A.(b)		29,438,052
	286,282	Bureau Veritas S.A.		6,716,399
	43,651	Danone		3,361,168
	233,545	Publicis Groupe S.A.		12,504,453
	404,800	Valeo S.A.		11,752,440

				76,330,376

		Germany – 16.5%
	76,410	Allianz SE, (Registered)		17,027,775
	307,530	Bayer AG, (Registered)		19,802,443
	260,600	Bayerische Motoren Werke AG		20,121,977
	139,850	Continental AG		21,097,622
	438,814	Daimler AG, (Registered)		25,751,032
	767,200	ThyssenKrupp AG		10,553,516

				114,354,365

		India – 0.5%
	320,375	Axis Bank Ltd.(a)		3,590,190

		Indonesia – 1.2%
	15,957,600	Bank Mandiri Persero Tbk PT(a)		8,373,650

		Ireland – 2.3%
	216,502	Ryanair Holdings PLC, Sponsored ADR(a)		16,224,660

		Italy – 3.4%
	9,691,800	Intesa Sanpaolo SpA		23,652,991

		Japan – 5.0%
	567,000	Komatsu Ltd.		13,224,452
	547,800	Olympus Corp.		5,959,638
	68,200	Omron Corp.		3,204,117


Shares		Description	Value (†)
	Common Stocks – continued
		Japan – continued
	206,700	Toyota Motor Corp.	$	12,176,857

				34,565,064

		Korea – 2.9%
	82,600	NHN Corp.		9,039,931
	271,600	Samsung Electronics Co. Ltd.		10,712,700

				19,752,631

		Mexico – 1.1%
	681,400	Grupo Televisa SAB, Sponsored ADR		7,536,284

		Netherlands – 4.2%
	35,804	Akzo Nobel NV		3,180,589
	54,130	ASML Holding NV		10,173,721
	242,680	EXOR NV		15,760,551

				29,114,861

		South Africa – 2.2%
	63,935	Naspers Ltd., N Shares		14,899,515

		Sweden – 7.0%
	1,375,655	Hennes & Mauritz AB, B Shares		22,950,410
	705,300	SKF AB, B Shares		11,734,285
	890,900	Volvo AB, B Shares		13,823,328

				48,508,023

		Switzerland – 11.4%
	152,800	Cie Financiere Richemont S.A., (Registered)		11,147,260
	2,091,836	Credit Suisse Group AG, (Registered)(b)		24,383,319
	4,644,800	Glencore PLC(b)		19,248,778
	57,430	Kuehne & Nagel International AG		7,879,729
	252,695	LafargeHolcim Ltd., (Registered)		12,493,918
	37,800	Nestle S.A., (Registered)		3,604,246

				78,757,250

		Taiwan – 1.2%
	1,049,000	Taiwan Semiconductor Manufacturing Co. Ltd.		8,401,500

		United Kingdom – 21.8%
	502,639	Ashtead Group PLC		12,151,104
	2,096,000	CNH Industrial NV		21,355,456
	56,000	Diageo PLC		2,291,634
	49,431	Experian PLC		1,337,868
	135,056	Ferguson PLC		8,601,855
	2,645,400	G4S PLC		6,330,325
	380,300	Liberty Global PLC, Class A(a)		9,477,076
	267,926	Liberty Global PLC, Series C(a)		6,486,488
	25,726,600	Lloyds Banking Group PLC		20,843,102
	348,904	Meggitt PLC		2,287,250
	86,100	Reckitt Benckiser Group PLC		7,165,464
	595,300	Rolls-Royce Holdings PLC		7,010,607


	Shares		Description	Value (†)
Common Stocks – continued
			United Kingdom – continued
		3,672,600	Royal Bank of Scotland Group PLC	$	11,826,018
		435,989	Schroders PLC		15,352,337
		100	Schroders PLC, (Non Voting)		2,797
		339,800	Smiths Group PLC		6,358,598
		1,124,300	WPP PLC		11,877,164

					150,755,143

			United States – 1.2%
		45,992	Willis Towers Watson PLC		8,078,495

			Total Common Stocks (Identified Cost $794,363,255)		678,654,559

	Principal Amount
Short-Term Investments – 1.3%
		$ 8,938,785	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2019 at 1.500% to be repurchased at $8,939,902 on 4/01/2019 collateralized by $9,125,000 U.S. Treasury Note, 2.000% due 11/30/2022 valued at $9,122,290 including accrued interest(c) (Identified Cost $8,938,785)		8,938,785

			Total Investments – 99.4% (Identified Cost $803,302,040)		687,593,344
			Other assets less liabilities – 0.6%		3,863,953

			Net Assets – 100.0%	$	691,457,297

(†)

Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser or 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:

In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used.

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers.

Forward foreign currency contracts are valued utilizing interpolated rates determined based on information provided by an independent pricing service.

Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser 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. 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 the 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 March 31, 2019, securities held by the Fund were fair valued as follows:


Equity securities¹	Percentage of Net Assets
$ 612,224,971		88.5	%

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

(a)	Non-income producing security.

(b)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.

(c)

ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

CHF	Swiss Franc

Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts, including forward foreign cross currency contracts, to acquire exposure to foreign currencies or to hedge the Fund’s investments against currency fluctuation. A contract can also be used to offset a previous contract. These contracts involve market risk in excess of the unrealized gain or loss. The U.S. dollar value of the currencies the Fund has committed to buy or sell represents the aggregate exposure to each currency the Fund has acquired or hedged through currency contracts outstanding at period end. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Contracts are traded over-the-counter directly with a counterparty. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Certain contracts may require the movement of cash and/or securities as collateral for the Fund’s or counterparty’s net obligations under the contracts.

At March 31, 2019, the Fund had the following open forward foreign currency contracts:


Counterparty	Delivery Date		Currency Bought/ Sold (B/S)		Units of Currency			In Exchange for		Notional Value		Unrealized Appreciation (Depreciation)
State Street Bank and Trust Company		6/19/2019		CHF		B	6,902,000	$	7,095,312	$	6,982,623	$	(112,689	)
State Street Bank and Trust Company		6/19/2019		CHF		S	19,195,000		20,300,658		19,419,218		881,440

Total												$	768,751

Fair Value Measurements

•

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

•

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

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2019, at value:

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	17,132,976	$	—	$	17,132,976
France		—		76,330,376		—		76,330,376
Germany		—		114,354,365		—		114,354,365
India		—		3,590,190		—		3,590,190
Indonesia		—		8,373,650		—		8,373,650
Italy		—		23,652,991		—		23,652,991
Japan		—		34,565,064		—		34,565,064
Korea		—		19,752,631		—		19,752,631
Netherlands		—		29,114,861		—		29,114,861
South Africa		—		14,899,515		—		14,899,515
Sweden		—		48,508,023		—		48,508,023
Switzerland		—		78,757,250		—		78,757,250
Taiwan		—		8,401,500		—		8,401,500
United Kingdom		15,963,564		134,791,579		—		150,755,143
All Other Common Stocks*		50,466,024		—		—		50,466,024

Total Common Stocks		66,429,588		612,224,971		—		678,654,559

Short-Term Investments		—		8,938,785		—		8,938,785

Total Investments		66,429,588		621,163,756		—		687,593,344

Forward Foreign Currency Contracts (unrealized appreciation)		—		881,440		—		881,440

Total	$	66,429,588	$	622,045,196	$	—	$	688,474,784

Liability Valuation Inputs


Description	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(112,689	)	$	—	$	(112,689	)

*	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

For the period ended March 31, 2019, there were no transfers among Levels 1, 2 and 3.

