Natixis Funds Trust IV NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09945

Natixis Funds Trust IV

(Exact name of registrant as specified in charter)

888 Boylston Street, Suite 800, Boston, Massachusetts 02199-8197

(Address of principal executive offices) (Zip code)

Russell L. Kane, Esq.

Natixis Distribution, L.P.

888 Boylston Street, Suite 800

Boston, Massachusetts 02199-8197

(Name and address of agent for service)

Registrant’s telephone number, including area code: (617) 449-2822

Date of fiscal year end: January 31

Date of reporting period: July 31, 2020

Item 1.

Report to Stockholders.

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

LOGO

Semiannual Report

July 31, 2020

AEW Global Focused Real Estate Fund

Table of Contents



Portfolio Review			1

Portfolio of Investments			12

Financial Statements			16

Notes to Financial Statements			23

IMPORTANT NOTICE TO SHAREHOLDERS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you wish to continue receiving paper copies of your shareholder reports after January 1, 2021, you can inform the Fund at any time by calling 1-800-225-5478. If you hold your account with a financial intermediary and you wish to continue receiving paper copies after January 1, 2021, you should call your financial intermediary directly. Paper copies are provided free of charge, and your election to receive reports in paper will apply to all funds held with the Natixis Funds complex. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You currently may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically at www.icsdelivery.com/natixisfunds.

AEW GLOBAL FOCUSED REAL ESTATE FUND



Managers		Symbols

Robert Oosterkamp		Class A NRFAX

Milton Low, CFA^®		Class C NRCFX

Gina Szymanski, CFA^®		Class N NRFNX

AEW Capital Management, L.P.		Class Y NRFYX

Investment Goal

The Fund seeks to provide investors with above-average income and long-term growth of capital.


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Average Annual Total Returns — July 31, 2020^3,5



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

Class Y (Inception 8/31/00)
NAV		-15.24	%		-8.08	%		3.24	%		7.98	%		—	%		1.23	%		0.90	%

Class A (Inception 12/29/00)
NAV		-15.42			-8.33			2.97			7.70			—			1.48			1.15
With 5.75% Maximum Sales Charge		-20.29			-13.57			1.76			7.07			—

Class C (Inception 12/29/00)
NAV		-15.74			-9.07			2.20			6.89			—			2.23			1.90
With CDSC¹		-16.57			-9.86			2.20			6.89			—

Class N (Inception 5/01/13)
NAV		-15.33			-8.11			3.31			—			4.51			1.07			0.85

Comparative Performance
FTSE EPRA Nareit Developed Real Estate Index (Net)²		-19.82	%		-14.22	%		1.14	%		5.62	%		1.50	%

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

1	Class C share performance assumes a 1.00% CDSC applied when you sell shares within one year of purchase.

2	The FTSE EPRA Nareit Developed Real Estate Index (Net), is an index designed to track the performance of listed real estate companies and REITs (real estate investment trust) worldwide.

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

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 5/31/21. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

5	The performance results shown for the periods prior to the close of business on May 31, 2019 reflect results achieved using a different investment strategy.


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ADDITIONAL INFORMATION

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

ADDITIONAL INDEX INFORMATION

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

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

PROXY VOTING INFORMATION

A description of the Natixis Funds proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the Natixis Funds’ website at im.natixis.com; and on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Natixis Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available from the Natixis Funds’ website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

Natixis Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.

CFA^® and Chartered Financial Analyst^® are registered trademarks owned by the CFA Institute.


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UNDERSTANDING FUND EXPENSES

As a mutual fund shareholder, you incur different costs: transaction costs, including sales charges (loads) on purchases and contingent deferred sales charges on redemptions, and ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other fund expenses. Certain exemptions may apply. These costs are described in more detail in the Fund’s prospectus. The following examples are intended to help you understand the ongoing costs of investing in the Fund and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table of each class of Fund shares shows the actual account values and actual Fund expenses you would have paid on a $1,000 investment in the Fund from February 1, 2020 through July 31, 2020. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, $8,600 account value divided by $1,000 = 8.60) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

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

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


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AEW GLOBAL FOCUSED REAL ESTATE FUND	BEGINNING ACCOUNT VALUE 2/1/2020		ENDING ACCOUNT VALUE 7/31/2020		EXPENSES PAID DURING PERIOD* 2/1/2020 – 7/31/2020
Class A
Actual		$1,000.00		$845.80		$5.28
Hypothetical (5% return before expenses)		$1,000.00		$1,019.15		$5.77
Class C
Actual		$1,000.00		$842.60		$8.70
Hypothetical (5% return before expenses)		$1,000.00		$1,015.42		$9.52
Class N
Actual		$1,000.00		$846.70		$3.90
Hypothetical (5% return before expenses)		$1,000.00		$1,020.64		$4.27
Class Y
Actual		$1,000.00		$847.60		$4.13
Hypothetical (5% return before expenses)		$1,000.00		$1,020.39		$4.52

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.15%, 1.90%, 0.85% and 0.90% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 366 (to reflect the half-year period).


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BOARD APPROVAL OF THE EXISTING ADVISORY AGREEMENT

The Board of Trustees of the Trust (the “Board”), including the Independent Trustees, considers matters bearing on the Fund’s advisory agreement (the “Agreement”) at most of its meetings throughout the year. Each year, usually in the spring, the Contract Review Committee of the Board meets to review the Agreement to determine whether to recommend that the full Board approve the continuation of the Agreement, typically for an additional one-year period. After the Contract Review Committee has made its recommendation, the full Board, including the Independent Trustees, determines whether to approve the continuation of the Agreement.

In connection with these meetings, the Trustees receive materials that the Fund’s investment adviser (the “Adviser”) believes to be reasonably necessary for the Trustees to evaluate the Agreement. These materials generally include, among other items, (i) information on the investment performance of the Fund and the performance of a peer group of funds and the Fund’s performance benchmark, (ii) information on the Fund’s advisory fee and other expenses, including information comparing the Fund’s advisory fee to the fees charged to institutional accounts with similar strategies managed by the Adviser, if any, and to those of a peer group of funds and information about any applicable expense limitations and/or fee “breakpoints,” (iii) sales and redemption data in respect of the Fund, (iv) information about the profitability of the Agreement to the Adviser and (v) information obtained through the completion by the Adviser of a questionnaire distributed on behalf of the Trustees. The Board, including the Independent Trustees, also considers other matters such as (i) the Fund’s investment objective and strategies and the size, education and experience of the Adviser’s investment staff and its use of technology, external research and trading cost measurement tools, (ii) arrangements in respect of the distribution of the Fund’s shares and the related costs, (iii) the allocation of the Fund’s brokerage, if any, including, to the extent applicable, the use of “soft” commission dollars to pay for research and other similar services, (iv) the Adviser’s policies and procedures relating to, among other things, compliance, trading and best execution, proxy voting and valuation, (v) information about amounts invested by the Fund’s portfolio managers in the Fund or in similar accounts that they manage and (vi) the general economic outlook with particular emphasis on the mutual fund industry. Throughout the process, the Trustees are afforded the opportunity to ask questions of and request additional materials from the Adviser.

In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreement, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide detailed information about the Fund’s investment performance and the fees charged to the Fund for advisory and other services. This information generally includes, among other things, an internal performance rating for the Fund based on agreed-upon criteria, graphs showing the Fund’s performance and expense differentials against the Fund’s peer group/category, performance ratings provided by a third-party, total return information for various periods, and third-party performance rankings for various periods comparing the Fund against similarly categorized funds. The portfolio management team for the Fund or other representatives of the Adviser make periodic presentations to the Contract Review Committee and/or the full


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Board, and if the Fund is identified as presenting possible performance concerns it may be subject to more frequent Board or Committee presentations and reviews. In addition, each quarter, the Trustees are provided with detailed statistical information about the Fund’s portfolio. The Trustees also receive periodic updates between meetings. These updates have increased in frequency during the COVID-19 crisis.

The Board most recently approved the continuation of the Agreement for a one-year period at its meeting held in June 2020. The Trustees considered that, effective June 1, 2019, the Fund’s name, principal investment strategies, portfolio managers, primary prospectus index, advisory fee rate and expense limitations had changed. In considering whether to approve the continuation of the Agreement, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreement included, but were not limited to, the factors listed below.

The nature, extent and quality of the services provided to the Fund under the Agreement. The Trustees considered the nature, extent and quality of the services provided by the Adviser and its affiliates to the Fund and the resources dedicated to the Fund by the Adviser and its affiliates.

The Trustees considered not only the advisory services provided by the Adviser to the Fund, but also the monitoring and oversight services provided by Natixis Advisors, L.P. (“Natixis Advisors”). They also considered the administrative and shareholder services provided by Natixis Advisors and its affiliates to the Fund. They also took into consideration increases in the services provided resulting from new regulatory requirements.

The Trustees also considered the benefits to shareholders of investing in a mutual fund that is part of a family of funds that offers shareholders the right to exchange shares of one type of fund for shares of another type of fund, and provides a variety of fund and shareholder services.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the nature, extent and quality of services provided supported the renewal of the Agreement.

Investment performance of the Fund and the Adviser. As noted above, the Trustees received information about the performance of the Fund over various time periods, including information that compared the performance of the Fund to the performance of a peer group and category of funds and the Fund’s performance benchmark. In addition, the Trustees reviewed data prepared by an independent third party that analyzed the performance of the Fund using a variety of performance metrics, including metrics that measured the performance of the Fund on a risk adjusted basis.

The Board noted that through December 31, 2019, the Fund’s one-, three- and five-year performance, stated as percentile rankings within categories selected by the independent third-party data provider, was as follows (where the best performance would be in the first percentile of its category):


	One-Year			Three-Year			Five-Year
AEW Global Focused Real Estate Fund		57	%		95	%		49	%


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The Board noted that the Fund’s performance lagged that of the Fund’s category group median as determined by the independent third party for certain periods. The Board concluded that other factors relevant to performance supported renewal of the Agreement, including: (1) the underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Adviser that were reasonable and consistent with the Fund’s investment objective and policies; (2) that the Fund’s more recent performance has been stronger relative to its category; and (3) that the Fund’s strategy had recently been changed and therefore the Fund’s current strategy has a limited performance history. The Board also considered information about the Fund’s more recent performance, including how that performance had been impacted by the COVID-19 crisis.

The Trustees also considered the Adviser’s performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of the Adviser to Trustee concerns about performance and the willingness of the Adviser to take steps intended to improve performance.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the performance of the Fund and the Adviser and/or other relevant factors supported the renewal of the Agreement.

The costs of the services to be provided and profits to be realized by the Adviser and its affiliates from their respective relationships with the Fund. The Trustees considered the fees charged to the Fund for advisory and administrative services as well as the total expense level of the Fund. This information included comparisons (provided both by management and by an independent third-party) of the Fund’s advisory fee and total expense level to those of its peer group and information about the advisory fees charged by the Adviser to comparable accounts (such as institutional separate accounts), as well as information about differences in such fees and the reasons for any such differences. In considering the fees charged to comparable accounts, the Trustees considered, among other things, management’s representations about the differences between managing mutual funds as compared to other types of accounts, including the additional resources required to effectively manage mutual fund assets, the greater regulatory costs associated with the management of such assets, and the entrepreneurial, regulatory and other risks associated with sponsoring and managing mutual funds. In evaluating the Fund’s advisory fee, the Trustees also took into account the demands, complexity and quality of the investment management of the Fund and the need for the Adviser to offer competitive compensation and the potential need to expend additional resources to the extent the Fund grows in size. The Trustees considered that over the past several years, management had made recommendations regarding reductions in advisory fee rates, implementation of advisory fee breakpoints and the institution of advisory fee waivers and expense limitations for various funds in the fund family, as well as changes to the Fund’s advisory fee rate and expense limitation that had been implemented last year. They noted that the Fund has an expense limitation in place, and they considered the amounts waived or reimbursed by the Adviser for the Fund under its expense limitation agreement. The Trustees also noted that the Fund’s total advisory fee rate was below the median of a peer group of funds.

The Trustees also considered the compensation directly or indirectly received by the Adviser and its affiliates from their relationships with the Fund. The Trustees reviewed


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information provided by management as to the profitability of the Adviser’s and its affiliates’ relationships with the Fund, and information about how expenses are determined and allocated for purposes of profitability calculations. They also reviewed information provided by management about the effect of distribution costs and changes in asset levels on Adviser profitability, including information regarding resources spent on distribution activities. When reviewing profitability, the Trustees also considered information about court cases in which adviser compensation or profitability were issues, the performance of the Fund, the expense levels of the Fund, whether the Adviser had implemented breakpoints and/or expense limitations with respect to the Fund and the overall profit margin of Natixis Investment Managers compared to that of certain other investment managers for which such data was available.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the advisory fee charged to the Fund was fair and reasonable, and that the costs of these services generally and the related profitability of the Adviser and its affiliates in respect of their relationships with the Fund supported the renewal of the Agreement.

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Adviser and whether those economies are shared with the Fund through breakpoints in its investment advisory fee or other means, such as expense limitations. The Trustees also considered management’s explanation of the factors that are taken into account with respect to the implementation of breakpoints in investment advisory fees or expense limitations. With respect to economies of scale, the Trustees noted that the Fund’s advisory fee was not subject to breakpoints, as the advisory fee had been lowered, effective June 1, 2019, to a rate equal to the lowest rate under the Fund’s previous advisory fee schedule. The Trustees also noted that the Fund was subject to an expense limitation. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and on a relative basis) and the profitability to the Adviser and its affiliates of their relationships with the Fund, as discussed above.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the extent to which economies of scale were shared with the Fund supported the renewal of the Agreement.

The Trustees also considered other factors, which included but were not limited to the following:

The effect of recent market and economic events, including but not limited to the COVID-19 crisis, on the performance, asset levels and expense ratios of the Fund.

Whether the Fund has operated in accordance with its investment objective and the Fund’s record of compliance with its investment restrictions, and the compliance programs of the Fund and the Adviser. They also considered the compliance-related resources the Adviser and its affiliates were providing to the Fund.

So-called “fallout benefits” to the Adviser, such as the engagement of affiliates of the Adviser to provide distribution and administrative services to the Fund, and the benefits of research made available to the Adviser by reason of brokerage commissions (if any) generated by the Fund’s securities transactions. The Trustees also considered


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the benefits to the parent company of Natixis Advisors from the retention of the Adviser. The Trustees considered the possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest.

The Trustees’ review and discussion of the Fund’s advisory arrangements in prior years, and management’s record of responding to Trustee concerns raised during the year and in prior years.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that the existing Agreement should be continued through June 30, 2021.


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LIQUIDITY RISK MANAGEMENT PROGRAM

Annual Report for the Period Commencing on December 1, 2018 and ending December 31, 2019 (including updates through July 31, 2020)

Effective December 1, 2018, the Fund adopted a liquidity risk management program (the “Program”) pursuant to the requirements of Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Rule”). The Rule requires registered open-end funds, including mutual funds and exchange-traded funds to establish liquidity risk management programs in order to effectively manage fund liquidity and mitigate the risk that a fund could not meet redemption requests without significantly diluting the interests of remaining investors.

The rule requires the Fund to assess, manage and review its liquidity risk considering applicable factors during normal and foreseeable stressed conditions. In fulfilling this requirement, the Fund assesses and reviews (where applicable and amongst other matters) its investment strategy, portfolio holdings, possible investment concentrations, use of derivatives, short-term and long-term cash flow projections, use of cash and cash equivalents, as well as borrowing arrangements and other funding sources. The Program has established a Program Administrator (“Administrator”) which is the adviser of the Fund.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

The Fund is prohibited from acquiring an investment if, after the acquisition, its holdings of illiquid assets will exceed 15% of its net assets. If the Fund does not hold a majority of highly liquid investments in its portfolio, then the Fund is required to establish a highly liquid investment minimum (“HLIM”). The Fund has not established an HLIM.

During the period from December 1, 2018 to December 31, 2019, there were no material changes to the Program and no material events that impacted the operation of the Fund’s Program. During the period, the Fund held sufficient liquid assets to meet redemptions on a timely basis and did not have any illiquid security violations during the period.

During the period January 1, 2020 through July 31, 2020, the Fund held sufficient liquid assets to meet redemptions on a timely basis and did not have any illiquid security violations.

Annual Program Assessment and Conclusion

In the opinion of the Program Administrator, the Program of the Fund approved by the Fund’s Board has been implemented effectively. The Program Administrator has also monitored, assessed and managed the Fund’s liquidity risk regularly and has determined that the Program is operating effectively.

Pursuant to the Rule’s requirements, the Board has received and reviewed a written report prepared by the Fund’s Program Administrator that addressed the operation of the Program, assessed its adequacy and effectiveness and described any material changes made to the Program.


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Portfolio of Investments – as of July 31, 2020 (Unaudited)

AEW Global Focused Real Estate Fund


Shares		Description	Value (†)
	Common Stocks — 96.8% of Net Assets
		Australia — 3.1%
	58,255	Goodman Group	$	708,299
	316,393	GPT Group (The)		875,537
	657,882	Mirvac Group		978,999
	57,788	NEXTDC Ltd.(a)		467,783

				3,030,618

		Belgium — 0.2%
	2,768	Xior Student Housing NV		165,236

		Canada — 2.2%
	60,154	Canadian Apartment Properties REIT		2,181,253

		France — 1.9%
	11,406	Gecina S.A.		1,479,612
	18,162	Klepierre S.A.		314,543

				1,794,155

		Germany — 7.3%
	18,194	ADO Properties S.A.(a)		512,371
	39,447	alstria office REIT AG(a)		589,662
	49,903	Deutsche Wohnen SE		2,428,102
	55,176	Vonovia SE		3,566,347

				7,096,482

		Hong Kong — 5.3%
	212,000	Hang Lung Properties Ltd.		520,112
	199,229	Link REIT		1,545,832
	233,325	New World Development Co. Ltd.		1,139,273
	132,000	Sun Hung Kai Properties Ltd.		1,605,356
	169,200	Swire Properties Ltd.		391,020

				5,201,593

		Japan — 10.8%
	120	Activia Properties, Inc.		394,904
	533	Daiwa House REIT Investment Corp.		1,385,868
	1,028	GLP J-REIT		1,714,631
	2,386	Invincible Investment Corp.		544,894
	1,368	Japan Hotel REIT Investment Corp.		496,227
	147	Kenedix Office Investment Corp.		799,928
	109,800	Mitsubishi Estate Co. Ltd.		1,577,308
	97,200	Mitsui Fudosan Co. Ltd.		1,519,621
	124	Nippon Accommodations Fund, Inc.		800,179
	236	Nippon Building Fund, Inc.		1,319,445

				10,553,005

		Netherlands — 0.6%
	6,659	NSI NV		237,062
	6,126	Unibail-Rodamco-Westfield		321,337

				558,399


		See accompanying notes to financial statements.		\| 12

Portfolio of Investments – as of July 31, 2020 (Unaudited)

AEW Global Focused Real Estate Fund – (continued)


Shares		Description	Value (†)
		Singapore — 3.5%
	535,186	Ascendas REIT	$	1,385,309
	118,900	City Developments Ltd.		712,047
	541,391	Mapletree Industrial Trust		1,294,383

				3,391,739

		Spain — 0.6%
	70,563	Merlin Properties SOCIMI S.A.		583,803

		Sweden — 1.5%
	136,897	Kungsleden AB		1,107,262
	45,990	Nyfosa AB(a)		344,223

				1,451,485

		United Kingdom — 4.7%
	117,186	Hammerson PLC		97,939
	266,816	LondonMetric Property PLC		806,047
	154,474	Segro PLC		1,956,297
	414,658	Tritax Big Box REIT PLC		820,021
	232,512	Warehouse REIT PLC		334,794
	71,699	Workspace Group PLC		577,837

				4,592,935

		United States — 55.1%
	15,200	Alexandria Real Estate Equities, Inc.		2,698,760
	99,500	Americold Realty Trust		4,014,825
	24,700	Boston Properties, Inc.		2,200,523
	272,800	Brixmor Property Group, Inc.		3,139,928
	21,179	EastGroup Properties, Inc.		2,809,606
	5,700	Equinix, Inc.		4,477,236
	20,200	Essex Property Trust, Inc.		4,458,948
	23,600	Extra Space Storage, Inc.		2,438,824
	81,100	Independence Realty Trust, Inc.		932,650
	115,100	Invitation Homes, Inc.		3,432,282
	52,300	ProLogis, Inc.		5,513,466
	2,800	SBA Communications Corp.		872,312
	21,900	Sun Communities, Inc.		3,283,467
	228,600	Sunstone Hotel Investors, Inc.		1,709,928
	205,200	VEREIT, Inc.		1,335,852
	234,500	VICI Properties, Inc.		5,090,995
	98,200	Welltower, Inc.		5,259,592

				53,669,194

		Total Common Stocks (Identified Cost $91,394,091)		94,269,897


13 \|		See accompanying notes to financial statements.

Portfolio of Investments – as of July 31, 2020 (Unaudited)

AEW Global Focused Real Estate Fund – (continued)


Principal Amount		Description	Value (†)
	Short-Term Investments — 2.5%
$	2,477,164	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/2020 at 0.000% to be repurchased at $2,477,164 on 8/03/2020 collateralized by $2,402,700 U.S. Treasury Note, 1.375% due 1/31/2025 valued at $2,526,778 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $2,477,164)	$	2,477,164

		Total Investments — 99.3% (Identified Cost $93,871,255)		96,747,061
		Other Assets Less Liabilities — 0.7%		655,701

		Net Assets — 100.0%	$	97,402,762


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.

	REITs	Real Estate Investment Trusts

Industry Summary at July 31, 2020 (Unaudited)


REITs — Warehouse/Industrials	19.7	%
REITs — Diversified	18.8
Real Estate Management & Development	15.9
REITs — Apartments	14.2
REITs — Office Property	9.0
REITs — Health Care	5.4
REITs —Shopping Centers	5.2
REITs — Manufactured Homes	3.4
REITs — Storage	2.5
REITs — Hotels	2.2
IT Services	0.5
Short-Term Investments	2.5

Total Investments	99.3
Other assets less liabilities	0.7

Net Assets	100.0	%


		See accompanying notes to financial statements.		\| 14

Portfolio of Investments – as of July 31, 2020 (Unaudited)

AEW Global Focused Real Estate Fund – (continued)

Currency Exposure Summary at July 31, 2020 (Unaudited)


United States Dollar	57.6	%
Japanese Yen	10.8
Euro	10.6
Hong Kong Dollar	5.3
British Pound	4.7
Singapore Dollar	3.5
Australian Dollar	3.1
Canadian Dollar	2.2
Swedish Krona	1.5

Total Investments	99.3
Other assets less liabilities	0.7

Net Assets	100.0	%


15 \|		See accompanying notes to financial statements.

Statement of Assets and Liabilities

July 31, 2020 (Unaudited)


ASSETS
Investments at cost	$	93,871,255
Net unrealized appreciation		2,875,806

Investments at value		96,747,061
Foreign currency at value (identified cost $33,370)		33,369
Receivable for Fund shares sold		754,541
Receivable for securities sold		314,040
Dividends receivable		129,223
Tax reclaims receivable		12,448
Prepaid expenses (Note 7)		16

TOTAL ASSETS		97,990,698

LIABILITIES
Payable for securities purchased		298,170
Payable for Fund shares redeemed		10,957
Management fees payable (Note 5)		31,869
Deferred Trustees’ fees (Note 5)		138,042
Administrative fees payable (Note 5)		3,375
Payable to distributor (Note 5d)		948
Other accounts payable and accrued expenses		104,575

TOTAL LIABILITIES		587,936

NET ASSETS	$	97,402,762

NET ASSETS CONSIST OF:
Paid-in capital	$	102,523,558
Accumulated loss		(5,120,796	)

NET ASSETS	$	97,402,762

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	24,849,601

Shares of beneficial interest		2,114,397

Net asset value and redemption price per share	$	11.75

Offering price per share (100/94.25 of net asset value) (Note 1)	$	12.47

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	825,124

Shares of beneficial interest		69,832

Net asset value and offering price per share	$	11.82

Class N shares:
Net assets	$	2,763,677

Shares of beneficial interest		258,182

Net asset value, offering and redemption price per share	$	10.70

Class Y shares:
Net assets	$	68,964,360

Shares of beneficial interest		6,458,311

Net asset value, offering and redemption price per share	$	10.68


		See accompanying notes to financial statements.		\| 16

Statement of Operations

For the Six Months Ended July 31, 2020 (Unaudited)


INVESTMENT INCOME
Dividends	$	1,451,541
Interest		2,200
Less net foreign taxes withheld		(42,638	)

		1,411,103

Expenses
Management fees (Note 5)		361,139
Service and distribution fees (Note 5)		36,884
Administrative fees (Note 5)		21,448
Trustees’ fees and expenses (Note 5)		10,557
Transfer agent fees and expenses (Notes 5 and 6)		76,305
Audit and tax services fees		32,785
Custodian fees and expenses		36,005
Legal fees (Note 7)		2,025
Registration fees		31,508
Shareholder reporting expenses		31,366
Miscellaneous expenses (Note 7)		18,024

Total expenses		658,046
Less waiver and/or expense reimbursement (Note 5)		(188,467	)

Net expenses		469,579

Net investment income		941,524

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized loss on:
Investments		(6,777,142	)
Foreign currency transactions (Note 2c)		(18,401	)
Capital gain distributions received (Note 2)		75,923
Net change in unrealized appreciation (depreciation) on:
Investments		(12,052,852	)
Foreign currency translations (Note 2c)		4,707

Net realized and unrealized loss on investments and foreign currency transactions		(18,767,765	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(17,826,241	)


17 \|		See accompanying notes to financial statements.

Statement of Changes in Net Assets


	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020
FROM OPERATIONS:
Net investment income	$	941,524		$	2,008,493
Net realized gain (loss) on investments and foreign currency transactions		(6,719,620	)		15,972,386
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(12,048,145	)		(2,415,583	)

Net increase (decrease) in net assets resulting from operations		(17,826,241	)		15,565,296

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(525,125	)		(5,054,377	)
Class C		(18,231	)		(203,308	)
Class N		(60,360	)		(1,522,448	)
Class Y		(1,549,738	)		(12,551,418	)

Total distributions		(2,153,454	)		(19,331,551	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		(12,124,199	)		12,496,453

Net increase (decrease) in net assets		(32,103,894	)		8,730,198
NET ASSETS
Beginning of the period		129,506,656			120,776,458

End of the period	$	97,402,762		$	129,506,656


		See accompanying notes to financial statements.		\| 18

Financial Highlights

For a share outstanding throughout each period.


	Class A
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020			Year Ended January 31, 2019			Year Ended January 31, 2018			Year Ended January 31, 2017			Year Ended January 31, 2016
Net asset value, beginning of the period	$	14.23		$	14.62		$	14.49		$	15.84		$	15.93		$	18.51

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.22			0.25			0.24			0.18			0.22
Net realized and unrealized gain (loss)		(2.34	)		1.61			1.07			(0.14	)		1.33			(1.33	)

Total from Investment Operations		(2.24	)		1.83			1.32			0.10			1.51			(1.11	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.39	)		(0.23	)		(0.22	)		(0.22	)		(0.18	)
Net realized capital gains		(0.18	)		(1.83	)		(0.96	)		(1.23	)		(1.38	)		(1.29	)

Total Distributions		(0.24	)		(2.22	)		(1.19	)		(1.45	)		(1.60	)		(1.47	)

Net asset value, end of the period	$	11.75		$	14.23		$	14.62		$	14.49		$	15.84		$	15.93

Total return(b)(c)		(15.42	)%(d)		13.18	%		9.95	%		0.49	%		9.51	%		(6.21	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	24,850		$	33,864		$	38,826		$	41,189		$	58,312		$	56,344
Net expenses(e)		1.15	%(f)		1.18	%(g)		1.25	%		1.29	%(h)		1.35	%		1.36	%(i)
Gross expenses		1.54	%(f)		1.50	%		1.45	%		1.43	%		1.38	%		1.38	%
Net investment income		1.80	%(f)		1.46	%		1.75	%		1.49	%		1.06	%		1.31	%
Portfolio turnover rate		73	%(j)		107	%(j)		20	%		11	%		13	%		17	%

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

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

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

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

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

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

(g)	Effective June 1, 2019, the expense limit decreased from 1.25% to 1.15%.

(h)	Effective July 1, 2017, the expense limit decreased from 1.35% to 1.25%.

(i)	Effective May 1, 2015, the expense limit decreased from 1.40% to 1.35%.

(j)

The variation in the Fund’s turnover rate from the year ended January 31, 2019 to the year ended January 31, 2020 was primarily due to a change in the investment strategy of the Fund. Portfolio turnover is expected to remain higher as a result of the strategy change. In addition, during the period ended July 31, 2020, portfolio turnover is higher due to increased market volatility.


19 \|		See accompanying notes to financial statements.

Financial Highlights (continued)

For a share outstanding throughout each period.


	Class C
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020			Year Ended January 31, 2019			Year Ended January 31, 2018			Year Ended January 31, 2017			Year Ended January 31, 2016
Net asset value, beginning of the period	$	14.32		$	14.70		$	14.54		$	15.87		$	15.95		$	18.55

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.11			0.14			0.11			0.06			0.09
Net realized and unrealized gain (loss)		(2.36	)		1.61			1.06			(0.12	)		1.33			(1.33	)

Total from Investment Operations		(2.30	)		1.72			1.20			(0.01	)		1.39			(1.24	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.02	)		(0.27	)		(0.08	)		(0.09	)		(0.09	)		(0.07	)
Net realized capital gains		(0.18	)		(1.83	)		(0.96	)		(1.23	)		(1.38	)		(1.29	)

Total Distributions		(0.20	)		(2.10	)		(1.04	)		(1.32	)		(1.47	)		(1.36	)

Net asset value, end of the period	$	11.82		$	14.32		$	14.70		$	14.54		$	15.87		$	15.95

Total return(b)(c)		(15.74	)%(d)		12.35	%		9.03	%		(0.21	)%		8.67	%		(6.87	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	825		$	1,391		$	1,946		$	4,472		$	7,307		$	7,869
Net expenses(e)		1.90	%(f)		1.93	%(g)		2.00	%		2.05	%(h)		2.10	%		2.11	%(i)
Gross expenses		2.29	%(f)		2.25	%		2.20	%		2.18	%		2.13	%		2.13	%
Net investment income		1.01	%(f)		0.71	%		0.98	%		0.71	%		0.34	%		0.55	%
Portfolio turnover rate		73	%(j)		107	%(j)		20	%		11	%		13	%		17	%

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

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

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

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

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

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

(g)	Effective June 1, 2019, the expense limit decreased from 2.00% to 1.90%.

(h)	Effective July 1, 2017, the expense limit decreased from 2.10% to 2.00%.

(i)	Effective May 1, 2015, the expense limit decreased from 2.15% to 2.10%.

(j)


		See accompanying notes to financial statements.		\| 20

Financial Highlights (continued)

For a share outstanding throughout each period.


	Class N
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020			Year Ended January 31, 2019			Year Ended January 31, 2018			Year Ended January 31, 2017			Year Ended January 31, 2016
Net asset value, beginning of the period	$	13.00		$	13.54		$	13.52		$	14.87		$	15.05		$	17.57

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.10			0.24			0.27			0.26			0.22			(0.17	)(b)
Net realized and unrealized gain (loss)		(2.14	)		1.48			0.98			(0.11	)		1.27			(0.81	)

Total from Investment Operations		(2.04	)		1.72			1.25			0.15			1.49			(0.98	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.08	)		(0.43	)		(0.27	)		(0.27	)		(0.29	)		(0.25	)
Net realized capital gains		(0.18	)		(1.83	)		(0.96	)		(1.23	)		(1.38	)		(1.29	)

Total Distributions		(0.26	)		(2.26	)		(1.23	)		(1.50	)		(1.67	)		(1.54	)

Net asset value, end of the period	$	10.70		$	13.00		$	13.54		$	13.52		$	14.87		$	15.05

Total return		(15.33	)%(c)(d)		13.49	%(c)		10.22	%(c)		0.88	%(c)		9.91	%		(5.79	)%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,764		$	10,319		$	6,830		$	6,865		$	6,108		$	4,513
Net expenses		0.85	%(e)(f)		0.88	%(e)(g)		0.95	%(e)		0.97	%(e)(h)		0.97	%		0.94	%(e)(i)
Gross expenses		1.17	%(f)		1.09	%		1.00	%		1.01	%		0.97	%		1.01	%
Net investment income (loss)		1.73	%(f)		1.69	%		2.07	%		1.79	%		1.38	%		(1.14	)%(b)
Portfolio turnover rate		73	%(j)		107	%(j)		20	%		11	%		13	%		17	%

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

(b)	The net investment loss does not correspond with aggregate net investment income earned by the Fund due to the timing of income earned and expenses accrued in relation to changes in net assets of the Fund during the period.

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

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

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

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

(g)	Effective June 1, 2019, the expense limit decreased from 0.95% to 0.85%.

(h)	Effective July 1, 2017, the expense limit decreased from 1.05% to 0.95%.

(i)	Effective May 1, 2015, the expense limit decreased from 1.10% to 1.05%.

(j)


21 \|		See accompanying notes to financial statements.

Financial Highlights (continued)

For a share outstanding throughout each period.


	Class Y
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020			Year Ended January 31, 2019			Year Ended January 31, 2018			Year Ended January 31, 2017			Year Ended January 31, 2016
Net asset value, beginning of the period	$	12.96		$	13.50		$	13.48		$	14.84		$	15.01		$	17.54

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.24			0.27			0.25			0.21			0.25
Net realized and unrealized gain (loss)		(2.14	)		1.47			0.98			(0.12	)		1.27			(1.27	)

Total from Investment Operations		(2.03	)		1.71			1.25			0.13			1.48			(1.02	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.07	)		(0.42	)		(0.27	)		(0.26	)		(0.27	)		(0.22	)
Net realized capital gains		(0.18	)		(1.83	)		(0.96	)		(1.23	)		(1.38	)		(1.29	)

Total Distributions		(0.25	)		(2.25	)		(1.23	)		(1.49	)		(1.65	)		(1.51	)

Net asset value, end of the period	$	10.68		$	12.96		$	13.50		$	13.48		$	14.84		$	15.01

Total return(b)		(15.24	)%(c)		13.48	%		10.19	%		0.73	%		9.78	%		(5.95	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	68,964		$	83,933		$	73,173		$	88,954		$	126,203		$	140,022
Net expenses(d)		0.90	%(e)		0.93	%(f)		1.00	%		1.04	%(g)		1.10	%		1.11	%(h)
Gross expenses		1.30	%(e)		1.25	%		1.20	%		1.18	%		1.13	%		1.13	%
Net investment income		2.04	%(e)		1.72	%		2.00	%		1.71	%		1.30	%		1.55	%
Portfolio turnover rate		73	%(i)		107	%(i)		20	%		11	%		13	%		17	%

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

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

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

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

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

(f)	Effective June 1, 2019, the expense limit decreased from 1.00% to 0.90%.

(g)	Effective July 1, 2017, the expense limit decreased from 1.10% to 1.00%.

(h)	Effective May 1, 2015, the expense limit decreased from 1.15% to 1.10%.

(i)


		See accompanying notes to financial statements.		\| 22

Notes to Financial Statements

July 31, 2020 (Unaudited)

1. Organization. Natixis Funds Trust IV (the “Trust”) is organized as a Massachusetts business trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Declaration of Trust permits the Board of Trustees to authorize the issuance of an unlimited number of shares of the Trust in multiple series. The financial statements for certain funds of the Trust are presented in separate reports. Information presented in this report pertains to AEW Global Focused Real Estate Fund (the “Fund”).

The Fund is a diversified investment company.

The Fund offers Class A, Class C, Class N and Class Y shares.

Class A shares are sold with a maximum front-end sales charge of 5.75%. Class C shares do not pay a front-end sales charge, pay higher Rule 12b-1 fees than Class A shares for ten years (at which point they automatically convert to Class A shares) and may be subject to a contingent deferred sales charge (“CDSC”) of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Class Y shares are offered with an initial minimum investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts for Class N and Class Y as outlined in the Fund’s prospectus.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”) and Natixis ETF Trust. Expenses of the Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule 12b-1 fees applicable to Class A and Class C), and transfer agent fees are borne collectively for Class A, Class C and Class Y and individually for Class N. In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of the Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

2. Significant Accounting Policies. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The Fund’s financial statements follow the accounting and reporting guidelines provided for investment companies and are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has evaluated the events and transactions subsequent to


23 \|

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

period-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Fund’s financial statements.

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

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,


				\| 24

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s net asset value (“NAV”) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine a Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund.

As of July 31, 2020, securities held by the Fund were fair valued as follows:


Equity securities¹	Percentage of Net Assets
$ 37,494,994		38.5	%

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.

b. Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on the trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded on the ex-dividend date, or in the case of certain foreign securities, as soon as the Fund is notified, and interest income is recorded on an accrual basis. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in dividends received from the Fund’s investments in real estate investment trusts (“REITs”) are reported to the Fund after the end of the calendar year; accordingly, the Fund estimates these amounts for accounting purposes until the characterization of REIT distributions is reported to the Fund after the end of the calendar year. Estimates for the period from February 1 through July 31, 2020 are included in the Statement of Operations. Estimates are based on the most recent REIT distribution information available. Interest income is increased by the accretion of discount and decreased by the amortization of premium. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class-specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

c. Foreign Currency Translation. The books and records of the 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, if any, are translated into U.S.


25 \|

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars on the respective dates of such transactions.

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates. Net realized foreign exchange gains or losses and the net change in unrealized foreign exchange gains or losses are disclosed in the Statement of Operations. For federal income tax purposes, net realized foreign exchange gains or losses are characterized as ordinary income, and may, if the Fund has net losses, reduce the amount of income available to be distributed by the Fund.

The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statement of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities.

The Fund may use foreign currency exchange contracts to facilitate transactions in foreign-denominated investments. Losses may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

d. Federal and Foreign Income Taxes. The Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of the Fund’s tax positions for the open tax years as of July 31, 2020 and has concluded that no provisions for income tax are required. The Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Fund. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

The Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the


				\| 26

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statement of Operations as a reduction of investment income, net of amounts eligible to be reclaimed. Dividends and interest receivable on the Statement of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes where reclaims have been or will be filed are reflected on the Statement of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statement of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statement of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to the Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statement of Assets and Liabilities and are recorded as a realized gain when received.

e. Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. When the Fund identifies the character of distributions paid by REITs in the previous calendar year, certain distributions to Fund shareholders may be redesignated as capital gain distributions or, if in excess of taxable income, as a return of capital. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as return of capital distributions received. Permanent book and tax basis differences relating to foreign currency gains and losses, distribution re-designations, passive foreign investment company adjustments and return of capital and capital gain distributions received will result in reclassifications to the capital accounts reported on the Statement of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, passive foreign investment company adjustments and wash sales. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Fund’s fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended January 31, 2020 was as follows:


2020 Distributions Paid From:
Ordinary Income	Long-Term Capital Gains		Total
$5,390,847	$	13,940,704	$	19,331,551


27 \|

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

Distributions paid to shareholders from net investment income and net realized capital gains, based on accounting principles generally accepted in the United States of America, are consolidated and reported on the Statement of Changes in Net Assets as Distributions to Shareholders. Distributions paid to shareholders from net investment income and net realized capital gains expressed in per-share amounts, based on accounting principles generally accepted in the United States of America, are separately stated and reported within the Financial Highlights.

As of July 31, 2020, the tax cost of investments and unrealized appreciation (depreciation) on a federal tax basis were as follows:


Federal tax cost	$	93,871,255

Gross tax appreciation	$	9,002,806
Gross tax depreciation		(6,127,000	)

Net tax appreciation	$	2,875,806

Amounts in the table above exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Adjustments may include, but are not limited to, wash sales.

f. Repurchase Agreements. 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 July 31, 2020, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statement of Assets and Liabilities for financial reporting purposes.

g. Securities Lending. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value (including accrued interest) of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value (including accrued interest) of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value (including accrued interest) of loaned


				\| 28

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

securities for non-U.S. equities; and at least 100% of the market value (including accrued interest) of loaned securities for U.S. Government securities, sovereign debt issued by non-U.S. Governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Fund may bear the risk of loss with respect to the investment of the collateral. The Fund invests cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Fund and State Street Bank as lending agent.

For the six months ended July 31, 2020, the Fund did not loan securities under this agreement.

h. Indemnifications. Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

3. 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.


29 \|

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

The following is a summary of the inputs used to value the Fund’s investments as of July 31, 2020, at value:


Asset Valuation Inputs
Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	3,030,618	$	—	$	3,030,618
Belgium		—		165,236		—		165,236
France		—		1,794,155		—		1,794,155
Germany		589,662		6,506,820		—		7,096,482
Hong Kong		—		5,201,593		—		5,201,593
Japan		—		10,553,005		—		10,553,005
Netherlands		—		558,399		—		558,399
Singapore		—		3,391,739		—		3,391,739
Spain		—		583,803		—		583,803
Sweden		—		1,451,485		—		1,451,485
United Kingdom		334,794		4,258,141		—		4,592,935
All Other Common Stocks(a)		55,850,447		—		—		55,850,447

Total Common Stocks	$	56,774,903	$	37,494,994	$	—	$	94,269,897

Short-Term Investments		—		2,477,164		—		2,477,164

Total	$	56,774,903	$	39,972,158	$	—	$	96,747,061

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

4. Purchases and Sales of Securities. For the six months ended July 31, 2020, purchases and sales of securities (excluding short-term investments) were $70,064,259 and $82,177,465 respectively.

5. Management Fees and Other Transactions with Affiliates.

a. Management Fees. AEW Capital Management, L.P. (“AEW”) serves as the investment adviser to the Fund. AEW is a wholly-owned subsidiary of Natixis Investment Managers, LLC (“Natixis”), which is part of Natixis Investment Managers, an international asset management group based in Paris, France. Under the terms of the management agreement, the Fund pays a management fee at the annual rate of 0.75%, calculated daily and payable monthly, based on the Fund’s average daily net assets.

AEW has given a binding undertaking to the Fund to waive management fees and/or reimburse certain expenses to limit the Fund’s operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. This undertaking is in effect until May 31, 2021, may be terminated before then only with the consent of the Fund’s Board of Trustees, and is reevaluated on an


				\| 30

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

annual basis. Management fees payable, as reflected on the Statement of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statement of Assets and Liabilities as receivable from investment adviser.

For the six months ended July 31, 2020, the expense limits as a percentage of average daily net assets under the expense limitation agreement were as follows:


Expense Limit as a Percentage of Average Daily Net Assets
Class A	Class C		Class N		Class Y
1.15%		1.90%		0.85%		0.90%

AEW shall be permitted to recover expenses borne under the expense limitation agreement (whether through waiver of management fees or otherwise) on a class by class basis in later periods to the extent the annual operating expenses of a class fall below a class’ expense limits, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the six months ended July 31, 2020, the management fees and waiver of management fees for the Fund were as follows:


Gross Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Percentage of Average Daily Net Assets
Gross Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Gross			Net
$	361,139	$	187,746	$	173,393		0.75	%		0.36	%

¹	Management fee waiver is subject to possible recovery until January 31, 2022.

No expenses were recovered during the six months ended July 31, 2020 under the terms of the expense limitation agreement.

b. Service and Distribution Fees. Natixis Distribution, L.P. (“Natixis Distribution”), which is a wholly-owned subsidiary of Natixis, has entered into a distribution agreement with the Trust. Pursuant to this agreement, Natixis Distribution serves as principal underwriter of the Fund.

Pursuant to Rule 12b-1 under the 1940 Act, the Trust has adopted a Service Plan relating to the Fund’s Class A shares (the “Class A Plan”) and a Distribution and Service Plan relating to the Fund’s Class C shares (the “Class C Plan”).

Under the Class A Plan, the Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Class A shares, as reimbursement for expenses incurred by Natixis Distribution in providing personal services to investors in Class A shares and/or the maintenance of shareholder accounts.


31 \|

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

Under the Class C Plan, the Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Class C shares, as compensation for services provided by Natixis Distribution in providing personal services to investors in Class C shares and/or the maintenance of shareholder accounts.

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

For the six months ended July 31, 2020, the service and distribution fees for the Fund were as follows:


Service Fees		Distribution Fees
Class A	Class C	Class C
$31,996	$1,222	$3,666

c. Administrative Fees. Natixis Advisors, L.P. (“Natixis Advisors”) provides certain administrative services for the Fund and contracts with State Street Bank to serve as sub-administrator. Natixis Advisors is a wholly-owned subsidiary of Natixis. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trust and Natixis Advisors, the Fund pays Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0540% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust of $10 million, which is reevaluated on an annual basis.

For the six months ended July 31, 2020, the administrative fees were as follows:

Administrative Fees

$21,448

d. Sub-Transfer Agent Fees. Natixis Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the Fund and has agreed to compensate the intermediaries for providing those services. Intermediaries transact with the Fund primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Fund. These services would have been provided by the Fund’s transfer agent and other service providers if the shareholders’ accounts were maintained directly at the Fund’s transfer agent. Accordingly, the Fund has agreed to reimburse Natixis Distribution for all or a portion of the servicing fees paid to


				\| 32

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to Natixis Distribution are subject to a current per-account equivalent fee limit approved by the Fund’s Board of Trustees, which is based on fees for similar services paid to the Fund’s transfer agent and other service providers. Class N shares do not bear such expenses.

For the six months ended July 31, 2020, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statement of Operations) for the Fund were $58,486.

As of July 31, 2020, the Fund owes Natixis Distribution $948 in reimbursements for sub-transfer agent fees (which are reflected in the Statement of Assets and Liabilities as payable to distributor).

Sub-transfer agent fees attributable to Class A, Class C and Class Y are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

e. Commissions. Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the six months ended July 31, 2020 amounted to $886.

f. Trustees Fees and Expenses. The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $369,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $199,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee, the chairperson of the Audit Committee and the chairperson of the Governance Committee each receive an additional retainer fee at the annual rate of $20,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Fund until distributed in accordance with the


33 \|

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust as designated by the participating Trustees. Changes in the value of participants’ deferral accounts are allocated pro rata among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, and are normally reflected as Trustees’ fees and expenses in the Statement of Operations. The portions of the accrued obligations allocated to the Fund under the Plan are reflected as Deferred Trustees’ fees in the Statement of Assets and Liabilities.

Certain officers and employees of Natixis Advisors and its affiliates are also officers and/or Trustees of the Trust.

g. Reimbursement of Transfer Agent Fees and Expenses. Natixis Advisors has given a binding contractual undertaking to the Fund to reimburse any and all transfer agency expenses for the Fund’s Class N shares. This undertaking is in effect through May 31, 2021 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended July 31, 2020, Natixis Advisors reimbursed the Fund $721 for transfer agency expenses related to Class N shares.

6. Class-Specific Transfer Agent Fees and Expenses. Transfer agent fees and expenses attributable to Class A, Class C and Class Y are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

For the six months ended July 31, 2020, the Fund incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):


	Class A		Class C		Class N		Class Y
Transfer Agent Fees and Expenses	$	20,819	$	792	$	721	$	53,973

7. Line of Credit. The Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, entered into a $400,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid an


				\| 34

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

arrangement fee, an upfront fee, and certain other legal fees in connection with the line of credit agreement, which are being amortized over a period of 364 days and are reflected in legal fees and/or miscellaneous expenses on the Statement of Operations. The unamortized balance is reflected as prepaid expenses on the Statement of Assets and Liabilities.

For the six months ended July 31, 2020, the Fund had no borrowings under this agreement.

8. Risk. The Fund concentrates its investments in real estate securities, including REITs. A fund with a concentrated portfolio is vulnerable to the risks of the industry in which it invests and is subject to greater risks and market fluctuations than funds investing in a broader range of industries. Real estate securities are susceptible to the risks associated with direct ownership of real estate such as declining property values, increases in property taxes, operating expenses, interest rates or competition, zoning changes and losses from casualty and condemnation.

The Fund’s investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks. The Fund’s investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.

Global markets have experienced periods of high volatility triggered by the rapidly evolving public health emergency known as coronavirus (“COVID-19”). As the situation continues to unfold, the extent and duration of the impact that the COVID-19 outbreak may have on financial markets and the economy as a whole remains highly uncertain. If the effects of the COVID-19 outbreak on financial markets and the economy continue for an extended period of time, the Fund’s future financial and investment results may be adversely affected.

9. Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Fund. As of July 31, 2020, based on management’s evaluation of the shareholder account base, the Fund had accounts representing controlling ownership of more than 5% of the Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:


Number of 5% Account Holders		Percentage of Ownership
2		29.36%

Omnibus shareholder accounts for which Natixis Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment


35 \|

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

models where a shareholder account may be invested for a non-discretionary customer are included in the table above. For other omnibus accounts, the Fund does not have information on the individual shareholder accounts underlying the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

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


	Six Months Ended July 31, 2020						Year Ended January 31, 2020
	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		109,296		$	1,297,857			319,793		$	4,789,208
Issued in connection with the reinvestment of distributions		50,019			498,509			331,314			4,591,537
Redeemed		(424,729	)		(5,172,007	)		(927,512	)		(13,834,719	)

Net change		(265,414	)	$	(3,375,641	)		(276,405	)	$	(4,453,974	)

Class C
Issued from the sale of shares		6,000		$	71,820			22,418		$	338,924
Issued in connection with the reinvestment of distributions		1,407			13,944			11,152			155,279
Redeemed		(34,739	)		(389,897	)		(68,812	)		(1,043,756	)

Net change		(27,332	)	$	(304,133	)		(35,242	)	$	(549,553	)

Class N
Issued from the sale of shares		72,186		$	750,871			327,855		$	4,634,832
Issued in connection with the reinvestment of distributions		6,438			58,722			120,236			1,520,839
Redeemed		(613,918	)		(7,889,461	)		(159,161	)		(2,194,099	)

Net change		(535,294	)	$	(7,079,868	)		288,930		$	3,961,572

Class Y
Issued from the sale of shares		1,691,204		$	16,992,906			2,660,649		$	37,412,704
Issued in connection with the reinvestment of distributions		166,108			1,509,180			958,247			12,105,884
Redeemed		(1,872,931	)		(19,866,643	)		(2,563,936	)		(35,980,180	)

Net change		(15,619	)	$	(1,364,557	)		1,054,960		$	13,538,408

Increase (decrease) from capital share transactions		(843,659	)	$	(12,124,199	)		1,032,243		$	12,496,453


				\| 36

LOGO

Semiannual Report

July 31, 2020

Natixis Sustainable Future 2015 Fund^®

Natixis Sustainable Future 2020 Fund^®

Natixis Sustainable Future 2025 Fund^®

Natixis Sustainable Future 2030 Fund^®

Natixis Sustainable Future 2035 Fund^®

Natixis Sustainable Future 2040 Fund^®

Natixis Sustainable Future 2045 Fund^®

Natixis Sustainable Future 2050 Fund^®

Natixis Sustainable Future 2055 Fund^®

Natixis Sustainable Future 2060 Fund^®

Table of Contents


Portfolio Review			1
Portfolio of Investments			13
Financial Statements			83
Notes to Financial Statements			101

IMPORTANT NOTICE TO SHAREHOLDERS

NATIXIS SUSTAINABLE FUTURE FUNDS^®



Managers		Symbols

Natixis Advisors, L.P.*

AIA U.S. Large Cap Value ESG Segment AIA U.S. Small/Mid Cap ESG Segment AIA International Developed Markets Equity ESG Segment AIA Emerging Markets ESG Segment Active Index Advisors^®, a division of Natixis Advisors, L.P. Harris Associates Large Cap Value Segment Harris Associates L.P. Loomis Sayles All Cap Growth Segment Loomis Sayles Core Fixed Income Segment Loomis Sayles Inflation Protected Securities Fund* Loomis Sayles Limited Term Government and Agency Fund* Loomis, Sayles & Company, L.P. Mirova Global Sustainable Equity Segment Mirova Carbon Neutral U.S. Equity Segment Mirova Global Green Bond Fund* Mirova International Sustainable Equity Fund* Mirova US LLC Portfolio Allocations Wilshire Associates Incorporated		2015 Fund Class N NSFBX 2020 Fund Class N NSFDX 2025 Fund Class N NSFEX 2030 Fund Class N NSFFX 2035 Fund Class N NSFGX 2040 Fund Class N NSFHX 2045 Fund Class N NSFJX 2050 Fund Class N NSFKX 2055 Fund Class N NSFLX 2060 Fund Class N NSFMX

*	Natixis Advisors, L.P. is responsible for determining each Fund’s available underlying funds and separately managed segments and supervising the activities of each Fund’s subadvisers.

**	Subadviser

***	Affiliated mutual fund

Investment Goal

Each Fund seeks the highest total return consistent with its current asset allocation.

NATIXIS SUSTAINABLE FUTURE 2015 FUND

Average Annual Returns — July 31, 2020²



										Expense Ratios³

	6 Months			1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		4.23	%		9.45	%		8.09	%		3.97	%		0.55	%

Comparative Performance
S&P Target Date 2015^® Index¹		2.24			7.29			6.35

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. See notes to tables on page 4.

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NATIXIS SUSTAINABLE FUTURE 2020 FUND

Average Annual Returns — July 31, 2020²



										Expense Ratios³

	6 Months			1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		3.82	%		9.45	%		8.53	%		3.95	%		0.55	%

Comparative Performance
S&P Target Date 2020^® Index¹		1.74			6.97			6.57

NATIXIS SUSTAINABLE FUTURE 2025 FUND

Average Annual Returns — July 31, 2020²



										Expense Ratios³

	6 Months			1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		3.21	%		9.04	%		8.73	%		4.43	%		0.56	%

Comparative Performance
S&P Target Date 2025^® Index¹		1.10			6.65			6.88

NATIXIS SUSTAINABLE FUTURE 2030 FUND

Average Annual Returns — July 31, 2020²



										Expense Ratios³

	6 Months			1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		2.67	%		8.41	%		9.20	%		4.60	%		0.57	%

Comparative Performance
S&P Target Date 2030^® Index¹		0.37			6.21			7.12

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. See notes to tables on page 4.

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NATIXIS SUSTAINABLE FUTURE FUNDS^®

NATIXIS SUSTAINABLE FUTURE 2035 FUND

Average Annual Returns — July 31, 2020²



										Expense Ratios³

	6 Months			1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		1.62	%		8.23	%		9.51	%		4.16	%		0.58	%

Comparative Performance
S&P Target Date 2035^® Index¹		-0.36			5.75			7.30

NATIXIS SUSTAINABLE FUTURE 2040 FUND

Average Annual Returns — July 31, 2020²



										Expense Ratios³

	6 Months			1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		1.94	%		8.48	%		9.86	%		4.67	%		0.59	%

Comparative Performance
S&P Target Date 2040^® Index¹		-0.86			5.40			7.43

NATIXIS SUSTAINABLE FUTURE 2045 FUND

Average Annual Returns — July 31, 2020²



										Expense Ratios³

	6 Months			1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		1.42	%		8.30	%		10.06	%		5.33	%		0.59	%

Comparative Performance
S&P Target Date 2045^® Index¹		-1.20			5.17			7.47

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com/performance. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. See notes to tables on page 4.

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NATIXIS SUSTAINABLE FUTURE 2050 FUND

Average Annual Returns — July 31, 2020²



										Expense Ratios³

	6 Months			1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		1.58	%⁴		8.38	%		10.12	%		5.45	%		0.60	%

Comparative Performance
S&P Target Date 2050^® Index¹		-1.34			5.05			7.53

NATIXIS SUSTAINABLE FUTURE 2055 FUND

Average Annual Returns — July 31, 2020²



										Expense Ratios³

	6 Months			1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		0.94	%		7.92	%		10.05	%		5.83	%		0.60	%

Comparative Performance
S&P Target Date 2055^® Index¹		-1.49			4.94			7.54

NATIXIS SUSTAINABLE FUTURE 2060 FUND

Average Annual Returns — July 31, 2020²



										Expense Ratios³

	6 Months			1 Year			Life of Fund			Gross			Net

Class N (Inception 2/28/17)
NAV		1.02	%		8.02	%		10.11	%		6.23	%		0.60	%

Comparative Performance
S&P Target Date 2060+^® Index¹		-1.39			5.11			7.74

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

The S&P Target Date^® Index Series consists of multi-asset class indices, each corresponding to a specific target retirement date. The asset allocation for each index is determined through an annual survey of target date fund groups with a minimum asset threshold of $100 million. The various asset class exposures of the Indices may include equities, fixed income, REITs, and commodities depending on the allocations reported in the survey. Index returns are calculated daily.

²	Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report and include the expenses of the underlying funds in which the Fund invests. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense limitations set to expire on 5/31/21. When a Fund’s expenses are below the limitation, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense limitations.

⁴

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund for financial reporting purposes only, and as such, the total returns reflected above are different from the total returns reported in the financial highlights. The returns presented in the table above are what an investor would have actually experienced.

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ADDITIONAL INFORMATION

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

ADDITIONAL INDEX INFORMATION

PROXY VOTING INFORMATION

A description of the Natixis Funds’ proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the Natixis Funds’ website at im.natixis.com; and on the Securities and Exchange Commission’s (SEC) website at www.sec.gov. Information regarding how the Natixis Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Natixis Funds’ website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

The Natixis Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit on Form N-PORT. The Funds’ Form N-PORT is available on the SEC’s website at www.sec.gov.

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UNDERSTANDING FUND EXPENSES


NATIXIS SUSTAINABLE FUTURE 2015 FUND	BEGINNING ACCOUNT VALUE 2/1/2020		ENDING ACCOUNT VALUE 7/31/2020		EXPENSES PAID DURING PERIOD* 2/1/2020 – 7/31/2020
Class N
Actual		$1,000.00		$1,042.30		$1.52
Hypothetical (5% return before expenses)		$1,000.00		$1,023.37		$1.51

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.30%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 366 (to reflect the half-year period). Expense ratios do not include the expenses of the underlying funds in which the Fund invests. The annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.