Derivatives

The Fund is subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may enter into forward foreign currency contracts for hedging purposes to protect the value of the Fund’s holding of foreign securities. During the period ended March 31, 2019, the Fund engaged in forward foreign currency transactions for hedging purposes.

The following is a summary of derivative instruments for the Fund, as of March 31, 2019:


Assets	Unrealized appreciation on forward foreign currency contracts
Over-the-counter asset derivatives Foreign exchange contracts	$	881,440

Liabilities	Unrealized depreciation on forward foreign currency contracts
Over-the-counter liability derivatives Foreign exchange contracts	$	(112,689	)

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

Maximum Amount of

Loss – Gross

Maximum Amount of
Loss – Net

$ 881,440

768,751

Industry Summary at March 31, 2019 (Unaudited)


Banks	14.0	%
Machinery	8.7
Automobiles	8.3
Media	7.0
Capital Markets	5.7
Auto Components	4.7
Metals & Mining	4.3
Insurance	3.7
Specialty Retail	3.3
Diversified Financial Services	3.3
Trading Companies & Distributors	3.1
Pharmaceuticals	2.9
Semiconductors & Semiconductor Equipment	2.7
Interactive Media & Services	2.4
Airlines	2.3
Internet & Direct Marketing Retail	2.2
Other Investments, less than 2% each	19.5
Short-Term Investments	1.3

Total Investments	99.4
Other assets less liabilities (including forward foreign currency contracts)	0.6

Net Assets	100.0	%

Currency Exposure Summary at March 31, 2019 (Unaudited)


Euro	38.2	%
British Pound	19.1
United States Dollar	9.4
Swiss Franc	8.6
Swedish Krona	7.0
Japanese Yen	5.0
South Korean Won	2.9
Australian Dollar	2.5
South African Rand	2.2
Other, less than 2% each	4.5

Total Investments	99.4
Other assets less liabilities (including forward foreign currency contracts)	0.6

Net Assets	100.0	%

PORTFOLIO OF INVESTMENTS – as of March 31, 2019 (Unaudited)

Natixis U.S. Equity Opportunities Fund


Shares		Description	Value (†)
	Common Stocks – 98.4% of Net Assets
		Air Freight & Logistics – 2.2%
	292,280	Expeditors International of Washington, Inc.	$	22,184,052

		Airlines – 1.0%
	311,500	American Airlines Group, Inc.		9,893,240

		Automobiles – 2.9%
	1,079,800	Fiat Chrysler Automobiles NV(a)		16,035,030
	363,100	General Motors Co.		13,471,010

				29,506,040

		Banks – 5.6%
	714,870	Bank of America Corp.		19,723,263
	366,100	Citigroup, Inc.		22,778,742
	302,800	Wells Fargo & Co.		14,631,296

				57,133,301

		Beverages – 3.2%
	183,209	Coca-Cola Co. (The)		8,585,174
	428,119	Monster Beverage Corp.(a)		23,366,735

				31,951,909

		Biotechnology – 5.2%
	32,093	Amgen, Inc.		6,097,028
	116,718	BioMarin Pharmaceutical, Inc.(a)		10,368,060
	87,331	Regeneron Pharmaceuticals, Inc.(a)		35,859,855

				52,324,943

		Capital Markets – 6.7%
	361,300	Charles Schwab Corp. (The)		15,449,188
	45,412	FactSet Research Systems, Inc.		11,274,437
	62,039	MSCI, Inc.		12,335,835
	250,854	SEI Investments Co.		13,107,121
	237,800	State Street Corp.		15,649,618

				67,816,199

		Communications Equipment – 1.5%
	289,784	Cisco Systems, Inc.		15,645,438

		Consumer Finance – 2.3%
	62,082	American Express Co.		6,785,563
	205,700	Capital One Financial Corp.		16,803,633

				23,589,196

		Electronic Equipment, Instruments & Components – 0.4%
	49,100	TE Connectivity Ltd.		3,964,825

		Energy Equipment & Services – 1.6%
	231,100	National Oilwell Varco, Inc.		6,156,504


Shares		Description	Value (†)
	Common Stocks – continued
		Energy Equipment & Services – continued
	223,496	Schlumberger Ltd.	$	9,737,721

				15,894,225

		Entertainment – 2.2%
	62,290	Netflix, Inc.(a)		22,210,122

		Food Products – 1.1%
	695,210	Danone S.A., Sponsored ADR		10,699,282

		Health Care Equipment & Supplies – 1.1%
	75,561	Varian Medical Systems, Inc.(a)		10,708,505

		Health Care Providers & Services – 1.2%
	228,200	CVS Health Corp.		12,306,826

		Health Care Technology – 1.2%
	218,575	Cerner Corp.(a)		12,504,676

		Hotels, Restaurants & Leisure – 5.3%
	104,900	Hilton Worldwide Holdings, Inc.		8,718,239
	222,923	Starbucks Corp.		16,572,096
	422,744	Yum China Holdings, Inc.		18,985,433
	89,431	Yum! Brands, Inc.		8,926,108

				53,201,876

		Household Products – 1.8%
	122,949	Colgate-Palmolive Co.		8,426,924
	93,853	Procter & Gamble Co. (The)		9,765,405

				18,192,329

		Industrial Conglomerates – 1.9%
	1,974,250	General Electric Co.		19,722,757

		Insurance – 1.7%
	398,555	American International Group, Inc.		17,161,778

		Interactive Media & Services – 9.3%
	33,597	Alphabet, Inc., Class A(a)		39,539,973
	11,120	Alphabet, Inc., Class C(a)		13,047,207
	246,530	Facebook, Inc., Class A(a)		41,094,086

				93,681,266

		Internet & Direct Marketing Retail – 7.8%
	181,353	Alibaba Group Holding Ltd., Sponsored ADR(a)		33,087,855
	21,441	Amazon.com, Inc.(a)		38,181,061
	453,100	Qurate Retail, Inc., Class A(a)		7,240,538

				78,509,454

		IT Services – 5.6%
	37,312	Automatic Data Processing, Inc.		5,960,219
	54,100	MasterCard, Inc., Class A		12,737,845
	243,990	Visa, Inc., Class A		38,108,798

				56,806,862


Shares		Description	Value (†)
	Common Stocks – continued
		Machinery – 2.2%
	65,600	Caterpillar, Inc.	$	8,888,144
	82,596	Deere & Co.		13,202,145

				22,090,289

		Media – 3.4%
	46,815	Charter Communications, Inc., Class A(a)		16,240,592
	445,400	Comcast Corp., Class A		17,807,092

				34,047,684

		Oil, Gas & Consumable Fuels – 2.4%
	239,800	Anadarko Petroleum Corp.		10,906,104
	400,900	Apache Corp.		13,895,194

				24,801,298

		Pharmaceuticals – 2.6%
	51,950	Merck & Co., Inc.		4,320,681
	77,194	Novartis AG, Sponsored ADR		7,421,431
	278,192	Novo Nordisk AS, Sponsored ADR		14,552,224

				26,294,336

		Semiconductors & Semiconductor Equipment – 5.0%
	240,830	Intel Corp.		12,932,571
	75,681	NVIDIA Corp.		13,589,280
	224,691	QUALCOMM, Inc.		12,814,128
	102,965	Texas Instruments, Inc.		10,921,498

				50,257,477

		Software – 6.6%
	160,569	Autodesk, Inc.(a)		25,019,862
	109,127	Microsoft Corp.		12,870,438
	542,581	Oracle Corp.		29,142,025

				67,032,325

		Technology Hardware, Storage & Peripherals – 2.0%
	109,055	Apple, Inc.		20,714,997

		Textiles, Apparel & Luxury Goods – 1.4%
	674,270	Under Armour, Inc., Class A(a)		14,254,068

		Total Common Stocks (Identified Cost $771,194,961)		995,101,575


Principal Amount
	Short-Term Investments – 1.0%
	$10,544,968	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2019 at 1.500% to be repurchased at $10,546,286 on 4/01/2019 collateralized by $10,765,000 U.S. Treasury Note, 2.000% due 11/30/2022 valued at $10,761,803 including accrued interest(b) (Identified Cost $10,544,968)		10,544,968


Description	Value (†)
Total Investments – 99.4% (Identified Cost $781,739,929)	$	1,005,646,543
Other assets less liabilities – 0.6%		5,853,853

Net Assets – 100.0%	$	1,011,500,396

(†)

Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser or subadvisers 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:

In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used.

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers.

(a)	Non-income producing security.

(b)

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.

Fair Value Measurements

•

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

•

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

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2019, at value:

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks*	$	995,101,575	$	—	$	—	$	995,101,575
Short-Term Investments		—		10,544,968		—		10,544,968

Total	$	995,101,575	$	10,544,968	$	—	$	1,005,646,543

*	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

For the period ended March 31, 2019, there were no transfers among Levels 1, 2 and 3.

Industry Summary at March 31, 2019 (Unaudited)


Interactive Media & Services	9.3	%
Internet & Direct Marketing Retail	7.8
Capital Markets	6.7
Software	6.6
Banks	5.6
IT Services	5.6
Hotels, Restaurants & Leisure	5.3
Biotechnology	5.2
Semiconductors & Semiconductor Equipment	5.0
Media	3.4
Beverages	3.2
Automobiles	2.9
Pharmaceuticals	2.6
Oil, Gas & Consumable Fuels	2.4
Consumer Finance	2.3
Entertainment	2.2
Air Freight & Logistics	2.2
Machinery	2.2
Technology Hardware, Storage & Peripherals	2.0
Other Investments, less than 2% each	15.9
Short-Term Investments	1.0

Total Investments	99.4
Other assets less liabilities	0.6

Net Assets	100.0	%

PORTFOLIO OF INVESTMENTS – as of March 31, 2019 (Unaudited)

Loomis Sayles Multi-Asset Income Fund


Shares		Description	Value (†)
	Common Stocks – 40.0% of Net Assets
		Aerospace & Defense – 0.3%
	953	Boeing Co. (The)	$	363,493

		Air Freight & Logistics – 0.6%
	4,632	Cia de Distribucion Integral Logista Holdings S.A.		109,144
	2,910	Oesterreichische Post AG		123,147
	4,443	United Parcel Service, Inc., Class B		496,461

				728,752

		Airlines – 0.4%
	3,200	Japan Airlines Co. Ltd.		112,767
	7,678	Southwest Airlines Co.		398,565

				511,332

		Banks – 1.2%
	1,300	Canadian Imperial Bank of Commerce		102,727
	6,732	Citigroup, Inc.		418,865
	5,380	Fifth Third Bancorp		135,684
	15,525	First Hawaiian, Inc.		404,426
	3,178	JPMorgan Chase & Co.		321,709

				1,383,411

		Beverages – 1.1%
	2,600	Asahi Group Holdings Ltd.		116,060
	902	Carlsberg AS, Class B		112,794
	6,549	Molson Coors Brewing Co., Class B		390,648
	5,579	PepsiCo, Inc.		683,706

				1,303,208

		Biotechnology – 1.8%
	6,550	AbbVie, Inc.		527,865
	5,785	Amgen, Inc.		1,099,034
	6,442	Gilead Sciences, Inc.		418,794

				2,045,693

		Capital Markets – 0.1%
	7,400	Singapore Exchange Ltd.		40,002
	3,827	Virtu Financial, Inc., Class A		90,891

				130,893

		Chemicals – 0.3%
	4,629	LyondellBasell Industries NV, Class A		389,206

		Commercial Services & Supplies – 0.2%
	2,321	Intrum AB		66,744
	1,423	Republic Services, Inc.		114,381
	255	Waste Management, Inc.		26,497

				207,622


Shares		Description	Value (†)
	Common Stocks – continued
		Construction & Engineering – 0.2%
	2,530	ACS Actividades de Construccion y Servicios S.A.	$	111,224
	700	HOCHTIEF AG		101,424

				212,648

		Containers & Packaging – 0.1%
	1,422	Sonoco Products Co.		87,496

		Diversified Telecommunication Services – 0.7%
	13,108	Verizon Communications, Inc.		775,076

		Electric Utilities – 1.5%
	2,500	CLP Holdings Ltd.		28,996
	25,847	Contact Energy Ltd.		122,304
	4,498	Duke Energy Corp.		404,820
	1,449	Endesa S.A.		36,979
	10,669	Enel SpA		68,365
	10,877	FirstEnergy Corp.		452,592
	45,188	Mercury NZ Ltd.		120,064
	16,036	PPL Corp.		508,983

				1,743,103

		Electrical Equipment – 0.7%
	5,060	Eaton Corp. PLC		407,634
	2,291	Rockwell Automation, Inc.		401,979

				809,613

		Entertainment – 0.5%
	915	Cinemark Holdings, Inc.		36,591
	17,778	Viacom, Inc., Class B		499,028

				535,619

		Food & Staples Retailing – 0.6%
	1,691	Sysco Corp.		112,891
	8,366	Walgreens Boots Alliance, Inc.		529,317