NATIXIS SUSTAINABLE FUTURE 2020 FUND	BEGINNING ACCOUNT VALUE 2/1/2020		ENDING ACCOUNT VALUE 7/31/2020		EXPENSES PAID DURING PERIOD* 2/1/2020 – 7/31/2020
Class N
Actual		$1,000.00		$1,038.20		$1.67
Hypothetical (5% return before expenses)		$1,000.00		$1,023.22		$1.66

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.33%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 366 (to reflect the half-year period). Expense ratios do not include the expenses of the underlying funds in which the Fund invests. The annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.


NATIXIS SUSTAINABLE FUTURE 2025 FUND	BEGINNING ACCOUNT VALUE 2/1/2020		ENDING ACCOUNT VALUE 7/31/2020		EXPENSES PAID DURING PERIOD* 2/1/2020 – 7/31/2020
Class N
Actual		$1,000.00		$1,032.10		$1.67
Hypothetical (5% return before expenses)		$1,000.00		$1,023.22		$1.66

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NATIXIS SUSTAINABLE FUTURE 2030 FUND	BEGINNING ACCOUNT VALUE 2/1/2020		ENDING ACCOUNT VALUE 7/31/2020		EXPENSES PAID DURING PERIOD* 2/1/2020 – 7/31/2020
Class N
Actual		$1,000.00		$1,026.70		$1.71
Hypothetical (5% return before expenses)		$1,000.00		$1,023.17		$1.71

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.34%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 366 (to reflect the half-year period). Expense ratios do not include the expenses of the underlying funds in which the Fund invests. The annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.


NATIXIS SUSTAINABLE FUTURE 2035 FUND	BEGINNING ACCOUNT VALUE 2/1/2020		ENDING ACCOUNT VALUE 7/31/2020		EXPENSES PAID DURING PERIOD* 2/1/2020 – 7/31/2020
Class N
Actual		$1,000.00		$1,016.20		$1.85
Hypothetical (5% return before expenses)		$1,000.00		$1,023.02		$1.86

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.37%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 366 (to reflect the half-year period). Expense ratios do not include the expenses of the underlying funds in which the Fund invests. The annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.


NATIXIS SUSTAINABLE FUTURE 2040 FUND	BEGINNING ACCOUNT VALUE 2/1/2020		ENDING ACCOUNT VALUE 7/31/2020		EXPENSES PAID DURING PERIOD* 2/1/2020 – 7/31/2020
Class N
Actual		$1,000.00		$1,019.40		$1.86
Hypothetical (5% return before expenses)		$1,000.00		$1,023.02		$1.86


NATIXIS SUSTAINABLE FUTURE 2045 FUND	BEGINNING ACCOUNT VALUE 2/1/2020		ENDING ACCOUNT VALUE 7/31/2020		EXPENSES PAID DURING PERIOD* 2/1/2020 – 7/31/2020
Class N
Actual		$1,000.00		$1,014.20		$1.85
Hypothetical (5% return before expenses)		$1,000.00		$1,023.02		$1.86


NATIXIS SUSTAINABLE FUTURE 2050 FUND	BEGINNING ACCOUNT VALUE 2/1/2020		ENDING ACCOUNT VALUE 7/31/2020		EXPENSES PAID DURING PERIOD* 2/1/2020 – 7/31/2020**
Class N
Actual		$1,000.00		$1,014.80		$1.95
Hypothetical (5% return before expenses)		$1,000.00		$1,022.92		$1.96

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.39%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 366 (to reflect the half-year period). Expense ratios do not include the expenses of the underlying funds in which the Fund invests. The annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.

**	Generally accepted accounting principles require certain adjustments to be made to the net assets of the Fund for financial reporting purposes only. Amounts expressed in the table include the effect of such adjustments.

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NATIXIS SUSTAINABLE FUTURE 2055 FUND	BEGINNING ACCOUNT VALUE 2/1/2020		ENDING ACCOUNT VALUE 7/31/2020		EXPENSES PAID DURING PERIOD* 2/1/2020 – 7/31/2020
Class N
Actual		$1,000.00		$1,009.40		$2.00
Hypothetical (5% return before expenses)		$1,000.00		$1,022.87		$2.01

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.40%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 366 (to reflect the half-year period). Expense ratios do not include the expenses of the underlying funds in which the Fund invests. The annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.


NATIXIS SUSTAINABLE FUTURE 2060 FUND	BEGINNING ACCOUNT VALUE 2/1/2020		ENDING ACCOUNT VALUE 7/31/2020		EXPENSES PAID DURING PERIOD* 2/1/2020 – 7/31/2020
Class N
Actual		$1,000.00		$1,010.20		$1.95
Hypothetical (5% return before expenses)		$1,000.00		$1,022.92		$1.96

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BOARD APPROVAL OF THE EXISTING ADVISORY AND SUB-ADVISORY AGREEMENTS

The Board of Trustees of the Trust (the “Board”), including the Independent Trustees, considers matters bearing on each Fund’s advisory and sub-advisory agreements (collectively, the “Agreements”) at most of its meetings throughout the year. Each year, usually in the spring, the Contract Review Committee of the Board meets to review the Agreements to determine whether to recommend that the full Board approve the continuation of the Agreements, typically for an additional one-year period. After the Contract Review Committee has made its recommendation, the full Board, including the Independent Trustees, determines whether to approve the continuation of the Agreements.

In connection with these meetings, the Trustees receive materials that the Funds’ investment adviser and sub-advisers (collectively, the “Advisers”), believe to be reasonably necessary for the Trustees to evaluate the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Funds and the performance of peer groups of funds and the Funds’ performance benchmarks, (ii) information on the Funds’ advisory and sub-advisory fees and other expenses, including information comparing the Funds’ advisory and sub-advisory fees to the fees charged to institutional accounts with similar strategies managed by the Advisers, if any, and to those of peer groups of funds and information about any applicable expense limitations and/or fee “breakpoints,” (iii) sales and redemption data in respect of the Funds, (iv) information about the profitability of the Agreements to the Advisers and (v) information obtained through the completion by the Advisers of a questionnaire distributed on behalf of the Trustees. The Board, including the Independent Trustees, also considers other matters such as (i) Fund’s investment objective and strategies and the size, education and experience of each Adviser’s investment staff and its use of technology, external research and trading cost measurement tools, (ii) arrangements in respect of the distribution of the Funds’ shares and the related costs, (iii) the allocation of the Funds’ brokerage, if any, including, if applicable, allocations to brokers affiliated with the Adviser and the use of “soft” commission dollars to pay Fund expenses and to pay for research and other similar services, (iv) each Adviser’s policies and procedures relating to, among other things, compliance, trading and best execution, proxy voting and valuation, (v) information about amounts invested by the Funds’ portfolio managers in the Funds or in similar accounts that they manage and (vi) the general economic outlook with particular emphasis on the mutual fund industry. Throughout the process, the Trustees are afforded the opportunity to ask questions of and request additional materials from the Advisers.

In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreements, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide detailed information about the Funds’ investment performance and the fees charged to the Funds for advisory and other services. This information generally includes, among other things, an internal performance rating for each Fund based on agreed-upon criteria, total return information for various periods, and third-party performance rankings for various periods comparing a Fund against similarly categorized funds. The portfolio management team for each Fund or other representatives of the Advisers make periodic presentations to the Contract Review Committee and/or the full Board, and Funds identified as presenting possible performance concerns may be subject to more frequent Board presentations and reviews. In addition, each quarter the Trustees are provided with detailed statistical information about each Fund’s portfolio. The Trustees also receive periodic updates between meetings. These updates have increased in frequency during the COVID-19 crisis.

The Board most recently approved the continuation of the Agreements for a one-year period at its meeting held in June 2020. In considering whether to approve the continuation of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreements included, but were not limited to, the factors listed below.

The nature, extent and quality of the services provided to the Funds under the Agreements. The Trustees considered the nature, extent and quality of the services provided by the Advisers and their affiliates to the Funds, and the resources dedicated to the Funds by the Advisers and the Advisers’ affiliates. The Trustees considered that, effective April 30, 2019, Harris Associates L.P. and Loomis, Sayles & Company, L.P. were added as sub-advisers for the Funds, thereby adding additional strategies to the management of the Funds’ portfolios.

The Trustees considered not only the advisory and sub-advisory services provided by the Advisers to the Funds, but also the monitoring and oversight services provided by Natixis Advisors, L.P. (“Natixis Advisors”). They also considered the administrative and shareholder services provided by Natixis Advisors and its affiliates to the Funds. They also took into consideration increases in the services provided resulting from new regulatory requirements. They also considered Wilshire’s specialized expertise in creating “glide paths” and providing investment allocation services.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the nature, extent and quality of services provided supported the renewal of the Agreements.

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Investment performance of the Funds and the Advisers. As noted above, the Trustees received information about the performance of the Funds over various time periods, including information that compared the performance of the Funds to the performance of peer groups and categories of funds and the Funds’ performance benchmarks. In addition, the Trustees reviewed data prepared by an independent third party that analyzed the performance of the Funds using a variety of performance metrics, including metrics that measured the performance of the Funds on a risk adjusted basis.

The Board noted that, through December 31, 2019, each Fund’s one-year performance, stated as percentile rankings within categories selected by the independent third-party data provider, was as follows (where the best performance would be in the first percentile of its category):

One-Year

Three-Year

Five-Year

Natixis Sustainable Future 2015 Fund

N/A

Natixis Sustainable Future 2020 Fund

N/A

Natixis Sustainable Future 2025 Fund

N/A

Natixis Sustainable Future 2030 Fund

N/A

Natixis Sustainable Future 2035 Fund

N/A

Natixis Sustainable Future 2040 Fund

N/A

Natixis Sustainable Future 2045 Fund

N/A

Natixis Sustainable Future 2050 Fund

N/A

Natixis Sustainable Future 2055 Fund

N/A

Natixis Sustainable Future 2060 Fund

N/A

In the case of each Fund that had performance that lagged that of a relevant category median as determined by the independent third-party, the Board concluded that other factors relevant to performance supported renewal of the Agreements. These factors included one or more of the following: (1) that the underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Advisers that were reasonable and consistent with the Fund’s investment objective and policies; (2) that the Fund’s more recent performance has been stronger relative to its category; and (3) that the Fund is relatively new and therefore has a limited performance history. The Board also considered information about the Funds’ more recent performance, including how that performance had been impacted by the COVID-19 crisis.

The Trustees also considered the Advisers’ performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of the Advisers to Trustee concerns about performance and the willingness of the Advisers to take steps intended to improve performance.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the performance of the Funds and the Advisers and/or other relevant factors supported the renewal of the Agreements.

The costs of the services to be provided and profits to be realized by the Advisers and their affiliates from their respective relationships with each Fund. The Trustees considered the fees charged to the Funds for advisory, sub-advisory and administrative services, as well as the total expense levels of the Funds. This information included comparisons (provided both by management and also by an independent third-party) of the Funds’ advisory and sub-advisory fees and total expense levels to those of their peer groups and information about the advisory fees charged by the Advisers to comparable accounts (such as institutional separate accounts), as well as information about differences in such fees and the reasons for any such differences. In considering the fees charged to comparable accounts, the Trustees considered, among other things, management’s representations about the differences between managing mutual funds as compared to other types of accounts, including the additional resources required to effectively manage mutual fund assets, the greater regulatory costs associated with the management of such assets, and the entrepreneurial, regulatory and other risks associated with sponsoring and managing mutual funds. In evaluating each Fund’s advisory and sub-advisory fees, the Trustees also took into account the demands, complexity, and quality of the investment management of each Fund and the need for the Advisers to offer competitive compensation and the potential need to expend additional resources to the extent the Funds grow in size. The Trustees considered that over the past several years, management had made recommendations regarding reductions in advisory fee rates, implementation of advisory fee breakpoints and the institution of advisory fee waivers and expense limitations for various funds in the fund family. They noted that each Fund has an expense limitation in place, and they considered the amounts waived or reimbursed by Natixis Advisors for each Fund under their respective expense limitation agreements.

The Trustees noted that each Fund had an advisory fee rate that was above the median of a peer group of funds. In this regard, the Trustees considered that the advisory fee structure and underlying constituents of each Fund is unique in that the advisory fee paid by each Fund varies based on its asset size and its allocations to the sub-advisers. They also noted that each Fund’s portfolio consists of

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underlying investments in both affiliated funds and separately managed segments, with the asset allocation and glide path decisions made by an unaffiliated sub-adviser (i.e., Wilshire). The Trustees considered that a comparison to the peer group is challenging as the majority of target-date peers utilize an affiliated fund-of-fund structure, charging little to no advisory fee at the target-date level.

The Trustees also considered the compensation directly or indirectly received by the Advisers and their affiliates from their relationships with the Funds. The Trustees reviewed information provided by management as to the profitability of the Advisers’ and their affiliates’ relationships with the Funds, and information about how expenses are determined and allocated for purposes of profitability calculations. They also reviewed information provided by management about the effect of distribution costs and changes in asset levels on Adviser profitability, including information regarding resources spent on distribution activities. When reviewing profitability, the Trustees also considered information about court cases in which adviser compensation or profitability were issues, the performance of the Funds, the expense levels of the Funds, whether the Advisers had implemented breakpoints and/or expense limitations with respect to such Funds and the overall profit margin of Natixis Investment Managers compared to that of certain other investment managers for which such data was available.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the advisory and sub-advisory fees and expenses charged to each Fund were fair and reasonable, and that the costs of these services generally and the related profitability of the Advisers and their affiliates in respect of their relationship with the Funds supported the renewal of the Agreements.

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Advisers and whether those economies are shared with the Funds through breakpoints in their investment advisory fees or other means, such as expense limitations. The Trustees also considered management’s explanation of the factors that are taken into account with respect to the implementation of breakpoints in investment advisory fees or expense limitations. With respect to economies of scale, the Trustees noted that each of the Funds was subject to an expense limitation. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and on a relative basis) and the profitability to the Advisers and their affiliates of their relationships with the Funds, as discussed above. They also considered that because of their relatively small size, the Funds did not have significant economies of scale.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the extent to which economies of scale were shared with the Funds supported the renewal of the Agreements.

The Trustees also considered other factors, which included but were not limited to the following:

•

The effect of recent market and economic events, including but not limited to the COVID-19 crisis, on the performance, asset levels and expense ratios of each Fund.

•

Whether each Fund has operated in accordance with its investment objective and the Fund’s record of compliance with its investment restrictions, and the compliance programs of the Funds and the Advisers. They also considered the compliance-related resources the Advisers and their affiliates were providing to the Funds.

•

So-called “fallout benefits” to the Advisers, such as the engagement of affiliates of the Advisers to provide distribution, administrative and brokerage services to the Funds, and the benefits of research made available to the Advisers by reason of brokerage commissions (if any) generated by the Funds’ securities transactions. The Trustees also considered the benefits to the parent company of Natixis Advisors from the retention of the Advisers. The Trustees considered the possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest.

•

The Trustees’ review and discussion of the Funds’ advisory arrangements in prior years, and management’s record of responding to Trustee concerns raised during the year and in prior years.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that the each of existing Agreements should be continued through June 30, 2021.

11 |

LIQUIDITY RISK MANAGEMENT PROGRAM

Annual Report for the Period Commencing on December 1, 2018 and ending December 31, 2019 (including updates through July 31, 2020)

Effective December 1, 2018, the Funds adopted a liquidity risk management program (the “Program”) pursuant to the requirements of Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Rule”). The Rule requires registered open-end funds, including mutual funds and exchange-traded funds to establish liquidity risk management programs in order to effectively manage fund liquidity and mitigate the risk that a fund could not meet redemption requests without significantly diluting the interests of remaining investors.

The rule requires the Funds to assess, manage and review their liquidity risk considering applicable factors during normal and foreseeable stressed conditions. In fulfilling this requirement, each Fund assesses and reviews (where applicable and amongst other matters) its investment strategy, portfolio holdings, possible investment concentrations, use of derivatives, short-term and long-term cash flow projections, use of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Each Program has established a Program Administrator (“Administrator”) which is the adviser or sub-adviser of the Fund.

In accordance with the Program, each of the Funds’ portfolio investments is classified into one of four liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

Each Fund is prohibited from acquiring an investment if, after the acquisition, its holdings of illiquid assets will exceed 15% of its net assets. If a Fund does not hold a majority of highly liquid investments in its portfolio, then the Fund is required to establish a highly liquid investment minimum (“HLIM”). None of the Funds has established an HLIM.

During the period from December 1, 2018 to December 31, 2019, there were no material changes to the Program and no material events that impacted the operation of the Funds’ Programs. During the period, the Funds held sufficient liquid assets to meet redemptions on a timely basis and did not have any illiquid security violations during the period.

During the period January 1, 2020 through July 31, 2020, the Funds held sufficient liquid assets to meet redemptions on a timely basis and did not have any illiquid security violations.

Annual Program Assessment and Conclusion

In the opinion of the Program Administrators, the Program of each Fund approved by the Funds’ Board has been implemented effectively. The Program Administrator has also monitored, assessed and managed each Fund’s liquidity risk regularly and has determined that the Program is operating effectively.

Pursuant to the Rule’s requirements, the Board has received and reviewed a written report prepared by each Fund’s Program Administrator that addressed the operation of the Program, assessed its adequacy and effectiveness and described any material changes made to the Program.

| 12

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2015 Fund


Shares		Description	Value (†)
	Common Stocks — 30.8% of Net Assets
		Aerospace & Defense — 0.4%
	21	Axon Enterprise, Inc.(a)	$	1,746
	95	Boeing Co. (The)		15,010
	37	General Dynamics Corp.		5,429
	29	Moog, Inc., Class A		1,558
	46	Raytheon Technologies Corp.		2,607

				26,350

		Air Freight & Logistics — 0.3%
	216	Expeditors International of Washington, Inc.		18,254
	36	United Parcel Service, Inc., Class B		5,140

				23,394

		Airlines — 0.0%
	11	Delta Air Lines, Inc.		275
	151	Hawaiian Holdings, Inc.		1,795

				2,070

		Auto Components — 0.1%
	103	Aptiv PLC		8,009
	12	BorgWarner, Inc.		439
	28	Visteon Corp.(a)		2,033

				10,481

		Automobiles — 0.2%
	386	General Motors Co.		9,607
	27	Thor Industries, Inc.		3,078

				12,685

		Banks — 1.4%
	80	Ameris Bancorp		1,846
	136	BancorpSouth Bank		2,847
	706	Bank of America Corp.		17,565
	310	Cadence BanCorp		2,421
	342	Citigroup, Inc.		17,103
	178	Citizens Financial Group, Inc.		4,416
	104	Columbia Banking System, Inc.		3,009
	7	Comerica, Inc.		270
	66	Cullen/Frost Bankers, Inc.		4,756
	250	Fulton Financial Corp.		2,425
	203	Huntington Bancshares, Inc.		1,882
	121	International Bancshares Corp.		3,681
	323	KeyCorp		3,879
	18	M&T Bank Corp.		1,907
	459	People’s United Financial, Inc.		4,953
	66	PNC Financial Services Group, Inc. (The)		7,040
	140	Regions Financial Corp.		1,520
	110	TCF Financial Corp.		3,024
	115	Truist Financial Corp.		4,308
	188	Trustmark Corp.		4,234
	300	Wells Fargo & Co.		7,278
	53	Wintrust Financial Corp.		2,268
	96	Zions Bancorp N.A.		3,117

				105,749

		Beverages — 0.8%
	169	Coca-Cola Co. (The)		7,983
	79	Constellation Brands, Inc., Class A		14,078
	339	Monster Beverage Corp.(a)		26,605
	52	PepsiCo, Inc.		7,158

				55,824

		Biotechnology — 0.9%
	59	AbbVie, Inc.		5,600
	36	Amgen, Inc.		8,808
	11	Biogen, Inc.(a)		3,022
		Biotechnology — continued
	88	BioMarin Pharmaceutical, Inc.(a)		10,543
	94	Gilead Sciences, Inc.		6,536
	19	Ligand Pharmaceuticals, Inc.(a)		2,226
	46	Regeneron Pharmaceuticals, Inc.(a)		29,075
	8	Vertex Pharmaceuticals, Inc.(a)		2,176

				67,986

		Building Products — 0.2%
	135	Johnson Controls International PLC		5,195
	19	Lennox International, Inc.		5,095
	58	Owens Corning		3,507

				13,797

		Capital Markets — 2.1%
	11	Ameriprise Financial, Inc.		1,690
	397	Bank of New York Mellon Corp. (The)		14,232
	13	BlackRock, Inc.		7,475
	424	Charles Schwab Corp. (The)		14,056
	21	CME Group, Inc.		3,490
	48	FactSet Research Systems, Inc.		16,622
	62	Franklin Resources, Inc.		1,305
	51	Goldman Sachs Group, Inc. (The)		10,096
	44	Intercontinental Exchange, Inc.		4,258
	13	Invesco Ltd.		131
	102	Janus Henderson Group PLC		2,131
	103	Legg Mason, Inc.		5,149
	56	Moody’s Corp.		15,753
	32	MSCI, Inc.		12,031
	49	Northern Trust Corp.		3,839
	44	S&P Global, Inc.		15,411
	185	SEI Investments Co.		9,681
	249	State Street Corp.		15,884
	5	T. Rowe Price Group, Inc.		690

				153,924

		Chemicals — 0.4%
	26	DuPont de Nemours, Inc.		1,391
	42	Ecolab, Inc.		7,857
	56	HB Fuller Co.		2,539
	37	Innospec, Inc.		2,781
	41	Linde PLC		10,050
	47	Minerals Technologies, Inc.		2,203
	25	Stepan Co.		2,730

				29,551

		Commercial Services & Supplies — 0.1%
	50	Healthcare Services Group, Inc.		1,310
	27	MSA Safety, Inc.		3,200
	39	Tetra Tech, Inc.		3,457

				7,967

		Communications Equipment — 0.4%
	64	Ciena Corp.(a)		3,809
	414	Cisco Systems, Inc.		19,499
	7	F5 Networks, Inc.(a)		951
	36	InterDigital, Inc.		2,161
	36	Lumentum Holdings, Inc.(a)		3,342
	15	Motorola Solutions, Inc.		2,097

				31,859

		Construction & Engineering — 0.1%
	122	AECOM(a)		4,415
	157	Fluor Corp.		1,600

				6,015

See accompanying notes to financial statements.

13 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2015 Fund – (continued)


Shares		Description	Value (†)
		Consumer Finance — 0.6%
	732	Ally Financial, Inc.	$	14,713
	127	American Express Co.		11,852
	241	Capital One Financial Corp.		15,376

				41,941

		Containers & Packaging — 0.1%
	41	Ball Corp.		3,019
	35	International Paper Co.		1,218
	199	O-I Glass, Inc.		2,077

				6,314

		Distributors — 0.1%
	33	Genuine Parts Co.		2,975
	18	POOL CORP.		5,701

				8,676

		Diversified Consumer Services — 0.1%
	80	Service Corp. International		3,469

		Diversified Telecommunication Services — 0.1%
	146	AT&T, Inc.		4,319
	79	Verizon Communications, Inc.		4,541

				8,860

		Electric Utilities — 0.3%
	104	American Electric Power Co., Inc.		9,035
	16	Edison International		891
	27	Eversource Energy		2,432
	17	FirstEnergy Corp.		493
	35	IDACORP, Inc.		3,264
	31	NextEra Energy, Inc.		8,702
	30	PPL Corp.		798

				25,615

		Electrical Equipment — 0.3%
	13	Acuity Brands, Inc.		1,288
	20	Eaton Corp. PLC		1,863
	24	Hubbell, Inc.		3,239
	216	Sunrun, Inc.(a)		7,925
	288	Vivint Solar, Inc.(a)		5,858

				20,173

		Electronic Equipment, Instruments & Components — 0.4%
	71	Avnet, Inc.		1,897
	69	Cognex Corp.		4,614
	16	Coherent, Inc.(a)		2,221
	34	Corning, Inc.		1,054
	51	Itron, Inc.(a)		3,548
	13	Littelfuse, Inc.		2,309
	13	Rogers Corp.(a)		1,549
	96	TE Connectivity Ltd.		8,551
	82	Trimble, Inc.(a)		3,650
	129	Vishay Intertechnology, Inc.		2,024

				31,417

		Energy Equipment & Services — 0.2%
	533	Archrock, Inc.		3,550
	100	Baker Hughes Co.		1,549
	75	National Oilwell Varco, Inc.		863
	308	Schlumberger Ltd.		5,587
	37	TechnipFMC PLC		297

				11,846

		Entertainment — 0.9%
	25	Activision Blizzard, Inc.		2,066
	52	Cinemark Holdings, Inc.		615
	60	Electronic Arts, Inc.(a)		8,497
		Entertainment — continued
	54	Netflix, Inc.(a)		26,400
	23	Take-Two Interactive Software, Inc.(a)		3,772
	232	Walt Disney Co. (The)		27,130

				68,480

		Food & Staples Retailing — 0.2%
	54	Kroger Co. (The)		1,879
	165	SpartanNash Co.		3,469
	25	Sysco Corp.		1,321
	129	Walgreens Boots Alliance, Inc.		5,252

				11,921

		Food Products — 0.2%
	59	Campbell Soup Co.		2,925
	44	General Mills, Inc.		2,784
	74	Hain Celestial Group, Inc. (The)(a)		2,514
	52	Hormel Foods Corp.		2,645
	35	Ingredion, Inc.		3,027
	13	J.M. Smucker Co. (The)		1,422
	19	Kellogg Co.		1,311
	5	McCormick & Co., Inc.		974

				17,602

		Gas Utilities — 0.1%
	76	New Jersey Resources Corp.		2,360
	41	ONE Gas, Inc.		3,104
	84	South Jersey Industries, Inc.		1,960
	87	UGI Corp.		2,901

				10,325

		Health Care Equipment & Supplies — 0.6%
	4	Becton Dickinson & Co.		1,125
	17	Boston Scientific Corp.(a)		656
	7	Cooper Cos., Inc. (The)		1,980
	15	DENTSPLY SIRONA, Inc.		669
	4	DexCom, Inc.(a)		1,742
	12	Edwards Lifesciences Corp.(a)		941
	40	Globus Medical, Inc., Class A(a)		1,927
	19	Haemonetics Corp.(a)		1,666
	35	Hill-Rom Holdings, Inc.		3,403
	19	Hologic, Inc.(a)		1,326
	13	Intuitive Surgical, Inc.(a)		8,911
	93	Meridian Bioscience, Inc.(a)		2,278
	30	Merit Medical Systems, Inc.(a)		1,342
	11	Quidel Corp.(a)		3,107
	4	STERIS PLC		638
	4	Stryker Corp.		773
	24	Varian Medical Systems, Inc.(a)		3,425
	21	West Pharmaceutical Services, Inc.		5,646

				41,555

		Health Care Providers & Services — 1.3%
	37	Acadia Healthcare Co., Inc.(a)		1,103
	13	Amedisys, Inc.(a)		3,044
	8	Anthem, Inc.		2,190
	30	BioTelemetry, Inc.(a)		1,277
	74	Centene Corp.(a)		4,829
	9	Chemed Corp.		4,430
	12	Cigna Corp.		2,072
	217	CVS Health Corp.		13,658
	13	DaVita, Inc.(a)		1,136
	34	Encompass Health Corp.		2,315
	124	HCA Healthcare, Inc.		15,703
	22	Henry Schein, Inc.(a)		1,512
	45	Humana, Inc.		17,660
	20	Laboratory Corp. of America Holdings(a)		3,858

See accompanying notes to financial statements.

| 14

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2015 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	149	MEDNAX, Inc.(a)	$	2,977
	68	Patterson Cos., Inc.		1,806
	30	Quest Diagnostics, Inc.		3,812
	30	UnitedHealth Group, Inc.		9,084

				92,466

		Health Care Technology — 0.2%
	144	Allscripts Healthcare Solutions, Inc.(a)		1,296
	169	Cerner Corp.		11,737
	70	HMS Holdings Corp.(a)		2,275

				15,308

		Hotels, Restaurants & Leisure — 0.8%
	35	Dine Brands Global, Inc.		1,590
	37	Dunkin’ Brands Group, Inc.		2,543
	117	Hilton Worldwide Holdings, Inc.		8,781
	22	Jack in the Box, Inc.		1,806
	23	Marriott Vacations Worldwide Corp.		1,947
	9	McDonald’s Corp.		1,749
	573	MGM Resorts International		9,220
	143	Starbucks Corp.		10,944
	143	Wendy’s Co. (The)		3,315
	160	Yum China Holdings, Inc.		8,198
	62	Yum! Brands, Inc.		5,645

				55,738

		Household Durables — 0.2%
	109	KB Home		3,667
	82	Meritage Homes Corp.(a)		8,132
	153	Taylor Morrison Home Corp.(a)		3,588

				15,387

		Household Products — 0.5%
	6	Clorox Co. (The)		1,419
	166	Colgate-Palmolive Co.		12,815
	6	Kimberly-Clark Corp.		912
	138	Procter & Gamble Co. (The)		18,095

				33,241

		Independent Power & Renewable Electricity Producers — 0.1%
	73	AES Corp. (The)		1,112
	124	Ormat Technologies, Inc.		7,378

				8,490

		Industrial Conglomerates — 0.1%
	19	Carlisle Cos., Inc.		2,262
	1,122	General Electric Co.		6,811
	6	Honeywell International, Inc.		896

				9,969

		Insurance — 0.8%
	17	Aflac, Inc.		605
	38	Allstate Corp. (The)		3,587
	383	American International Group, Inc.		12,309
	14	Brighthouse Financial, Inc.(a)		397
	57	Chubb Ltd.		7,253
	9	eHealth, Inc.(a)		622
	63	First American Financial Corp.		3,213
	23	Hanover Insurance Group, Inc. (The)		2,343
	38	Hartford Financial Services Group, Inc. (The)		1,608
	34	Lincoln National Corp.		1,267
	24	Marsh & McLennan Cos., Inc.		2,798
	11	Progressive Corp. (The)		994
	72	Prudential Financial, Inc.		4,563
	167	Reinsurance Group of America, Inc.		14,237
	26	Travelers Cos., Inc. (The)		2,975

				58,771

		Interactive Media & Services — 1.7%
	13	Alphabet, Inc., Class A(a)		19,343
	26	Alphabet, Inc., Class C(a)		38,557
	211	Facebook, Inc., Class A(a)		53,525
	70	Match Group, Inc.(a)		7,189
	262	Pinterest, Inc., Class A(a)		8,984

				127,598

		Internet & Direct Marketing Retail — 1.7%
	137	Alibaba Group Holding Ltd., Sponsored ADR(a)		34,390
	14	Amazon.com, Inc.(a)		44,305
	14	Booking Holdings, Inc.(a)		23,270
	377	eBay, Inc.		20,841
	46	Etsy, Inc.(a)		5,445

				128,251

		IT Services — 1.6%
	88	Automatic Data Processing, Inc.		11,696
	56	Cognizant Technology Solutions Corp., Class A		3,826
	434	DXC Technology Co.		7,773
	13	Fiserv, Inc.(a)		1,297
	76	Gartner, Inc.(a)		9,473
	18	Global Payments, Inc.		3,204
	21	International Business Machines Corp.		2,582
	55	MasterCard, Inc., Class A		16,969
	19	Paychex, Inc.		1,367
	30	PayPal Holdings, Inc.(a)		5,882
	195	Sabre Corp.		1,474
	12	VeriSign, Inc.(a)		2,540
	230	Visa, Inc., Class A		43,792
	18	WEX, Inc.(a)		2,851

				114,726

		Leisure Products — 0.0%
	75	Callaway Golf Co.		1,429

		Life Sciences Tools & Services — 0.4%
	15	Agilent Technologies, Inc.		1,445
	30	Illumina, Inc.(a)		11,465
	9	IQVIA Holdings, Inc.(a)		1,426
	49	NeoGenomics, Inc.(a)		1,873
	34	Repligen Corp.(a)		5,131
	16	Thermo Fisher Scientific, Inc.		6,623
	7	Waters Corp.(a)		1,492

				29,455

		Machinery — 1.2%
	45	AGCO Corp.		2,953
	120	Caterpillar, Inc.		15,946
	71	Cummins, Inc.		13,721
	116	Deere & Co.		20,452
	52	Flowserve Corp.		1,449
	11	Illinois Tool Works, Inc.		2,035
	61	ITT, Inc.		3,521
	81	Kennametal, Inc.		2,184
	48	Oshkosh Corp.		3,779
	87	Parker-Hannifin Corp.		15,566
	13	Proto Labs, Inc.(a)		1,562
	54	Terex Corp.		1,018
	53	Toro Co. (The)		3,781

				87,967

		Media — 0.6%
	3	Cable One, Inc.		5,468
	21	Charter Communications, Inc., Class A(a)		12,180
	383	Comcast Corp., Class A		16,392
	16	Discovery, Inc., Series C(a)		303
	52	Fox Corp., Class A		1,340

See accompanying notes to financial statements.

15 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2015 Fund – (continued)


Shares		Description	Value (†)
		Media — continued
	27	Interpublic Group of Cos., Inc. (The)	$	487
	69	New York Times Co. (The), Class A		3,184
	42	Omnicom Group, Inc.		2,257
	48	ViacomCBS, Inc., Class B		1,251

				42,862

		Metals & Mining — 0.2%
	116	Commercial Metals Co.		2,399
	8	Nucor Corp.		335
	46	Reliance Steel & Aluminum Co.		4,520
	30	Royal Gold, Inc.		4,198

				11,452

		Multi-Utilities — 0.1%
	61	Consolidated Edison, Inc.		4,686
	25	DTE Energy Co.		2,891
	14	Sempra Energy		1,742
	14	WEC Energy Group, Inc.		1,334

				10,653

		Multiline Retail — 0.1%
	290	Macy’s, Inc.		1,757
	43	Target Corp.		5,413

				7,170

		Oil, Gas & Consumable Fuels — 0.5%
	646	Apache Corp.		9,916
	60	Concho Resources, Inc.		3,152
	64	Devon Energy Corp.		671
	59	Diamondback Energy, Inc.		2,352
	216	EOG Resources, Inc.		10,120
	119	EQT Corp.		1,728
	351	Marathon Oil Corp.		1,927
	104	Noble Energy, Inc.		1,039
	56	ONEOK, Inc.		1,563
	360	Southwestern Energy Co.(a)		875
	27	Valero Energy Corp.		1,518
	58	World Fuel Services Corp.		1,365

				36,226

		Paper & Forest Products — 0.0%
	85	Louisiana-Pacific Corp.		2,692

		Personal Products — 0.0%
	9	Estee Lauder Cos., Inc. (The), Class A		1,778

		Pharmaceuticals — 0.7%
	47	Bristol-Myers Squibb Co.		2,757
	58	Catalent, Inc.(a)		5,066
	31	Eli Lilly & Co.		4,659
	73	Merck & Co., Inc.		5,857
	90	Novartis AG, Sponsored ADR		7,393
	63	Novo Nordisk A/S, Sponsored ADR		4,116
	19	Perrigo Co. PLC		1,007
	175	Pfizer, Inc.		6,734
	380	Roche Holding AG, Sponsored ADR		16,378

				53,967

		Professional Services — 0.2%
	48	Exponent, Inc.		4,035
	20	Insperity, Inc.		1,337
	49	Korn Ferry		1,377
	31	ManpowerGroup, Inc.		2,132
	21	Nielsen Holdings PLC		303
	22	Verisk Analytics, Inc.		4,152

				13,336

		Real Estate Management & Development — 0.1%
	33	CBRE Group, Inc., Class A(a)		1,446
	24	Jones Lang LaSalle, Inc.		2,374

				3,820

		REITs – Apartments — 0.1%
	89	American Campus Communities, Inc.		3,172
	59	Camden Property Trust		5,358
	12	Equity Residential		643

				9,173

		REITs – Diversified — 0.1%
	13	Crown Castle International Corp.		2,167
	11	Digital Realty Trust, Inc.		1,766
	57	Weyerhaeuser Co.		1,585

				5,518

		REITs – Health Care — 0.0%
	31	Ventas, Inc.		1,189
	12	Welltower, Inc.		643

				1,832

		REITs – Hotels — 0.0%
	92	Host Hotels & Resorts, Inc.		992
	270	Park Hotels & Resorts, Inc.		2,233

				3,225

		REITs – Mortgage — 0.0%
	65	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		2,277

		REITs – Office Property — 0.2%
	14	Boston Properties, Inc.		1,247
	133	Corporate Office Properties Trust		3,522
	151	Douglas Emmett, Inc.		4,400
	202	Easterly Government Properties, Inc.		4,939
	67	Kilroy Realty Corp.		3,904

				18,012

		REITs – Shopping Centers — 0.1%
	369	Brixmor Property Group, Inc.		4,247

		REITs – Storage — 0.0%
	16	Iron Mountain, Inc.		451

		REITs – Warehouse/Industrials — 0.1%
	42	CyrusOne, Inc.		3,504

		Road & Rail — 0.5%
	153	CSX Corp.		10,915
	72	Kansas City Southern		12,373
	21	Norfolk Southern Corp.		4,036
	38	Ryder System, Inc.		1,392
	56	Union Pacific Corp.		9,708

				38,424

		Semiconductors & Semiconductor Equipment — 1.2%
	12	Advanced Micro Devices, Inc.(a)		929
	51	Applied Materials, Inc.		3,281
	27	Cabot Microelectronics Corp.		4,070
	51	Cirrus Logic, Inc.(a)		3,495
	37	Cree, Inc.(a)		2,550
	37	Enphase Energy, Inc.(a)		2,233
	161	First Solar, Inc.(a)		9,588
	70	Ichor Holdings Ltd.(a)		2,297
	109	Intel Corp.		5,203
	75	NVIDIA Corp.		31,844
	105	QUALCOMM, Inc.		11,089
	39	Silicon Laboratories, Inc.(a)		3,920

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2015 Fund – (continued)


Shares		Description		Value (†)
		Semiconductors & Semiconductor Equipment — continued
	37	Texas Instruments, Inc.		$	4,719
	13	Universal Display Corp.			2,268

					87,486

		Software — 2.2%
	25	Adobe, Inc.(a)			11,108
	126	Autodesk, Inc.(a)			29,790
	32	Blackbaud, Inc.			2,001
	44	Bottomline Technologies, Inc.(a)			2,124
	37	Ceridian HCM Holding, Inc.(a)			2,897
	8	Citrix Systems, Inc.			1,142
	14	Fair Isaac Corp.(a)			6,149
	23	LogMeIn, Inc.			1,974
	134	Microsoft Corp.			27,471
	34	NortonLifeLock, Inc.			729
	454	Oracle Corp.			25,174
	38	PTC, Inc.(a)			3,251
	26	Qualys, Inc.(a)			3,211
	99	salesforce.com, Inc.(a)			19,290
	4	Tyler Technologies, Inc.(a)			1,429
	116	Workday, Inc., Class A(a)			20,987

			��		158,727

		Specialty Retail — 0.6%
	33	Aaron’s, Inc.			1,722
	94	American Eagle Outfitters, Inc.			940
	32	Asbury Automotive Group, Inc.(a)			3,205
	12	Best Buy Co., Inc.			1,195
	16	Five Below, Inc.(a)			1,743
	48	Home Depot, Inc. (The)			12,744
	23	Lithia Motors, Inc., Class A			5,270
	28	Lowe’s Cos., Inc.			4,169
	25	Monro, Inc.			1,407
	66	Tiffany & Co.			8,274
	33	TJX Cos., Inc. (The)			1,716
	32	Williams-Sonoma, Inc.			2,788

					45,173

		Technology Hardware, Storage & Peripherals — 0.3%
	30	Apple, Inc.			12,751
	149	Hewlett Packard Enterprise Co.			1,471
	200	HP, Inc.			3,516
	89	NCR Corp.(a)			1,640
	29	NetApp, Inc.			1,285
	15	Seagate Technology PLC			678

					21,341

		Textiles, Apparel & Luxury Goods — 0.2%
	19	Deckers Outdoor Corp.(a)			3,976
	41	NIKE, Inc., Class B			4,002
	678	Under Armour, Inc., Class A(a)			7,133
	82	Wolverine World Wide, Inc.			1,971

					17,082

		Thrifts & Mortgage Finance — 0.0%
	292	New York Community Bancorp, Inc.			3,075

		Trading Companies & Distributors — 0.2%
	141	Fastenal Co.			6,632
	25	GATX Corp.			1,525
	15	W.W. Grainger, Inc.			5,123

					13,280

		Water Utilities — 0.2%
	69	American Water Works Co., Inc.			10,161
	82	Essential Utilities, Inc.			3,719

					13,880

		Wireless Telecommunication Services — 0.1%
	55	Shenandoah Telecommunications Co.			2,765
	45	T-Mobile US, Inc.(a)			4,832

					7,597

		Total Common Stocks (Identified Cost $2,092,131)			2,272,902


Principal Amount
	Bonds and Notes — 18.5%
		Agency Commercial Mortgage-Backed Securities — 0.1%
$	9,491	FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2, 4.186%, 12/25/2020(b)			9,574

		Automotive — 0.3%
	10,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027			10,827
	10,000	Toyota Motor Credit Corp., MTN, 2.600%, 1/11/2022			10,323

					21,150

		Banking — 3.0%
	12,000	American Express Co., 3.700%, 8/03/2023			13,079
	12,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023			12,426
	10,000	Bank of Montreal, MTN, 1.900%, 8/27/2021			10,172
	11,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024			12,130
	5,000	Bank of Nova Scotia (The), 3.400%, 2/11/2024			5,467
	12,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023			12,876
	12,000	Capital One Financial Corp., 3.300%, 10/30/2024			13,094
	11,000	Citigroup, Inc., 4.600%, 3/09/2026			12,763
	6,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022			6,314
	6,000	Deutsche Bank AG, GMTN, 3.375%, 5/12/2021			6,103
	11,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025			12,267
	10,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025			10,825
	14,000	KeyCorp, MTN, 2.250%, 4/06/2027			14,947
	11,000	Morgan Stanley, Series F, 3.875%, 4/29/2024			12,266
	11,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026			12,131
	8,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024			8,576
	5,000	Santander Holdings USA, Inc., 3.500%, 6/07/2024			5,359
	13,000	Truist Bank, 3.200%, 4/01/2024			14,256
	13,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025			14,119
	12,000	Westpac Banking Corp., 2.350%, 2/19/2025			12,848

					222,018

		Brokerage — 0.4%
	13,000	BlackRock, Inc., 2.400%, 4/30/2030			14,499
	13,000	Intercontinental Exchange, Inc., 3.000%, 6/15/2050			15,066

					29,565

		Cable Satellite — 0.1%
	10,000	Comcast Corp., 3.000%, 2/01/2024			10,845

		Construction Machinery — 0.2%
	7,000	Caterpillar Financial Services Corp., 0.650%, 7/07/2023			7,045
	10,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022			10,340

					17,385

		Consumer Cyclical Services — 0.3%
	6,000	Amazon.com, Inc., 3.875%, 8/22/2037			7,792
	12,000	eBay, Inc., 3.800%, 3/09/2022			12,606

					20,398

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2015 Fund – (continued)


Principal Amount		Description	Value (†)
		Electric — 0.6%
$	10,000	Duke Energy Corp., 3.750%, 4/15/2024	$	11,063
	7,000	Exelon Corp., 4.050%, 4/15/2030		8,398
	13,000	NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030		14,016
	9,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026		10,128

				43,605

		Finance Companies — 0.1%
	8,000	Ares Capital Corp., 3.250%, 7/15/2025		7,941

		Financial Other — 0.2%
	12,000	ORIX Corp., 2.900%, 7/18/2022		12,469

		Food & Beverage — 0.6%
	14,000	Coca-Cola Co. (The), 1.450%, 6/01/2027		14,542
	12,000	General Mills, Inc., 4.000%, 4/17/2025		13,728
	13,000	Mondelez International, Inc., 2.750%, 4/13/2030		14,433

				42,703

		Government Owned – No Guarantee — 0.4%
	20,000	Federal National Mortgage Association, 6.625%, 11/15/2030		31,100

		Health Insurance — 0.4%
	12,000	Anthem, Inc., 4.101%, 3/01/2028		14,323
	9,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		13,427

				27,750

		Healthcare — 0.7%
	4,000	Cigna Corp., 3.750%, 7/15/2023		4,358
	11,000	CVS Health Corp., 4.300%, 3/25/2028		13,068
	7,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		7,424
	10,000	McKesson Corp., 3.950%, 2/16/2028		11,731
	5,000	Quest Diagnostics, Inc., 2.950%, 6/30/2030		5,551
	7,000	Thermo Fisher Scientific, Inc., 3.000%, 4/15/2023		7,441

				49,573

		Independent Energy — 0.2%
	12,000	EQT Corp., 3.000%, 10/01/2022		11,908

		Integrated Energy — 0.6%
	11,000	BP Capital Markets PLC, 3.814%, 2/10/2024		12,150
	13,000	Exxon Mobil Corp., 2.992%, 3/19/2025		14,301
	9,000	Shell International Finance BV, 6.375%, 12/15/2038		14,165

				40,616

		Life Insurance — 0.2%
	11,000	American International Group, Inc., 3.400%, 6/30/2030		12,329
	5,000	Brighthouse Financial, Inc., 3.700%, 6/22/2027		5,211

				17,540

		Media Entertainment — 0.1%
	7,000	ViacomCBS, Inc., 4.750%, 5/15/2025		8,060

		Midstream — 0.4%
	13,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		13,711
	12,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		13,196

				26,907

		Mortgage Related — 2.8%
	86,683	FNMA, 3.000%, with various maturities from 2034 to 2049(c)		91,557
	74,073	FNMA, 3.500%, with various maturities in 2049(c)		78,015
	24,994	FNMA, 4.000%, with various maturities from 2049 to 2050(c)		26,552
	12,445	FNMA, 4.500%, with various maturities in 2049(c)		13,365

				209,489

		Oil Field Services — 0.2%
	13,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		13,602

		Pharmaceuticals — 0.3%
	12,000	AbbVie, Inc., 3.600%, 5/14/2025		13,420
	11,000	Amgen, Inc., 2.650%, 5/11/2022		11,423

				24,843

		Railroads — 0.1%
	10,000	CSX Corp., 2.600%, 11/01/2026		11,059

		REITs – Office Property — 0.1%
	7,000	Boston Properties LP, 2.750%, 10/01/2026		7,614

		Restaurants — 0.2%
	12,000	Starbucks Corp., 3.800%, 8/15/2025		13,739

		Technology — 1.3%
	12,000	Apple, Inc., 2.500%, 2/09/2025		13,027
	5,000	Broadcom, Inc., 4.110%, 9/15/2028, 144A		5,644
	6,000	HP, Inc., 3.000%, 6/17/2027		6,462
	7,000	Intel Corp., 2.450%, 11/15/2029		7,727
	13,000	International Business Machines Corp., 4.000%, 6/20/2042		16,296
	5,000	NVIDIA Corp., 2.850%, 4/01/2030		5,599
	12,000	Oracle Corp., 2.950%, 5/15/2025		13,245
	14,000	QUALCOMM, Inc., 3.450%, 5/20/2025		15,737
	12,000	VMware, Inc., 2.950%, 8/21/2022		12,529

				96,266

		Treasuries — 4.0%
	12,000	U.S. Treasury Bond, 2.500%, 5/15/2046		15,551
	32,000	U.S. Treasury Bond, 2.875%, 11/15/2046		44,389
	34,000	U.S. Treasury Bond, 3.000%, 5/15/2045		47,559
	12,000	U.S. Treasury Bond, 3.000%, 2/15/2048		17,163
	12,000	U.S. Treasury Bond, 3.000%, 2/15/2049		17,312
	9,000	U.S. Treasury Bond, 4.250%, 11/15/2040		14,471
	9,000	U.S. Treasury Bond, 4.375%, 5/15/2041		14,749
	4,000	U.S. Treasury Bond, 4.500%, 2/15/2036		6,236
	34,000	U.S. Treasury Note, 1.125%, 9/30/2021		34,390
	44,000	U.S. Treasury Note, 1.625%, 8/31/2022		45,375
	39,000	U.S. Treasury Note, 2.125%, 12/31/2022		40,883

				298,078

		Wireless — 0.2%
	11,000	Vodafone Group PLC, 6.150%, 2/27/2037		16,244

		Wirelines — 0.4%
	13,000	AT&T, Inc., 3.400%, 5/15/2025		14,460
	12,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 1.492%, 5/15/2025(d)		12,281

				26,741

		Total Bonds and Notes (Identified Cost $1,281,647)		1,368,782


Shares
	Exchange-Traded Funds — 5.9%
	5,157	iShares^® ESG MSCI EAFE ETF		319,424
	3,415	iShares^® ESG MSCI Emerging Markets ETF		119,696

		Total Exchange-Traded Funds (Identified Cost $419,652)		439,120


	Affiliated Mutual Funds — 40.4%
	77,602	Loomis Sayles Inflation Protected Securities Fund, Class N		915,707
	67,539	Loomis Sayles Limited Term Government and Agency Fund, Class N		782,103

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2015 Fund – (continued)


Shares		Description	Value (†)
	Affiliated Mutual Funds — continued
	70,336	Mirova Global Green Bond Fund, Class N	$	761,735
	40,834	Mirova International Sustainable Equity Fund, Class N		524,716

		Total Affiliated Mutual Funds (Identified Cost $2,769,853)		2,984,261


		Total Investments — 95.6% (Identified Cost $6,563,283)		7,065,065
		Other assets less liabilities — 4.4%		322,867

		Net Assets — 100.0%	$	7,387,932


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of July 31, 2020 is disclosed.
	(c)	The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(d)	Variable rate security. Rate as of July 31, 2020 is disclosed.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2020, the value of Rule 144A holdings amounted to $5,644 or 0.1% of net assets.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	ETF	Exchange-Traded Fund
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

Asset Allocation Summary at July 31, 2020 (Unaudited)


Fixed Income	51.8	%
Equity	43.8

Total Investments	95.6
Other assets less liabilities	4.4

Net Assets	100.0	%

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2020 Fund


Shares		Description	Value (†)
	Common Stocks — 36.8% of Net Assets
		Aerospace & Defense — 0.4%
	17	Axon Enterprise, Inc.(a)	$	1,413
	79	Boeing Co. (The)		12,482
	31	General Dynamics Corp.		4,549
	24	Moog, Inc., Class A		1,290
	31	Raytheon Technologies Corp.		1,757

				21,491

		Air Freight & Logistics — 0.4%
	179	Expeditors International of Washington, Inc.		15,128
	24	United Parcel Service, Inc., Class B		3,426

				18,554

		Airlines — 0.0%
	12	Delta Air Lines, Inc.		300
	124	Hawaiian Holdings, Inc.		1,474

				1,774

		Auto Components — 0.2%
	86	Aptiv PLC		6,687
	14	BorgWarner, Inc.		512
	22	Visteon Corp.(a)		1,597

				8,796

		Automobiles — 0.2%
	332	General Motors Co.		8,263
	23	Thor Industries, Inc.		2,622

				10,885

		Banks — 1.7%
	65	Ameris Bancorp		1,500
	116	BancorpSouth Bank		2,428
	608	Bank of America Corp.		15,127
	253	Cadence BanCorp		1,976
	295	Citigroup, Inc.		14,753
	146	Citizens Financial Group, Inc.		3,622
	88	Columbia Banking System, Inc.		2,546
	8	Comerica, Inc.		308
	56	Cullen/Frost Bankers, Inc.		4,035
	203	Fulton Financial Corp.		1,969
	213	Huntington Bancshares, Inc.		1,975
	103	International Bancshares Corp.		3,133
	252	KeyCorp		3,027
	14	M&T Bank Corp.		1,483
	389	People’s United Financial, Inc.		4,197
	48	PNC Financial Services Group, Inc. (The)		5,120
	91	Regions Financial Corp.		988
	93	TCF Financial Corp.		2,557
	80	Truist Financial Corp.		2,997
	160	Trustmark Corp.		3,603
	259	Wells Fargo & Co.		6,283
	42	Wintrust Financial Corp.		1,798
	85	Zions Bancorp N.A.		2,760

				88,185

		Beverages — 0.9%
	118	Coca-Cola Co. (The)		5,574
	68	Constellation Brands, Inc., Class A		12,118
	286	Monster Beverage Corp.(a)		22,445
	36	PepsiCo, Inc.		4,956

				45,093

		Biotechnology — 1.1%
	46	AbbVie, Inc.		4,366
	27	Amgen, Inc.		6,606
	8	Biogen, Inc.(a)		2,198
	72	BioMarin Pharmaceutical, Inc.(a)		8,626
		Biotechnology — continued
	72	Gilead Sciences, Inc.	$	5,006
	15	Ligand Pharmaceuticals, Inc.(a)		1,758
	40	Regeneron Pharmaceuticals, Inc.(a)		25,283
	7	Vertex Pharmaceuticals, Inc.(a)		1,904

				55,747

		Building Products — 0.2%
	95	Johnson Controls International PLC		3,656
	16	Lennox International, Inc.		4,290
	49	Owens Corning		2,963

				10,909

		Capital Markets — 2.5%
	7	Ameriprise Financial, Inc.		1,075
	325	Bank of New York Mellon Corp. (The)		11,651
	10	BlackRock, Inc.		5,750
	376	Charles Schwab Corp. (The)		12,464
	15	CME Group, Inc.		2,493
	40	FactSet Research Systems, Inc.		13,852
	50	Franklin Resources, Inc.		1,053
	43	Goldman Sachs Group, Inc. (The)		8,512
	39	Intercontinental Exchange, Inc.		3,775
	16	Invesco Ltd.		161
	83	Janus Henderson Group PLC		1,734
	92	Legg Mason, Inc.		4,599
	47	Moody’s Corp.		13,221
	25	MSCI, Inc.		9,400
	41	Northern Trust Corp.		3,212
	36	S&P Global, Inc.		12,609
	155	SEI Investments Co.		8,111
	216	State Street Corp.		13,779
	4	T. Rowe Price Group, Inc.		552

				128,003

		Chemicals — 0.5%
	16	DuPont de Nemours, Inc.		856
	35	Ecolab, Inc.		6,548
	45	HB Fuller Co.		2,040
	32	Innospec, Inc.		2,406
	30	Linde PLC		7,353
	38	Minerals Technologies, Inc.		1,781
	22	Stepan Co.		2,402

				23,386

		Commercial Services & Supplies — 0.1%
	49	Healthcare Services Group, Inc.		1,283
	23	MSA Safety, Inc.		2,726
	33	Tetra Tech, Inc.		2,926

				6,935

		Communications Equipment — 0.5%
	54	Ciena Corp.(a)		3,213
	349	Cisco Systems, Inc.		16,438
	5	F5 Networks, Inc.(a)		679
	29	InterDigital, Inc.		1,741
	30	Lumentum Holdings, Inc.(a)		2,785
	12	Motorola Solutions, Inc.		1,678

				26,534

		Construction & Engineering — 0.1%
	104	AECOM(a)		3,764
	127	Fluor Corp.		1,294

				5,058

		Consumer Finance — 0.7%
	626	Ally Financial, Inc.		12,583
	103	American Express Co.		9,612

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2020 Fund – (continued)


Shares		Description	Value (†)
		Consumer Finance — continued
	208	Capital One Financial Corp.	$	13,270

				35,465

		Containers & Packaging — 0.1%
	28	Ball Corp.		2,062
	28	International Paper Co.		974
	162	O-I Glass, Inc.		1,691

				4,727

		Distributors — 0.1%
	22	Genuine Parts Co.		1,984
	16	POOL CORP.		5,067

				7,051

		Diversified Consumer Services — 0.1%
	68	Service Corp. International		2,949

		Diversified Telecommunication Services — 0.1%
	124	AT&T, Inc.		3,668
	66	Verizon Communications, Inc.		3,794

				7,462

		Electric Utilities — 0.4%
	73	American Electric Power Co., Inc.		6,342
	13	Edison International		724
	18	Eversource Energy		1,621
	18	FirstEnergy Corp.		522
	30	IDACORP, Inc.		2,798
	26	NextEra Energy, Inc.		7,298
	23	PPL Corp.		612

				19,917

		Electrical Equipment — 0.3%
	11	Acuity Brands, Inc.		1,090
	16	Eaton Corp. PLC		1,490
	21	Hubbell, Inc.		2,835
	177	Sunrun, Inc.(a)		6,494
	242	Vivint Solar, Inc.(a)		4,922

				16,831

		Electronic Equipment, Instruments & Components — 0.5%
	57	Avnet, Inc.		1,523
	59	Cognex Corp.		3,945
	13	Coherent, Inc.(a)		1,805
	27	Corning, Inc.		837
	42	Itron, Inc.(a)		2,921
	12	Littelfuse, Inc.		2,132
	13	Rogers Corp.(a)		1,549
	81	TE Connectivity Ltd.		7,215
	70	Trimble, Inc.(a)		3,116
	104	Vishay Intertechnology, Inc.		1,632

				26,675

		Energy Equipment & Services — 0.2%
	442	Archrock, Inc.		2,944
	65	Baker Hughes Co.		1,007
	61	National Oilwell Varco, Inc.		702
	254	Schlumberger Ltd.		4,608
	42	TechnipFMC PLC		337

				9,598

		Entertainment — 1.1%
	20	Activision Blizzard, Inc.		1,653
	61	Cinemark Holdings, Inc.		722
	49	Electronic Arts, Inc.(a)		6,939
	46	Netflix, Inc.(a)		22,488
	19	Take-Two Interactive Software, Inc.(a)		3,116
	184	Walt Disney Co. (The)		21,517

				56,435

		Food & Staples Retailing — 0.2%
	43	Kroger Co. (The)	$	1,496
	140	SpartanNash Co.		2,943
	28	Sysco Corp.		1,480
	107	Walgreens Boots Alliance, Inc.		4,356