				642,208

		Food Products – 0.1%
	494	Hershey Co. (The)		56,726
	5,176	Tate & Lyle PLC		48,956

				105,682

		Gas Utilities – 0.1%
	1,851	National Fuel Gas Co.		112,837

		Health Care Equipment & Supplies – 0.1%
	1,221	Medtronic PLC		111,209

		Health Care Providers & Services – 1.4%
	5,106	AmerisourceBergen Corp.		406,029
	5,559	Encompass Health Corp.		324,646
	3,587	McKesson Corp.		419,894


Shares		Description	Value (†)
	Common Stocks – continued
		Health Care Providers & Services – continued
	1,693	UnitedHealth Group, Inc.	$	418,611

				1,569,180

		Hotels, Restaurants & Leisure – 0.6%
	778	Darden Restaurants, Inc.		94,504
	7,257	Starbucks Corp.		539,485

				633,989

		Household Durables – 0.0%
	2,000	Nikon Corp.		28,277

		Household Products – 0.1%
	1,134	Procter & Gamble Co. (The)		117,993

		Independent Power & Renewable Electricity Producers – 0.4%
	22,701	AES Corp. (The)		410,434

		Industrial Other – 0.0%
	979	Iron Mountain, Inc.		34,715

		Insurance – 1.5%
	451	Aflac, Inc.		22,550
	4,171	American Financial Group, Inc.		401,292
	9,113	MetLife, Inc.		387,940
	5,587	Progressive Corp. (The)		402,767
	4,300	Prudential Financial, Inc.		395,084
	38,334	UnipolSai Assicurazioni SpA		103,522

				1,713,155

		IT Services – 3.2%
	3,009	Accenture PLC, Class A		529,644
	3,250	Automatic Data Processing, Inc.		519,155
	3,855	Booz Allen Hamilton Holding Corp.		224,130
	4,170	Broadridge Financial Solutions, Inc.		432,387
	7,960	Leidos Holdings, Inc.		510,156
	1,804	MasterCard, Inc., Class A		424,752
	6,707	Paychex, Inc.		537,902
	2,742	Visa, Inc., Class A		428,273

				3,606,399

		Machinery – 1.8%
	8,724	Allison Transmission Holdings, Inc.		391,882
	2,815	Cummins, Inc.		444,404
	381	Hillenbrand, Inc.		15,823
	2,870	Illinois Tool Works, Inc.		411,931
	7,712	PACCAR, Inc.		525,496
	1,426	Snap-on, Inc.		223,197

				2,012,733

		Media – 2.5%
	37,260	Comcast Corp., Class A		1,489,655
	21,452	Interpublic Group of Cos., Inc. (The)		450,707


Shares		Description	Value (†)
	Common Stocks – continued
		Media – continued
	7,054	Omnicom Group, Inc.	$	514,871
	8,841	Sinclair Broadcast Group, Inc., Class A		340,202

				2,795,435

		Metals & Mining – 0.1%
	1,752	Rio Tinto PLC		101,832

		Multi-Utilities – 1.0%
	7,236	AGL Energy Ltd.		111,852
	17,108	CenterPoint Energy, Inc.		525,216
	6,622	Dominion Energy, Inc.		507,642
	536	NorthWestern Corp.		37,740

				1,182,450

		Multiline Retail – 0.5%
	7,488	Kohl’s Corp.		514,950

		Oil, Gas & Consumable Fuels – 2.4%
	5,099	Chevron Corp.		628,095
	9,238	CVR Energy, Inc.		380,606
	2,693	Enagas S.A.		78,400
	7,942	Exxon Mobil Corp.		641,714
	16,957	Kinder Morgan, Inc.		339,309
	3,384	ONEOK, Inc.		236,338
	15,439	Plains GP Holdings LP, Class A(a)		384,740

				2,689,202

		Paper & Forest Products – 0.4%
	9,451	Domtar Corp.		469,242

		Personal Products – 0.1%
	2,065	Unilever PLC		118,867

		Pharmaceuticals – 1.9%
	2,800	Allergan PLC		409,948
	7,200	Astellas Pharma, Inc.		108,186
	9,983	Bristol-Myers Squibb Co.		476,289
	3,728	Johnson & Johnson		521,137
	6,376	Merck & Co., Inc.		530,292
	415	Roche Holding AG		114,355

				2,160,207

		Professional Services – 0.5%
	7,913	Robert Half International, Inc.		515,611

		Real Estate Management & Development – 0.2%
	2,268	Aroundtown S.A.		18,708
	420	Castellum AB		8,150
	4,000	CK Asset Holdings Ltd.		35,623
	1,000	Daiwa House Industry Co. Ltd.		31,848
	2,492	Fabege AB		36,217
	95	Grand City Properties S.A.		2,294


Shares		Description	Value (†)
	Common Stocks – continued
		Real Estate Management & Development – continued
	300	Hongkong Land Holdings Ltd.	$	2,135
	8,000	Kerry Properties Ltd.		35,767
	179	Wihlborgs Fastigheter AB		2,441

				173,183

		REITs - Apartments – 0.0%
	76	Invincible Investment Corp.		37,191

		REITs - Diversified – 0.2%
	1,047	American Finance Trust, Inc.		11,308
	6	Equinix, Inc.		2,719
	1,623	Gladstone Commercial Corp.		33,710
	127	Global Net Lease, Inc.		2,400
	2,300	Mapletree Logistics Trust		2,479
	1	Mirai Corp.		1,819
	288	NexPoint Residential Trust, Inc.		11,042
	2,151	Preferred Apartment Communities, Inc., Class A		31,878
	224	PS Business Parks, Inc.		35,130
	2,512	UMH Properties, Inc.		35,369
	181	Warehouses De Pauw CVA		29,034

				196,888

		REITs - Health Care – 0.0%
	1,492	CareTrust REIT, Inc.		35,002
	370	Omega Healthcare Investors, Inc.		14,116

				49,118

		REITs - Hotels – 0.1%
	892	Hersha Hospitality Trust		15,289
	44	Japan Hotel REIT Investment Corp.		35,473
	251	Ryman Hospitality Properties, Inc.		20,642

				71,404

		REITs - Manufactured Homes – 0.0%
	306	Equity LifeStyle Properties, Inc.		34,976

		REITs - Office Property – 0.1%
	2,316	alstria office REIT-AG		37,696
	42,000	Champion REIT		36,387
	18,361	Green REIT PLC		30,900
	14	One REIT, Inc.		35,805
	2,281	VEREIT, Inc.		19,092

				159,880

		REITs - Regional Malls – 0.0%
	44	Taubman Centers, Inc.		2,327
	550	Washington Prime Group, Inc.		3,107

				5,434

		REITs - Shopping Centers – 0.1%
	23	AEON REIT Investment Corp.		27,108
	7	Frontier Real Estate Investment Corp.		29,351


Shares		Description	Value (†)
	Common Stocks – continued
		REITs - Shopping Centers – continued
	3,000	Link REIT	$	35,123
	973	Retail Value, Inc.		30,329

				121,911

		REITs - Single Tenant – 0.1%
	660	National Retail Properties, Inc.		36,557
	271	Realty Income Corp.		19,935
	1,059	STORE Capital Corp.		35,477

				91,969

		REITs - Storage – 0.1%
	326	Extra Space Storage, Inc.		33,222
	173	Life Storage, Inc.		16,828
	1,217	National Storage Affiliates Trust		34,697
	145	Public Storage		31,578
	1,285	Safestore Holdings PLC		9,983

				126,308

		REITs - Warehouse/Industrials – 0.1%
	24	EastGroup Properties, Inc.		2,679
	700	Granite Real Estate Investment Trust		33,446
	1,005	Rexford Industrial Realty, Inc.		35,989

				72,114

		Road & Rail – 0.0%
	9,500	ComfortDelGro Corp. Ltd.		18,056

		Semiconductors & Semiconductor Equipment – 0.4%
	1,654	Broadcom, Inc.		497,374

		Software – 3.4%
	6,093	j2 Global, Inc.		527,654
	24,309	Microsoft Corp.		2,867,003
	7,632	Oracle Corp.		409,915

				3,804,572

		Specialty Retail – 2.3%
	3,529	Dick’s Sporting Goods, Inc.		129,902
	7,788	Foot Locker, Inc.		471,953
	3,263	Home Depot, Inc. (The)		626,137
	12,172	Lowe’s Cos., Inc.		1,332,469

				2,560,461

		Technology Hardware, Storage & Peripherals – 2.0%
	9,532	Apple, Inc.		1,810,603
	21,311	HP, Inc.		414,073

				2,224,676

		Textiles, Apparel & Luxury Goods – 0.3%
	3,028	Ralph Lauren Corp.		392,671


Shares		Description	Value (†)
	Common Stocks – continued
		Thrifts & Mortgage Finance – 0.1%
	3,400	Genworth MI Canada, Inc.	$	103,016

		Tobacco – 1.1%
	9,499	Altria Group, Inc.		545,528
	1,126	British American Tobacco PLC		46,974
	3,227	Imperial Brands PLC		110,386
	5,923	Philip Morris International, Inc.		523,534

				1,226,422

		Trading Companies & Distributors – 0.3%
	15,300	Marubeni Corp.		106,081
	2,800	Mitsubishi Corp.		77,956
	31,300	Sojitz Corp.		110,594
	6,600	Sumitomo Corp.		91,504

				386,135

		Wireless Telecommunication Services – 0.1%
	3,100	KDDI Corp.		66,766
	4,500	NTT DOCOMO, Inc.		99,736

				166,502

		Total Common Stocks (Identified Cost $44,237,664)		45,394,033

Principal Amount (‡)
	Bonds and Notes – 39.6%
	Non-Convertible Bonds – 39.6%
		Banking – 13.2%
$	1,400,000	Banco Bilbao Vizcaya Argentaria S.A., (fixed rate to 11/16/2027, variable rate thereafter), 6.125%(b)		1,249,500
	975,000	Banco BTG Pactual SA, (fixed rate to 2/15/2024, variable rate thereafter), 7.750%, 2/15/2029, 144A		968,663
	2,000,000	Banco Santander S.A., (fixed rate to 5/19/2019, variable rate thereafter), 6.375%(b)		1,980,460
	685,000	Barclays PLC, (fixed rate to 6/15/2024, variable rate thereafter), 8.000%(b)		700,413
	1,400,000	Credit Agricole S.A., (fixed rate to 1/23/2024, variable rate thereafter), 7.875%, 144A(b)		1,502,505
	1,100,000	Credit Suisse Group AG, (fixed rate to 9/12/2025, variable rate thereafter), 7.250%, 144A(b)		1,104,125
	1,560,000	HSBC Holdings PLC, (fixed rate to 3/23/2023, variable rate thereafter), 6.250%(b)		1,558,050
	1,405,000	Royal Bank of Scotland Group PLC, (fixed rate to 8/10/2025, variable rate thereafter), 8.000%(b)		1,504,067
	1,510,000	Societe Generale S.A., (fixed rate to 12/18/2023, variable rate thereafter), 7.875%, 144A(b)		1,568,512
	1,800,000	Standard Chartered PLC, (fixed rate to 4/02/2023, variable rate thereafter), 7.750%, 144A(b)		1,885,500
	565,000	UniCredit SpA, 6.572%, 1/14/2022, 144A		591,226


Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Banking – continued
	310,000	UniCredit SpA., (fixed rate to 6/03/2023, variable rate thereafter), 6.625%, (EUR)(b)	$	337,920

				14,950,941

		Cable Satellite – 0.6%
	625,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027, 144A		628,906

		Chemicals – 0.6%
	650,000	Hercules LLC, 6.500%, 6/30/2029		651,625

		Government Owned—No Guarantee – 1.6%
	1,220,000	Petrobras Global Finance BV, 5.750%, 2/01/2029		1,208,410
	565,000	Petrobras Global Finance BV, 6.900%, 3/19/2049		559,011

				1,767,421

		Healthcare – 0.6%
	680,000	Vizient, Inc., 10.375%, 3/01/2024, 144A		739,024

		Independent Energy – 4.3%
	1,170,000	Chesapeake Energy Corp., 8.000%, 6/15/2027		1,152,450
	1,580,000	Gulfport Energy Corp., 6.375%, 1/15/2026		1,398,300
	540,000	MEG Energy Corp., 6.375%, 1/30/2023, 144A		499,500
	1,165,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		1,086,362
	810,000	SM Energy Co., 6.750%, 9/15/2026		776,588

				4,913,200

		Metals & Mining – 2.5%
	1,035,000	Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., 7.500%, 5/01/2025, 144A		1,077,694
	625,000	First Quantum Minerals Ltd., 7.500%, 4/01/2025, 144A		598,437
	1,140,000	Stillwater Mining Co., 7.125%, 6/27/2025, 144A		1,112,982

				2,789,113

		Midstream – 1.4%
	1,020,000	Plains All American Pipeline LP, Series B, (fixed rate to 11/15/2022, variable rate thereafter), 6.125%(b)		956,250


Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
		Midstream – continued
$	730,000	Summit Midstream Partners LP, Series A, (fixed rate to 12/15/2022, variable rate thereafter), 9.500%(b)	$	683,608

				1,639,858

		Oil Field Services – 1.1%
	600,000	Transocean Poseidon Ltd., 6.875%, 2/01/2027, 144A		624,000
	625,000	Transocean, Inc., 8.375%, 12/15/2021		657,812

				1,281,812

		Property & Casualty Insurance – 1.2%
	510,000	Ardonagh Midco 3 PLC, 8.375%, 7/15/2023, 144A, (GBP)		576,648
	770,000	Assurant, Inc., (fixed rate to 3/27/2028, variable rate thereafter), 7.000%, 3/27/2048		771,579