				10,275

		Food Products — 0.3%
	41	Campbell Soup Co.		2,032
	30	General Mills, Inc.		1,898
	60	Hain Celestial Group, Inc. (The)(a)		2,039
	41	Hormel Foods Corp.		2,085
	30	Ingredion, Inc.		2,595
	10	J.M. Smucker Co. (The)		1,093
	15	Kellogg Co.		1,035
	5	McCormick & Co., Inc.		975

				13,752

		Gas Utilities — 0.2%
	62	New Jersey Resources Corp.		1,926
	34	ONE Gas, Inc.		2,574
	68	South Jersey Industries, Inc.		1,586
	74	UGI Corp.		2,467

				8,553

		Health Care Equipment & Supplies — 0.6%
	3	Becton Dickinson & Co.		844
	24	Boston Scientific Corp.(a)		926
	4	Cooper Cos., Inc. (The)		1,132
	12	DENTSPLY SIRONA, Inc.		535
	3	DexCom, Inc.(a)		1,307
	10	Edwards Lifesciences Corp.(a)		784
	32	Globus Medical, Inc., Class A(a)		1,542
	16	Haemonetics Corp.(a)		1,402
	30	Hill-Rom Holdings, Inc.		2,916
	15	Hologic, Inc.(a)		1,047
	10	Intuitive Surgical, Inc.(a)		6,854
	75	Meridian Bioscience, Inc.(a)		1,837
	24	Merit Medical Systems, Inc.(a)		1,073
	9	Quidel Corp.(a)		2,542
	3	STERIS PLC		479
	3	Stryker Corp.		580
	18	Varian Medical Systems, Inc.(a)		2,569
	17	West Pharmaceutical Services, Inc.		4,571

				32,940

		Health Care Providers & Services — 1.5%
	42	Acadia Healthcare Co., Inc.(a)		1,252
	11	Amedisys, Inc.(a)		2,576
	5	Anthem, Inc.		1,369
	29	BioTelemetry, Inc.(a)		1,234
	51	Centene Corp.(a)		3,328
	8	Chemed Corp.		3,938
	9	Cigna Corp.		1,554
	187	CVS Health Corp.		11,770
	13	DaVita, Inc.(a)		1,136
	29	Encompass Health Corp.		1,974
	99	HCA Healthcare, Inc.		12,537
	17	Henry Schein, Inc.(a)		1,168
	36	Humana, Inc.		14,128
	13	Laboratory Corp. of America Holdings(a)		2,508
	121	MEDNAX, Inc.(a)		2,418
	66	Patterson Cos., Inc.		1,753
	20	Quest Diagnostics, Inc.		2,541
	24	UnitedHealth Group, Inc.		7,267

				74,451

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2020 Fund – (continued)


Shares		Description	Value (†)
		Health Care Technology — 0.2%
	117	Allscripts Healthcare Solutions, Inc.(a)	$	1,053
	137	Cerner Corp.		9,515
	56	HMS Holdings Corp.(a)		1,820

				12,388

		Hotels, Restaurants & Leisure — 0.9%
	28	Dine Brands Global, Inc.		1,272
	31	Dunkin’ Brands Group, Inc.		2,131
	101	Hilton Worldwide Holdings, Inc.		7,580
	19	Jack in the Box, Inc.		1,560
	20	Marriott Vacations Worldwide Corp.		1,693
	8	McDonald’s Corp.		1,554
	506	MGM Resorts International		8,141
	120	Starbucks Corp.		9,184
	116	Wendy’s Co. (The)		2,689
	151	Yum China Holdings, Inc.		7,737
	52	Yum! Brands, Inc.		4,735

				48,276

		Household Durables — 0.3%
	93	KB Home		3,128
	70	Meritage Homes Corp.(a)		6,943
	125	Taylor Morrison Home Corp.(a)		2,931

				13,002

		Household Products — 0.5%
	4	Clorox Co. (The)		946
	136	Colgate-Palmolive Co.		10,499
	4	Kimberly-Clark Corp.		608
	104	Procter & Gamble Co. (The)		13,637

				25,690

		Independent Power & Renewable Electricity Producers — 0.1%
	58	AES Corp. (The)		883
	104	Ormat Technologies, Inc.		6,188

				7,071

		Industrial Conglomerates — 0.2%
	16	Carlisle Cos., Inc.		1,905
	962	General Electric Co.		5,840
	6	Honeywell International, Inc.		896

				8,641

		Insurance — 0.9%
	21	Aflac, Inc.		747
	29	Allstate Corp. (The)		2,737
	330	American International Group, Inc.		10,606
	18	Brighthouse Financial, Inc.(a)		510
	39	Chubb Ltd.		4,962
	10	eHealth, Inc.(a)		691
	53	First American Financial Corp.		2,704
	20	Hanover Insurance Group, Inc. (The)		2,038
	32	Hartford Financial Services Group, Inc. (The)		1,354
	39	Lincoln National Corp.		1,454
	16	Marsh & McLennan Cos., Inc.		1,866
	9	Progressive Corp. (The)		813
	59	Prudential Financial, Inc.		3,739
	142	Reinsurance Group of America, Inc.		12,105
	18	Travelers Cos., Inc. (The)		2,060

				48,386

		Interactive Media & Services — 2.2%
	11	Alphabet, Inc., Class A(a)		16,367
	23	Alphabet, Inc., Class C(a)		34,108
	181	Facebook, Inc., Class A(a)		45,914
	60	Match Group, Inc.(a)		6,162
		Interactive Media & Services — continued
	226	Pinterest, Inc., Class A(a)	$	7,750

				110,301

		Internet & Direct Marketing Retail — 2.1%
	115	Alibaba Group Holding Ltd., Sponsored ADR(a)		28,867
	12	Amazon.com, Inc.(a)		37,976
	11	Booking Holdings, Inc.(a)		18,284
	322	eBay, Inc.		17,800
	39	Etsy, Inc.(a)		4,617

				107,544

		IT Services — 1.8%
	67	Automatic Data Processing, Inc.		8,905
	48	Cognizant Technology Solutions Corp., Class A		3,279
	375	DXC Technology Co.		6,716
	10	Fiserv, Inc.(a)		998
	66	Gartner, Inc.(a)		8,226
	14	Global Payments, Inc.		2,492
	17	International Business Machines Corp.		2,090
	45	MasterCard, Inc., Class A		13,884
	15	Paychex, Inc.		1,079
	23	PayPal Holdings, Inc.(a)		4,510
	159	Sabre Corp.		1,202
	7	VeriSign, Inc.(a)		1,482
	190	Visa, Inc., Class A		36,176
	16	WEX, Inc.(a)		2,534

				93,573

		Leisure Products — 0.0%
	88	Callaway Golf Co.		1,676

		Life Sciences Tools & Services — 0.5%
	12	Agilent Technologies, Inc.		1,156
	23	Illumina, Inc.(a)		8,790
	6	IQVIA Holdings, Inc.(a)		950
	1	Mettler-Toledo International, Inc.(a)		935
	40	NeoGenomics, Inc.(a)		1,529
	29	Repligen Corp.(a)		4,376
	12	Thermo Fisher Scientific, Inc.		4,968
	5	Waters Corp.(a)		1,066

				23,770

		Machinery — 1.4%
	38	AGCO Corp.		2,494
	95	Caterpillar, Inc.		12,624
	61	Cummins, Inc.		11,789
	90	Deere & Co.		15,868
	33	Flowserve Corp.		920
	8	Illinois Tool Works, Inc.		1,480
	51	ITT, Inc.		2,944
	65	Kennametal, Inc.		1,752
	41	Oshkosh Corp.		3,227
	74	Parker-Hannifin Corp.		13,240
	14	Proto Labs, Inc.(a)		1,682
	51	Terex Corp.		961
	45	Toro Co. (The)		3,211

				72,192

		Media — 0.8%
	3	Cable One, Inc.		5,468
	18	Charter Communications, Inc., Class A(a)		10,440
	330	Comcast Corp., Class A		14,124
	19	Discovery, Inc., Series C(a)		360
	60	Fox Corp., Class A		1,546
	33	Interpublic Group of Cos., Inc. (The)		596
	56	New York Times Co. (The), Class A		2,584
	44	Omnicom Group, Inc.		2,364

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2020 Fund – (continued)


Shares		Description	Value (†)
		Media — continued
	64	ViacomCBS, Inc., Class B	$	1,668

				39,150

		Metals & Mining — 0.2%
	93	Commercial Metals Co.		1,923
	9	Nucor Corp.		378
	40	Reliance Steel & Aluminum Co.		3,930
	26	Royal Gold, Inc.		3,638

				9,869

		Multi-Utilities — 0.1%
	42	Consolidated Edison, Inc.		3,227
	17	DTE Energy Co.		1,966
	11	Sempra Energy		1,369
	11	WEC Energy Group, Inc.		1,048

				7,610

		Multiline Retail — 0.1%
	239	Macy’s, Inc.		1,448
	34	Target Corp.		4,280

				5,728

		Oil, Gas & Consumable Fuels — 0.6%
	559	Apache Corp.		8,581
	51	Concho Resources, Inc.		2,680
	51	Devon Energy Corp.		535
	51	Diamondback Energy, Inc.		2,033
	185	EOG Resources, Inc.		8,667
	96	EQT Corp.		1,394
	231	Marathon Oil Corp.		1,268
	104	Noble Energy, Inc.		1,039
	44	ONEOK, Inc.		1,228
	294	Southwestern Energy Co.(a)		714
	22	Valero Energy Corp.		1,237
	49	World Fuel Services Corp.		1,153

				30,529

		Paper & Forest Products — 0.0%
	69	Louisiana-Pacific Corp.		2,185

		Personal Products — 0.0%
	8	Estee Lauder Cos., Inc. (The), Class A		1,580

		Pharmaceuticals – 0.9%
	41	Bristol-Myers Squibb Co.		2,405
	49	Catalent, Inc.(a)		4,280
	26	Eli Lilly & Co.		3,907
	61	Merck & Co., Inc.		4,895
	76	Novartis AG, Sponsored ADR		6,243
	60	Novo Nordisk A/S, Sponsored ADR		3,920
	15	Perrigo Co. PLC		795
	148	Pfizer, Inc.		5,695
	319	Roche Holding AG, Sponsored ADR		13,749

				45,889

		Professional Services — 0.2%
	41	Exponent, Inc.		3,446
	15	Insperity, Inc.		1,003
	42	Korn Ferry		1,180
	25	ManpowerGroup, Inc.		1,720
	24	Nielsen Holdings PLC		346
	18	Verisk Analytics, Inc.		3,397

				11,092

		Real Estate Management & Development — 0.1%
	27	CBRE Group, Inc., Class A(a)		1,183
	21	Jones Lang LaSalle, Inc.		2,077

				3,260

		REITs – Apartments — 0.2%
	75	American Campus Communities, Inc.	$	2,673
	50	Camden Property Trust		4,540
	11	Equity Residential		590

				7,803

		REITs – Diversified — 0.1%
	10	Crown Castle International Corp.		1,667
	10	Digital Realty Trust, Inc.		1,606
	46	Weyerhaeuser Co.		1,279

				4,552

		REITs – Health Care — 0.0%
	24	Ventas, Inc.		921
	9	Welltower, Inc.		482

				1,403

		REITs – Hotels — 0.1%
	75	Host Hotels & Resorts, Inc.		808
	222	Park Hotels & Resorts, Inc.		1,836

				2,644

		REITs – Mortgage — 0.0%
	55	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,927

		REITs – Office Property — 0.3%
	13	Boston Properties, Inc.		1,158
	113	Corporate Office Properties Trust		2,992
	128	Douglas Emmett, Inc.		3,730
	171	Easterly Government Properties, Inc.		4,181
	57	Kilroy Realty Corp.		3,322

				15,383

		REITs – Shopping Centers — 0.1%
	306	Brixmor Property Group, Inc.		3,522

		REITs – Storage — 0.0%
	18	Iron Mountain, Inc.		507

		REITs – Warehouse/Industrials — 0.1%
	36	CyrusOne, Inc.		3,003

		Road & Rail — 0.6%
	126	CSX Corp.		8,989
	59	Kansas City Southern		10,139
	14	Norfolk Southern Corp.		2,691
	40	Ryder System, Inc.		1,465
	46	Union Pacific Corp.		7,974

				31,258

		Semiconductors & Semiconductor Equipment — 1.4%
	15	Advanced Micro Devices, Inc.(a)		1,161
	42	Applied Materials, Inc.		2,702
	24	Cabot Microelectronics Corp.		3,617
	43	Cirrus Logic, Inc.(a)		2,947
	31	Cree, Inc.(a)		2,137
	31	Enphase Energy, Inc.(a)		1,871
	136	First Solar, Inc.(a)		8,099
	57	Ichor Holdings Ltd.(a)		1,871
	91	Intel Corp.		4,343
	61	NVIDIA Corp.		25,900
	92	QUALCOMM, Inc.		9,716
	33	Silicon Laboratories, Inc.(a)		3,317
	25	Texas Instruments, Inc.		3,189
	11	Universal Display Corp.		1,919

				72,789

		Software — 2.6%
	20	Adobe, Inc.(a)		8,886
	110	Autodesk, Inc.(a)		26,007
	25	Blackbaud, Inc.		1,563

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2020 Fund – (continued)


Shares		Description	Value (†)
		Software — continued
	35	Bottomline Technologies, Inc.(a)	$	1,689
	30	Ceridian HCM Holding, Inc.(a)		2,349
	6	Citrix Systems, Inc.		857
	12	Fair Isaac Corp.(a)		5,270
	20	LogMeIn, Inc.		1,716
	113	Microsoft Corp.		23,166
	27	NortonLifeLock, Inc.		579
	372	Oracle Corp.		20,627
	30	PTC, Inc.(a)		2,567
	22	Qualys, Inc.(a)		2,717
	83	salesforce.com, Inc.(a)		16,173
	3	Tyler Technologies, Inc.(a)		1,072
	101	Workday, Inc., Class A(a)		18,273

				133,511

		Specialty Retail — 0.7%
	32	Aaron’s, Inc.		1,670
	76	American Eagle Outfitters, Inc.		760
	28	Asbury Automotive Group, Inc.(a)		2,804
	7	Best Buy Co., Inc.		697
	14	Five Below, Inc.(a)		1,525
	38	Home Depot, Inc. (The)		10,089
	20	Lithia Motors, Inc., Class A		4,583
	21	Lowe’s Cos., Inc.		3,127
	21	Monro, Inc.		1,182
	56	Tiffany & Co.		7,020
	27	TJX Cos., Inc. (The)		1,404
	28	Williams-Sonoma, Inc.		2,439

				37,300

		Technology Hardware, Storage & Peripherals — 0.4%
	25	Apple, Inc.		10,626
	118	Hewlett Packard Enterprise Co.		1,165
	191	HP, Inc.		3,358
	72	NCR Corp.(a)		1,327
	34	NetApp, Inc.		1,506
	12	Seagate Technology PLC		542

				18,524

		Textiles, Apparel & Luxury Goods — 0.3%
	17	Deckers Outdoor Corp.(a)		3,557
	34	NIKE, Inc., Class B		3,319
	575	Under Armour, Inc., Class A(a)		6,049
	66	Wolverine World Wide, Inc.		1,587

				14,512

		Thrifts & Mortgage Finance — 0.1%
	248	New York Community Bancorp, Inc.		2,611

		Trading Companies & Distributors — 0.2%
	119	Fastenal Co.		5,598
	21	GATX Corp.		1,281
	12	W.W. Grainger, Inc.		4,098

				10,977

		Water Utilities — 0.2%
	53	American Water Works Co., Inc.		7,805
	70	Essential Utilities, Inc.		3,175

				10,980

		Wireless Telecommunication Services — 0.1%
	47	Shenandoah Telecommunications Co.		2,363
	39	T-Mobile US, Inc.(a)		4,188

				6,551

		Total Common Stocks (Identified Cost $1,781,921)		1,887,590

Principal Amount		Description	Value (†)
	Bonds and Notes — 17.9%
		Agency Commercial Mortgage-Backed Securities — 0.2%
$	9,491	FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2, 4.186%, 12/25/2020(b)	$	9,574

		Automotive — 0.3%
	8,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		8,662
	7,000	Toyota Motor Credit Corp., MTN, 2.600%, 1/11/2022		7,226

				15,888

		Banking — 2.8%
	8,000	American Express Co., 3.700%, 8/03/2023		8,719
	8,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		8,284
	7,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		7,719
	5,000	Bank of Nova Scotia (The), 3.400%, 2/11/2024		5,467
	8,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		8,584
	8,000	Capital One Financial Corp., 3.300%, 10/30/2024		8,730
	7,000	Citigroup, Inc., 4.600%, 3/09/2026		8,122
	5,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		5,262
	7,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		7,806
	8,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		8,660
	9,000	KeyCorp, MTN, 2.250%, 4/06/2027		9,609
	7,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		7,806
	8,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		8,822
	4,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024		4,288
	5,000	Santander Holdings USA, Inc., 3.500%, 6/07/2024		5,359
	9,000	Truist Bank, 3.200%, 4/01/2024		9,869
	8,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		8,688
	8,000	Westpac Banking Corp., 2.350%, 2/19/2025		8,566
	1,000	Westpac Banking Corp., 2.750%, 1/11/2023		1,054

				141,414

		Brokerage — 0.4%
	8,000	BlackRock, Inc., 2.400%, 4/30/2030		8,922
	9,000	Intercontinental Exchange, Inc., 3.000%, 6/15/2050		10,430

				19,352

		Cable Satellite — 0.1%
	7,000	Comcast Corp., 3.000%, 2/01/2024		7,591

		Construction Machinery — 0.3%
	10,000	Caterpillar Financial Services Corp., 0.650%, 7/07/2023		10,064
	7,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		7,238

				17,302

		Consumer Cyclical Services — 0.3%
	6,000	Amazon.com, Inc., 3.875%, 8/22/2037		7,792
	8,000	eBay, Inc., 3.800%, 3/09/2022		8,404

				16,196

		Electric — 0.7%
	9,000	Duke Energy Corp., 3.750%, 4/15/2024		9,957
	7,000	Exelon Corp., 4.050%, 4/15/2030		8,398
	9,000	NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030		9,703
	7,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026		7,877

				35,935

		Finance Companies — 0.1%
	7,000	Ares Capital Corp., 3.250%, 7/15/2025		6,949

		Financial Other — 0.2%
	8,000	ORIX Corp., 2.900%, 7/18/2022		8,313

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2020 Fund – (continued)


Principal Amount		Description	Value (†)
		Food & Beverage — 0.6%
$	9,000	Coca-Cola Co. (The), 1.450%, 6/01/2027	$	9,348
	8,000	General Mills, Inc., 4.000%, 4/17/2025		9,152
	9,000	Mondelez International, Inc., 2.750%, 4/13/2030		9,992

				28,492

		Health Insurance — 0.3%
	8,000	Anthem, Inc., 4.101%, 3/01/2028		9,549
	5,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		7,459

				17,008

		Healthcare — 0.8%
	4,000	Cigna Corp., 3.750%, 7/15/2023		4,358
	7,000	CVS Health Corp., 4.300%, 3/25/2028		8,316
	4,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		4,242
	7,000	McKesson Corp., 3.950%, 2/16/2028		8,212
	7,000	Quest Diagnostics, Inc., 2.950%, 6/30/2030		7,771
	7,000	Thermo Fisher Scientific, Inc., 3.000%, 4/15/2023		7,441

				40,340

		Independent Energy — 0.2%
	8,000	EQT Corp., 3.000%, 10/01/2022		7,938

		Integrated Energy — 0.5%
	7,000	BP Capital Markets PLC, 3.814%, 2/10/2024		7,732
	9,000	Exxon Mobil Corp., 2.992%, 3/19/2025		9,901
	6,000	Shell International Finance BV, 6.375%, 12/15/2038		9,443

				27,076

		Life Insurance — 0.3%
	8,000	American International Group, Inc., 3.400%, 6/30/2030		8,966
	7,000	Brighthouse Financial, Inc., 3.700%, 6/22/2027		7,296

				16,262

		Media Entertainment — 0.1%
	4,000	ViacomCBS, Inc., 4.750%, 5/15/2025		4,606

		Midstream — 0.3%
	9,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		9,492
	7,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		7,698

				17,190

		Mortgage Related — 2.9%
	3,747	FHLMC, 3.000%, 6/01/2049		3,967
	71,377	FNMA, 3.000%, with various maturities from 2035 to 2050(c)		75,346
	29,720	FNMA, 3.500%, with various maturities in 2049(c)		31,517
	23,269	FNMA, 4.000%, with various maturities from 2049 to 2050(c)		24,721
	10,694	FNMA, 4.500%, with various maturities in 2049(c)		11,485

				147,036

		Oil Field Services — 0.2%
	9,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		9,417

		Pharmaceuticals — 0.3%
	8,000	AbbVie, Inc., 3.600%, 5/14/2025		8,947
	8,000	Amgen, Inc., 2.650%, 5/11/2022		8,307

				17,254

		Railroads — 0.2%
	8,000	CSX Corp., 2.600%, 11/01/2026		8,847

		REITs – Office Property — 0.1%
	4,000	Boston Properties LP, 2.750%, 10/01/2026		4,351

		Restaurants — 0.2%
	8,000	Starbucks Corp., 3.800%, 8/15/2025		9,159

		Technology — 1.3%
$	7,000	Apple, Inc., 2.500%, 2/09/2025	$	7,599
	5,000	Broadcom, Inc., 4.110%, 9/15/2028, 144A		5,644
	4,000	HP, Inc., 3.000%, 6/17/2027		4,308
	7,000	Intel Corp., 2.450%, 11/15/2029		7,727
	8,000	International Business Machines Corp., 4.000%, 6/20/2042		10,029
	7,000	NVIDIA Corp., 2.850%, 4/01/2030		7,839
	7,000	Oracle Corp., 2.950%, 5/15/2025		7,726
	8,000	QUALCOMM, Inc., 3.450%, 5/20/2025		8,992
	8,000	VMware, Inc., 2.950%, 8/21/2022		8,353

				68,217

		Treasuries — 3.7%
	10,000	U.S. Treasury Bond, 2.500%, 5/15/2046		12,960
	21,000	U.S. Treasury Bond, 2.875%, 11/15/2046		29,130
	15,000	U.S. Treasury Bond, 3.000%, 5/15/2045		20,982
	10,000	U.S. Treasury Bond, 3.000%, 2/15/2048		14,302
	10,000	U.S. Treasury Bond, 3.000%, 2/15/2049		14,427
	5,000	U.S. Treasury Bond, 4.250%, 11/15/2040		8,039
	5,000	U.S. Treasury Bond, 4.375%, 5/15/2041		8,194
	15,000	U.S. Treasury Note, 1.125%, 9/30/2021		15,172
	28,000	U.S. Treasury Note, 1.625%, 8/31/2022		28,875
	38,000	U.S. Treasury Note, 2.125%, 12/31/2022		39,835

				191,916

		Wireless — 0.2%
	7,000	Vodafone Group PLC, 6.150%, 2/27/2037		10,337

		Wirelines — 0.3%
	8,000	AT&T, Inc., 3.400%, 5/15/2025		8,899
	8,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 1.492%, 5/15/2025(d)		8,187

				17,086

		Total Bonds and Notes (Identified Cost $885,378)		921,046


Shares
	Exchange-Traded Funds — 8.1%
	4,512	iShares^® ESG MSCI EAFE ETF		279,473
	3,908	iShares^® ESG MSCI Emerging Markets ETF		136,976

		Total Exchange-Traded Funds (Identified Cost $397,064)		416,449


	Affiliated Mutual Funds — 34.9%
	34,781	Loomis Sayles Inflation Protected Securities Fund, Class N		410,415
	41,037	Loomis Sayles Limited Term Government and Agency Fund, Class N		475,213
	44,650	Mirova Global Green Bond Fund, Class N		483,557
	32,653	Mirova International Sustainable Equity Fund, Class N		419,595

		Total Affiliated Mutual Funds (Identified Cost $1,687,577)		1,788,780


		Total Investments — 97.7% (Identified Cost $4,751,940)		5,013,865
		Other assets less liabilities — 2.3%		115,432

		Net Assets — 100.0%	$	5,129,297


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2020 Fund – (continued)


	(b)			Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of July 31, 2020 is disclosed.
	(c)			The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(d)			Variable rate security. Rate as of July 31, 2020 is disclosed.

	144A			All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2020, the value of Rule 144A holdings amounted to $5,644 or 0.1% of net assets.
	ADR			An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	ETF			Exchange-Traded Fund
	FHLMC			Federal Home Loan Mortgage Corp.
	FNMA			Federal National Mortgage Association
	GMTN			Global Medium Term Note
	LIBOR			London Interbank Offered Rate
	MTN			Medium Term Note
	REITs			Real Estate Investment Trusts

Asset Allocation Summary at July 31, 2020 (Unaudited)


Equity	53.1	%
Fixed Income	44.6

Total Investments	97.7
Other assets less liabilities	2.3

Net Assets	100.0	%

See accompanying notes to financial statements.

| 26

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2025 Fund


Shares		Description	Value (†)
	Common Stocks — 40.8% of Net Assets
		Aerospace & Defense — 0.5%
	26	Axon Enterprise, Inc.(a)	$	2,161
	117	Boeing Co. (The)		18,486
	48	General Dynamics Corp.		7,044
	38	Moog, Inc., Class A		2,041
	48	Raytheon Technologies Corp.		2,721

				32,453

		Air Freight & Logistics — 0.4%
	279	Expeditors International of Washington, Inc.		23,578
	37	United Parcel Service, Inc., Class B		5,282

				28,860

		Airlines — 0.0%
	12	Delta Air Lines, Inc.		300
	192	Hawaiian Holdings, Inc.		2,283

				2,583

		Auto Components — 0.2%
	133	Aptiv PLC		10,341
	13	BorgWarner, Inc.		476
	36	Visteon Corp.(a)		2,614

				13,431

		Automobiles — 0.2%
	504	General Motors Co.		12,544
	37	Thor Industries, Inc.		4,218

				16,762

		Banks — 1.9%
	99	Ameris Bancorp		2,285
	184	BancorpSouth Bank		3,851
	923	Bank of America Corp.		22,964
	399	Cadence BanCorp		3,116
	447	Citigroup, Inc.		22,355
	223	Citizens Financial Group, Inc.		5,533
	142	Columbia Banking System, Inc.		4,108
	8	Comerica, Inc.		308
	88	Cullen/Frost Bankers, Inc.		6,341
	326	Fulton Financial Corp.		3,162
	267	Huntington Bancshares, Inc.		2,475
	160	International Bancshares Corp.		4,867
	393	KeyCorp		4,720
	22	M&T Bank Corp.		2,331
	594	People’s United Financial, Inc.		6,409
	76	PNC Financial Services Group, Inc. (The)		8,107
	127	Regions Financial Corp.		1,379
	145	TCF Financial Corp.		3,986
	121	Truist Financial Corp.		4,533
	257	Trustmark Corp.		5,788
	392	Wells Fargo & Co.		9,510
	68	Wintrust Financial Corp.		2,910
	131	Zions Bancorp N.A.		4,254

				135,292

		Beverages — 1.0%
	184	Coca-Cola Co. (The)		8,692
	104	Constellation Brands, Inc., Class A		18,533
	439	Monster Beverage Corp.(a)		34,453
	57	PepsiCo, Inc.		7,846

				69,524

		Biotechnology — 1.2%
	67	AbbVie, Inc.		6,359
	41	Amgen, Inc.		10,031
	13	Biogen, Inc.(a)		3,571
	113	BioMarin Pharmaceutical, Inc.(a)		13,539
		Biotechnology — continued
	100	Gilead Sciences, Inc.	$	6,953
	25	Ligand Pharmaceuticals, Inc.(a)		2,929
	58	Regeneron Pharmaceuticals, Inc.(a)		36,660
	11	Vertex Pharmaceuticals, Inc.(a)		2,992

				83,034

		Building Products — 0.3%
	164	Johnson Controls International PLC		6,311
	27	Lennox International, Inc.		7,240
	77	Owens Corning		4,656

				18,207

		Capital Markets — 2.7%
	11	Ameriprise Financial, Inc.		1,690
	494	Bank of New York Mellon Corp. (The)		17,710
	17	BlackRock, Inc.		9,775
	552	Charles Schwab Corp. (The)		18,299
	22	CME Group, Inc.		3,656
	57	FactSet Research Systems, Inc.		19,739
	66	Franklin Resources, Inc.		1,389
	66	Goldman Sachs Group, Inc. (The)		13,065
	56	Intercontinental Exchange, Inc.		5,420
	14	Invesco Ltd.		140
	131	Janus Henderson Group PLC		2,737
	137	Legg Mason, Inc.		6,849
	72	Moody’s Corp.		20,254
	39	MSCI, Inc.		14,663
	54	Northern Trust Corp.		4,231
	58	S&P Global, Inc.		20,314
	241	SEI Investments Co.		12,611
	320	State Street Corp.		20,413
	7	T. Rowe Price Group, Inc.		967

				193,922

		Chemicals — 0.5%
	23	DuPont de Nemours, Inc.		1,230
	55	Ecolab, Inc.		10,289
	73	HB Fuller Co.		3,310
	51	Innospec, Inc.		3,834
	48	Linde PLC		11,765
	61	Minerals Technologies, Inc.		2,860
	35	Stepan Co.		3,822

				37,110

		Commercial Services & Supplies — 0.1%
	62	Healthcare Services Group, Inc.		1,624
	36	MSA Safety, Inc.		4,267
	53	Tetra Tech, Inc.		4,698

				10,589

		Communications Equipment — 0.6%
	87	Ciena Corp.(a)		5,177
	530	Cisco Systems, Inc.		24,963
	6	F5 Networks, Inc.(a)		815
	47	InterDigital, Inc.		2,821
	49	Lumentum Holdings, Inc.(a)		4,549
	21	Motorola Solutions, Inc.		2,936

				41,261

		Construction & Engineering — 0.1%
	161	AECOM(a)		5,827
	195	Fluor Corp.		1,987

				7,814

		Consumer Finance — 0.8%
	949	Ally Financial, Inc.		19,075
	157	American Express Co.		14,651

See accompanying notes to financial statements.

27 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2025 Fund – (continued)


Shares		Description	Value (†)
		Consumer Finance — continued
	314	Capital One Financial Corp.	$	20,033

				53,759

		Containers & Packaging — 0.1%
	42	Ball Corp.		3,092
	39	International Paper Co.		1,357
	247	O-I Glass, Inc.		2,579

				7,028

		Distributors — 0.2%
	35	Genuine Parts Co.		3,155
	25	POOL CORP.		7,918

				11,073

		Diversified Consumer Services — 0.1%
	109	Service Corp. International		4,726

		Diversified Telecommunication Services — 0.2%
	190	AT&T, Inc.		5,620
	102	Verizon Communications, Inc.		5,863

				11,483

		Electric Utilities — 0.4%
	114	American Electric Power Co., Inc.		9,904
	14	Edison International		779
	28	Eversource Energy		2,522
	18	FirstEnergy Corp.		522
	48	IDACORP, Inc.		4,476
	40	NextEra Energy, Inc.		11,228
	32	PPL Corp.		852

				30,283

		Electrical Equipment — 0.4%
	18	Acuity Brands, Inc.		1,784
	25	Eaton Corp. PLC		2,328
	33	Hubbell, Inc.		4,454
	278	Sunrun, Inc.(a)		10,200
	373	Vivint Solar, Inc.(a)		7,587

				26,353

		Electronic Equipment, Instruments & Components — 0.6%
	89	Avnet, Inc.		2,378
	92	Cognex Corp.		6,152
	21	Coherent, Inc.(a)		2,916
	36	Corning, Inc.		1,116
	65	Itron, Inc.(a)		4,521
	18	Littelfuse, Inc.		3,198
	18	Rogers Corp.(a)		2,145
	123	TE Connectivity Ltd.		10,956
	109	Trimble, Inc.(a)		4,852
	160	Vishay Intertechnology, Inc.		2,510

				40,744

		Energy Equipment & Services — 0.2%
	708	Archrock, Inc.		4,715
	91	Baker Hughes Co.		1,410
	65	National Oilwell Varco, Inc.		748
	383	Schlumberger Ltd.		6,948
	45	TechnipFMC PLC		361

				14,182

		Entertainment — 1.2%
	30	Activision Blizzard, Inc.		2,479
	68	Cinemark Holdings, Inc.		804
	77	Electronic Arts, Inc.(a)		10,905
	71	Netflix, Inc.(a)		34,710
	31	Take-Two Interactive Software, Inc.(a)		5,085
	282	Walt Disney Co. (The)		32,977

				86,960

		Food & Staples Retailing — 0.2%
	66	Kroger Co. (The)	$	2,296
	218	SpartanNash Co.		4,583
	28	Sysco Corp.		1,480
	163	Walgreens Boots Alliance, Inc.		6,636

				14,995

		Food Products — 0.3%
	63	Campbell Soup Co.		3,123
	47	General Mills, Inc.		2,974
	97	Hain Celestial Group, Inc. (The)(a)		3,296
	63	Hormel Foods Corp.		3,204
	48	Ingredion, Inc.		4,152
	12	J.M. Smucker Co. (The)		1,312
	25	Kellogg Co.		1,725
	6	McCormick & Co., Inc.		1,169

				20,955

		Gas Utilities — 0.2%
	100	New Jersey Resources Corp.		3,106
	55	ONE Gas, Inc.		4,164
	110	South Jersey Industries, Inc.		2,566
	118	UGI Corp.		3,934

				13,770

		Health Care Equipment & Supplies — 0.7%
	4	Becton Dickinson & Co.		1,125
	24	Boston Scientific Corp.(a)		926
	7	Cooper Cos., Inc. (The)		1,980
	11	DENTSPLY SIRONA, Inc.		491
	5	DexCom, Inc.(a)		2,178
	12	Edwards Lifesciences Corp.(a)		941
	52	Globus Medical, Inc., Class A(a)		2,505
	27	Haemonetics Corp.(a)		2,367
	48	Hill-Rom Holdings, Inc.		4,667
	21	Hologic, Inc.(a)		1,465
	14	Intuitive Surgical, Inc.(a)		9,596
	120	Meridian Bioscience, Inc.(a)		2,939
	39	Merit Medical Systems, Inc.(a)		1,744
	15	Quidel Corp.(a)		4,237
	5	STERIS PLC		798
	4	Stryker Corp.		773
	30	Varian Medical Systems, Inc.(a)		4,282
	27	West Pharmaceutical Services, Inc.		7,259

				50,273

		Health Care Providers & Services — 1.6%
	54	Acadia Healthcare Co., Inc.(a)		1,610
	18	Amedisys, Inc.(a)		4,215
	10	Anthem, Inc.		2,738
	37	BioTelemetry, Inc.(a)		1,575
	78	Centene Corp.(a)		5,089
	12	Chemed Corp.		5,906
	16	Cigna Corp.		2,763
	286	CVS Health Corp.		18,001
	18	DaVita, Inc.(a)		1,573
	47	Encompass Health Corp.		3,200
	151	HCA Healthcare, Inc.		19,123
	28	Henry Schein, Inc.(a)		1,924
	56	Humana, Inc.		21,977
	20	Laboratory Corp. of America Holdings(a)		3,858
	191	MEDNAX, Inc.(a)		3,816
	84	Patterson Cos., Inc.		2,231
	31	Quest Diagnostics, Inc.		3,939
	38	UnitedHealth Group, Inc.		11,506

				115,044

See accompanying notes to financial statements.

| 28

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2025 Fund – (continued)


Shares			Description	Value (†)
			Health Care Technology — 0.3%
	179		Allscripts Healthcare Solutions, Inc.(a)	$	1,611
	216		Cerner Corp.		15,001
	92		HMS Holdings Corp.(a)		2,990

					19,602

			Hotels, Restaurants & Leisure — 1.0%
	43	��	Dine Brands Global, Inc.		1,953
	49		Dunkin’ Brands Group, Inc.		3,368
	153		Hilton Worldwide Holdings, Inc.		11,483
	31		Jack in the Box, Inc.		2,545
	32		Marriott Vacations Worldwide Corp.		2,709
	10		McDonald’s Corp.		1,943
	739		MGM Resorts International		11,890
	176		Starbucks Corp.		13,469
	181		Wendy’s Co. (The)		4,196
	216		Yum China Holdings, Inc.		11,068
	79		Yum! Brands, Inc.		7,193

					71,817

			Household Durables — 0.3%
	145		KB Home		4,878
	113		Meritage Homes Corp.(a)		11,207
	195		Taylor Morrison Home Corp.(a)		4,573

					20,658

			Household Products — 0.6%
	7		Clorox Co. (The)		1,656
	208		Colgate-Palmolive Co.		16,058
	7		Kimberly-Clark Corp.		1,064
	162		Procter & Gamble Co. (The)		21,241

					40,019

			Independent Power & Renewable Electricity Producers — 0.1%
	64		AES Corp. (The)		975
	160		Ormat Technologies, Inc.		9,520

					10,495

			Industrial Conglomerates — 0.2%
	26		Carlisle Cos., Inc.		3,096
	1,462		General Electric Co.		8,874
	8		Honeywell International, Inc.		1,195

					13,165

			Insurance — 1.0%
	24		Aflac, Inc.		854
	41		Allstate Corp. (The)		3,870
	500		American International Group, Inc.		16,070
	20		Brighthouse Financial, Inc.(a)		567
	62		Chubb Ltd.		7,889
	13		eHealth, Inc.(a)		899
	85		First American Financial Corp.		4,336
	33		Hanover Insurance Group, Inc. (The)		3,362
	44		Hartford Financial Services Group, Inc. (The)		1,862
	38		Lincoln National Corp.		1,416
	26		Marsh & McLennan Cos., Inc.		3,031
	14		Progressive Corp. (The)		1,265
	78		Prudential Financial, Inc.		4,943
	220		Reinsurance Group of America, Inc.		18,755
	27		Travelers Cos., Inc. (The)		3,089

					72,208

			Interactive Media & Services — 2.4%
	16		Alphabet, Inc., Class A(a)		23,807
	35		Alphabet, Inc., Class C(a)		51,904
	274		Facebook, Inc., Class A(a)		69,506
	93		Match Group, Inc.(a)		9,551
	342		Pinterest, Inc., Class A(a)		11,727

					166,495

			Internet & Direct Marketing Retail — 2.3%
	175		Alibaba Group Holding Ltd., Sponsored ADR(a)	$	43,929
	18		Amazon.com, Inc.(a)		56,964
	17		Booking Holdings, Inc.(a)		28,256
	490		eBay, Inc.		27,087
	61		Etsy, Inc.(a)		7,221

					163,457

			IT Services — 2.1%
	107		Automatic Data Processing, Inc.		14,221
	65		Cognizant Technology Solutions Corp., Class A		4,441
	560		DXC Technology Co.		10,030
	15		Fiserv, Inc.(a)		1,497
	100		Gartner, Inc.(a)		12,464
	23		Global Payments, Inc.		4,095
	28		International Business Machines Corp.		3,442
	70		MasterCard, Inc., Class A		21,597
	24		Paychex, Inc.		1,726
	37		PayPal Holdings, Inc.(a)		7,255
	243		Sabre Corp.		1,837
	13		VeriSign, Inc.(a)		2,752
	296		Visa, Inc., Class A		56,358
	25		WEX, Inc.(a)		3,959

					145,674

			Leisure Products — 0.0%
	115		Callaway Golf Co.		2,191

			Life Sciences Tools & Services — 0.5%
	20		Agilent Technologies, Inc.		1,927
	33		Illumina, Inc.(a)		12,611
	9		IQVIA Holdings, Inc.(a)		1,425
	1		Mettler-Toledo International, Inc.(a)		935
	61		NeoGenomics, Inc.(a)		2,332
	46		Repligen Corp.(a)		6,942
	21		Thermo Fisher Scientific, Inc.		8,693
	7		Waters Corp.(a)		1,492

					36,357

			Machinery — 1.6%
	62		AGCO Corp.		4,069
	145		Caterpillar, Inc.		19,268
	93		Cummins, Inc.		17,973
	142		Deere & Co.		25,036
	55		Flowserve Corp.		1,533
	12		Illinois Tool Works, Inc.		2,220
	81		ITT, Inc.		4,676
	106		Kennametal, Inc.		2,858
	64		Oshkosh Corp.		5,038
	112		Parker-Hannifin Corp.		20,039
	19		Proto Labs, Inc.(a)		2,282
	79		Terex Corp.		1,489
	70		Toro Co. (The)		4,995

					111,476

			Media — 0.8%
	4		Cable One, Inc.		7,290
	27		Charter Communications, Inc., Class A(a)		15,660
	502		Comcast Corp., Class A		21,486
	17		Discovery, Inc., Series C(a)		322
	60		Fox Corp., Class A		1,546
	38		Interpublic Group of Cos., Inc. (The)		686
	89		New York Times Co. (The), Class A		4,106
	51		Omnicom Group, Inc.		2,740
	64		ViacomCBS, Inc., Class B		1,669

					55,505

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2025 Fund – (continued)


Shares		Description	Value (†)
		Metals & Mining — 0.2%
	143	Commercial Metals Co.	$	2,957
	8	Nucor Corp.		336
	62	Reliance Steel & Aluminum Co.		6,092
	42	Royal Gold, Inc.		5,877

				15,262

		Multi-Utilities — 0.2%
	65	Consolidated Edison, Inc.		4,994
	26	DTE Energy Co.		3,007
	16	Sempra Energy		1,991
	16	WEC Energy Group, Inc.		1,524

				11,516

		Multiline Retail — 0.1%
	364	Macy’s, Inc.		2,206
	54	Target Corp.		6,797

				9,003

		Oil, Gas & Consumable Fuels — 0.6%
	833	Apache Corp.		12,787
	78	Concho Resources, Inc.		4,098
	68	Devon Energy Corp.		713
	78	Diamondback Energy, Inc.		3,109
	281	EOG Resources, Inc.		13,165
	148	EQT Corp.		2,149
	354	Marathon Oil Corp.		1,943
	110	Noble Energy, Inc.		1,099
	68	ONEOK, Inc.		1,898
	426	Southwestern Energy Co.(a)		1,035
	34	Valero Energy Corp.		1,912
	76	World Fuel Services Corp.		1,788

				45,696

		Paper & Forest Products — 0.0%
	106	Louisiana-Pacific Corp.		3,357

		Personal Products — 0.0%
	10	Estee Lauder Cos., Inc. (The), Class A		1,975

		Pharmaceuticals — 1.0%
	64	Bristol-Myers Squibb Co.		3,754
	78	Catalent, Inc.(a)		6,813
	41	Eli Lilly & Co.		6,162
	95	Merck & Co., Inc.		7,623
	117	Novartis AG, Sponsored ADR		9,610
	87	Novo Nordisk A/S, Sponsored ADR		5,684
	20	Perrigo Co. PLC		1,060
	226	Pfizer, Inc.		8,697
	494	Roche Holding AG, Sponsored ADR		21,291

				70,694

		Professional Services — 0.2%
	67	Exponent, Inc.		5,632
	24	Insperity, Inc.		1,605
	65	Korn Ferry		1,827
	41	ManpowerGroup, Inc.		2,820
	22	Nielsen Holdings PLC		317
	28	Verisk Analytics, Inc.		5,284

				17,485

		Real Estate Management & Development — 0.1%
	44	CBRE Group, Inc., Class A(a)		1,928
	33	Jones Lang LaSalle, Inc.		3,264

				5,192

		REITs – Apartments — 0.2%
	120	American Campus Communities, Inc.		4,277
	81	Camden Property Trust		7,356
		REITs – Apartments — continued
	13	Equity Residential	$	697

				12,330

		REITs – Diversified — 0.1%
	17	Crown Castle International Corp.		2,834
	13	Digital Realty Trust, Inc.		2,087
	61	Weyerhaeuser Co.		1,696

				6,617

		REITs – Health Care — 0.0%
	27	Ventas, Inc.		1,036
	13	Welltower, Inc.		696

				1,732

		REITs – Hotels — 0.1%
	98	Host Hotels & Resorts, Inc.		1,056
	344	Park Hotels & Resorts, Inc.		2,845

				3,901

		REITs – Mortgage — 0.0%
	84	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		2,943

		REITs – Office Property — 0.3%
	16	Boston Properties, Inc.		1,426
	180	Corporate Office Properties Trust		4,766
	207	Douglas Emmett, Inc.		6,032
	276	Easterly Government Properties, Inc.		6,748
	89	Kilroy Realty Corp.		5,186

				24,158

		REITs – Shopping Centers — 0.1%
	491	Brixmor Property Group, Inc.		5,651

		REITs – Storage — 0.0%
	24	Iron Mountain, Inc.		677

		REITs – Warehouse/Industrials — 0.1%
	57	CyrusOne, Inc.		4,755

		Road & Rail — 0.7%
	196	CSX Corp.		13,983
	92	Kansas City Southern		15,810
	22	Norfolk Southern Corp.		4,229
	53	Ryder System, Inc.		1,941
	72	Union Pacific Corp.		12,481

				48,444

		Semiconductors & Semiconductor Equipment — 1.6%
	17	Advanced Micro Devices, Inc.(a)		1,316
	66	Applied Materials, Inc.		4,246
	37	Cabot Microelectronics Corp.		5,577
	68	Cirrus Logic, Inc.(a)		4,660
	51	Cree, Inc.(a)		3,515
	48	Enphase Energy, Inc.(a)		2,897
	212	First Solar, Inc.(a)		12,625
	88	Ichor Holdings Ltd.(a)		2,888
	140	Intel Corp.		6,682
	93	NVIDIA Corp.		39,487
	147	QUALCOMM, Inc.		15,525
	52	Silicon Laboratories, Inc.(a)		5,227
	39	Texas Instruments, Inc.		4,974
	18	Universal Display Corp.		3,140

				112,759

		Software — 2.9%
	33	Adobe, Inc.(a)		14,663
	166	Autodesk, Inc.(a)		39,247
	39	Blackbaud, Inc.		2,439
	57	Bottomline Technologies, Inc.(a)		2,751

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2025 Fund – (continued)


Shares		Description	Value (†)
		Software — continued
	49	Ceridian HCM Holding, Inc.(a)	$	3,836
	10	Citrix Systems, Inc.		1,428
	19	Fair Isaac Corp.(a)		8,345
	32	LogMeIn, Inc.		2,746
	178	Microsoft Corp.		36,492
	36	NortonLifeLock, Inc.		772
	578	Oracle Corp.		32,050
	49	PTC, Inc.(a)		4,192
	36	Qualys, Inc.(a)		4,445
	130	salesforce.com, Inc.(a)		25,331
	5	Tyler Technologies, Inc.(a)		1,786
	151	Workday, Inc., Class A(a)		27,319

				207,842

		Specialty Retail — 0.8%
	40	Aaron’s, Inc.		2,087
	117	American Eagle Outfitters, Inc.		1,170
	44	Asbury Automotive Group, Inc.(a)		4,407
	13	Best Buy Co., Inc.		1,295
	23	Five Below, Inc.(a)		2,505
	61	Home Depot, Inc. (The)		16,195
	31	Lithia Motors, Inc., Class A		7,104
	35	Lowe’s Cos., Inc.		5,212
	35	Monro, Inc.		1,970
	86	Tiffany & Co.		10,781
	43	TJX Cos., Inc. (The)		2,235
	44	Williams-Sonoma, Inc.		3,833

				58,794

		Technology Hardware, Storage & Peripherals — 0.4%
	38	Apple, Inc.		16,151
	164	Hewlett Packard Enterprise Co.		1,619
	250	HP, Inc.		4,395
	110	NCR Corp.(a)		2,027
	33	NetApp, Inc.		1,462
	16	Seagate Technology PLC		724

				26,378

		Textiles, Apparel & Luxury Goods — 0.3%
	26	Deckers Outdoor Corp.(a)		5,440
	54	NIKE, Inc., Class B		5,271
	878	Under Armour, Inc., Class A(a)		9,237
	101	Wolverine World Wide, Inc.		2,428

				22,376

		Thrifts & Mortgage Finance — 0.1%
	392	New York Community Bancorp, Inc.		4,128

		Trading Companies & Distributors — 0.3%
	182	Fastenal Co.		8,561
	33	GATX Corp.		2,013
	21	W.W. Grainger, Inc.		7,172

				17,746

		Water Utilities — 0.2%
	83	American Water Works Co., Inc.		12,224
	109	Essential Utilities, Inc.		4,943

				17,167

		Wireless Telecommunication Services — 0.1%
	75	Shenandoah Telecommunications Co.		3,770
	59	T-Mobile US, Inc.(a)		6,336

				10,106

		Total Common Stocks (Identified Cost $2,718,409)		2,890,273


Principal Amount		Description	Value (†)
	Bonds and Notes — 16.8%
		Agency Commercial Mortgage-Backed Securities — 0.1%
$	5,694	FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2, 4.186%, 12/25/2020(b)	$	5,745

		Automotive — 0.3%
	10,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		10,827
	8,000	Toyota Motor Credit Corp., MTN, 2.600%, 1/11/2022		8,258

				19,085

		Banking — 2.6%
	10,000	American Express Co., 3.700%, 8/03/2023		10,899
	10,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		10,355
	9,000	Bank of Montreal, MTN, 1.900%, 8/27/2021		9,155
	9,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		9,925
	6,000	Bank of Nova Scotia (The), 3.400%, 2/11/2024		6,560
	10,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		10,730
	9,000	Capital One Financial Corp., 3.300%, 10/30/2024		9,821
	9,000	Citigroup, Inc., 4.600%, 3/09/2026		10,443
	5,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		5,261
	4,000	Deutsche Bank AG, GMTN, 3.375%, 5/12/2021		4,068
	10,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		11,152
	11,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		11,908
	11,000	KeyCorp, MTN, 2.250%, 4/06/2027		11,744
	9,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		10,036
	11,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		12,131
	5,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024		5,360
	4,000	Santander Holdings USA, Inc., 3.500%, 6/07/2024		4,287
	10,000	Truist Bank, 3.200%, 4/01/2024		10,966
	10,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		10,860
	10,000	Westpac Banking Corp., 2.350%, 2/19/2025		10,707

				186,368

		Brokerage — 0.4%
	11,000	BlackRock, Inc., 2.400%, 4/30/2030		12,268
	12,000	Intercontinental Exchange, Inc., 3.000%, 6/15/2050		13,907

				26,175

		Cable Satellite — 0.2%
	11,000	Comcast Corp., 3.000%, 2/01/2024		11,929

		Construction Machinery — 0.2%
	7,000	Caterpillar Financial Services Corp., 0.650%, 7/07/2023		7,045
	9,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		9,306

				16,351

		Consumer Cyclical Services — 0.2%
	5,000	Amazon.com, Inc., 3.875%, 8/22/2037		6,493
	10,000	eBay, Inc., 3.800%, 3/09/2022		10,505

				16,998

		Electric — 0.6%
	9,000	Duke Energy Corp., 3.750%, 4/15/2024		9,957
	6,000	Exelon Corp., 4.050%, 4/15/2030		7,198
	11,000	NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030		11,860	��
	9,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026		10,127

				39,142

		Finance Companies — 0.1%
	6,000	Ares Capital Corp., 3.250%, 7/15/2025		5,956

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2025 Fund – (continued)


Principal Amount		Description		Value (†)
		Financial Other — 0.1%
$	10,000	ORIX Corp., 2.900%, 7/18/2022		$	10,391

		Food & Beverage — 0.5%
	11,000	Coca-Cola Co. (The), 1.450%, 6/01/2027			11,425
	10,000	General Mills, Inc., 4.000%, 4/17/2025			11,440
	11,000	Mondelez International, Inc., 2.750%, 4/13/2030			12,213

					35,078

		Government Owned – No Guarantee — 0.4%
	17,000	Federal National Mortgage Association, 6.625%, 11/15/2030			26,435

		Health Insurance — 0.3%
	10,000	Anthem, Inc., 4.101%, 3/01/2028			11,936
	8,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036			11,935

					23,871

		Healthcare — 0.7%
	3,000	Cigna Corp., 3.750%, 7/15/2023			3,269
	10,000	CVS Health Corp., 4.300%, 3/25/2028			11,880
	6,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024			6,363
	10,000	McKesson Corp., 3.950%, 2/16/2028			11,731
	6,000	Quest Diagnostics, Inc., 2.950%, 6/30/2030			6,661
	6,000	Thermo Fisher Scientific, Inc., 3.000%, 4/15/2023			6,378

					46,282

		Independent Energy — 0.1%
	9,000	EQT Corp., 3.000%, 10/01/2022			8,931

		Integrated Energy — 0.5%
	9,000	BP Capital Markets PLC, 3.814%, 2/10/2024			9,941
	12,000	Exxon Mobil Corp., 2.992%, 3/19/2025			13,201
	8,000	Shell International Finance BV, 6.375%, 12/15/2038			12,591

					35,733

		Life Insurance — 0.2%
	10,000	American International Group, Inc., 3.400%, 6/30/2030			11,208
	6,000	Brighthouse Financial, Inc., 3.700%, 6/22/2027			6,253

					17,461

		Media Entertainment — 0.1%
	6,000	ViacomCBS, Inc., 4.750%, 5/15/2025			6,909

		Midstream — 0.3%
	11,000	Energy Transfer Operating LP, 4.050%, 3/15/2025			11,602
	9,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024			9,897

					21,499

		Mortgage Related — 2.5%
	80,111	FNMA, 3.000%, with various maturities from 2034 to 2049(c)			84,564
	60,530	FNMA, 3.500%, with various maturities in 2049(c)			63,745
	18,788	FNMA, 4.000%, with various maturities from 2049 to 2050(c)			19,961
	9,143	FNMA, 4.500%, with various maturities from 2048 to 2049(c)			9,827

					178,097

		Oil Field Services — 0.1%
	10,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022			10,463

		Pharmaceuticals — 0.3%
	11,000	AbbVie, Inc., 3.600%, 5/14/2025			12,302
	10,000	Amgen, Inc., 2.650%, 5/11/2022			10,384

					22,686

		Railroads — 0.2%
	10,000	CSX Corp., 2.600%, 11/01/2026			11,059

		REITs – Office Property — 0.1%
$	5,000	Boston Properties LP, 2.750%, 10/01/2026		$	5,439

		Restaurants — 0.2%
	11,000	Starbucks Corp., 3.800%, 8/15/2025			12,594

		Technology — 1.2%
	11,000	Apple, Inc., 2.500%, 2/09/2025			11,941
	4,000	Broadcom, Inc., 4.110%, 9/15/2028, 144A			4,515
	5,000	HP, Inc., 3.000%, 6/17/2027			5,385
	6,000	Intel Corp., 2.450%, 11/15/2029			6,623
	10,000	International Business Machines Corp., 4.000%, 6/20/2042			12,536
	6,000	NVIDIA Corp., 2.850%, 4/01/2030			6,719
	10,000	Oracle Corp., 2.950%, 5/15/2025			11,038
	11,000	QUALCOMM, Inc., 3.450%, 5/20/2025			12,364
	10,000	VMware, Inc., 2.950%, 8/21/2022			10,441

					81,562

		Treasuries — 3.8%
	11,000	U.S. Treasury Bond, 2.500%, 5/15/2046			14,255
	27,000	U.S. Treasury Bond, 2.875%, 11/15/2046			37,453
	30,000	U.S. Treasury Bond, 3.000%, 5/15/2045			41,964
	11,000	U.S. Treasury Bond, 3.000%, 2/15/2048			15,733
	11,000	U.S. Treasury Bond, 3.000%, 2/15/2049			15,869
	7,000	U.S. Treasury Bond, 4.250%, 11/15/2040			11,255
	7,000	U.S. Treasury Bond, 4.375%, 5/15/2041			11,472
	4,000	U.S. Treasury Bond, 4.500%, 2/15/2036			6,236
	34,000	U.S. Treasury Note, 1.125%, 9/30/2021			34,390
	39,000	U.S. Treasury Note, 1.625%, 8/31/2022			40,219
	40,000	U.S. Treasury Note, 2.125%, 12/31/2022			41,931

					270,777

		Wireless — 0.2%
	9,000	Vodafone Group PLC, 6.150%, 2/27/2037			13,291
			��
		Wirelines — 0.3%
	11,000	AT&T, Inc., 3.400%, 5/15/2025			12,236
	10,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 1.492%, 5/15/2025(d)			10,234

					22,470

		Total Bonds and Notes (Identified Cost $1,123,560)			1,188,777


Shares
	Exchange-Traded Funds — 10.2%
	7,348	iShares^® ESG MSCI EAFE ETF			455,135
	7,549	iShares^® ESG MSCI Emerging Markets ETF			264,593

		Total Exchange-Traded Funds (Identified Cost $702,798)			719,728


	Affiliated Mutual Funds — 29.5%
	29,087	Loomis Sayles Inflation Protected Securities Fund, Class N			343,226
	43,200	Loomis Sayles Limited Term Government and Agency Fund, Class N			500,251
	50,279	Mirova Global Green Bond Fund, Class N			544,521
	54,766	Mirova International Sustainable Equity Fund, Class N			703,738

		Total Affiliated Mutual Funds (Identified Cost $1,938,119)			2,091,736


		Total Investments — 97.3% (Identified Cost $6,482,886)			6,890,514
		Other assets less liabilities — 2.7%			192,541

		Net Assets — 100.0%		$	7,083,055

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2025 Fund – (continued)


	(†)			See Note 2 of Notes to Financial Statements.
	(a)			Non-income producing security.
	(b)			Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of July 31, 2020 is disclosed.
	(c)			The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(d)			Variable rate security. Rate as of July 31, 2020 is disclosed.

	144A			All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2020, the value of Rule 144A holdings amounted to $4,515 or 0.1% of net assets.
	ADR			An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	ETF			Exchange-Traded Fund
	FHLMC			Federal Home Loan Mortgage Corp.
	FNMA			Federal National Mortgage Association
	GMTN			Global Medium Term Note
	LIBOR			London Interbank Offered Rate
	MTN			Medium Term Note
	REITs			Real Estate Investment Trusts

Asset Allocation Summary at July 31, 2020 (Unaudited)


Equity	60.9	%
Fixed Income	36.4

Total Investments	97.3
Other assets less liabilities	2.7

Net Assets	100.0	%

See accompanying notes to financial statements.