				1,348,227

		Sovereigns – 6.9%
	1,250,000	Bahrain Government International Bond, 6.000%, 9/19/2044		1,161,850
	295,000	Egypt Government International Bond, 7.600%, 3/01/2029, 144A		302,809
	320,000	Egypt Government International Bond, 8.700%, 3/01/2049, 144A		332,800
	860,000	Kingdom of Bahrain, 6.125%, 7/05/2022, 144A		891,132
	315,000	Kingdom of Bahrain, 6.125%, 8/01/2023		329,175
	380,000	Kingdom of Saudi Arabia, 5.250%, 1/16/2050, 144A		405,262
	355,000	Qatar Government International Bond, 4.000%, 3/14/2029, 144A		365,867
	285,000	Qatar Government International Bond, 4.817%, 3/14/2049, 144A		299,660
	930,000	Republic of Argentina, 6.875%, 1/11/2048		683,550
	1,105,000	Republic of Argentina, 6.875%, 4/22/2021		1,008,312
	460,000	Republic of Colombia, 4.500%, 3/15/2029		485,760
	1,090,000	Republic of Oman, REGS, 6.500%, 3/08/2047		952,388
	730,000	Republic of Oman, REGS, 6.750%, 1/17/2048		647,693

				7,866,258

		Technology – 0.7%
	410,000	Dell International LLC/EMC Corp., 8.100%, 7/15/2036, 144A		481,688


Principal Amount (‡)			Description	Value (†)
	Bonds and Notes – continued
	Non-Convertible Bonds – continued
			Technology – continued
$	290,000		Dell International LLC/EMC Corp., 8.350%, 7/15/2046, 144A	$	350,020

					831,708

			Treasuries – 3.5%
	3,851	(††)	Brazil Notas do Tesouro Nacional, 10.000%, 1/01/2029, (BRL)		1,049,069
	23,845,000,000		Indonesia Treasury Bond, Series FR79, 8.375%, 4/15/2039, (IDR)		1,714,512
	3,891,000,000		Republic of Colombia, Series B, 6.000%, 4/28/2028, (COP)		1,186,607

					3,950,188

			Utility Other – 0.4%
	460,000		ACWA Power Management And Investments One Ltd., 5.950%, 12/15/2039, 144A		463,450

			Wireless – 0.5%
	565,000		Sprint Corp., 7.625%, 3/01/2026		572,628

			Wirelines – 0.5%
	575,000		Turk Telekomunikasyon AS, 6.875%, 2/28/2025, 144A		549,430

			Total Non-Convertible Bonds (Identified Cost $45,183,743)		44,943,789

	Convertible Bonds – 0.0%
			Independent Energy – 0.0%
	25,000		Whiting Petroleum Corp., 1.250%, 4/01/2020		24,166

			Total Convertible Bonds (Identified Cost $23,901)		24,166

			Total Bonds and Notes (Identified Cost $45,207,644)		44,967,955

Shares
	Exchange-Traded Funds – 9.7%
	526,579		Alerian MLP ETF		5,281,588
	19,400		Invesco S&P 500 Low Volatility ETF		1,021,216
	26,596		iShares MSCI Japan ETF		1,455,333
	69,307		iShares MSCI Pacific ex Japan ETF		3,181,191

			Total Exchange-Traded Funds (Identified Cost $10,835,034)		10,939,328


Principal Amount (‡)		Description	Value (†)
	Senior Loans – 3.7%
		Airlines – 1.8%
$	2,063,636	Gol LuxCo S.A., 1st Lien Term Loan, 6.500%, 8/31/2020	$	2,068,795

		Chemicals – 0.5%
	331,536	ASP Chromaflo Dutch I BV, Term Loan B2, 1-month LIBOR + 3.500%, 5.999%, 11/20/2023(c)		327,806
	254,965	ASP Chromaflo Intermediate Holdings, Inc., Term Loan B1, 1-month LIBOR + 3.500%, 5.999%, 11/18/2023(c)		252,096

				579,902

		Independent Energy – 0.8%
	1,100,000	Gavilan Resources LLC, 2nd Lien Term Loan, 1-month LIBOR + 6.000%, 8.486%, 3/01/2024(c)		853,600
	26,841	MEG Energy Corp., 2017 Term Loan B, 1-month LIBOR + 3.500%, 6.000%, 12/31/2023(c)		26,766

				880,366

		Media Entertainment – 0.6%
	641,988	LSC Communications, Inc., 2017 Term Loan B, 1-month LIBOR + 5.500%, 7.999%, 9/30/2022(c)		637,577

		Total Senior Loans (Identified Cost $4,386,329)		4,166,640

Shares
	Preferred Stocks – 1.2%
	Non-Convertible Preferred Stocks – 0.3%
		Midstream – 0.3%
	14,215	Energy Transfer Operating LP, Series C, (fixed rate to 5/15/2023, variable rate thereafter), 7.375% (Identified Cost $355,375)		349,973

	Convertible Preferred Stocks – 0.9%
		Healthcare – 0.5%
	545	Danaher Corp., Series A, 4.750%		571,051

		Midstream – 0.4%
	932	Chesapeake Energy Corp., 5.750%(d)		466,000

		Total Convertible Preferred Stocks (Identified Cost $1,176,844)		1,037,051

		Total Preferred Stocks (Identified Cost $1,532,219)		1,387,024


Principal Amount	Description	Value (†)
Short-Term Investments – 4.3%
$4,861,983	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2019 at 1.500% to be repurchased at $4,862,591 on 4/01/2019 collateralized by $4,965,000 U.S. Treasury Note, 2.000% due 11/30/2022 valued at $4,963,525 including accrued interest(e) (Identified Cost $4,861,983)	$	4,861,983

	Total Investments – 98.5% (Identified Cost $111,060,873)		111,716,963
	Other assets less liabilities – 1.5%		1,751,452

	Net Assets – 100.0%	$	113,468,415

(†)

Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser or subadvisers 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:

In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used.

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers.

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 unlisted 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.

As of March 31, 2019, securities held by the Fund were fair valued as follows:


Equity securities¹	Percentage of Net Assets
$3,182,977		2.81	%

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

(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.

(††)	Amount shown represents units. One unit represents a principal amount of 1,000.

(a)	Non-income producing security.

(b)	Perpetual bond with no specified maturity date.

(c)	Variable rate security. Rate as of March 31, 2019 is disclosed.

(d)	Level 3 security. Value has been determined using significant unobservable inputs.

(e)


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 March 31, 2019, the value of Rule 144A holdings amounted to $19,006,202 or 16.8% of net assets.
ETF		Exchange-Traded Fund
LIBOR		London Interbank Offered Rate
REITs		Real Estate Investment Trusts
BRL		Brazilian Real
COP		Colombian Peso
EUR		Euro
GBP		British Pound
IDR		Indonesian Rupiah

Fair Value Measurements

•

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

•

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

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2019, at value:


Asset Valuation Inputs
Description	Level 1		Level 2		Level 3			Total
Common Stocks
Air Freight & Logistics	$	496,461	$	232,291	$	—		$	728,752
Airlines		398,565		112,767		—			511,332
Beverages		1,074,354		228,854		—			1,303,208
Capital Markets		90,891		40,002		—			130,893
Commercial Services & Supplies		140,878		66,744		—			207,622
Construction & Engineering		—		212,648		—			212,648
Electric Utilities		1,366,395		376,708		—			1,743,103
Food Products		56,726		48,956		—			105,682
Household Durables		—		28,277		—			28,277
Insurance		1,609,633		103,522		—			1,713,155
Metals & Mining		—		101,832		—			101,832
Oil, Gas & Consumable Fuels		2,610,802		78,400		—			2,689,202
Personal Products		—		118,867		—			118,867
Pharmaceuticals		1,937,666		222,541		—			2,160,207
Real Estate Management & Development		—		173,183		—			173,183
REITs — Apartments		—		37,191		—			37,191
REITs — Diversified		192,590		4,298		—			196,888
REITs — Hotels		35,931		35,473		—			71,404
REITs — Office Property		19,092		140,788		—			159,880
REITs — Shopping Centers		30,329		91,582		—			121,911
Road & Rail		—		18,056		—			18,056
Tobacco		1,069,062		157,360		—			1,226,422
Trading Companies & Distributors		—		386,135		—			386,135
Wireless Telecommunication Services		—		166,502		—			166,502
All Other Common Stocks*		31,081,681		—		—			31,081,681

Total Common Stocks		42,211,056		3,182,977		—			45,394,033

Bonds and Notes*		—		44,967,955		—			44,967,955
Senior Loans*		—		4,166,640		—			4,166,640
Exchange-Traded Funds		10,939,328		—		—			10,939,328
Preferred Stocks
Non-Convertible Preferred Stocks*		349,973		—		—			349,973
Convertible Preferred Stock
Healthcare		—		571,051		—			571,051
Midstream		—		—		466,000	(a)		466,000

Total Convertible Preferred Stock		—		571,051		466,000			1,037,051

Total Preferred Stocks		349,973		571,051		466,000			1,387,024

Short-Term Investments		—		4,861,983		—			4,861,983

Total	$	53,500,357	$	57,750,606	$	466,000		$	111,716,963

*	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

(a)	Valued using broker-dealer bid prices.

The Fund’s pricing policies and procedures are recommended by the adviser and approved by the Board of Trustees. Debt securities are valued based on evaluated bids furnished to the Fund by an independent pricing service. Broker-dealer bid prices may be used if an independent pricing service either is unable to price a security or does not provide a reliable price for a security. Broker-dealer bid prices for which the Fund does not have knowledge of the inputs used by the broker-dealer are categorized in Level 3. All security prices, including those obtained from an independent pricing service and broker-dealer bid prices, are reviewed on a daily basis by the adviser, subject to oversight by Fund management and the Board of Trustees. If the adviser, in good faith, believes that the price provided by an independent pricing service is unreliable, broker-dealer bid prices may be used until the price provided by the independent pricing service is considered to be reliable. Reliability of all security prices, including those obtained from an independent pricing service and broker-dealer bid prices, is tested in a variety of ways, including comparison to recent transaction prices and daily fluctuations, amongst other validation procedures in place. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s adviser pursuant to procedures approved by the Board of Trustees. Fair valued securities may be categorized in Level 3.

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

Asset Valuation Inputs


Investments in Securities	Balance as of December 31, 2018		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers into Level 3		Transfers out of Level 3		Balance as of March 31, 2019		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2019
Preferred Stocks
Convertible Preferred Stocks
Midstream	$	—	$	—	$	—	$	(14,774)	$	—	$	—	$	480,774	$	—	$	466,000	$	(14,774	)

A common stock valued at $122,931 was transferred from Level 2 to Level 1 during the period ended March 31, 2019. At December 31, 2018, this security was fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of the security. At March 31, 2019, this security was valued at the market price in the foreign market in accordance with the Fund’s valuation policies.

A preferred stock valued at $480,774 was transferred from Level 2 to Level 3 during the period ended March 31, 2019. At December 31, 2018, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At March 31, 2019, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the security.

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

Industry Summary at March 31, 2019 (Unaudited)


Banking	13.2	%
Exchange-Traded Funds	9.7
Sovereigns	6.9
Independent Energy	5.1
Treasuries	3.5
Software	3.4
IT Services	3.2
Metals & Mining	2.6
Media	2.5
Oil, Gas & Consumable Fuels	2.4
Specialty Retail	2.3
Airlines	2.2
Midstream	2.1
Technology Hardware, Storage & Peripherals	2.0
Other Investments, less than 2% each	33.1
Short-Term Investments	4.3

Total Investments	98.5
Other assets less liabilities	1.5

Net Assets	100.0	%

PORTFOLIO OF INVESTMENTS – as of March 31, 2019 (Unaudited)

Vaughan Nelson Small Cap Value Fund


Shares		Description	Value (†)
	Common Stocks – 95.6% of Net Assets
		Aerospace & Defense – 1.0%
	15,821	Moog, Inc., Class A	$	1,375,636

		Banks – 11.5%
	43,125	Enterprise Financial Services Corp.		1,758,206
	52,850	First Bancorp		1,837,066
	96,950	First Financial Bancorp		2,332,617
	58,875	First Merchants Corp.		2,169,544
	32,600	Lakeland Financial Corp.		1,474,172
	65,625	Union Bankshares Corp.		2,121,656
	91,950	United Community Banks, Inc.		2,292,313
	32,950	Webster Financial Corp.		1,669,577

				15,655,151

		Biotechnology – 0.8%
	21,513	Emergent BioSolutions, Inc.(a)		1,086,837

		Building Products – 1.4%
	22,400	American Woodmark Corp.(a)		1,850,912

		Capital Markets – 5.2%
	52,775	Blucora, Inc.(a)		1,761,629
	44,900	LPL Financial Holdings, Inc.		3,127,285
	93,625	Virtu Financial, Inc., Class A		2,223,594

				7,112,508

		Chemicals – 1.3%
	179,500	Element Solutions, Inc.(a)		1,812,950

		Commercial Services & Supplies – 5.3%
	55,950	Brady Corp., Class A		2,596,640
	47,450	Brink’s Co. (The)		3,578,204
	27,525	Casella Waste Systems, Inc., Class A(a)		978,789

				7,153,633

		Consumer Finance – 2.3%
	22,575	FirstCash, Inc.		1,952,737
	19,650	Green Dot Corp., Class A(a)		1,191,773

				3,144,510

		Containers & Packaging – 0.7%
	73,800	Graphic Packaging Holding Co.		932,094

		Diversified Consumer Services – 1.9%
	54,793	Adtalem Global Education, Inc.(a)		2,538,012