33 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2030 Fund


Shares		Description	Value (†)
	Common Stocks — 46.1% of Net Assets
		Aerospace & Defense — 0.5%
	32	Axon Enterprise, Inc.(a)	$	2,660
	148	Boeing Co. (The)		23,384
	57	General Dynamics Corp.		8,364
	46	Moog, Inc., Class A		2,471
	67	Raytheon Technologies Corp.		3,798

				40,677

		Air Freight & Logistics — 0.5%
	332	Expeditors International of Washington, Inc.		28,057
	51	United Parcel Service, Inc., Class B		7,281

				35,338

		Airlines — 0.0%
	18	Delta Air Lines, Inc.		450
	225	Hawaiian Holdings, Inc.		2,675

				3,125

		Auto Components — 0.2%
	161	Aptiv PLC		12,518
	23	BorgWarner, Inc.		842
	41	Visteon Corp.(a)		2,977

				16,337

		Automobiles — 0.3%
	604	General Motors Co.		15,033
	43	Thor Industries, Inc.		4,902

				19,935

		Banks — 2.1%
	119	Ameris Bancorp		2,746
	211	BancorpSouth Bank		4,416
	1,103	Bank of America Corp.		27,443
	458	Cadence BanCorp		3,577
	534	Citigroup, Inc.		26,705
	281	Citizens Financial Group, Inc.		6,972
	161	Columbia Banking System, Inc.		4,658
	11	Comerica, Inc.		424
	103	Cullen/Frost Bankers, Inc.		7,422
	369	Fulton Financial Corp.		3,579
	276	Huntington Bancshares, Inc.		2,559
	188	International Bancshares Corp.		5,719
	462	KeyCorp		5,549
	31	M&T Bank Corp.		3,284
	683	People’s United Financial, Inc.		7,370
	101	PNC Financial Services Group, Inc. (The)		10,774
	184	Regions Financial Corp.		1,998
	170	TCF Financial Corp.		4,673
	166	Truist Financial Corp.		6,218
	290	Trustmark Corp.		6,531
	469	Wells Fargo & Co.		11,378
	78	Wintrust Financial Corp.		3,338
	150	Zions Bancorp N.A.		4,870

				162,203

		Beverages — 1.1%
	255	Coca-Cola Co. (The)		12,046
	124	Constellation Brands, Inc., Class A		22,097
	524	Monster Beverage Corp.(a)		41,124
	79	PepsiCo, Inc.		10,875

				86,142

		Biotechnology — 1.4%
	83	AbbVie, Inc.		7,878
	52	Amgen, Inc.		12,723
	17	Biogen, Inc.(a)		4,670
		Biotechnology — continued
	135	BioMarin Pharmaceutical, Inc.(a)	$	16,174
	134	Gilead Sciences, Inc.		9,317
	29	Ligand Pharmaceuticals, Inc.(a)		3,398
	75	Regeneron Pharmaceuticals, Inc.(a)		47,405
	12	Vertex Pharmaceuticals, Inc.(a)		3,264

				104,829

		Building Products — 0.3%
	208	Johnson Controls International PLC		8,004
	30	Lennox International, Inc.		8,044
	91	Owens Corning		5,503

				21,551

		Capital Markets — 3.2%
	16	Ameriprise Financial, Inc.		2,458
	607	Bank of New York Mellon Corp. (The)		21,761
	22	BlackRock, Inc.		12,650
	662	Charles Schwab Corp. (The)		21,945
	28	CME Group, Inc.		4,653
	76	FactSet Research Systems, Inc.		26,319
	75	Franklin Resources, Inc.		1,579
	79	Goldman Sachs Group, Inc. (The)		15,639
	69	Intercontinental Exchange, Inc.		6,678
	21	Invesco Ltd.		211
	152	Janus Henderson Group PLC		3,175
	160	Legg Mason, Inc.		7,998
	86	Moody’s Corp.		24,192
	51	MSCI, Inc.		19,175
	73	Northern Trust Corp.		5,720
	67	S&P Global, Inc.		23,467
	282	SEI Investments Co.		14,757
	388	State Street Corp.		24,750
	9	T. Rowe Price Group, Inc.		1,243

				238,370

		Chemicals — 0.6%
	33	DuPont de Nemours, Inc.		1,765
	62	Ecolab, Inc.		11,599
	82	HB Fuller Co.		3,718
	59	Innospec, Inc.		4,435
	65	Linde PLC		15,932
	70	Minerals Technologies, Inc.		3,281
	40	Stepan Co.		4,368

				45,098

		Commercial Services & Supplies — 0.2%
	76	Healthcare Services Group, Inc.		1,991
	42	MSA Safety, Inc.		4,978
	62	Tetra Tech, Inc.		5,496

				12,465

		Communications Equipment — 0.6%
	100	Ciena Corp.(a)		5,951
	623	Cisco Systems, Inc.		29,343
	10	F5 Networks, Inc.(a)		1,359
	53	InterDigital, Inc.		3,181
	56	Lumentum Holdings, Inc.(a)		5,199
	23	Motorola Solutions, Inc.		3,215

				48,248

		Construction & Engineering — 0.1%
	189	AECOM(a)		6,840
	233	Fluor Corp.		2,374

				9,214

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2030 Fund – (continued)


Shares		Description	Value (†)
		Consumer Finance — 0.9%
	1,143	Ally Financial, Inc.	$	22,974
	193	American Express Co.		18,011
	378	Capital One Financial Corp.		24,116

				65,101

		Containers & Packaging — 0.1%
	59	Ball Corp.		4,344
	56	International Paper Co.		1,948
	296	O-I Glass, Inc.		3,091

				9,383

		Distributors — 0.2%
	47	Genuine Parts Co.		4,237
	30	POOL CORP.		9,501

				13,738

		Diversified Consumer Services — 0.1%
	125	Service Corp. International		5,420

		Diversified Telecommunication Services — 0.2%
	218	AT&T, Inc.		6,449
	117	Verizon Communications, Inc.		6,725

				13,174

		Electric Utilities — 0.5%
	157	American Electric Power Co., Inc.		13,640
	20	Edison International		1,114
	39	Eversource Energy		3,513
	24	FirstEnergy Corp.		696
	56	IDACORP, Inc.		5,222
	46	NextEra Energy, Inc.		12,912
	44	PPL Corp.		1,171

				38,268

		Electrical Equipment — 0.4%
	22	Acuity Brands, Inc.		2,180
	35	Eaton Corp. PLC		3,260
	38	Hubbell, Inc.		5,129
	313	Sunrun, Inc.(a)		11,484
	427	Vivint Solar, Inc.(a)		8,685

				30,738

		Electronic Equipment, Instruments & Components — 0.6%
	106	Avnet, Inc.		2,832
	108	Cognex Corp.		7,222
	24	Coherent, Inc.(a)		3,332
	44	Corning, Inc.		1,364
	74	Itron, Inc.(a)		5,148
	21	Littelfuse, Inc.		3,731
	21	Rogers Corp.(a)		2,503
	146	TE Connectivity Ltd.		13,004
	128	Trimble, Inc.(a)		5,697
	191	Vishay Intertechnology, Inc.		2,997

				47,830

		Energy Equipment & Services — 0.2%
	812	Archrock, Inc.		5,408
	132	Baker Hughes Co.		2,045
	109	National Oilwell Varco, Inc.		1,254
	470	Schlumberger Ltd.		8,526
	67	TechnipFMC PLC		538

				17,771

		Entertainment — 1.4%
	44	Activision Blizzard, Inc.		3,636
	82	Cinemark Holdings, Inc.		970
	88	Electronic Arts, Inc.(a)		12,462
		Entertainment — continued
	83	Netflix, Inc.(a)	$	40,577
	35	Take-Two Interactive Software, Inc.(a)		5,741
	356	Walt Disney Co. (The)		41,631

				105,017

		Food & Staples Retailing — 0.2%
	92	Kroger Co. (The)		3,201
	255	SpartanNash Co.		5,361
	33	Sysco Corp.		1,744
	202	Walgreens Boots Alliance, Inc.		8,223

				18,529

		Food Products — 0.4%
	86	Campbell Soup Co.		4,263
	64	General Mills, Inc.		4,049
	110	Hain Celestial Group, Inc. (The)(a)		3,738
	86	Hormel Foods Corp.		4,374
	56	Ingredion, Inc.		4,844
	18	J.M. Smucker Co. (The)		1,968
	32	Kellogg Co.		2,208
	9	McCormick & Co., Inc.		1,754

				27,198

		Gas Utilities — 0.2%
	113	New Jersey Resources Corp.		3,510
	64	ONE Gas, Inc.		4,845
	125	South Jersey Industries, Inc.		2,916
	135	UGI Corp.		4,501

				15,772

		Health Care Equipment & Supplies — 0.8%
	5	Becton Dickinson & Co.		1,407
	28	Boston Scientific Corp.(a)		1,080
	10	Cooper Cos., Inc. (The)		2,829
	19	DENTSPLY SIRONA, Inc.		847
	5	DexCom, Inc.(a)		2,178
	15	Edwards Lifesciences Corp.(a)		1,176
	59	Globus Medical, Inc., Class A(a)		2,843
	31	Haemonetics Corp.(a)		2,717
	56	Hill-Rom Holdings, Inc.		5,444
	30	Hologic, Inc.(a)		2,093
	18	Intuitive Surgical, Inc.(a)		12,338
	139	Meridian Bioscience, Inc.(a)		3,404
	42	Merit Medical Systems, Inc.(a)		1,878
	16	Quidel Corp.(a)		4,520
	7	STERIS PLC		1,117
	5	Stryker Corp.		967
	37	Varian Medical Systems, Inc.(a)		5,281
	30	West Pharmaceutical Services, Inc.		8,066

				60,185

		Health Care Providers & Services — 1.9%
	63	Acadia Healthcare Co., Inc.(a)		1,878
	20	Amedisys, Inc.(a)		4,683
	11	Anthem, Inc.		3,012
	41	BioTelemetry, Inc.(a)		1,745
	108	Centene Corp.(a)		7,047
	15	Chemed Corp.		7,383
	18	Cigna Corp.		3,108
	339	CVS Health Corp.		21,337
	22	DaVita, Inc.(a)		1,923
	54	Encompass Health Corp.		3,676
	187	HCA Healthcare, Inc.		23,682
	36	Henry Schein, Inc.(a)		2,474
	69	Humana, Inc.		27,079

See accompanying notes to financial statements.

35 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2030 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	29	Laboratory Corp. of America Holdings(a)	$	5,595
	220	MEDNAX, Inc.(a)		4,396
	102	Patterson Cos., Inc.		2,709
	43	Quest Diagnostics, Inc.		5,464
	44	UnitedHealth Group, Inc.		13,322

				140,513

		Health Care Technology — 0.3%
	192	Allscripts Healthcare Solutions, Inc.(a)		1,728
	256	Cerner Corp.		17,779
	104	HMS Holdings Corp.(a)		3,380

				22,887

		Hotels, Restaurants & Leisure — 1.1%
	52	Dine Brands Global, Inc.		2,362
	58	Dunkin’ Brands Group, Inc.		3,986
	183	Hilton Worldwide Holdings, Inc.		13,734
	35	Jack in the Box, Inc.		2,874
	37	Marriott Vacations Worldwide Corp.		3,133
	11	McDonald’s Corp.		2,137
	869	MGM Resorts International		13,982
	216	Starbucks Corp.		16,531
	212	Wendy’s Co. (The)		4,914
	264	Yum China Holdings, Inc.		13,527
	92	Yum! Brands, Inc.		8,377

				85,557

		Household Durables — 0.3%
	170	KB Home		5,719
	131	Meritage Homes Corp.(a)		12,992
	228	Taylor Morrison Home Corp.(a)		5,347

				24,058

		Household Products — 0.7%
	8	Clorox Co. (The)		1,892
	256	Colgate-Palmolive Co.		19,763
	9	Kimberly-Clark Corp.		1,369
	209	Procter & Gamble Co. (The)		27,404

				50,428

		Independent Power & Renewable Electricity Producers — 0.2%
	106	AES Corp. (The)		1,614
	183	Ormat Technologies, Inc.		10,889

				12,503

		Industrial Conglomerates — 0.2%
	31	Carlisle Cos., Inc.		3,691
	1,752	General Electric Co.		10,635
	10	Honeywell International, Inc.		1,494

				15,820

		Insurance — 1.2%
	28	Aflac, Inc.		996
	56	Allstate Corp. (The)		5,286
	596	American International Group, Inc.		19,155
	24	Brighthouse Financial, Inc.(a)		680
	83	Chubb Ltd.		10,561
	13	eHealth, Inc.(a)		899
	98	First American Financial Corp.		4,999
	37	Hanover Insurance Group, Inc. (The)		3,770
	52	Hartford Financial Services Group, Inc. (The)		2,201
	49	Lincoln National Corp.		1,826
	35	Marsh & McLennan Cos., Inc.		4,081
	16	Progressive Corp. (The)		1,445
	102	Prudential Financial, Inc.		6,464
	258	Reinsurance Group of America, Inc.		21,994
		Insurance — continued
	38	Travelers Cos., Inc. (The)	$	4,348

				88,705

		Interactive Media & Services — 2.6%
	19	Alphabet, Inc., Class A(a)		28,271
	42	Alphabet, Inc., Class C(a)		62,284
	333	Facebook, Inc., Class A(a)		84,472
	109	Match Group, Inc.(a)		11,194
	412	Pinterest, Inc., Class A(a)		14,128

				200,349

		Internet & Direct Marketing Retail — 2.6%
	218	Alibaba Group Holding Ltd., Sponsored ADR(a)		54,722
	22	Amazon.com, Inc.(a)		69,623
	20	Booking Holdings, Inc.(a)		33,243
	575	eBay, Inc.		31,786
	72	Etsy, Inc.(a)		8,523

				197,897

		IT Services — 2.3%
	136	Automatic Data Processing, Inc.		18,076
	87	Cognizant Technology Solutions Corp., Class A		5,944
	677	DXC Technology Co.		12,125
	17	Fiserv, Inc.(a)		1,696
	119	Gartner, Inc.(a)		14,832
	27	Global Payments, Inc.		4,807
	32	International Business Machines Corp.		3,934
	83	MasterCard, Inc., Class A		25,608
	31	Paychex, Inc.		2,229
	42	PayPal Holdings, Inc.(a)		8,235
	291	Sabre Corp.		2,200
	17	VeriSign, Inc.(a)		3,599
	351	Visa, Inc., Class A		66,830
	29	WEX, Inc.(a)		4,593

				174,708

		Leisure Products — 0.0%
	133	Callaway Golf Co.		2,534

		Life Sciences Tools & Services — 0.6%
	25	Agilent Technologies, Inc.		2,408
	44	Illumina, Inc.(a)		16,815
	15	IQVIA Holdings, Inc.(a)		2,376
	2	Mettler-Toledo International, Inc.(a)		1,870
	75	NeoGenomics, Inc.(a)		2,867
	55	Repligen Corp.(a)		8,300
	23	Thermo Fisher Scientific, Inc.		9,521
	10	Waters Corp.(a)		2,132

				46,289

		Machinery — 1.8%
	71	AGCO Corp.		4,660
	181	Caterpillar, Inc.		24,051
	113	Cummins, Inc.		21,838
	179	Deere & Co.		31,560
	67	Flowserve Corp.		1,867
	16	Illinois Tool Works, Inc.		2,960
	94	ITT, Inc.		5,427
	120	Kennametal, Inc.		3,235
	75	Oshkosh Corp.		5,904
	135	Parker-Hannifin Corp.		24,154
	22	Proto Labs, Inc.(a)		2,643
	84	Terex Corp.		1,583
	82	Toro Co. (The)		5,851

				135,733

See accompanying notes to financial statements.

| 36

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2030 Fund – (continued)


Shares		Description	Value (†)
		Media — 0.9%
	5	Cable One, Inc.	$	9,113
	32	Charter Communications, Inc., Class A(a)		18,560
	600	Comcast Corp., Class A		25,680
	31	Discovery, Inc., Series C(a)		588
	71	Fox Corp., Class A		1,830
	46	Interpublic Group of Cos., Inc. (The)		830
	102	New York Times Co. (The), Class A		4,706
	63	Omnicom Group, Inc.		3,385
	75	ViacomCBS, Inc., Class B		1,955

				66,647

		Metals & Mining — 0.2%
	172	Commercial Metals Co.		3,557
	12	Nucor Corp.		503
	73	Reliance Steel & Aluminum Co.		7,173
	47	Royal Gold, Inc.		6,577

				17,810

		Multi-Utilities — 0.2%
	89	Consolidated Edison, Inc.		6,838
	37	DTE Energy Co.		4,278
	24	Sempra Energy		2,987
	24	WEC Energy Group, Inc.		2,286

				16,389

		Multiline Retail — 0.1%
	437	Macy’s, Inc.		2,648
	66	Target Corp.		8,308

				10,956

		Oil, Gas & Consumable Fuels — 0.7%
	1,006	Apache Corp.		15,442
	94	Concho Resources, Inc.		4,939
	113	Devon Energy Corp.		1,185
	93	Diamondback Energy, Inc.		3,707
	336	EOG Resources, Inc.		15,742
	177	EQT Corp.		2,570
	465	Marathon Oil Corp.		2,553
	156	Noble Energy, Inc.		1,558
	95	ONEOK, Inc.		2,651
	482	Southwestern Energy Co.(a)		1,171
	47	Valero Energy Corp.		2,643
	92	World Fuel Services Corp.		2,165

				56,326

		Paper & Forest Products — 0.1%
	126	Louisiana-Pacific Corp.		3,990

		Personal Products — 0.0%
	11	Estee Lauder Cos., Inc. (The), Class A		2,173

		Pharmaceuticals — 1.1%
	74	Bristol-Myers Squibb Co.		4,341
	91	Catalent, Inc.(a)		7,948
	47	Eli Lilly & Co.		7,064
	108	Merck & Co., Inc.		8,666
	140	Novartis AG, Sponsored ADR		11,499
	108	Novo Nordisk A/S, Sponsored ADR		7,056
	24	Perrigo Co. PLC		1,272
	260	Pfizer, Inc.		10,005
	588	Roche Holding AG, Sponsored ADR		25,343

				83,194

		Professional Services — 0.3%
	76	Exponent, Inc.		6,389
	29	Insperity, Inc.		1,939
	78	Korn Ferry		2,192
		Professional Services — continued
	46	ManpowerGroup, Inc.	$	3,164
	32	Nielsen Holdings PLC		462
	36	Verisk Analytics, Inc.		6,793

				20,939

		Real Estate Management & Development — 0.1%
	44	CBRE Group, Inc., Class A(a)		1,928
	39	Jones Lang LaSalle, Inc.		3,857

				5,785

		REITs – Apartments — 0.2%
	138	American Campus Communities, Inc.		4,918
	92	Camden Property Trust		8,355
	19	Equity Residential		1,019

				14,292

		REITs – Diversified — 0.1%
	20	Crown Castle International Corp.		3,334
	16	Digital Realty Trust, Inc.		2,569
	69	Weyerhaeuser Co.		1,919

				7,822

		REITs – Health Care — 0.0%
	44	Ventas, Inc.		1,688
	17	Welltower, Inc.		910

				2,598

		REITs – Hotels — 0.1%
	112	Host Hotels & Resorts, Inc.		1,207
	403	Park Hotels & Resorts, Inc.		3,333

				4,540

		REITs – Mortgage — 0.0%
	97	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		3,398

		REITs – Office Property — 0.4%
	20	Boston Properties, Inc.		1,782
	207	Corporate Office Properties Trust		5,481
	234	Douglas Emmett, Inc.		6,819
	311	Easterly Government Properties, Inc.		7,604
	104	Kilroy Realty Corp.		6,060

				27,746

		REITs – Shopping Centers — 0.1%
	562	Brixmor Property Group, Inc.		6,469

		REITs – Storage — 0.0%
	32	Iron Mountain, Inc.		902

		REITs – Warehouse/Industrials — 0.1%
	67	CyrusOne, Inc.		5,589

		Road & Rail — 0.7%
	221	CSX Corp.		15,766
	104	Kansas City Southern		17,872
	31	Norfolk Southern Corp.		5,959
	57	Ryder System, Inc.		2,088
	81	Union Pacific Corp.		14,041

				55,726

		Semiconductors & Semiconductor Equipment — 1.8%
	20	Advanced Micro Devices, Inc.(a)		1,549
	75	Applied Materials, Inc.		4,825
	45	Cabot Microelectronics Corp.		6,782
	79	Cirrus Logic, Inc.(a)		5,414
	58	Cree, Inc.(a)		3,997
	54	Enphase Energy, Inc.(a)		3,259
	240	First Solar, Inc.(a)		14,292
	107	Ichor Holdings Ltd.(a)		3,512

See accompanying notes to financial statements.

37 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2030 Fund – (continued)


Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — continued
	160	Intel Corp.	$	7,637
	115	NVIDIA Corp.		48,828
	168	QUALCOMM, Inc.		17,743
	61	Silicon Laboratories, Inc.(a)		6,131
	54	Texas Instruments, Inc.		6,888
	21	Universal Display Corp.		3,663

				134,520

		Software — 3.3%
	37	Adobe, Inc.(a)		16,440
	204	Autodesk, Inc.(a)		48,232
	47	Blackbaud, Inc.		2,939
	65	Bottomline Technologies, Inc.(a)		3,137
	56	Ceridian HCM Holding, Inc.(a)		4,384
	12	Citrix Systems, Inc.		1,713
	22	Fair Isaac Corp.(a)		9,662
	37	LogMeIn, Inc.		3,175
	206	Microsoft Corp.		42,232
	49	NortonLifeLock, Inc.		1,051
	692	Oracle Corp.		38,372
	56	PTC, Inc.(a)		4,791
	41	Qualys, Inc.(a)		5,063
	158	salesforce.com, Inc.(a)		30,786
	5	Tyler Technologies, Inc.(a)		1,786
	189	Workday, Inc., Class A(a)		34,194

				247,957

		Specialty Retail — 0.9%
	49	Aaron’s, Inc.		2,557
	135	American Eagle Outfitters, Inc.		1,350
	51	Asbury Automotive Group, Inc.(a)		5,108
	17	Best Buy Co., Inc.		1,693
	26	Five Below, Inc.(a)		2,832
	73	Home Depot, Inc. (The)		19,381
	38	Lithia Motors, Inc., Class A		8,708
	41	Lowe’s Cos., Inc.		6,105
	37	Monro, Inc.		2,083
	98	Tiffany & Co.		12,285
	44	TJX Cos., Inc. (The)		2,287
	51	Williams-Sonoma, Inc.		4,443

				68,832

		Technology Hardware, Storage & Peripherals — 0.4%
	44	Apple, Inc.		18,702
	238	Hewlett Packard Enterprise Co.		2,349
	328	HP, Inc.		5,766
	134	NCR Corp.(a)		2,470
	39	NetApp, Inc.		1,728
	20	Seagate Technology PLC		904

				31,919

		Textiles, Apparel & Luxury Goods — 0.3%
	31	Deckers Outdoor Corp.(a)		6,487
	61	NIKE, Inc., Class B		5,954
	1,028	Under Armour, Inc., Class A(a)		10,814
	121	Wolverine World Wide, Inc.		2,909

				26,164

		Thrifts & Mortgage Finance — 0.1%
	451	New York Community Bancorp, Inc.		4,749

		Trading Companies & Distributors — 0.3%
	209	Fastenal Co.		9,831
	40	GATX Corp.		2,440
	23	W.W. Grainger, Inc.		7,855

				20,126

		Water Utilities — 0.3%
	103	American Water Works Co., Inc.	$	15,169
	127	Essential Utilities, Inc.		5,759

				20,928

		Wireless Telecommunication Services — 0.2%
	87	Shenandoah Telecommunications Co.		4,373
	71	T-Mobile US, Inc.(a)		7,624

				11,997

		Total Common Stocks (Identified Cost $3,312,775)		3,490,120


Principal Amount
	Bonds and Notes — 12.5%
		Agency Commercial Mortgage-Backed Securities — 0.1%
$	3,796	FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2, 4.186%, 12/25/2020(b)		3,830

		Automotive — 0.2%
	8,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		8,662
	6,000	Toyota Motor Credit Corp., MTN, 2.600%, 1/11/2022		6,193

				14,855

		Banking — 2.1%
	10,000	American Express Co., 3.700%, 8/03/2023		10,899
	8,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		8,284
	9,000	Bank of Montreal, MTN, 1.900%, 8/27/2021		9,155
	8,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		8,822
	4,000	Bank of Nova Scotia (The), 3.400%, 2/11/2024		4,373
	9,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		9,657
	8,000	Capital One Financial Corp., 3.300%, 10/30/2024		8,730
	8,000	Citigroup, Inc., 4.600%, 3/09/2026		9,282
	5,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		5,261
	3,000	Deutsche Bank AG, GMTN, 3.375%, 5/12/2021		3,051
	8,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		8,922
	8,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		8,660
	10,000	KeyCorp, MTN, 2.250%, 4/06/2027		10,677
	8,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		8,921
	9,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		9,925
	5,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024		5,360
	4,000	Santander Holdings USA, Inc., 3.500%, 6/07/2024		4,288
	9,000	Truist Bank, 3.200%, 4/01/2024		9,869
	9,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		9,774
	8,000	Westpac Banking Corp., 2.350%, 2/19/2025		8,566

				162,476

		Brokerage — 0.2%
	9,000	BlackRock, Inc., 2.400%, 4/30/2030		10,038
	8,000	Intercontinental Exchange, Inc., 3.000%, 6/15/2050		9,271

				19,309

		Cable Satellite — 0.1%
	8,000	Comcast Corp., 3.000%, 2/01/2024		8,676

		Construction Machinery — 0.2%
	10,000	Caterpillar Financial Services Corp., 0.650%, 7/07/2023		10,064
	8,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		8,272

				18,336

See accompanying notes to financial statements.

| 38

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2030 Fund – (continued)


Principal Amount		Description	Value (†)
		Consumer Cyclical Services — 0.2%
$	5,000	Amazon.com, Inc., 3.875%, 8/22/2037	$	6,493
	8,000	eBay, Inc., 3.800%, 3/09/2022		8,404

				14,897

		Electric — 0.4%
	8,000	Duke Energy Corp., 3.750%, 4/15/2024		8,850
	4,000	Exelon Corp., 4.050%, 4/15/2030		4,799
	10,000	NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030		10,782
	8,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026		9,002

				33,433

		Finance Companies — 0.1%
	4,000	Ares Capital Corp., 3.250%, 7/15/2025		3,971

		Financial Other — 0.1%
	8,000	ORIX Corp., 2.900%, 7/18/2022		8,313

		Food & Beverage — 0.4%
	8,000	Coca-Cola Co. (The), 1.450%, 6/01/2027		8,309
	9,000	General Mills, Inc., 4.000%, 4/17/2025		10,296
	8,000	Mondelez International, Inc., 2.750%, 4/13/2030		8,882

				27,487

		Government Owned – No Guarantee — 0.2%
	12,000	Federal National Mortgage Association, 6.625%, 11/15/2030		18,660

		Health Insurance — 0.3%
	8,000	Anthem, Inc., 4.101%, 3/01/2028		9,549
	7,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		10,443

				19,992

		Healthcare — 0.5%
	3,000	Cigna Corp., 3.750%, 7/15/2023		3,268
	7,000	CVS Health Corp., 4.300%, 3/25/2028		8,316
	4,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		4,242
	7,000	McKesson Corp., 3.950%, 2/16/2028		8,212
	4,000	Quest Diagnostics, Inc., 2.950%, 6/30/2030		4,441
	6,000	Thermo Fisher Scientific, Inc., 3.000%, 4/15/2023		6,378

				34,857

		Independent Energy — 0.1%
	8,000	EQT Corp., 3.000%, 10/01/2022		7,938

		Integrated Energy — 0.4%
	8,000	BP Capital Markets PLC, 3.814%, 2/10/2024		8,836
	10,000	Exxon Mobil Corp., 2.992%, 3/19/2025		11,001
	7,000	Shell International Finance BV, 6.375%, 12/15/2038		11,017

				30,854

		Life Insurance — 0.2%
	8,000	American International Group, Inc., 3.400%, 6/30/2030		8,966
	3,000	Brighthouse Financial, Inc., 3.700%, 6/22/2027		3,127

				12,093

		Media Entertainment — 0.1%
	4,000	ViacomCBS, Inc., 4.750%, 5/15/2025		4,606

		Midstream — 0.2%
	9,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		9,492
	8,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		8,798

				18,290

		Mortgage Related — 2.0%
	8,743	FHLMC, 3.000%, 6/01/2049		9,257
	57,647	FNMA, 3.000%, with various maturities from 2034 to 2049(c)		60,875
	49,243	FNMA, 3.500%, with various maturities in 2049(c)		51,867
		Mortgage Related — continued
$	19,976	FNMA, 4.000%, with various maturities from 2049 to 2050(c)	$	21,223
	9,618	FNMA, 4.500%, with various maturities from 2048 to 2049(c)		10,329

				153,551

		Oil Field Services — 0.1%
	10,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		10,463

		Pharmaceuticals — 0.2%
	9,000	AbbVie, Inc., 3.600%, 5/14/2025		10,065
	6,000	Amgen, Inc., 2.650%, 5/11/2022		6,231

				16,296

		Railroads — 0.1%
	8,000	CSX Corp., 2.600%, 11/01/2026		8,847

		REITs – Office Property — 0.1%
	5,000	Boston Properties LP, 2.750%, 10/01/2026		5,439

		Restaurants — 0.1%
	6,000	Starbucks Corp., 3.800%, 8/15/2025		6,869

		Technology — 0.9%
	9,000	Apple, Inc., 2.500%, 2/09/2025		9,770
	4,000	Broadcom, Inc., 4.110%, 9/15/2028, 144A		4,515
	4,000	HP, Inc., 3.000%, 6/17/2027		4,308
	4,000	Intel Corp., 2.450%, 11/15/2029		4,415
	9,000	International Business Machines Corp., 4.000%, 6/20/2042		11,282
	3,000	NVIDIA Corp., 2.850%, 4/01/2030		3,360
	8,000	Oracle Corp., 2.950%, 5/15/2025		8,830
	9,000	QUALCOMM, Inc., 3.450%, 5/20/2025		10,116
	10,000	VMware, Inc., 2.950%, 8/21/2022		10,441

				67,037

		Treasuries — 2.5%
	8,000	U.S. Treasury Bond, 2.500%, 5/15/2046		10,368
	22,000	U.S. Treasury Bond, 2.875%, 11/15/2046		30,517
	24,000	U.S. Treasury Bond, 3.000%, 5/15/2045		33,571
	8,000	U.S. Treasury Bond, 3.000%, 2/15/2048		11,442
	9,000	U.S. Treasury Bond, 3.000%, 2/15/2049		12,984
	5,000	U.S. Treasury Bond, 4.250%, 11/15/2040		8,039
	6,000	U.S. Treasury Bond, 4.375%, 5/15/2041		9,833
	3,000	U.S. Treasury Bond, 4.500%, 2/15/2036		4,677
	16,000	U.S. Treasury Note, 1.125%, 9/30/2021		16,184
	9,000	U.S. Treasury Note, 1.625%, 8/31/2022		9,281
	40,000	U.S. Treasury Note, 2.125%, 12/31/2022		41,931

				188,827

		Wireless — 0.2%
	8,000	Vodafone Group PLC, 6.150%, 2/27/2037		11,814

		Wirelines — 0.2%
	8,000	AT&T, Inc., 3.400%, 5/15/2025		8,899
	7,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 1.492%, 5/15/2025(d)		7,164

				16,063

		Total Bonds and Notes (Identified Cost $892,882)		948,079


Shares
	Exchange-Traded Funds — 11.0%
	8,968	iShares^® ESG MSCI EAFE ETF		555,478
	8,054	iShares^® ESG MSCI Emerging Markets ETF		282,293

		Total Exchange-Traded Funds (Identified Cost $820,171)		837,771

See accompanying notes to financial statements.

39 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2030 Fund – (continued)


Shares		Description	Value (†)
	Affiliated Mutual Funds — 27.3%
	29,026	Loomis Sayles Inflation Protected Securities Fund, Class N	$	342,505
	32,036	Loomis Sayles Limited Term Government and Agency Fund, Class N		370,978
	41,940	Mirova Global Green Bond Fund, Class N		454,215
	70,014	Mirova International Sustainable Equity Fund, Class N		899,684

		Total Affiliated Mutual Funds (Identified Cost $1,922,234)		2,067,382


		Total Investments — 96.9% (Identified Cost $6,948,062)		7,343,352
		Other assets less liabilities — 3.1%		231,687

		Net Assets — 100.0%	$	7,575,039


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of July 31, 2020 is disclosed.
	(c)	The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(d)	Variable rate security. Rate as of July 31, 2020 is disclosed.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2020, the value of Rule 144A holdings amounted to $4,515 or 0.1% of net assets.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	ETF	Exchange-Traded Fund
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

Asset Allocation Summary at July 31, 2020 (Unaudited)


Equity	69.0	%
Fixed Income	27.9

Total Investments	96.9
Other assets less liabilities	3.1

Net Assets	100.0	%

See accompanying notes to financial statements.

| 40

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2035 Fund


Shares		Description	Value (†)
	Common Stocks — 52.2% of Net Assets
		Aerospace & Defense — 0.6%
	36	Axon Enterprise, Inc.(a)	$	2,993
	152	Boeing Co. (The)		24,016
	64	General Dynamics Corp.		9,391
	52	Moog, Inc., Class A		2,793
	61	Raytheon Technologies Corp.		3,458

				42,651

		Air Freight & Logistics — 0.5%
	374	Expeditors International of Washington, Inc.		31,607
	50	United Parcel Service, Inc., Class B		7,138

				38,745

		Airlines — 0.0%
	15	Delta Air Lines, Inc.		375
	245	Hawaiian Holdings, Inc.		2,913

				3,288

		Auto Components — 0.2%
	175	Aptiv PLC		13,606
	24	BorgWarner, Inc.		878
	44	Visteon Corp.(a)		3,195

				17,679

		Automobiles — 0.3%
	670	General Motors Co.		16,676
	49	Thor Industries, Inc.		5,586

				22,262

		Banks — 2.4%
	129	Ameris Bancorp		2,977
	243	BancorpSouth Bank		5,086
	1,227	Bank of America Corp.		30,528
	500	Cadence BanCorp		3,905
	595	Citigroup, Inc.		29,756
	280	Citizens Financial Group, Inc.		6,947
	187	Columbia Banking System, Inc.		5,410
	14	Comerica, Inc.		539
	117	Cullen/Frost Bankers, Inc.		8,431
	403	Fulton Financial Corp.		3,909
	334	Huntington Bancshares, Inc.		3,096
	214	International Bancshares Corp.		6,510
	487	KeyCorp		5,849
	28	M&T Bank Corp.		2,967
	693	People’s United Financial, Inc.		7,477
	99	PNC Financial Services Group, Inc. (The)		10,560
	182	Regions Financial Corp.		1,976
	195	TCF Financial Corp.		5,360
	160	Truist Financial Corp.		5,994
	331	Trustmark Corp.		7,454
	522	Wells Fargo & Co.		12,664
	84	Wintrust Financial Corp.		3,595
	163	Zions Bancorp N.A.		5,293

				176,283

		Beverages — 1.3%
	236	Coca-Cola Co. (The)		11,149
	138	Constellation Brands, Inc., Class A		24,592
	582	Monster Beverage Corp.(a)		45,675
	73	PepsiCo, Inc.		10,049

				91,465

		Biotechnology — 1.5%
	87	AbbVie, Inc.		8,257
	52	Amgen, Inc.		12,723
	17	Biogen, Inc.(a)		4,670
		Biotechnology — continued
	151	BioMarin Pharmaceutical, Inc.(a)	$	18,091
	134	Gilead Sciences, Inc.		9,317
	33	Ligand Pharmaceuticals, Inc.(a)		3,867
	80	Regeneron Pharmaceuticals, Inc.(a)		50,566
	14	Vertex Pharmaceuticals, Inc.(a)		3,808

				111,299

		Building Products — 0.3%
	196	Johnson Controls International PLC		7,542
	35	Lennox International, Inc.		9,385
	104	Owens Corning		6,289

				23,216

		Capital Markets — 3.5%
	14	Ameriprise Financial, Inc.		2,151
	657	Bank of New York Mellon Corp. (The)		23,553
	22	BlackRock, Inc.		12,650
	739	Charles Schwab Corp. (The)		24,498
	30	CME Group, Inc.		4,985
	74	FactSet Research Systems, Inc.		25,626
	81	Franklin Resources, Inc.		1,705
	88	Goldman Sachs Group, Inc. (The)		17,420
	69	Intercontinental Exchange, Inc.		6,678
	25	Invesco Ltd.		251
	164	Janus Henderson Group PLC		3,426
	181	Legg Mason, Inc.		9,048
	95	Moody’s Corp.		26,724
	51	MSCI, Inc.		19,175
	76	Northern Trust Corp.		5,955
	75	S&P Global, Inc.		26,269
	313	SEI Investments Co.		16,379
	426	State Street Corp.		27,175
	8	T. Rowe Price Group, Inc.		1,105

				254,773

		Chemicals — 0.7%
	34	DuPont de Nemours, Inc.		1,818
	69	Ecolab, Inc.		12,908
	96	HB Fuller Co.		4,353
	67	Innospec, Inc.		5,036
	62	Linde PLC		15,197
	76	Minerals Technologies, Inc.		3,563
	44	Stepan Co.		4,805

				47,680

		Commercial Services & Supplies — 0.2%
	84	Healthcare Services Group, Inc.		2,200
	48	MSA Safety, Inc.		5,689
	71	Tetra Tech, Inc.		6,294

				14,183

		Communications Equipment — 0.8%
	115	Ciena Corp.(a)		6,844
	700	Cisco Systems, Inc.		32,970
	9	F5 Networks, Inc.(a)		1,223
	61	InterDigital, Inc.		3,661
	65	Lumentum Holdings, Inc.(a)		6,034
	25	Motorola Solutions, Inc.		3,495

				54,227

		Construction & Engineering — 0.1%
	216	AECOM(a)		7,817
	252	Fluor Corp.		2,568

				10,385

See accompanying notes to financial statements.

41 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2035 Fund – (continued)


Shares		Description	Value (†)
		Consumer Finance — 1.0%
	1,265	Ally Financial, Inc.	$	25,426
	208	American Express Co.		19,411
	418	Capital One Financial Corp.		26,668

				71,505

		Containers & Packaging — 0.1%
	55	Ball Corp.		4,050
	53	International Paper Co.		1,844
	321	O-I Glass, Inc.		3,351

				9,245

		Distributors — 0.2%
	44	Genuine Parts Co.		3,967
	33	POOL CORP.		10,451

				14,418

		Diversified Consumer Services — 0.1%
	144	Service Corp. International		6,244

		Diversified Telecommunication Services — 0.2%
	237	AT&T, Inc.		7,011
	132	Verizon Communications, Inc.		7,587

				14,598

		Electric Utilities — 0.5%
	149	American Electric Power Co., Inc.		12,945
	21	Edison International		1,169
	36	Eversource Energy		3,242
	23	FirstEnergy Corp.		667
	64	IDACORP, Inc.		5,968
	51	NextEra Energy, Inc.		14,316
	48	PPL Corp.		1,278

				39,585

		Electrical Equipment — 0.5%
	25	Acuity Brands, Inc.		2,477
	31	Eaton Corp. PLC		2,887
	44	Hubbell, Inc.		5,939
	352	Sunrun, Inc.(a)		12,915
	480	Vivint Solar, Inc.(a)		9,763

				33,981

		Electronic Equipment, Instruments & Components — 0.7%
	115	Avnet, Inc.		3,073
	123	Cognex Corp.		8,225
	27	Coherent, Inc.(a)		3,748
	38	Corning, Inc.		1,178
	83	Itron, Inc.(a)		5,774
	25	Littelfuse, Inc.		4,441
	23	Rogers Corp.(a)		2,741
	163	TE Connectivity Ltd.		14,518
	146	Trimble, Inc.(a)		6,499
	207	Vishay Intertechnology, Inc.		3,248

				53,445

		Energy Equipment & Services — 0.3%
	926	Archrock, Inc.		6,167
	131	Baker Hughes Co.		2,029
	87	National Oilwell Varco, Inc.		1,001
	519	Schlumberger Ltd.		9,415
	58	TechnipFMC PLC		466

				19,078

		Entertainment — 1.6%
	41	Activision Blizzard, Inc.		3,388
	104	Cinemark Holdings, Inc.		1,230
	98	Electronic Arts, Inc.(a)		13,879
		Entertainment — continued
	93	Netflix, Inc.(a)	$	45,466
	38	Take-Two Interactive Software, Inc.(a)		6,233
	373	Walt Disney Co. (The)		43,618

				113,814

		Food & Staples Retailing — 0.3%
	86	Kroger Co. (The)		2,992
	295	SpartanNash Co.		6,202
	40	Sysco Corp.		2,114
	209	Walgreens Boots Alliance, Inc.		8,509

				19,817

		Food Products — 0.4%
	79	Campbell Soup Co.		3,916
	59	General Mills, Inc.		3,733
	119	Hain Celestial Group, Inc. (The)(a)		4,044
	85	Hormel Foods Corp.		4,323
	64	Ingredion, Inc.		5,536
	16	J.M. Smucker Co. (The)		1,749
	29	Kellogg Co.		2,001
	9	McCormick & Co., Inc.		1,754

				27,056

		Gas Utilities — 0.2%
	123	New Jersey Resources Corp.		3,820
	73	ONE Gas, Inc.		5,526
	135	South Jersey Industries, Inc.		3,150
	156	UGI Corp.		5,201

				17,697

		Health Care Equipment & Supplies — 0.9%
	5	Becton Dickinson & Co.		1,407
	35	Boston Scientific Corp.(a)		1,350
	9	Cooper Cos., Inc. (The)		2,546
	16	DENTSPLY SIRONA, Inc.		714
	6	DexCom, Inc.(a)		2,613
	15	Edwards Lifesciences Corp.(a)		1,176
	64	Globus Medical, Inc., Class A(a)		3,084
	33	Haemonetics Corp.(a)		2,893
	64	Hill-Rom Holdings, Inc.		6,222
	31	Hologic, Inc.(a)		2,163
	20	Intuitive Surgical, Inc.(a)		13,709
	158	Meridian Bioscience, Inc.(a)		3,869
	51	Merit Medical Systems, Inc.(a)		2,281
	18	Quidel Corp.(a)		5,084
	7	STERIS PLC		1,117
	5	Stryker Corp.		967
	38	Varian Medical Systems, Inc.(a)		5,423
	34	West Pharmaceutical Services, Inc.		9,142

				65,760

		Health Care Providers & Services — 2.1%
	70	Acadia Healthcare Co., Inc.(a)		2,087
	22	Amedisys, Inc.(a)		5,151
	12	Anthem, Inc.		3,286
	50	BioTelemetry, Inc.(a)		2,128
	104	Centene Corp.(a)		6,786
	16	Chemed Corp.		7,875
	19	Cigna Corp.		3,281
	374	CVS Health Corp.		23,539
	22	DaVita, Inc.(a)		1,923
	63	Encompass Health Corp.		4,289
	204	HCA Healthcare, Inc.		25,834
	36	Henry Schein, Inc.(a)		2,474
	75	Humana, Inc.		29,434

See accompanying notes to financial statements.

| 42

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2035 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	28	Laboratory Corp. of America Holdings(a)	$	5,402
	256	MEDNAX, Inc.(a)		5,115
	114	Patterson Cos., Inc.		3,028
	40	Quest Diagnostics, Inc.		5,083
	49	UnitedHealth Group, Inc.		14,836

				151,551

		Health Care Technology — 0.4%
	244	Allscripts Healthcare Solutions, Inc.(a)		2,196
	285	Cerner Corp.		19,793
	113	HMS Holdings Corp.(a)		3,673

				25,662

		Hotels, Restaurants & Leisure — 1.3%
	56	Dine Brands Global, Inc.		2,544
	67	Dunkin’ Brands Group, Inc.		4,605
	204	Hilton Worldwide Holdings, Inc.		15,310
	40	Jack in the Box, Inc.		3,284
	40	Marriott Vacations Worldwide Corp.		3,387
	14	McDonald’s Corp.		2,720
	981	MGM Resorts International		15,784
	239	Starbucks Corp.		18,291
	246	Wendy’s Co. (The)		5,702
	293	Yum China Holdings, Inc.		15,013
	108	Yum! Brands, Inc.		9,834

				96,474

		Household Durables — 0.4%
	194	KB Home		6,526
	145	Meritage Homes Corp.(a)		14,381
	265	Taylor Morrison Home Corp.(a)		6,214

				27,121

		Household Products — 0.7%
	8	Clorox Co. (The)		1,892
	274	Colgate-Palmolive Co.		21,153
	8	Kimberly-Clark Corp.		1,216
	209	Procter & Gamble Co. (The)		27,404

				51,665

		Independent Power & Renewable Electricity Producers — 0.2%
	96	AES Corp. (The)		1,462
	206	Ormat Technologies, Inc.		12,257

				13,719

		Industrial Conglomerates — 0.2%
	33	Carlisle Cos., Inc.		3,929
	1,943	General Electric Co.		11,794
	10	Honeywell International, Inc.		1,494

				17,217

		Insurance — 1.3%
	35	Aflac, Inc.		1,245
	55	Allstate Corp. (The)		5,192
	665	American International Group, Inc.		21,373
	24	Brighthouse Financial, Inc.(a)		680
	79	Chubb Ltd.		10,052
	17	eHealth, Inc.(a)		1,175
	112	First American Financial Corp.		5,713
	43	Hanover Insurance Group, Inc. (The)		4,381
	63	Hartford Financial Services Group, Inc. (The)		2,666
	54	Lincoln National Corp.		2,013
	32	Marsh & McLennan Cos., Inc.		3,731
	18	Progressive Corp. (The)		1,626
	106	Prudential Financial, Inc.		6,717
	289	Reinsurance Group of America, Inc.		24,637
		Insurance — continued
	38	Travelers Cos., Inc. (The)	$	4,348

				95,549

		Interactive Media & Services — 3.0%
	21	Alphabet, Inc., Class A(a)		31,247
	46	Alphabet, Inc., Class C(a)		68,216
	366	Facebook, Inc., Class A(a)		92,843
	123	Match Group, Inc.(a)		12,632
	457	Pinterest, Inc., Class A(a)		15,671

				220,609

		Internet & Direct Marketing Retail — 3.0%
	232	Alibaba Group Holding Ltd., Sponsored ADR(a)		58,237
	23	Amazon.com, Inc.(a)		72,787
	23	Booking Holdings, Inc.(a)		38,229
	642	eBay, Inc.		35,490
	82	Etsy, Inc.(a)		9,707

				214,450

		IT Services — 2.6%
	139	Automatic Data Processing, Inc.		18,474
	88	Cognizant Technology Solutions Corp., Class A		6,012
	754	DXC Technology Co.		13,504
	22	Fiserv, Inc.(a)		2,195
	132	Gartner, Inc.(a)		16,452
	28	Global Payments, Inc.		4,985
	34	International Business Machines Corp.		4,180
	92	MasterCard, Inc., Class A		28,385
	31	Paychex, Inc.		2,230
	46	PayPal Holdings, Inc.(a)		9,019
	315	Sabre Corp.		2,381
	17	VeriSign, Inc.(a)		3,599
	384	Visa, Inc., Class A		73,114
	33	WEX, Inc.(a)		5,226

				189,756

		Leisure Products — 0.0%
	149	Callaway Golf Co.		2,838

		Life Sciences Tools & Services — 0.7%
	23	Agilent Technologies, Inc.		2,216
	46	Illumina, Inc.(a)		17,579
	13	IQVIA Holdings, Inc.(a)		2,059
	1	Mettler-Toledo International, Inc.(a)		935
	84	NeoGenomics, Inc.(a)		3,211
	61	Repligen Corp.(a)		9,206
	26	Thermo Fisher Scientific, Inc.		10,763
	10	Waters Corp.(a)		2,131

				48,100

		Machinery — 2.0%
	82	AGCO Corp.		5,382
	193	Caterpillar, Inc.		25,646
	125	Cummins, Inc.		24,157
	179	Deere & Co.		31,559
	67	Flowserve Corp.		1,867
	15	Illinois Tool Works, Inc.		2,775
	109	ITT, Inc.		6,293
	130	Kennametal, Inc.		3,505
	85	Oshkosh Corp.		6,691
	148	Parker-Hannifin Corp.		26,480
	25	Proto Labs, Inc.(a)		3,003
	107	Terex Corp.		2,017
	95	Toro Co. (The)		6,778

				146,153

See accompanying notes to financial statements.

43 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2035 Fund – (continued)


Shares		Description	Value (†)
		Media — 1.0%
	6	Cable One, Inc.	$	10,935
	36	Charter Communications, Inc., Class A(a)		20,880
	668	Comcast Corp., Class A		28,591
	26	Discovery, Inc., Series C(a)		493
	88	Fox Corp., Class A		2,268
	46	Interpublic Group of Cos., Inc. (The)		830
	118	New York Times Co. (The), Class A		5,445
	66	Omnicom Group, Inc.		3,546
	91	ViacomCBS, Inc., Class B		2,372

				75,360

		Metals & Mining — 0.3%
	186	Commercial Metals Co.		3,846
	16	Nucor Corp.		671
	83	Reliance Steel & Aluminum Co.		8,156
	54	Royal Gold, Inc.		7,556

				20,229

		Multi-Utilities — 0.2%
	86	Consolidated Edison, Inc.		6,607
	33	DTE Energy Co.		3,816
	22	Sempra Energy		2,738
	21	WEC Energy Group, Inc.		2,001

				15,162

		Multiline Retail — 0.2%
	473	Macy’s, Inc.		2,866
	69	Target Corp.		8,686

				11,552

		Oil, Gas & Consumable Fuels — 0.8%
	1,109	Apache Corp.		17,023
	103	Concho Resources, Inc.		5,412
	90	Devon Energy Corp.		944
	116	Diamondback Energy, Inc.		4,624
	375	EOG Resources, Inc.		17,569
	191	EQT Corp.		2,773
	443	Marathon Oil Corp.		2,432
	147	Noble Energy, Inc.		1,469
	86	ONEOK, Inc.		2,400
	610	Southwestern Energy Co.(a)		1,482
	43	Valero Energy Corp.		2,418
	98	World Fuel Services Corp.		2,306

				60,852

		Paper & Forest Products — 0.1%
	137	Louisiana-Pacific Corp.		4,339

		Personal Products — 0.0%
	14	Estee Lauder Cos., Inc. (The), Class A		2,766

		Pharmaceuticals — 1.3%
	80	Bristol-Myers Squibb Co.		4,693
	104	Catalent, Inc.(a)		9,083
	53	Eli Lilly & Co.		7,965
	122	Merck & Co., Inc.		9,789
	165	Novartis AG, Sponsored ADR		13,553
	121	Novo Nordisk A/S, Sponsored ADR		7,905
	22	Perrigo Co. PLC		1,167
	293	Pfizer, Inc.		11,275
	651	Roche Holding AG, Sponsored ADR		28,058

				93,488

		Professional Services — 0.3%
	86	Exponent, Inc.		7,229
	33	Insperity, Inc.		2,206
	88	Korn Ferry		2,473
		Professional Services — continued
	50	ManpowerGroup, Inc.	$	3,440
	43	Nielsen Holdings PLC		621
	37	Verisk Analytics, Inc.		6,982

				22,951

		Real Estate Management & Development — 0.1%
	53	CBRE Group, Inc., Class A(a)		2,322
	45	Jones Lang LaSalle, Inc.		4,451

				6,773

		REITs – Apartments — 0.2%
	159	American Campus Communities, Inc.		5,667
	105	Camden Property Trust		9,535
	20	Equity Residential		1,072

				16,274

		REITs – Diversified — 0.1%
	21	Crown Castle International Corp.		3,501
	17	Digital Realty Trust, Inc.		2,729
	74	Weyerhaeuser Co.		2,058

				8,288

		REITs – Health Care — 0.0%
	35	Ventas, Inc.		1,343
	20	Welltower, Inc.		1,071

				2,414

		REITs – Hotels — 0.1%
	120	Host Hotels & Resorts, Inc.		1,294
	472	Park Hotels & Resorts, Inc.		3,903

				5,197

		REITs – Mortgage — 0.1%
	109	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		3,818

		REITs – Office Property — 0.4%
	23	Boston Properties, Inc.		2,049
	236	Corporate Office Properties Trust		6,249
	267	Douglas Emmett, Inc.		7,781
	356	Easterly Government Properties, Inc.		8,704
	119	Kilroy Realty Corp.		6,934

				31,717

		REITs – Shopping Centers — 0.1%
	641	Brixmor Property Group, Inc.		7,378

		REITs – Storage — 0.0%
	25	Iron Mountain, Inc.		705

		REITs – Warehouse/Industrials — 0.1%
	76	CyrusOne, Inc.		6,340

		Road & Rail — 0.9%
	249	CSX Corp.		17,764
	117	Kansas City Southern		20,106
	30	Norfolk Southern Corp.		5,766
	69	Ryder System, Inc.		2,528
	91	Union Pacific Corp.		15,775

				61,939

		Semiconductors & Semiconductor Equipment — 2.0%
	21	Advanced Micro Devices, Inc.(a)		1,626
	82	Applied Materials, Inc.		5,275
	50	Cabot Microelectronics Corp.		7,536
	91	Cirrus Logic, Inc.(a)		6,236
	68	Cree, Inc.(a)		4,687
	61	Enphase Energy, Inc.(a)		3,682
	274	First Solar, Inc.(a)		16,317
	114	Ichor Holdings Ltd.(a)		3,741

See accompanying notes to financial statements.

| 44

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2035 Fund – (continued)


Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — continued
	181	Intel Corp.	$	8,639
	122	NVIDIA Corp.		51,800
	180	QUALCOMM, Inc.		19,010
	70	Silicon Laboratories, Inc.(a)		7,036
	53	Texas Instruments, Inc.		6,760
	24	Universal Display Corp.		4,187

				146,532

		Software — 3.7%
	41	Adobe, Inc.(a)		18,217
	218	Autodesk, Inc.(a)		51,542
	51	Blackbaud, Inc.		3,190
	70	Bottomline Technologies, Inc.(a)		3,378
	64	Ceridian HCM Holding, Inc.(a)		5,011
	12	Citrix Systems, Inc.		1,713
	24	Fair Isaac Corp.(a)		10,541
	40	LogMeIn, Inc.		3,432
	225	Microsoft Corp.		46,127
	38	NortonLifeLock, Inc.		815
	752	Oracle Corp.		41,698
	65	PTC, Inc.(a)		5,561
	47	Qualys, Inc.(a)		5,804
	164	salesforce.com, Inc.(a)		31,955
	6	Tyler Technologies, Inc.(a)		2,144
	198	Workday, Inc., Class A(a)		35,822

				266,950

		Specialty Retail — 1.1%
	55	Aaron’s, Inc.		2,870
	159	American Eagle Outfitters, Inc.		1,590
	59	Asbury Automotive Group, Inc.(a)		5,909
	16	Best Buy Co., Inc.		1,593
	28	Five Below, Inc.(a)		3,050
	79	Home Depot, Inc. (The)		20,974
	42	Lithia Motors, Inc., Class A		9,624
	43	Lowe’s Cos., Inc.		6,403
	45	Monro, Inc.		2,534
	111	Tiffany & Co.		13,915
	53	TJX Cos., Inc. (The)		2,755
	59	Williams-Sonoma, Inc.		5,140

				76,357

		Technology Hardware, Storage & Peripherals — 0.5%
	49	Apple, Inc.		20,827
	236	Hewlett Packard Enterprise Co.		2,329
	332	HP, Inc.		5,837
	143	NCR Corp.(a)		2,635
	47	NetApp, Inc.		2,082
	17	Seagate Technology PLC		769

				34,479

		Textiles, Apparel & Luxury Goods — 0.4%
	35	Deckers Outdoor Corp.(a)		7,324
	69	NIKE, Inc., Class B		6,735
	1,112	Under Armour, Inc., Class A(a)		11,698
	137	Wolverine World Wide, Inc.		3,294

				29,051

		Thrifts & Mortgage Finance — 0.1%
	521	New York Community Bancorp, Inc.		5,486

		Trading Companies & Distributors — 0.3%
	236	Fastenal Co.		11,101
	45	GATX Corp.		2,745
	26	W.W. Grainger, Inc.		8,880

				22,726

		Water Utilities — 0.3%
	107	American Water Works Co., Inc.	$	15,758
	146	Essential Utilities, Inc.		6,621

				22,379

		Wireless Telecommunication Services — 0.2%
	100	Shenandoah Telecommunications Co.		5,027
	79	T-Mobile US, Inc.(a)		8,483

				13,510

		Total Common Stocks (Identified Cost $3,582,442)		3,790,255


Principal Amount
	Bonds and Notes — 8.5%
		Agency Commercial Mortgage-Backed Securities — 0.1%
$	3,796	FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2, 4.186%, 12/25/2020(b)		3,830

		Automotive — 0.1%
	5,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		5,414
	5,000	Toyota Motor Credit Corp., MTN, 2.600%, 1/11/2022		5,161

				10,575

		Banking — 1.3%
	5,000	American Express Co., 3.700%, 8/03/2023		5,449
	7,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		7,248
	6,000	Bank of Montreal, MTN, 1.900%, 8/27/2021		6,103
	5,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		5,514
	2,000	Bank of Nova Scotia (The), 3.400%, 2/11/2024		2,187
	5,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		5,365
	4,000	Capital One Financial Corp., 3.300%, 10/30/2024		4,365
	5,000	Citigroup, Inc., 4.600%, 3/09/2026		5,802
	2,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		2,105
	2,000	Deutsche Bank AG, GMTN, 3.375%, 5/12/2021		2,034
	6,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		6,691
	4,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		4,330
	6,000	KeyCorp, MTN, 2.250%, 4/06/2027		6,406
	5,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		5,575
	5,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		5,514
	2,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024		2,144
	2,000	Santander Holdings USA, Inc., 3.500%, 6/07/2024		2,144
	6,000	Truist Bank, 3.200%, 4/01/2024		6,580
	6,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		6,516
	4,000	Westpac Banking Corp., 2.350%, 2/19/2025		4,283

				96,355

		Brokerage — 0.2%
	7,000	BlackRock, Inc., 2.400%, 4/30/2030		7,807
	6,000	Intercontinental Exchange, Inc., 3.000%, 6/15/2050		6,953

				14,760

		Cable Satellite — 0.1%
	5,000	Comcast Corp., 3.000%, 2/01/2024		5,423

		Construction Machinery — 0.1%
	4,000	Caterpillar Financial Services Corp., 0.650%, 7/07/2023		4,026
	4,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		4,136

				8,162

See accompanying notes to financial statements.

45 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2035 Fund – (continued)


Principal Amount		Description	Value (†)
		Consumer Cyclical Services — 0.1%
$	2,000	Amazon.com, Inc., 3.875%, 8/22/2037	$	2,597
	5,000	eBay, Inc., 3.800%, 3/09/2022		5,253

				7,850

		Electric — 0.3%
	5,000	Duke Energy Corp., 3.750%, 4/15/2024		5,532
	2,000	Exelon Corp., 4.050%, 4/15/2030		2,399
	7,000	NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030		7,547
	4,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026		4,501

				19,979

		Finance Companies — 0.0%
	2,000	Ares Capital Corp., 3.250%, 7/15/2025		1,985

		Financial Other — 0.1%
	6,000	ORIX Corp., 2.900%, 7/18/2022		6,235

		Food & Beverage — 0.3%
	6,000	Coca-Cola Co. (The), 1.450%, 6/01/2027		6,232
	7,000	General Mills, Inc., 4.000%, 4/17/2025		8,008
	5,000	Mondelez International, Inc., 2.750%, 4/13/2030		5,551

				19,791

		Government Owned – No Guarantee — 0.2%
	9,000	Federal National Mortgage Association, 6.625%, 11/15/2030		13,995

		Health Insurance — 0.2%
	6,000	Anthem, Inc., 4.101%, 3/01/2028		7,162
	5,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		7,459

				14,621

		Healthcare — 0.3%
	2,000	Cigna Corp., 3.750%, 7/15/2023		2,179
	4,000	CVS Health Corp., 4.300%, 3/25/2028		4,752
	4,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		4,242
	4,000	McKesson Corp., 3.950%, 2/16/2028		4,693
	2,000	Quest Diagnostics, Inc., 2.950%, 6/30/2030		2,220
	2,000	Thermo Fisher Scientific, Inc., 3.000%, 4/15/2023		2,126

				20,212

		Independent Energy — 0.1%
	5,000	EQT Corp., 3.000%, 10/01/2022		4,961

		Integrated Energy — 0.2%
	5,000	BP Capital Markets PLC, 3.814%, 2/10/2024		5,523
	6,000	Exxon Mobil Corp., 2.992%, 3/19/2025		6,600
	4,000	Shell International Finance BV, 6.375%, 12/15/2038		6,296

				18,419

		Life Insurance — 0.1%
	6,000	American International Group, Inc., 3.400%, 6/30/2030		6,725
	2,000	Brighthouse Financial, Inc., 3.700%, 6/22/2027		2,084

				8,809

		Media Entertainment — 0.1%
	4,000	ViacomCBS, Inc., 4.750%, 5/15/2025		4,606

		Midstream — 0.2%
	7,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		7,383
	6,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		6,598

				13,981

		Mortgage Related — 1.1%
	39,702	FNMA, 3.000%, with various maturities from 2034 to 2049(c)		41,931
	26,578	FNMA, 3.500%, with various maturities in 2049(c)		27,991
	9,216	FNMA, 4.000%, with various maturities from 2049 to 2050(c)		9,791
		Mortgage Related — continued
$	4,770	FNMA, 4.500%, 5/01/2049	$	5,123

				84,836

		Oil Field Services — 0.1%
	5,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		5,231

		Pharmaceuticals — 0.2%
	6,000	AbbVie, Inc., 3.600%, 5/14/2025		6,710
	6,000	Amgen, Inc., 2.650%, 5/11/2022		6,231

				12,941

		Railroads — 0.1%
	5,000	CSX Corp., 2.600%, 11/01/2026		5,529

		REITs – Office Property — 0.0%
	3,000	Boston Properties LP, 2.750%, 10/01/2026		3,263

		Restaurants — 0.1%
	5,000	Starbucks Corp., 3.800%, 8/15/2025		5,724

		Technology — 0.6%
	5,000	Apple, Inc., 2.500%, 2/09/2025		5,428
	4,000	Broadcom, Inc., 4.110%, 9/15/2028, 144A		4,515
	2,000	HP, Inc., 3.000%, 6/17/2027		2,154
	3,000	Intel Corp., 2.450%, 11/15/2029		3,312
	6,000	International Business Machines Corp., 4.000%, 6/20/2042		7,521
	2,000	NVIDIA Corp., 2.850%, 4/01/2030		2,240
	5,000	Oracle Corp., 2.950%, 5/15/2025		5,519
	5,000	QUALCOMM, Inc., 3.450%, 5/20/2025		5,620
	7,000	VMware, Inc., 2.950%, 8/21/2022		7,308

				43,617

		Treasuries — 1.9%
	5,000	U.S. Treasury Bond, 2.500%, 5/15/2046		6,480
	14,000	U.S. Treasury Bond, 2.875%, 11/15/2046		19,420
	15,000	U.S. Treasury Bond, 3.000%, 5/15/2045		20,982
	6,000	U.S. Treasury Bond, 3.000%, 2/15/2048		8,582
	6,000	U.S. Treasury Bond, 3.000%, 2/15/2049		8,656
	4,000	U.S. Treasury Bond, 4.250%, 11/15/2040		6,431
	4,000	U.S. Treasury Bond, 4.375%, 5/15/2041		6,555
	2,000	U.S. Treasury Bond, 4.500%, 2/15/2036		3,118
	15,000	U.S. Treasury Note, 1.125%, 9/30/2021		15,172
	20,000	U.S. Treasury Note, 1.625%, 8/31/2022		20,625
	24,000	U.S. Treasury Note, 2.125%, 12/31/2022		25,159

				141,180

		Wireless — 0.1%
	5,000	Vodafone Group PLC, 6.150%, 2/27/2037		7,384

		Wirelines — 0.2%
	7,000	AT&T, Inc., 3.400%, 5/15/2025		7,787
	5,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 1.492%, 5/15/2025(d)		5,117

				12,904

		Total Bonds and Notes (Identified Cost $588,467)		617,158

Shares
	Exchange-Traded Funds — 12.5%
	9,725	iShares^® ESG MSCI EAFE ETF		602,366
	8,700	iShares^® ESG MSCI Emerging Markets ETF		304,935

		Total Exchange-Traded Funds (Identified Cost $881,348)		907,301

See accompanying notes to financial statements.

| 46

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2035 Fund – (continued)


Shares		Description	Value (†)
	Affiliated Mutual Funds — 23.5%
	21,222	Loomis Sayles Inflation Protected Securities Fund, Class N	$	250,421
	21,064	Loomis Sayles Limited Term Government and Agency Fund, Class N		243,926
	26,308	Mirova Global Green Bond Fund, Class N		284,913
	72,084	Mirova International Sustainable Equity Fund, Class N		926,284

		Total Affiliated Mutual Funds (Identified Cost $1,542,482)		1,705,544


		Total Investments — 96.7% (Identified Cost $6,594,739)		7,020,258
		Other assets less liabilities — 3.3%		237,675

		Net Assets — 100.0%	$	7,257,933


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of July 31, 2020 is disclosed.
	(c)	The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(d)	Variable rate security. Rate as of July 31, 2020 is disclosed.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2020, the value of Rule 144A holdings amounted to $4,515 or 0.1% of net assets.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	ETF	Exchange-Traded Fund
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	LIBOR	London Interbank Offered Rate
��	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

Asset Allocation Summary at July 31, 2020 (Unaudited)


Equity	77.5	%
Fixed Income	19.2

Total Investments	96.7
Other assets less liabilities	3.3

Net Assets	100.0	%

See accompanying notes to financial statements.

47 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2040 Fund


Shares		Description	Value (†)
	Common Stocks — 55.6% of Net Assets
		Aerospace & Defense — 0.6%
	33	Axon Enterprise, Inc.(a)	$	2,743
	135	Boeing Co. (The)		21,330
	53	General Dynamics Corp.		7,777
	47	Moog, Inc., Class A		2,525
	61	Raytheon Technologies Corp.		3,458

				37,833

		Air Freight & Logistics — 0.6%
	320	Expeditors International of Washington, Inc.		27,043
	51	United Parcel Service, Inc., Class B		7,281

				34,324

		Airlines — 0.1%
	18	Delta Air Lines, Inc.		450
	233	Hawaiian Holdings, Inc.		2,770

				3,220

		Auto Components — 0.3%
	150	Aptiv PLC		11,662
	18	BorgWarner, Inc.		659
	42	Visteon Corp.(a)		3,050

				15,371

		Automobiles — 0.3%
	561	General Motors Co.		13,963
	47	Thor Industries, Inc.		5,358

				19,321

		Banks — 2.6%
	124	Ameris Bancorp		2,861
	231	BancorpSouth Bank		4,835
	1,027	Bank of America Corp.		25,552
	475	Cadence BanCorp		3,710
	497	Citigroup, Inc.		24,855
	279	Citizens Financial Group, Inc.		6,922
	176	Columbia Banking System, Inc.		5,092
	11	Comerica, Inc.		424
	110	Cullen/Frost Bankers, Inc.		7,927
	382	Fulton Financial Corp.		3,705
	314	Huntington Bancshares, Inc.		2,911
	204	International Bancshares Corp.		6,206
	450	KeyCorp		5,404
	28	M&T Bank Corp.		2,967
	657	People’s United Financial, Inc.		7,089
	99	PNC Financial Services Group, Inc. (The)		10,560
	169	Regions Financial Corp.		1,835
	186	TCF Financial Corp.		5,113
	155	Truist Financial Corp.		5,806
	312	Trustmark Corp.		7,026
	437	Wells Fargo & Co.		10,602
	81	Wintrust Financial Corp.		3,467
	154	Zions Bancorp N.A.		5,000

				159,869

		Beverages — 1.3%
	241	Coca-Cola Co. (The)		11,385
	115	Constellation Brands, Inc., Class A		20,493
	504	Monster Beverage Corp.(a)		39,554
	74	PepsiCo, Inc.		10,187

				81,619

		Biotechnology — 1.7%
	83	AbbVie, Inc.		7,878
	51	Amgen, Inc.		12,478
	16	Biogen, Inc.(a)		4,395
		Biotechnology — continued
	132	BioMarin Pharmaceutical, Inc.(a)	$	15,815
	135	Gilead Sciences, Inc.		9,387
	30	Ligand Pharmaceuticals, Inc.(a)		3,515
	71	Regeneron Pharmaceuticals, Inc.(a)		44,877
	13	Vertex Pharmaceuticals, Inc.(a)		3,536

				101,881

		Building Products — 0.4%
	196	Johnson Controls International PLC		7,542
	33	Lennox International, Inc.		8,849
	98	Owens Corning		5,926

				22,317

		Capital Markets — 3.7%
	15	Ameriprise Financial, Inc.		2,304
	572	Bank of New York Mellon Corp. (The)		20,506
	21	BlackRock, Inc.		12,075
	623	Charles Schwab Corp. (The)		20,653
	27	CME Group, Inc.		4,487
	67	FactSet Research Systems, Inc.		23,202
	80	Franklin Resources, Inc.		1,684
	74	Goldman Sachs Group, Inc. (The)		14,649
	67	Intercontinental Exchange, Inc.		6,484
	20	Invesco Ltd.		201
	156	Janus Henderson Group PLC		3,259
	175	Legg Mason, Inc.		8,748
	81	Moody’s Corp.		22,785
	49	MSCI, Inc.		18,423
	70	Northern Trust Corp.		5,485
	64	S&P Global, Inc.		22,416
	275	SEI Investments Co.		14,391
	371	State Street Corp.		23,666
	8	T. Rowe Price Group, Inc.		1,105

				226,523

		Chemicals — 0.7%
	33	DuPont de Nemours, Inc.		1,765
	65	Ecolab, Inc.		12,160
	86	HB Fuller Co.		3,899
	64	Innospec, Inc.		4,811
	62	Linde PLC		15,197
	72	Minerals Technologies, Inc.		3,375
	44	Stepan Co.		4,805

				46,012

		Commercial Services & Supplies — 0.2%
	78	Healthcare Services Group, Inc.		2,043
	46	MSA Safety, Inc.		5,452
	67	Tetra Tech, Inc.		5,940

				13,435

		Communications Equipment — 0.8%
	108	Ciena Corp.(a)		6,427
	621	Cisco Systems, Inc.		29,249
	8	F5 Networks, Inc.(a)		1,087
	55	InterDigital, Inc.		3,301
	61	Lumentum Holdings, Inc.(a)		5,663
	23	Motorola Solutions, Inc.		3,215

				48,942

		Construction & Engineering — 0.2%
	203	AECOM(a)		7,347
	239	Fluor Corp.		2,435

				9,782

See accompanying notes to financial statements.

| 48

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2040 Fund – (continued)


Shares		Description	Value (†)
		Consumer Finance — 1.0%
	1,063	Ally Financial, Inc.	$	21,366
	179	American Express Co.		16,704
	351	Capital One Financial Corp.		22,394

				60,464

		Containers & Packaging — 0.2%
	55	Ball Corp.		4,049
	58	International Paper Co.		2,018
	309	O-I Glass, Inc.		3,226

				9,293

		Distributors — 0.2%
	43	Genuine Parts Co.		3,876
	31	POOL CORP.		9,818

				13,694

		Diversified Consumer Services — 0.1%
	137	Service Corp. International		5,940

		Diversified Telecommunication Services — 0.2%
	223	AT&T, Inc.		6,596
	120	Verizon Communications, Inc.		6,898

				13,494

		Electric Utilities — 0.6%
	147	American Electric Power Co., Inc.		12,771
	21	Edison International		1,169
	36	Eversource Energy		3,243
	26	FirstEnergy Corp.		754
	61	IDACORP, Inc.		5,688
	48	NextEra Energy, Inc.		13,474
	47	PPL Corp.		1,251

				38,350

		Electrical Equipment — 0.5%
	23	Acuity Brands, Inc.		2,279
	34	Eaton Corp. PLC		3,166
	42	Hubbell, Inc.		5,669
	332	Sunrun, Inc.(a)		12,181
	452	Vivint Solar, Inc.(a)		9,194

				32,489

		Electronic Equipment, Instruments & Components — 0.8%
	109	Avnet, Inc.		2,912
	116	Cognex Corp.		7,757
	24	Coherent, Inc.(a)		3,332
	43	Corning, Inc.		1,333
	78	Itron, Inc.(a)		5,426
	22	Littelfuse, Inc.		3,908
	22	Rogers Corp.(a)		2,622
	136	TE Connectivity Ltd.		12,114
	139	Trimble, Inc.(a)		6,187
	196	Vishay Intertechnology, Inc.		3,075

				48,666

		Energy Equipment & Services — 0.3%
	857	Archrock, Inc.		5,708
	135	Baker Hughes Co.		2,091
	96	National Oilwell Varco, Inc.		1,105
	471	Schlumberger Ltd.		8,544
	66	TechnipFMC PLC		530

				17,978

		Entertainment — 1.7%
	42	Activision Blizzard, Inc.		3,470
	89	Cinemark Holdings, Inc.		1,053
	93	Electronic Arts, Inc.(a)		13,171
		Entertainment — continued
	80	Netflix, Inc.(a)	$	39,110
	36	Take-Two Interactive Software, Inc.(a)		5,905
	341	Walt Disney Co. (The)		39,877

				102,586

		Food & Staples Retailing — 0.3%
	89	Kroger Co. (The)		3,097
	278	SpartanNash Co.		5,845
	38	Sysco Corp.		2,008
	206	Walgreens Boots Alliance, Inc.		8,386

				19,336

		Food Products — 0.4%
	79	Campbell Soup Co.		3,916
	63	General Mills, Inc.		3,986
	115	Hain Celestial Group, Inc. (The)(a)		3,908
	84	Hormel Foods Corp.		4,272
	61	Ingredion, Inc.		5,277
	18	J.M. Smucker Co. (The)		1,968
	32	Kellogg Co.		2,208
	8	McCormick & Co., Inc.		1,559

				27,094

		Gas Utilities — 0.3%
	116	New Jersey Resources Corp.		3,603
	69	ONE Gas, Inc.		5,223
	131	South Jersey Industries, Inc.		3,056
	140	UGI Corp.		4,668

				16,550

		Health Care Equipment & Supplies — 1.0%
	5	Becton Dickinson & Co.		1,407
	33	Boston Scientific Corp.(a)		1,273
	8	Cooper Cos., Inc. (The)		2,263
	19	DENTSPLY SIRONA, Inc.		847
	6	DexCom, Inc.(a)		2,613
	15	Edwards Lifesciences Corp.(a)		1,176
	61	Globus Medical, Inc., Class A(a)		2,939
	31	Haemonetics Corp.(a)		2,717
	60	Hill-Rom Holdings, Inc.		5,833
	30	Hologic, Inc.(a)		2,093
	18	Intuitive Surgical, Inc.(a)		12,338
	148	Meridian Bioscience, Inc.(a)		3,625
	46	Merit Medical Systems, Inc.(a)		2,057
	18	Quidel Corp.(a)		5,085
	7	STERIS PLC		1,117
	5	Stryker Corp.		967
	33	Varian Medical Systems, Inc.(a)		4,710
	32	West Pharmaceutical Services, Inc.		8,604

				61,664

		Health Care Providers & Services — 2.2%
	66	Acadia Healthcare Co., Inc.(a)		1,967
	21	Amedisys, Inc.(a)		4,917
	11	Anthem, Inc.		3,012
	45	BioTelemetry, Inc.(a)		1,915
	106	Centene Corp.(a)		6,917
	15	Chemed Corp.		7,383
	18	Cigna Corp.		3,108
	322	CVS Health Corp.		20,267
	22	DaVita, Inc.(a)		1,923
	55	Encompass Health Corp.		3,744
	177	HCA Healthcare, Inc.		22,415
	37	Henry Schein, Inc.(a)		2,543
	66	Humana, Inc.		25,902

See accompanying notes to financial statements.

49 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2040 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	26	Laboratory Corp. of America Holdings(a)	$	5,016
	227	MEDNAX, Inc.(a)		4,536
	104	Patterson Cos., Inc.		2,762
	39	Quest Diagnostics, Inc.		4,956
	45	UnitedHealth Group, Inc.		13,625

				136,908

		Health Care Technology — 0.4%
	240	Allscripts Healthcare Solutions, Inc.(a)		2,160
	246	Cerner Corp.		17,085
	109	HMS Holdings Corp.(a)		3,542

				22,787

		Hotels, Restaurants & Leisure — 1.4%
	53	Dine Brands Global, Inc.		2,408
	59	Dunkin’ Brands Group, Inc.		4,055
	170	Hilton Worldwide Holdings, Inc.		12,758
	36	Jack in the Box, Inc.		2,956
	38	Marriott Vacations Worldwide Corp.		3,217
	13	McDonald’s Corp.		2,526
	836	MGM Resorts International		13,451
	203	Starbucks Corp.		15,535
	232	Wendy’s Co. (The)		5,378
	251	Yum China Holdings, Inc.		12,861
	93	Yum! Brands, Inc.		8,468

				83,613

		Household Durables — 0.4%
	185	KB Home		6,223
	136	Meritage Homes Corp.(a)		13,489
	249	Taylor Morrison Home Corp.(a)		5,839

				25,551

		Household Products — 0.8%
	8	Clorox Co. (The)		1,892
	255	Colgate-Palmolive Co.		19,686
	8	Kimberly-Clark Corp.		1,216
	201	Procter & Gamble Co. (The)		26,355

				49,149

		Independent Power & Renewable Electricity Producers — 0.2%
	94	AES Corp. (The)		1,432
	190	Ormat Technologies, Inc.		11,305

				12,737

		Industrial Conglomerates — 0.2%
	31	Carlisle Cos., Inc.		3,692
	1,631	General Electric Co.		9,900
	9	Honeywell International, Inc.		1,344

				14,936

		Insurance — 1.4%
	33	Aflac, Inc.		1,174
	54	Allstate Corp. (The)		5,097
	555	American International Group, Inc.		17,838
	27	Brighthouse Financial, Inc.(a)		765
	80	Chubb Ltd.		10,179
	15	eHealth, Inc.(a)		1,037
	107	First American Financial Corp.		5,458
	38	Hanover Insurance Group, Inc. (The)		3,871
	59	Hartford Financial Services Group, Inc. (The)		2,497
	54	Lincoln National Corp.		2,013
	34	Marsh & McLennan Cos., Inc.		3,964
	17	Progressive Corp. (The)		1,536
	105	Prudential Financial, Inc.		6,654
	254	Reinsurance Group of America, Inc.		21,653
		Insurance — continued
	35	Travelers Cos., Inc. (The)	$	4,005

				87,741

		Interactive Media & Services — 3.1%
	19	Alphabet, Inc., Class A(a)		28,271
	40	Alphabet, Inc., Class C(a)		59,318
	310	Facebook, Inc., Class A(a)		78,638
	103	Match Group, Inc.(a)		10,578
	386	Pinterest, Inc., Class A(a)		13,236

				190,041

		Internet & Direct Marketing Retail — 3.1%
	202	Alibaba Group Holding Ltd., Sponsored ADR(a)		50,706
	21	Amazon.com, Inc.(a)		66,458
	20	Booking Holdings, Inc.(a)		33,243
	560	eBay, Inc.		30,957
	77	Etsy, Inc.(a)		9,115

				190,479

		IT Services — 2.7%
	124	Automatic Data Processing, Inc.		16,481
	90	Cognizant Technology Solutions Corp., Class A		6,149
	620	DXC Technology Co.		11,104
	20	Fiserv, Inc.(a)		1,996
	111	Gartner, Inc.(a)		13,835
	27	Global Payments, Inc.		4,806
	33	International Business Machines Corp.		4,057
	81	MasterCard, Inc., Class A		24,991
	30	Paychex, Inc.		2,158
	43	PayPal Holdings, Inc.(a)		8,431
	298	Sabre Corp.		2,253
	17	VeriSign, Inc.(a)		3,599
	341	Visa, Inc., Class A		64,926
	30	WEX, Inc.(a)		4,751

				169,537

		Leisure Products — 0.0%
	134	Callaway Golf Co.		2,553

		Life Sciences Tools & Services — 0.7%
	24	Agilent Technologies, Inc.		2,312
	40	Illumina, Inc.(a)		15,286
	14	IQVIA Holdings, Inc.(a)		2,217
	2	Mettler-Toledo International, Inc.(a)		1,870
	76	NeoGenomics, Inc.(a)		2,906
	58	Repligen Corp.(a)		8,753
	25	Thermo Fisher Scientific, Inc.		10,349
	9	Waters Corp.(a)		1,918

				45,611

		Machinery — 2.1%
	73	AGCO Corp.		4,791
	172	Caterpillar, Inc.		22,855
	106	Cummins, Inc.		20,486
	166	Deere & Co.		29,267
	62	Flowserve Corp.		1,728
	15	Illinois Tool Works, Inc.		2,775
	102	ITT, Inc.		5,888
	124	Kennametal, Inc.		3,343
	81	Oshkosh Corp.		6,376
	128	Parker-Hannifin Corp.		22,902
	22	Proto Labs, Inc.(a)		2,643
	97	Terex Corp.		1,828
	90	Toro Co. (The)		6,422

				131,304

See accompanying notes to financial statements.

| 50

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2040 Fund – (continued)


Shares		Description	Value (†)
		Media — 1.0%
	5	Cable One, Inc.	$	9,113
	30	Charter Communications, Inc., Class A(a)		17,400
	562	Comcast Corp., Class A		24,053
	24	Discovery, Inc., Series C(a)		455
	81	Fox Corp., Class A		2,087
	52	Interpublic Group of Cos., Inc. (The)		939
	106	New York Times Co. (The), Class A		4,891
	65	Omnicom Group, Inc.		3,492
	86	ViacomCBS, Inc., Class B		2,242

				64,672

		Metals & Mining — 0.3%
	176	Commercial Metals Co.		3,640
	12	Nucor Corp.		503
	78	Reliance Steel & Aluminum Co.		7,664
	51	Royal Gold, Inc.		7,137

				18,944

		Multi-Utilities — 0.3%
	87	Consolidated Edison, Inc.		6,684
	33	DTE Energy Co.		3,816
	21	Sempra Energy		2,614
	23	WEC Energy Group, Inc.		2,191

				15,305

		Multiline Retail — 0.2%
	449	Macy’s, Inc.		2,721
	68	Target Corp.		8,560

				11,281

		Oil, Gas & Consumable Fuels — 0.9%
	932	Apache Corp.		14,306
	87	Concho Resources, Inc.		4,571
	100	Devon Energy Corp.		1,049
	139	Diamondback Energy, Inc.		5,540
	313	EOG Resources, Inc.		14,664
	185	EQT Corp.		2,686
	473	Marathon Oil Corp.		2,597
	146	Noble Energy, Inc.		1,459
	92	ONEOK, Inc.		2,568
	582	Southwestern Energy Co.(a)		1,414
	46	Valero Energy Corp.		2,587
	93	World Fuel Services Corp.		2,188

				55,629

		Paper & Forest Products — 0.1%
	130	Louisiana-Pacific Corp.		4,117

		Personal Products — 0.0%
	13	Estee Lauder Cos., Inc. (The), Class A		2,568

		Pharmaceuticals — 1.4%
	75	Bristol-Myers Squibb Co.		4,400
	98	Catalent, Inc.(a)		8,559
	49	Eli Lilly & Co.		7,364
	112	Merck & Co., Inc.		8,987
	136	Novartis AG, Sponsored ADR		11,171
	103	Novo Nordisk A/S, Sponsored ADR		6,729
	24	Perrigo Co. PLC		1,272
	269	Pfizer, Inc.		10,351
	566	Roche Holding AG, Sponsored ADR		24,395

				83,228

		Professional Services — 0.3%
	82	Exponent, Inc.		6,893
	31	Insperity, Inc.		2,073
	79	Korn Ferry		2,220
		Professional Services — continued
	47	ManpowerGroup, Inc.	$	3,233
	31	Nielsen Holdings PLC		447
	34	Verisk Analytics, Inc.		6,416

				21,282

		Real Estate Management & Development — 0.1%
	50	CBRE Group, Inc., Class A(a)		2,191
	40	Jones Lang LaSalle, Inc.		3,956

				6,147

		REITs – Apartments — 0.2%
	151	American Campus Communities, Inc.		5,382
	98	Camden Property Trust		8,899
	19	Equity Residential		1,019

				15,300

		REITs – Diversified — 0.1%
	20	Crown Castle International Corp.		3,334
	16	Digital Realty Trust, Inc.		2,569
	73	Weyerhaeuser Co.		2,030

				7,933

		REITs – Health Care — 0.0%
	37	Ventas, Inc.		1,419
	19	Welltower, Inc.		1,018

				2,437

		REITs – Hotels — 0.1%
	118	Host Hotels & Resorts, Inc.		1,272
	418	Park Hotels & Resorts, Inc.		3,457

				4,729

		REITs – Mortgage — 0.1%
	102	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		3,573

		REITs – Office Property — 0.5%
	19	Boston Properties, Inc.		1,693
	226	Corporate Office Properties Trust		5,984
	251	Douglas Emmett, Inc.		7,314
	335	Easterly Government Properties, Inc.		8,191
	112	Kilroy Realty Corp.		6,526

				29,708

		REITs – Shopping Centers — 0.1%
	594	Brixmor Property Group, Inc.		6,837

		REITs – Storage — 0.0%
	29	Iron Mountain, Inc.		817

		REITs – Warehouse/Industrials — 0.1%
	72	CyrusOne, Inc.		6,006

		Road & Rail — 0.9%
	235	CSX Corp.		16,765
	110	Kansas City Southern		18,903
	28	Norfolk Southern Corp.		5,382
	62	Ryder System, Inc.		2,271
	86	Union Pacific Corp.		14,908

				58,229

		Semiconductors & Semiconductor Equipment — 2.2%
	24	Advanced Micro Devices, Inc.(a)		1,858
	77	Applied Materials, Inc.		4,954
	46	Cabot Microelectronics Corp.		6,933
	87	Cirrus Logic, Inc.(a)		5,962
	60	Cree, Inc.(a)		4,135
	58	Enphase Energy, Inc.(a)		3,501
	251	First Solar, Inc.(a)		14,947
	108	Ichor Holdings Ltd.(a)		3,545

See accompanying notes to financial statements.

51 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2040 Fund – (continued)


Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — continued
	166	Intel Corp.	$	7,923
	107	NVIDIA Corp.		45,431
	158	QUALCOMM, Inc.		16,686
	66	Silicon Laboratories, Inc.(a)		6,634
	53	Texas Instruments, Inc.		6,760
	21	Universal Display Corp.		3,664

				132,933

		Software — 3.9%
	38	Adobe, Inc.(a)		16,884
	193	Autodesk, Inc.(a)		45,631
	49	Blackbaud, Inc.		3,064
	69	Bottomline Technologies, Inc.(a)		3,330
	59	Ceridian HCM Holding, Inc.(a)		4,619
	12	Citrix Systems, Inc.		1,713
	23	Fair Isaac Corp.(a)		10,101
	39	LogMeIn, Inc.		3,347
	204	Microsoft Corp.		41,822
	35	NortonLifeLock, Inc.		751
	664	Oracle Corp.		36,819
	58	PTC, Inc.(a)		4,962
	45	Qualys, Inc.(a)		5,557
	149	salesforce.com, Inc.(a)		29,033
	6	Tyler Technologies, Inc.(a)		2,144
	174	Workday, Inc., Class A(a)		31,480

				241,257

		Specialty Retail — 1.2%
	49	Aaron’s, Inc.		2,557
	157	American Eagle Outfitters, Inc.		1,570
	56	Asbury Automotive Group, Inc.(a)		5,608
	15	Best Buy Co., Inc.		1,494
	26	Five Below, Inc.(a)		2,832
	75	Home Depot, Inc. (The)		19,912
	39	Lithia Motors, Inc., Class A		8,937
	42	Lowe’s Cos., Inc.		6,254
	42	Monro, Inc.		2,365
	104	Tiffany & Co.		13,037
	50	TJX Cos., Inc. (The)		2,599
	53	Williams-Sonoma, Inc.		4,617

				71,782

		Technology Hardware, Storage & Peripherals — 0.5%
	46	Apple, Inc.		19,552
	243	Hewlett Packard Enterprise Co.		2,398
	337	HP, Inc.		5,924
	136	NCR Corp.(a)		2,507
	45	NetApp, Inc.		1,994
	20	Seagate Technology PLC		904

				33,279

		Textiles, Apparel & Luxury Goods — 0.4%
	34	Deckers Outdoor Corp.(a)		7,115
	62	NIKE, Inc., Class B		6,052
	993	Under Armour, Inc., Class A(a)		10,446
	124	Wolverine World Wide, Inc.		2,981

				26,594

		Thrifts & Mortgage Finance — 0.1%
	467	New York Community Bancorp, Inc.		4,917

		Trading Companies & Distributors — 0.3%
	217	Fastenal Co.		10,208
	40	GATX Corp.		2,440
	25	W.W. Grainger, Inc.		8,538

				21,186

		Water Utilities — 0.3%
	101	American Water Works Co., Inc.	$	14,874
	139	Essential Utilities, Inc.		6,304

				21,178

		Wireless Telecommunication Services — 0.2%
	89	Shenandoah Telecommunications Co.		4,474
	66	T-Mobile US, Inc.(a)		7,087

				11,561

		Total Common Stocks (Identified Cost $3,215,567)		3,434,423


Principal Amount
	Bonds and Notes – 4.8%
		Agency Commercial Mortgage-Backed Securities — 0.0%
$	1,898	FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2, 4.186%, 12/25/2020(b)		1,915

		Automotive — 0.1%
	2,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		2,165
	2,000	Toyota Motor Credit Corp., MTN, 2.600%, 1/11/2022		2,065

				4,230

		Banking — 0.8%
	2,000	American Express Co., 3.700%, 8/03/2023		2,180
	2,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		2,071
	2,000	Bank of Montreal, MTN, 1.900%, 8/27/2021		2,035
	3,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		3,308
	2,000	Bank of Nova Scotia (The), 3.400%, 2/11/2024		2,187
	3,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		3,219
	2,000	Capital One Financial Corp., 3.300%, 10/30/2024		2,182
	3,000	Citigroup, Inc., 4.600%, 3/09/2026		3,481
	2,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		2,105
	1,000	Deutsche Bank AG, GMTN, 3.375%, 5/12/2021		1,017
	2,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		2,230
	2,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		2,165
	3,000	KeyCorp, MTN, 2.250%, 4/06/2027		3,203
	3,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		3,345
	2,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		2,206
	2,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024		2,144
	1,000	Santander Holdings USA, Inc., 3.500%, 6/07/2024		1,072
	3,000	Truist Bank, 3.200%, 4/01/2024		3,290
	3,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		3,258
	2,000	Westpac Banking Corp., 2.350%, 2/19/2025		2,141

				48,839

		Brokerage — 0.1%
	2,000	BlackRock, Inc., 2.400%, 4/30/2030		2,230
	2,000	Intercontinental Exchange, Inc., 3.000%, 6/15/2050		2,318

				4,548

		Cable Satellite — 0.0%
	2,000	Comcast Corp., 3.000%, 2/01/2024		2,169

		Construction Machinery — 0.1%
	1,000	Caterpillar Financial Services Corp., 0.650%, 7/07/2023		1,006
	3,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		3,102

				4,108

		Consumer Cyclical Services — 0.1%
	2,000	Amazon.com, Inc., 3.875%, 8/22/2037		2,597
	4,000	eBay, Inc., 3.800%, 3/09/2022		4,202

				6,799

See accompanying notes to financial statements.

| 52

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2040 Fund – (continued)


Principal Amount		Description	Value (†)
		Electric — 0.2%
$	2,000	Duke Energy Corp., 3.750%, 4/15/2024	$	2,213
	2,000	Exelon Corp., 4.050%, 4/15/2030		2,399
	2,000	NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030		2,156
	2,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026		2,251

				9,019

		Finance Companies — 0.0%
	2,000	Ares Capital Corp., 3.250%, 7/15/2025		1,985

		Financial Other — 0.0%
	2,000	ORIX Corp., 2.900%, 7/18/2022		2,078

		Food & Beverage — 0.1%
	2,000	Coca-Cola Co. (The), 1.450%, 6/01/2027		2,077
	2,000	General Mills, Inc., 4.000%, 4/17/2025		2,288
	2,000	Mondelez International, Inc., 2.750%, 4/13/2030		2,221

				6,586

		Government Owned – No Guarantee — 0.1%
	4,000	Federal National Mortgage Association, 6.625%, 11/15/2030		6,220

		Health Insurance — 0.1%
	3,000	Anthem, Inc., 4.101%, 3/01/2028		3,581
	2,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		2,983

				6,564

		Healthcare — 0.2%
	2,000	Cigna Corp., 3.750%, 7/15/2023		2,179
	2,000	CVS Health Corp., 4.300%, 3/25/2028		2,376
	2,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		2,121
	2,000	McKesson Corp., 3.950%, 2/16/2028		2,346
	1,000	Thermo Fisher Scientific, Inc., 3.000%, 4/15/2023		1,063

				10,085

		Independent Energy — 0.0%
	2,000	EQT Corp., 3.000%, 10/01/2022		1,985

		Integrated Energy — 0.1%
	3,000	BP Capital Markets PLC, 3.814%, 2/10/2024		3,314
	2,000	Exxon Mobil Corp., 2.992%, 3/19/2025		2,200
	2,000	Shell International Finance BV, 6.375%, 12/15/2038		3,148

				8,662

		Life Insurance — 0.1%
	3,000	American International Group, Inc., 3.400%, 6/30/2030		3,362
	2,000	Brighthouse Financial, Inc., 3.700%, 6/22/2027		2,085

				5,447

		Media Entertainment — 0.0%
	2,000	ViacomCBS, Inc., 4.750%, 5/15/2025		2,303

		Midstream — 0.1%
	2,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		2,109
	3,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		3,299

				5,408

		Mortgage Related — 0.8%
	2,497	FHLMC, 3.000%, 6/01/2049		2,644
	18,380	FNMA, 3.000%, with various maturities from 2034 to 2049(c)		19,400
	14,578	FNMA, 3.500%, with various maturities in 2049(c)		15,356
	5,471	FNMA, 4.000%, with various maturities from 2049 to 2050(c)		5,810
	2,372	FNMA, 4.500%, with various maturities in 2049(c)		2,547

				45,757

		Oil Field Services — 0.0%
$	2,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022	$	2,093

		Pharmaceuticals — 0.1%
	2,000	AbbVie, Inc., 3.600%, 5/14/2025		2,237
	2,000	Amgen, Inc., 2.650%, 5/11/2022		2,077

				4,314

		Railroads — 0.0%
	2,000	CSX Corp., 2.600%, 11/01/2026		2,212

		REITs – Office Property — 0.0%
	2,000	Boston Properties LP, 2.750%, 10/01/2026		2,176

		Restaurants — 0.0%
	2,000	Starbucks Corp., 3.800%, 8/15/2025		2,290

		Technology — 0.4%
	3,000	Apple, Inc., 2.500%, 2/09/2025		3,257
	2,000	Broadcom, Inc., 4.110%, 9/15/2028, 144A		2,257
	2,000	HP, Inc., 3.000%, 6/17/2027		2,154
	2,000	Intel Corp., 2.450%, 11/15/2029		2,208
	3,000	International Business Machines Corp., 4.000%, 6/20/2042		3,761
	2,000	NVIDIA Corp., 2.850%, 4/01/2030		2,240
	2,000	Oracle Corp., 2.950%, 5/15/2025		2,207
	2,000	QUALCOMM, Inc., 3.450%, 5/20/2025		2,248
	2,000	VMware, Inc., 2.950%, 8/21/2022		2,088

				22,420

		Treasuries — 1.1%
	3,000	U.S. Treasury Bond, 2.500%, 5/15/2046		3,888
	7,000	U.S. Treasury Bond, 2.875%, 11/15/2046		9,710
	7,000	U.S. Treasury Bond, 3.000%, 5/15/2045		9,792
	2,000	U.S. Treasury Bond, 3.000%, 2/15/2048		2,860
	3,000	U.S. Treasury Bond, 3.000%, 2/15/2049		4,328
	2,000	U.S. Treasury Bond, 4.250%, 11/15/2040		3,216
	2,000	U.S. Treasury Bond, 4.375%, 5/15/2041		3,278
	1,000	U.S. Treasury Bond, 4.500%, 2/15/2036		1,559
	5,000	U.S. Treasury Note, 1.125%, 9/30/2021		5,057
	10,000	U.S. Treasury Note, 1.625%, 8/31/2022		10,312
	11,000	U.S. Treasury Note, 2.125%, 12/31/2022		11,531

				65,531

		Wireless — 0.1%
	3,000	Vodafone Group PLC, 6.150%, 2/27/2037		4,430

		Wirelines — 0.1%
	2,000	AT&T, Inc., 3.400%, 5/15/2025		2,225
	2,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 1.492%, 5/15/2025(d)		2,047

				4,272

		Total Bonds and Notes (Identified Cost $277,825)		294,445

Shares
	Exchange-Traded Funds — 13.8%
	8,976	iShares^® ESG MSCI EAFE ETF		555,973
	8,394	iShares^® ESG MSCI Emerging Markets ETF		294,210

		Total Exchange-Traded Funds (Identified Cost $828,436)		850,183

See accompanying notes to financial statements.

53 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2040 Fund – (continued)


Shares		Description	Value (†)
	Affiliated Mutual Funds — 24.6%
	14,625	Loomis Sayles Inflation Protected Securities Fund, Class N	$	172,579
	11,520	Loomis Sayles Limited Term Government and Agency Fund, Class N		133,401
	22,015	Mirova Global Green Bond Fund, Class N		238,422
	76,054	Mirova International Sustainable Equity Fund, Class N		977,293

		Total Affiliated Mutual Funds (Identified Cost $1,359,628)		1,521,695


		Total Investments — 98.8% (Identified Cost $5,681,456)		6,100,746
		Other assets less liabilities — 1.2%		74,398

		Net Assets — 100.0%	$	6,175,144


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of July 31, 2020 is disclosed.
	(c)	The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(d)	Variable rate security. Rate as of July 31, 2020 is disclosed.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2020, the value of Rule 144A holdings amounted to $2,257 or 0.1% of net assets.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	ETF	Exchange-Traded Fund
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

Asset Allocation Summary at July 31, 2020 (Unaudited)


Equity	85.2	%
Fixed Income	13.6

Total Investments	98.8
Other assets less liabilities	1.2

Net Assets	100.0	%

See accompanying notes to financial statements.

| 54

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2045 Fund


Shares			Description	Value (†)
	Common Stocks — 57.3% of Net Assets
			Aerospace & Defense — 0.6%
	31		Axon Enterprise, Inc.(a)	$	2,577
	122		Boeing Co. (The)		19,276
	46		General Dynamics Corp.		6,750
	44		Moog, Inc., Class A		2,364
	62		Raytheon Technologies Corp.		3,514

					34,481

			Air Freight & Logistics — 0.6%
	276		Expeditors International of Washington, Inc.		23,325
	51		United Parcel Service, Inc., Class B		7,281

					30,606

			Airlines — 0.1%
	17		Delta Air Lines, Inc.		424
	202		Hawaiian Holdings, Inc.		2,402

					2,826

			Auto Components — 0.3%
	131		Aptiv PLC		10,185
	21		BorgWarner, Inc.		769
	40		Visteon Corp.(a)		2,904

					13,858

			Automobiles — 0.3%
	488		General Motors Co.		12,146
	41		Thor Industries, Inc.		4,674

					16,820

			Banks — 2.7%
	106		Ameris Bancorp		2,446
	201		BancorpSouth Bank		4,207
	895		Bank of America Corp.		22,268
	441		Cadence BanCorp		3,444
	432		Citigroup, Inc.		21,604
	260		Citizens Financial Group, Inc.		6,451
	153		Columbia Banking System, Inc.		4,426
	12		Comerica, Inc.		462
	97		Cullen/Frost Bankers, Inc.		6,990
	355		Fulton Financial Corp.		3,444
	272		Huntington Bancshares, Inc.		2,521
	178		International Bancshares Corp.		5,415
	410		KeyCorp		4,924
	31		M&T Bank Corp.		3,284
	615		People’s United Financial, Inc.		6,636
	99		PNC Financial Services Group, Inc. (The)		10,560
	191		Regions Financial Corp.		2,074
	162		TCF Financial Corp.		4,453
	165		Truist Financial Corp.		6,181
	276		Trustmark Corp.		6,216
	379		Wells Fargo & Co.		9,195
	74		Wintrust Financial Corp.		3,167
	133		Zions Bancorp N.A.		4,319

					144,687

			Beverages — 1.4%
	242		Coca-Cola Co. (The)		11,432
	100		Constellation Brands, Inc., Class A		17,820
	447		Monster Beverage Corp.(a)		35,081
	75		PepsiCo, Inc.		10,324

					74,657

			Biotechnology — 1.7%
	82		AbbVie, Inc.		7,783
	50		Amgen, Inc.		12,233
	17		Biogen, Inc.(a)		4,670
			Biotechnology — continued
	114		BioMarin Pharmaceutical, Inc.(a)	$	13,658
	132		Gilead Sciences, Inc.		9,178
	25		Ligand Pharmaceuticals, Inc.(a)		2,930
	62		Regeneron Pharmaceuticals, Inc.(a)		39,188
	11		Vertex Pharmaceuticals, Inc.(a)		2,992

					92,632

			Building Products — 0.4%
	200		Johnson Controls International PLC		7,696
	29		Lennox International, Inc.		7,776
	86		Owens Corning		5,200

					20,672

			Capital Markets — 3.8%
	15		Ameriprise Financial, Inc.		2,304
	524		Bank of New York Mellon Corp. (The)		18,785
	20		BlackRock, Inc.		11,500
	542		Charles Schwab Corp. (The)		17,967
	28		CME Group, Inc.		4,653
	66		FactSet Research Systems, Inc.		22,856
	73		Franklin Resources, Inc.		1,537
	64		Goldman Sachs Group, Inc. (The)		12,669
	64		Intercontinental Exchange, Inc.		6,194
	24		Invesco Ltd.		241
	148		Janus Henderson Group PLC		3,092
	153		Legg Mason, Inc.		7,649
	71		Moody’s Corp.		19,972
	42		MSCI, Inc.		15,791
	69		Northern Trust Corp.		5,406
	55		S&P Global, Inc.		19,264
	234		SEI Investments Co.		12,245
	330	��	State Street Corp.		21,051
	8		T. Rowe Price Group, Inc.		1,105

					204,281

			Chemicals — 0.8%
	32		DuPont de Nemours, Inc.		1,711
	57		Ecolab, Inc.		10,664
	79		HB Fuller Co.		3,582
	56		Innospec, Inc.		4,209
	64		Linde PLC		15,687
	68		Minerals Technologies, Inc.		3,188
	39		Stepan Co.		4,259

					43,300

			Commercial Services & Supplies — 0.2%
	74		Healthcare Services Group, Inc.		1,938
	40		MSA Safety, Inc.		4,741
	59		Tetra Tech, Inc.		5,231

					11,910

			Communications Equipment — 0.8%
	95		Ciena Corp.(a)		5,653
	546		Cisco Systems, Inc.		25,717
	8		F5 Networks, Inc.(a)		1,087
	52		InterDigital, Inc.		3,121
	55		Lumentum Holdings, Inc.(a)		5,106
	20		Motorola Solutions, Inc.		2,796

					43,480

			Construction & Engineering — 0.2%
	180		AECOM(a)		6,514
	208		Fluor Corp.		2,120

					8,634

See accompanying notes to financial statements.

55 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2045 Fund – (continued)


Shares		Description	Value (†)
		Consumer Finance — 1.0%
	927	Ally Financial, Inc.	$	18,633
	166	American Express Co.		15,491
	306	Capital One Financial Corp.		19,523

				53,647

		Containers & Packaging — 0.2%
	60	Ball Corp.		4,418
	59	International Paper Co.		2,053
	289	O-I Glass, Inc.		3,017

				9,488

		Distributors — 0.2%
	47	Genuine Parts Co.		4,237
	28	POOL CORP.		8,868

				13,105

		Diversified Consumer Services — 0.1%
	119	Service Corp. International		5,160

		Diversified Telecommunication Services — 0.2%
	204	AT&T, Inc.		6,034
	104	Verizon Communications, Inc.		5,978

				12,012

		Electric Utilities — 0.7%
	149	American Electric Power Co., Inc.		12,945
	18	Edison International		1,002
	36	Eversource Energy		3,243
	25	FirstEnergy Corp.		725
	53	IDACORP, Inc.		4,942
	42	NextEra Energy, Inc.		11,789
	45	PPL Corp.		1,198

				35,844

		Electrical Equipment — 0.5%
	20	Acuity Brands, Inc.		1,982
	34	Eaton Corp. PLC		3,167
	36	Hubbell, Inc.		4,859
	289	Sunrun, Inc.(a)		10,603
	395	Vivint Solar, Inc.(a)		8,034

				28,645

		Electronic Equipment, Instruments & Components — 0.8%
	102	Avnet, Inc.		2,725
	102	Cognex Corp.		6,821
	23	Coherent, Inc.(a)		3,193
	41	Corning, Inc.		1,271
	68	Itron, Inc.(a)		4,730
	20	Littelfuse, Inc.		3,553
	20	Rogers Corp.(a)		2,384
	118	TE Connectivity Ltd.		10,510
	121	Trimble, Inc.(a)		5,386
	170	Vishay Intertechnology, Inc.		2,667

				43,240

		Energy Equipment & Services — 0.3%
	770	Archrock, Inc.		5,128
	136	Baker Hughes Co.		2,107
	88	National Oilwell Varco, Inc.		1,013
	431	Schlumberger Ltd.		7,818
	63	TechnipFMC PLC		506

				16,572

		Entertainment — 1.7%
	43	Activision Blizzard, Inc.		3,553
	91	Cinemark Holdings, Inc.		1,076
	81	Electronic Arts, Inc.(a)		11,471
		Entertainment — continued
	70	Netflix, Inc.(a)	$	34,222
	31	Take-Two Interactive Software, Inc.(a)		5,085
	317	Walt Disney Co. (The)		37,070

				92,477

		Food & Staples Retailing — 0.3%
	90	Kroger Co. (The)		3,131
	243	SpartanNash Co.		5,109
	32	Sysco Corp.		1,691
	191	Walgreens Boots Alliance, Inc.		7,776

				17,707

		Food Products — 0.5%
	86	Campbell Soup Co.		4,263
	64	General Mills, Inc.		4,049
	107	Hain Celestial Group, Inc. (The)(a)		3,636
	81	Hormel Foods Corp.		4,120
	53	Ingredion, Inc.		4,584
	19	J.M. Smucker Co. (The)		2,078
	33	Kellogg Co.		2,277
	8	McCormick & Co., Inc.		1,559

				26,566

		Gas Utilities — 0.3%
	110	New Jersey Resources Corp.		3,416
	61	ONE Gas, Inc.		4,618
	111	South Jersey Industries, Inc.		2,590
	129	UGI Corp.		4,301

				14,925

		Health Care Equipment & Supplies — 1.0%
	5	Becton Dickinson & Co.		1,407
	28	Boston Scientific Corp.(a)		1,080
	9	Cooper Cos., Inc. (The)		2,546
	18	DENTSPLY SIRONA, Inc.		803
	5	DexCom, Inc.(a)		2,178
	15	Edwards Lifesciences Corp.(a)		1,176
	58	Globus Medical, Inc., Class A(a)		2,794
	30	Haemonetics Corp.(a)		2,630
	53	Hill-Rom Holdings, Inc.		5,153
	29	Hologic, Inc.(a)		2,024
	16	Intuitive Surgical, Inc.(a)		10,967
	132	Meridian Bioscience, Inc.(a)		3,233
	40	Merit Medical Systems, Inc.(a)		1,789
	16	Quidel Corp.(a)		4,519
	7	STERIS PLC		1,117
	5	Stryker Corp.		966
	30	Varian Medical Systems, Inc.(a)		4,282
	28	West Pharmaceutical Services, Inc.		7,528

				56,192

		Health Care Providers & Services — 2.3%
	58	Acadia Healthcare Co., Inc.(a)		1,729
	19	Amedisys, Inc.(a)		4,449
	9	Anthem, Inc.		2,464
	38	BioTelemetry, Inc.(a)		1,617
	107	Centene Corp.(a)		6,982
	13	Chemed Corp.		6,398
	17	Cigna Corp.		2,936
	279	CVS Health Corp.		17,560
	21	DaVita, Inc.(a)		1,835
	52	Encompass Health Corp.		3,540
	164	HCA Healthcare, Inc.		20,769
	37	Henry Schein, Inc.(a)		2,543
	59	Humana, Inc.		23,155

See accompanying notes to financial statements.

| 56

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2045 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	28	Laboratory Corp. of America Holdings(a)	$	5,402
	211	MEDNAX, Inc.(a)		4,216
	100	Patterson Cos., Inc.		2,656
	43	Quest Diagnostics, Inc.		5,464
	41	UnitedHealth Group, Inc.		12,414

				126,129

		Health Care Technology — 0.4%
	184	Allscripts Healthcare Solutions, Inc.(a)		1,656
	221	Cerner Corp.		15,348
	100	HMS Holdings Corp.(a)		3,250

				20,254

		Hotels, Restaurants & Leisure — 1.4%
	46	Dine Brands Global, Inc.		2,090
	55	Dunkin’ Brands Group, Inc.		3,780
	147	Hilton Worldwide Holdings, Inc.		11,032
	32	Jack in the Box, Inc.		2,627
	35	Marriott Vacations Worldwide Corp.		2,963
	11	McDonald’s Corp.		2,137
	727	MGM Resorts International		11,697
	179	Starbucks Corp.		13,699
	204	Wendy’s Co. (The)		4,729
	219	Yum China Holdings, Inc.		11,222
	78	Yum! Brands, Inc.		7,102

				73,078

		Household Durables — 0.4%
	161	KB Home		5,416
	125	Meritage Homes Corp.(a)		12,397
	219	Taylor Morrison Home Corp.(a)		5,136

				22,949

		Household Products — 0.9%
	9	Clorox Co. (The)		2,129
	223	Colgate-Palmolive Co.		17,216
	9	Kimberly-Clark Corp.		1,368
	195	Procter & Gamble Co. (The)		25,568

				46,281

		Independent Power & Renewable Electricity Producers — 0.2%
	90	AES Corp. (The)		1,371
	170	Ormat Technologies, Inc.		10,115

				11,486

		Industrial Conglomerates — 0.2%
	29	Carlisle Cos., Inc.		3,453
	1,419	General Electric Co.		8,614
	9	Honeywell International, Inc.		1,344

				13,411

		Insurance — 1.5%
	28	Aflac, Inc.		996
	56	Allstate Corp. (The)		5,286
	483	American International Group, Inc.		15,524
	23	Brighthouse Financial, Inc.(a)		652
	81	Chubb Ltd.		10,306
	14	eHealth, Inc.(a)		968
	93	First American Financial Corp.		4,744
	35	Hanover Insurance Group, Inc. (The)		3,566
	51	Hartford Financial Services Group, Inc. (The)		2,158
	48	Lincoln National Corp.		1,789
	32	Marsh & McLennan Cos., Inc.		3,731
	15	Progressive Corp. (The)		1,355
	102	Prudential Financial, Inc.		6,464
	224	Reinsurance Group of America, Inc.		19,096
	38	Travelers Cos., Inc. (The)		4,348

				80,983

		Interactive Media & Services — 3.0%
	16	Alphabet, Inc., Class A(a)	$	23,807
	34	Alphabet, Inc., Class C(a)		50,421
	270	Facebook, Inc., Class A(a)		68,491
	88	Match Group, Inc.(a)		9,038
	336	Pinterest, Inc., Class A(a)		11,521

				163,278

		Internet & Direct Marketing Retail — 3.1%
	177	Alibaba Group Holding Ltd., Sponsored ADR(a)		44,430
	18	Amazon.com, Inc.(a)		56,964
	17	Booking Holdings, Inc.(a)		28,256
	488	eBay, Inc.		26,977
	68	Etsy, Inc.(a)		8,050

				164,677

		IT Services — 2.8%
	114	Automatic Data Processing, Inc.		15,152
	87	Cognizant Technology Solutions Corp., Class A		5,944
	546	DXC Technology Co.		9,779
	17	Fiserv, Inc.(a)		1,696
	96	Gartner, Inc.(a)		11,966
	25	Global Payments, Inc.		4,451
	28	International Business Machines Corp.		3,442
	72	MasterCard, Inc., Class A		22,214
	33	Paychex, Inc.		2,373
	37	PayPal Holdings, Inc.(a)		7,255
	259	Sabre Corp.		1,958
	18	VeriSign, Inc.(a)		3,810
	298	Visa, Inc., Class A		56,739
	28	WEX, Inc.(a)		4,434

				151,213

		Leisure Products — 0.0%
	130	Callaway Golf Co.		2,477

		Life Sciences Tools & Services — 0.8%
	24	Agilent Technologies, Inc.		2,312
	38	Illumina, Inc.(a)		14,522
	13	IQVIA Holdings, Inc.(a)		2,059
	1	Mettler-Toledo International, Inc.(a)		935
	73	NeoGenomics, Inc.(a)		2,791
	51	Repligen Corp.(a)		7,697
	22	Thermo Fisher Scientific, Inc.		9,107
	9	Waters Corp.(a)		1,918

				41,341

		Machinery — 2.2%
	68	AGCO Corp.		4,463
	158	Caterpillar, Inc.		20,995
	92	Cummins, Inc.		17,780
	154	Deere & Co.		27,152
	70	Flowserve Corp.		1,951
	16	Illinois Tool Works, Inc.		2,960
	89	ITT, Inc.		5,138
	117	Kennametal, Inc.		3,154
	71	Oshkosh Corp.		5,589
	114	Parker-Hannifin Corp.		20,397
	19	Proto Labs, Inc.(a)		2,282
	94	Terex Corp.		1,772
	78	Toro Co. (The)		5,565

				119,198

		Media — 1.1%
	5	Cable One, Inc.		9,113
	26	Charter Communications, Inc., Class A(a)		15,080
	487	Comcast Corp., Class A		20,844

See accompanying notes to financial statements.