		Electrical Equipment – 1.3%
	134,375	GrafTech International Ltd.		1,718,656

		Electronic Equipment, Instruments & Components – 2.7%
	30,230	Fabrinet(a)		1,582,843


Shares		Description	Value (†)
	Common Stocks – continued
		Electronic Equipment, Instruments & Components – continued
	11,560	Littelfuse, Inc.	$	2,109,469

				3,692,312

		Energy Equipment & Services – 2.2%
	133,900	Newpark Resources, Inc.(a)		1,226,524
	26,625	Oil States International, Inc.(a)		451,560
	38,400	ProPetro Holding Corp.(a)		865,536
	29,500	Unit Corp.(a)		420,080

				2,963,700

		Food & Staples Retailing – 1.8%
	62,450	Performance Food Group Co.(a)		2,475,518

		Gas Utilities – 4.4%
	38,025	Southwest Gas Holdings, Inc.		3,127,937
	34,325	Spire, Inc.		2,824,604

				5,952,541

		Health Care Equipment & Supplies – 5.7%
	45,275	Integra LifeSciences Holdings Corp.(a)		2,522,723
	64,328	Lantheus Holdings, Inc.(a)		1,574,749
	16,950	LivaNova PLC(a)		1,648,387
	59,650	Meridian Bioscience, Inc.		1,050,437
	16,350	NuVasive, Inc.(a)		928,517

				7,724,813

		Health Care Providers & Services – 1.2%
	35,675	AMN Healthcare Services, Inc.(a)		1,679,936

		Hotels, Restaurants & Leisure – 1.1%
	20,175	Dunkin’ Brands Group, Inc.		1,515,143

		Insurance – 5.2%
	95,250	Brown & Brown, Inc.		2,810,827
	35,850	Mercury General Corp.		1,795,010
	39,925	Selective Insurance Group, Inc.		2,526,454

				7,132,291

		IT Services – 6.6%
	54,750	Booz Allen Hamilton Holding Corp.		3,183,165
	20,250	CACI International, Inc., Class A(a)		3,685,905
	107,425	Perspecta, Inc.		2,172,133

				9,041,203

		Life Sciences Tools & Services – 0.9%
	11,700	PRA Health Sciences, Inc.(a)		1,290,393

		Machinery – 3.3%
	23,575	Albany International Corp., Class A		1,687,734
	32,400	Franklin Electric Co., Inc.		1,655,316
	29,400	Hillenbrand, Inc.		1,220,982

				4,564,032


Shares		Description	Value (†)
	Common Stocks – continued
		Media – 4.4%
	30,450	Nexstar Media Group, Inc., Class A	$	3,299,866
	188,450	TEGNA, Inc.		2,657,145

				5,957,011

		Oil, Gas & Consumable Fuels – 2.0%
	106,300	Callon Petroleum Co.(a)		802,565
	313,950	Kosmos Energy Ltd.		1,955,908

				2,758,473

		REITs - Diversified – 1.0%
	67,700	CoreCivic, Inc.		1,316,765

		REITs - Health Care – 2.2%
	33,018	Community Healthcare Trust, Inc.		1,185,016
	92,840	Physicians Realty Trust		1,746,320

				2,931,336

		REITs - Mortgage – 1.7%
	174,300	Two Harbors Investment Corp.		2,358,279

		REITs - Office Property – 0.6%
	53,950	Brandywine Realty Trust		855,647

		REITs - Storage – 1.1%
	50,575	National Storage Affiliates Trust		1,441,893

		Road & Rail – 1.7%
	20,950	Landstar System, Inc.		2,291,721

		Semiconductors & Semiconductor Equipment – 6.8%
	23,150	Cabot Microelectronics Corp.		2,591,874
	134,375	Lattice Semiconductor Corp.(a)		1,603,094
	59,775	MaxLinear, Inc., Class A(a)		1,526,056
	10,550	Power Integrations, Inc.		737,867
	64,825	Rambus, Inc.(a)		677,421
	12,225	Silicon Laboratories, Inc.(a)		988,514
	23,450	Versum Materials, Inc.		1,179,769

				9,304,595

		Software – 1.8%
	88,925	Cision Ltd.(a)		1,224,497
	10,450	CyberArk Software Ltd.(a)		1,244,073

				2,468,570

		Specialty Retail – 1.5%
	38,850	Aaron’s, Inc.		2,043,510

		Textiles, Apparel & Luxury Goods – 1.2%
	9,500	Carter’s, Inc.		957,505
	19,350	Wolverine World Wide, Inc.		691,376

				1,648,881


	Shares		Description	Value (†)
Common Stocks – continued
			Thrifts & Mortgage Finance – 1.8%
		187,675	MGIC Investment Corp.(a)	$	2,475,433

			Total Common Stocks (Identified Cost $122,302,469)		130,264,895

Closed-End Investment Companies – 0.5%
		43,300	BlackRock TCP Capital Corp. (Identified Cost $732,994)		613,994


	Principal Amount
Short-Term Investments – 4.6%
		$6,241,301	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2019 at 1.500% to be repurchased at $6,242,081 on 4/01/2019 collateralized by $6,370,000 U.S. Treasury Note, 2.000% due 11/30/2022 valued at $6,368,108 including accrued interest(b) (Identified Cost $6,241,301)		6,241,301

			Total Investments – 100.7% (Identified Cost $129,276,764)		137,120,190
			Other assets less liabilities – (0.7)%		(893,999	)

			Net Assets – 100.0%	$	136,226,191

(†)

In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used.

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers.

(a)	Non-income producing security.

(b)

REITs

Real Estate Investment Trusts

Fair Value Measurements

•

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

•

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

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2019, at value:

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks*	$	130,264,895	$	—	$	—	$	130,264,895
Closed-End Investment Companies		613,994		—		—		613,994
Short-Term Investments		—		6,241,301		—		6,241,301

Total	$	130,878,889	$	6,241,301	$	—	$	137,120,190

*	Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.

For the period ended March 31, 2019, there were no transfers among Levels 1, 2 and 3.

Industry Summary at March 31, 2019 (Unaudited)


Banks	11.5	%
Semiconductors & Semiconductor Equipment	6.8
IT Services	6.6
Health Care Equipment & Supplies	5.7
Commercial Services & Supplies	5.3
Insurance	5.2
Capital Markets	5.2
Media	4.4
Gas Utilities	4.4
Machinery	3.3
Electronic Equipment, Instruments & Components	2.7
Consumer Finance	2.3
Energy Equipment & Services	2.2
REITs - Health Care	2.2
Oil, Gas & Consumable Fuels	2.0
Other Investments, less than 2% each	25.8
Short-Term Investments	4.6
Closed-End Investment Companies	0.5

Total Investments	100.7
Other assets less liabilities	(0.7	)

Net Assets	100.0	%