57 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2045 Fund – (continued)


Shares		Description	Value (†)
		Media — continued
	29	Discovery, Inc., Series C(a)	$	549
	70	Fox Corp., Class A		1,804
	45	Interpublic Group of Cos., Inc. (The)		812
	98	New York Times Co. (The), Class A		4,522
	64	Omnicom Group, Inc.		3,439
	74	ViacomCBS, Inc., Class B		1,929

				58,092

		Metals & Mining — 0.3%
	167	Commercial Metals Co.		3,454
	14	Nucor Corp.		587
	69	Reliance Steel & Aluminum Co.		6,780
	45	Royal Gold, Inc.		6,297

				17,118

		Multi-Utilities — 0.3%
	87	Consolidated Edison, Inc.		6,684
	36	DTE Energy Co.		4,163
	22	Sempra Energy		2,738
	24	WEC Energy Group, Inc.		2,286

				15,871

		Multiline Retail — 0.2%
	390	Macy’s, Inc.		2,364
	64	Target Corp.		8,056

				10,420

		Oil, Gas & Consumable Fuels — 0.9%
	812	Apache Corp.		12,464
	75	Concho Resources, Inc.		3,940
	92	Devon Energy Corp.		965
	75	Diamondback Energy, Inc.		2,990
	271	EOG Resources, Inc.		12,696
	168	EQT Corp.		2,439
	480	Marathon Oil Corp.		2,635
	150	Noble Energy, Inc.		1,499
	93	ONEOK, Inc.		2,596
	519	Southwestern Energy Co.(a)		1,261
	46	Valero Energy Corp.		2,587
	83	World Fuel Services Corp.		1,953

				48,025

		Paper & Forest Products — 0.1%
	123	Louisiana-Pacific Corp.		3,895

		Personal Products — 0.0%
	11	Estee Lauder Cos., Inc. (The), Class A		2,173

		Pharmaceuticals — 1.3%
	65	Bristol-Myers Squibb Co.		3,813
	89	Catalent, Inc.(a)		7,773
	42	Eli Lilly & Co.		6,312
	101	Merck & Co., Inc.		8,104
	113	Novartis AG, Sponsored ADR		9,282
	90	Novo Nordisk A/S, Sponsored ADR		5,880
	22	Perrigo Co. PLC		1,167
	242	Pfizer, Inc.		9,312
	491	Roche Holding AG, Sponsored ADR		21,162

				72,805

		Professional Services — 0.4%
	72	Exponent, Inc.		6,052
	27	Insperity, Inc.		1,805
	71	Korn Ferry		1,995
	44	ManpowerGroup, Inc.		3,027
	38	Nielsen Holdings PLC		549
	34	Verisk Analytics, Inc.		6,416

				19,844

		Real Estate Management & Development — 0.1%
	43	CBRE Group, Inc., Class A(a)	$	1,884
	37	Jones Lang LaSalle, Inc.		3,659

				5,543

		REITs – Apartments — 0.3%
	131	American Campus Communities, Inc.		4,669
	87	Camden Property Trust		7,900
	19	Equity Residential		1,019

				13,588

		REITs – Diversified — 0.1%
	17	Crown Castle International Corp.		2,834
	14	Digital Realty Trust, Inc.		2,248
	66	Weyerhaeuser Co.		1,835

				6,917

		REITs – Health Care — 0.0%
	35	Ventas, Inc.		1,343
	18	Welltower, Inc.		964

				2,307

		REITs – Hotels — 0.1%
	114	Host Hotels & Resorts, Inc.		1,229
	384	Park Hotels & Resorts, Inc.		3,176

				4,405

		REITs – Mortgage — 0.1%
	89	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		3,118

		REITs – Office Property — 0.5%
	19	Boston Properties, Inc.		1,693
	197	Corporate Office Properties Trust		5,216
	222	Douglas Emmett, Inc.		6,469
	296	Easterly Government Properties, Inc.		7,237
	99	Kilroy Realty Corp.		5,769

				26,384

		REITs – Shopping Centers — 0.1%
	534	Brixmor Property Group, Inc.		6,146

		REITs – Storage — 0.0%
	27	Iron Mountain, Inc.		761

		REITs – Warehouse/Industrials — 0.1%
	63	CyrusOne, Inc.		5,255

		Road & Rail — 1.0%
	205	CSX Corp.		14,625
	96	Kansas City Southern		16,498
	30	Norfolk Southern Corp.		5,766
	54	Ryder System, Inc.		1,978
	75	Union Pacific Corp.		13,001

				51,868

		Semiconductors & Semiconductor Equipment — 2.2%
	22	Advanced Micro Devices, Inc.(a)		1,703
	66	Applied Materials, Inc.		4,246
	41	Cabot Microelectronics Corp.		6,179
	75	Cirrus Logic, Inc.(a)		5,140
	56	Cree, Inc.(a)		3,860
	50	Enphase Energy, Inc.(a)		3,018
	228	First Solar, Inc.(a)		13,577
	102	Ichor Holdings Ltd.(a)		3,348
	150	Intel Corp.		7,159
	97	NVIDIA Corp.		41,185
	138	QUALCOMM, Inc.		14,574
	58	Silicon Laboratories, Inc.(a)		5,830
	54	Texas Instruments, Inc.		6,888

See accompanying notes to financial statements.

| 58

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2045 Fund – (continued)


Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — continued
	20	Universal Display Corp.	$	3,489

				120,196

		Software — 4.0%
	34	Adobe, Inc.(a)		15,107
	166	Autodesk, Inc.(a)		39,247
	46	Blackbaud, Inc.		2,877
	64	Bottomline Technologies, Inc.(a)		3,089
	53	Ceridian HCM Holding, Inc.(a)		4,149
	12	Citrix Systems, Inc.		1,713
	21	Fair Isaac Corp.(a)		9,223
	35	LogMeIn, Inc.		3,003
	181	Microsoft Corp.		37,107
	42	NortonLifeLock, Inc.		901
	581	Oracle Corp.		32,217
	54	PTC, Inc.(a)		4,620
	40	Qualys, Inc.(a)		4,939
	132	salesforce.com, Inc.(a)		25,720
	5	Tyler Technologies, Inc.(a)		1,786
	155	Workday, Inc., Class A(a)		28,043

				213,741

		Specialty Retail — 1.2%
	48	Aaron’s, Inc.		2,505
	120	American Eagle Outfitters, Inc.		1,200
	49	Asbury Automotive Group, Inc.(a)		4,907
	14	Best Buy Co., Inc.		1,394
	25	Five Below, Inc.(a)		2,723
	71	Home Depot, Inc. (The)		18,850
	34	Lithia Motors, Inc., Class A		7,791
	40	Lowe’s Cos., Inc.		5,956
	36	Monro, Inc.		2,027
	91	Tiffany & Co.		11,408
	43	TJX Cos., Inc. (The)		2,235
	49	Williams-Sonoma, Inc.		4,269

				65,265

		Technology Hardware, Storage & Peripherals — 0.6%
	41	Apple, Inc.		17,427
	247	Hewlett Packard Enterprise Co.		2,438
	326	HP, Inc.		5,731
	117	NCR Corp.(a)		2,156
	39	NetApp, Inc.		1,728
	18	Seagate Technology PLC		814

				30,294

		Textiles, Apparel & Luxury Goods — 0.4%
	29	Deckers Outdoor Corp.(a)		6,068
	54	NIKE, Inc., Class B		5,271
	883	Under Armour, Inc., Class A(a)		9,289
	107	Wolverine World Wide, Inc.		2,573

				23,201

		Thrifts & Mortgage Finance — 0.1%
	429	New York Community Bancorp, Inc.		4,517

		Trading Companies & Distributors — 0.3%
	195	Fastenal Co.		9,173
	38	GATX Corp.		2,318
	20	W.W. Grainger, Inc.		6,830

				18,321

		Water Utilities — 0.4%
	100	American Water Works Co., Inc.		14,727
	121	Essential Utilities, Inc.		5,487

				20,214

		Wireless Telecommunication Services — 0.2%
	82	Shenandoah Telecommunications Co.	$	4,122
	57	T-Mobile US, Inc.(a)		6,121

				10,243

		Total Common Stocks (Identified Cost $2,942,688)		3,085,706

Principal Amount
	Bonds and Notes — 3.9%
		Agency Commercial Mortgage-Backed Securities — 0.0%
$	949	FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2, 4.186%, 12/25/2020(b)		957

		Automotive — 0.0%
	2,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		2,165

		Banking — 0.7%
	2,000	American Express Co., 3.700%, 8/03/2023		2,180
	2,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		2,071
	2,000	Bank of Montreal, MTN, 1.900%, 8/27/2021		2,034
	2,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		2,206
	2,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		2,146
	2,000	Capital One Financial Corp., 3.300%, 10/30/2024		2,182
	2,000	Citigroup, Inc., 4.600%, 3/09/2026		2,321
	1,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		1,052
	1,000	Deutsche Bank AG, GMTN, 3.375%, 5/12/2021		1,017
	2,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		2,165
	3,000	KeyCorp, MTN, 2.250%, 4/06/2027		3,203
	2,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		2,230
	2,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		2,206
	2,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024		2,144
	2,000	Santander Holdings USA, Inc., 3.500%, 6/07/2024		2,144
	2,000	Truist Bank, 3.200%, 4/01/2024		2,193
	2,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		2,172

				35,666

		Brokerage — 0.1%
	2,000	BlackRock, Inc., 2.400%, 4/30/2030		2,230
	2,000	Intercontinental Exchange, Inc., 3.000%, 6/15/2050		2,318

				4,548

		Cable Satellite — 0.0%
	2,000	Comcast Corp., 3.000%, 2/01/2024		2,169

		Construction Machinery — 0.0%
	1,000	Caterpillar Financial Services Corp., 0.650%, 7/07/2023		1,006
	1,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		1,034

				2,040

		Consumer Cyclical Services — 0.1%
	2,000	Amazon.com, Inc., 3.875%, 8/22/2037		2,597
	2,000	eBay, Inc., 3.800%, 3/09/2022		2,101

				4,698

		Electric — 0.1%
	2,000	Duke Energy Corp., 3.750%, 4/15/2024		2,213
	2,000	NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030		2,156
	2,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026		2,250

				6,619

See accompanying notes to financial statements.

59 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2045 Fund – (continued)


Principal Amount		Description	Value (†)
		Finance Companies — 0.0%
$	2,000	Ares Capital Corp., 3.250%, 7/15/2025	$	1,985

		Financial Other — 0.0%
	2,000	ORIX Corp., 2.900%, 7/18/2022		2,078

		Food & Beverage — 0.1%
	2,000	Coca-Cola Co. (The), 1.450%, 6/01/2027		2,077
	2,000	General Mills, Inc., 4.000%, 4/17/2025		2,288
	2,000	Mondelez International, Inc., 2.750%, 4/13/2030		2,221

				6,586

		Government Owned - No Guarantee — 0.1%
	3,000	Federal National Mortgage Association, 6.625%, 11/15/2030		4,665

		Health Insurance — 0.1%
	2,000	Anthem, Inc., 4.101%, 3/01/2028		2,387
	2,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		2,984

				5,371

		Healthcare — 0.2%
	2,000	Cigna Corp., 3.750%, 7/15/2023		2,179
	2,000	CVS Health Corp., 4.300%, 3/25/2028		2,376
	2,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		2,121
	2,000	McKesson Corp., 3.950%, 2/16/2028		2,346
	1,000	Thermo Fisher Scientific, Inc., 3.000%, 4/15/2023		1,063

				10,085

		Independent Energy — 0.0%
	2,000	EQT Corp., 3.000%, 10/01/2022		1,985

		Integrated Energy — 0.1%
	2,000	BP Capital Markets PLC, 3.814%, 2/10/2024		2,209
	2,000	Exxon Mobil Corp., 2.992%, 3/19/2025		2,200
	1,000	Shell International Finance BV, 6.375%, 12/15/2038		1,574

				5,983

		Life Insurance — 0.1%
	2,000	American International Group, Inc., 3.400%, 6/30/2030		2,242

		Media Entertainment — 0.1%
	2,000	ViacomCBS, Inc., 4.750%, 5/15/2025		2,303

		Midstream — 0.1%
	2,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		2,110
	2,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		2,199

				4,309

		Mortgage Related — 0.6%
	1,249	FHLMC, 3.000%, 6/01/2049		1,322
	12,262	FNMA, 3.000%, with various maturities from 2034 to 2049(c)		12,949
	10,135	FNMA, 3.500%, with various maturities in 2049(c)		10,674
	5,380	FNMA, 4.000%, with various maturities from 2049 to 2050(c)		5,715
	1,775	FNMA, 4.500%, with various maturities in 2049(c)		1,908

				32,568

		Oil Field Services — 0.0%
	2,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		2,093

		Pharmaceuticals — 0.1%
	2,000	AbbVie, Inc., 3.600%, 5/14/2025		2,237
	2,000	Amgen, Inc., 2.650%, 5/11/2022		2,077

				4,314

		Railroads — 0.1%
	2,000	CSX Corp., 2.600%, 11/01/2026		2,212

		REITs – Office Property — 0.0%
	1,000	Boston Properties LP, 2.750%, 10/01/2026		1,088

		Restaurants — 0.1%
$	2,000	Starbucks Corp., 3.800%, 8/15/2025	$	2,290

		Technology — 0.2%
	1,000	Apple, Inc., 2.500%, 2/09/2025		1,085
	2,000	Intel Corp., 2.450%, 11/15/2029		2,208
	1,000	International Business Machines Corp., 4.000%, 6/20/2042		1,254
	2,000	Oracle Corp., 2.950%, 5/15/2025		2,208
	2,000	VMware, Inc., 2.950%, 8/21/2022		2,088

				8,843

		Treasuries — 0.8%
	2,000	U.S. Treasury Bond, 2.500%, 5/15/2046		2,592
	4,000	U.S. Treasury Bond, 2.875%, 11/15/2046		5,549
	5,000	U.S. Treasury Bond, 3.000%, 5/15/2045		6,994
	2,000	U.S. Treasury Bond, 3.000%, 2/15/2048		2,860
	2,000	U.S. Treasury Bond, 3.000%, 2/15/2049		2,885
	1,000	U.S. Treasury Bond, 4.250%, 11/15/2040		1,608
	1,000	U.S. Treasury Bond, 4.375%, 5/15/2041		1,639
	2,000	U.S. Treasury Bond, 4.500%, 2/15/2036		3,118
	2,000	U.S. Treasury Note, 1.125%, 9/30/2021		2,023
	7,000	U.S. Treasury Note, 1.625%, 8/31/2022		7,219
	7,000	U.S. Treasury Note, 2.125%, 12/31/2022		7,338

				43,825

		Wireless — 0.1%
	2,000	Vodafone Group PLC, 6.150%, 2/27/2037		2,953

		Wirelines — 0.0%
	2,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 1.492%, 5/15/2025(d)		2,047

		Total Bonds and Notes (Identified Cost $197,557)		208,687


Shares
	Exchange-Traded Funds — 15.4%
	8,987	iShares^® ESG MSCI EAFE ETF		556,655
	7,839	iShares^® ESG MSCI Emerging Markets ETF		274,757

		Total Exchange-Traded Funds (Identified Cost $821,818)		831,412


	Affiliated Mutual Funds — 21.4%
	4,934	Loomis Sayles Inflation Protected Securities Fund, Class N		58,223
	7,314	Loomis Sayles Limited Term Government and Agency Fund, Class N		84,698
	7,982	Mirova Global Green Bond Fund, Class N		86,443
	71,916	Mirova International Sustainable Equity Fund, Class N		924,118

		Total Affiliated Mutual Funds (Identified Cost $1,029,156)		1,153,482


		Total Investments — 98.0% (Identified Cost $4,991,219)		5,279,287
		Other assets less liabilities — 2.0%		107,585

		Net Assets — 100.0%	$	5,386,872


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of July 31, 2020 is disclosed.

See accompanying notes to financial statements.

| 60

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2045 Fund – (continued)


	(c)			The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(d)			Variable rate security. Rate as of July 31, 2020 is disclosed.

	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.
	ETF			Exchange-Traded Fund
	FHLMC			Federal Home Loan Mortgage Corp.
	FNMA			Federal National Mortgage Association
	GMTN			Global Medium Term Note
	LIBOR			London Interbank Offered Rate
	MTN			Medium Term Note
	REITs			Real Estate Investment Trusts

Asset Allocation Summary at July 31, 2020 (Unaudited)


Equity	89.8	%
Fixed Income	8.2

Total Investments	98.0
Other assets less liabilities	2.0

Net Assets	100.0	%

See accompanying notes to financial statements.

61 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2050 Fund


Shares		Description	Value (†)
	Common Stocks — 58.7% of Net Assets
		Aerospace & Defense — 0.7%
	26	Axon Enterprise, Inc.(a)	$	2,161
	119	Boeing Co. (The)		18,802
	48	General Dynamics Corp.		7,044
	37	Moog, Inc., Class A		1,988
	56	Raytheon Technologies Corp.		3,174

				33,169

		Air Freight & Logistics — 0.6%
	277	Expeditors International of Washington, Inc.		23,409
	44	United Parcel Service, Inc., Class B		6,282

				29,691

		Airlines — 0.1%
	14	Delta Air Lines, Inc.		350
	186	Hawaiian Holdings, Inc.		2,211

				2,561

		Auto Components — 0.3%
	132	Aptiv PLC		10,263
	17	BorgWarner, Inc.		622
	34	Visteon Corp.(a)		2,469

				13,354

		Automobiles — 0.3%
	507	General Motors Co.		12,619
	39	Thor Industries, Inc.		4,446

				17,065

		Banks — 2.7%
	98	Ameris Bancorp		2,261
	187	BancorpSouth Bank		3,914
	930	Bank of America Corp.		23,138
	402	Cadence BanCorp		3,140
	450	Citigroup, Inc.		22,504
	238	Citizens Financial Group, Inc.		5,905
	145	Columbia Banking System, Inc.		4,195
	10	Comerica, Inc.		385
	92	Cullen/Frost Bankers, Inc.		6,630
	331	Fulton Financial Corp.		3,211
	264	Huntington Bancshares, Inc.		2,447
	163	International Bancshares Corp.		4,958
	393	KeyCorp		4,720
	24	M&T Bank Corp.		2,543
	577	People’s United Financial, Inc.		6,226
	84	PNC Financial Services Group, Inc. (The)		8,960
	154	Regions Financial Corp.		1,672
	149	TCF Financial Corp.		4,096
	142	Truist Financial Corp.		5,319
	251	Trustmark Corp.		5,653
	396	Wells Fargo & Co.		9,607
	70	Wintrust Financial Corp.		2,996
	129	Zions Bancorp N.A.		4,189

				138,669

		Beverages — 1.4%
	207	Coca-Cola Co. (The)		9,779
	104	Constellation Brands, Inc., Class A		18,533
	454	Monster Beverage Corp.(a)		35,630
	64	PepsiCo, Inc.		8,810

				72,752

		Biotechnology — 1.7%
	73	AbbVie, Inc.		6,928
	44	Amgen, Inc.		10,766
	15	Biogen, Inc.(a)		4,120
		Biotechnology — continued
	113	BioMarin Pharmaceutical, Inc.(a)	$	13,539
	114	Gilead Sciences, Inc.		7,926
	25	Ligand Pharmaceuticals, Inc.(a)		2,930
	61	Regeneron Pharmaceuticals, Inc.(a)		38,556
	11	Vertex Pharmaceuticals, Inc.(a)		2,992

				87,757

		Building Products — 0.4%
	170	Johnson Controls International PLC		6,541
	27	Lennox International, Inc.		7,240
	79	Owens Corning		4,777

				18,558

		Capital Markets — 4.0%
	13	Ameriprise Financial, Inc.		1,997
	508	Bank of New York Mellon Corp. (The)		18,212
	19	BlackRock, Inc.		10,925
	559	Charles Schwab Corp. (The)		18,531
	25	CME Group, Inc.		4,154
	59	FactSet Research Systems, Inc.		20,432
	68	Franklin Resources, Inc.		1,431
	66	Goldman Sachs Group, Inc. (The)		13,065
	56	Intercontinental Exchange, Inc.		5,420
	19	Invesco Ltd.		191
	136	Janus Henderson Group PLC		2,841
	145	Legg Mason, Inc.		7,249
	74	Moody’s Corp.		20,816
	40	MSCI, Inc.		15,039
	63	Northern Trust Corp.		4,936
	57	S&P Global, Inc.		19,964
	236	SEI Investments Co.		12,350
	328	State Street Corp.		20,923
	7	T. Rowe Price Group, Inc.		967

				199,443

		Chemicals — 0.8%
	28	DuPont de Nemours, Inc.		1,497
	55	Ecolab, Inc.		10,289
	73	HB Fuller Co.		3,310
	51	Innospec, Inc.		3,834
	55	Linde PLC		13,481
	63	Minerals Technologies, Inc.		2,954
	34	Stepan Co.		3,713

				39,078

		Commercial Services & Supplies — 0.2%
	65	Healthcare Services Group, Inc.		1,702
	37	MSA Safety, Inc.		4,386
	55	Tetra Tech, Inc.		4,876

				10,964

		Communications Equipment — 0.8%
	88	Ciena Corp.(a)		5,237
	539	Cisco Systems, Inc.		25,387
	7	F5 Networks, Inc.(a)		951
	45	InterDigital, Inc.		2,701
	50	Lumentum Holdings, Inc.(a)		4,642
	19	Motorola Solutions, Inc.		2,656

				41,574

		Construction & Engineering — 0.2%
	170	AECOM(a)		6,152
	192	Fluor Corp.		1,957

				8,109

See accompanying notes to financial statements.

| 62

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2050 Fund – (continued)


Shares		Description	Value (†)
		Consumer Finance — 1.1%
	957	Ally Financial, Inc.	$	19,236
	160	American Express Co.		14,931
	317	Capital One Financial Corp.		20,224

				54,391

		Containers & Packaging — 0.2%
	47	Ball Corp.		3,461
	51	International Paper Co.		1,774
	257	O-I Glass, Inc.		2,683

				7,918

		Distributors — 0.2%
	41	Genuine Parts Co.		3,696
	25	POOL CORP.		7,918

				11,614

		Diversified Consumer Services — 0.1%
	109	Service Corp. International		4,726

		Diversified Telecommunication Services — 0.2%
	187	AT&T, Inc.		5,531
	100	Verizon Communications, Inc.		5,748

				11,279

		Electric Utilities — 0.7%
	130	American Electric Power Co., Inc.		11,294
	18	Edison International		1,002
	34	Eversource Energy		3,062
	22	FirstEnergy Corp.		638
	50	IDACORP, Inc.		4,663
	41	NextEra Energy, Inc.		11,509
	38	PPL Corp.		1,012

				33,180

		Electrical Equipment — 0.5%
	20	Acuity Brands, Inc.		1,982
	29	Eaton Corp. PLC		2,701
	34	Hubbell, Inc.		4,589
	279	Sunrun, Inc.(a)		10,236
	379	Vivint Solar, Inc.(a)		7,709

				27,217

		Electronic Equipment, Instruments & Components — 0.8%
	87	Avnet, Inc.		2,325
	97	Cognex Corp.		6,486
	21	Coherent, Inc.(a)		2,916
	37	Corning, Inc.		1,147
	66	Itron, Inc.(a)		4,591
	19	Littelfuse, Inc.		3,375
	17	Rogers Corp.(a)		2,026
	123	TE Connectivity Ltd.		10,956
	115	Trimble, Inc.(a)		5,119
	157	Vishay Intertechnology, Inc.		2,463

				41,404

		Energy Equipment & Services — 0.3%
	694	Archrock, Inc.		4,622
	116	Baker Hughes Co.		1,797
	83	National Oilwell Varco, Inc.		955
	426	Schlumberger Ltd.		7,727
	56	TechnipFMC PLC		450

				15,551

		Entertainment — 1.8%
	37	Activision Blizzard, Inc.		3,057
	80	Cinemark Holdings, Inc.		946
	77	Electronic Arts, Inc.(a)		10,905
		Entertainment — continued
	71	Netflix, Inc.(a)	$	34,711
	30	Take-Two Interactive Software, Inc.(a)		4,921
	299	Walt Disney Co. (The)		34,965

				89,505

		Food & Staples Retailing — 0.3%
	73	Kroger Co. (The)		2,540
	223	SpartanNash Co.		4,689
	30	Sysco Corp.		1,585
	175	Walgreens Boots Alliance, Inc.		7,124

				15,938

		Food Products — 0.4%
	68	Campbell Soup Co.		3,371
	50	General Mills, Inc.		3,164
	98	Hain Celestial Group, Inc. (The)(a)		3,330
	68	Hormel Foods Corp.		3,458
	50	Ingredion, Inc.		4,325
	14	J.M. Smucker Co. (The)		1,531
	25	Kellogg Co.		1,725
	7	McCormick & Co., Inc.		1,364

				22,268

		Gas Utilities — 0.3%
	101	New Jersey Resources Corp.		3,137
	55	ONE Gas, Inc.		4,164
	112	South Jersey Industries, Inc.		2,613
	119	UGI Corp.		3,967

				13,881

		Health Care Equipment & Supplies — 1.0%
	4	Becton Dickinson & Co.		1,125
	26	Boston Scientific Corp.(a)		1,003
	7	Cooper Cos., Inc. (The)		1,981
	15	DENTSPLY SIRONA, Inc.		669
	5	DexCom, Inc.(a)		2,178
	15	Edwards Lifesciences Corp.(a)		1,176
	49	Globus Medical, Inc., Class A(a)		2,361
	28	Haemonetics Corp.(a)		2,454
	50	Hill-Rom Holdings, Inc.		4,861
	25	Hologic, Inc.(a)		1,744
	16	Intuitive Surgical, Inc.(a)		10,967
	123	Meridian Bioscience, Inc.(a)		3,012
	36	Merit Medical Systems, Inc.(a)		1,610
	14	Quidel Corp.(a)		3,955
	6	STERIS PLC		958
	4	Stryker Corp.		773
	33	Varian Medical Systems, Inc.(a)		4,710
	27	West Pharmaceutical Services, Inc.		7,259

				52,796

		Health Care Providers & Services — 2.4%
	51	Acadia Healthcare Co., Inc.(a)		1,520
	17	Amedisys, Inc.(a)		3,981
	9	Anthem, Inc.		2,464
	38	BioTelemetry, Inc.(a)		1,617
	91	Centene Corp.(a)		5,938
	12	Chemed Corp.		5,906
	15	Cigna Corp.		2,590
	286	CVS Health Corp.		18,001
	18	DaVita, Inc.(a)		1,573
	48	Encompass Health Corp.		3,268
	157	HCA Healthcare, Inc.		19,883
	32	Henry Schein, Inc.(a)		2,199
	59	Humana, Inc.		23,155

See accompanying notes to financial statements.

63 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2050 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	24	Laboratory Corp. of America Holdings(a)	$	4,630
	195	MEDNAX, Inc.(a)		3,896
	82	Patterson Cos., Inc.		2,178
	37	Quest Diagnostics, Inc.		4,702
	40	UnitedHealth Group, Inc.		12,111

				119,612

		Health Care Technology — 0.4%
	186	Allscripts Healthcare Solutions, Inc.(a)		1,674
	216	Cerner Corp.		15,001
	86	HMS Holdings Corp.(a)		2,795

				19,470

		Hotels, Restaurants & Leisure — 1.4%
	45	Dine Brands Global, Inc.		2,044
	51	Dunkin’ Brands Group, Inc.		3,505
	155	Hilton Worldwide Holdings, Inc.		11,633
	29	Jack in the Box, Inc.		2,381
	31	Marriott Vacations Worldwide Corp.		2,625
	10	McDonald’s Corp.		1,943
	748	MGM Resorts International		12,035
	183	Starbucks Corp.		14,005
	186	Wendy’s Co. (The)		4,312
	218	Yum China Holdings, Inc.		11,170
	79	Yum! Brands, Inc.		7,193

				72,846

		Household Durables — 0.4%
	147	KB Home		4,945
	113	Meritage Homes Corp.(a)		11,207
	202	Taylor Morrison Home Corp.(a)		4,737

				20,889

		Household Products — 0.8%
	7	Clorox Co. (The)		1,656
	216	Colgate-Palmolive Co.		16,675
	7	Kimberly-Clark Corp.		1,064
	179	Procter & Gamble Co. (The)		23,470

				42,865

		Independent Power & Renewable Electricity Producers — 0.2%
	80	AES Corp. (The)		1,218
	164	Ormat Technologies, Inc.		9,758

				10,976

		Industrial Conglomerates — 0.3%
	27	Carlisle Cos., Inc.		3,215
	1,472	General Electric Co.		8,935
	9	Honeywell International, Inc.		1,344

				13,494

		Insurance — 1.5%
	26	Aflac, Inc.		925
	46	Allstate Corp. (The)		4,342
	504	American International Group, Inc.		16,198
	21	Brighthouse Financial, Inc.(a)		595
	69	Chubb Ltd.		8,780
	12	eHealth, Inc.(a)		830
	86	First American Financial Corp.		4,387
	31	Hanover Insurance Group, Inc. (The)		3,158
	47	Hartford Financial Services Group, Inc. (The)		1,989
	43	Lincoln National Corp.		1,603
	30	Marsh & McLennan Cos., Inc.		3,498
	14	Progressive Corp. (The)		1,265
	84	Prudential Financial, Inc.		5,323
	222	Reinsurance Group of America, Inc.		18,925
		Insurance — continued
	33	Travelers Cos., Inc. (The)	$	3,776

				75,594

		Interactive Media & Services — 3.3%
	16	Alphabet, Inc., Class A(a)		23,807
	35	Alphabet, Inc., Class C(a)		51,904
	277	Facebook, Inc., Class A(a)		70,267
	93	Match Group, Inc.(a)		9,551
	345	Pinterest, Inc., Class A(a)		11,830

				167,359

		Internet & Direct Marketing Retail — 3.3%
	176	Alibaba Group Holding Ltd., Sponsored ADR(a)		44,180
	18	Amazon.com, Inc.(a)		56,964
	18	Booking Holdings, Inc.(a)		29,918
	493	eBay, Inc.		27,253
	62	Etsy, Inc.(a)		7,340

				165,655

		IT Services — 2.9%
	106	Automatic Data Processing, Inc.		14,088
	76	Cognizant Technology Solutions Corp., Class A		5,192
	571	DXC Technology Co.		10,227
	16	Fiserv, Inc.(a)		1,597
	100	Gartner, Inc.(a)		12,464
	23	Global Payments, Inc.		4,094
	27	International Business Machines Corp.		3,319
	73	MasterCard, Inc., Class A		22,523
	25	Paychex, Inc.		1,798
	36	PayPal Holdings, Inc.(a)		7,059
	252	Sabre Corp.		1,905
	14	VeriSign, Inc.(a)		2,964
	296	Visa, Inc., Class A		56,358
	26	WEX, Inc.(a)		4,118

				147,706

		Leisure Products — 0.0%
	114	Callaway Golf Co.		2,172

		Life Sciences Tools & Services — 0.8%
	20	Agilent Technologies, Inc.		1,926
	37	Illumina, Inc.(a)		14,140
	11	IQVIA Holdings, Inc.(a)		1,742
	2	Mettler-Toledo International, Inc.(a)		1,870
	64	NeoGenomics, Inc.(a)		2,447
	48	Repligen Corp.(a)		7,244
	21	Thermo Fisher Scientific, Inc.		8,693
	8	Waters Corp.(a)		1,705

				39,767

		Machinery — 2.3%
	62	AGCO Corp.		4,069
	153	Caterpillar, Inc.		20,331
	94	Cummins, Inc.		18,166
	143	Deere & Co.		25,212
	62	Flowserve Corp.		1,728
	13	Illinois Tool Works, Inc.		2,405
	82	ITT, Inc.		4,734
	108	Kennametal, Inc.		2,912
	66	Oshkosh Corp.		5,195
	115	Parker-Hannifin Corp.		20,576
	18	Proto Labs, Inc.(a)		2,162
	82	Terex Corp.		1,546
	72	Toro Co. (The)		5,137

				114,173

See accompanying notes to financial statements.

| 64

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2050 Fund – (continued)


Shares		Description	Value (†)
		Media — 1.1%
	4	Cable One, Inc.	$	7,290
	27	Charter Communications, Inc., Class A(a)		15,660
	505	Comcast Corp., Class A		21,614
	24	Discovery, Inc., Series C(a)		455
	64	Fox Corp., Class A		1,649
	41	Interpublic Group of Cos., Inc. (The)		740
	87	New York Times Co. (The), Class A		4,014
	54	Omnicom Group, Inc.		2,902
	69	ViacomCBS, Inc., Class B		1,799

				56,123

		Metals & Mining — 0.3%
	153	Commercial Metals Co.		3,164
	13	Nucor Corp.		545
	63	Reliance Steel & Aluminum Co.		6,191
	41	Royal Gold, Inc.		5,737

				15,637

		Multi-Utilities — 0.3%
	76	Consolidated Edison, Inc.		5,839
	31	DTE Energy Co.		3,584
	20	Sempra Energy		2,489
	18	WEC Energy Group, Inc.		1,715

				13,627

		Multiline Retail — 0.2%
	360	Macy’s, Inc.		2,182
	55	Target Corp.		6,923

				9,105

		Oil, Gas & Consumable Fuels — 0.9%
	845	Apache Corp.		12,971
	78	Concho Resources, Inc.		4,098
	82	Devon Energy Corp.		860
	78	Diamondback Energy, Inc.		3,109
	283	EOG Resources, Inc.		13,259
	144	EQT Corp.		2,091
	409	Marathon Oil Corp.		2,245
	131	Noble Energy, Inc.		1,309
	80	ONEOK, Inc.		2,233
	456	Southwestern Energy Co.(a)		1,108
	36	Valero Energy Corp.		2,024
	74	World Fuel Services Corp.		1,741

				47,048

		Paper & Forest Products — 0.1%
	113	Louisiana-Pacific Corp.		3,579

		Personal Products — 0.0%
	10	Estee Lauder Cos., Inc. (The), Class A		1,975

		Pharmaceuticals — 1.4%
	63	Bristol-Myers Squibb Co.		3,696
	82	Catalent, Inc.(a)		7,162
	40	Eli Lilly & Co.		6,012
	93	Merck & Co., Inc.		7,462
	125	Novartis AG, Sponsored ADR		10,267
	93	Novo Nordisk A/S, Sponsored ADR		6,076
	19	Perrigo Co. PLC		1,007
	224	Pfizer, Inc.		8,620
	495	Roche Holding AG, Sponsored ADR		21,334

				71,636

		Professional Services — 0.4%
	68	Exponent, Inc.		5,716
	23	Insperity, Inc.		1,538
	63	Korn Ferry		1,770
		Professional Services — continued
	38	ManpowerGroup, Inc.	$	2,614
	31	Nielsen Holdings PLC		447
	31	Verisk Analytics, Inc.		5,850

				17,935

		Real Estate Management & Development — 0.1%
	40	CBRE Group, Inc., Class A(a)		1,752
	33	Jones Lang LaSalle, Inc.		3,264

				5,016

		REITs – Apartments — 0.3%
	124	American Campus Communities, Inc.		4,419
	82	Camden Property Trust		7,447
	16	Equity Residential		858

				12,724

		REITs – Diversified — 0.1%
	18	Crown Castle International Corp.		3,001
	13	Digital Realty Trust, Inc.		2,087
	63	Weyerhaeuser Co.		1,752

				6,840

		REITs – Health Care — 0.0%
	31	Ventas, Inc.		1,189
	16	Welltower, Inc.		857

				2,046

		REITs – Hotels — 0.1%
	101	Host Hotels & Resorts, Inc.		1,089
	358	Park Hotels & Resorts, Inc.		2,960

				4,049

		REITs – Mortgage — 0.1%
	86	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		3,013

		REITs – Office Property — 0.5%
	17	Boston Properties, Inc.		1,515
	180	Corporate Office Properties Trust		4,766
	210	Douglas Emmett, Inc.		6,119
	279	Easterly Government Properties, Inc.		6,822
	90	Kilroy Realty Corp.		5,244

				24,466

		REITs – Shopping Centers — 0.1%
	480	Brixmor Property Group, Inc.		5,525

		REITs – Storage — 0.0%
	23	Iron Mountain, Inc.		648

		REITs – Warehouse/Industrials — 0.1%
	58	CyrusOne, Inc.		4,838

		Road & Rail — 1.0%
	197	CSX Corp.		14,054
	92	Kansas City Southern		15,810
	26	Norfolk Southern Corp.		4,998
	51	Ryder System, Inc.		1,868
	72	Union Pacific Corp.		12,481

				49,211

		Semiconductors & Semiconductor Equipment — 2.2%
	19	Advanced Micro Devices, Inc.(a)		1,471
	64	Applied Materials, Inc.		4,117
	39	Cabot Microelectronics Corp.		5,878
	69	Cirrus Logic, Inc.(a)		4,729
	51	Cree, Inc.(a)		3,515
	48	Enphase Energy, Inc.(a)		2,897
	211	First Solar, Inc.(a)		12,565

See accompanying notes to financial statements.

65 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2050 Fund – (continued)


Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — continued
	91	Ichor Holdings Ltd.(a)	$	2,987
	138	Intel Corp.		6,587
	93	NVIDIA Corp.		39,487
	140	QUALCOMM, Inc.		14,785
	53	Silicon Laboratories, Inc.(a)		5,327
	46	Texas Instruments, Inc.		5,867
	19	Universal Display Corp.		3,315

				113,527

		Software — 4.1%
	33	Adobe, Inc.(a)		14,662
	167	Autodesk, Inc.(a)		39,484
	39	Blackbaud, Inc.		2,439
	59	Bottomline Technologies, Inc.(a)		2,847
	48	Ceridian HCM Holding, Inc.(a)		3,758
	10	Citrix Systems, Inc.		1,428
	19	Fair Isaac Corp.(a)		8,345
	33	LogMeIn, Inc.		2,832
	173	Microsoft Corp.		35,467
	34	NortonLifeLock, Inc.		729
	586	Oracle Corp.	��	32,494
	49	PTC, Inc.(a)		4,192
	37	Qualys, Inc.(a)		4,569
	127	salesforce.com, Inc.(a)		24,746
	5	Tyler Technologies, Inc.(a)		1,786
	152	Workday, Inc., Class A(a)		27,500

				207,278

		Specialty Retail — 1.2%
	39	Aaron’s, Inc.		2,035
	122	American Eagle Outfitters, Inc.		1,220
	46	Asbury Automotive Group, Inc.(a)		4,607
	15	Best Buy Co., Inc.		1,494
	21	Five Below, Inc.(a)		2,287
	65	Home Depot, Inc. (The)		17,257
	32	Lithia Motors, Inc., Class A		7,333
	35	Lowe’s Cos., Inc.		5,212
	36	Monro, Inc.		2,027
	87	Tiffany & Co.		10,906
	42	TJX Cos., Inc. (The)		2,184
	46	Williams-Sonoma, Inc.		4,007

				60,569

		Technology Hardware, Storage & Peripherals — 0.6%
	39	Apple, Inc.		16,576
	211	Hewlett Packard Enterprise Co.		2,083
	285	HP, Inc.		5,010
	109	NCR Corp.(a)		2,009
	36	NetApp, Inc.		1,595
	17	Seagate Technology PLC		769

				28,042

		Textiles, Apparel & Luxury Goods — 0.4%
	27	Deckers Outdoor Corp.(a)		5,650
	52	NIKE, Inc., Class B		5,075
	888	Under Armour, Inc., Class A(a)		9,342
	101	Wolverine World Wide, Inc.		2,428

				22,495

		Thrifts & Mortgage Finance — 0.1%
	400	New York Community Bancorp, Inc.		4,212

		Trading Companies & Distributors — 0.3%
	180	Fastenal Co.		8,467
	32	GATX Corp.		1,952
	21	W.W. Grainger, Inc.		7,172

				17,591

		Water Utilities — 0.4%
	89	American Water Works Co., Inc.	$	13,107
	111	Essential Utilities, Inc.		5,034

				18,141

		Wireless Telecommunication Services — 0.2%
	77	Shenandoah Telecommunications Co.		3,871
	60	T-Mobile US, Inc.(a)		6,443

				10,314

		Total Common Stocks (Identified Cost $2,794,663)		2,964,200


Principal Amount
	Bonds and Notes — 3.9%
		Agency Commercial Mortgage-Backed Securities — 0.0%
$	949	FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2, 4.186%, 12/25/2020(b)		957

		Automotive — 0.1%
	2,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		2,165
	2,000	Toyota Motor Credit Corp., MTN, 2.600%, 1/11/2022		2,065

				4,230

		Banking — 0.7%
	2,000	American Express Co., 3.700%, 8/03/2023		2,180
	1,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		1,035
	2,000	Bank of Montreal, MTN, 1.900%, 8/27/2021		2,035
	2,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		2,206
	2,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		2,146
	1,000	Capital One Financial Corp., 3.300%, 10/30/2024		1,091
	2,000	Citigroup, Inc., 4.600%, 3/09/2026		2,321
	1,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		1,052
	2,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		2,230
	1,000	HSBC Holdings PLC, 5.100%, 4/05/2021		1,031
	2,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		2,165
	2,000	KeyCorp, MTN, 2.250%, 4/06/2027		2,135
	2,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		2,230
	2,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		2,206
	2,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024		2,144
	2,000	Truist Bank, 3.200%, 4/01/2024		2,193
	2,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		2,172

				32,572

		Brokerage — 0.1%
	2,000	BlackRock, Inc., 2.400%, 4/30/2030		2,230
	2,000	Intercontinental Exchange, Inc., 3.000%, 6/15/2050		2,318

				4,548

		Cable Satellite — 0.0%
	2,000	Comcast Corp., 3.000%, 2/01/2024		2,169

		Construction Machinery — 0.0%
	2,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		2,068

		Consumer Cyclical Services — 0.0%
	2,000	eBay, Inc., 3.800%, 3/09/2022		2,101

		Electric — 0.1%
	2,000	Duke Energy Corp., 3.750%, 4/15/2024		2,213
	2,000	NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030		2,156

See accompanying notes to financial statements.

| 66

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2050 Fund – (continued)


Principal Amount		Description	Value (†)
		Electric — continued
$	2,000	Virginia Electric & Power Co., Series A, 3.150%, 1/15/2026	$	2,250

				6,619

		Food & Beverage — 0.1%
	2,000	General Mills, Inc., 4.000%, 4/17/2025		2,288
	2,000	Mondelez International, Inc., 2.750%, 4/13/2030		2,220

				4,508

		Government Owned – No Guarantee — 0.1%
	2,000	Federal National Mortgage Association, 6.625%, 11/15/2030		3,110

		Health Insurance — 0.1%
	2,000	Anthem, Inc., 4.101%, 3/01/2028		2,387
	2,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		2,984

				5,371

		Healthcare — 0.2%
	2,000	CVS Health Corp., 4.300%, 3/25/2028		2,376
	2,000	DH Europe Finance II S.a.r.l., 2.200%, 11/15/2024		2,121
	2,000	McKesson Corp., 3.950%, 2/16/2028		2,346
	1,000	Thermo Fisher Scientific, Inc., 3.000%, 4/15/2023		1,063

				7,906

		Independent Energy — 0.0%
	2,000	EQT Corp., 3.000%, 10/01/2022		1,985

		Integrated Energy — 0.1%
	2,000	BP Capital Markets PLC, 3.814%, 2/10/2024		2,209
	2,000	Shell International Finance BV, 6.375%, 12/15/2038		3,148

				5,357

		Life Insurance — 0.1%
	2,000	American International Group, Inc., 3.400%, 6/30/2030		2,242

		Media Entertainment — 0.1%
	2,000	ViacomCBS, Inc., 4.750%, 5/15/2025		2,303

		Midstream — 0.1%
	2,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		2,110
	2,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		2,199

				4,309

		Mortgage Related — 0.6%
	624	FHLMC, 3.000%, 6/01/2049		660
	12,793	FNMA, 3.000%, with various maturities from 2034 to 2049(c)		13,507
	9,474	FNMA, 3.500%, with various maturities in 2049(c)		9,978
	3,943	FNMA, 4.000%, with various maturities from 2049 to 2050(c)		4,190
	1,775	FNMA, 4.500%, with various maturities in 2049(c)		1,907

				30,242

		Oil Field Services — 0.0%
	2,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		2,093

		Pharmaceuticals — 0.1%
	2,000	AbbVie, Inc., 3.600%, 5/14/2025		2,237
	2,000	Amgen, Inc., 2.650%, 5/11/2022		2,077

				4,314

		Railroads — 0.0%
	2,000	CSX Corp., 2.600%, 11/01/2026		2,212

		REITs – Office Property — 0.0%
	1,000	Boston Properties LP, 2.750%, 10/01/2026		1,088

		Restaurants — 0.1%
	2,000	Starbucks Corp., 3.800%, 8/15/2025		2,290

		Technology — 0.2%
$	1,000	Apple, Inc., 2.500%, 2/09/2025	$	1,085
	2,000	International Business Machines Corp., 4.000%, 6/20/2042		2,507
	2,000	Oracle Corp., 2.950%, 5/15/2025		2,208
	2,000	QUALCOMM, Inc., 3.450%, 5/20/2025		2,248
	2,000	VMware, Inc., 2.950%, 8/21/2022		2,088

				10,136

		Treasuries — 0.9%
	2,000	U.S. Treasury Bond, 2.500%, 5/15/2046		2,592
	4,000	U.S. Treasury Bond, 2.875%, 11/15/2046		5,549
	5,000	U.S. Treasury Bond, 3.000%, 5/15/2045		6,994
	2,000	U.S. Treasury Bond, 3.000%, 2/15/2048		2,860
	2,000	U.S. Treasury Bond, 3.000%, 2/15/2049		2,885
	1,000	U.S. Treasury Bond, 4.250%, 11/15/2040		1,608
	1,000	U.S. Treasury Bond, 4.375%, 5/15/2041		1,639
	1,000	U.S. Treasury Bond, 4.500%, 2/15/2036		1,559
	3,000	U.S. Treasury Note, 1.125%, 9/30/2021		3,034
	6,000	U.S. Treasury Note, 1.625%, 8/31/2022		6,188
	11,000	U.S. Treasury Note, 2.125%, 12/31/2022		11,531

				46,439

		Wireless — 0.1%
	2,000	Vodafone Group PLC, 6.150%, 2/27/2037		2,953

		Wirelines — 0.0%
	2,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 1.492%, 5/15/2025(d)		2,047

		Total Bonds and Notes (Identified Cost $186,159)		196,169


Shares
	Exchange-Traded Funds — 16.1%
	8,566	iShares^® ESG MSCI EAFE ETF		530,578
	8,013	iShares^® ESG MSCI Emerging Markets ETF		280,856

		Total Exchange-Traded Funds (Identified Cost $794,769)		811,434


	Affiliated Mutual Funds — 17.5%
	6,897	Mirova Global Green Bond Fund, Class N		74,693
	62,962	Mirova International Sustainable Equity Fund, Class N		809,061

		Total Affiliated Mutual Funds (Identified Cost $787,884)		883,754


		Total Investments — 96.2% (Identified Cost $4,563,475)		4,855,557
		Other assets less liabilities — 3.8%		191,042

		Net Assets — 100.0%	$	5,046,599


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of July 31, 2020 is disclosed.
	(c)	The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(d)	Variable rate security. Rate as of July 31, 2020 is disclosed.

See accompanying notes to financial statements.

67 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2050 Fund – (continued)


	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.
	ETF			Exchange-Traded Fund
	FHLMC			Federal Home Loan Mortgage Corp.
	FNMA			Federal National Mortgage Association
	GMTN			Global Medium Term Note
	LIBOR			London Interbank Offered Rate
	MTN			Medium Term Note
	REITs			Real Estate Investment Trusts

Asset Allocation Summary at July 31, 2020 (Unaudited)


Equity	90.8	%
Fixed Income	5.4

Total Investments	96.2
Other assets less liabilities	3.8

Net Assets	100.0	%

See accompanying notes to financial statements.

| 68

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2055 Fund


Shares		Description	Value (†)
	Common Stocks — 58.4% of Net Assets
		Aerospace & Defense — 0.7%
	23	Axon Enterprise, Inc.(a)	$	1,912
	104	Boeing Co. (The)		16,432
	42	General Dynamics Corp.		6,163
	34	Moog, Inc., Class A		1,827
	46	Raytheon Technologies Corp.		2,607

				28,941

		Air Freight & Logistics — 0.6%
	242	Expeditors International of Washington, Inc.		20,451
	38	United Parcel Service, Inc., Class B		5,425

				25,876

		Airlines — 0.1%
	12	Delta Air Lines, Inc.		300
	168	Hawaiian Holdings, Inc.		1,997

				2,297

		Auto Components — 0.3%
	118	Aptiv PLC		9,174
	15	BorgWarner, Inc.		549
	31	Visteon Corp.(a)		2,251

				11,974

		Automobiles — 0.3%
	440	General Motors Co.		10,951
	32	Thor Industries, Inc.		3,648

				14,599

		Banks — 2.7%
	88	Ameris Bancorp		2,031
	154	BancorpSouth Bank		3,223
	807	Bank of America Corp.		20,078
	341	Cadence BanCorp		2,663
	391	Citigroup, Inc.		19,554
	203	Citizens Financial Group, Inc.		5,036
	119	Columbia Banking System, Inc.		3,443
	9	Comerica, Inc.		347
	78	Cullen/Frost Bankers, Inc.		5,621
	277	Fulton Financial Corp.		2,687
	233	Huntington Bancshares, Inc.		2,160
	143	International Bancshares Corp.		4,350
	344	KeyCorp		4,131
	21	M&T Bank Corp.		2,225
	494	People’s United Financial, Inc.		5,330
	74	PNC Financial Services Group, Inc. (The)		7,894
	133	Regions Financial Corp.		1,444
	124	TCF Financial Corp.		3,409
	117	Truist Financial Corp.		4,383
	220	Trustmark Corp.		4,954
	343	Wells Fargo & Co.		8,321
	58	Wintrust Financial Corp.		2,482
	114	Zions Bancorp N.A.		3,702

				119,468

		Beverages — 1.4%
	181	Coca-Cola Co. (The)		8,550
	90	Constellation Brands, Inc., Class A		16,038
	387	Monster Beverage Corp.(a)		30,372
	56	PepsiCo, Inc.		7,709

				62,669

		Biotechnology — 1.8%
	61	AbbVie, Inc.		5,790
	39	Amgen, Inc.		9,542
	12	Biogen, Inc.(a)		3,296
		Biotechnology — continued
	100	BioMarin Pharmaceutical, Inc.(a)	$	11,981
	97	Gilead Sciences, Inc.		6,744
	21	Ligand Pharmaceuticals, Inc.(a)		2,461
	55	Regeneron Pharmaceuticals, Inc.(a)		34,764
	9	Vertex Pharmaceuticals, Inc.(a)		2,448

				77,026

		Building Products — 0.4%
	146	Johnson Controls International PLC		5,618
	23	Lennox International, Inc.		6,167
	67	Owens Corning		4,052

				15,837

		Capital Markets — 4.0%
	10	Ameriprise Financial, Inc.		1,536
	441	Bank of New York Mellon Corp. (The)		15,810
	15	BlackRock, Inc.		8,625
	487	Charles Schwab Corp. (The)		16,144
	20	CME Group, Inc.		3,324
	55	FactSet Research Systems, Inc.		19,046
	66	Franklin Resources, Inc.		1,389
	58	Goldman Sachs Group, Inc. (The)		11,482
	50	Intercontinental Exchange, Inc.		4,839
	17	Invesco Ltd.		171
	108	Janus Henderson Group PLC		2,256
	123	Legg Mason, Inc.		6,149
	63	Moody’s Corp.		17,722
	37	MSCI, Inc.		13,911
	53	Northern Trust Corp.		4,153
	50	S&P Global, Inc.		17,512
	208	SEI Investments Co.		10,885
	285	State Street Corp.		18,180
	7	T. Rowe Price Group, Inc.		967

				174,101

		Chemicals — 0.8%
	24	DuPont de Nemours, Inc.		1,284
	46	Ecolab, Inc.		8,606
	59	HB Fuller Co.		2,675
	43	Innospec, Inc.		3,232
	47	Linde PLC		11,520
	50	Minerals Technologies, Inc.		2,344
	30	Stepan Co.		3,276

				32,937

		Commercial Services & Supplies — 0.2%
	55	Healthcare Services Group, Inc.		1,441
	31	MSA Safety, Inc.		3,674
	45	Tetra Tech, Inc.		3,989

				9,104

		Communications Equipment — 0.8%
	73	Ciena Corp.(a)		4,344
	467	Cisco Systems, Inc.		21,996
	6	F5 Networks, Inc.(a)		815
	39	InterDigital, Inc.		2,341
	41	Lumentum Holdings, Inc.(a)		3,806
	17	Motorola Solutions, Inc.		2,377

				35,679

		Construction & Engineering — 0.2%
	143	AECOM(a)		5,175
	173	Fluor Corp.		1,763

				6,938

See accompanying notes to financial statements.

69 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2055 Fund – (continued)


Shares		Description	Value (†)
		Consumer Finance — 1.1%
	830	Ally Financial, Inc.	$	16,683
	139	American Express Co.		12,971
	275	Capital One Financial Corp.		17,545

				47,199

		Containers & Packaging — 0.2%
	41	Ball Corp.		3,019
	46	International Paper Co.		1,600
	210	O-I Glass, Inc.		2,193

				6,812

		Distributors — 0.2%
	33	Genuine Parts Co.		2,975
	22	POOL CORP.		6,967

				9,942

		Diversified Consumer Services — 0.1%
	91	Service Corp. International		3,946

		Diversified Telecommunication Services — 0.2%
	165	AT&T, Inc.		4,880
	89	Verizon Communications, Inc.		5,116

				9,996

		Electric Utilities — 0.7%
	111	American Electric Power Co., Inc.		9,644
	19	Edison International		1,058
	27	Eversource Energy		2,432
	24	FirstEnergy Corp.		696
	41	IDACORP, Inc.		3,823
	35	NextEra Energy, Inc.		9,824
	43	PPL Corp.		1,145

				28,622

		Electrical Equipment — 0.5%
	16	Acuity Brands, Inc.		1,586
	23	Eaton Corp. PLC		2,142
	29	Hubbell, Inc.		3,914
	237	Sunrun, Inc.(a)		8,695
	323	Vivint Solar, Inc.(a)		6,570

				22,907

		Electronic Equipment, Instruments & Components — 0.8%
	79	Avnet, Inc.		2,111
	82	Cognex Corp.		5,483
	17	Coherent, Inc.(a)		2,360
	39	Corning, Inc.		1,209
	56	Itron, Inc.(a)		3,895
	16	Littelfuse, Inc.		2,842
	15	Rogers Corp.(a)		1,788
	107	TE Connectivity Ltd.		9,531
	93	Trimble, Inc.(a)		4,140
	142	Vishay Intertechnology, Inc.		2,228

				35,587

		Energy Equipment & Services — 0.3%
	599	Archrock, Inc.		3,989
	96	Baker Hughes Co.		1,487
	80	National Oilwell Varco, Inc.		921
	346	Schlumberger Ltd.		6,277
	46	TechnipFMC PLC		369

				13,043

		Entertainment — 1.8%
	29	Activision Blizzard, Inc.		2,396
	68	Cinemark Holdings, Inc.		804
	68	Electronic Arts, Inc.(a)		9,630
		Entertainment — continued
	62	Netflix, Inc.(a)	$	30,311
	26	Take-Two Interactive Software, Inc.(a)		4,265
	259	Walt Disney Co. (The)		30,287

				77,693

		Food & Staples Retailing — 0.3%
	63	Kroger Co. (The)		2,192
	195	SpartanNash Co.		4,100
	28	Sysco Corp.		1,480
	147	Walgreens Boots Alliance, Inc.		5,984

				13,756

		Food Products — 0.4%
	60	Campbell Soup Co.		2,974
	44	General Mills, Inc.		2,784
	82	Hain Celestial Group, Inc. (The)(a)		2,786
	60	Hormel Foods Corp.		3,052
	41	Ingredion, Inc.		3,547
	12	J.M. Smucker Co. (The)		1,312
	22	Kellogg Co.		1,518
	7	McCormick & Co., Inc.		1,364

				19,337

		Gas Utilities — 0.3%
	85	New Jersey Resources Corp.		2,640
	47	ONE Gas, Inc.		3,558
	93	South Jersey Industries, Inc.		2,170
	100	UGI Corp.		3,334

				11,702

		Health Care Equipment & Supplies — 1.0%
	4	Becton Dickinson & Co.		1,125
	24	Boston Scientific Corp.(a)		926
	6	Cooper Cos., Inc. (The)		1,697
	17	DENTSPLY SIRONA, Inc.		758
	4	DexCom, Inc.(a)		1,742
	12	Edwards Lifesciences Corp.(a)		941
	44	Globus Medical, Inc., Class A(a)		2,120
	23	Haemonetics Corp.(a)		2,016
	41	Hill-Rom Holdings, Inc.		3,986
	22	Hologic, Inc.(a)		1,535
	13	Intuitive Surgical, Inc.(a)		8,911
	102	Meridian Bioscience, Inc.(a)		2,498
	33	Merit Medical Systems, Inc.(a)		1,476
	12	Quidel Corp.(a)		3,390
	6	STERIS PLC		958
	4	Stryker Corp.		773
	28	Varian Medical Systems, Inc.(a)		3,996
	23	West Pharmaceutical Services, Inc.		6,184

				45,032

		Health Care Providers & Services — 2.3%
	45	Acadia Healthcare Co., Inc.(a)		1,342
	15	Amedisys, Inc.(a)		3,512
	8	Anthem, Inc.		2,190
	30	BioTelemetry, Inc.(a)		1,277
	75	Centene Corp.(a)		4,894
	10	Chemed Corp.		4,922
	13	Cigna Corp.		2,245
	249	CVS Health Corp.		15,672
	19	DaVita, Inc.(a)		1,660
	40	Encompass Health Corp.		2,723
	137	HCA Healthcare, Inc.		17,350
	29	Henry Schein, Inc.(a)		1,993
	50	Humana, Inc.		19,623

See accompanying notes to financial statements.

| 70

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2055 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — continued
	21	Laboratory Corp. of America Holdings(a)	$	4,051
	164	MEDNAX, Inc.(a)		3,277
	74	Patterson Cos., Inc.		1,965
	30	Quest Diagnostics, Inc.		3,812
	33	UnitedHealth Group, Inc.		9,992

				102,500

		Health Care Technology — 0.4%
	159	Allscripts Healthcare Solutions, Inc.(a)		1,431
	191	Cerner Corp.		13,265
	78	HMS Holdings Corp.(a)		2,535

				17,231

		Hotels, Restaurants & Leisure — 1.5%
	39	Dine Brands Global, Inc.		1,772
	43	Dunkin’ Brands Group, Inc.		2,955
	134	Hilton Worldwide Holdings, Inc.		10,057
	26	Jack in the Box, Inc.		2,135
	26	Marriott Vacations Worldwide Corp.		2,201
	9	McDonald’s Corp.		1,749
	650	MGM Resorts International		10,459
	155	Starbucks Corp.		11,862
	157	Wendy’s Co. (The)		3,639
	214	Yum China Holdings, Inc.		10,965
	67	Yum! Brands, Inc.		6,100

				63,894

		Household Durables — 0.4%
	123	KB Home		4,138
	97	Meritage Homes Corp.(a)		9,620
	169	Taylor Morrison Home Corp.(a)		3,963

				17,721

		Household Products — 0.8%
	7	Clorox Co. (The)		1,656
	185	Colgate-Palmolive Co.		14,282
	6	Kimberly-Clark Corp.		912
	153	Procter & Gamble Co. (The)		20,061

				36,911

		Independent Power & Renewable Electricity Producers — 0.2%
	84	AES Corp. (The)		1,279
	139	Ormat Technologies, Inc.		8,271

				9,550

		Industrial Conglomerates — 0.3%
	23	Carlisle Cos., Inc.		2,739
	1,277	General Electric Co.		7,751
	8	Honeywell International, Inc.		1,195

				11,685

		Insurance — 1.5%
	24	Aflac, Inc.		854
	40	Allstate Corp. (The)		3,776
	437	American International Group, Inc.		14,045
	20	Brighthouse Financial, Inc.(a)		567
	61	Chubb Ltd.		7,762
	10	eHealth, Inc.(a)		691
	71	First American Financial Corp.		3,622
	28	Hanover Insurance Group, Inc. (The)		2,853
	44	Hartford Financial Services Group, Inc. (The)		1,862
	38	Lincoln National Corp.		1,416
	24	Marsh & McLennan Cos., Inc.		2,798
	12	Progressive Corp. (The)		1,084
	74	Prudential Financial, Inc.		4,689
	190	Reinsurance Group of America, Inc.		16,197
		Insurance — continued
	26	Travelers Cos., Inc. (The)	$	2,975

				65,191

		Interactive Media & Services — 3.3%
	14	Alphabet, Inc., Class A(a)		20,831
	30	Alphabet, Inc., Class C(a)		44,489
	239	Facebook, Inc., Class A(a)		60,627
	80	Match Group, Inc.(a)		8,216
	299	Pinterest, Inc., Class A(a)		10,253

				144,416

		Internet & Direct Marketing Retail — 3.3%
	155	Alibaba Group Holding Ltd., Sponsored ADR(a)		38,908
	16	Amazon.com, Inc.(a)		50,635
	15	Booking Holdings, Inc.(a)		24,932
	425	eBay, Inc.		23,494
	54	Etsy, Inc.(a)		6,392

				144,361

		IT Services — 2.9%
	96	Automatic Data Processing, Inc.		12,759
	64	Cognizant Technology Solutions Corp., Class A		4,372
	494	DXC Technology Co.		8,848
	15	Fiserv, Inc.(a)		1,497
	87	Gartner, Inc.(a)		10,844
	20	Global Payments, Inc.		3,560
	24	International Business Machines Corp.		2,951
	61	MasterCard, Inc., Class A		18,820
	25	Paychex, Inc.		1,798
	32	PayPal Holdings, Inc.(a)		6,274
	215	Sabre Corp.		1,625
	12	VeriSign, Inc.(a)		2,540
	254	Visa, Inc., Class A		48,362
	21	WEX, Inc.(a)		3,326

				127,576

		Leisure Products — 0.0%
	97	Callaway Golf Co.		1,848

		Life Sciences Tools & Services — 0.7%
	18	Agilent Technologies, Inc.		1,734
	30	Illumina, Inc.(a)		11,465
	9	IQVIA Holdings, Inc.(a)		1,426
	1	Mettler-Toledo International, Inc.(a)		935
	54	NeoGenomics, Inc.(a)		2,064
	39	Repligen Corp.(a)		5,885
	17	Thermo Fisher Scientific, Inc.		7,037
	7	Waters Corp.(a)		1,492

				32,038

		Machinery — 2.3%
	52	AGCO Corp.		3,413
	133	Caterpillar, Inc.		17,673
	83	Cummins, Inc.		16,041
	125	Deere & Co.		22,039
	49	Flowserve Corp.		1,366
	11	Illinois Tool Works, Inc.		2,035
	69	ITT, Inc.		3,983
	90	Kennametal, Inc.		2,426
	57	Oshkosh Corp.		4,487
	99	Parker-Hannifin Corp.		17,713
	16	Proto Labs, Inc.(a)		1,922
	70	Terex Corp.		1,319
	63	Toro Co. (The)		4,495

				98,912

See accompanying notes to financial statements.

71 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2055 Fund – (continued)


Shares		Description	Value (†)
		Media — 1.1%
	4	Cable One, Inc.	$	7,290
	24	Charter Communications, Inc., Class A(a)		13,920
	438	Comcast Corp., Class A		18,746
	21	Discovery, Inc., Series C(a)		398
	59	Fox Corp., Class A		1,521
	38	Interpublic Group of Cos., Inc. (The)		686
	76	New York Times Co. (The), Class A		3,507
	48	Omnicom Group, Inc.		2,579
	63	ViacomCBS, Inc., Class B		1,642

				50,289

		Metals & Mining — 0.3%
	122	Commercial Metals Co.		2,523
	10	Nucor Corp.		419
	56	Reliance Steel & Aluminum Co.		5,503
	35	Royal Gold, Inc.		4,898

				13,343

		Multi-Utilities — 0.3%
	62	Consolidated Edison, Inc.		4,764
	25	DTE Energy Co.		2,891
	16	Sempra Energy		1,991
	16	WEC Energy Group, Inc.		1,524

				11,170

		Multiline Retail — 0.2%
	325	Macy’s, Inc.		1,970
	48	Target Corp.		6,042

				8,012

		Oil, Gas & Consumable Fuels — 0.9%
	732	Apache Corp.		11,236
	68	Concho Resources, Inc.		3,573
	83	Devon Energy Corp.		871
	68	Diamondback Energy, Inc.		2,710
	246	EOG Resources, Inc.		11,525
	123	EQT Corp.		1,786
	338	Marathon Oil Corp.		1,856
	130	Noble Energy, Inc.		1,299
	65	ONEOK, Inc.		1,814
	397	Southwestern Energy Co.(a)		965
	32	Valero Energy Corp.		1,799
	65	World Fuel Services Corp.		1,529

				40,963

		Paper & Forest Products — 0.1%
	94	Louisiana-Pacific Corp.		2,977

		Personal Products — 0.0%
	9	Estee Lauder Cos., Inc. (The), Class A		1,778

		Pharmaceuticals — 1.4%
	55	Bristol-Myers Squibb Co.		3,226
	69	Catalent, Inc.(a)		6,027
	36	Eli Lilly & Co.		5,410
	82	Merck & Co., Inc.		6,580
	96	Novartis AG, Sponsored ADR		7,885
	83	Novo Nordisk A/S, Sponsored ADR		5,422
	21	Perrigo Co. PLC		1,113
	197	Pfizer, Inc.		7,581
	437	Roche Holding AG, Sponsored ADR		18,835

				62,079

		Professional Services — 0.3%
	55	Exponent, Inc.		4,623
	20	Insperity, Inc.		1,337
		Professional Services — continued
	58	Korn Ferry	$	1,630
	33	ManpowerGroup, Inc.		2,270
	27	Nielsen Holdings PLC		390
	25	Verisk Analytics, Inc.		4,718

				14,968

		Real Estate Management & Development — 0.1%
	37	CBRE Group, Inc., Class A(a)		1,621
	29	Jones Lang LaSalle, Inc.		2,868

				4,489

		REITs – Apartments — 0.2%
	101	American Campus Communities, Inc.		3,600
	70	Camden Property Trust		6,357
	18	Equity Residential		965

				10,922

		REITs – Diversified — 0.1%
	15	Crown Castle International Corp.		2,501
	12	Digital Realty Trust, Inc.		1,926
	60	Weyerhaeuser Co.		1,669

				6,096

		REITs – Health Care — 0.1%
	35	Ventas, Inc.		1,343
	16	Welltower, Inc.		857

				2,200

		REITs – Hotels — 0.1%
	98	Host Hotels & Resorts, Inc.		1,056
	299	Park Hotels & Resorts, Inc.		2,473

				3,529

		REITs – Mortgage — 0.1%
	73	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		2,557

		REITs – Office Property — 0.5%
	17	Boston Properties, Inc.		1,515
	150	Corporate Office Properties Trust		3,972
	177	Douglas Emmett, Inc.		5,158
	236	Easterly Government Properties, Inc.		5,770
	76	Kilroy Realty Corp.		4,428

				20,843

		REITs – Shopping Centers — 0.1%
	415	Brixmor Property Group, Inc.		4,777

		REITs – Storage — 0.0%
	26	Iron Mountain, Inc.		733

		REITs – Warehouse/Industrials — 0.1%
	49	CyrusOne, Inc.		4,088

		Road & Rail — 0.9%
	167	CSX Corp.		11,914
	78	Kansas City Southern		13,404
	21	Norfolk Southern Corp.		4,037
	45	Ryder System, Inc.		1,648
	61	Union Pacific Corp.		10,574

				41,577

		Semiconductors & Semiconductor Equipment — 2.2%
	17	Advanced Micro Devices, Inc.(a)		1,316
	57	Applied Materials, Inc.		3,667
	31	Cabot Microelectronics Corp.		4,672
	58	Cirrus Logic, Inc.(a)		3,975
	44	Cree, Inc.(a)		3,033
	41	Enphase Energy, Inc.(a)		2,475
	183	First Solar, Inc.(a)		10,898
	77	Ichor Holdings Ltd.(a)		2,527

See accompanying notes to financial statements.

| 72

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2055 Fund – (continued)


Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — continued
	122	Intel Corp.	$	5,823
	81	NVIDIA Corp.		34,392
	125	QUALCOMM, Inc.		13,201
	46	Silicon Laboratories, Inc.(a)		4,623
	40	Texas Instruments, Inc.		5,102
	15	Universal Display Corp.		2,617

				98,321

		Software — 4.1%
	27	Adobe, Inc.(a)		11,997
	145	Autodesk, Inc.(a)		34,282
	35	Blackbaud, Inc.		2,189
	46	Bottomline Technologies, Inc.(a)		2,220
	42	Ceridian HCM Holding, Inc.(a)		3,288
	10	Citrix Systems, Inc.		1,428
	16	Fair Isaac Corp.(a)		7,027
	28	LogMeIn, Inc.		2,403
	148	Microsoft Corp.		30,341
	39	NortonLifeLock, Inc.		837
	499	Oracle Corp.		27,670
	42	PTC, Inc.(a)		3,593
	31	Qualys, Inc.(a)		3,828
	110	salesforce.com, Inc.(a)		21,433
	4	Tyler Technologies, Inc.(a)		1,429
	132	Workday, Inc., Class A(a)		23,881

				177,846

		Specialty Retail — 1.2%
	33	Aaron’s, Inc.		1,722
	104	American Eagle Outfitters, Inc.		1,040
	38	Asbury Automotive Group, Inc.(a)		3,806
	14	Best Buy Co., Inc.		1,394
	19	Five Below, Inc.(a)		2,069
	55	Home Depot, Inc. (The)		14,602
	27	Lithia Motors, Inc., Class A		6,187
	30	Lowe’s Cos., Inc.		4,467
	29	Monro, Inc.		1,633
	74	Tiffany & Co.		9,277
	37	TJX Cos., Inc. (The)		1,924
	38	Williams-Sonoma, Inc.		3,310

				51,431

		Technology Hardware, Storage & Peripherals — 0.6%
	33	Apple, Inc.		14,026
	173	Hewlett Packard Enterprise Co.		1,708
	242	HP, Inc.		4,254
	100	NCR Corp.(a)		1,843
	33	NetApp, Inc.		1,462
	18	Seagate Technology PLC		814

				24,107

		Textiles, Apparel & Luxury Goods — 0.4%
	23	Deckers Outdoor Corp.(a)		4,813
	46	NIKE, Inc., Class B		4,490
	763	Under Armour, Inc., Class A(a)		8,027
	84	Wolverine World Wide, Inc.		2,019

				19,349

		Thrifts & Mortgage Finance — 0.1%
	335	New York Community Bancorp, Inc.		3,528

		Trading Companies & Distributors — 0.3%
	159	Fastenal Co.		7,479
	30	GATX Corp.		1,830
	17	W.W. Grainger, Inc.		5,806

				15,115

		Water Utilities — 0.3%
	75	American Water Works Co., Inc.	$	11,045
	93	Essential Utilities, Inc.		4,218

				15,263

		Wireless Telecommunication Services — 0.2%
	64	Shenandoah Telecommunications Co.		3,217
	52	T-Mobile US, Inc.(a)		5,584

				8,801

		Total Common Stocks (Identified Cost $2,421,410)		2,558,005


Principal Amount
	Bonds and Notes — 3.8%
		Agency Commercial Mortgage-Backed Securities — 0.0%
$	949	FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2, 4.186%, 12/25/2020(b)		957

		Automotive — 0.1%
	2,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		2,165
	2,000	Toyota Motor Credit Corp., MTN, 2.600%, 1/11/2022		2,065

				4,230

		Banking — 0.6%
	2,000	American Express Co., 3.700%, 8/03/2023		2,180
	2,000	Bank of Montreal, MTN, 1.900%, 8/27/2021		2,035
	2,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		2,206
	2,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		2,146
	2,000	Citigroup, Inc., 4.600%, 3/09/2026		2,321
	2,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		2,230
	2,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		2,165
	2,000	KeyCorp, MTN, 2.250%, 4/06/2027		2,135
	2,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		2,230
	2,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024		2,144
	2,000	Truist Bank, 3.200%, 4/01/2024		2,193
	2,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		2,172

				26,157

		Brokerage — 0.1%
	2,000	BlackRock, Inc., 2.400%, 4/30/2030		2,230
	2,000	Intercontinental Exchange, Inc., 3.000%, 6/15/2050		2,318

				4,548

		Cable Satellite — 0.1%
	2,000	Comcast Corp., 3.000%, 2/01/2024		2,169

		Construction Machinery — 0.1%
	2,000	Caterpillar Financial Services Corp., 0.650%, 7/07/2023		2,013
	1,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		1,034

				3,047

		Electric — 0.1%
	2,000	Duke Energy Corp., 3.750%, 4/15/2024		2,213
	2,000	NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030		2,156

				4,369

		Financial Other — 0.0%
	2,000	ORIX Corp., 2.900%, 7/18/2022		2,078

		Food & Beverage — 0.1%
	2,000	General Mills, Inc., 4.000%, 4/17/2025		2,288
	2,000	Mondelez International, Inc., 2.750%, 4/13/2030		2,220

				4,508

See accompanying notes to financial statements.

73 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2055 Fund – (continued)


Principal Amount		Description	Value (†)
		Government Owned – No Guarantee — 0.1%
$	2,000	Federal National Mortgage Association, 6.625%, 11/15/2030	$	3,110

		Health Insurance — 0.1%
	2,000	Anthem, Inc., 4.101%, 3/01/2028		2,387
	1,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		1,492

				3,879

		Healthcare — 0.1%
	1,000	CVS Health Corp., 4.300%, 3/25/2028		1,188
	2,000	McKesson Corp., 3.950%, 2/16/2028		2,346
	1,000	Thermo Fisher Scientific, Inc., 3.000%, 4/15/2023		1,063

				4,597

		Independent Energy — 0.0%
	2,000	EQT Corp., 3.000%, 10/01/2022		1,985

		Integrated Energy — 0.1%
	2,000	BP Capital Markets PLC, 3.814%, 2/10/2024		2,209
	1,000	Shell International Finance BV, 6.375%, 12/15/2038		1,574

				3,783

		Media Entertainment — 0.1%
	2,000	ViacomCBS, Inc., 4.750%, 5/15/2025		2,303

		Midstream — 0.1%
	2,000	Energy Transfer Operating LP, 4.050%, 3/15/2025		2,110
	2,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		2,199

				4,309

		Mortgage Related — 0.6%
	12,098	FNMA, 3.000%, with various maturities from 2034 to 2049(c)		12,769
	7,827	FNMA, 3.500%, with various maturities in 2049(c)		8,243
	3,368	FNMA, 4.000%, with various maturities from 2049 to 2050(c)		3,580
	1,689	FNMA, 4.500%, with various maturities from 2048 to 2049(c)		1,816

				26,408

		Oil Field Services — 0.0%
	2,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		2,093

		Pharmaceuticals — 0.1%
	2,000	AbbVie, Inc., 3.600%, 5/14/2025		2,237
	2,000	Amgen, Inc., 2.650%, 5/11/2022		2,077

				4,314

		Railroads — 0.1%
	2,000	CSX Corp., 2.600%, 11/01/2026		2,212

		REITs – Office Property — 0.0%
	1,000	Boston Properties LP, 2.750%, 10/01/2026		1,088

		Technology — 0.2%
	1,000	Apple, Inc., 2.500%, 2/09/2025		1,085
	2,000	International Business Machines Corp., 4.000%, 6/20/2042		2,507
	2,000	Oracle Corp., 2.950%, 5/15/2025		2,208
	2,000	QUALCOMM, Inc., 3.450%, 5/20/2025		2,248
	2,000	VMware, Inc., 2.950%, 8/21/2022		2,088

				10,136

		Treasuries — 0.8%
	2,000	U.S. Treasury Bond, 2.500%, 5/15/2046		2,592
	4,000	U.S. Treasury Bond, 2.875%, 11/15/2046		5,549
	4,000	U.S. Treasury Bond, 3.000%, 5/15/2045		5,595
	1,000	U.S. Treasury Bond, 3.000%, 2/15/2048		1,430
	1,000	U.S. Treasury Bond, 3.000%, 2/15/2049		1,443
		Treasuries — continued
$	1,000	U.S. Treasury Bond, 4.250%, 11/15/2040	$	1,608
	1,000	U.S. Treasury Bond, 4.375%, 5/15/2041		1,639
	1,000	U.S. Treasury Bond, 4.500%, 2/15/2036		1,559
	1,000	U.S. Treasury Note, 1.125%, 9/30/2021		1,011
	5,000	U.S. Treasury Note, 1.625%, 8/31/2022		5,156
	9,000	U.S. Treasury Note, 2.125%, 12/31/2022		9,434

				37,016

		Wireless — 0.1%
	2,000	Vodafone Group PLC, 6.150%, 2/27/2037		2,953

		Wirelines — 0.1%
	2,000	AT&T, Inc., 3.400%, 5/15/2025		2,225
	2,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 1.492%, 5/15/2025(d)		2,047

				4,272

		Total Bonds and Notes (Identified Cost $157,554)		166,521


Shares
	Exchange-Traded Funds — 16.5%
	7,502	iShares^® ESG MSCI EAFE ETF		464,674
	7,299	iShares^® ESG MSCI Emerging Markets ETF		255,830

		Total Exchange-Traded Funds (Identified Cost $708,255)		720,504


	Affiliated Mutual Funds — 17.8%
	5,994	Mirova Global Green Bond Fund, Class N		64,917
	55,722	Mirova International Sustainable Equity Fund, Class N		716,025

		Total Affiliated Mutual Funds (Identified Cost $692,080)		780,942


		Total Investments — 96.5% (Identified Cost $3,979,299)		4,225,972
		Other assets less liabilities — 3.5%		154,989

		Net Assets — 100.0%	$	4,380,961


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of July 31, 2020 is disclosed.
	(c)	The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(d)	Variable rate security. Rate as of July 31, 2020 is disclosed.

	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.
	ETF	Exchange-Traded Fund
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

See accompanying notes to financial statements.

| 74

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2055 Fund – (continued)

Asset Allocation Summary at July 31, 2020 (Unaudited)


Equity	91.2	%
Fixed Income	5.3

Total Investments	96.5
Other assets less liabilities	3.5

Net Assets	100.0	%

See accompanying notes to financial statements.

75 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2060 Fund


Shares		Description	Value (†)
	Common Stocks — 60.8% of Net Assets
		Aerospace & Defense — 0.7%
	18	Axon Enterprise, Inc.(a)	$	1,496
	83	Boeing Co. (The)		13,114
	33	General Dynamics Corp.		4,842
	26	Moog, Inc., Class A		1,397
	47	Raytheon Technologies Corp.		2,664

				23,513

		Air Freight & Logistics — 0.6%
	201	Expeditors International of Washington, Inc.		16,987
	36	United Parcel Service, Inc., Class B		5,139

				22,126

		Airlines — 0.1%
	13	Delta Air Lines, Inc.		325
	142	Hawaiian Holdings, Inc.		1,688

				2,013

		Auto Components — 0.3%
	93	Aptiv PLC		7,231
	15	BorgWarner, Inc.		549
	24	Visteon Corp.(a)		1,742

				9,522

		Automobiles — 0.3%
	349	General Motors Co.		8,686
	27	Thor Industries, Inc.		3,078

				11,764

		Banks — 2.8%
	70	Ameris Bancorp		1,615
	125	BancorpSouth Bank		2,616
	640	Bank of America Corp.		15,923
	290	Cadence BanCorp		2,265
	310	Citigroup, Inc.		15,503
	181	Citizens Financial Group, Inc.		4,491
	101	Columbia Banking System, Inc.		2,922
	9	Comerica, Inc.		347
	64	Cullen/Frost Bankers, Inc.		4,612
	219	Fulton Financial Corp.		2,124
	171	Huntington Bancshares, Inc.		1,585
	117	International Bancshares Corp.		3,559
	276	KeyCorp		3,315
	21	M&T Bank Corp.		2,225
	416	People’s United Financial, Inc.		4,489
	77	PNC Financial Services Group, Inc. (The)		8,213
	127	Regions Financial Corp.		1,379
	107	TCF Financial Corp.		2,941
	119	Truist Financial Corp.		4,458
	182	Trustmark Corp.		4,099
	272	Wells Fargo & Co.		6,599
	46	Wintrust Financial Corp.		1,969
	84	Zions Bancorp N.A.		2,727

				99,976
				��
		Beverages — 1.6%
	184	Coca-Cola Co. (The)		8,692
	72	Constellation Brands, Inc., Class A		12,830
	326	Monster Beverage Corp.(a)		25,585
	58	PepsiCo, Inc.		7,984

				55,091

		Biotechnology — 1.9%
	56	AbbVie, Inc.		5,315
	37	Amgen, Inc.		9,053
	11	Biogen, Inc.(a)		3,022
		Biotechnology — continued
	86	BioMarin Pharmaceutical, Inc.(a)	$	10,304
	99	Gilead Sciences, Inc.		6,883
	18	Ligand Pharmaceuticals, Inc.(a)		2,109
	46	Regeneron Pharmaceuticals, Inc.(a)		29,075
	8	Vertex Pharmaceuticals, Inc.(a)		2,176

				67,937

		Building Products — 0.4%
	148	Johnson Controls International PLC		5,695
	19	Lennox International, Inc.		5,095
	56	Owens Corning		3,386

				14,176

		Capital Markets — 4.1%
	12	Ameriprise Financial, Inc.		1,844
	379	Bank of New York Mellon Corp. (The)		13,587
	14	BlackRock, Inc.		8,050
	384	Charles Schwab Corp. (The)		12,730
	20	CME Group, Inc.		3,324
	45	FactSet Research Systems, Inc.		15,583
	56	Franklin Resources, Inc.		1,179
	46	Goldman Sachs Group, Inc. (The)		9,106
	45	Intercontinental Exchange, Inc.		4,355
	18	Invesco Ltd.		181
	95	Janus Henderson Group PLC		1,984
	101	Legg Mason, Inc.		5,049
	50	Moody’s Corp.		14,065
	29	MSCI, Inc.		10,903
	53	Northern Trust Corp.		4,152
	39	S&P Global, Inc.		13,660
	175	SEI Investments Co.		9,158
	237	State Street Corp.		15,118
	6	T. Rowe Price Group, Inc.		829

				144,857

		Chemicals — 0.8%
	24	DuPont de Nemours, Inc.		1,284
	36	Ecolab, Inc.		6,735
	48	HB Fuller Co.		2,176
	34	Innospec, Inc.		2,556
	47	Linde PLC		11,520
	41	Minerals Technologies, Inc.		1,922
	24	Stepan Co.		2,621

				28,814

		Commercial Services & Supplies — 0.2%
	44	Healthcare Services Group, Inc.		1,153
	25	MSA Safety, Inc.		2,963
	37	Tetra Tech, Inc.		3,280

				7,396

		Communications Equipment — 0.8%
	62	Ciena Corp.(a)		3,690
	370	Cisco Systems, Inc.		17,427
	6	F5 Networks, Inc.(a)		815
	31	InterDigital, Inc.		1,861
	34	Lumentum Holdings, Inc.(a)		3,156
	13	Motorola Solutions, Inc.		1,817

				28,766

		Construction & Engineering — 0.2%
	118	AECOM(a)		4,270
	145	Fluor Corp.		1,478

				5,748

See accompanying notes to financial statements.

| 76

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2060 Fund – (continued)


Shares		Description	Value (†)
		Consumer Finance — 1.1%
	659	Ally Financial, Inc.	$	13,246
	122	American Express Co.		11,385
	218	Capital One Financial Corp.		13,908

				38,539

		Containers & Packaging — 0.2%
	45	Ball Corp.		3,313
	45	International Paper Co.		1,566
	186	O-I Glass, Inc.		1,942

				6,821

		Distributors — 0.3%
	36	Genuine Parts Co.		3,245
	18	POOL CORP.		5,701

				8,946

		Diversified Consumer Services — 0.1%
	74	Service Corp. International		3,209

		Diversified Telecommunication Services — 0.2%
	124	AT&T, Inc.		3,668
	67	Verizon Communications, Inc.		3,851

				7,519

		Electric Utilities — 0.7%
	113	American Electric Power Co., Inc.		9,817
	14	Edison International		779
	27	Eversource Energy		2,432
	19	FirstEnergy Corp.		551
	35	IDACORP, Inc.		3,264
	27	NextEra Energy, Inc.		7,579
	33	PPL Corp.		879

				25,301

		Electrical Equipment — 0.5%
	13	Acuity Brands, Inc.		1,288
	26	Eaton Corp. PLC		2,422
	24	Hubbell, Inc.		3,239
	183	Sunrun, Inc.(a)		6,714
	251	Vivint Solar, Inc.(a)		5,106

				18,769

		Electronic Equipment, Instruments & Components — 0.8%
	67	Avnet, Inc.		1,790
	67	Cognex Corp.		4,480
	15	Coherent, Inc.(a)		2,082
	30	Corning, Inc.		930
	44	Itron, Inc.(a)		3,061
	13	Littelfuse, Inc.		2,310
	12	Rogers Corp.(a)		1,430
	85	TE Connectivity Ltd.		7,571
	80	Trimble, Inc.(a)		3,561
	120	Vishay Intertechnology, Inc.		1,883

				29,098

		Energy Equipment & Services — 0.3%
	485	Archrock, Inc.		3,230
	104	Baker Hughes Co.		1,611
	68	National Oilwell Varco, Inc.		783
	305	Schlumberger Ltd.		5,533
	47	TechnipFMC PLC		377

				11,534

		Entertainment — 1.8%
	33	Activision Blizzard, Inc.		2,727
	58	Cinemark Holdings, Inc.		686
	53	Electronic Arts, Inc.(a)		7,506
		Entertainment — (continued)
	49	Netflix, Inc.(a)	$	23,955
	20	Take-Two Interactive Software, Inc.(a)		3,280
	221	Walt Disney Co. (The)		25,844

				63,998

		Food & Staples Retailing — 0.3%
	69	Kroger Co. (The)		2,401
	160	SpartanNash Co.		3,364
	20	Sysco Corp.		1,057
	131	Walgreens Boots Alliance, Inc.		5,333

				12,155

		Food Products — 0.5%
	61	Campbell Soup Co.		3,024
	49	General Mills, Inc.		3,100
	64	Hain Celestial Group, Inc. (The)(a)		2,175
	65	Hormel Foods Corp.		3,306
	35	Ingredion, Inc.		3,027
	14	J.M. Smucker Co. (The)		1,531
	25	Kellogg Co.		1,725
	6	McCormick & Co., Inc.		1,169

				19,057

		Gas Utilities — 0.3%
	66	New Jersey Resources Corp.		2,050
	40	ONE Gas, Inc.		3,028
	73	South Jersey Industries, Inc.		1,703
	80	UGI Corp.		2,667

				9,448

		Health Care Equipment & Supplies — 1.1%
	3	Becton Dickinson & Co.		844
	18	Boston Scientific Corp.(a)		694
	7	Cooper Cos., Inc. (The)		1,980
	13	DENTSPLY SIRONA, Inc.		580
	3	DexCom, Inc.(a)		1,306
	9	Edwards Lifesciences Corp.(a)		706
	34	Globus Medical, Inc., Class A(a)		1,638
	18	Haemonetics Corp.(a)		1,578
	35	Hill-Rom Holdings, Inc.		3,403
	21	Hologic, Inc.(a)		1,465
	11	Intuitive Surgical, Inc.(a)		7,540
	83	Meridian Bioscience, Inc.(a)		2,033
	29	Merit Medical Systems, Inc.(a)		1,297
	10	Quidel Corp.(a)		2,825
	6	STERIS PLC		958
	3	Stryker Corp.		580
	21	Varian Medical Systems, Inc.(a)		2,997
	18	West Pharmaceutical Services, Inc.		4,840

				37,264

		Health Care Providers & Services — 2.5%
	38	Acadia Healthcare Co., Inc.(a)		1,133
	13	Amedisys, Inc.(a)		3,044
	6	Anthem, Inc.		1,643
	26	BioTelemetry, Inc.(a)		1,107
	77	Centene Corp.(a)		5,024
	9	Chemed Corp.		4,430
	10	Cigna Corp.		1,727
	195	CVS Health Corp.		12,273
	18	DaVita, Inc.(a)		1,573
	31	Encompass Health Corp.		2,111
	116	HCA Healthcare, Inc.		14,690
	29	Henry Schein, Inc.(a)		1,993
	42	Humana, Inc.		16,483

See accompanying notes to financial statements.

77 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2060 Fund – (continued)


Shares		Description	Value (†)
		Health Care Providers & Services — (continued)
	21	Laboratory Corp. of America Holdings(a)	$	4,051
	129	MEDNAX, Inc.(a)		2,577
	57	Patterson Cos., Inc.		1,514
	33	Quest Diagnostics, Inc.		4,193
	25	UnitedHealth Group, Inc.		7,570

				87,136

		Health Care Technology — 0.4%
	135	Allscripts Healthcare Solutions, Inc.(a)		1,215
	165	Cerner Corp.		11,459
	61	HMS Holdings Corp.(a)		1,983

				14,657

		Hotels, Restaurants & Leisure — 1.5%
	33	Dine Brands Global, Inc.		1,499
	36	Dunkin’ Brands Group, Inc.		2,474
	106	Hilton Worldwide Holdings, Inc.		7,955
	22	Jack in the Box, Inc.		1,807
	23	Marriott Vacations Worldwide Corp.		1,947
	7	McDonald’s Corp.		1,360
	513	MGM Resorts International		8,254
	129	Starbucks Corp.		9,872
	133	Wendy’s Co. (The)		3,083
	170	Yum China Holdings, Inc.		8,711
	54	Yum! Brands, Inc.		4,917

				51,879

		Household Durables — 0.4%
	106	KB Home		3,566
	80	Meritage Homes Corp.(a)		7,935
	143	Taylor Morrison Home Corp.(a)		3,353

				14,854

		Household Products — 1.0%
	7	Clorox Co. (The)		1,656
	162	Colgate-Palmolive Co.		12,506
	6	Kimberly-Clark Corp.		912
	140	Procter & Gamble Co. (The)		18,357

				33,431

		Independent Power & Renewable Electricity Producers — 0.2%
	66	AES Corp. (The)		1,005
	104	Ormat Technologies, Inc.		6,188

				7,193

		Industrial Conglomerates — 0.3%
	19	Carlisle Cos., Inc.		2,262
	1,013	General Electric Co.		6,149
	8	Honeywell International, Inc.		1,195

				9,606

		Insurance — 1.6%
	18	Aflac, Inc.		640
	39	Allstate Corp. (The)		3,681
	347	American International Group, Inc.		11,153
	15	Brighthouse Financial, Inc.(a)		425
	63	Chubb Ltd.		8,016
	9	eHealth, Inc.(a)		622
	61	First American Financial Corp.		3,112
	22	Hanover Insurance Group, Inc. (The)		2,241
	32	Hartford Financial Services Group, Inc. (The)		1,354
	32	Lincoln National Corp.		1,193
	24	Marsh & McLennan Cos., Inc.		2,799
	10	Progressive Corp. (The)		903
	70	Prudential Financial, Inc.		4,436
	154	Reinsurance Group of America, Inc.		13,129
	29	Travelers Cos., Inc. (The)		3,318

				57,022

		Interactive Media & Services — 3.4%
	12	Alphabet, Inc., Class A(a)	$	17,855
	25	Alphabet, Inc., Class C(a)		37,074
	194	Facebook, Inc., Class A(a)		49,212
	64	Match Group, Inc.(a)		6,573
	238	Pinterest, Inc., Class A(a)		8,161

				118,875

		Internet & Direct Marketing Retail — 3.3%
	128	Alibaba Group Holding Ltd., Sponsored ADR(a)		32,131
	13	Amazon.com, Inc.(a)		41,141
	12	Booking Holdings, Inc.(a)		19,946
	334	eBay, Inc.		18,463
	45	Etsy, Inc.(a)		5,327

				117,008

		IT Services — 3.0%
	84	Automatic Data Processing, Inc.		11,164
	64	Cognizant Technology Solutions Corp., Class A		4,373
	396	DXC Technology Co.		7,092
	11	Fiserv, Inc.(a)		1,098
	69	Gartner, Inc.(a)		8,600
	15	Global Payments, Inc.		2,670
	18	International Business Machines Corp.		2,213
	47	MasterCard, Inc., Class A		14,501
	25	Paychex, Inc.		1,798
	24	PayPal Holdings, Inc.(a)		4,706
	183	Sabre Corp.		1,384
	13	VeriSign, Inc.(a)		2,752
	206	Visa, Inc., Class A		39,222
	17	WEX, Inc.(a)		2,692

				104,265

		Leisure Products — 0.0%
	82	Callaway Golf Co.		1,562

		Life Sciences Tools & Services — 0.8%
	20	Agilent Technologies, Inc.		1,927
	26	Illumina, Inc.(a)		9,936
	11	IQVIA Holdings, Inc.(a)		1,742
	1	Mettler-Toledo International, Inc.(a)		935
	46	NeoGenomics, Inc.(a)		1,759
	32	Repligen Corp.(a)		4,829
	13	Thermo Fisher Scientific, Inc.		5,381
	8	Waters Corp.(a)		1,705

				28,214

		Machinery — 2.4%
	44	AGCO Corp.		2,888
	117	Caterpillar, Inc.		15,547
	66	Cummins, Inc.		12,755
	107	Deere & Co.		18,865
	54	Flowserve Corp.		1,505
	11	Illinois Tool Works, Inc.		2,035
	59	ITT, Inc.		3,406
	76	Kennametal, Inc.		2,049
	47	Oshkosh Corp.		3,700
	83	Parker-Hannifin Corp.		14,850
	13	Proto Labs, Inc.(a)		1,562
	60	Terex Corp.		1,131
	51	Toro Co. (The)		3,639

				83,932

		Media — 1.1%
	3	Cable One, Inc.		5,468
	19	Charter Communications, Inc., Class A(a)		11,020
	347	Comcast Corp., Class A		14,852

See accompanying notes to financial statements.

| 78

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2060 Fund – (continued)


Shares		Description	Value (†)
		Media — (continued)
	21	Discovery, Inc., Series C(a)	$	398
	44	Fox Corp., Class A		1,134
	28	Interpublic Group of Cos., Inc. (The)		505
	64	New York Times Co. (The), Class A		2,953
	46	Omnicom Group, Inc.		2,471
	47	ViacomCBS, Inc., Class B		1,225

				40,026

		Metals & Mining — 0.3%
	108	Commercial Metals Co.		2,233
	10	Nucor Corp.		420
	44	Reliance Steel & Aluminum Co.		4,323
	28	Royal Gold, Inc.		3,918

				10,894

		Multi-Utilities — 0.3%
	68	Consolidated Edison, Inc.		5,224
	25	DTE Energy Co.		2,891
	18	Sempra Energy		2,240
	18	WEC Energy Group, Inc.		1,715

				12,070

		Multiline Retail — 0.2%
	275	Macy’s, Inc.		1,667
	42	Target Corp.		5,287

				6,954

		Oil, Gas & Consumable Fuels — 1.0%
	589	Apache Corp.		9,041
	54	Concho Resources, Inc.		2,837
	71	Devon Energy Corp.		745
	54	Diamondback Energy, Inc.		2,152
	195	EOG Resources, Inc.		9,136
	104	EQT Corp.		1,510
	366	Marathon Oil Corp.		2,009
	109	Noble Energy, Inc.		1,089
	71	ONEOK, Inc.		1,982
	330	Southwestern Energy Co.(a)		802
	35	Valero Energy Corp.		1,968
	52	World Fuel Services Corp.		1,224

				34,495

		Paper & Forest Products — 0.1%
	80	Louisiana-Pacific Corp.		2,534

		Personal Products — 0.0%
	7	Estee Lauder Cos., Inc. (The), Class A		1,383

		Pharmaceuticals — 1.4%
	41	Bristol-Myers Squibb Co.		2,405
	57	Catalent, Inc.(a)		4,978
	27	Eli Lilly & Co.		4,058
	61	Merck & Co., Inc.		4,895
	83	Novartis AG, Sponsored ADR		6,818
	67	Novo Nordisk A/S, Sponsored ADR		4,377
	16	Perrigo Co. PLC		848
	148	Pfizer, Inc.		5,695
	343	Roche Holding AG, Sponsored ADR		14,783

				48,857

		Professional Services — 0.4%
	46	Exponent, Inc.		3,867
	18	Insperity, Inc.		1,204
	44	Korn Ferry		1,236
	27	ManpowerGroup, Inc.		1,857
	28	Nielsen Holdings PLC		404
	24	Verisk Analytics, Inc.		4,529

				13,097

		Real Estate Management & Development — 0.1%
	27	CBRE Group, Inc., Class A(a)	$	1,183
	23	Jones Lang LaSalle, Inc.		2,275

				3,458

		REITs – Apartments — 0.3%
	86	American Campus Communities, Inc.		3,065
	57	Camden Property Trust		5,176
	16	Equity Residential		858

				9,099

		REITs – Diversified — 0.1%
	11	Crown Castle International Corp.		1,834
	9	Digital Realty Trust, Inc.		1,445
	52	Weyerhaeuser Co.		1,446

				4,725

		REITs – Health Care — 0.0%
	27	Ventas, Inc.		1,036
	13	Welltower, Inc.		696

				1,732

		REITs – Hotels — 0.1%
	84	Host Hotels & Resorts, Inc.		905
	239	Park Hotels & Resorts, Inc.		1,977

				2,882

		REITs – Mortgage — 0.1%
	57	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,997

		REITs – Office Property — 0.5%
	14	Boston Properties, Inc.		1,247
	129	Corporate Office Properties Trust		3,416
	146	Douglas Emmett, Inc.		4,254
	195	Easterly Government Properties, Inc.		4,768
	65	Kilroy Realty Corp.		3,788

				17,473

		REITs – Shopping Centers — 0.1%
	336	Brixmor Property Group, Inc.		3,867

		REITs – Storage — 0.0%
	20	Iron Mountain, Inc.		564

		REITs – Warehouse/Industrials — 0.1%
	39	CyrusOne, Inc.		3,253

		Road & Rail — 1.0%
	130	CSX Corp.		9,274
	61	Kansas City Southern		10,483
	21	Norfolk Southern Corp.		4,036
	38	Ryder System, Inc.		1,392
	48	Union Pacific Corp.		8,321

				33,506

		Semiconductors & Semiconductor Equipment — 2.3%
	13	Advanced Micro Devices, Inc.(a)		1,007
	42	Applied Materials, Inc.		2,702
	26	Cabot Microelectronics Corp.		3,919
	48	Cirrus Logic, Inc.(a)		3,289
	34	Cree, Inc.(a)		2,343
	32	Enphase Energy, Inc.(a)		1,931
	138	First Solar, Inc.(a)		8,218
	66	Ichor Holdings Ltd.(a)		2,166
	92	Intel Corp.		4,391
	66	NVIDIA Corp.		28,023
	103	QUALCOMM, Inc.		10,878
	37	Silicon Laboratories, Inc.(a)		3,719
	41	Texas Instruments, Inc.		5,230

See accompanying notes to financial statements.

79 |

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2060 Fund – (continued)


Shares		Description	Value (†)
		Semiconductors & Semiconductor Equipment — (continued)
	12	Universal Display Corp.	$	2,093

				79,909

		Software — 4.2%
	21	Adobe, Inc.(a)		9,331
	119	Autodesk, Inc.(a)		28,135
	27	Blackbaud, Inc.		1,689
	38	Bottomline Technologies, Inc.(a)		1,834
	33	Ceridian HCM Holding, Inc.(a)		2,584
	9	Citrix Systems, Inc.		1,285
	13	Fair Isaac Corp.(a)		5,709
	23	LogMeIn, Inc.		1,974
	124	Microsoft Corp.		25,421
	31	NortonLifeLock, Inc.		665
	415	Oracle Corp.		23,012
	35	PTC, Inc.(a)		2,995
	26	Qualys, Inc.(a)		3,210
	90	salesforce.com, Inc.(a)		17,536
	3	Tyler Technologies, Inc.(a)		1,072
	107	Workday, Inc., Class A(a)		19,358

				145,810

		Specialty Retail — 1.2%
	31	Aaron’s, Inc.		1,618
	88	American Eagle Outfitters, Inc.		880
	32	Asbury Automotive Group, Inc.(a)		3,205
	11	Best Buy Co., Inc.		1,095
	15	Five Below, Inc.(a)		1,634
	47	Home Depot, Inc. (The)		12,478
	23	Lithia Motors, Inc., Class A		5,270
	28	Lowe’s Cos., Inc.		4,169
	24	Monro, Inc.		1,351
	58	Tiffany & Co.		7,271
	27	TJX Cos., Inc. (The)		1,404
	32	Williams-Sonoma, Inc.		2,788

				43,163

		Technology Hardware, Storage & Peripherals — 0.6%
	26	Apple, Inc.		11,051
	188	Hewlett Packard Enterprise Co.		1,855
	236	HP, Inc.		4,149
	83	NCR Corp.(a)		1,530
	24	NetApp, Inc.		1,063
	13	Seagate Technology PLC		588

				20,236

		Textiles, Apparel & Luxury Goods — 0.5%
	19	Deckers Outdoor Corp.(a)		3,976
	35	NIKE, Inc., Class B		3,416
	629	Under Armour, Inc., Class A(a)		6,617
	76	Wolverine World Wide, Inc.		1,827

				15,836

		Thrifts & Mortgage Finance — 0.1%
	268	New York Community Bancorp, Inc.		2,822

		Trading Companies & Distributors — 0.3%
	119	Fastenal Co.		5,598
	25	GATX Corp.		1,524
	13	W.W. Grainger, Inc.		4,440

				11,562

		Water Utilities — 0.4%
	68	American Water Works Co., Inc.		10,014
	80	Essential Utilities, Inc.		3,628

				13,642

		Wireless Telecommunication Services — 0.2%
	51	Shenandoah Telecommunications Co.	$	2,564
	41	T-Mobile US, Inc.(a)		4,402

				6,966

		Total Common Stocks (Identified Cost $1,996,410)		2,135,803


Principal Amount
	Bonds and Notes — 3.9%
		Agency Commercial Mortgage-Backed Securities — 0.0%
$	949	FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2, 4.186%, 12/25/2020(b)		957

		Automotive — 0.1%
	2,000	General Motors Financial Co., Inc., 4.350%, 1/17/2027		2,166
	1,000	Toyota Motor Credit Corp., MTN, 2.600%, 1/11/2022		1,032

				3,198

		Banking — 0.7%
	2,000	American Express Co., 3.700%, 8/03/2023		2,180
	2,000	Bank of America Corp., (fixed rate to 1/20/2022, variable rate thereafter), MTN, 3.124%, 1/20/2023		2,071
	2,000	Bank of New York Mellon Corp. (The), Series 12, MTN, 3.650%, 2/04/2024		2,206
	2,000	BNP Paribas S.A., MTN, 3.250%, 3/03/2023		2,146
	2,000	Citigroup, Inc., 4.600%, 3/09/2026		2,321
	1,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		1,052
	1,000	Deutsche Bank AG, GMTN, 3.375%, 5/12/2021		1,017
	2,000	Goldman Sachs Group, Inc. (The), 3.750%, 5/22/2025		2,230
	2,000	JPMorgan Chase & Co., (fixed rate to 3/01/2024, variable rate thereafter), 3.220%, 3/01/2025		2,165
	2,000	KeyCorp, MTN, 2.250%, 4/06/2027		2,135
	2,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		2,230
	2,000	Truist Bank, 3.200%, 4/01/2024		2,193
	2,000	Wells Fargo & Co., MTN, 3.000%, 2/19/2025		2,172

				26,118

		Brokerage — 0.1%
	2,000	Intercontinental Exchange, Inc., 3.000%, 6/15/2050		2,318

		Construction Machinery — 0.1%
	2,000	Caterpillar Financial Services Corp., 0.650%, 7/07/2023		2,013
	1,000	John Deere Capital Corp., MTN,
		2.650%, 1/06/2022		1,034

				3,047

		Consumer Cyclical Services — 0.1%
	2,000	eBay, Inc., 3.800%, 3/09/2022		2,101

		Electric — 0.1%
	2,000	NextEra Energy Capital Holdings, Inc., 2.250%, 6/01/2030		2,156

		Food & Beverage — 0.1%
	2,000	Mondelez International, Inc., 2.750%, 4/13/2030		2,220

		Government Owned – No Guarantee — 0.1%
	2,000	Federal National Mortgage Association, 6.625%, 11/15/2030		3,110

		Health Insurance — 0.1%
	2,000	Anthem, Inc., 4.101%, 3/01/2028		2,387
	1,000	UnitedHealth Group, Inc., 5.800%, 3/15/2036		1,492

				3,879

		Healthcare — 0.0%
	1,000	CVS Health Corp., 4.300%, 3/25/2028		1,188

See accompanying notes to financial statements.

| 80

Portfolio of Investments – as of July 31, 2020 (Unaudited)

Natixis Sustainable Future 2060 Fund – (continued)


Principal Amount		Description	Value (†)
		Independent Energy — 0.1%
$	2,000	EQT Corp., 3.000%, 10/01/2022	$	1,985

		Integrated Energy — 0.1%
	2,000	BP Capital Markets PLC, 3.814%, 2/10/2024		2,209
	2,000	Exxon Mobil Corp., 2.992%, 3/19/2025		2,200
	1,000	Shell International Finance BV, 6.375%, 12/15/2038		1,574

				5,983

		Midstream — 0.1%
	2,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		2,199

		Mortgage Related — 0.6%
	9,588	FNMA, 3.000%, with various maturities from 2034 to 2049(c)		10,124
	6,379	FNMA, 3.500%, with various maturities in 2049(c)		6,720
	2,816	FNMA, 4.000%, with various maturities from 2049 to 2050(c)		2,989
	1,192	FNMA, 4.500%, 5/01/2049		1,281

				21,114

		Oil Field Services — 0.1%
	2,000	Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		2,093

		Railroads — 0.1%
	2,000	CSX Corp., 2.600%, 11/01/2026		2,212

		REITs – Office Property — 0.0%
	1,000	Boston Properties LP, 2.750%, 10/01/2026		1,088

		Restaurants — 0.1%
	2,000	Starbucks Corp., 3.800%, 8/15/2025		2,290

		Technology — 0.2%
	1,000	Apple, Inc., 2.500%, 2/09/2025		1,085
	1,000	International Business Machines Corp., 4.000%, 6/20/2042		1,254
	2,000	Oracle Corp., 2.950%, 5/15/2025		2,208
	2,000	QUALCOMM, Inc., 3.450%, 5/20/2025		2,248
	2,000	VMware, Inc., 2.950%, 8/21/2022		2,088

				8,883

		Treasuries — 0.9%
	2,000	U.S. Treasury Bond, 2.500%, 5/15/2046		2,592
	3,000	U.S. Treasury Bond, 2.875%, 11/15/2046		4,161
	3,000	U.S. Treasury Bond, 3.000%, 5/15/2045		4,196
	1,000	U.S. Treasury Bond, 3.000%, 2/15/2048		1,430
	1,000	U.S. Treasury Bond, 3.000%, 2/15/2049		1,443
	1,000	U.S. Treasury Bond, 4.250%, 11/15/2040		1,608
	1,000	U.S. Treasury Bond, 4.375%, 5/15/2041		1,639
	2,000	U.S. Treasury Bond, 4.500%, 2/15/2036		3,118
	2,000	U.S. Treasury Note, 1.125%, 9/30/2021		2,023
	4,000	U.S. Treasury Note, 1.625%, 8/31/2022		4,125
	6,000	U.S. Treasury Note, 2.125%, 12/31/2022		6,290

				32,625

		Wireless — 0.0%
	1,000	Vodafone Group PLC, 6.150%, 2/27/2037		1,477

		Wirelines — 0.1%
	2,000	AT&T, Inc., 3.400%, 5/15/2025		2,225
	1,000	Verizon Communications, Inc., 3-month LIBOR + 1.100%, 1.492%, 5/15/2025(d)		1,023

				3,248

		Total Bonds and Notes (Identified Cost $127,104)		135,489


	Shares	Description		Value (†)
	Exchange-Traded Funds — 16.6%
	6,196	iShares^® ESG MSCI EAFE ETF	$	383,780
	5,650	iShares^® ESG MSCI Emerging Markets ETF		198,033

		Total Exchange-Traded Funds (Identified Cost $561,843)		581,813


	Affiliated Mutual Funds — 18.5%
	4,980	Mirova Global Green Bond Fund, Class N		53,934
	46,284	Mirova International Sustainable Equity Fund, Class N		594,745

		Total Affiliated Mutual Funds (Identified Cost $557,173)		648,679


		Total Investments — 99.8% (Identified Cost $3,242,530)		3,501,784
		Other assets less liabilities — 0.2%		7,697

		Net Assets — 100.0%	$	3,509,481


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of July 31, 2020 is disclosed.
	(c)	The Fund’s investment in mortgage related securities of Federal National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(d)	Variable rate security. Rate as of July 31, 2020 is disclosed.

	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.
	ETF	Exchange-Traded Fund
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

Asset Allocation Summary at July 31, 2020 (Unaudited)


Equity	94.4	%
Fixed Income	5.4

Total Investments	99.8
Other assets less liabilities	0.2

Net Assets	100.0	%

See accompanying notes to financial statements.

81 |

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| 82

Statements of Assets and Liabilities

July 31, 2020 (Unaudited)


	Natixis Sustainable Future 2015 Fund		Natixis Sustainable Future 2020 Fund		Natixis Sustainable Future 2025 Fund		Natixis Sustainable Future 2030 Fund
ASSETS
Unaffiliated investments at cost	$	3,793,430	$	3,064,363	$	4,544,767	$	5,025,828
Affiliated investments at cost		2,769,853		1,687,577		1,938,119		1,922,234
Net unrealized appreciation on unaffiliated investments		287,374		160,722		254,011		250,142
Net unrealized appreciation on affiliated investments		214,408		101,203		153,617		145,148

Investments at value		7,065,065		5,013,865		6,890,514		7,343,352
Cash		351,623		145,812		149,663		255,832
Receivable for Fund shares sold		3,549		4,603		75,689		12,224
Receivable from investment adviser (Note 5)		11,236		11,461		11,321		12,158
Receivable for securities sold		1,533		—		—		—
Dividends and interest receivable		11,422		7,759		10,592		9,449
Dividends receivable from affiliates		760		461		486		360
Tax reclaims receivable		—		508		375		361
Prepaid expenses (Note 6)		2		2		2		2

TOTAL ASSETS		7,445,190		5,184,471		7,138,642		7,633,738

LIABILITIES
Payable for securities purchased		2,321		476		502		2,936
Deferred Trustees’ fees (Note 5)		12,861		12,860		12,831		12,823
Administrative fees payable (Note 5)		273		189		258		278
Audit and tax services fees payable		18,505		18,505		18,505		18,505
Other accounts payable and accrued expenses		23,298		23,144		23,491		24,157

TOTAL LIABILITIES		57,258		55,174		55,587		58,699

NET ASSETS	$	7,387,932	$	5,129,297	$	7,083,055	$	7,575,039

NET ASSETS CONSIST OF:
Paid-in capital	$	6,839,401	$	4,655,134	$	6,646,036	$	7,159,359
Accumulated earnings		548,531		474,163		437,019		415,680

NET ASSETS	$	7,387,932	$	5,129,297	$	7,083,055	$	7,575,039

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class N shares:
Net assets	$	7,387,932	$	5,129,297	$	7,083,055	$	7,575,039

Shares of beneficial interest		669,517		469,204		637,217		674,621

Net asset value, offering and redemption price per share	$	11.03	$	10.93	$	11.12	$	11.23

See accompanying notes to financial statements.

83 |

Statements of Assets and Liabilities (continued)

July 31, 2020 (Unaudited)


Natixis Sustainable Future 2035 Fund		Natixis Sustainable Future 2040 Fund		Natixis Sustainable Future 2045 Fund		Natixis Sustainable Future 2050 Fund		Natixis Sustainable Future 2055 Fund		Natixis Sustainable Future 2060 Fund

$	5,052,257	$	4,321,828	$	3,962,063	$	3,775,591	$	3,287,219	$	2,685,357
	1,542,482		1,359,628		1,029,156		787,884		692,080		557,173
	262,457		257,223		163,742		196,212		157,811		167,748
	163,062		162,067		124,326		95,870		88,862		91,506

	7,020,258		6,100,746		5,279,287		4,855,557		4,225,972		3,501,784
	250,258		89,347		97,685		163,790		155,586		23,945
	26,329		22,223		47,426		64,768		37,546		22,774
	11,312		11,913		12,149		12,112		12,009		12,120
	—		—		929		—		—		1,535
	7,376		4,894		4,093		3,860		3,294		2,825
	237		130		82		—		—		—
	406		500		428		385		378		384
	2		2		1		1		1		1

	7,316,178		6,229,755		5,442,080		5,100,473		4,434,786		3,565,368


	3,447		134		1,091		—		—		3,003
	12,829		12,819		12,795		12,793		12,786		12,778
	266		226		196		183		159		127
	18,505		18,505		18,505		18,505		18,505		18,505
	23,198		22,927		22,621		22,393		22,375		21,474

	58,245		54,611		55,208		53,874		53,825		55,887

$	7,257,933	$	6,175,144	$	5,386,872	$	5,046,599	$	4,380,961	$	3,509,481


$	6,811,180	$	5,754,658	$	5,108,018	$	4,756,809	$	4,144,660	$	3,262,240
	446,753		420,486		278,854		289,790		236,301		247,241

$	7,257,933	$	6,175,144	$	5,386,872	$	5,046,599	$	4,380,961	$	3,509,481



$	7,257,933	$	6,175,144	$	5,386,872	$	5,046,599	$	4,380,961	$	3,509,481

	645,965		550,881		482,776		456,322		396,217		319,741

$	11.24	$	11.21	$	11.16	$	11.06	$	11.06	$	10.98

See accompanying notes to financial statements.

| 84

Statements of Operations

For the Six Months Ended July 31, 2020 (Unaudited)


	Natixis Sustainable Future 2015 Fund			Natixis Sustainable Future 2020 Fund			Natixis Sustainable Future 2025 Fund			Natixis Sustainable Future 2030 Fund
INVESTMENT INCOME
Dividends from unaffiliated investments	$	21,034		$	21,721		$	26,830		$	31,763
Dividends from affiliated investments		11,528			8,711			7,277			5,986
Interest		13,501			11,992			10,531			9,403
Less net foreign taxes withheld		(501	)		(149	)		(168	)		(153	)

		45,562			42,275			44,470			46,999

Expenses
Management fees (Note 5)		20,470			18,696			19,889			21,898
Administrative fees (Note 5)		1,442			1,268			1,326			1,432
Trustees’ fees and expenses (Note 5)		9,616			9,613			9,606			9,613
Transfer agent fees and expenses		1,052			1,120			1,054			1,192
Audit and tax services fees		16,148			16,148			16,148			16,148
Custodian fees and expenses		21,387			21,058			23,013			25,705
Interest expense (Note 9)		—			232			2			25
Legal fees (Note 6)		375			369			368			379
Registration fees		5,150			5,150			6,526			5,150
Regulatory filing fees		6,500			6,500			6,500			6,500
Shareholder reporting expenses		7,788			7,756			7,313			7,187
Miscellaneous expenses (Note 6)		7,591			7,616			7,586			7,643

Total expenses		97,519			95,526			99,331			102,872
Less waiver and/or expense reimbursement (Note 5)		(87,825	)		(86,207	)		(89,515	)		(91,932	)

Net expenses		9,694			9,319			9,816			10,940

Net investment income		35,868			32,956			34,654			36,059

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Unaffiliated investments		14,943			126,010			6,597			(17,707	)
Affiliated investments		21,539			85,311			13,061			27,847
Distributions of capital gains received from affiliated investments		998			1,121			1,334			1,813
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		118,888			(32,443	)		79,893			59,860
Affiliated investments		121,194			10,529			75,196			68,523

Net realized and unrealized gain on investments		277,562			190,528			176,081			140,336

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	313,430		$	223,484		$	210,735		$	176,395

See accompanying notes to financial statements.

85 |

Statements of Operations (continued)

For the Six Months Ended July 31, 2020 (Unaudited)


Natixis Sustainable Future 2035 Fund			Natixis Sustainable Future 2040 Fund			Natixis Sustainable Future 2045 Fund			Natixis Sustainable Future 2050 Fund			Natixis Sustainable Future 2055 Fund			Natixis Sustainable Future 2060 Fund

$	32,411		$	33,618		$	30,896		$	29,388		$	26,291		$	21,519
	3,385			2,504			1,178			419			362			291
	5,192			2,857			2,031			1,891			1,709			1,349
	(192	)		(210	)		(177	)		(180	)		(163	)		(129	)

	40,796			38,769			33,928			31,518			28,199			23,030


	19,291			19,167			16,634			15,513			13,958			10,921
	1,239			1,208			1,040			964			866			678
	9,594			9,598			9,585			9,578			9,570			9,551
	1,059			1,190			1,079			1,224			1,071			1,088
	16,148			16,148			16,148			16,148			16,148			16,148
	20,434			20,751			22,176			21,214			21,893			19,375
	2			—			—			4			10			—
	356			362			349			343			334			319
	5,150			5,150			5,150			5,150			5,150			5,150
	6,500			6,500			6,500			6,500			6,500			6,500
	7,706			7,392			6,707			7,072			6,616			6,580
	7,561			7,609			7,575			7,597			7,614			7,605

	95,040			95,075			92,943			91,307			89,730			83,915
	(84,750	)		(85,048	)		(84,313	)		(82,866	)		(81,951	)		(77,983	)

	10,290			10,027			8,630			8,441			7,779			5,932

	30,506			28,742			25,298			23,077			20,420			17,098



	1,058			(8,868	)		(15,887	)		(16,952	)		(17,932	)		(12,981	)
	13,126			6,738			4,342			14,682			7,577			1,179
	1,406			1,814			1,692			1,655			1,414			1,101

	30,418			28,006			8,339			37,450			12,684			17,883
	63,790			69,218			48,328			24,607			26,181			29,618

	109,798			96,908			46,814			61,442			29,924			36,800

$	140,304		$	125,650		$	72,112		$	84,519		$	50,344		$	53,898

See accompanying notes to financial statements.

| 86

Statements of Changes in Net Assets


	Natixis Sustainable Future 2015 Fund						Natixis Sustainable Future 2020 Fund						Natixis Sustainable Future 2025 Fund
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020			Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020			Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020
FROM OPERATIONS:
Net investment income	$	35,868		$	82,696		$	32,956		$	82,274		$	34,654		$	70,718
Net realized gain on investments and distributions of capital gains received from affiliated investments		37,480			259,265			212,442			231,141			20,992			219,081
Net change in unrealized appreciation (depreciation) on investments		240,082			238,456			(21,914	)		291,488			155,089			232,508

Net increase in net assets resulting from operations		313,430			580,417			223,484			604,903			210,735			522,307

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class N		(63,814	)		(322,135	)		(69,044	)		(285,054	)		(56,867	)		(285,723	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		947,165			1,332,578			(1,031,447	)		1,146,637			914,207			2,021,861

Net increase (decrease) in net assets		1,196,781			1,590,860			(877,007	)		1,466,486			1,068,075			2,258,445
NET ASSETS
Beginning of the period		6,191,151			4,600,291			6,006,304			4,539,818			6,014,980			3,756,535

End of the period	$	7,387,932		$	6,191,151		$	5,129,297		$	6,006,304		$	7,083,055		$	6,014,980

See accompanying notes to financial statements.

87 |

Statements of Changes in Net Assets (continued)


	Natixis Sustainable Future 2030 Fund						Natixis Sustainable Future 2035 Fund						Natixis Sustainable Future 2040 Fund
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020			Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020			Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020
FROM OPERATIONS:
Net investment income	$	36,059		$	67,400		$	30,506		$	70,937		$	28,742		$	63,590
Net realized gain (loss) on investments and distributions of capital gains received from affiliated investments		11,953			290,381			15,590			259,790			(316	)		247,544
Net change in unrealized appreciation (depreciation) on investments		128,383			226,711			94,208			301,347			97,224			288,202

Net increase in net assets resulting from operations		176,395			584,492			140,304			632,074			125,650			599,336

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class N		(112,113	)		(297,864	)		(73,318	)		(318,050	)		(81,277	)		(300,687	)

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		1,260,837			2,769,661			1,625,317			1,152,393			468,394			2,033,532

Net increase in net assets		1,325,119			3,056,289			1,692,303			1,466,417			512,767			2,332,181
NET ASSETS
Beginning of the period		6,249,920			3,193,631			5,565,630			4,099,213			5,662,377			3,330,196

End of the period	$	7,575,039		$	6,249,920		$	7,257,933		$	5,565,630		$	6,175,144		$	5,662,377

See accompanying notes to financial statements.

| 88

Statements of Changes in Net Assets (continued)


	Natixis Sustainable Future 2045 Fund						Natixis Sustainable Future 2050 Fund						Natixis Sustainable Future 2055 Fund
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020			Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020			Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020
FROM OPERATIONS:
Net investment income	$	25,298		$	50,470		$	23,077		$	49,890		$	20,420		$	43,940
Net realized gain (loss) on investments and distributions of capital gains received from affiliated investments		(9,853	)		219,629			(615	)		245,116			(8,941	)		204,494
Net change in unrealized appreciation (depreciation) on investments		56,667			169,511			62,057			179,402			38,865			158,295

Net increase in net assets resulting from operations		72,112			439,610			84,519			474,408			50,344			406,729

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class N		(62,993	)		(253,894	)		(87,332	)		(264,071	)		(49,264	)		(254,037	)

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		426,964			2,248,041			492,452			1,854,491			202,244			1,410,632

Net increase in net assets		436,083			2,433,757			489,639			2,064,828			203,324			1,563,324
NET ASSETS
Beginning of the period		4,950,789			2,517,032			4,556,960			2,492,132			4,177,637			2,614,313

End of the period	$	5,386,872		$	4,950,789		$	5,046,599		$	4,556,960		$	4,380,961		$	4,177,637

See accompanying notes to financial statements.

89 |

Statements of Changes in Net Assets (continued)


	Natixis Sustainable Future 2060 Fund
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020
FROM OPERATIONS:
Net investment income	$	17,098		$	40,507
Net realized gain (loss) on investments and distributions of capital gains received from affiliated investments		(10,701	)		197,433
Net change in unrealized appreciation (depreciation) on investments		47,501			147,193

Net increase in net assets resulting from operations		53,898			385,133

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class N		(40,530	)		(237,210	)

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		298,125			561,758

Net increase in net assets		311,493			709,681
NET ASSETS
Beginning of the period		3,197,988			2,488,307

End of the period	$	3,509,481		$	3,197,988

See accompanying notes to financial statements.

| 90

Financial Highlights

For a share outstanding throughout each period.


	Sustainable Future 2015 Fund—Class N
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	10.70		$	10.11		$	11.13		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.17			0.23			0.15
Net realized and unrealized gain (loss)		0.38			1.02			(0.41	)		1.19

Total from Investment Operations		0.44			1.19			(0.18	)		1.34

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.18	)		(0.23	)		(0.16	)
Net realized capital gains		(0.11	)		(0.42	)		(0.61	)		(0.05	)

Total Distributions		(0.11	)		(0.60	)		(0.84	)		(0.21	)

Net asset value, end of the period	$	11.03		$	10.70		$	10.11		$	11.13

Total return(b)		4.23	%(c)		11.81	%		(1.28	)%		13.42	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	7,388		$	6,191		$	4,600		$	4,536
Net expenses(d)		0.30	%(e)(f)		0.31	%(g)(h)		0.35	%(i)		0.38	%(e)(j)
Gross expenses		3.02	%(e)(f)		3.70	%(g)		4.04	%(i)		3.57	%(e)(j)
Net investment income		1.11	%(e)		1.62	%		2.10	%		1.49	%(e)
Portfolio turnover rate		23	%		73	%		41	%		15	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

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

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

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

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

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

(f)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.55% and 3.27%, respectively.

(g)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.58% and 3.97%, respectively.

(h)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.55%.

(i)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 4.34%, respectively.

(j)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 3.84%, respectively.

See accompanying notes to financial statements.

91 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Sustainable Future 2020 Fund—Class N
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	10.66		$	9.97		$	11.34		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.17			0.22			0.14
Net realized and unrealized gain (loss)		0.33			1.06			(0.46	)		1.39

Total from Investment Operations		0.39			1.23			(0.24	)		1.53

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.18	)		(0.23	)		(0.15	)
Net realized capital gains		(0.12	)		(0.36	)		(0.90	)		(0.04	)

Total Distributions		(0.12	)		(0.54	)		(1.13	)		(0.19	)

Net asset value, end of the period	$	10.93		$	10.66		$	9.97		$	11.34

Total return(b)		3.82	%(c)		12.31	%		(1.66	)%		15.38	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	5,129		$	6,006		$	4,540		$	4,617
Net expenses(d)		0.33	%(e)(f)(g)		0.32	%(h)(i)		0.38	%(j)		0.41	%(e)(k)
Gross expenses		3.36	%(e)(f)(g)		3.69	%(h)		4.10	%(j)		3.58	%(e)(k)
Net investment income		1.16	%(e)		1.60	%		1.98	%		1.40	%(e)
Portfolio turnover rate		61	%		74	%		65	%		15	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

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

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

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

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

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

(f)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.56% and 3.59%, respectively.

(g)	Includes interest expense. Without this expense the ratio of net expenses would have been 0.32% and the ratio of gross expenses would have been 3.36%.

(h)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.58% and 3.95%, respectively.

(i)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.55%.

(j)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 4.37%, respectively.

(k)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 3.82%, respectively.

See accompanying notes to financial statements.

| 92

Financial Highlights (continued)

For a share outstanding throughout each period.


	Sustainable Future 2025 Fund—Class N
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	10.89		$	10.22		$	11.54		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.17			0.21			0.13
Net realized and unrealized gain (loss)		0.27			1.12			(0.54	)		1.59

Total from Investment Operations		0.33			1.29			(0.33	)		1.72

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.17	)		(0.20	)		(0.14	)
Net realized capital gains		(0.10	)		(0.45	)		(0.79	)		(0.04	)

Total Distributions		(0.10	)		(0.62	)		(0.99	)		(0.18	)

Net asset value, end of the period	$	11.12		$	10.89		$	10.22		$	11.54

Total return(b)		3.21	%(c)		12.73	%		(2.46	)%		17.31	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	7,083		$	6,015		$	3,757		$	3,518
Net expenses(d)		0.33	%(e)(f)		0.34	%(g)(h)		0.42	%(i)		0.45	%(e)(j)
Gross expenses		3.34	%(e)(f)		4.18	%(g)		4.88	%(i)		4.41	%(e)(j)
Net investment income		1.17	%(e)		1.59	%		1.88	%		1.30	%(e)
Portfolio turnover rate		23	%		67	%		59	%		16	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

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

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

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

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

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

(f)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.56% and 3.57%, respectively.

(g)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.59% and 4.43%, respectively.

(h)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.56%.

(i)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 5.11%, respectively.

(j)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 4.61%, respectively.

See accompanying notes to financial statements.

93 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Sustainable Future 2030 Fund—Class N
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	11.15		$	10.39		$	11.79		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.17			0.19			0.12
Net realized and unrealized gain (loss)		0.21			1.19			(0.60	)		1.86

Total from Investment Operations		0.27			1.36			(0.41	)		1.98

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(b)		(0.14	)		(0.18	)		(0.14	)
Net realized capital gains		(0.19	)		(0.46	)		(0.81	)		(0.05	)

Total Distributions		(0.19	)		(0.60	)		(0.99	)		(0.19	)

Net asset value, end of the period	$	11.23		$	11.15		$	10.39		$	11.79

Total return(c)		2.67	%(d)		13.12	%		(2.91	)%		19.79	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	7,575		$	6,250		$	3,194		$	3,033
Net expenses(e)		0.34	%(f)(g)		0.37	%(h)(i)		0.48	%(j)		0.50	%(f)(k)
Gross expenses		3.20	%(f)(g)		4.37	%(h)		5.34	%(j)		5.04	%(f)(k)
Net investment income		1.12	%(f)		1.55	%		1.68	%		1.22	%(f)
Portfolio turnover rate		27	%		80	%		65	%		15	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

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

(b)	Amount rounds to less than $0.01 per share.

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

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

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

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

(g)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.57% and 3.43%, respectively.

(h)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.60% and 4.60%, respectively.

(i)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.57%.

(j)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 5.51%, respectively.

(k)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 5.19%, respectively.

See accompanying notes to financial statements.

| 94

Financial Highlights (continued)

For a share outstanding throughout each period.


	Sustainable Future 2035 Fund—Class N
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	11.24		$	10.46		$	12.01		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.16			0.17			0.11
Net realized and unrealized gain (loss)		0.09			1.33			(0.67	)		2.08

Total from Investment Operations		0.15			1.49			(0.50	)		2.19

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(b)		(0.17	)		(0.17	)		(0.13	)
Net realized capital gains		(0.15	)		(0.54	)		(0.88	)		(0.05	)

Total Distributions		(0.15	)		(0.71	)		(1.05	)		(0.18	)

Net asset value, end of the period	$	11.24		$	11.24		$	10.46		$	12.01

Total return(c)		1.62	%(d)		14.29	%		(3.68	)%		21.95	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	7,258		$	5,566		$	4,099		$	3,112
Net expenses(e)		0.37	%(f)(g)		0.39	%(h)(i)		0.52	%(j)		0.55	%(f)(k)
Gross expenses		3.42	%(f)(g)		3.95	%(h)		5.12	%(j)		5.03	%(f)(k)
Net investment income		1.10	%(f)		1.47	%		1.52	%		1.13	%(f)
Portfolio turnover rate		24	%		63	%		74	%		14	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

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

(b)	Amount rounds to less than $0.01 per share.

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

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

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

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

(g)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.58% and 3.63%, respectively.

(h)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.60% and 4.16%, respectively.

(i)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.58%.

(j)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 5.25%, respectively.

(k)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 5.13%, respectively.

See accompanying notes to financial statements.

95 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Sustainable Future 2040 Fund—Class N
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	11.18		$	10.43		$	12.20		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.16			0.16			0.11
Net realized and unrealized gain (loss)		0.13			1.29			(0.75	)		2.26

Total from Investment Operations		0.18			1.45			(0.59	)		2.37

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(b)		(0.15	)		(0.16	)		(0.12	)
Net realized capital gains		(0.15	)		(0.55	)		(1.02	)		(0.05	)

Total Distributions		(0.15	)		(0.70	)		(1.18	)		(0.17	)

Net asset value, end of the period	$	11.21		$	11.18		$	10.43		$	12.20

Total return(c)		1.94	%(d)		13.94	%(e)		(4.19	)%		23.80	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	6,175		$	5,662		$	3,330		$	3,096
Net expenses(f)		0.37	%(g)(h)		0.39	%(i)(j)		0.56	%(k)		0.59	%(g)(l)
Gross expenses		3.51	%(g)(h)		4.45	%(i)		5.40	%(k)		5.04	%(g)(l)
Net investment income		1.06	%(g)		1.50	%		1.42	%		1.04	%(g)
Portfolio turnover rate		17	%		63	%		90	%		15	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

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

(b)	Amount rounds to less than $0.01 per share.

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

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

(e)

Generally accepted accounting principles require certain adjustments to be made to the net assets of the Fund for financial reporting purposes only, and as such, the total returns based on the adjusted net asset values per share may differ from the total returns reported in the average annual total return table.

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

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

(h)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.59% and 3.73%, respectively.

(i)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.61% and 4.67%, respectively.

(j)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.59%.

(k)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 5.49%, respectively.

(l)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 5.10%, respectively.

See accompanying notes to financial statements.

| 96

Financial Highlights (continued)

For a share outstanding throughout each period.


	Sustainable Future 2045 Fund—Class N
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	11.17		$	10.38		$	12.31		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.16			0.15			0.10
Net realized and unrealized gain (loss)		0.08			1.37			(0.81	)		2.39

Total from Investment Operations		0.14			1.53			(0.66	)		2.49

LESS DISTRIBUTIONS FROM:
Net investment income		(0.01	)		(0.15	)		(0.16	)		(0.12	)
Net realized capital gains		(0.14	)		(0.59	)		(1.11	)		(0.06	)

Total Distributions		(0.15	)		(0.74	)		(1.27	)		(0.18	)

Net asset value, end of the period	$	11.16		$	11.17		$	10.38		$	12.31

Total return(b)		1.42	%(c)		14.73	%		(4.53	)%		24.92	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	5,387		$	4,951		$	2,517		$	2,568
Net expenses(d)		0.37	%(e)(f)		0.40	%(g)(h)		0.58	%(i)		0.61	%(e)(j)
Gross expenses		3.98	%(e)(f)		5.12	%(g)		6.46	%(i)		5.97	%(e)(j)
Net investment income		1.08	%(e)		1.45	%		1.32	%		0.97	%(e)
Portfolio turnover rate		19	%		58	%		77	%		17	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

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

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

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

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

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

(f)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.59% and 4.20%, respectively.

(g)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.61% and 5.33%, respectively.

(h)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.59%.

(i)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 6.53%, respectively.

(j)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 6.01%, respectively.

See accompanying notes to financial statements.

97 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Sustainable Future 2050 Fund—Class N
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	11.15		$	10.41		$	12.38		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.16			0.15			0.10
Net realized and unrealized gain (loss)		0.07			1.35			(0.84	)		2.45

Total from Investment Operations		0.12			1.51			(0.69	)		2.55

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(b)		(0.15	)		(0.16	)		(0.11	)
Net realized capital gains		(0.21	)		(0.62	)		(1.12	)		(0.06	)

Total Distributions		(0.21	)		(0.77	)		(1.28	)		(0.17	)

Net asset value, end of the period	$	11.06		$	11.15		$	10.41		$	12.38

Total return(c)		1.48	%(d)(e)		14.57	%		(4.82	)%		25.64	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	5,047		$	4,557		$	2,492		$	2,514
Net expenses(f)		0.39	%(g)(h)		0.41	%(i)(j)		0.59	%(k)		0.62	%(g)(l)
Gross expenses		4.22	%(g)(h)		5.24	%(i)		6.42	%(k)		6.00	%(g)(l)
Net investment income		1.07	%(g)		1.43	%		1.29	%		0.94	%(g)
Portfolio turnover rate		20	%		75	%		83	%		18	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

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

(b)	Amount rounds to less than $0.01 per share.

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

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

(e)

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

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

(h)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.60% and 4.43%, respectively.

(i)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.62% and 5.45%, respectively.

(j)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.60%.

(k)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 6.48%, respectively.

(l)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 6.03%, respectively.

See accompanying notes to financial statements.

| 98

Financial Highlights (continued)

For a share outstanding throughout each period.


	Sustainable Future 2055 Fund—Class N
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	11.11		$	10.43		$	12.38		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.16			0.15			0.10
Net realized and unrealized gain (loss)		0.03			1.40			(0.83	)		2.45

Total from Investment Operations		0.08			1.56			(0.68	)		2.55

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(b)		(0.16	)		(0.16	)		(0.11	)
Net realized capital gains		(0.13	)		(0.72	)		(1.11	)		(0.06	)

Total Distributions		(0.13	)		(0.88	)		(1.27	)		(0.17	)

Net asset value, end of the period	$	11.06		$	11.11		$	10.43		$	12.38

Total return(c)		0.94	%(d)		14.93	%		(4.80	)%		25.64	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	4,381		$	4,178		$	2,614		$	2,534
Net expenses(e)		0.40	%(f)(g)		0.42	%(h)(i)		0.59	%(j)		0.62	%(f)(k)
Gross expenses		4.62	%(f)(g)		5.63	%(h)		6.44	%(j)		5.98	%(f)(k)
Net investment income		1.05	%(f)		1.42	%		1.27	%		0.94	%(f)
Portfolio turnover rate		21	%		64	%		85	%		18	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

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

(b)	Amount rounds to less than $0.01 per share.

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

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

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

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

(g)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.60% and 4.82%, respectively.

(h)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.62% and 5.83%, respectively.

(i)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.60%.

(j)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 6.50%, respectively.

(k)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 6.01%, respectively.

See accompanying notes to financial statements.

99 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Sustainable Future 2060 Fund—Class N
	Six Months Ended July 31, 2020 (Unaudited)			Year Ended January 31, 2020			Year Ended January 31, 2019			Period Ended January 31, 2018*
Net asset value, beginning of the period	$	11.03		$	10.40		$	12.38		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.16			0.15			0.10
Net realized and unrealized gain (loss)		0.03			1.38			(0.82	)		2.45

Total from Investment Operations		0.09			1.54			(0.67	)		2.55

LESS DISTRIBUTIONS FROM:
Net investment income		(0.01	)		(0.17	)		(0.16	)		(0.11	)
Net realized capital gains		(0.13	)		(0.74	)		(1.15	)		(0.06	)

Total Distributions		(0.14	)		(0.91	)		(1.31	)		(0.17	)

Net asset value, end of the period	$	10.98		$	11.03		$	10.40		$	12.38

Total return(b)		1.02	%(c)		14.78	%		(4.56	)%		25.59	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,509		$	3,198		$	2,488		$	2,575
Net expenses(d)		0.39	%(e)(f)		0.42	%(g)(h)		0.59	%(i)		0.62	%(e)(j)
Gross expenses		5.52	%(e)(f)		6.03	%(g)		6.45	%(i)		5.97	%(e)(j)
Net investment income		1.12	%(e)		1.45	%		1.29	%		0.94	%(e)
Portfolio turnover rate		16	%		64	%		80	%		17	%

*	From commencement of operations on February 28, 2017 through January 31, 2018.

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

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

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

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

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

(f)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.60% and 5.73%, respectively.

(g)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.62% and 6.23%, respectively.

(h)	Effective June 1, 2019, the expense limit decreased from 0.65% to 0.60%.

(i)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 6.51%, respectively.

(j)	Does not include expenses of the underlying funds in which the Fund invests. Had underlying fund expenses been included, the net and gross expense ratios to average net assets would have been 0.65% and 6.00%, respectively.

See accompanying notes to financial statements.

| 100

Notes to Financial Statements

July 31, 2020 (Unaudited)

1. Organization. Natixis Funds Trust IV (the “Trust”) is organized as a Massachusetts business trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Declaration of Trust permits the Board of Trustees to authorize the issuance of an unlimited number of shares of the Trust in multiple series. The financial statements for certain funds of the Trust are presented in separate reports. The following funds (individually, a “Fund” and collectively, the “Funds”) are included in this report:

Natixis Funds Trust IV:

Natixis Sustainable Future 2015 Fund (the “Sustainable Future 2015 Fund”)

Natixis Sustainable Future 2020 Fund (the “Sustainable Future 2020 Fund”)

Natixis Sustainable Future 2025 Fund (the “Sustainable Future 2025 Fund”)

Natixis Sustainable Future 2030 Fund (the “Sustainable Future 2030 Fund”)

Natixis Sustainable Future 2035 Fund (the “Sustainable Future 2035 Fund”)

Natixis Sustainable Future 2040 Fund (the “Sustainable Future 2040 Fund”)

Natixis Sustainable Future 2045 Fund (the “Sustainable Future 2045 Fund”)

Natixis Sustainable Future 2050 Fund (the “Sustainable Future 2050 Fund”)

Natixis Sustainable Future 2055 Fund (the “Sustainable Future 2055 Fund”)

Natixis Sustainable Future 2060 Fund (the “Sustainable Future 2060 Fund”)

Each Fund is a diversified investment company.

Each Fund offers Class N shares. Class N shares do not pay a front-end sales charge, a contingent deferred sales charge or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Certain categories of investors are exempted from the minimum investment amounts for Class N as outlined in the Funds’ prospectus.

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

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

101 |

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer’s security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Funds may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Fund’s net asset value (“NAV”) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine a Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by a Fund.

c. Foreign Currency Translation. The books and records of the Funds are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars, if any, are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars on the respective dates of such transactions.

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates. Net realized foreign exchange gains or losses and the net change in unrealized foreign exchange gains or losses are disclosed in the Statements of Operations. For federal income tax purposes, net realized foreign exchange gains or losses are characterized as ordinary income, and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.

The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statements of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities.

The Funds may use foreign currency exchange contracts to facilitate transactions in foreign-denominated investments. Losses may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

d. Federal and Foreign Income Taxes. The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of July 31, 2020 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

A Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the Fund invests. Foreign withholding taxes on dividend and interest income are reflected on the Statements of Operations as a reduction of investment income, net of amounts eligible to be reclaimed. Dividends and interest receivable on the Statements of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes where reclaims have been or will be filed are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of Assets

| 102

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

e. Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as paydown gains and losses, premium amortization, distribution re-designations and distributions received from underlying funds. Permanent book and tax basis differences relating to shareholder distributions, net investment income and net realized gains will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, wash sales and premium amortization. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended January 31, 2020 was as follows:


	2020 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Sustainable Future 2015 Fund	$	156,559	$	165,576	$	322,135
Sustainable Future 2020 Fund		177,667		107,387		285,054
Sustainable Future 2025 Fund		150,416		135,307		285,723
Sustainable Future 2030 Fund		157,746		140,118		297,864
Sustainable Future 2035 Fund		186,903		131,147		318,050
Sustainable Future 2040 Fund		147,146		153,541		300,687
Sustainable Future 2045 Fund		99,913		153,981		253,894
Sustainable Future 2050 Fund		112,587		151,484		264,071
Sustainable Future 2055 Fund		104,280		149,757		254,037
Sustainable Future 2060 Fund		81,555		155,655		237,210

Distributions paid to shareholders from net investment income and net realized capital gains, based on accounting principles generally accepted in the United States of America, are consolidated and reported on the Statements of Changes in Net Assets as Distributions to Shareholders. Distributions paid to shareholders from net investment income and net realized capital gains expressed in per-share amounts, based on accounting principles generally accepted in the United States of America, are separately stated and reported within the Financial Highlights.

As of July 31, 2020, the tax cost of investments and unrealized appreciation (depreciation) on a federal tax basis were as follows:


	Sustainable Future 2015 Fund			Sustainable Future 2020 Fund			Sustainable Future 2025 Fund			Sustainable Future 2030 Fund			Sustainable Future 2035 Fund
Federal tax cost	$	6,566,952		$	4,753,377		$	6,485,848		$	6,951,047		$	6,596,377

Gross tax appreciation	$	635,455		$	360,878		$	619,100		$	630,958		$	692,293
Gross tax depreciation		(137,342	)		(100,390	)		(214,434	)		(238,653	)		(268,412	)

Net tax appreciation	$	498,113		$	260,488		$	404,666		$	392,305		$	423,881


	Sustainable Future 2040 Fund			Sustainable Future 2045 Fund			Sustainable Future 2050 Fund			Sustainable Future 2055 Fund			Sustainable Future 2060 Fund
Federal tax cost	$	5,682,227		$	4,991,833		$	4,564,074		$	3,979,773		$	3,242,898

Gross tax appreciation	$	686,220		$	546,238		$	517,412		$	458,016		$	428,019
Gross tax depreciation		(267,701	)		(258,784	)		(225,929	)		(211,817	)		(169,133	)

Net tax appreciation	$	418,519		$	287,454		$	291,483		$	246,199		$	258,886

103 |

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

Amounts in the table above exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Adjustments may include, but are not limited to, wash sales.

f. Indemnifications. Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

g. New Accounting Pronouncement. In March 2020, the Financial Accounting Standards Board issued Accounting Standard Update 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). In response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of the London Interbank Offered Rate (“LIBOR”), which is expected to occur no later than December 31, 2021, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides temporary guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 amendments offer optional expedients for contract modifications that would allow an entity to account for such modifications by prospectively adjusting the effective interest rate, instead of evaluating each contract, in accordance with existing accounting standards, as to whether reference rate modifications constitute the establishment of new contracts or the continuation of existing contracts. ASU 2020-04 amendments are currently effective and an entity may elect to apply its provisions as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020. No Fund contracts have yet been impacted by reference rate reform. Management expects to apply the optional expedients when appropriate.

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

•

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

•

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

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

The following is a summary of the inputs used to value the Funds’ investments as of July 31, 2020, at value:

Sustainable Future 2015 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	2,272,902	$	—	$	—	$	2,272,902
Bonds and Notes(a)		—		1,368,782		—		1,368,782
Exchange-Traded Funds		439,120		—		—		439,120
Affiliated Mutual Funds		2,984,261		—		—		2,984,261

Total	$	5,696,283	$	1,368,782	$	—	$	7,065,065

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

| 104

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

Sustainable Future 2020 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,887,590	$	—	$	—	$	1,887,590
Bonds and Notes(a)		—		921,046		—		921,046
Exchange-Traded Funds		416,449		—		—		416,449
Affiliated Mutual Funds		1,788,780		—		—		1,788,780

Total	$	4,092,819	$	921,046	$	—	$	5,013,865

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

Sustainable Future 2025 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	2,890,273	$	—	$	—	$	2,890,273
Bonds and Notes(a)		—		1,188,777		—		1,188,777
Exchange-Traded Funds		719,728		—		—		719,728
Affiliated Mutual Funds		2,091,736		—		—		2,091,736

Total	$	5,701,737	$	1,188,777	$	—	$	6,890,514

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

Sustainable Future 2030 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	3,490,120	$	—	$	—	$	3,490,120
Bonds and Notes(a)		—		948,079		—		948,079
Exchange-Traded Funds		837,771		—		—		837,771
Affiliated Mutual Funds		2,067,382		—		—		2,067,382

Total	$	6,395,273	$	948,079	$	—	$	7,343,352

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

Sustainable Future 2035 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	3,790,255	$	—	$	—	$	3,790,255
Bonds and Notes(a)		—		617,158		—		617,158
Exchange-Traded Funds		907,301		—		—		907,301
Affiliated Mutual Funds		1,705,544		—		—		1,705,544

Total	$	6,403,100	$	617,158	$	—	$	7,020,258

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

105 |

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

Sustainable Future 2040 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	3,434,423	$	—	$	—	$	3,434,423
Bonds and Notes(a)		—		294,445		—		294,445
Exchange-Traded Funds		850,183		—		—		850,183
Affiliated Mutual Funds		1,521,695		—		—		1,521,695

Total	$	5,806,301	$	294,445	$	—	$	6,100,746

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

Sustainable Future 2045 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	3,085,706	$	—	$	—	$	3,085,706
Bonds and Notes(a)		—		208,687		—		208,687
Exchange-Traded Funds		831,412		—		—		831,412
Affiliated Mutual Funds		1,153,482		—		—		1,153,482

Total	$	5,070,600	$	208,687	$	—	$	5,279,287

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

Sustainable Future 2050 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	2,964,200	$	—	$	—	$	2,964,200
Bonds and Notes(a)		—		196,169		—		196,169
Exchange-Traded Funds		811,434		—		—		811,434
Affiliated Mutual Funds		883,754		—		—		883,754

Total	$	4,659,388	$	196,169	$	—	$	4,855,557

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

Sustainable Future 2055 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	2,558,005	$	—	$	—	$	2,558,005
Bonds and Notes(a)		—		166,521		—		166,521
Exchange-Traded Funds		720,504		—		—		720,504
Affiliated Mutual Funds		780,942		—		—		780,942

Total	$	4,059,451	$	166,521	$	—	$	4,225,972

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

| 106

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

Sustainable Future 2060 Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	2,135,803	$	—	$	—	$	2,135,803
Bonds and Notes(a)		—		135,489		—		135,489
Exchange-Traded Funds		581,813		—		—		581,813
Affiliated Mutual Funds		648,679		—		—		648,679

Total	$	3,366,295	$	135,489	$	—	$	3,501,784

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

4. Purchases and Sales of Securities. For the six months ended July 31, 2020, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:


	U.S. Government/Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Sustainable Future 2015 Fund	$	303,486	$	358,285	$	1,909,418	$	1,123,873
Sustainable Future 2020 Fund		374,268		585,765		2,997,539		3,827,848
Sustainable Future 2025 Fund		267,833		270,574		1,863,952		1,069,435
Sustainable Future 2030 Fund		165,751		249,866		2,616,163		1,483,093
Sustainable Future 2035 Fund		171,054		178,614		2,511,314		1,144,139
Sustainable Future 2040 Fund		79,763		100,914		1,250,004		858,444
Sustainable Future 2045 Fund		51,930		69,186		1,145,764		823,024
Sustainable Future 2050 Fund		54,455		57,459		1,116,571		828,751
Sustainable Future 2055 Fund		44,027		54,479		806,924		750,425
Sustainable Future 2060 Fund		54,259		64,415		675,725		435,367

5. Management Fees and Other Transactions with Affiliates.

a. Management Fees. Natixis Advisors, L.P. (“Natixis Advisors”) serves as investment adviser to each Fund. Natixis Advisors is a wholly-owned subsidiary of Natixis Investment Managers, LLC (“Natixis”), which is part of Natixis Investment Managers, an international asset management group based in Paris, France. Natixis Advisors, through its Active Index Advisors^® division, makes investment decisions with respect to the AIA U.S. Large Cap Value ESG Segment, AIA U.S. Small/Mid Cap ESG Segment, AIA International Developed Markets Equity ESG Segment and AIA Emerging Markets ESG Segment of each Fund. Additionally, Natixis Advisors oversees, evaluates and monitors the subadvisory services provided to each Fund. Under the terms of the management agreements, each Fund pays a management fee calculated daily and payable monthly, based on each Fund’s average daily net assets.

Natixis Advisors has entered into a subadvisory agreement with Harris Associates L.P. (“Harris”) with respect to the Harris Associates Large Cap Value Segment of each Fund. Harris is a subsidiary of Natixis.

Natixis Advisors has entered into a subadvisory agreement with Loomis, Sayles & Company, L.P. (“Loomis Sayles”) with respect to the Loomis Sayles All Cap Growth Segment and Loomis Sayles Core Fixed Income Segment of each Fund. Loomis Sayles is a limited partnership whose sole general partner, Loomis, Sayles & Company, Inc., is indirectly owned by Natixis.

Natixis Advisors has entered into a subadvisory agreement with Mirova US LLC (“Mirova US”) with respect to the Mirova Global Sustainable Equity Segment and Mirova Carbon Neutral U.S. Equity Segment of each Fund. Mirova US has entered into a personnel sharing arrangement with its Paris-based affiliate, Mirova, which is part of Natixis Investment Managers.

Natixis Advisors has also entered into a subadvisory agreement with Wilshire Associates Incorporated (“Wilshire”), pursuant to which Wilshire performs certain asset allocation, glide path monitoring and compliance responsibilities for each Fund.

The aggregate management fee to be paid by each Fund is equal to the sum of: (i) 0.165% of the average daily net assets of the AIA U.S. Large Cap Value ESG Segment, (ii) 0.20% of the average daily net assets of the AIA U.S. Small/Mid Cap ESG Segment; (iii) 0.20% of the average daily net assets of the AIA International Developed Markets Equity ESG Segment; (iv) 0.25% of the average daily net assets of the AIA Emerging Markets ESG Segment, each payable to Natixis Advisors as adviser; (v) 0.52% of the average daily net assets of the Harris Associates Large Cap Value Segment, payable by the Fund directly to Harris as sub-adviser; (vi) 0.35% of the average daily net assets of the Loomis Sayles All Cap Growth Segment; (vii) 0.20% of the average daily net assets of the Loomis Sayles Core Fixed

107 |

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

Income Segment, payable by the Fund directly to Loomis Sayles as sub-adviser; (viii) 0.25% of the average daily net assets of the Mirova Carbon Neutral U.S. Equity Segment, each payable by the Fund directly to Mirova US as sub-adviser; and (ix) the greater of an asset based fee calculated by multiplying the Fund’s average daily net assets by a rate based on the combined average daily net assets of all the Funds, equal to 0.08% of the first $250 million, 0.07% of the next $250 million, 0.06% of the next $750 million and 0.03% of amounts exceeding $1.25 billion of the combined average daily net assets of the Funds, or the Fund’s allocable portion of a minimum annual fee of $250,000 which applies to the Funds in the aggregate, payable by the Fund directly to Wilshire as sub-adviser. The aggregate advisory fee payable by each Fund is subject to a maximum equal to the sum of: (i) 0.25% of the average daily net assets of each segment managed directly by Natixis Advisers; (ii) 0.70% of the average daily net assets of any segment managed by any sub-adviser other than Wilshire; and (iii) the greater of the asset based fee, or the Fund’s allocable portion of the minimum annual aggregate fee as outlined above for Wilshire.

Natixis Advisors has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses, including fees paid to the sub-advisers, to limit the Funds’ operating expenses, exclusive of brokerage expenses, interest expense, taxes, organizational and extraordinary expenses, such as litigation and indemnification expenses. These undertakings are in effect until May 31, 2021, may be terminated before then only with the consent of the Funds’ Board of Trustees, and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

For the six months ended July 31, 2020, the Funds’ expense limit as a percentage of average daily net assets under the expense limitation agreements, including expenses of the underlying funds in which each Fund invests, were as follows:


Fund	Expense Limit as a Percentage of Average Daily Net Assets
Sustainable Future 2015 Fund		0.55	%
Sustainable Future 2020 Fund		0.55	%
Sustainable Future 2025 Fund		0.56	%
Sustainable Future 2030 Fund		0.57	%
Sustainable Future 2035 Fund		0.58	%
Sustainable Future 2040 Fund		0.59	%
Sustainable Future 2045 Fund		0.59	%
Sustainable Future 2050 Fund		0.60	%
Sustainable Future 2055 Fund		0.60	%
Sustainable Future 2060 Fund		0.60	%

Natixis Advisors shall be permitted to recover expenses borne under the expense limitation agreements (whether through waiver of management fees or otherwise) in later periods to the extent a Fund’s annual operating expenses fall below its expense limit, provided, however, that a Fund is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the six months ended July 31, 2020, the management fees and waivers of management fees for each Fund were as follows:


Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Voluntary Waivers of Management Fees²		Net Management Fees		Percentage of Average Daily Net Assets
Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Voluntary Waivers of Management Fees²		Net Management Fees		Gross			Net
Sustainable Future 2015 Fund	$	20,470	$	615	$	408	$	19,447		0.63	%		0.60	%
Sustainable Future 2020 Fund		18,696		601		487		17,608		0.66	%		0.62	%
Sustainable Future 2025 Fund		19,889		705		640		18,544		0.67	%		0.62	%
Sustainable Future 2030 Fund		21,898		906		761		20,231		0.68	%		0.63	%
Sustainable Future 2035 Fund		19,291		871		746		17,674		0.69	%		0.64	%
Sustainable Future 2040 Fund		19,167		929		792		17,446		0.71	%		0.64	%
Sustainable Future 2045 Fund		16,634		810		758		15,066		0.71	%		0.65	%
Sustainable Future 2050 Fund		15,513		773		775		13,965		0.72	%		0.65	%
Sustainable Future 2055 Fund		13,958		698		695		12,565		0.72	%		0.65	%
Sustainable Future 2060 Fund		10,921		544		545		9,832		0.72	%		0.65	%

¹	Waiver of Natixis Advisors’ management fee is subject to possible recovery until January 31, 2022.

²	Voluntary waiver of Natixis Advisors’ management fee is not subject to recovery under the expense limitation agreements described above.

| 108

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

For the six months ended July 31, 2020, expenses, including fees paid to the sub-advisers, have been reimbursed as follows:


Fund	Reimbursement³
Sustainable Future 2015 Fund	$	86,802
Sustainable Future 2020 Fund		85,119
Sustainable Future 2025 Fund		88,170
Sustainable Future 2030 Fund		90,265
Sustainable Future 2035 Fund		83,133
Sustainable Future 2040 Fund		83,327
Sustainable Future 2045 Fund		82,745
Sustainable Future 2050 Fund		81,318
Sustainable Future 2055 Fund		80,558
Sustainable Future 2060 Fund		76,894

³	Contractual expense reimbursements are subject to possible recovery until January 31, 2022.

No expenses were recovered during the six months ended July 31, 2020 under the terms of the expense limitation agreement.

c. Administrative Fees. Natixis Advisors provides certain administrative services for the Funds and contracts with State Street Bank and Trust Company (“State Street Bank”) to serve as sub-administrator. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trust and Natixis Advisors, each Fund pays Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0540% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0275% of the next $30 billion and 0.0225% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust of $10 million, which is reevaluated on an annual basis.

For the six months ended July 31, 2020, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
Sustainable Future 2015 Fund	$	1,442
Sustainable Future 2020 Fund		1,268
Sustainable Future 2025 Fund		1,326
Sustainable Future 2030 Fund		1,432
Sustainable Future 2035 Fund		1,239
Sustainable Future 2040 Fund		1,208
Sustainable Future 2045 Fund		1,040
Sustainable Future 2050 Fund		964
Sustainable Future 2055 Fund		866
Sustainable Future 2060 Fund		678

d. Trustees Fees and Expenses. The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $369,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $199,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee, the chairperson of the Audit Committee and the chairperson of the Governance Committee each receive an additional retainer fee at the annual rate of $20,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

109 |

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Funds until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust as designated by the participating Trustees. Changes in the value of participants’ deferral accounts are allocated pro rata among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, and are normally reflected as Trustees’ fees and expenses in the Statements of Operations. The portions of the accrued obligations allocated to the Funds under the Plan are reflected as Deferred Trustees’ fees in the Statements of Assets and Liabilities.

Certain officers and employees of Natixis Advisors and its affiliates are also officers and/or Trustees of the Trust.

e. Affiliated Ownership. As of July 31, 2020, the percentage of each Fund’s net assets owned by Natixis and affiliates is as follows:


	Percentage of Net Assets
Natixis Sustainable Future 2015 Fund		73.18	%
Natixis Sustainable Future 2020 Fund		59.85	%
Natixis Sustainable Future 2025 Fund		46.63	%
Natixis Sustainable Future 2030 Fund		28.33	%
Natixis Sustainable Future 2035 Fund		12.29	%
Natixis Sustainable Future 2040 Fund		49.16	%
Natixis Sustainable Future 2045 Fund		40.48	%
Natixis Sustainable Future 2050 Fund		47.92	%
Natixis Sustainable Future 2055 Fund		62.64	%
Natixis Sustainable Future 2060 Fund		75.51	%

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

f. Affiliated Fund Transactions. A summary of affiliated fund transactions for each underlying fund held by the Funds for the six months ended July 31, 2020, is as follows:

Sustainable Future 2015 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Gain (Loss)		Ending Value		Distribution Received⁽²⁾
Loomis Sayles Inflation Protected Securities Fund, Class N	$	814,794	$	150,643	$	120,404	$	8,616	$	62,058	$	915,707	$	1,364
Loomis Sayles Limited Term Government and Agency Fund, Class N		715,181		162,069		106,342		2,247		8,948		782,103		5,788
Mirova Global Green Bond Fund, Class N		684,150		121,865		60,034		4,224		11,530		761,735		4,376
Mirova International Sustainable Equity Fund, Class N		448,734		166,462		135,590		6,452		38,658		524,716		998

	$	2,662,859	$	601,039	$	422,370	$	21,539	$	121,194	$	2,984,261	$	12,526

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

| 110

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

Sustainable Future 2020 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Ending Value		Distribution Received⁽²⁾
Loomis Sayles Inflation Protected Securities Fund, Class N	$	518,655	$	209,242	$	357,114	$	30,516	$	9,116		$	410,415	$	852
Loomis Sayles Limited Term Government and Agency Fund, Class N		615,284		262,819		412,329		10,113		(674	)		475,213		4,607
Mirova Global Green Bond Fund, Class N		615,575		238,154		380,090		23,832		(13,914	)		483,557		3,252
Mirova International Sustainable Equity Fund, Class N		510,216		243,012		370,484		20,850		16,001			419,595		1,121

	$	2,259,730	$	953,227	$	1,520,017	$	85,311	$	10,529		$	1,788,780	$	9,832

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

Sustainable Future 2025 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Gain (Loss)		Ending Value		Distribution Received⁽²⁾
Loomis Sayles Inflation Protected Securities Fund, Class N	$	322,163	$	54,616	$	59,925	$	4,090	$	22,282	$	343,226	$	503
Loomis Sayles Limited Term Government and Agency Fund, Class N		482,941		98,874		88,979		2,852		4,563		500,251		3,672
Mirova Global Green Bond Fund, Class N		515,436		85,399		66,860		4,765		5,781		544,521		3,102
Mirova International Sustainable Equity Fund, Class N		634,081		184,118		158,385		1,354		42,570		703,738		1,334

	$	1,954,621	$	423,007	$	374,149	$	13,061	$	75,196	$	2,091,736	$	8,611

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

Sustainable Future 2030 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Gain (Loss)		Ending Value		Distribution Received⁽²⁾
Loomis Sayles Inflation Protected Securities Fund, Class N	$	322,480	$	88,188	$	95,487	$	6,198	$	21,126	$	342,505	$	522
Loomis Sayles Limited Term Government and Agency Fund, Class N		357,919		106,593		99,414		2,351		3,529		370,978		2,824
Mirova Global Green Bond Fund, Class N		429,745		116,370		99,917		5,649		2,368		454,215		2,640
Mirova International Sustainable Equity Fund, Class N		810,571		250,099		216,135		13,649		41,500		899,684		1,813

	$	1,920,715	$	561,250	$	510,953	$	27,847	$	68,523	$	2,067,382	$	7,799

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

111 |

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

Sustainable Future 2035 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Gain (Loss)		Ending Value		Distribution Received⁽²⁾
Loomis Sayles Inflation Protected Securities Fund, Class N	$	209,556	$	84,501	$	61,492	$	4,827	$	13,029	$	250,421	$	299
Loomis Sayles Limited Term Government and Agency Fund, Class N		209,352		90,829		59,437		1,715		1,467		243,926		1,590
Mirova Global Green Bond Fund, Class N		239,601		92,792		53,092		3,485		2,127		284,913		1,496
Mirova International Sustainable Equity Fund, Class N		736,642		259,805		120,429		3,099		47,167		926,284		1,406

	$	1,395,151	$	527,927	$	294,450	$	13,126	$	63,790	$	1,705,544	$	4,791

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

Sustainable Future 2040 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Gain (Loss)		Ending Value		Distribution Received⁽²⁾
Loomis Sayles Inflation Protected Securities Fund, Class N	$	158,340	$	36,128	$	34,990	$	2,221	$	10,880	$	172,579	$	230
Loomis Sayles Limited Term Government and Agency Fund, Class N		126,556		34,179		29,312		867		1,111		133,401		963
Mirova Global Green Bond Fund, Class N		221,691		49,694		38,030		2,257		2,810		238,422		1,311
Mirova International Sustainable Equity Fund, Class N		872,982		97,658		49,157		1,393		54,417		977,293		1,814

	$	1,379,569	$	217,659	$	151,489	$	6,738	$	69,218	$	1,521,695	$	4,318

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

Sustainable Future 2045 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Gain (Loss)		Ending Value		Distribution Received⁽²⁾
Loomis Sayles Inflation Protected Securities Fund, Class N	$	55,746	$	11,745	$	13,499	$	993	$	3,238	$	58,223	$	79
Loomis Sayles Limited Term Government and Agency Fund, Class N		83,527		21,297		21,336		386		824		84,698		623
Mirova Global Green Bond Fund, Class N		83,514		18,231		16,511		555		654		86,443		476
Mirova International Sustainable Equity Fund, Class N		850,917		101,046		73,865		2,408		43,612		924,118		1,692

	$	1,073,704	$	152,319	$	125,211	$	4,342	$	48,328	$	1,153,482	$	2,870

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

| 112

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

Sustainable Future 2050 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Gain (Loss)		Ending Value		Distribution Received⁽²⁾
Mirova Global Green Bond Fund, Class N	$	77,764	$	20,430	$	24,337	$	680	$	156	$	74,693	$	419
Mirova International Sustainable Equity Fund, Class N		818,734		70,320		118,446		14,002		24,451		809,061		1,655

	$	896,498	$	90,750	$	142,783	$	14,682	$	24,607	$	883,754	$	2,074

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

Sustainable Future 2055 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Gain (Loss)		Ending Value		Distribution Received⁽²⁾
Mirova Global Green Bond Fund, Class N	$	67,160	$	16,257	$	19,588	$	956	$	132	$	64,917	$	362
Mirova International Sustainable Equity Fund, Class N		707,089		46,706		70,440		6,621		26,049		716,025		1,414

	$	774,249	$	62,963	$	90,028	$	7,577	$	26,181	$	780,942	$	1,776

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

Sustainable Future 2060 Fund


Fund	Beginning Value		Purchase Cost⁽¹⁾		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Gain (Loss)		Ending Value		Distribution Received⁽²⁾
Mirova Global Green Bond Fund, Class N	$	51,629	$	13,212	$	11,702	$	419	$	376	$	53,934	$	291
Mirova International Sustainable Equity Fund, Class N		543,568		39,761		18,586		760		29,242		594,745		1,101

	$	595,197	$	52,973	$	30,288	$	1,179	$	29,618	$	648,679	$	1,392

⁽¹⁾	Purchase cost includes dividend reinvested, if any.

⁽²⁾	Distributions received includes distributions from net investment income and from capital gains, if any.

Financial statements of Loomis Sayles Inflation Protected Securities Fund, Loomis Sayles Limited Term Government and Agency Fund, Mirova Global Green Bond Fund and Mirova International Sustainable Equity Fund are available, without charge, on the Funds’ website at im.natixis.com.

g. Acquired Fund Fees and Expenses. Each Fund will indirectly realize its pro rata share of the fees and expenses of the underlying funds in which it invests. These fees and expenses are reflected in the valuation of the underlying funds.

6. Line of Credit. Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, entered into a $400,000,000 committed unsecured line of credit provided by State Street Bank. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid an arrangement fee, an upfront fee, and certain other legal fees in connection with the line of credit agreement, which are being amortized over a period of 364 days and are reflected in legal fees and/or miscellaneous expenses on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

113 |

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

For the six months ended July 31, 2020, Sustainable Future 2020 Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $1,100,000 at a weighted average interest rate of 1.19%. Interest expense incurred on the line of credit was $36.

7. Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Fund. As of July 31, 2020, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Funds’ total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:


Fund	Number of 5% Non-Affiliated Account Holders		Percentage of Non-Affiliated Ownership			Percentage of Affiliated Ownership (Note 5e)			Total Percentage of Ownership
Natixis Sustainable Future 2015 Fund		1		17.19	%		73.18	%		90.37	%
Natixis Sustainable Future 2020 Fund		2		24.70	%		59.85	%		84.55	%
Natixis Sustainable Future 2025 Fund		3		34.74	%		46.63	%		81.37	%
Natixis Sustainable Future 2030 Fund		4		43.69	%		28.33	%		72.02	%
Natixis Sustainable Future 2035 Fund		4		69.33	%		12.29	%		81.62	%
Natixis Sustainable Future 2040 Fund		4		23.73	%		49.16	%		72.89	%
Natixis Sustainable Future 2045 Fund		2		27.38	%		40.48	%		67.86	%
Natixis Sustainable Future 2050 Fund		2		11.73	%		47.92	%		59.65	%
Natixis Sustainable Future 2055 Fund		1		7.02	%		62.64	%		69.66	%

Omnibus shareholder accounts for which Natixis Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for a non-discretionary customer are included in the table above. For other omnibus accounts, the Fund does not have information on the individual shareholder accounts underlying the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

8. Risk. Global markets have experienced periods of high volatility triggered by the rapidly evolving public health emergency known as coronavirus (“COVID-19”). As the situation continues to unfold, the extent and duration of the impact that the COVID-19 outbreak may have on financial markets and the economy as a whole remains highly uncertain. If the effects of the COVID-19 outbreak on financial markets and the economy continue for an extended period of time, the Funds’ future financial and investment results may be adversely affected.

9. Interest Expense. The Funds incur interest expense on cash overdrafts at the custodian or from use of the line of credit. Interest expense incurred for the six months ended July 31, 2020 is reflected on the Statements of Operations.

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

Sustainable Future 2015 Fund


	Six Months Ended July 31, 2020						Year Ended January 31, 2020
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		166,856		$	1,724,187			107,062		$	1,155,616
Issued in connection with the reinvestment of distributions		6,472			63,814			30,103			322,135
Redeemed		(82,213	)		(840,836	)		(13,798	)		(145,173	)

Increase from capital share transactions		91,115		$	947,165			123,367		$	1,332,578

| 114

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

10. Capital Shares (continued).

Sustainable Future 2020 Fund


	Six Months Ended July 31, 2020						Year Ended January 31, 2020
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		406,789		$	4,280,808			90,230		$	957,399
Issued in connection with the reinvestment of distributions		7,140			69,044			26,705			285,054
Redeemed		(507,940	)		(5,381,299	)		(8,948	)		(95,816	)

Increase (decrease) from capital share transactions		(94,011	)	$	(1,031,447	)		107,987		$	1,146,637

Sustainable Future 2025 Fund


	Six Months Ended July 31, 2020						Year Ended January 31, 2020
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		157,912		$	1,710,490			175,466		$	1,921,703
Issued in connection with the reinvestment of distributions		5,869			56,867			26,164			285,723
Redeemed		(78,901	)		(853,150	)		(17,020	)		(185,565	)

Increase from capital share transactions		84,880		$	914,207			184,610		$	2,021,861

Sustainable Future 2030 Fund


	Six Months Ended July 31, 2020						Year Ended January 31, 2020
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		242,526		$	2,631,024			291,513		$	3,187,950
Issued in connection with the reinvestment of distributions		11,534			112,113			26,543			297,864
Redeemed		(139,737	)		(1,482,300	)		(65,153	)		(716,153	)

Increase from capital share transactions		114,323		$	1,260,837			252,903		$	2,769,661

Sustainable Future 2035 Fund


	Six Months Ended July 31, 2020						Year Ended January 31, 2020
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		406,379		$	4,362,270			81,597		$	903,262
Issued in connection with the reinvestment of distributions		7,653			73,318			28,066			318,050
Redeemed		(263,277	)		(2,810,271	)		(6,174	)		(68,919	)

Increase from capital share transactions		150,755		$	1,625,317			103,489		$	1,152,393

Sustainable Future 2040 Fund


	Six Months Ended July 31, 2020						Year Ended January 31, 2020
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		80,681		$	832,954			184,391		$	2,004,238
Issued in connection with the reinvestment of distributions		8,628			81,277			26,710			300,687
Redeemed		(44,769	)		(445,837	)		(24,195	)		(271,393	)

Increase from capital share transactions		44,540		$	468,394			186,906		$	2,033,532

115 |

Notes to Financial Statements (continued)

July 31, 2020 (Unaudited)

10. Capital Shares (continued).

Sustainable Future 2045 Fund


	Six Months Ended July 31, 2020						Year Ended January 31, 2020
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		110,343		$	1,154,569			191,315		$	2,137,833
Issued in connection with the reinvestment of distributions		6,752			62,993			22,418			253,894
Redeemed		(77,506	)		(790,598	)		(12,959	)		(143,686	)

Increase from capital share transactions		39,589		$	426,964			200,774		$	2,248,041

Sustainable Future 2050 Fund


	Six Months Ended July 31, 2020						Year Ended January 31, 2020
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		92,402		$	954,712			190,146		$	2,093,770
Issued in connection with the reinvestment of distributions		9,482			87,332			23,410			264,071
Redeemed		(54,434	)		(549,592	)		(44,077	)		(503,350	)

Increase from capital share transactions		47,450		$	492,452			169,479		$	1,854,491

Sustainable Future 2055 Fund


	Six Months Ended July 31, 2020						Year Ended January 31, 2020
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		45,661		$	466,602			107,604		$	1,210,350
Issued in connection with the reinvestment of distributions		5,343			49,264			22,553			253,971
Redeemed		(30,786	)		(313,622	)		(4,861	)		(53,689	)

Increase from capital share transactions		20,218		$	202,244			125,296		$	1,410,632

Sustainable Future 2060 Fund


	Six Months Ended July 31, 2020						Year Ended January 31, 2020
	Shares			Amount			Shares			Amount
Class N
Issued from the sale of shares		43,461		$	431,335			32,812		$	361,010
Issued in connection with the reinvestment of distributions		4,449			40,530			21,137			237,210
Redeemed		(18,160	)		(173,740	)		(3,304	)		(36,462	)

Increase from capital share transactions		29,750		$	298,125			50,645		$	561,758

| 116

Item 2.

Code of Ethics.

Not applicable.

Item 3.

Audit Committee Financial Expert.

Not applicable.

Item 4.

Principal Accountant Fees and Services.

Not applicable.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Schedule of Investments.

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

Item 7.

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

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

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

Not applicable.

Item 10.

Submission of Matters to a Vote of Securities Holders.

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

Item 11.

Controls and Procedures.

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

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

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.

Exhibits.


(a)		(1) Not applicable.

(a)		(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith as Exhibits (a)(2)(1) and (a)(2)(2), respectively.

(a)		(3) Not applicable.

(b)		Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 are filed herewith as Exhibit (b).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Natixis Funds Trust IV

By:		/s/ David L. Giunta
Name:		David L. Giunta
Title:		President and Chief Executive Officer
Date:		September 21, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ David L. Giunta
Name:		David L. Giunta
Title:		President and Chief Executive Officer
Date:		September 21, 2020

By:		/s/ Michael C. Kardok
Name:		Michael C. Kardok
Title:		Treasurer and Principal Financial and Accounting Officer
Date:		September 21, 2020

Natixis Funds Trust IV N-CSRSCertified semi-annual shareholder report (management investment company)